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Category: Energy

  • MIL-OSI Security: Health Care Providers and Laboratory Marketers Agree to Pay Over $1.9 Million to Settle Kickback Allegations

    Source: United States Attorneys General

    Gerald Congdon, M.D., of Pawleys Island, South Carolina; Gbenga Aluko, M.D., of Charlotte, North Carolina; and Anup Banerjee, M.D., of Gastonia, North Carolina, and their medical practices; as well as Curis Healthcare Inc., of Chicago, Illinois, Omar Hussain, of South Miami, Florida, and Saeed Medical Group Ltd. doing business as Alliance Immediate and Primary Care of Chicago, Illinois, agreed to pay a total of $1,913,808 to resolve alleged False Claims Act violations arising from their involvement in laboratory kickback schemes. The parties have agreed to cooperate with the Department of Justice’s investigations of other participants in the alleged schemes.

    “We will continue to hold accountable individuals and entities that accept money to steer federal health care beneficiaries to a particular laboratory for testing,” said Principal Deputy Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “Kickbacks can undermine the integrity of taxpayer-funded health care programs, distort medical decisions, and result in unnecessary services.”

    The Anti-Kickback Statute prohibits offering, paying, soliciting, or receiving remuneration to induce referrals of items or services covered by Medicare, TRICARE, and other federally funded health care programs. The Anti-Kickback Statute is intended to ensure that medical providers’ judgments are not compromised by improper financial incentives and are instead based on the best interests of their patients.

    The settlements announced today resolve allegations that health care providers received kickbacks in return for their referrals to a laboratory in Anderson, South Carolina, and that a marketer and his marketing company received kickbacks from that South Carolina laboratory to arrange for laboratory testing referrals, in violation of the Anti-Kickback Statute. The kickbacks allegedly resulted in the submission of false or fraudulent laboratory testing claims to Medicare and TRICARE in violation of the False Claims Act.

    • Dr. Gerald Congdon, Coastal Urgent Care LLC, and Coastal Wellness Center LLC. Dr. Congdon and his medical practices in Pawleys Island and Myrtle Beach, South Carolina, agreed to pay $400,000 to resolve allegations that from May 2016 to November 2021, they received thousands of dollars in remuneration disguised as purported office space rental and phlebotomy payments from the South Carolina laboratory in return for ordering testing.
    • Dr. Gbenga Aluko and Eagle Medical Center PC. Dr. Aluko and his medical practice in Charlotte, North Carolina, agreed to pay $250,000 to resolve allegations that from May 2016 to November 2021, they received thousands of dollars in remuneration disguised as purported office space rental, phlebotomy, and toxicology payments from the South Carolina laboratory in return for ordering testing.
    • Dr. Anup Banerjee and Gastonia Medical Specialty Clinic P.A. Dr. Banerjee and his medical practice in Gastonia, North Carolina, agreed to pay $206,000 to resolve allegations that from April 2017 to November 2021, they received thousands of dollars in remuneration disguised as purported office space rental and phlebotomy payments from the South Carolina laboratory in return for ordering testing.
    • Omar Hussain and Curis Healthcare Inc. Hussain and his marketing company agreed to pay $817,808 to resolve allegations that from April 2020 to August 2021, Hussain and his company received commissions from the South Carolina laboratory as independent contractors based on the volume and value of the Medicare and TRICARE referrals for laboratory testing that they arranged for and recommended.
    • Saeed Medical Group Ltd., Omar Hussain, and Curis Healthcare Inc. Saeed Medical Group and Hussain and his marketing company agreed to pay $240,000 to resolve allegations that from April 2020 to August 2021, Saeed Medical Group received thousands of dollars in remuneration in the form of cash payments from Hussain and his company in return for ordering testing from the South Carolina laboratory.

    “Integrity must be the standard in our health care system,” said Acting U.S. Attorney Brook B. Andrews for the District of South Carolina. “Kickback schemes divert funds and focus away from patients and their medical needs.”

    “The public puts immense trust in medical professionals, and disdain for the rule of law damages that trust and erodes their credibility,” said Special Agent in Charge Steve Jensen of the FBI Columbia Field Office. “These settlements should serve as a reminder that the FBI and its partners are committed to holding medical practitioners accountable for kickbacks.”

    “Kickback schemes undermine medical decision-making and jeopardize the integrity of federally funded health care programs,” said Special Agent in Charge Kelly Blackmon of the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “Our commitment is to safeguard taxpayer-funded health care and the patients who rely on it, and we will rigorously pursue any allegations of False Claims Act violations.”

    “The trust of the American taxpayer and the wellbeing of our service members are undermined when laboratories and physicians engage in collusive financial relationships,” said Special Agent in Charge Christopher Dillard of the Department of Defense Office of Inspector General, Defense Criminal Investigative Service (DCIS) Mid-Atlantic Field Office. “DCIS will continue to work with our law enforcement partners to bring to justice medical providers who illegally enrich themselves by prioritizing kickbacks over patient care.”

    The settlements were the result of a coordinated effort between the Civil Division’s Commercial Litigation Branch, Fraud Section and the U.S. Attorney’s Office for the District of South Carolina, with assistance from HHS-OIG, DCIS, and the FBI. The settlements announced today were handled by Senior Trial Counsel Christopher Terranova in the Civil Division’s Commercial Litigation Branch, Fraud Section and Assistant U.S. Attorney Beth C. Warren for the District of South Carolina. The United States previously resolved allegations that physicians in South Carolina, North Carolina, and Texas received kickbacks from the same South Carolina laboratory.

    The government’s pursuit of this matter illustrates the government’s emphasis on combating health care fraud. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement can be reported to the Department of Health and Human Services, at 1-800-HHS-TIPS (800-447-8477).

    The claims resolved by the settlements are allegations only, and there has been no determination of liability.

    MIL Security OSI –

  • MIL-OSI: KingsRock Advisors and BC Partners Credit Announce $500 million Co-Investment Strategic Alliance

    Source: GlobeNewswire (MIL-OSI)

    Strengthens KingsRock’s growing corporate finance advisory and capital raising business; Increases robust pipeline of investment opportunities for BC Partners Credit

    Collaboration aims to capitalize on the rapidly growing $2.0 trillion private credit industry

    NEW YORK and LONDON and STOCKHOLM and DUBAI, United Arab Emirates, March 06, 2025 (GLOBE NEWSWIRE) — KingsRock Advisors, LLC, the independent global advisory firm, and BC Partners Credit, the $8 billion credit arm of international investment firm BC Partners, today announced a non-exclusive strategic alliance, wherein BC Partners Credit will have the ability to co-invest up to $500 million in a robust pipeline of credit and special opportunity transactions originated and structured by KingsRock. Likewise, KingsRock will benefit from BC Partners’ deep expertise, resources and broad international network.

    This collaboration aims to leverage their combined expertise to originate, structure, execute and invest in credit and hybrid capital opportunities. BC Partners offers KingsRock greater ability to lead, underwrite and co-invest in mandated private capital markets transactions, thus providing issuer clients an enhanced level of financing certainty and its wide investor base with stronger alignment of interest by co-investments.

    “The private credit sector has seen tremendous growth and it will not slow down any time soon. By combining KingsRock’s global origination expertise and broad client mix with BC Partners’ strong capital base and extensive distribution networks, both firms are even better positioned to execute complex financing transactions with greater efficiency and volume. We look forward to partnering together on attractive credit and special situation opportunities” said Ted Goldthorpe, Head of BC Partners Credit.

    “We are thrilled to announce our strategic alliance with BC Partners Credit,” said Håkan Wohlin, Founder & Managing Partner, and Louis Jaffe, Co-Founder & Managing Partner of KingsRock Advisors. “Having successfully collaborated on multiple high-profile projects across industries, we are building on a strong foundation. This will allow us to support our clients’ capital raising efforts, and wherever applicable take a lead in transactions with other investor partners, by also utilizing access to BC Partners Credit’s significant capital base and distribution reach. We look forward to working together to capitalize on new transaction opportunities.”

    About BC Partners Credit

    BC Partners is a leading international investment firm in private equity, private debt, and real estate strategies. BC Partners Credit was launched in February 2017, with a focus on identifying attractive credit opportunities in any market environment, often in complex market segments. The platform leverages the broader firm’s deep industry and operating resources to provide flexible financing solutions to middle-market companies across Business Services, Industrials, Healthcare and other select sectors. For further information, visit www.bcpartners.com/credit-strategy.

    About KingsRock:

    KingsRock Advisors LLC headquartered at 900 Third Avenue, New York, NY 10022, is an independent global advisory firm, with securities offered by KingsRock Securities LLC, a FINRA member firm and SIPC, as well as KingsRock Advisors UK Ltd and KingsRock Advisors Europe AB, both wholly owned subsidiaries of KingsRock Advisors LLC.

    Founded in 2020, KingsRock comprises a team of approximately 30 professionals who advise on a wide range of private capital markets transactions including debt, hybrid, equity and M&A covering structures from vanilla to highly structured. The team collectively has worked on thousands of transactions across various industry sectors worldwide. Clients include private equity and private credit firms, corporations, financial institutions, government-related entities, and institutional investors.

    KingsRock Advisors offers the experience and global reach of a large firm, combined with the structural agility and creativity of a boutique. An independent advisory firm with a global network that provides objective strategic and financial advisory services, along with innovative capital solutions and special situations. The firms’ bankers excel in complex transactions and deliver swift results often where large banks and traditional sources of financing do not have the ability to engage. KingsRock Advisors operates across all major industry sectors and is supported by a global network of 115 independent Senior Advisors across 45 countries, who bring decades of deal making experience.

    Disclaimer:

    Securities offered by KingsRock Securities LLC, a FINRA, member firm and a member of SIPC, a wholly owned subsidiary of KingsRock Advisors LLC , 900 Third Avenue, 10th Floor, New York, NY 10022.

    KingsRock Advisors UK Ltd is a private limited company registered in England and Wales with registration number 15240371. KingsRock Advisors UK Ltd (FRN 1006329) is an Appointed Representative under Bluegrove Capital Management Ltd (FRN: 960363), which is authorized and regulated by the Financial Conduct Authority.

    KingsRock Advisors Europe AB is incorporated in Sweden (EU), with registered office at Grev Turegatan 14, 114 46 Stockholm, Sweden, and is a tied agent of Svensk Värdepappersservice i Stockholm AB, a Swedish investment firm authorized and regulated by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) under the Swedish Securities Market Act (Sw. lag (2007:528) om värdepappersmarknaden).

    This message is provided for information purposes and does not constitute an invitation, solicitation or offer to buy or sell any securities or investment. Neither KingsRock Securities LLC nor its affiliates provide accounting, tax or legal advice; such matters should be discussed with your advisors and/or counsel.

    Press Inquiries

    For KingsRock
    Info@kingsrock.com

    For BC Partners
    Daniel Yunger / James Hartwell
    Kekst CNC
    bcpartnersus@kekstcnc.com

    The MIL Network –

  • MIL-Evening Report: What the f#$%? The surprising legal rules about brand trademarks of sweary phrases

    Source: The Conversation (Au and NZ) – By Alexandra Allen-Franks, Senior Lecturer; Co-director of the New Zealand Centre for Human Rights Law, Policy and Practice and Co-director of the New Zealand Centre for Intellectual Property Law, University of Auckland, Waipapa Taumata Rau

    drante/Getty Images

    Journalist Paddy Gower’s attempts to trademark his brand have highlighted what is still considered offensive in New Zealand when it comes to trademarks. But should a government agency be the arbiter of what might offend?

    In March 2024, Gower applied to trademark the name of his news entity “This Is The Fucking News”.

    The application stalled at the Intellectual Property Office of New Zealand (IPONZ), likely because the Trade Marks Act 2002 doesn’t allow people to register trademarks which are “likely to offend a significant section of the community”.

    “THIS IS THE F#$%ING NEWS” however, was apparently okay. Gower applied for that mark in June last year and it was registered in December. He now has exclusive rights to use this phrase for specified goods and services.

    A changing definition

    New Zealand law first prohibited the registration of “scandalous” marks in 1889. The language used in the trademark statute has been “likely to offend” since 2002.

    The current rules cover swear words, as in Gower’s case, but also hate speech and material which is culturally offensive.

    IPONZ’s current guidance says a “distinction should be drawn between marks that are offensive and marks that would be considered by some to be in poor taste”. Offensive trademarks are said to be those that would create “justifiable censure or outrage”.

    But the standards of offensiveness can and do change.

    In 1999, Red Bull applied to register “BULLSHIT”. Registration was rejected on the basis that it contained scandalous matter and was contrary to morality (under the wording in the older law).

    Perhaps Red Bull wouldn’t face the same difficulty if it tried again today. There is now a registration for “Shit You Should Care About”. It appears that the word shit is not considered one that’s “likely to offend a significant section of the community” anymore.

    From a review of the register, it seems reasonable to conclude that IPONZ thinks that certain swear words do remain likely to offend, though. Several applications have been abandoned, including for “THE FUCKING GOOD BOOK” and “no fucks given”.

    Whether a mark is offensive is supposed to be determined objectively from the perspective of the “right-thinking” member of the public. But outcomes can appear inconsistent and perhaps arbitrary — why is “F#$%ING” ok, but the proper spelling not?

    Energy company Red Bull tried, and failed, to trademark a swear word in 1999.
    Icon Sportswire/Getty Images

    Limits on freedom of expression?

    Some applicants may also decry that their freedom of expression is being curtailed by a refusal to register.

    The common justification for protecting freedom of expression is that we should have an open marketplace of ideas, where both good and bad ideas are shared with the public.

    New Zealand is not alone in considering these issues.

    In the United States, for example, Simon Tam was refused registration for “THE SLANTS” (the name of his rock band) because the law at the time prohibited registration of marks which may be disparaging. Slant is considered a racist term by some and Tam had wanted to reclaim the slur as an anti-racist statement.

    In another case, designer Erik Brunetti was refused registration of “FUCT” for clothing, because the law said that immoral or scandalous marks couldn’t be registered.

    Both marks have since been registered for reasons related to the fact that the US Constitution’s First Amendment allows for the right to freedom of speech.

    The US trademarks register now contains a pending application for “NAZI KAZI” and a pending application for a symbol described as “roughly resembling a swastika”, as well as two pending applications for marks containing the word “N*GGER”.

    These marks may not ever be registered, but the barriers against their registration aren’t what they once were.

    Limiting offence or limiting rights?

    New Zealand obviously has a different constitutional context than the US, but there are similarities in the underlying question about what is, and isn’t offensive – and the role of the government in determining the rules.

    One big difference between the US cases and those in New Zealand, however, is that New Zealand’s Bill of Rights allows for limits on rights, if those limits are reasonable, set out in law (like the Trade Marks Act) and justifiable in a free and democratic society.

    So, is there a compelling justification for the prohibition on registering offensive marks?

    One argument for the prohibition is to protect the public from exposure to these kinds of marks. However, the denial of registration doesn’t prevent the marks from being used in the marketplace.

    Refusal means that an applicant misses out on the benefits of a formal trademark registration (such as being able to sue others for trademark infringement). But there’s nothing stopping a person using an unregistered mark. And, refusing registration may actually free up the mark for more people to use it as it doesn’t belong to just one person or business.

    Perhaps a more compelling argument for prohibition is that registration should be refused to avoid giving an official (governmental) seal of approval to offensive marks. This may be a very high bar, but it seems important that a registrar consider the likelihood of deep offence, even if the standard is not often reached.

    Putting justifications for any bar aside, it remains hard to draw a line as to what is and isn’t okay. It seems in relation to “THIS IS THE F#$%ING NEWS”, that line is razor thin.

    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. What the f#$%? The surprising legal rules about brand trademarks of sweary phrases – https://theconversation.com/what-the-f-the-surprising-legal-rules-about-brand-trademarks-of-sweary-phrases-251474

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: House passes Kennedy resolution to repeal Biden admin rule targeting offshore oil and gas production

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)
    WASHINGTON – The House of Representatives today passed Sen. John Kennedy’s (R-La.) Congressional Review Act (CRA) joint resolution of disapproval to reverse the Bureau of Ocean Energy Management’s (BOEM) rule that targeted oil and gas production in the outer continental shelf. The resolution passed with bipartisan support, and it now moves to the president’s desk for signing.
    “In waging war on oil and gas producers, the Biden administration drove up prices for families and jeopardized our energy security. I am proud to see that the House passed my resolution to help bring back America’s energy dominance, and I look forward to President Trump signing it into law,” said Kennedy.
    Rep. Mike Ezell (R-Miss.) introduced the companion resolution in the House of Representatives. 
    “Congress has taken a decisive step to protect American energy independence and support our workers. By overturning Biden’s BOEM’s overreaching rule, we are unleashing our nation’s vast resources, they tried to handcuff with red tape, driving up costs, stifling innovation, and making us more dependent on foreign energy. I look forward to President Trump taking swift action to sign this resolution into law. Together, we are reaffirming our commitment to an energy policy that prioritizes American jobs, economic growth, and national security,” said Ezell.
    Sen. Cindy Hyde-Smith (R-Miss.) helped introduce the resolution in the Senate.
    “House passage of our resolution of disapproval moves us another step forward in overturning Biden’s regulatory assault on oil and gas production in the Gulf.  I look forward to President Trump signing this resolution while we look for other policies we can repeal,” said Hyde-Smith.
    Background:
    On Sept. 3, 2024, the Biden administration published a rule requiring all new oil and gas leaseholders on the outer continental shelf to submit an archaeological report to the BOEM before drilling or laying pipelines. The rule burdens lessees with conducting costly surveys for marine archaeological resources, such as shipwrecks or “cultural resources.”  
    This rule replaces BOEM’s long-standing policy of requiring oil and gas operators to conduct archaeological surveys only when there was a “reason to believe” that an archaeological resource may be present.
    The Biden administration admitted that this rule would harm small oil and gas producers most, writing, “100 percent of the increased Gulf of [America] compliance cost . . . would be borne by operators that are small entities.” Small and independent operators account for one-third of all oil production in the Gulf of America.
    On Feb. 4, 2025, Kennedy introduced his CRA joint resolution of disapproval to repeal the rule. This is one of more than 225 harmful regulations that the Biden administration levied against the oil and natural gas industry.
    The full resolution is available here.

    MIL OSI USA News –

  • MIL-OSI USA: $54 Million Renovation Creates 108 Affordable Homes

    Source: US State of New York

    overnor Kathy Hochul today announced the completion of “62 Main” in the village of Tarrytown, Westchester County — a $54 million development that transformed the former YMCA of Tarrytown into 108 affordable and energy-efficient apartments. In the past five years, New York State Homes and Community Renewal has financed more than 5,000 affordable homes in Westchester. 62 Main continues this effort and complements Governor Hochul’s $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide.

    “My approach to tackling the housing crisis is simple: we need all types of housing options, especially in places like Westchester County,” Governor Hochul said. “Transforming this former YMCA into affordable housing will not only revitalize the building but also provide more than 100 much-needed homes. This project ensures that seniors can remain in the community they cherish, or move to this vibrant village with an essential public transit hub.”

    The development is available to households earning up to 70 percent of the Area Median Income. Eighty-eight of the apartments are reserved for seniors aged 55 and older.

    The project included a rehabilitation of the interior of the original YMCA facility, transforming it into modern apartments. Extensions to the facility in the rear of the property were demolished and replaced. The historic Main Street façade of the YMCA is intact, in accordance with a Memorandum of Agreement between the developer and the New York State Historic Preservation Office. The façade of the newly constructed portion of the building utilizes classic architectural themes prevalent throughout Tarrytown.

    62 Main is fully-electric with energy-efficient features including geothermal heat and air conditioning, ENERGY STAR® appliances, a rooftop solar array, a green roof courtyard and electric car charging stations. The transit-oriented development is three blocks from the Metro North train station and is within walking distance to retail stores, schools, green spaces and medical facilities.

    The project is supported by HCR’s Federal Low Income Housing Tax Credit Program that generated $19 million in equity, as well as its Housing Finance Agency, which provided $10.4 million in subsidy from its Senior Housing Program and $8.4 million in tax exempt bonds. Eight of the units will receive rental assistance through Section 8 Project-Based Vouchers issued by HCR. The New York State Energy Research and Development Authority’s New Construction – Housing Program provided $218,000.

    The project is also supported by $10.1 million in loans from the Tarrytown Housing Fund – a fund of the Housing Action Council, $5 million from Westchester County’s New Homes Land Acquisition program, a $3 million permanent loan from Community Preservation Corporation Climate Capital to help finance energy efficiency improvements in the project, and $1.5 million in geothermal and solar federal tax credits. The project obtained a 30-year Payment In Lieu of Taxes Agreement with the town of Greenburgh and village of Tarrytown.

    All 23 tenants who lived in the Single Room Occupancy units at the facility prior to the construction remained in the development and will continue to pay no greater than 30 percent of their household income towards their rent. The project’s developer is WBP Development, LLC. Tax credit equity was syndicated by Raymond James Affordable Housing Investments.

    New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “This $54 million project is transforming the historic YMCA of Tarrytown site into safe, modern homes that seniors, individuals, and families can all afford. Thanks to our partners, this development epitomizes many of our top priorities and shows New Yorkers the different ways in which the State is boosting the supply of housing.”

    New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “Providing Westchester residents with the opportunity to live and enjoy clean, modern, and affordable living spaces like we see at 62 Main in Tarrytown will ensure more New Yorkers are benefitting from the State’s energy transition. NYSERDA is proud to support the development of all-electric housing that will help move communities across the state towards a healthier future.”

    New York State Office of Parks, Recreation and Historic Preservation Commissioner Pro Tem Randy Simons said, “We are grateful to HCR for working with our office to preserve key historic features of the former YMCA of Tarrytown. The project is another great example of how the adaptive reuse of historic buildings can expand options for affordable housing, lift local economies, promote sustainability and preserve the heritage of our cities and towns.”

    U.S. Senator Charles Schumer said, “Every family in Westchester deserves a safe and affordable place to call home. I’m proud that the federal Low-Income Housing Tax Credit that I worked hard to protect and expand has delivered $19 million to transform the former YMCA into 108 new homes at 62 Main in Tarrytown. These brand new homes will be fully-electric and offer the community a green roof courtyard and electric car charging. High housing costs are a key driver of inflation so we must build more housing for working people to bring down those high prices. I applaud Governor Hochul’s work increasing access to affordable housing in Westchester and across New York, and I will continue working to deliver federal resources to ensure that every New Yorker has a roof over their heads.”

    State Senate Majority Leader Andrea Stewart-Cousins said, “The completion of 62 Main in Tarrytown provides safe, affordable, and sustainable housing for seniors and families, including the 23 former residents of the Single Room Occupancy units. I commend Wilder Balter Partners Development for their commitment to ensuring that these residents were not displaced, and can now enjoy modern, energy-efficient homes that they can afford. This project required the dedication and collaboration of numerous partners, from Wilder Balter Partners to Westchester County to HCR and NYSERDA, with nearly $53 million in critical funding secured through our State Legislature’s budget allocations. As Senate Majority Leader, it remains my priority to support housing solutions that serve residents of diverse economic backgrounds while enhancing both Westchester County and New York State.”

    Westchester County Executive Ken Jenkins said, “Westchester County was proud to allocate $5 million in New Homes Land Acquisition funds for 62 Main in Tarrytown, a $54 million project that has led to the creation of 108 affordable, sustainable homes for our residents. 62 Main repurposed the former YMCA of Tarrytown into modern, transit-oriented apartments, and is the kind of investment our communities need to ensure access to high quality, affordable housing. I want to thank Governor Kathy Hochul for her leadership in bringing 62 Main to fruition.”

    Assemblymember MaryJane Shimsky said, “When we talk about building inclusive communities, that includes the creation of residential options for older residents who seek to stay in the area after raising their families and winding down their careers. 62 Main offers the kind of affordable housing solution our seniors need — with cost-saving energy efficiencies, amenities that include social and fitness spaces, adaptive units for hearing and vision impairment, and walkable access to public transportation and a lively downtown. I am proud that New York State has been a partner in funding this worthy project and welcome 62 Main’s new residents to the neighborhood!”

    Greenburgh Town Supervisor Paul Feiner said, “Our community and the entire region has a severe shortage of affordable housing. I am very pleased that 108 families will be able to benefit from a beautiful, new affordable housing complex. The families will be able to enjoy living in a great village—and can walk to the theater, great restaurants, shops, the train station, supermarkets.”

    Housing Action Council Executive Director Rose Noonan said, “We are pleased to serve as the non-profit partner in partnership with WB Development and to contribute to the capital stack to make this much needed housing feasible. We are particularly excited about the opportunity it afforded the individuals who lived at the YMCA residence to remain and access quality affordable housing.”

    Tarrytown Mayor Karen Brown said, “This development honors Tarrytown’s past while securing its future—providing high-quality, affordable housing for seniors, incorporating cutting-edge sustainability features, and seamlessly blending into the fabric of our historic downtown. The partnership between the Village, Wilder Balter Partners, LLC, and the many agencies that made this possible is a shining example of what can be achieved when a community comes together with a shared vision. We are thrilled to welcome the new residents of 62 Main and celebrate this incredible milestone for Tarrytown.”

    Wilder Balter Partners Development President William Balter said, “This development was born out of a collaboration among community members, the local merchants association, Village, Town, County and State stakeholders and several financial partners. We could not be happier with the results. In addition to providing new, energy-efficient affordable housing for seniors, Tarrytown’s vibrant downtown business district has a new municipal parking garage, the original 1912 YMCA building in Tarrytown’s historic district has been repurposed and has a restored façade, and the prior SRO tenants are now living in brand new apartments. It’s a true win-win.”

    The Community Preservation Corporation CEO Rafael E. Cestero said, “The work to revitalize 62 Main has breathed new life into this former YMCA building, returning it to the community once again as a hub of activity and as a vital resource of new affordable housing. We are proud to help finance the electrification and energy efficient upgrades to the property that will provide a host of benefits for both the owner and tenants. My thanks to our partners at WBP Development, to HCR, the Town of Greenburgh and Village of Tarrytown, and to NYSERDA for their dedication and collaboration.”

    Raymond James Affordable Housing Investments Director of Acquisitions Darryl Seavey said,“Raymond James is very proud to have partnered with Wilder Balter Partners, Inc. as the equity investor in the 62 Main Apartments senior housing development. The newly completed 62 Main Apartments is an extraordinarily well-designed project that helps bring high quality affordable housing opportunities to residents of Tarrytown, while at the same time preserving critical components of the historic former Tarrytown YMCA structure. Accordingly, the historic facade of the YMCA building continues to adorn the streetscape of this busy commercial corridor. Raymond James would like to congratulate the team at Wilder Balter Partners, Inc. on the successful completion of this remarkable new housing community.”

    Governor Hochul’s Housing Agenda
    Governor Hochul is committed to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives for Upstate communities, new incentives and relief from certain state-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide and new protections for renters and homeowners. In addition, as part of the FY23 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 55,000 homes have been created or preserved to date.

    The FY25 Enacted Budget also strengthened the Pro-Housing Community Program which the Governor launched in 2023. Pro Housing Certification is now a requirement for localities to access up to $650 million in discretionary funding. Currently, 285 communities have been certified.

    MIL OSI USA News –

  • MIL-OSI: Gevo to Delay Issuance of Fourth Quarter and Full Year 2024 Earnings Release and Investor Conference Call

    Source: GlobeNewswire (MIL-OSI)

    ENGLEWOOD, Colo., March 06, 2025 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or “our”), a leading developer of cost effective, renewable hydrocarbon fuels and chemicals with reduced greenhouse gas emissions, today announced that it will delay the issuance of its fourth quarter and full year 2024 earnings release and investor conference call previously scheduled for March 6, 2025.

    The delay in the earnings release is required to allow additional time to finalize certain accounting treatments related to our purchase of the assets of Red Trail Energy, LLC, and the capitalization of certain other project expenses. The Company will issue a separate press release when a rescheduled date and time has been determined.

    About Gevo

    Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including synthetic aviation fuel (“SAF”), motor fuels, chemicals, and other materials that provide U.S.-made solutions. By investing in the backbone of rural America, Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates one of the largest dairy-based renewable natural gas (“RNG”) facilities in the United States, turning by-products into clean, reliable energy. We also operate an ethanol plant with an adjacent carbon capture and sequestration (“CCS”) facility, further solidifying America’s leadership in energy innovation. Additionally, Gevo owns the world’s first production facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo’s market-driven “pay for performance” approach regarding carbon and other sustainability attributes, helps ensure value is delivered to our local economy. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.

    For more information, see www.gevo.com.

    Media Contact
    Heather Manuel
    VP of Stakeholder Engagement & Partnerships
    PR@gevo.com

    Investor Contact
    Eric Frey, PhD
    Vice President of Corporate Development
    IR@Gevo.com

    The MIL Network –

  • MIL-OSI: Saritasa Introduces VR Foundations to Deliver Fast, Cost-effective Experiences for Companies Considering VR

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., March 06, 2025 (GLOBE NEWSWIRE) — Saritasa today announced the release of VR Foundations, two pre-built, customizable virtual reality experiences that allow organizations to experiment with virtual reality with minimal investment. The two VR Foundations offerings are built and delivered by Saritasa and are designed to enable businesses to test VR technology and create immersive experiences.

    Saritasa’s VR Trade Show Experience is an immersive VR solution designed to engage, entertain, and educate conference and trade exhibition attendees. The VR Trade Show experience is intended to draw attention and spark meaningful interactions through a variety of engaging mini-games.

    Saritasa’s VR Product Display Experience provides an interactive approach to demonstrate products that would otherwise be logistically challenging or impossible to demo. With VR Product Display, companies can bring their products to life for prospects and customers anywhere in the world.

    “Saritasa specializes in developing custom VR and AR applications for clients from the ground up, but we recognize that not all businesses have the budget or time for fully custom VR builds,” said Aaron Franko, Vice President of Immersive Technology for Saritasa. “By offering these VR Foundation platforms we have lowered the barrier to entry for VR. Our customizable, pre-built VR frameworks make it easy for any organization to harness VR to showcase products and services in a way that delivers interactive impact, stronger customer engagement, and enhanced brand recognition. It’s the ideal way to assess the value and potential of VR.”

    The VR Trade Show Experience includes four customizable mini-games that can be adapted for specific goals and brand messages. The games are designed to be interactive, fun, and engaging to make them particularly memorable. Saritasa’s VR Trade Show Experience also supports seamless brand integration with custom logos, colors, fonts, and gameplay content. Fees for the VR Trade Show Experience start at $10,000, and the VR application can be built and delivered in less than a month.

    Saritasa’s VR Product Display enables businesses to create an immersive product experience for customers, investors, trade shows, or other uses, providing an in-depth and up-close view of a product in action. VR Product Display can highlight up to seven key product features using a stunning 360-degree view. Participants feel as though they are directly interacting with the product with the help of text callouts and voiceovers. The VR Product Display incorporates custom branding tailored with corporate logos, colors, and fonts. The standard VR Product Display experience starts at $15,000 and can be delivered in less than a month. Additional customizations, animations, product models, and other features are also available.

    About Saritasa
    Saritasa is a full-service custom software development firm offering mobile app, web, backend, IoT, and AR/VR development services. The company’s clients include a variety of innovative startups and enterprises across multiple verticals, including life sciences, commercial, industrial, and high technology. Saritasa strives to bridge the gap between technology and business by creating a technology company with a business mindset. Saritasa prides itself on being a reliable technology partner with its team of experts, consultants, and advisors who bring innovative solutions to businesses. Learn more at www.saritasa.com.

    Media Contact
    Kristen Hoff
    Firecracker PR
    Kristen@firecrackerpr.com  

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/303a3ae9-466f-4a19-9378-b202a0e97730

    https://www.globenewswire.com/NewsRoom/AttachmentNg/f60c2052-765e-4679-8fb3-77c737d4da9a

    The MIL Network –

  • MIL-OSI United Kingdom: Nuclear safeguards: AUKUS statement to the IAEA Board of Governors, March 2025

    Source: United Kingdom – Executive Government & Departments 3

    Speech

    Nuclear safeguards: AUKUS statement to the IAEA Board of Governors, March 2025

    UK Ambassador Corinne Kitsell’s statement on behalf of Australia, the UK and the US to the International Atomic Energy Agency Board of Governors meeting on IAEA safeguards and AUKUS

    Chair, 

    I take the floor on behalf of Australia, the United Kingdom, and the United States to respond to disinformation about Australia’s acquisition of a naval nuclear propulsion capability through the AUKUS partnership. We are once again compelled to invoke our Right of Reply to address remarks that purposefully mischaracterise AUKUS and attempt to undermine the independence, integrity, and authority of the IAEA.  

    I reiterate that this item has not been adopted as a standing agenda item by this Board and has never enjoyed consensus support, despite one member state’s introduction every Board. This repeated attempt to add an agenda item distracts from other pressing concerns requiring the Board’s attention and falsely implies an active compliance problem where none exists. AUKUS partners will provide an update on Australia’s acquisition of conventionally armed, nuclear-powered submarines under ‘Any Other Business’, consistent with our practice of providing updates to every regular meeting of the Board since 2021. 

    Director General Grossi has repeatedly expressed his satisfaction with AUKUS partners’ engagement and transparency and has upheld his commitment to update the Board on naval nuclear propulsion, including through his report published last November. Ever since the initial announcement of the partnership, the AUKUS partners have continued to engage consistently, openly, and transparently with Member States and the Secretariat on genuine questions. 

    Chair, 

    Under this item, the Board has repeatedly heard unsubstantiated claims that ignore or misrepresent the information we have provided in good faith, and assertions that disregard the statements made by the Director General. I would like to remind the Board that: 

    With regards to an intergovernmental dialogue, the IAEA has the clear authority under its Statute, and extensive precedent, to negotiate directly and in-confidence with individual Member States on the establishment and application of safeguards and verification arrangements. Interference would politicise the IAEA’s independence, its mandate and technical authority, and establish a deeply harmful precedent. 

    I also want to underline that the transfer of high enriched uranium from a nuclear-weapon State to a non-nuclear-weapon State does not run counter to the NPT or its spirit. The transfer of nuclear material at any enrichment level among States Parties is not prohibited by the NPT, provided the transfer is carried out in a manner consistent with any relevant safeguards obligations. Australia’s conventionally armed, nuclear-powered submarine program will be subject to a robust package of verification measures, consistent with its longstanding non-proliferation obligations. 

    Naval nuclear propulsion was indeed foreseen by the drafters of the NPT. Article 14 of the IAEA’s model Comprehensive Safeguards Agreement – on which Australia’s CSA is based – is the specific provision to support the right of states to use nuclear material in a non-proscribed military activity, including for naval nuclear propulsion, within the legal framework for safeguards implementation. 

    As we have regularly stated, under Australia’s Article 14 arrangement, the IAEA will maintain oversight of nuclear material and meet its technical safeguards objectives throughout the submarines’ lifecycle. Once the Article 14 arrangement is agreed between Australia and the IAEA Secretariat, the Director General will transmit it to the Board for ‘appropriate action’. To suggest that the Board will somehow be bypassed is false. 

    With regards to the AUKUS Naval Nuclear Propulsion Agreement, I want to underline that it reaffirms, and is consistent with, the parties’ existing non-proliferation obligations, including under the NPT. The Agreement obliges the UK and US to ensure that Australia can provide the IAEA with other information and access necessary to fulfil Australia’s obligations under its safeguards agreements with the IAEA and the future Article 14 arrangement. 

    Chair, 

    Our three countries – along with the majority of the Board – continue to oppose any proposal for this item to be a standing agenda item or any efforts that undermine and politicise the technical mandate of the IAEA. We appreciate that colleagues continue to reject deliberate attempts to undermine the Agency’s independence and integrity. 

    We will continue to engage in good faith with Member States on genuine questions. Consistent with our approach to maintaining open and transparent engagement, we will provide an update to the Board under ‘Any Other Business’ and welcome the Director General’s continued commitment to provide updates on naval nuclear propulsion, as and when he deems appropriate. 

    Thank you, Chair.

    Updates to this page

    Published 6 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: UConn Assessing Impacts of Federal Directives

    Source: US State of Connecticut

    Dear Faculty and Staff Colleagues,

    We write to update you on several significant issues related to actions taken by the federal government in recent weeks, share how we are planning to contend with potential impacts, and to reiterate our ongoing commitment to our mission.

    RESEARCH FUNDING AND ADMINISTRATION

     We have seen a significant reduction in new awards to UConn and UConn Health from federal agencies so far this calendar year. Typically, we would expect to receive a combined new award total of approximately $38 million through February; this year, we have received approximately $24 million during this time period.

    We are receiving questions with respect to the expenses of research staff and research-focused graduate students should this persist. Administrative and academic leadership teams continue to work actively to plan for contingencies in affected areas. We will provide specific guidance on this issue to the deans and are also working with them on mitigation strategies.

    We are seeing significant changes to the administration and funding from many of our federal sponsors to include USAID, Sea Grant/NOAA, the Environmental Protection Agency (EPA), the National Institutes of Health (NIH), the Centers for Disease Control (CDC), the National Science Foundation (NSF), the Department of Energy (DoE), and the Department of Education (DoEd).

    Additionally, there have also been leadership changes at agencies which focus on high-risk, high-impact technology translation such as DARPA, ARPA-E, and ARPA-H.

    The reduction of indirect cost returns from NIH to academic institutions — which would reduce the current negotiated, approved rates for UConn and UConn Health from 61% and 66% respectively to 15% — remains on hold after a federal judge temporarily blocked it from taking effect.

    RESEARCH FUNDING OPPORTUNITIES

    We are a public, R1 land, sea, and space grant university. Our mission is based on serving the needs of our communities, providing excellent education, and advancing the causes of research and scholarship to bring about positive impacts statewide, nationally, and globally. We provide the R&D needed by our industries, including defense/national security, finance, insurance, biotech, and health sectors. Our mission is not going to change.

    At the same time, we understand that every change in administration comes with challenges and opportunities as there are priorities that every new administration would like to enact which may differ from the previous administration. Knowing that, we have adjusted with every new administration.

    Areas that we believe the new administration will concentrate on are below. These are the fields that are most likely to be prioritized to receive federal support and thus represent the most significant funding opportunities for faculty in the coming years.

    • Energy independence
    • AI and quantum technologies
    • Defense, national security
    • Manufacturing, supply chain, and project management
    • Healthy living
    • Cancer
    • Genetics/genomics
    • Technology development/deployment in all areas of R&D
    • Workforce development
    • Community impact through broadening participation in higher education, R&D, innovation, entrepreneurship

    In anticipation of this new landscape, OVPR has been working non-stop since Nov. 6 and has been engaged daily with the Office of the Provost, Governmental Relations, and the General Counsel. We are also briefing UConn’s senior leadership team, research deans, center and institute directors, and our faculty/staff task forces on a weekly basis.

    What can you do:

    • OVPR has created task forces focused on helping investigators pursue non-federal sources of research funding, supporting the UConn research infrastructure during these volatile times, and strategic communication to advocate for the value of research in our society. If you would like to join a task force, e-mail research@uconn.edu
    • Keep us updated on anything you may be hearing, also via research@uconn.edu.
    • Visit our FAQs page, which is regularly monitored and updated: research.uconn.edu.
    • Please remain connected, help and support each other, be kind to each other.

    “DEAR COLLEAGUE” LETTER AND EXECUTIVE ORDERS

    On Feb. 14, the U.S. Department of Education released what is known as a “Dear Colleague letter” to educational institutions with guidance regarding federal laws that prohibit discrimination. On March 1, the department followed-up with an FAQ on the letter.

    The core message of the Dear Colleague letter is that educational institutions must fully comply with Title VI of the Civil Rights Act of 1964, a federal law that prohibits discrimination on the basis of race, color, or national origin. As with all state and federal laws, UConn has always continually worked to ensure we are in compliance with Title VI, and that remains the case today. In fact, UConn has long had an appointed Title VI Coordinator in the Office of Institutional Equity. UConn’s OIE and ODI train, educate, and address issues on matters related to discrimination on the basis of many factors, and not just those under Title VI, but all applicable federal law.

    The letter states: “… colleges, universities, and K-12 schools have routinely used race as a factor in admissions, financial aid, hiring, training, and other institutional programming.”

    In each of these areas, we believe the university is compliant with the law, including following the recent Supreme Court decision surrounding the use of race in admissions.

    The letter also states: “…many American schools and universities even encourage segregation by race at graduation ceremonies and in dormitories and other facilities.”

    UConn does not encourage segregation and while there are numerous affinity groups on campus and related programming, events, activities, and housing, none are in violation of Title VI provided that, regardless of the affinity group who may be the organizers or audience, the programming, events, activities, and housing are open to anyone — meaning no one is excluded on the basis of race or any other aspect of identity.

    As always, should the university identify an area where we need to make a change or an adjustment to ensure legal compliance, we will do so.

    If you have questions about Title VI and UConn’s obligations under it or want to ensure that language, programming, or practices in your area are compliant with it, please contact equity@uconn.edu. Please do not make changes to the language, programming, or practices without consultation.

    In addition, UConn is home to an Office of Diversity and Inclusion, cultural centers, and learning communities. Their existence and programming are compliant with the law and consistent with UConn’s overall mission as a Land Grant institution created to expand access and opportunity and to serve all people from every walk of life.

    COMMUNICATIONS

    We have also been working with offices of research in the Northeast and beyond as well as the Council on Governmental Relations, the APLU, and other national entities. We are receiving strong support from state leaders, our federal governmental relations representatives in Washington, and Connecticut’s congressional delegation. UConn leaders are also in close, regular contact with our colleagues at other institutions and contacts within the federal government.

    Finally, as we have seen in recent weeks, Executive Orders and other directives have been released by the federal government at a fast pace. In at least one case, a directive was rescinded a day later and in other cases, they have been the subject of legal action that has in some cases prevented them from taking effect.

    In this very hectic and unpredictable environment, once something is released the relevant UConn leaders and offices immediately begin the process of analyzing it to determine its meaning and potential impact on the university. This involves not only working with colleagues at UConn, but consulting with colleagues at other institutions, and state and federal contacts. Often the meaning and impact of something is not clear or immediately understood.

    This work is time-consuming, and accuracy is critical. On occasion, even after a thorough analysis has been conducted, clear answers and understanding have not been forthcoming. When we believe we have solid answers and information, we want to share it with the community. In the interim, as this analysis is taking place, it may appear that maybe nothing is happening, when in fact, considerable work is taking place behind the scenes.

    In addition, we are also offering faculty and staff the opportunity to ask questions of and hear directly from leadership during upcoming bi-weekly check-in meetings beginning this Friday at noon. It will be available on livestream to faculty and staff at all campuses. Please email your questions in advance or during the session to communications@uconn.edu with the subject line: “Questions for Leadership.”

    These issues are of the utmost importance to UConn and we want to share accurate information as soon as we can, but must be deliberate in doing so. Thank you for your patience and understanding.

    Sincerely,

    Anne D’Alleva
    Provost and Executive Vice President for Academic Affairs

    Pamir Alpay
    Vice President for Research, Innovation, and Entrepreneurship

    Nicole Gelston
    General Counsel

    Jeffrey Hines
    Interim Vice President and Chief Diversity Officer

    MIL OSI USA News –

  • MIL-OSI: RENEW and Kinsley Partner to Deliver Turnkey Battery Storage Solutions in the Northeast

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, March 06, 2025 (GLOBE NEWSWIRE) — RENEW Energy Partners (RENEW), a leader in capital solutions for decarbonization, has joined forces with Kinsley Energy Systems (Kinsley), a 60-year veteran in on-site power generation, to deploy Battery Energy Storage Systems (BESS). With $100 million in projects actively under development across the Northeast, this partnership empowers commercial and industrial enterprises to seamlessly integrate BESS into their operations, unlocking energy cost savings, resilience benefits, financial incentives, and lower carbon footprint.

    RENEW and Kinsley offer a seamless, end-to-end solution that integrates financing, technical expertise, and operational support. RENEW provides funding and project management, enabling businesses to adopt battery storage technology with no upfront capital investment or operational risk. Kinsley handles installation and long-term maintenance, ensuring reliable system performance. For large energy users, this comprehensive agreement eliminates project complexities by combining energy finance expertise with top-tier service and execution.

    “We are thrilled to partner with Kinsley to bring battery storage to more businesses across the Northeast,” said Charlie Lord, Principal of RENEW. “Kinsley’s longevity and reputation for excellent service ensure our clients will be supported with the best care possible.”

    “Partnering with the financial experts at RENEW allows us to solve the financing challenge for businesses pursuing battery storage options,” said David Kinsley, President at Kinsley. “As leaders in decarbonization capital, RENEW perfectly complements Kinsley’s technical capabilities. We anticipate many joint opportunities to streamline BESS adoption and accelerate the clean energy transition.”

    Commercial and industrial businesses can explore the benefits of this partnership with both RENEW and Kinsley experts. As the energy transition continues, businesses are encouraged to consider becoming a host site to reduce costs and their carbon footprint.

    About RENEW Energy Partners, LLC 

    Founded in 2013, RENEW Energy Partners provides funding and engineering solutions for commercial and industrial, as well as institutional clients to help them achieve their decarbonization objectives. RENEW supports clients in reducing greenhouse gas emissions through a diverse range of projects, from efficiency upgrades to advanced energy generation solutions. All projects are designed to enhance sustainability without requiring upfront capital investment. 

    About Kinsley Energy Systems
    Kinsley Energy Systems (KES) provides cutting-edge solutions and services to address the country’s energy infrastructure and environmental challenges. KES is part of Kinsley Group—one of the nation’s premier on-site power providers for 60 years. Drawing on this legacy of excellence, KES focuses on solving ever-evolving energy demands with comprehensive solutions that enhance resiliency, reduce operational costs and lower carbon emissions. 

    KES is behind some of the country’s most successful sustainable on-site energy projects and brings Kinsley’s commitment to exceptional customer service to advanced commercial and industrial turnkey microgrids. With a strong energy solutions focus and decades of experience, KES is dedicated to helping businesses achieve their energy goals through sustainable, reliable, and innovative solutions. 

    Media Contacts:
    Mike Savage
    Director of Business Development
    RENEW Energy Partners
    (802) 777-8205
    msavage@renewep.com

    Nathan Hardt
    Market Engagement Manager
    Kinsley Energy Systems
    959.262.4610
    nhardt@kinsleyenergy.com

    The MIL Network –

  • MIL-OSI Economics: Estimating Fiscal Multiplier for Qatar: Qatar

    Source: International Monetary Fund

    Summary

    Econometric results suggest that Qatar’s strong capital spending multiplier became less impactful as the stock of capital rose to a high level, likely as the marginal impact declined. This supports Qatar’s strategy to shifts the State’s role to an enabler of private sector-led growth, focusing on expenditure to support build human capital and implementation of broader reform guided by the Third National Development Strategy.

    Subject: Capital spending, Central government spending, Current spending, Expenditure, Financial institutions, Fiscal multipliers, Fiscal policy, Infrastructure, National accounts, Oil prices, Prices, Public financial management (PFM), Public investment spending, Stocks, Total expenditures

    Keywords: Capital spending, Capital spending, Central government spending, Current spending, Expenditure composition, Fiscal multiplier, Fiscal multipliers, GCC, Infrastructure, Oil prices, Public investment spending, Qatar, Sectoral analysis, Stocks, Total expenditures

    MIL OSI Economics –

  • MIL-OSI Economics: Financial Conditions and Their Growth Implications for Qatar: Qatar

    Source: International Monetary Fund

    Summary

    This paper develops a Financial Conditions Index (FCI) for Qatar and uses the Growth-at-Risk (GaR) framework to examine the impact of financial conditions on Qatar’s non-hydrocarbon growth. The analysis shows that the FCI is an important leading indicator of Qatar’s non-hydrocarbon growth, highlighting its predictive potential for future economic performance. The GaR framework suggests that overall, the current downside risks to Qatar’s baseline non-hydrocarbon growth projections are relatively mild.

    Subject: Central bank policy rate, Credit, Deposit rates, Economic sectors, Financial conditions index, Financial Sector, Financial sector policy and analysis, Financial services, Foreign exchange, Growth-at-risk assessment, Money, Nominal effective exchange rate, Oil prices, Post-clearance customs audit, Prices, Real estate prices, Revenue administration

    Keywords: Bank credit, Central bank policy rate, Credit, Deposit rates, Financial conditions, Financial conditions index, Financial sector, Financial statistics, Growth-at-risk assessment, Nominal effective exchange rate, Non-hydrocarbon growth, Oil prices, Post-clearance customs audit, Qatar, Real estate prices

    MIL OSI Economics –

  • MIL-OSI Security: Healthcare Providers and Laboratory Marketers Agree to Pay Over $1.9M to Settle Kickback Allegations

    Source: Office of United States Attorneys

    COLUMBIA, S.C. — Gerald Congdon, M.D., of Pawleys Island, South Carolina, Gbenga Aluko, M.D., of Charlotte, North Carolina, and Anup Banerjee, M.D., of Gastonia, North Carolina, and their medical practices, as well as Curis Healthcare Inc., of Chicago, Illinois, Omar Hussain, of South Miami, Florida, and Saeed Medical Group Ltd. d/b/a Alliance Immediate and Primary Care, of Chicago, Illinois, agreed to pay a total of $1,913,808 to resolve alleged False Claims Act violations arising from their involvement in laboratory kickback schemes. The parties have agreed to cooperate with the Department of Justice’s investigations of other participants in the alleged schemes.

    The Anti-Kickback Statute prohibits offering, paying, soliciting, or receiving remuneration to induce referrals of items or services covered by Medicare, TRICARE, and other federally funded healthcare programs. The Anti-Kickback Statute is intended to ensure that medical providers’ judgments are not compromised by improper financial incentives and are instead based on the best interests of their patients.

    The settlements announced today resolve allegations that healthcare providers received kickbacks in return for their referrals to a laboratory in Anderson, South Carolina, and that a marketer and his marketing company received kickbacks from that South Carolina laboratory to arrange for laboratory testing referrals, in violation of the Anti-Kickback Statute. The kickbacks allegedly resulted in the submission of false or fraudulent laboratory testing claims to Medicare and TRICARE in violation of the False Claims Act.

    • Dr. Gerald Congdon, Coastal Urgent Care, LLC, and Coastal Wellness Center, LLC. Dr. Congdon and his medical practices in Pawleys Island and Myrtle Beach, South Carolina agreed to pay $400,000 to resolve allegations that from May 2016 to November 2021, they received thousands of dollars in remuneration disguised as purported office space rental and phlebotomy payments from the South Carolina laboratory in return for ordering testing.
    • Dr. Gbenga Aluko and Eagle Medical Center, PC. Dr. Aluko and his medical practice in Charlotte, North Carolina agreed to pay $250,000 to resolve allegations that from May 2016 to November 2021, they received thousands of dollars in remuneration disguised as purported office space rental, phlebotomy, and toxicology payments from the South Carolina laboratory in return for ordering testing.
    • Dr. Anup Banerjee and Gastonia Medical Specialty Clinic P.A. Dr. Banerjee and his medical practice in Gastonia, North Carolina agreed to pay $206,000 to resolve allegations that from April 2017 to November 2021, they received thousands of dollars in remuneration disguised as purported office space rental and phlebotomy payments from the South Carolina laboratory in return for ordering testing.
    • Omar Hussain and Curis Healthcare Inc. Hussain and his marketing company agreed to pay $817,808 to resolve allegations that from April 2020 to August 2021, Hussain and his company received commissions from the South Carolina laboratory as independent contractors based on the volume and/or value of the Medicare and TRICARE referrals for laboratory testing that they arranged for and/or recommended.
    • Saeed Medical Group Ltd., Omar Hussain, and Curis Healthcare Inc. Saeed Medical Group and Hussain and his marketing company agreed to pay $240,000 to resolve allegations that from April 2020 to August 2021, Saeed Medical Group received thousands of dollars in remuneration in the form of cash payments from Hussain and his company in return for ordering testing from the South Carolina laboratory.

    “Integrity must be the standard in our health care system,” said Acting U.S. Attorney Brook B. Andrews for the District of South Carolina. “Kickback schemes divert funds and focus away from patients and their medical needs.”

    “The public puts immense trust in medical professionals, and disdain for the rule of law damages that trust and erodes their credibility,” said Steve Jensen, Special Agent in Charge of the FBI Columbia field office. “These settlements should serve as a reminder that the FBI and its partners are committed to holding medical practitioners accountable for kickbacks.”

    “Kickback schemes undermine medical decision-making and jeopardize the integrity of federally funded health care programs,” said Kelly Blackmon, Special Agent in Charge at the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “Our commitment is to safeguard taxpayer-funded health care and the patients who rely on it, and we will rigorously pursue any allegations of False Claims Act violations.”

    “The trust of the American taxpayer and the wellbeing of our Service members are undermined when laboratories and physicians engage in collusive financial relationships,” said Special Agent in Charge Christopher Dillard, Department of Defense Office of Inspector General, Defense Criminal Investigative Service (DCIS), Mid-Atlantic Field Office. “DCIS will continue to work with our law enforcement partners to bring to justice medical providers who illegally enrich themselves by prioritizing kickbacks over patient care.”

    The settlements were the result of a coordinated effort between the Civil Division’s Commercial Litigation Branch, Fraud Section and the U.S. Attorney’s Office for the District of South Carolina, with assistance from HHS-OIG, DCIS, and the FBI. The settlements announced today were handled by Senior Trial Counsel Christopher Terranova in the Civil Division’s Commercial Litigation Branch, Fraud Section and Assistant U.S. Attorney Beth C. Warren in the U.S. Attorney’s Office for the District of South Carolina. The United States previously resolved allegations that physicians in South Carolina, North Carolina, and Texas received kickbacks from the same South Carolina laboratory.

    The government’s pursuit of this matter illustrates the government’s emphasis on combating healthcare fraud. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement can be reported to the Department of Health and Human Services, at 1-800-HHS-TIPS (800-447-8477).

    The claims resolved by the settlements are allegations only, and there has been no determination of liability.

    ###

    MIL Security OSI –

  • MIL-OSI Global: Death by firing squad set to resume in the US – but no matter the method, all means of execution come with a troubling history

    Source: The Conversation – USA – By Austin Sarat, William Nelson Cromwell Professor of Jurisprudence and Political Science, Amherst College

    The firing squad chair in which Brad Sigmon will be strapped before three volunteers shoot him dead. South Carolina Department of Corrections via AP

    Barring any late developments, the U.S. is set to see its first execution by firing squad in 15 years on March 7, 2025.

    Photos released by the South Carolina Department of Corrections suggest that the prisoner, Brad Sigmon, will be strapped to a metal seat in the same small death chamber that has been the location of the state’s other executions by means of the electric chair and lethal injection. Sigmon, who was sentenced to death in 2002 for the brutal killing of his ex-girlfriend’s parents with a baseball bat, chose death by firing squad over other forms of execution under a 2021 law that allows inmates that option.

    According to the state’s firing squad protocol, the condemned man will have a hood put over his head and a target placed on his heart. Three volunteers will then shoot him from a distance of 15 feet. They will stand behind a wall with a small opening.

    But this method of execution has raised concern over the safety of observers of the execution. Meanwhile, others object to the use of a firing squad as a relic of a brutal past not fitting for modern times.

    As someone who has studied execution methods in the U.S., I see the resumption of death by firing squad as part of a morbid search for “better” execution methods. It comes amid concern over botched lethal injection attempts and a scarcity of the drugs needed to carry out such executions.

    In 2020, the first Trump administration expanded how federal execution can be carried out to include ghoulish methods such as hanging, the electric chair, gas chamber and, indeed, the firing squad.

    But revisiting all methods reveals a checkered history. Each has, at one time or other, been touted as humane only to be sidelined because its use was found to be gruesome and offensive. Given that history, there are questions over whether the resumption of death by firing squad can serve any purpose other than continuing a death penalty system deemed to be a cruel outlier among modern societies.

    The noose and the chair

    Let’s start with hanging.

    Hanging was the execution method of choice throughout most of American history, and it was used in America’s last public execution in 1936, when Rainey Bethea was put to death in Owensboro, Kentucky. When done correctly, the noose killed by severing the spinal column, causing near instantaneous death.

    A large crowd watches as attendants adjust a black hood over Rainey Bethea in 1936.
    AP File Photo

    But, all too often, hanging resulted in a slow death by strangulation and sometimes even a beheading. Given this gruesome record and hanging’s association with the lynching of mainly Black men, by the end of the 19th century the search for other execution methods began in earnest.

    The first of those alternatives was the electric chair. At the time it was adopted, it was regarded as a truly modern instrument of death, a technological marvel in the business of state killing. Hailed by penal reformers as a humane alternative to hanging, the electric chair was first authorized in 1888 by New York state following the report of a commission that concluded: “The most potent agent known for the destruction of human life is electricity. … The velocity of the electric current is so great that the brain is paralyzed; it is indeed dead before the nerves can communicate a sense of shock.”

    Yet, right from the start, electrocution’s potency was a problem. Its first use in the 1890 execution of convicted murderer William Kemmler was horribly botched. Reports of the execution say that “after 2 minutes the execution chamber filled with the smell of burning flesh.” Newspapers called the execution a “historic bungle” and “disgusting, sickening and inhuman.”

    In spite of the Kemmler debacle, the electric chair quickly became popular, being seen as more efficient and less brutal than hanging. From the start of the 20th century until the 1980s, the number of death sentences carried out by this method far outstripped those of any other method.

    But electrocutions continued to go wrong, and eventually several dramatic botched executions in Florida helped turn the tide. Included were two executions – one in 1990, the other in 1997 – in which the condemned inmates caught fire.

    The gas chamber

    By the start of the 21st century, states all over the country were abandoning the electric chair. As Justice Carol W. Hunstein of the Supreme Court of Georgia explained, “Death by electrocution, with its specter of excruciating pain and its certainty of cooked brains and blistered bodies,” was no longer compatible with contemporary standards of decency.

    A gas chamber at San Quentin prison from 1959.
    AP Photo/Clarence Hamm

    One alternative to electrocution was the gas chamber, but it too has its own history of problems. First adopted in Nevada in 1922, executions using lethal gas were to take place while the condemned slept. Death row inmates were supposed to be housed in airtight, leak-proof prison cells, separate from other prisoners. On the day of the execution, valves would be opened that would fill the chamber with gas, killing the prisoner painlessly.

    This plan was soon abandoned because officials decided it would be impractical to implement it, and states constructed special gas chambers fitted with pipes, exhaust fans and glass windows on the front and back walls for witness viewing. But deaths by lethal gas were never pretty or easy to watch.

    Inmates regularly fought against breathing the gas as it entered the chamber. They convulsed, jerked, coughed, twisted and turned blue for several minutes before they died.

    Far from solving the problems associated with hangings or electrocutions, lethal gas introduced its own set of horrors to the institution of capital punishment. In fact, by the end of the 20th century, 5% of executions by lethal gas had been botched.

    As a result, states used gas as the sole method of execution only from 1924 to 1977, and it was last used in 1999. By then, the gas chamber had become a relic of the past because of its inability to deliver on its promise to be “swift and painless” and its association with the Nazi use of gas to kill millions during the Holocaust.

    Lethal injection

    Lethal injection was first considered by the state of New York in the late 1880s when it convened a blue ribbon commission to study alternatives to hanging. During deliberations, Dr. Julius Mount Bleyer invited the commission to envision a future in which a person condemned to death “could be executed on his bed in his cell with a 6-gram injection of sulfate of morphine.”

    But it wasn’t until 1977 that Oklahoma became the first state to introduce the method.

    Right from the start, administering lethal injections proved to be a complex procedure that was difficult to get right. In fact, during the first use of lethal injection by Texas in 1982, the team responsible repeatedly failed to insert an IV into a vein in the condemned man’s arm, splattering blood onto the sheet covering his body.

    Part of the problem is that medical ethics do not allow doctors to take part in choosing the drugs or administering them. In the place of doctors, prison officials are responsible for the lethal injection procedure. In addition, dosages of the drugs used are standardized rather than tailored to the needs of particular inmates as they would be in a medical procedure.

    Despite the effort to medicalize executions, the history of lethal injection has been anything but smooth, sterile and predictable. In fact, my research reveals that of the 1,054 executions carried out from 1982 to 2010 using the standard three-drug lethal injection protocol, more than 7% were botched.

    And as states, faced with a scarcity of the drugs needed, have experimented in finding new ingredients, my research shows that botched executions have occurred as much as 20% of the time.

    The firing squad

    Finally, the firing squad. Of all of America’s methods of execution, it has been least often used. From 1900 to 2010, only 35 of America’s 8,776 executions were carried out using this method, and since 1976 just three people have faced a firing squad, with the last one carried out in Utah in 2010.

    The execution chamber at Utah State Prison used in the United States’ last firing squad execution.
    AP Photo/Trent Nelson

    Critics point out that because death by guns evokes images of raw, frontier justice in a society awash in gun violence, this method mimicked something that the law wished to discourage. Nonetheless, Utah revived the firing squad in 2015 due to challenges to the state’s lethal injection protocol.

    While it has some contemporary proponents who claim it is the least cruel of all execution methods, the history of the firing squad is marked by gruesome mistakes when marksmen missed their target. In the 1951 execution of Eliseo Mares, for example, four executioners all shot into the wrong side of his chest, and he died slowly from blood loss.

    A cruel history, revived

    While authorities in South Carolina allow for death by firing squad, it cannot erase the cruelty that marks the method’s history – nor that of other means of execution.

    That history stands as a reminder of America’s failed quest to find a method of execution that is safe, reliable and humane.

    This article contains sections previous published in The Conversation articles from Dec. 4, 2020 and Nov. 30, 2022.

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

    – ref. Death by firing squad set to resume in the US – but no matter the method, all means of execution come with a troubling history – https://theconversation.com/death-by-firing-squad-set-to-resume-in-the-us-but-no-matter-the-method-all-means-of-execution-come-with-a-troubling-history-251579

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: UKAEA and F-REI sign collaboration in robotics research

    Source: United Kingdom – Executive Government & Departments

    Press release

    UKAEA and F-REI sign collaboration in robotics research

    A memorandum of cooperation has been signed by UK Atomic Energy Authority (UKAEA) and the Fukushima Institute for Research, Education and Innovation (F-REI).

    Dr Koetsu Yamazaki (F-REI) and Prof. Rob Buckingham (UKAEA) at MOC signing – Image Credit United Kingdom Atomic Energy Authority

    The United Kingdom Atomic Energy Authority (UKAEA) and the Fukushima Institute for Research, Education and Innovation (F-REI) have signed a memorandum of cooperation (MOC) on joint research in robotics and autonomous systems. 

    The MOC fosters UK-Japan collaboration between the government-funded organisations, enhancing joint research opportunities and advancing science and innovation in key technical areas, such as: 

    • Robotics and autonomous systems: supporting nuclear decommissioning, operations in challenging environments and advanced manufacturing 

    • Facility management and collaboration: sharing best practices in research facilities, harnessing a culture of innovation and commercialisation 

    • Talent and skills: initiatives to drive partnerships and support talent and skills development. 

    UKAEA’s Executive Director, Prof. Rob Buckingham, commented: “We are delighted to collaborate with F-REI, as both organisations share a strong commitment to advancing science and innovation in key technical areas, including robotics and autonomous systems. UKAEA has established robust partnerships with leading Japanese organisations, and this collaboration marks an exciting opportunity to expand those connections. By leveraging our shared experience and expertise, I am confident we can further strengthen UK-Japan engagement across government, industry, and academia, driving cutting-edge advancements with real-world impact.” 

    F-REI’s President, Dr. Koetsu Yamazaki, remarked: “F-REI and UKAEA share complementary objectives in research, innovation, education, and commercialisation. The UKAEA’s extensive experience in developing productive research programmes, educational initiatives, innovation and commercialisation pipelines, and collaborative research facilities offers valuable lessons that can significantly benefit F-REI’s startup goals. We are also excited to enhance Japan’s scientific and technological capabilities and industrial competitiveness through this international collaboration.” 

    UKAEA’s mission is to lead the delivery of sustainable fusion energy and maximise the scientific and economic benefit. Established in 2014, UKAEA’s world-class robotics centre, RACE (Remote Applications in Challenging Environments), has been at the forefront of research and development in the deployment of robotics within extreme industrial environments where human intervention is challenging. Among RACE’s recent achievements is the successful development of next-generation robotics technologies for decommissioning through the LongOps project, funded by the UK’s Nuclear Decommissioning Authority (NDA), UK Research and Innovation (UKRI) and Japan’s Tokyo Electric Power Company (TEPCO). 

    UKAEA is a member of the Robotics and Artificial Intelligence Collaboration (RAICo) alongside the NDA, Sellafield Ltd and the University of Manchester. The collaboration accelerates deployment of robotics and AI to solve shared nuclear decommissioning and fusion engineering challenges. 

    F-REI, established by the Government of Japan in April 2023 under the Act on Special Measures for the Reconstruction and Revitalization of Fukushima, is dedicated to becoming a world-class core centre for creative reconstruction. F-REI embodies the dreams and aspirations of Fukushima and other parts of the Tohoku region, aiming to drive Japan’s scientific and technological capabilities and industrial competitiveness. The institute conducts research and development in the following five key areas:

    • Robotics
    • Agriculture, forestry, and fisheries
    • Energy
    • Radiation science, medicine, drug development, and industrial applications for radiation
    • The collection and dissemination of data and knowledge on nuclear disasters.

    The MOC was signed by Koetsu Yamazaki and Rob Buckingham on 4 March 2025 at UKAEA’s Culham Campus, UK.

    Updates to this page

    Published 6 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Prime Minister’s remarks from the plenary session at the first UK-Ireland Summit: 6 March 2025

    Source: United Kingdom – Executive Government & Departments

    Speech

    Prime Minister’s remarks from the plenary session at the first UK-Ireland Summit: 6 March 2025

    Prime Minister Keir Starmer’s remarks at the plenary session at the first UK-Ireland Summit in Chesire.

    It’s fantastic to see you all here this morning.

    Today’s summit really marks a new era in the relationship between the UK and Ireland.

    I think we’ve reset our relationship, turned a page on turbulent recent years and I think today’s announcements show that we’re serious about making our partnership meaningful, deep and beneficial for working people.

    Today we’ve announced over £185 million worth of new investment into the UK and an agreement to harness the full potential of the Irish and Celtic Seas, from bolstering the security of undersea cables to mobilising private investment.

    In a moment, we’re obviously going to talk about what more we can do, this is a fantastic opportunity.

    But before that, I’d like to make some quick points.

    First, the need for a strong and settled relationship between the UK and Ireland has never been greater.

    The world has changed dramatically since the UK and Ireland last set out a vision for closer bilateral relations back in 2012.

    A lot has happened in the intervening years, and as we sit here today, I think we can all agree that our world is more unstable and uncertain than it’s been for a very long time.

    And there are huge benefits to strengthening our friendships and working together on geopolitical challenges.

    To strengthen all aspects of our security in a dangerous world.

    That’s why in the UK last week, I announced the biggest sustained rise in defence spending since the Cold War.

    An extra £13.4 billion year on year which will be invested in British industries, British jobs, British skills and British growth.

    Because we aren’t just investing in Britain’s national security but in economic security for working people as well. 

    We were discussing this morning the interrelationship between security and defence, and economic security.

    Second, you will know the UK has been working to strengthen our alliance with the EU.

    As you know, that doesn’t mean rejoining the Single Market or the Customs Union or returning to freedom of movement.

    But it does mean finding practical ways to work more closely together to boost trade, create jobs and deliver economic growth.

    And in that context, I believe the partnership between the UK and Ireland has the potential to be a really positive force.

    Third, as close neighbours and long-standing partners the benefits of stronger ties between us are huge.

    We have strong people to people connections – they are incredible and should be celebrated.

    Our supply chains are deep and intertwined, and have been for a very long time.

    And we collaborate in a great many sectors, for example, we have two MOUs on Energy Transition and Energy Supply.

    All of this points to the importance of an all-island economy.

    And the huge potential to do more – working together for our mutual prosperity and security.

    So I’m delighted this Summit will kickstart an ambitious programme of cooperation through to 2030.

    There is a huge amount on our agenda, this is really ambitious.  

    It should be seen as new era where the UK and Ireland work closer than ever and cooperate across a wide range of issues.

    That means making the most of opportunities to boost growth, jobs and trade.

    But also working together on climate change, the energy transition, security, justice, education and defence.

    We just had a business breakfast this morning and all of these issues came up, particularly the energy transition.

    And through our partnership we will act as a positive example, demonstrating the benefits of cooperation and collaboration.

    Today’s discussions are just the start.

    We’ve got really good teams on both sides, we’ve got the time, the subject matter and the ambition.

    But I want to focus on three themes as we go through this session.

    The first is: how can the UK and Ireland work together to achieve sustainable growth?

    Second, how can the UK and Ireland work together to build domestic security and promote stability? That was always on the agenda, but now it’s even more pertinent than ever.

    Finally, how can the UK and Ireland collaborate to maximise shared opportunities in the transition to Net Zero?

    They are the three themes, and areas of discussion this morning.

    Updates to this page

    Published 6 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: UConn Firsts: First Solar Panels

    Source: US State of Connecticut

    Jimmy Carter, the 39th President of the United States, and a trained engineer, who passed away in December at age 100, was perhaps the first U.S. president to actively advocate for the use of solar energy to reduce the use of fossil fuels. In 1979, Carter lead by example and requested the installation of a solar-heated hot water system at the White House amidst the energy crisis stemming from disruptions to the global petroleum industry. 

    In those early days of solar power, expertise was thin on the ground. But the UConn Energy Center, founded by mechanical engineering professor Wallace Bowley, was ready and able to provide a critical role in the installation. Two UConn Energy Center members, David Jackson, P.E., head of solar collector testing, and graduate student Michael Boyle, journeyed to Washington D.C. to do what would now be called “commissioning” the installed panels – in effect, providing the crucial tests and checks to make sure it worked as intended. 

    Today, with rooftop solar panels a common sight in Connecticut towns, and additional solar systems installed at the White House by George W. Bush and Barack Obama, the UConn College of Engineering is proud of its part in getting solar energy up and running at America’s most famous address. 

    MIL OSI USA News –

  • MIL-OSI USA: U.S. butane exports reached a new record in 2024

    Source: US Energy Information Administration

    In-brief analysis

    March 6, 2025

    The United States is exporting record volumes of normal butane as global demand for liquefied petroleum gases (LPG) surges. U.S. normal butane exports averaged nearly 500,000 barrels per day (b/d) in 2024, a 12% increase from the previous year, and have increased every year since 2006.

    Butane is used residentially and commercially as a fuel, primarily for cooking. It’s also used as a gasoline blendstock during the winter and as a base chemical to make rubbers and plastics. Butane can also be converted to isobutane through isomerization, a key process for producing high octane gasoline components.

    Butane is similar to propane; both are considered LPGs. LPGs are byproducts of natural gas processing and crude oil refining. U.S. LPG production has grown rapidly with the increase in natural gas production, especially in liquids-rich regions such as the Eagle Ford in Texas and the Marcellus and Utica in the Northeast. Echoing trends in the propane market, higher production of butane has led to lower prices in the United States relative to global benchmarks in East Asia and the Middle East, increasing global demand for U.S. butane.

    The United States is the largest butane exporter in the world, with most exports bound for Asia and Africa. Butane has a higher boiling point than propane, so butane is less expensive to store and transport in warmer climates than propane. In 2024, 41% of U.S. butane exports went to Asia and 36% went to Africa. The top Asian importers were Indonesia, Japan, and South Korea, while Morocco and Egypt took in the most U.S. butane in Africa. These five countries account for more than half of the United States’ butane exports.

    Generally, butane demand has grown along with petrochemical demand. However, in many developing markets, governments have subsidized butane as a replacement for other fuels, such as wood or charcoal, because it is a cleaner indoor burning fuel for uses such as cooking or heating. Morocco, for example, has subsidized butane since the 1940s (although the government started phasing subsidies out in April 2024). Indonesia and India also have LPG subsidies in place.

    Data source: Bloomberg L.P. and Argus

    Low U.S. butane spot prices relative to other global benchmark spot prices led to a consistently wide price spread throughout 2023 and 2024, incentivizing more butane shipments from the United States than from other countries. However, the U.S. Gulf Coast butane’s discount to East Asia and Saudi Arabia decreased at the end of 2024, after butane prices rose in the United States at a faster rate than in other regions. Despite the decreasing price spread in the second half of 2024, U.S. exports remained high, averaging 12% more than the same period in 2023.

    Principal contributor: Josh Eiermann

    MIL OSI USA News –

  • MIL-OSI: Baker Hughes and Woodside Energy Announce Collaboration Framework to Develop Small-Scale Decarbonization Solution Utilizing Net Power Platform

    Source: GlobeNewswire (MIL-OSI)

    • Joint initiative to develop a lower carbon power generation technology solution specifically designed for oil and gas, heavy industries and other smaller scale applications
    • Collaboration framework focuses on assessing feasibility and scalability of Net Power’s platform and is open to other potential contributors

    HOUSTON and LONDON, March 06, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, and Woodside Energy (ASX: WDS; NYSE: WDS), a leading Australian energy company, announced Thursday a joint initiative to develop a lower carbon power generation technology solution utilizing the Net Power (NSYE: NPWR) platform that is specifically designed for oil and gas (including LNG), heavy industries and other smaller scale applications.

    Building on their 2022 Memorandum of Understanding (MoU), which aimed to advance the decarbonization of the natural gas supply chain, Baker Hughes and Woodside have now signed a Technology Development Agreement (TDA), to develop the small-scale Net Power platform. The patented Net Power platform works by utilizing natural gas to generate affordable power while inherently capturing nearly all carbon dioxide (CO2) emissions.

    Baker Hughes and Woodside aim to bring other development partners into the program to tailor the concept to the continuously evolving requirements of different captive power generation segments.

    Through the TDA, the program will also focus on assessing feasibility and industrial market scalability of Net Power’s platform.

    Baker Hughes is the exclusive provider of the small-scale application of the Net Power platform, and the TDA will benefit from the development and testing currently ongoing both at Net Power’s La Porte, Texas, demonstration facility and the company’s planned first utility-scale power plant near Midland, Texas.

    “We are excited to continue our collaboration with Baker Hughes and leverage their leading-edge technology and our combined engineering and CCUS capabilities to explore and develop lower-carbon emissions alternative power solutions using Net Power’s platform,” said Woodside Executive Vice President Technical and Energy Development Julie Fallon. “This agreement further strengthens our long-standing relationship across the natural gas value chain and our shared journey in the energy transition.”

    “Baker Hughes is committed to providing innovative solutions that support the decarbonization of the energy and industrial sectors, and we are honored to share this journey with our long-standing customer Woodside Energy,” said Alessandro Bresciani, senior vice president of Climate Technology Solutions at Baker Hughes. “We believe this framework represents the partnerships and collaborations necessary to develop and scale the energy solutions that support decarbonization while also meeting the world’s growing energy demand.”

    “Net Power applauds the enhanced collaboration between Woodside and our partner Baker Hughes. This work has the potential to bring our technology platform to a broader array of end markets and applications, complementing our utility-scale program and strategy,” said Danny Rice, chief executive officer of Net Power. “Today’s announcement is a tangible commitment to continue technology innovation and market development for the Net Power platform and to bring ultra-low emissions energy solutions to a power-hungry world.”

    About Baker Hughes
    Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    About Woodside Energy
    Woodside is a global energy company founded in Australia, providing reliable and affordable energy to help people lead better lives.

    For more information, please contact:

    Baker Hughes Media Relations
    Chiara Toniato
    +39 3463823419
    chiara.toniato@bakerhughes.com 

    Woodside Energy Media Relations
    Rob Young
    +1 281-790-2805
    robert.young@woodside.com

    Baker Hughes Investor Relations
    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    The MIL Network –

  • MIL-OSI United Kingdom: Joint statement between Prime Minister Keir Starmer and Taoiseach Micheál Martin: 6 March 2025

    Source: United Kingdom – Executive Government & Departments

    Press release

    Joint statement between Prime Minister Keir Starmer and Taoiseach Micheál Martin: 6 March 2025

    Joint statement between Prime Minister Keir Starmer and Taoiseach Micheál Martin following UK-Ireland Summit.

    UK-Ireland 2030 Joint Statement

    1. This Joint Statement represents the starting point for a strengthened relationship between the UK and Ireland, informed by our co-guarantorship of the Good Friday Agreement, and to be taken forward through an ambitious programme of co-operation between our two countries through to 2030.

    2. The time has come to commit anew to delivering on the promise of our unique partnership to the benefit of current and future generations living across these islands. 

    3. Our renewed programme of co-operation will be taken forward in a spirit of respect and affinity, and by a shared ambition to reach the potential of our partnership across our islands, recognising that, in a changing world beyond our shores, the benefits and significance of a stronger and more settled relationship between our two countries have never been greater.

    The UK and Ireland working together at home and across the globe

    1. In a challenging geo-political and international security environment, Ireland and the UK confirm our commitment to the global multilateral system and international law as the foundations on which all our international engagement and partnerships are built.

    2. Building on these foundations, we will work together to strengthen international institutions for peace, promote conflict prevention, peace-building, sustainable development and climate action internationally.  Today, we have agreed in particular to collaborate on a strategic approach to the United Nations’ Peacebuilding Architecture Review and the World Bank’s Fragility, Conflict, Violence (FCV) Strategy. We also agree to collaborate on the Women, Peace and Security agenda and to pilot a joint lesson-sharing from the Northern Ireland peace process in an agreed priority country.

    3. We will support this intensification of our co-operation on foreign and security policy issues through annual political consultations.

    4. Continuing to ensure the safety and security of the people who live in Ireland and the United Kingdom is a priority we share.

    5. National resilience remains a priority for both of us.  We will strengthen co-operation and information sharing on emergency planning to best protect our peoples across these islands. 

    6. We will strengthen our co-operation in the area of maritime security, with a particular focus on critical undersea infrastructure, which will require greater international co-operation, including closer co-operation between Ireland and the UK.

    7. We value our good working relationship at an operational level on cyber security and will continue to co-operate to ensure that the sharing of information and best practices contribute to higher levels of cyber security across both countries. We will also work to develop approaches that benefit both countries particularly in the areas of skills development, cyber hygiene awareness and research projects.

    8. Since 2015, the UK and Ireland have cooperated on defence on the basis of a Memorandum of Understanding. We will pursue implementation of all aspects of that agreement, particularly in the areas of military training and education. To reflect the rebuilding and strengthening of our partnership, today we agree to review and update the Memorandum of Understanding on Defence by our next Summit in this series.

    9. We will continue to develop these areas of work, including through our structured security dialogue at senior official level.

    10. We will strengthen existing co-operation on criminal, civil and family law matters and exchange expertise on justice systems challenges, as well as collaborating on the rule of law and its promotion overseas. We will continue to work together to tackle threats to safety online.

    Ensuring a strategic and efficient approach to our shared maritime space to mobilise investment, support a healthy marine environment and provide clean energy for our islands

    1. We recognise the critical importance of the Celtic and Irish Seas and are committed to working together to harness their potential by deepening co-operation on offshore energy and interconnection, to help ensure our collective energy security as part of the green transition to net zero.

    2. Our countries are uniquely linked, not least through shared energy infrastructure and the Single Electricity Market (SEM) on the island of Ireland. This means we share common long-term challenges, including the need for secure, competitive, and sustainable sources of energy.

    3. We welcome recent progress on closer working between our countries in this regard, including through our two bilateral Memoranda of Understanding, and the opportunity for more formal co-operation between British and Irish system operators (EirGrid, Gas Networks Ireland, National Energy System Operator and National Gas).

    4. In order to meet our ambitious decarbonisation targets, we have agreed today to work together to mobilise investment into strategic infrastructure in the Irish and Celtic Seas by establishing frameworks to guide private investment and removing barriers to trade and investment.

    5. In this regard, we have agreed that our respective maritime policy, licensing and regulatory bodies will work together to establish co-operation in relation to data collection and usage, to continue to improve the management of the maritime area in the Irish and Celtic Seas through robust marine planning that includes a clear focus on our shared marine environment.

    6. We have also agreed to undertake new joint initiatives on mapping the sea basin to improve interoperability and resilience in UK and Irish waters, and to deepen existing co-operation on maritime decarbonisation, including on our joint efforts to establish green maritime corridors. 

    7. We will also broaden our existing Energy transition MoU to include industrial decarbonisation; knowledge sharing and exchanging best practices around retrofitting of homes and Community Benefit Funds; as well as formalising a staff exchange programme between UK and Ireland energy departments and agencies.

    8. Due to its geography, engineering expertise and interconnection to both Ireland and Great Britain, Northern Ireland can benefit from and be at the forefront of the clean energy transition. Co-operation between governments on infrastructure development will be key in both enabling Northern Ireland to have a renewable generation capacity of 3,550 MW by 2030 in order to deliver the target of 80% of electricity consumption from renewable sources, as well as supporting the Northern Ireland Executive’s ambition for 1GW of offshore wind from 2030 and Ireland’s ambition of at least 5GW of offshore wind by 2030, including through developing and supporting an all-island supply chain.

    9. Through our continuing co-operation we can act coherently and strategically, developing and sharing research and technical innovation to address our shared challenges, which in turn will deliver significant economic and social benefits to communities across our islands.

    Agile, open economies working together to attract investment, innovate from knowledge and accelerate growth

    1. The UK and Ireland are particularly close economic partners with a bilateral trade relationship worth approximately 100 billion euros annually. Ireland is the UK’s 6th largest trading partner and the UK is Ireland’s second largest trading partner and we are committed to building on these ties in order to attract new investment and accelerate economic growth across our two countries.

    2. Today we welcome substantial new investment announcements across a range of sectors including Digital, AI and Technology that are testimony to continued confidence in our economies and to the importance of our business and trading bilateral relationship. These commitments to invest will bring new jobs and opportunities to local communities and help drive up economic growth.

    3. The UK and Ireland have a longstanding partnership in sharing knowledge and experience in progressing infrastructure projects, and we share an ambition to accelerate the delivery of sustainable and resilient infrastructure to drive economic growth, enable new forms of economic activity, accelerate the transition to Net Zero by 2050, and support the delivery of housing and high-quality public services over the next decade.  Our countries and businesses are investing heavily in achieving this ambition but also face common challenges, including in relation to capacity and productivity. We have strong existing collaborations in the transport, housing and energy sectors, and today have agreed a new Framework for Co-operation to support infrastructure delivery to deepen these partnerships and extend them to further areas of mutual interest, including digital and modern methods of construction technologies.

    4. Today, we also reaffirm our support to small business in both countries and commit to working together to establish an SME Dialogue focused on sharing good practices in nurturing growth and productivity amongst SMEs to maximise commercial opportunities.

    5. We will also establish an Economic Security Exchange to share good practices and experiences, and develop common understandings in key areas for the economic security and prosperity of our two nations.

    6. The UK and Ireland share a close bilateral relationship in science, innovation and technology and commit to building on this through our collaboration within the current Horizon European Research and Innovation Framework Programme, including encouraging national contact points to work closely together. We agree to convene regular meetings between UKRI and Research Ireland to discuss issues of mutual interest and monitor and identify multilateral and bilateral opportunities.

    7. In early 2024, we launched the research Co-Centre for Climate, Biodiversity & Water, seeking to deliver solutions to the pressing challenges posed by climate change, biodiversity decline, and water degradation; and the Co-Centre for Sustainable Food Systems, seeking to drive societal and political change in food system transformation and transition to climate neutrality by 2050. Following the launch of these Co-Centres, UKRI and Research Ireland will work together and with the Northern Ireland Executive to monitor progress and identify future opportunities to bring together researchers and innovators across the UK and Ireland.

    Developing the deep ties between our people and cultures

    1. We recognise the unique ability of arts, culture and sport to forge and foster ties between people across these islands. 

    2. We value the extraordinary influence and contribution of British and Irish cultures and heritages to the artistic and cultural wealth of the public realm and creative industries and institutions in both our countries. In recognition of this, today, we agree to establish a strategic partnership to deepen and amplify co-operation between our leading cultural institutions and to support wider public engagement with the contemporary culture and heritage of both our countries. Over the coming five years, this will comprise a range of measures to support collaborations in programming, professional exchange, research and policy, and an annual joint meeting of our leading cultural institutions each autumn.

    3. We look forward to our joint hosting of the EURO2028 Men’s Football Championship and the 2030 T20 Men’s Cricket World Cup and will work to ensure that both tournaments are enjoyed across these islands. We will explore future co-hosting opportunities in the area of sports.

    4. We recognise that to reach the potential of our partnership across these islands, we need to understand and respond to the aspirations and views of young people. Today, we have agreed to establish an Ireland-UK Youth Forum to bring together young people across these islands on an annual basis to discuss issues of importance to them and to make recommendations about how they can be addressed for consideration by both our governments.

    5. In order to build stronger connectivity amongst our children and young people, we will also encourage greater co-operation and contact between our schools and education systems. This will include areas such as early years learning and provision, social mobility, opportunity and inclusion; special education provision; curriculum and assessment reform; teacher professional development; and integrated education.

    6. We will promote greater understanding of educational opportunities for full-time students through improved knowledge, guidance and information using higher education entrance systems.

    7. The uniquely rich and dynamic connections between people across these islands are supported and made possible by our long-standing Common Travel Area arrangement.  We remain firmly committed to working together to protect the integrity and security of the Common Travel Area. Recognising also the importance of the Common Travel Area in facilitating the daily lives of citizens across these islands, we will work together to minimise barriers to work or travel for those who benefit from it.

    8. Underpinning our co-operation is our shared ambition of a more reconciled, peaceful and prosperous Northern Ireland.  In progressing our co-operation across the board, we will ensure that our partnership includes and benefits Northern Ireland. We commit to ensure the successful delivery of the 2021-2027 PeacePlus programme and are agreed in principle to a successor programme.

    9. We agree to establish a UK-Ireland 2030 Steering Group led by the UK Cabinet Office and Department of the Taoiseach in order to take forward the range of commitments we are making today. Together we will ensure this complements the institutions of the Good Friday Agreement and their crucial role at the heart of our essential and unique relationship.

    Updates to this page

    Published 6 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Nuclear safety, security and safeguards in Ukraine: UK national statement to IAEA Board, March 2025

    Source: United Kingdom – Executive Government & Departments

    Speech

    Nuclear safety, security and safeguards in Ukraine: UK national statement to IAEA Board, March 2025

    UK Ambassador to the IAEA Corinne Kitsell’s statement to the International Atomic Energy Agency Board of Governors meeting on Ukraine

    Chair, 

    Since Russia’s illegal invasion in March 2022, the nuclear safety and security situation in Ukraine continues to deteriorate. The UK is grateful to the Agency for its work with Ukraine to help decrease the risk of a nuclear accident, and to the IAEA personnel who continue to operate under the most challenging of circumstances. 

    The risks that the ISAMZ team has been subjected to over this reporting period – including the attack on their vehicle on their journey to ZNPP in December, and their extended stay at the plant due to intense military activity in the area – are unacceptable. The ISAMZ staff affected have the UK’s upmost sympathy and gratitude.  

    We are concerned that the IAEA was forced to conduct the most recent ISAMZ rotation through Russian temporarily controlled territory. It is imperative that this be an exception, on humanitarian grounds, and that future rotations are implemented using routes agreed with the Government of Ukraine and with full respect of its sovereignty and territorial integrity. We welcome the DG’s commitment to this Board that the Agency will continue to comply fully with UN General Assembly resolution 11 / 4 adopted on 12 October 2022 and all relevant resolutions of the IAEA policy-making organs.  

    Three years after Russia’s illegal and irresponsible seizure of ZNPP we are grateful for ISAMZ’s continued reporting on the nuclear safety situation, where the unreliable water and electricity supply to the plant, and military activity within its vicinity, continue to pose challenges. We remain deeply concerned that ISAMZ still do not receive timely access to all relevant areas of the plant – despite repeated calls from this Board.  

    Chair, 

    Over the reporting period we have seen heightened military activity near all of Ukraine’s NPPs and continued Russian attacks on substations connected to those plants – a situation so serious that an extraordinary meeting of the Board of Governors had to be convened in December.  

    At that Board, we heard the Russian Ambassador claim that there was no decisive link between energy infrastructure and nuclear safety at NPPs. Contrary to this claim, paragraphs 26 to 30 of the DG’s report provide a useful overview of relevant IAEA Safety Standards and other publications, which make clear the need for NPPs to have reliable and stable power supply so that safety can be maintained.   

    Chair, 

    A drone hitting and causing a fire on the large protective structure at the Chornobyl Nuclear Power Plant adds to the ongoing risks to nuclear safety and security posed by military activity in Ukraine.  

    We are relieved that despite significant damage caused by the fire, which lasted over two weeks and required over 150 holes to be cut in the external cladding to extinguish, there has been no change in radiation levels at the site. But the DG’s assessment that the damage could have an undetermined “adverse” impact on nuclear safety in the long term is extremely worrying.  

    In view of the precarious situation, we appreciate that staff and management of Chornobyl NPP are regularly exchanging information with the IAEA team on the ground. 

    Chair, 

    The work of this Board is serious. It is a forum for debate, discussion and decisions, not for spreading propaganda and false narratives. Colleagues who were here last year heard me express concern about deliberate attempts at gaslighting by some members of this Board, creating false narratives to try to make others question their perceptions of the truth and question the truth about events. Such game-playing as no place in a serious Board such as this. 

    Thank you Chair.

    Updates to this page

    Published 6 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Smart Share Global Limited Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    POIs1operated through network partner model reached 96.8% as of the end of the third quarter of 2024
    Cumulative registered users2reached 430.2 million as of the end of the third quarter of 2024

    SHANGHAI, March 06, 2025 (GLOBE NEWSWIRE) — Smart Share Global Limited (Nasdaq: EM) (“Energy Monster” or the “Company”), a consumer tech company providing mobile device charging service, today announced its unaudited financial results for the quarter ended September 30, 2024.

    HIGHLIGHTS FOR THE THIRD QUARTER OF 2024

    • As of September 30, 2024, the Company’s services were available in 1,274 thousand POIs, compared with 1,267 thousand as of June 30, 2024.
    • As of September 30, 2024, the Company’s available-for-use power banks3 were 9.5 million.
    • As of September 30, 2024, cumulative registered users reached 430.2 million, with 13.1 million newly registered users acquired during the quarter.
    • Mobile device charging orders4 for the third quarter of 2024 was 148.1 million, compared with 176.5 million for the third quarter of 2023.
    • As of September 30, 2024, 96.8% of POIs were operated under our network partner model, compared with 89.2% as of June 30, 2024.
    • During the third quarter of 2024, the Company successfully completed its transition to the network partners model, accompanied by a retrospective review of the network partner model throughout the transition period.

    FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2024
    Revenues were RMB490.8 million (US$69.9 million5) for the third quarter of 2024, representing a 20.0% decrease from the same period in 2023. The decrease was primarily due to the decrease in revenues generated under the direct model as part of the Company’s overall strategy of shifting towards the network partner model.

    • Mobile device charging revenues, which consist of revenues generated under both the direct and network partner models, decreased by 34.8% to RMB367.9 million (US$52.4 million) for the third quarter of 2024, from RMB564.2 million in the same period of 2023.
      • Revenues generated under the network partner model, comprising of (i) mobile device charging solution fees, which increased by 12.2% year-over-year to RMB65.9 million, and (ii) power bank, cabinet and other related sales, which increased by 10.3% year-over-year to RMB243.9 million, increased by 10.7% to RMB309.8 million for the third quarter of 2024, from RMB280.0 million in the same period of 2023. The increase was primarily due to the increase in the number of POIs operated under the network partner model as part of the Company’s overall strategy of shifting towards the network partner model.
      • Revenues generated under the direct model, comprising of mobile device charging service fees of RMB57.1 million and power bank sales of RMB0.9 million, decreased by 79.6% to RMB58.0 million for the third quarter of 2024, from RMB284.2 million in the same period of 2023. The decrease was primarily due to the decrease in the number of POIs operated under the direct model as part of the Company’s overall strategy of shifting towards the network partner model.
    • Other revenues, which primarily comprise of revenues from new business initiatives and advertising services, increased by 149.4% to RMB122.9 million (US$17.5 million) for the third quarter of 2024, from RMB49.3 million in the same period of 2023. The increase was primarily attributable to new business initiatives.

    Cost of revenues increased by 38.5% to RMB298.4 million (US$42.5 million) for the third quarter of 2024, from RMB215.5 million in the same period last year. The increase was primarily due to the increase in cost in association with the increase in new business initiatives and cost of cabinet sold.

    Research and development expenses decreased by 15.8% to RMB20.0 million (US$2.9 million) for the third quarter of 2024, from RMB23.8 million in the same period last year. The decrease was primarily due to the decrease in personnel related expenses.

    Sales and marketing expenses decreased by 51.8% to RMB142.6 million (US$20.3 million) for the third quarter of 2024 from RMB296.0 million in the same period last year. The decrease was primarily due to the decrease in incentive fees paid to location partners under the direct model and personnel related expenses.

    General and administrative expenses increased by 10.0% to RMB41.6 million (US$5.9 million) for the third quarter of 2024, compared to RMB37.8 million in the same period last year. The increase was primarily due to the increase in reserve for doubtful accounts in relation to the increasing contribution of the network partner model.

    Loss from operations for the third quarter of 2024 was RMB5.1 million (US$0.7 million), compared to an income from operations of RMB33.4 million in the same period last year.

    Net income for the third quarter of 2024 was RMB4.2 million (US$0.6 million), compared to a net income of RMB49.0 million in the same period last year.

    Non-GAAP adjusted net income for the third quarter of 2024 was RMB9.2 million (US$1.3 million), compared to a non-GAAP adjusted net income of RMB54.2 million in the same period last year.

    Net income attributable to ordinary shareholders for the third quarter of 2024 was RMB4.2 million (US$0.6 million), compared to a net income attributable to ordinary shareholders of RMB49.0 million in the same period last year.

    As of September 30, 2024, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB3.0 billion (US$432.0 million). 

    SUPPLEMENTAL INFORMATION
    The table below sets forth the breakdown of mobile device charging revenue components based on the latest classification for the periods indicated:

      2023Q3   2024Q2   2024Q3
      thousands RMB   thousands RMB   thousands RMB
               
    Mobile device charging:          
    Network Partner Model 279,960   292,505   309,837
    Mobile device charging solution 58,759   61,508   65,935
    Power bank, cabinet and other related sales 221,201   230,997   243,902
    Direct Model 284,233   118,105   58,048
    Mobile device charging service 278,099   115,863   57,113
    Power bank sales 6,134   2,242   935
    Total mobile device charging 564,193   410,610   367,885
               

    CORRECTIONS OF PREVIOUSLY ANNOUNCED INTERIM FINANCIAL INFORMATION AND PREVIOUSLY ISSUED FINANCIAL STATEMENTS
    In connection with the preparation of its unaudited financial results for the three months ended September 30, 2024, the Company discovered prior period errors in the accrual for tax surcharges and related interest expenses, accruals for commissions to location partners and related balances, the impairment of prepayments to location partners and the expected credit losses on deposits to location partners and accounts receivable due from network partners. Accordingly, the Company determined to disclose the correction of previously announced interim financial information and previously issued financial statements for the related errors in this current report on Form 6-K. None of the errors had a material impact on previously issued annual financial statements filed on Form 20-F. The section “Corrections of Previously Announced Interim Financial Information and Previously Issued Financial Statements” sets forth the specific corrections made to previously announced interim financial information and previously issued financial statements.

    ABOUT SMART SHARE GLOBAL LIMITED
    Smart Share Global Limited (Nasdaq: EM), or Energy Monster, is a consumer tech company with the mission to energize everyday life. The Company is a leading provider of mobile device charging service in China with an extensive network of partners powered by its own advanced service platform. The Company provides mobile device charging service through its shared power banks, which are placed in POIs such as entertainment venues, restaurants, shopping centers, hotels, transportation hubs and public spaces. Users may access the service by scanning the QR codes on Energy Monster’s cabinets to release the power banks. As of September 30, 2024, the Company had 13,000 network partners and 9.5 million power banks in 1,274,000 POIs across more than 2,100 counties and county-level districts in China.

    CONTACT US
    Investor Relations
    Hansen Shi
    ir@enmonster.com

    SAFE HARBOR STATEMENT
    This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission (“SEC”), in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Energy Monster’s strategies; its future business development, financial condition and results of operations; the impact of technological advancements on the pricing of and demand for its services; competition in the mobile device charging service industry; Chinese governmental policies and regulations affecting the mobile device charging service industry; changes in its revenues, costs or expenditures; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

    NON-GAAP FINANCIAL MEASURE
    In evaluating its business, the Company considers and uses non-GAAP adjusted net income in reviewing and assessing its operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents this non-GAAP financial measure because it is used by management to evaluate operating performance and formulate business plans. The Company believes that this non-GAAP financial measure helps identify underlying trends in its business, provide further information about its results of operations, and enhance the overall understanding of its past performance and future prospects.

    Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP and have limitations as analytical tools. The Company’s non-GAAP financial measure does not reflect all items of expenses that affect its operations and does not represent the residual cash flow available for discretionary expenditures. Further, the Company’s non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling its non-GAAP financial measure to the nearest U.S. GAAP performance measure, which should be considered when evaluating performance. Investors and others are encouraged to review the Company’s financial information in its entirety and not rely on a single financial measure.

    The Company defines non-GAAP adjusted net income as net income excluding share-based compensation expenses. For more information on the non-GAAP financial measure, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

    Smart Share Global Limited
    Unaudited Consolidated Balance Sheets
    (In thousands, except for share and per share data, unless otherwise noted)
                 
        December 31, 2023   September 30, 2024   September 30, 2024
    RMB RMB US$
         
    ASSETS            
    Current assets:            
    Cash and cash equivalents   588,644     256,963     36,617  
    Restricted cash   173,246     114,291     16,286  
    Short-term investments   2,541,889     2,640,281     376,237  
    Accounts receivable, net   268,743     338,646     48,257  
    Inventory   106,530     162,508     23,157  
    Prepayments and other current assets   339,251     401,626     57,232  
                 
    Total current assets   4,018,303     3,914,315     557,786  
                 
    Non-current assets:            
    Long-term restricted cash   20,000     20,000     2,850  
    Property, equipment and software, net   322,806     190,720     27,177  
    Right-of-use assets, net   16,353     9,010     1,284  
    Other non-current assets   20,469     6,759     963  
    Deferred tax assets, net   22,165     1,252     178  
                 
    Total non-current assets   401,793     227,741     32,452  
                 
    Total assets   4,420,096     4,142,056     590,238  
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY            
    Current liabilities:            
    Accounts and notes payable   767,669     577,508     82,295  
    Salary and welfare payable   143,653     133,204     18,981  
    Taxes payable   230,763     207,414     29,556  
    Current portion of lease liabilities   7,399     3,585     511  
    Accruals and other current liabilities   336,959     352,341     50,209  
                 
    Total current liabilities   1,486,443     1,274,052     181,552  
                 
    Non-current liabilities:            
    Non-current lease liabilities   7,641     5,090     725  
    Amounts due to related parties-non-current   1,000     1,000     142  
    Other non-current liabilities   195,585     215,780     30,748  
                 
    Total non-current liabilities   204,226     221,870     31,615  
                 
    Total liabilities   1,690,669     1,495,922     213,167  
                 
    SHAREHOLDERS’ EQUITY            
    Ordinary shares   347     347     49  
    Treasury stock   (5,549 )   (45,964 )   (6,549 )
    Additional paid-in capital   11,791,570     11,748,257     1,674,113  
    Statutory reserves   16,593     16,593     2,364  
    Accumulated other comprehensive income   182,824     168,951     24,075  
    Accumulated deficit   (9,256,358 )   (9,242,050 )   (1,316,981 )
                 
    Total shareholders’ equity   2,729,427     2,646,134     377,071  
                 
    Total liabilities and shareholders’ equity   4,420,096     4,142,056     590,238  
                 
    Smart Share Global Limited
    Unaudited Consolidated Statements of Comprehensive Income/ (Loss)
    (In thousands, except for share and per share data, unless otherwise noted)
                             
        Three months ended September 30,   Nine months ended September 30,
        2023   2024   2023   2024
        RMB   RMB   US$   RMB   RMB   US$
                    As corrected*        
    Revenues:                        
    Mobile device charging   564,193     367,885     52,423     2,403,516     1,156,571     164,810  
    Others   49,273     122,898     17,513     68,511     194,341     27,693  
                             
    Total revenues   613,466     490,783     69,936     2,472,027     1,350,912     192,503  
                             
    Cost of revenues   (215,461 )   (298,396 )   (42,521 )   (1,014,390 )   (685,733 )   (97,716 )
    Research and development expenses   (23,799 )   (20,042 )   (2,856 )   (63,894 )   (60,528 )   (8,625 )
    Sales and marketing expenses   (295,990 )   (142,614 )   (20,322 )   (1,258,883 )   (523,545 )   (74,605 )
    General and administrative expenses   (37,777 )   (41,563 )   (5,923 )   (96,535 )   (108,511 )   (15,463 )
    Other operating (loss)/income   (7,023 )   6,763     964     (17,033 )   (4,030 )   (574 )
                             
    Income/(loss) from operations   33,416     (5,069 )   (722 )   21,292     (31,435 )   (4,480 )
                             
    Interest and investment income   32,160     27,919     3,978     86,450     87,262     12,435  
    Interest expense to third parties   –     –     –     (4,228 )   –     –  
    Foreign exchange loss, net   4,299     5,700     812     (8,210 )   2,597     370  
    Other (loss)/income, net   (16 )   19     3     (27 )   87     12  
                             
    Income before income tax expense   69,859     28,569     4,071     95,277     58,511     8,337  
                             
    Income tax expense   (20,849 )   (24,323 )   (3,466 )   (20,231 )   (44,203 )   (6,299 )
                             
    Net income   49,010     4,246     605     75,046     14,308     2,038  
                             
    Net income attributable to ordinary shareholders of Smart Share Global Limited   49,010     4,246     605     75,046     14,308     2,038  
                             
    Other comprehensive (loss)/income                        
    Foreign currency translation adjustments, net of nil tax   (12,332 )   (22,136 )   (3,154 )   38,090     (13,873 )   (1,977 )
                             
    Total comprehensive income/(loss)   36,678     (17,890 )   (2,549 )   113,136     435     61  
                             
    Comprehensive income/(loss) attributable to ordinary shareholders of Smart Share Global Limited   36,678     (17,890 )   (2,549 )   113,136     435     61  
                             
    Weighted average number of ordinary shares used in computing net income per share                        
    – basic   520,075,932     507,084,501     507,084,501     519,795,778     512,825,904     512,825,904  
    – diluted   520,075,932     512,101,780     512,101,780     519,795,778     517,894,151     517,894,151  
                             
    Net income per share attributable to ordinary shareholders                        
    – basic   0.09     0.01     0.00     0.14     0.03     0.00  
    – diluted   0.09     0.01     0.00     0.14     0.03     0.00  
                             
    Net income per ADS attributable to ordinary shareholders                        
    – basic   0.19     0.02     0.00     0.29     0.06     0.01  
    – diluted   0.19     0.02     0.00     0.29     0.06     0.01  
                             
    *The corrections as detailed in the section “Corrections of Previously Announced Interim Financial Information and Previously Issued Financial Statements” were material to the previously announced unaudited consolidated financial information of the Company for the nine months ended September 30, 2023.
                                         

    Corrections of Previously Announced Interim Financial Information and Previously Issued Financial Statements

    In connection with the preparation of its unaudited financial results for the three months ended September 30, 2024, the Company discovered prior period errors in the accrual for tax surcharges and related interest expenses, accruals for commissions to location partners and related balances, the impairment of prepayments to location partners and the expected credit losses on deposits to location partners and accounts receivable due from network partners. Accordingly, the Company determined to disclose the correction of previously announced interim financial information and previously issued financial statements for the related errors in this current report on Form 6-K. None of the errors had a material impact on previously issued annual financial statements filed on Form 20-F.

    The Company is still in the process of assessing the control implications in connection with the identified errors. The Company has previously concluded that it had two material weaknesses in internal control over financial reporting, including (i) the Company’s lack of sufficient competent financial reporting and accounting personnel with appropriate understanding of accounting principles generally accepted in the United States of America, or U.S. GAAP, to address complex U.S. GAAP technical accounting issues and to prepare and review its consolidated financial statements, including disclosure notes, in accordance with U.S. GAAP and financial reporting requirements set forth by the SEC, and (ii) the Company’s lack of period end financial closing policies and procedures for preparation of consolidated financial statements, including disclosure notes, which are in compliance with U.S. GAAP and the SEC’s reporting and disclosure requirements. As a result of the errors identified, the Company could identify additional material weaknesses as part of finalizing its analysis related to its annual report process.

    The Company assessed the effects of the corrections in previously announced interim financial information and previously issued financial statements for the prior periods affected and determined that they were material to the unaudited consolidated balance sheets as of March 31, 2023, June 30, 2023, September 30, 2023, March 31, 2024 and June 30, 2024 and the unaudited consolidated statements of comprehensive income/(loss) for the three months ended March 31, 2023, June 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024, for the six months ended June 30, 2023 and June 30, 2024 and for the nine months ended September 30, 2023, where the corrected amounts are labelled as “As corrected” in the following tables, but are not material to any of the other prior interim financial information or annual financial statements of the Company, where the corrected amounts are labelled as “As revised” in the following tables.

    The following tables present the aggregated impact of the corrections to the financial information for the prior periods. The previously issued consolidated financial statements as of December 31, 2022 and 2023 and for the years then ended will be revised when they are presented in the Company’s Form 20-F for the year ended December 31, 2024.

      Year ended December 31, 2021    
      As Previously Reported   Corrections   As revised   Error #
          (Amounts in thousands of RMB)  
                   
    Sales and marketing expenses (2,950,972 )   (3,457 )   (2,954,429 )   2>, 3>
    General and administrative expenses (118,973 )   (1,847 )   (120,820 )   3>
    Loss from operations (108,999 )   (5,304 )   (114,303 )    
    Loss before income tax expense (124,615 )   (5,304 )   (129,919 )    
    Net loss (124,615 )   (5,304 )   (129,919 )    
    Net loss attributable to ordinary shareholders (4,958,370 )   (5,304 )   (4,963,674 )    
    Total comprehensive loss (274,882 )   (5,304 )   (280,186 )    
    Net loss per share attributable to ordinary shareholders              
    – basic and diluted (12.20 )   (0.01 )   (12.21 )    
    Net loss per ADS attributable to ordinary shareholders              
    – basic and diluted (24.40 )   (0.02 )   (24.42 )    
    Adjusted net loss (non-GAAP) (93,904 )   (5,304 )   (99,208 )    
                   
      Three months ended March 31, 2022   Three months ended June 30, 2022   Three months ended September 30, 2022   Three months ended December 31, 2022    
      As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   Error #
      (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                                                       
    Cost of revenues (127,553 )   (398 )   (127,951 )   (162,869 )   (3,885 )   (166,754 )   (125,548 )   (6,545 )   (132,093 )   (140,953 )   (5,484 )   (146,437 )   1>
    Sales and marketing expenses (659,679 )   (919 )   (660,598 )   (664,918 )   (2,318 )   (667,236 )   (752,534 )   (325 )   (752,859 )   (635,199 )   760     (634,439 )   2>, 3>
    General and administrative expenses (27,376 )   (145 )   (27,521 )   (28,458 )   (199 )   (28,657 )   (29,421 )   (212 )   (29,633 )   (27,148 )   (812 )   (27,960 )   3>
    Other operating income/(loss) 5,277     –     5,277     (1,565 )   (821 )   (2,386 )   19,846     (1,287 )   18,559     (10,682 )   (796 )   (11,478 )   1>
    Loss from operations (99,316 )   (1,462 )   (100,778 )   (191,028 )   (7,223 )   (198,251 )   (96,974 )   (8,369 )   (105,343 )   (233,927 )   (6,332 )   (240,259 )    
    Loss before income tax expense (96,411 )   (1,462 )   (97,873 )   (184,527 )   (7,223 )   (191,750 )   (95,754 )   (8,369 )   (104,123 )   (220,072 )   (6,332 )   (226,404 )    
    Income tax expense –     365     365     –     1,131     1,131     –     1,372     1,372     (114,476 )   1,005     (113,471 )   All
    Net loss (96,411 )   (1,097 )   (97,508 )   (184,527 )   (6,092 )   (190,619 )   (95,754 )   (6,997 )   (102,751 )   (334,548 )   (5,327 )   (339,875 )    
    Net loss attributable to ordinary shareholders (96,411 )   (1,097 )   (97,508 )   (184,527 )   (6,092 )   (190,619 )   (95,754 )   (6,997 )   (102,751 )   (334,548 )   (5,327 )   (339,875 )    
    Total comprehensive loss (102,246 )   (1,097 )   (103,343 )   (108,881 )   (6,092 )   (114,973 )   (21,459 )   (6,997 )   (28,456 )   (366,282 )   (5,327 )   (371,609 )    
    Net loss per share attributable to ordinary shareholders                                                  
    – basic and diluted (0.20 )   0.01     (0.19 )   (0.36 )   (0.01 )   (0.37 )   (0.18 )   (0.02 )   (0.20 )   (0.64 )   (0.02 )   (0.66 )    
    Net loss per ADS attributable to ordinary shareholders                                                  
    – basic and diluted (0.40 )   0.02     (0.38 )   (0.72 )   (0.02 )   (0.74 )   (0.36 )   (0.04 )   (0.40 )   (1.28 )   (0.03 )   (1.31 )    
    Adjusted net loss (non-GAAP) (89,695 )   (1,097 )   (90,792 )   (177,491 )   (6,092 )   (183,583 )   (88,638 )   (6,997 )   (95,635 )   (327,171 )   (5,327 )   (332,498 )    
                                                       
      Six months ended June 30, 2022   Nine months ended September 30, 2022   Year ended December 31, 2022    
      As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   Error #
      (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                                           
    Cost of revenues (290,422 )   (4,283 )   (294,705 )   (415,970 )   (10,828 )   (426,798 )   (556,923 )   (16,312 )   (573,235 )   1>
    Sales and marketing expenses (1,324,597 )   (3,237 )   (1,327,834 )   (2,077,131 )   (3,562 )   (2,080,693 )   (2,712,330 )   (2,802 )   (2,715,132 )   2>,  3>
    General and administrative expenses (55,834 )   (344 )   (56,178 )   (85,255 )   (556 )   (85,811 )   (112,403 )   (1,368 )   (113,771 )   3>
    Other operating income 3,712     (821 )   2,891     23,558     (2,108 )   21,450     12,876     (2,904 )   9,972     1>
    Loss from operations (290,344 )   (8,685 )   (299,029 )   (387,318 )   (17,054 )   (404,372 )   (621,245 )   (23,386 )   (644,631 )    
    Loss before income tax expense (280,938 )   (8,685 )   (289,623 )   (376,692 )   (17,054 )   (393,746 )   (596,764 )   (23,386 )   (620,150 )    
    Income tax expense –     1,496     1,496     –     2,868     2,868     (114,476 )   3,873     (110,603 )   All
    Net loss (280,938 )   (7,189 )   (288,127 )   (376,692 )   (14,186 )   (390,878 )   (711,240 )   (19,513 )   (730,753 )    
    Net loss attributable to ordinary shareholders (280,938 )   (7,189 )   (288,127 )   (376,692 )   (14,186 )   (390,878 )   (711,240 )   (19,513 )   (730,753 )    
    Total comprehensive loss (211,127 )   (7,189 )   (218,316 )   (232,586 )   (14,186 )   (246,772 )   (598,868 )   (19,513 )   (618,381 )    
    Net loss per share attributable to ordinary shareholders                                      
    – basic and diluted (0.54 )   (0.02 )   (0.56 )   (0.73 )   (0.02 )   (0.75 )   (1.37 )   (0.04 )   (1.41 )    
    Net loss per ADS attributable to ordinary shareholders                                      
    – basic and diluted (1.08 )   (0.04 )   (1.12 )   (1.46 )   (0.04 )   (1.50 )   (2.74 )   (0.08 )   (2.82 )    
    Adjusted net loss (non-GAAP) (267,186 )   (7,189 )   (274,375 )   (355,824 )   (14,186 )   (370,010 )   (682,995 )   (19,513 )   (702,508 )    
                                           
        Three months ended March 31, 2023   Three months ended June 30, 2023   Three months ended September 30, 2023   Three months ended December 31, 2023    
        As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As corrected*   Error #
        (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                                                         
    Cost of revenues   (127,389 )   (1,355 )   (128,744 )   (668,547 )   (1,638 )   (670,185 )   (214,817 )   (644 )   (215,461 )   (198,711 )   6,910     (191,801 )   1>
    Sales and marketing expenses   (665,274 )   (1,253 )   (666,527 )   (295,150 )   (1,216 )   (296,366 )   (298,216 )   2,226     (295,990 )   (248,792 )   1,075     (247,717 )   2>, 3>
    General and administrative expenses   (26,771 )   (450 )   (27,221 )   (31,117 )   (420 )   (31,537 )   (37,094 )   (683 )   (37,777 )   (30,546 )   (955 )   (31,501 )   3>
    Other operating income/(loss)   2,268     (2,305 )   (37 )   (8,703 )   (1,270 )   (9,973 )   (5,532 )   (1,491 )   (7,023 )   (13,860 )   4,985     (8,875 )   1>
    (Loss)/income from operations   (15,775 )   (5,363 )   (21,138 )   13,558     (4,544 )   9,014     34,008     (592 )   33,416     (32,856 )   12,015     (20,841 )    
    Income before income tax expense   10,810     (5,363 )   5,447     24,515     (4,544 )   19,971     70,451     (592 )   69,859     2,986     12,015     15,001      
    Income tax expense   –     227     227     –     391     391     (20,442 )   (407 )   (20,849 )   (579 )   (724 )   (1,303 )   All
    Net income   10,810     (5,136 )   5,674     24,515     (4,153 )   20,362     50,009     (999 )   49,010     2,407     11,291     13,698      
    Net income attributable to ordinary shareholders   10,810     (5,136 )   5,674     24,515     (4,153 )   20,362     50,009     (999 )   49,010     2,407     11,291     13,698      
    Total comprehensive (loss)/income   (7,257 )   (5,136 )   (12,393 )   93,004     (4,153 )   88,851     37,677     (999 )   36,678     (16,787 )   11,291     (5,496 )    
    Net income per share attributable to ordinary shareholders                                                    
    – basic and diluted   0.02     (0.01 )   0.01     0.05     (0.01 )   0.04     0.10     (0.01 )   0.09     0.00     0.03     0.03      
    Net income per ADS attributable to ordinary shareholders                                                    
    – basic and diluted   0.04     (0.02 )   0.02     0.10     (0.02 )   0.08     0.20     (0.01 )   0.19     0.00     0.05     0.05      
    Adjusted net income (non-GAAP)   17,095     (5,136 )   11,959     30,055     (4,153 )   25,902     55,214     (999 )   54,215     5,716     11,291     17,007      
      Six months ended June 30, 2023   Nine months ended September 30, 2023   Year ended December 31, 2023    
      As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As revised   Error #
      (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                                           
    Cost of revenues (795,936 )   (2,993 )   (798,929 )   (1,010,753 )   (3,637 )   (1,014,390 )   (1,209,464 )   3,273     (1,206,191 )   1>
    Sales and marketing expenses (960,424 )   (2,469 )   (962,893 )   (1,258,640 )   (243 )   (1,258,883 )   (1,507,432 )   832     (1,506,600 )   2>, 3>
    General and administrative expenses (57,888 )   (870 )   (58,758 )   (94,982 )   (1,553 )   (96,535 )   (125,528 )   (2,508 )   (128,036 )   3>
    Other operating loss (6,435 )   (3,575 )   (10,010 )   (11,967 )   (5,066 )   (17,033 )   (25,827 )   (81 )   (25,908 )   1>
    (Loss)/income from operations (2,217 )   (9,907 )   (12,124 )   31,791     (10,499 )   21,292     (1,065 )   1,516     451      
    Income before income tax expense 35,325     (9,907 )   25,418     105,776     (10,499 )   95,277     108,762     1,516     110,278      
    Income tax expense –     618     618     (20,442 )   211     (20,231 )   (21,021 )   (513 )   (21,534 )   All
    Net income 35,325     (9,289 )   26,036     85,334     (10,288 )   75,046     87,741     1,003     88,744      
    Net income attributable to ordinary shareholders 35,325     (9,289 )   26,036     85,334     (10,288 )   75,046     87,741     1,003     88,744      
    Total comprehensive income 85,747     (9,289 )   76,458     123,424     (10,288 )   113,136     106,637     1,003     107,640      
    Net income per share attributable to ordinary shareholders                                      
    – basic and diluted 0.07     (0.02 )   0.05     0.16     (0.02 )   0.14     0.17     0.00     0.17      
    Net income per ADS attributable to ordinary shareholders                                      
    – basic and diluted 0.14     (0.04 )   0.10     0.32     (0.03 )   0.29     0.34     0.00     0.34      
    Adjusted net income (non-GAAP) 47,150     (9,289 )   37,861     102,364     (10,288 )   92,076     108,080     1,003     109,083      
                                           
      Three months ended March 31, 2024   Three months ended June 30, 2024   Six months ended June 30, 2024    
      As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As corrected*   Error #
      (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                                           
    Cost of revenues (167,737 )   –     (167,737 )   (219,600 )   –     (219,600 )   (387,337 )   –     (387,337 )   1>
    Sales and marketing expenses (204,494 )   2,082     (202,412 )   (180,949 )   2,430     (178,519 )   (385,443 )   4,512     (380,931 )   2>, 3>
    General and administrative expenses (26,584 )   (986 )   (27,570 )   (39,450 )   72     (39,378 )   (66,034 )   (914 )   (66,948 )   3>
    Other operating loss (1,474 )   (593 )   (2,067 )   (8,133 )   (593 )   (8,726 )   (9,607 )   (1,186 )   (10,793 )   1>
    Loss from operations (22,757 )   503     (22,254 )   (6,021 )   1,909     (4,112 )   (28,778 )   2,412     (26,366 )    
    Income before income tax expense 7,339     503     7,842     20,191     1,909     22,100     27,530     2,412     29,942      
    Income tax expense (7,688 )   (354 )   (8,042 )   (11,013 )   (825 )   (11,838 )   (18,701 )   (1,179 )   (19,880 )   All
    Net (loss)/income (349 )   149     (200 )   9,178     1,084     10,262     8,829     1,233     10,062      
    Net (loss)/income attributable to ordinary shareholders (349 )   149     (200 )   9,178     1,084     10,262     8,829     1,233     10,062      
    Total comprehensive income 2,013     149     2,162     15,079     1,084     16,163     17,092     1,233     18,325      
    Net (loss)/ income per share attributable to ordinary shareholders                                      
    – basic and diluted (0.00 )   0.00     (0.00 )   0.02     0.00     0.02     0.02     0.00     0.02      
    Net (loss)/ income per ADS attributable to ordinary shareholders                                      
    – basic and diluted (0.00 )   0.00     (0.00 )   0.04     0.00     0.04     0.03     0.01     0.04      
    Adjusted net income (non-GAAP) 3,834     149     3,983     15,212     1,084     16,296     19,046     1,233     20,279      
                                           
      As of March 31, 2022   As of June 30, 2022   As of September 30, 2022    
      As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   Error #
      (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                                           
    Accounts receivable, net 11,616     –     11,616     16,729     –     16,729     13,862     –     13,862     3>
    Prepayments and other current assets 396,431     5,399     401,830     408,906     2,406     411,312     365,891     (51 )   365,840     2>, 3>
    Total current assets 3,158,544     5,399     3,163,943     3,296,072     2,406     3,298,478     3,473,368     (51 )   3,473,317      
    Deferred tax assets –     –     –     –     –     –     –     –     –      
    Other non-current assets 143,384     (317 )   143,067     114,696     (317 )   114,379     75,356     (319 )   75,037     3>
    Total non-current assets 1,085,178     (317 )   1,084,861     1,011,567     (317 )   1,011,250     970,140     (319 )   969,821      
    Total assets 4,243,722     5,082     4,248,804     4,307,639     2,089     4,309,728     4,443,508     (370 )   4,443,138      
    Accounts and notes payable 533,924     11,866     545,790     691,115     11,391     702,506     796,380     9,469     805,849     2>
    Tax payable 8,373     33     8,406     33,048     3,607     36,655     93,077     10,067     103,144     All
    Current Liabilities 992,753     11,899     1,004,652     1,176,270     14,998     1,191,268     1,336,208     19,536     1,355,744      
    Total liabilities 1,120,470     11,899     1,132,369     1,290,251     14,998     1,305,249     1,441,126     19,536     1,460,662      
    Accumulated deficit (8,704,399 )   (6,817 )   (8,711,216 )   (8,888,927 )   (12,909 )   (8,901,836 )   (8,984,680 )   (19,906 )   (9,004,586 )   All
    Total shareholders’ equity 3,123,252     (6,817 )   3,116,435     3,017,388     (12,909 )   3,004,479     3,002,382     (19,906 )   2,982,476      
    Total liabilities and shareholders’ equity 4,243,722     5,082     4,248,804     4,307,639     2,089     4,309,728     4,443,508     (370 )   4,443,138      
                                           
                                           
      As of March 31, 2023   As of June 30, 2023   As of September 30, 2023    
      As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As corrected*   Error #
      (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                                           
    Accounts receivable, net 17,203     –     17,203     243,068     (29 )   243,039     243,771     (524 )   243,247     3>
    Prepayments and other current assets 302,793     (4,234 )   298,559     401,716     (6,548 )   395,168     349,793     (4,368 )   345,425     2>, 3>
    Total current assets 3,420,919     (4,234 )   3,416,685     3,916,080     (6,577 )   3,909,503     3,991,784     (4,892 )   3,986,892      
    Deferred tax assets 30,986     3,873     34,859     30,986     3,873     34,859     23,070     3,873     26,943     All
    Other non-current assets 28,683     (703 )   27,980     19,402     (1,058 )   18,344     19,630     (1,150 )   18,480     3>
    Total non-current assets 978,630     3,170     981,800     391,352     2,815     394,167     419,466     2,723     422,189      
    Total assets 4,399,549     (1,064 )   4,398,485     4,307,432     (3,762 )   4,303,670     4,411,250     (2,169 )   4,409,081      
    Accounts and notes payable 909,320     6,656     915,976     688,213     5,594     693,807     794,811     5,644     800,455     2>
    Tax payable 169,452     22,649     192,101     262,152     25,166     287,318     215,253     27,708     242,961     All
    Current Liabilities 1,543,809     29,305     1,573,114     1,382,863     30,760     1,413,623     1,444,630     33,352     1,477,982      
    Total liabilities 1,766,006     29,305     1,795,311     1,579,012     30,760     1,609,772     1,642,733     33,352     1,676,085      
    Accumulated deficit (9,309,059 )   (30,369 )   (9,339,428 )   (9,284,544 )   (34,522 )   (9,319,066 )   (9,234,535 )   (35,521 )   (9,270,056 )   All
    Total shareholders’ equity 2,633,543     (30,369 )   2,603,174     2,728,420     (34,522 )   2,693,898     2,768,517     (35,521 )   2,732,996      
    Total liabilities and shareholders’ equity 4,399,549     (1,064 )   4,398,485     4,307,432     (3,762 )   4,303,670     4,411,250     (2,169 )   4,409,081      
                                           
      As of December 31, 2021   As of December 31, 2022   As of December 31, 2023    
      As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   As Previously Reported   Corrections   As revised   Error #
      (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                                           
    Accounts receivable, net 14,881     –     14,881     16,482     –     16,482     269,736     (993 )   268,743     3>
    Prepayments and other current assets 487,540     11,180     498,720     228,672     (2,209 )   226,463     345,744     (6,493 )   339,251     2>, 3>
    Total current assets 3,247,732     11,180     3,258,912     3,300,784     (2,209 )   3,298,575     4,025,789     (7,486 )   4,018,303      
    Deferred tax assets –     –     –     30,986     3,873     34,859     18,804     3,361     22,165     All
    Other non-current assets 164,986     (317 )   164,669     35,898     (634 )   35,264     21,621     (1,152 )   20,469     3>
    Total non-current assets 1,150,249     (317 )   1,149,932     986,857     3,239     990,096     399,584     2,209     401,793      
    Total assets 4,397,981     10,863     4,408,844     4,287,641     1,030     4,288,671     4,425,373     (5,277 )   4,420,096      
    Accounts and notes payable 551,751     16,583     568,334     810,197     7,048     817,245     764,741     2,928     767,669     2>
    Tax payable 10,195     –     10,195     147,367     19,215     166,582     214,738     16,025     230,763     All
    Current Liabilities 1,028,365     16,583     1,044,948     1,422,878     26,263     1,449,141     1,467,490     18,953     1,486,443      
    Total liabilities 1,165,957     16,583     1,182,540     1,646,336     26,263     1,672,599     1,671,716     18,953     1,690,669      
    Accumulated deficit (8,607,989 )   (5,720 )   (8,613,709 )   (9,319,229 )   (25,233 )   (9,344,462 )   (9,232,128 )   (24,230 )   (9,256,358 )   All
    Total shareholders’ equity 3,232,024     (5,720 )   3,226,304     2,641,305     (25,233 )   2,616,072     2,753,657     (24,230 )   2,729,427      
    Total liabilities and shareholders’ equity 4,397,981     10,863     4,408,844     4,287,641     1,030     4,288,671     4,425,373     (5,277 )   4,420,096      
      As of March 31, 2024   As of June 30, 2024    
      As Previously Reported   Corrections   As corrected*   As Previously Reported   Corrections   As corrected*   Error #
      (Amounts in thousands of RMB)
    		 (Amounts in thousands of RMB)
    		  
                               
    Accounts receivable, net 278,690     (1,626 )   277,064     300,853     (1,292 )   299,561     3>
    Prepayments and other current assets 380,314     (8,120 )   372,194     327,539     (10,115 )   317,424     2>, 3>
    Total current assets 4,047,143     (9,746 )   4,037,397     3,968,175     (11,407 )   3,956,768      
    Deferred tax assets 18,804     3,360     22,164     18,804     3,360     22,164     All
    Other non-current assets 20,081     (1,368 )   18,713     16,592     (1,391 )   15,201     3>
    Total non-current assets 354,770     1,992     356,762     304,324     1,969     306,293      
    Total assets 4,401,913     (7,754 )   4,394,159     4,272,499     (9,438 )   4,263,061      
    Accounts and notes payable 726,011     (644 )   725,367     699,504     (4,830 )   694,674     2>
    Tax payable 213,999     16,971     230,970     213,000     18,389     231,389     All
    Current Liabilities 1,494,455     16,327     1,510,782     1,374,535     13,559     1,388,094      
    Total liabilities 1,702,971     16,327     1,719,298     1,588,426     13,559     1,601,985      
    Accumulated deficit (9,232,477 )   (24,081 )   (9,256,558 )   (9,223,299 )   (22,997 )   (9,246,296 )   All
    Total shareholders’ equity 2,698,942     (24,081 )   2,674,861     2,684,073     (22,997 )   2,661,076      
    Total liabilities and shareholders’ equity 4,401,913     (7,754 )   4,394,159     4,272,499     (9,438 )   4,263,061      
                               
    * The corrections were material to the unaudited consolidated balance sheets as of March 31, 2023, June 30, 2023, September 30, 2023, March 31, 2024 and June 30, 2024 and the unaudited consolidated statements of comprehensive income/(loss) for the three months ended March 31, 2023, June 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024, for the six months ended June 30, 2023 and June 30, 2024 and for the nine months ended September 30, 2023.
                               

    Note:

    1> Understatements of accrual for tax surcharges and related interest expenses

    Upon the final settlement of the Company’s underpaid VAT, which was recorded in prior periods, and surcharges, which was not recorded in prior periods, with the relevant tax authorities for its mobile device charging revenue in 2024, the Company determined that the unrecorded surcharges and interest expenses related to the surcharges should have been recorded in the same prior periods that the provision for underpaid VAT was recorded. As a result, the Company has determined to correct the accrual for tax surcharges and related interest expenses in prior periods such that cost of revenues, other operating loss, tax payable and accumulated deficit are corrected.

    2> Misstatements of accruals for commissions to location partners and related balances

    The accounts payable balances due to location partners under the direct model contained certain entries in relation to the commissions to location partners that were duplicative or incomplete in prior periods. Certain debit balances in accounts payable should have been reclassified to prepayments and subjected to impairment as of prior period ends. In connection therewith, the Company has determined to correct the commissions paid to locations partners and related balances for certain prior periods such that sales and marketing expenses, accounts and notes payable, prepayments and other current assets and accumulated deficit are corrected.

    3> Understatements of impairment of prepayments to location partners and expected credit losses of deposits to location partners and accounts receivable due from network partners

    The different risk characteristics of the prepayments to location partners with invalid or expired contracts, the deposits to location partners under the direct model with expired or invalid contracts and the accounts receivable due from network partners that were deregistered or dissolved were inadequately considered in the impairment assessments of such assets as of prior period ends. In connection therewith, the Company has determined to correct the impairment of prepayments to locations partners and the provision for the expected credit losses of deposits to location partners and accounts receivable due from network partners in prior periods such that sales and marketing expenses, general and administrative expenses, accounts receivable, net, prepayments and other current assets, other non-current assets and accumulated deficit are corrected.

    Smart Share Global Limited
    Unaudited Reconciliation of GAAP and Non-GAAP Results
    (In thousands, except for share and per share data, unless otherwise noted)
                           
      Three months ended September 30,   Nine months ended September 30,
      2023   2024   2023   2024
      RMB   RMB   US$   RMB   RMB   US$
                  As corrected*        
    Net income 49,010   4,246   605   75,046   14,308   2,038
    Add:                      
    Share-based compensation 5,205   4,979   710   17,030   15,196   2,165
    Less:                      
    Adjusted for tax effects –   –   –   –   –   –
                           
    Adjusted net income (non-GAAP) 54,215   9,225   1,315   92,076   29,504   4,203
                           

    _____________________________

    1 The Company defines number of points of interests, or POIs, as of a certain date as the total number of unique locations whose proprietors (location partners) have entered into contracts with the Company or its network partners on that date and have at least one cabinet assigned to the location.

    2 The Company defines cumulative registered users as the total number of users who have agreed to register their mobile phone numbers with the Company via its mini programs since inception, and the number of cumulative registered users of the Company on a certain date is the number of unique mobile phone numbers that have been registered with the Company since inception on that date.

    3 The Company defines available-for-use power banks as of a certain date as the number of power banks in circulation on that day.

    4 The Company defines mobile device charging orders for a given period as the total number of completed orders placed by registered users of the mobile device charging business under both the direct and network partner models in that given period, without any adjustment for orders that may qualify for discounts or incentives.

    5 The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2024, which was RMB7.0176 to US$1.0000. The percentages stated in this press release are calculated based on the RMB amounts.

    The MIL Network –

  • MIL-OSI Economics: OEUK news Government dialogue vital for North Sea growth, UK jobs & energy security 5 March 2025

    Source: Offshore Energy UK

    Headline: OEUK news

    Government dialogue vital for North Sea growth, UK jobs & energy security

    5 March 2025

    Accessibility Statement

    • oeuk.org.uk
    • 6 March 2025

    Compliance status

    We firmly believe that the internet should be available and accessible to anyone, and are committed to providing a website that is accessible to the widest possible audience, regardless of circumstance and ability.

    To fulfill this, we aim to adhere as strictly as possible to the World Wide Web Consortium’s (W3C) Web Content Accessibility Guidelines 2.1 (WCAG 2.1) at the AA level. These guidelines explain how to make web content accessible to people with a wide array of disabilities. Complying with those guidelines helps us ensure that the website is accessible to all people: blind people, people with motor impairments, visual impairment, cognitive disabilities, and more.

    This website utilizes various technologies that are meant to make it as accessible as possible at all times. We utilize an accessibility interface that allows persons with specific disabilities to adjust the website’s UI (user interface) and design it to their personal needs.

    Additionally, the website utilizes an AI-based application that runs in the background and optimizes its accessibility level constantly. This application remediates the website’s HTML, adapts Its functionality and behavior for screen-readers used by the blind users, and for keyboard functions used by individuals with motor impairments.

    If you’ve found a malfunction or have ideas for improvement, we’ll be happy to hear from you. You can reach out to the website’s operators by using the following email [email protected]

    Screen-reader and keyboard navigation

    Our website implements the ARIA attributes (Accessible Rich Internet Applications) technique, alongside various different behavioral changes, to ensure blind users visiting with screen-readers are able to read, comprehend, and enjoy the website’s functions. As soon as a user with a screen-reader enters your site, they immediately receive a prompt to enter the Screen-Reader Profile so they can browse and operate your site effectively. Here’s how our website covers some of the most important screen-reader requirements, alongside console screenshots of code examples:

    1. Screen-reader optimization: we run a background process that learns the website’s components from top to bottom, to ensure ongoing compliance even when updating the website. In this process, we provide screen-readers with meaningful data using the ARIA set of attributes. For example, we provide accurate form labels; descriptions for actionable icons (social media icons, search icons, cart icons, etc.); validation guidance for form inputs; element roles such as buttons, menus, modal dialogues (popups), and others. Additionally, the background process scans all the website’s images and provides an accurate and meaningful image-object-recognition-based description as an ALT (alternate text) tag for images that are not described. It will also extract texts that are embedded within the image, using an OCR (optical character recognition) technology. To turn on screen-reader adjustments at any time, users need only to press the Alt+1 keyboard combination. Screen-reader users also get automatic announcements to turn the Screen-reader mode on as soon as they enter the website.

      These adjustments are compatible with all popular screen readers, including JAWS and NVDA.

    2. Keyboard navigation optimization: The background process also adjusts the website’s HTML, and adds various behaviors using JavaScript code to make the website operable by the keyboard. This includes the ability to navigate the website using the Tab and Shift+Tab keys, operate dropdowns with the arrow keys, close them with Esc, trigger buttons and links using the Enter key, navigate between radio and checkbox elements using the arrow keys, and fill them in with the Spacebar or Enter key.Additionally, keyboard users will find quick-navigation and content-skip menus, available at any time by clicking Alt+1, or as the first elements of the site while navigating with the keyboard. The background process also handles triggered popups by moving the keyboard focus towards them as soon as they appear, and not allow the focus drift outside it.

      Users can also use shortcuts such as “M” (menus), “H” (headings), “F” (forms), “B” (buttons), and “G” (graphics) to jump to specific elements.

    Disability profiles supported in our website

    • Epilepsy Safe Mode: this profile enables people with epilepsy to use the website safely by eliminating the risk of seizures that result from flashing or blinking animations and risky color combinations.
    • Visually Impaired Mode: this mode adjusts the website for the convenience of users with visual impairments such as Degrading Eyesight, Tunnel Vision, Cataract, Glaucoma, and others.
    • Cognitive Disability Mode: this mode provides different assistive options to help users with cognitive impairments such as Dyslexia, Autism, CVA, and others, to focus on the essential elements of the website more easily.
    • ADHD Friendly Mode: this mode helps users with ADHD and Neurodevelopmental disorders to read, browse, and focus on the main website elements more easily while significantly reducing distractions.
    • Blindness Mode: this mode configures the website to be compatible with screen-readers such as JAWS, NVDA, VoiceOver, and TalkBack. A screen-reader is software for blind users that is installed on a computer and smartphone, and websites must be compatible with it.
    • Keyboard Navigation Profile (Motor-Impaired): this profile enables motor-impaired persons to operate the website using the keyboard Tab, Shift+Tab, and the Enter keys. Users can also use shortcuts such as “M” (menus), “H” (headings), “F” (forms), “B” (buttons), and “G” (graphics) to jump to specific elements.

    Additional UI, design, and readability adjustments

    1. Font adjustments – users, can increase and decrease its size, change its family (type), adjust the spacing, alignment, line height, and more.
    2. Color adjustments – users can select various color contrast profiles such as light, dark, inverted, and monochrome. Additionally, users can swap color schemes of titles, texts, and backgrounds, with over seven different coloring options.
    3. Animations – person with epilepsy can stop all running animations with the click of a button. Animations controlled by the interface include videos, GIFs, and CSS flashing transitions.
    4. Content highlighting – users can choose to emphasize important elements such as links and titles. They can also choose to highlight focused or hovered elements only.
    5. Audio muting – users with hearing devices may experience headaches or other issues due to automatic audio playing. This option lets users mute the entire website instantly.
    6. Cognitive disorders – we utilize a search engine that is linked to Wikipedia and Wiktionary, allowing people with cognitive disorders to decipher meanings of phrases, initials, slang, and others.
    7. Additional functions – we provide users the option to change cursor color and size, use a printing mode, enable a virtual keyboard, and many other functions.

    Browser and assistive technology compatibility

    We aim to support the widest array of browsers and assistive technologies as possible, so our users can choose the best fitting tools for them, with as few limitations as possible. Therefore, we have worked very hard to be able to support all major systems that comprise over 95% of the user market share including Google Chrome, Mozilla Firefox, Apple Safari, Opera and Microsoft Edge, JAWS and NVDA (screen readers).

    Notes, comments, and feedback

    Despite our very best efforts to allow anybody to adjust the website to their needs. There may still be pages or sections that are not fully accessible, are in the process of becoming accessible, or are lacking an adequate technological solution to make them accessible. Still, we are continually improving our accessibility, adding, updating and improving its options and features, and developing and adopting new technologies. All this is meant to reach the optimal level of accessibility, following technological advancements. For any assistance, please reach out to [email protected]

    MIL OSI Economics –

  • MIL-OSI: Marex Group plc announces record fourth quarter and full year 2024 results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 06, 2025 (GLOBE NEWSWIRE) — Marex Group plc (‘Marex’ or the ‘Group’; Nasdaq: MRX) a diversified global financial services platform, providing essential liquidity, market access and infrastructure services to clients in the energy, commodities and financial markets, today reported financial results for the fourth quarter (‘Q4 2024’) and year ended 31 December 2024 (‘2024’).

    Ian Lowitt, Group Chief Executive Officer, stated, “I’m pleased to confirm that robust levels of client activity and positive market conditions led to another strong performance in the fourth quarter, typically a slower quarter seasonally. This delivered a full year Adjusted Profit Before Tax1 of $321.1 million, up 40% year-over-year. Our performance in 2024 demonstrates the strength and scalability of our diversified global platform, as we delivered strong organic growth, gained market share and continued our track record of sequential profit growth. We have continued to execute our strategy of expanding our geographic footprint and product capabilities through both organic growth initiatives and strategic acquisitions, increasing our relevance to a growing client base, and are confident of achieving sustainable growth through a variety of market conditions. We have had a strong start to 2025 with positive momentum continuing into the first two months of the year, reflecting strong levels of client activity on our platform consistent with higher exchange volumes.”

    Financial and Operational Highlights:

    • Strong Q4 performance: robust client activity and supportive market conditions drove positive momentum and strong organic growth across the business. Average invested assets grew 12% over the quarter to $15.5bn delivering net interest income of $62.6m, broadly in line with the third quarter
    • Record full year 2024 profit: Adjusted Profit Before Tax1 increased 40% to $321.1m on a 28% increase in revenue, extending our track record of sequential profit growth to 10 years, as we continued to scale our platform
    • Executed growth strategy: expanded our geographic footprint and product capabilities through both organic growth and strategic acquisitions, increasing our market share and relevance to a broader client base
    • Successful IPO and secondary placing, supported by strong investor demand: publicly listed on Nasdaq in April, with successful first follow-on transaction in October increasing public float to 52%
    • Prudent approach to capital and funding: maintained a strong capital and liquidity position and further diversified funding sources with a $600m senior unsecured issuance
    • Dividend: $0.14 per share to be paid in the first quarter of 2025
    Financial Highlights: ($m) 3 months ended 31 December 2024   3 months ended 31 December 2023   Change   Year ended 31 December 2024   Year ended 31 December 2023   Change
          Restated2                
    Revenue 415.6   325.6   28%   1,594.7   1,244.6   28%
    Profit Before Tax 77.8   39.4   97%   295.8   196.5   51%
    Profit Before Tax Margin (%) 19%   12%   700 bps   19%   16%   300 bps
    Profit After Tax 56.7   28.1   102%   218.0   141.3   54%
    Profit After Tax Margin (%) 14%   9%   500 bps   14%   11%   300 bps
    Return on Equity (%) 23%   15%   800 bps   25%   19%   600 bps
    Basic Earnings per Share ($)3 0.76   0.37   105%   2.96   1.94   53%
    Diluted Earnings per Share ($)3 0.70   0.35   100%   2.72   1.82   49%
                           
    Adjusted Profit Before Tax1 81.4   52.6   55%   321.1   230.0   40%
    Adjusted Profit Before Tax Margin (%)1 20%   16%   400 bps   20%   18%   200 bps
    Adjusted Profit after Tax
       Attributable to Common Equity1    		 57.8   38.2   51%   231.0   162.6   42%
    Adjusted Return on Equity (%)1 27%   23%   400 bps   30%   26%   400 bps
    Adjusted Basic Earnings per Share ($)1,3 0.82   0.58   41%   3.34   2.46   36%
    Adjusted Diluted Earnings per Share ($)1,3 0.76   0.54   41%   3.07   2.31   33%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable non-IFRS measure. The Group changed the labelling of its non-IFRS measures during 2024 to better align to the equivalent IFRS reported metric and enhance transparency and comparability.
    2. During 2023 an impairment of goodwill was recorded against the Volatility Performance Fund S.A. CGU (‘VPF’) . This impairment was previously disclosed in the Group’s discrete Q4 2023 numbers as part of the Group’s Q1 2024 earnings release update. Subsequent to this, management reassessed the impairment triggers as part of the Group’s interim results and concluded that the impairment triggers existed also as at 30 June 2023 and restated accordingly.  There has been no impact to the Group’s year to date 31 December 2023 impairment, only that the VPF impairment was restated to be reflected in three months ended Q2 2023 rather than the three months ended Q4 2023.
    3. Weighted average number of shares have been restated as applicable for the Group’s reverse share split (refer to Appendix 1 for further detail).
      Conference Call Information:
    Marex’s management will host a conference call to discuss the Group’s financial results today, 6 March 2025, at 9am Eastern Time. A live webcast of the call can be accessed from Marex’s Investor Relations website. An archived version will be available on the website after the call. To participate in the Conference Call, please register at the link here https://edge.media-server.com/mmc/p/59s7enfq.

    Investor Day:
    Marex plans to host an investor day 2 April 2025 in New York City to provide investors with a further understanding of its four businesses.

    Enquiries please contact:
    Marex
    Investors – Robert Coates
    +44 7880 486 329  / rcoates@marex.com

    		  

    Financial Review

    The following table presents summary financial results and other data as of the dates and for the periods indicated:

    Summary Financial Results

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
          Restated2                
      $m   $m   Change   $m   $m   Change
    – Net commission income 226.0   181.4   25%   856.1   704.9   21%
    – Net trading Income 128.1   111.5   15%   492.4   411.4   20%
    – Net interest income 62.6   30.2   107%   227.1   121.6   87%
    – Net physical commodities income (1.1)   2.5   (144)%   19.1   6.7   185%
    Revenue 415.6   325.6   28%   1,594.7   1,244.6   28%
                           
    Compensation and benefits (243.5)   (206.9)   18%   (971.1)   (770.3)   26%
    Depreciation and amortisation (7.1)   (6.1)   16%   (29.5)   (27.1)   9%
    Other expenses (90.3)   (71.7)   26%   (306.3)   (237.4)   29%
    Impairment of goodwill —   —   n.m.3   —   (10.7)   n.m.3
    Provision for credit losses (1.1)   (2.4)   (54)%   1.7   (7.1)   (124)%
    Bargain purchase gain on acquisitions —   —   n.m.3   —   0.3   n.m.3
    Other income 4.2   0.9   367%   6.3   3.4   85%
    Share of results in associates and joint ventures —   —   n.m.3   —   0.8   n.m.3
    Profit Before Tax 77.8   39.4   97%   295.8   196.5   51%
    Tax (21.1)   (11.3)   87%   (77.8)   (55.2)   41%
    Profit After Tax 56.7   28.1   102%   218.0   141.3   54%
                           
    Profit Before Tax 77.8   39.4   97%   295.8   196.5   51%
    Goodwill impairment charge2 —   —   n.m.3   —   10.7   n.m.3
    Acquisition related costs —   1.2   n.m.3   —   1.5   n.m.3
    Amortisation of acquired brands and customer lists 1.7   0.7   143%   5.5   2.1   162%
    Shareholder related activities —   3.4   n.m.3   9.3   9.1   2%
    IPO preparation and public offering of ordinary shares 1.9   7.9   (76)%   10.5   10.1   4%
    Adjusting items 3.6   13.2   (73)%   25.3   33.5   (24)%
    Adjusted Profit Before Tax1 81.4   52.6   55%   321.1   230.0   40%
                
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2. During 2023 an impairment of goodwill was recorded against the Volatility Performance Fund S.A. CGU (‘VPF’). This impairment was previously disclosed in the Group’s discrete Q4 2023 numbers as part of the Group’s Q1 2024 earnings release update. Subsequent to this, management reassessed the impairment triggers as part of the Group’s interim results and concluded that the impairment triggers existed also as at 30 June 2023 and restated accordingly.  There has been no impact to the Group’s year to date 31 December 2023 impairment, only that the VPF impairment was restated to be reflected in three months ended Q2 2023 rather than the three months ended Q4 2023.
    3. n.m. = not meaningful to present as a percentage.

    Costs and Group Headcount

    The Board and Senior Management also monitor costs split between Front Office Costs and Control and Support Costs to better understand the Group’s performance. The table below provides the Group’s management view of costs:

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Front office costs1 (231.8)   (188.0)   23%   (881.5)   (690.4)   28%
    Control and support costs1 (100.1)   (76.0)   32%   (376.1)   (294.2)   28%
    Total (331.9)   (264.0)   26%   (1,257.6)   (984.6)   28%

    1) Management review Front Office Costs and Control and Support Costs when assessing Adjusted Profit Before Tax performance. These costs are included within compensation and benefits, other expenses and depreciation and amortisation in the Statutory Income Statement provided above.

    The following table provides a breakdown of Front Office and Control and Support Headcount

    Full Time Equivalent (‘FTE’) headcount1 2024   2023       2024   2023    
      Average   Average   Change   End of Year   End of Year   Change
    Front Office 1,250   1,028   22%   1,265   1,195   6%
    Control and Support 1,084   886   22%   1,160   972   19%
    Total 2,334   1,914   22%   2,425   2,167   12%

    1) For analysis purposes, average headcount is used in the performance commentary outlined below. 

    Performance for the three months ended 31 December 2024

    Revenue grew by 28% to $415.6m (Q4 2023: $325.6m) with strong organic growth across all businesses driven by robust client activity, market share gains and supportive market conditions. We continued to strengthen our position in the market outpacing growth in overall volumes in almost all markets in which we operate, particularly in Securities.

    Net commission income increased by 25% to $226.0m (Q4 2023: $181.4m). The growth was driven mainly in Agency and Execution, which grew 22% to $160.7m (Q4 2023: $131.3m), reflecting higher client activity in Energy, as well as in Securities, driven primarily by our acquisition of TD Cowen’s prime services business in December 2023.

    Net trading income rose by 15% to $128.1m (Q4 2023: $111.5m). The growth was driven mainly by Hedging and Investment Solutions which grew 24% to $52.6m (Q4 2023: $42.3m) as client demand grew for financial products.

    Net interest income increased by 107% to $62.6m (Q4 2023: $30.2m). This growth was primarily driven by higher average balances.

    Front office costs increased by 23% to $231.8m (Q4 2023: $188.0m), largely reflecting a 14% increase in average front office headcount and increased compensation on higher revenues.

    Control and Support costs increased 32% to $100.1m (Q4 2023: $76.0m), primarily reflecting investment in our Finance, Risk, Technology and Compliance functions, as we continue to invest in our systems and processes to support future sustainable growth.

    Reported Profit Before Tax increased by 97% to $77.8m (Q4 2023: $39.4m), driven by strong revenue growth and improved operating margins.

    Adjusting items reduced by $9.6m to $3.6m (Q3 2023: $13.2m). These costs are primarily related to corporate activities and are recognised within our Corporate segment. Adjusting items reduced mainly due to the non-recurrence of costs incurred in preparation for and associated with our successful IPO and owner fees in the prior period.

    As a result of the revenue and cost trends noted above, Adjusted Profit Before Tax1 increased 55% to $81.4m (Q4 2023: $52.6m) and Adjusted Profit Before Tax Margin1 improved to 20% (Q4 2023: 16%). In addition, as a result of the revenue, cost trends and adjusting items noted above, Profit After Tax Margin increased to 14% (Q4 2023: 9%). 

    Performance for the year ended 31 December 2024

    Revenue grew by 28% to $1,594.7m (2023: $1,244.6m) driven by momentum across all our business, continued market share gains and a supportive market backdrop. Growth during 2024 was predominantly organic as we continued to invest in our businesses, as well as benefiting from the integration of our prior acquisitions.

    Revenue growth was driven by net commission income which increased by 21% to $856.1m (2023: $704.9m). The increase occurred mainly in Agency and Execution, which increased by 28%, reflecting increased customer activity in Energy as well as strong performance in Credit and our prime services business, which we acquired from TD Cowen in December 2023. Net commission income also increased in our Clearing segment, up 11%, driven by our Metals business.

    Net trading income rose by 20% to $492.4m (2023: $411.4m). Within our Market Making segment net trading income was significantly higher, primarily from Metals, reflecting exceptional market conditions and market sentiment in the second quarter across Copper, Aluminium and Nickel.

    Net trading income was also driven by our Hedging and Investment Solutions business, which increased by 27% to $210.3m (2023: $165.7m) as demand grew for commodity hedging and financial products.

    Net physical commodities income increased by 185% to $19.1m (2023: $6.7m). This increase was primarily due to an increase in sales volumes from physical recycled metal, largely driven by growth in demand for recycled metals.

    Front office costs represent staff, systems and infrastructure costs associated with running our revenue generating operations. These costs increased 28% to $881.5m (2023: $690.4m), largely reflecting a 22% increase in average front office headcount.

    Control and Support Costs primarily reflect staff and property related costs, along with professional fees and other administrative expenses associated with support functions. These costs increased 28% to $376.1m (2023: $294.2m), primarily reflecting investment in our Finance, Risk, Compliance and Technology functions, as we continue to invest in our systems and processes to support future sustainable growth. Total control and support average FTE grew 22% to 1,084 for 2024 (2023: 886).

    Reported Profit Before Tax increased 51% to $295.8m (2023: $196.5m), driven by strong revenue growth and improved operating margins.

    Adjusting items decreased by 24% to $25.3m (2023: $33.5m). These costs are primarily related to corporate activities and are recognised within our Corporate segment. Adjusting items decreased primarily due to the non-recurrence of goodwill impairment recognised in 2023. For full year 2024, adjusting items were mainly costs incurred in preparation for and associated with our successful IPO, including growth shares, owner fees and secondary sell down costs.

    As a result of the revenue and cost trends noted above, Adjusted Profit Before Tax1 increased 40% to $321.1m (2023: $230.0m) and Adjusted Profit Before Tax Margin1 improved to 20% (2023: 18%) demonstrating our platform’s ability to deliver scale benefits. Profit after Tax Margins increased to 14% (2023: 11%).

    Net interest income increased by 87% to $227.1m (2023: $121.6m). This growth was driven by higher average balances and investment returns, as well as the acquisition of Cowen’s prime services business in December 2023.

      3 months ended 31 December 2024   3 months ended 31 December 2023   Change   Year ended 31 December 2024   Year ended 31 December 2023   Change
    Average Fed Funds rate 4.7%   5.3%   (60)bps   5.2%   5.0%   20bps
                           
    Average balances1 15.5   11.3   4.2   13.5   12.9   0.6
                           
    Interest income ($m) 185.2   141.5   43.7   702.4   520.4   182.0
    Interest paid out ($m) (62.4)   (60.6)   (1.8)   (257.7)   (219.0)   (38.7)
    Interest on balances ($m) 122.8   80.9   41.9   444.7   301.4   143.3
                           
    Net yield on balances 3.1%   2.8%   30bps   3.3%   2.3%   100bps
                           
    Average notional debt securities ($bn) (3.2)   (2.3)   (0.9)   (2.8)   (2.1)   (0.7)
    Yield on debt securities % 7.5%   8.6%   (110)bps   7.8%   8.4%   (60)bps
                           
    Interest expense ($m) (60.2)   (50.7)   (9.45)   (217.6)   (179.8)   (37.8)
                           
    Net Interest Income ($m) 62.6   30.2   32.4   227.1   121.6   105.5
    1. Average balances are calculated using an average of the daily holdings in exchanges, banks and other investments over the period. Previously, average balances were calculated as the average month end amount of segregated and non-segregated client balances that generated interest income over a given period.

    Segmental performance

    Clearing

    Marex provides clearing services across the range of energy, commodity and financial markets. We face the exchange on behalf of our clients providing access to 60 exchanges globally.

    Performance for the three months ended 31 December 2024

    Our Clearing business performed well with revenue increasing 48% to $124.7m (Q4 2023: $84.1m). This was driven by net interest income which rose by 81% to $56.4m (Q4 2023: $31.2m) primarily reflecting higher average balances, and commission income.

    Adjusted Profit Before Tax1 increased by 68% to $65.8m (Q4 2023: $39.2m). Adjusted Profit Before Tax Margin1 increased by 600 bps to 53% (Q4 2023: 47%).

    Performance for the year ended 31 December 2024

    Our Clearing business performed well in 2024, benefiting from higher levels of client activity on our platform as we continued to gain market share, with the total number of contracts cleared up 30% to 1,116.0m in 2024 (2023: 856.0m). This increase reflects a combination of factors, including an increase in the number of higher volume clients as well as a larger mix of clients transacting in financial securities.

    Revenue increased 25% to $466.3m (2023: $373.6m), driven by net interest income which rose by 45% to $198.1m (2023: $136.2m) as a result of both higher average interest rates in 2024 compared to 2023 and higher average balances. Net commission income also grew by 11% to $263.0m (2023: $236.2m). Average balances increased 5% to $13.5bn in 2024 (2023: $12.9bn). This growth was driven by a record number of new Clearing clients combined with a high retention of existing clients.

    Revenue growth was supported by investment in staff with average front office headcount increasing by 10% to 278 (2023: 253).

    Adjusted Profit Before Tax1 increased by 34% to $247.3m (2023: $185.0m) while Adjusted Profit Before Tax Margin1 increased by 300bps to 53% (2023: 50%).

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Net commission income 65.6   52.5   25%   263.0   236.2   11%
    Net interest income 56.4   31.2   81%   198.1   136.2   45%
    Net trading income 2.7   0.4   575%   5.2   1.2   333%
    Revenue 124.7   84.1   48%   466.3   373.6   25%
    Front office costs (40.2)   (29.2)   38%   (149.2)   (117.1)   27%
    Control and support costs (18.6)   (15.7)   18%   (69.6)   (67.7)   3%
    Recovery/(provision) for credit losses —   0.1   —%   0.1   (3.6)   (103%)
    Depreciation and amortisation (0.1)   (0.1)   —%   (0.4)   (0.3)   33%
    Other Income and share of results of associates 0.1   —   n.m.3   0.1   0.1   n.m.3
                           
    Adjusted Profit Before Tax ($m)1 65.8   39.2   68%   247.3   185.0   34%
    Adjusted Profit Before Tax Margin1 53%   47%   600 bps   53%   50%   300 bps
                           
    Front office headcount (No.)2 284   259   10%   278   253   10%
    Contracts cleared (m) 290.0   228.0   27%   1,116.0   856.0   30%
    Market volumes (m) 2,853.0   2,677.0   7%   11,471.0   10,220.0   12%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period. Management have re-assessed headcount for Clearing and Market Making and re-allocated for FY24, FY23, 4Q24 and 4Q23.
    3. n.m. = not meaningful to present as a percentage.

    Agency and Execution

    Agency and Execution provides essential liquidity and execution services to our clients primarily in the energy and financial securities markets.

    Our energy division provides essential liquidity to clients by connecting buyers and sellers in the OTC energy markets to facilitate price discovery. We have leading positions in many of the markets we operate in, including key gas and power markets in Europe; environmental, petrochemical and crude markets in North America; and fuel oil, LPG (liquefied petroleum gas) and middistillates globally. We achieve this through the breadth and depth of the service we offer to customers, including market intelligence for each product we transact in, based on the extensive knowledge and experience of our teams.

    Our presence in the financial markets is growing as we integrate and optimise recent acquisitions, enabling Marex to diversify its asset class coverage away from traditional commodity markets. We are starting to see a maturation of our offering across all asset classes, contributing to enhanced revenue growth and margin expansion for the overall business.

    Performance for the three months ended 31 December 2024

    Revenue increased by 22% to $192.2m (Q4 2023: $157.9m). This was driven by Securities revenues, up 25% to $119.0m (Q4 2023: $95.3m) reflecting growth in prime services. There was also strong organic revenue growth in the quarter, notably in Rates and FX owing to higher volumes and a new structured rates desk which commenced in 2024. This was further supplemented by the strong growth in our Energy business where revenues increased 17% to $72.7m (Q4 2023: $62.4m), reflecting a combination of increased activity levels in European Energy markets, good demand for our environmentals offering and the benefit of our bolt-on acquisitions.

    Adjusted Profit Before Tax1 increased 29% to $37.4m (Q4 2023: $28.9m) while Adjusted Profit Before Tax Margin1 increased 100 bps to 19% (Q4 2023: 18%).

    Performance for the year ended 31 December 2024

    Revenue increased by 28% to $695.2m (2023: $541.5m), reflecting the benefit of recent acquisitions, primarily the prime services business we acquired from TD Cowen that completed in December 2023, as well as positive market conditions in the energy markets.

    Energy revenue increased 30% to $286.3m (2023: $219.8m). This growth was a reflection of strong levels of demand for our environmentals offering as we continue to support our clients’ transition toward a low carbon economy, investments in new desks and capabilities and continued improvement in activity levels in European Energy markets.

    Securities revenue increased by 27% to $407.2m (2023: $319.8m), driven by our prime services business, as well as growth across Equities, FX and Rates.

    Adjusted Profit Before Tax1 increased 50% to $107.9m (2023: $71.9m) while Adjusted Profit Before Tax Margin1 increased 300bps to 16% (2023: 13%), as we continued to optimise and integrate our acquisitions.

    Average front office headcount increased by 20% to 666 (2023: 553).

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Securities 119.0   95.3   25%   407.2   319.8   27%
    Energy 72.7   62.4   17%   286.3   219.8   30%
    Other revenue 0.5   0.2   150%   1.7   1.9   (11)%
    Revenue 192.2   157.9   22%   695.2   541.5   28%
    Front office costs (138.7)   (121.4)   14%   (524.5)   (417.1)   26%
    Control and support costs (16.5)   (7.5)   120%   (62.0)   (51.1)   21%
    Provision for credit losses 0.2   (0.3)   —%   (0.1)   (0.9)   (89)%
    Depreciation and amortisation 0.1   (0.1)   (200)%   (0.8)   (0.8)   0%
    Other Income and share of results of associates 0.1   0.3   n.m.3   0.1   0.3   n.m.3
                           
    Adjusted Profit Before Tax ($m)1 37.4   28.9   29%   107.9   71.9   50%
    Adjusted Profit Before Tax Margin1 19%   18%   100 bps   16%   13%   300 bps
                           
    Front office headcount (No.)2 657   603   9%   666   553   20%
    Marex volumes: Energy (m) 13.8   13.6   0%   57.4   44.7   27%
    Marex volumes: Securities (m) 73.7   64.7   14%   295.3   239.5   23%
    Market volumes: Energy (m) 442.3   376.7   17%   1,721.0   1,404.8   22%
    Market volumes: Securities (m) 2,744.0   2,601.0   5%   10,920.6   9,969.6   10%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2.  The headcount is the average for the period.
    3. n.m. = not meaningful to present as a percentage.

    Market Making

    Our Market Making business provides direct liquidity to our clients across a variety of products, primarily in the energy, metals and agriculture markets. This ability to make prices and trade as principal in a wide variety of energy, environmentals and commodity markets differentiates us from many of our competitors.

    Performance for the three months ended 31 December 2024

    Revenue increased by 19% to $44.5m (Q4 2023: $37.5m). Higher revenue in Agriculture, Securities and Energy was partly offset by a more subdued operating environment in Metals.

    Revenue growth was supported by Front Office hiring, with average headcount increasing by 14% to 131 (2023: 115).

    Adjusted Profit Before Tax1 increased to $9.0m (Q4 2023: $8.3m), while Adjusted Profit Before Tax Margin1 decreased 200 bps to 20% (Q4 2023: 22%).

    Performance for the year ended 31 December 2024

    Revenue increased by 35% to $207.8m (2023: $153.9m). This was driven by Metals trading which benefited from unusual market conditions across Copper, Aluminium, Nickel in the second quarter. While this activity normalised in the third quarter, we continued to see strong performance. Revenue from Securities also grew primarily reflecting a stronger performance from Equities.

    Adjusted Profit Before Tax1 increased by 97% to $65.6m (2023: $33.3m), while Adjusted Profit Before Tax Margin1 increased 10 percentage points to 32% (2023: 22%) reflecting strong revenue growth.

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Metals 5.7   26.5   (78)%   105.9   69.3   53%
    Agriculture 15.7   0.3   5,133%   33.8   27.5   23%
    Energy 12.7   7.3   74%   32.5   31.6   3%
    Securities 10.4   3.4   206%   35.6   25.5   40%
    Revenue 44.5   37.5   19%   207.8   153.9   35%
    Front office costs (27.2)   (19.9)   37%   (111.4)   (88.5)   26%
    Control and support costs (8.2)   (9.0)   (9)%   (30.4)   (32.7)   (7)%
    Depreciation and amortisation (0.1)   (0.1)   0%   (0.4)   (0.3)   33%
    Other Income and share of results of associates —   (0.2)   n.m.3   —   0.9   n.m.3
                           
    Adjusted Profit Before Tax ($m)1 9.0   8.3   8%   65.6   33.3   97%
    Adjusted Profit Before Tax Margin1 20%   22%   (200) bps   32%   22%   1,000 bps
                           
    Front office headcount (No.)2 131   115   14%   129   109   18%
    Marex volumes: Metals (m) 11.3   6.8   57%   44.6   26.8   67%
    Marex volumes: Agriculture (m) 8.2   7.1   14%   35.1   28.1   25%
    Marex volumes: Energy (m) 0.7   0.6   17%   2.2   2.1   0%
    Marex volumes: Financials (m) 0.2   1.4   (86)%   1.6   5.3   (60)%
    Market volumes: Metals (m) 98.6   92.4   8%   422.7   343.5   23%
    Market volumes: Agriculture (m) 146.8   127.9   15%   581.3   521.1   12%
    Market volumes: Energy (m) 442.3   376.7   17%   1,721.0   1,404.8   22%
    Market volumes: Financials (m) 2,744.0   2,601.0   5%   10,920.6   9,969.6   10%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period. Management have re-assessed headcount for Clearing and Market Making and re-allocated for FY24, FY23, 4Q24 and 4Q23.
    3. n.m. = not meaningful to present as a percentage.

    Hedging and Investment Solutions

    Our Hedging and Investment Solutions business provides high quality bespoke hedging and investment solutions to our clients.

    Tailored commodity hedging solutions enable corporates to hedge their exposure to movements in energy and commodity prices, as well as currencies and interest rates, across a variety of different time horizons.

    Our financial products offering allows investors to gain exposure to a particular market or asset class, for example equity indices, in a cost-effective manner through a structured product.

    Performance for the three months ended 31 December 2024

    Revenue grew 20% to $39.9m (Q4 2023: $33.2m) driven by an expansion of the sales team leading to the onboarding of new clients.

    Adjusted Profit Before Tax1 increased by 47% to $8.7m (Q4 2023: $5.9m), while Adjusted Profit Before Tax Margin1 increased by 400 bps to 22% (Q4 2023: 18%).

    Performance for the year ended 31 December 2024

    Revenue grew 26% to $161.5m (2023: $128.1m) driven by increased client activity across both businesses. Hedging Solutions increased 12% to $69.2m (2023: $62.0m) benefiting from volatility across Cocoa and Coffee and favourable market events, while Financial Products increased 40% to $92.3m (2023: $66.1m) benefiting from positive investor sentiment and equity market performance. We also expanded our product coverage with custom index and FX capabilities and our global footprint which now includes business from Australia and the Middle East, bringing new clients onto our platform.

    Adjusted Profit Before Tax1 increased by 24% to $42.0m (2023: $33.8m), while Adjusted Profit Before Tax Margin1 remained at 26% as we continued to invest in the business infrastructure and distribution network. We have also invested in our people with average front office headcount up 57% to 177 (2023: 113). Other income and share or results of associates represents the tax credit from qualifying research and development costs.

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Hedging solutions 7.7   16.0   (52)%   69.2   62.0   12%
    Financial products 32.2   17.2   87%   92.3   66.1   40%
    Revenue 39.9   33.2   20%   161.5   128.1   26%
    Front office costs (25.7)   (17.5)   47%   (96.4)   (67.7)   42%
    Control and support costs (7.3)   (6.1)   20%   (27.2)   (23.7)   15%
    Recovery/(provision) for credit losses (0.6)   (3.6)   (83)%   2.2   (3.8)   (158)%
    Depreciation and amortisation (0.2)   (0.1)   100%   (0.7)   (0.3)   133%
    Other Income and share of results of associates 2.6   —   n.m.4   2.6   1.2   n.m.4
                           
    Adjusted Profit Before Tax ($m)1 8.7   5.9   47%   42.0   33.8   24%
    Adjusted Profit Before Tax Margin1 22%   18%   400 bps   26%   26%   0 bps
                           
    Front office headcount (No.)2 184   128   44%   177   113   57%
    Structured notes balance ($m)3 2,667.4   1,850.4   44%   2,667.4   1,850.4   44%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period.
    3. The structured notes portfolio consisted of 4,029 notes with an average maturity of 17 months and a total value of $2,667.4m at the end of 2024 compared to a total value of $1,850.4m in 2023 with an average maturity of 15 months.
    4. n.m. = not meaningful to present as a percentage.

    Corporate

    The Corporate segment includes the Group’s control and support functions. Corporate manages the resources of the Group, makes investment decisions and provides operational support to the business segments. Corporate net interest income is derived through earning interest on house cash balances placed at banks and exchanges. Revenue in Q4 2024 was $14.3m (Q4 2023: $12.9m), while full year Revenue in 2024 was $63.9m (2023: $47.5m), driven by net interest income primarily reflecting higher average balances.    

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Revenue 14.3   12.9   11%   63.9   47.5   35%
    Control and support costs4 (49.5)   (37.7)   31%   (186.9)   (119.0)   57%
    (Provision)/recovery for credit losses (0.7)   1.4   n.m.3   (0.5)   1.2   (142%)
    Depreciation and amortisation (5.1)   (7.0)   (27%)   (21.7)   (25.4)   (15%)
    Other Income and share of results of associates 1.4   0.7   100%   3.5   1.7   106%
                           
    Adjusted Loss Before Tax ($m)1 (39.6)   (29.7)   33%   (141.7)   (94.0)   51%
                           
    Control and support headcount (No.)2 1,145   947   21%   1,084   886   22%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period.
    3. n.m. = not meaningful to present as a percentage
    4. Control and support costs are presented on an unallocated basis.

    Summary Financial Position

    The Group’s equity base increased during the year with total equity increasing by $201.0m, 26% to $976.9m as a result of strong profitability during the year and an increase in the share premium balance reflecting the primary issuance of shares as part of the IPO.

    Total assets and total liabilities have grown significantly during 2024 as a result of client activity driving customer balances and in addition our funding activities to support this increase. Our balance sheet continues to consist of high-quality liquid assets which underpin client activity on our platform. Total assets increased from $17.6bn as at 31 December 2023 to $24.3bn as at 31 December 2024 with the growth largely due to the increase in the Securities, Cash and liquid assets, balances with exchanges offset by a reduction in the reverse repurchase agreement balances.

    Securities balances increased to $6.5bn, up $2.5bn from December 2023 driven by hedging activity to support our prime brokerage clients and increased stock lending activity within our Agency and Execution business.

    Cash and liquid assets increased by $1.7bn primarily reflecting cash placed by clients, the Group’s US Senior issuance and growth in structured notes issuance under the Financial Products Program.

      31 December 2024   31 December 2023    
          Restated1    
      $m   $m   Change
    Cash & Liquid Assets² 6,213.0   4,465.9   39%
    Trade Receivables 7,553.2   4,789.8   58%
    Reverse Repo Agreements 2,490.4   3,199.8   (22%)
    Securities³ 6,459.7   4,022.7   61%
    Derivative Instruments 1,163.5   655.6   77%
    Other Assets⁴ 199.7   258.2   (23%)
    Goodwill and Intangibles 233.0   219.6   6%
    Total Assets 24,312.5   17,611.6   38%
    Trade Payables 9,740.4   6,785.9   44%
    Repurchase Agreements 2,305.8   3,118.9   (26%)
    Securities⁵ 6,656.7   4,248.1   57%
    Debt Securities 3,604.5   2,216.3   63%
    Derivative Instruments 751.7   402.2   87%
    Other Liabilities⁶ 276.5   64.3   330%
    Total Liabilities 23,335.6   16,835.7   39%
    Total Equity 976.9   775.9   26%
    1. Prior period comparatives have been restated. Refer to note 3(b) and note 37 in our Group Annual Report for further information.
    2. Cash & Liquid Assets are cash and cash equivalents, treasury instruments pledged as collateral, treasury instruments unpledged and fixed income securities.
    3. Securities assets are equity instruments and stock borrowing.
    4. Other Assets are inventory, corporate income tax receivable, deferred tax, investments, right-of-use assets, and property plant and equipment.
    5. Securities liabilities are stock lending and short securities.
    6. Other Liabilities are short term borrowings, deferred tax liability, lease liability, provisions and corporation tax.

    Liquidity

      31 December   31 December
      2024   2023
      $m   $m
    Total available liquid resources 2,439.8   1,369.8
    Liquidity headroom 1,060.0   738.8

    A prudent approach to capital and liquidity and commitment to maintaining an investment grade credit rating are core principles which underpin the successful delivery of our growth strategy. As at 31 December 2024, the Group held $2,439.8m of total available liquid resources, including the undrawn portion of the RCF (2023: $1,369.8m).

    Group liquidity resources consist of cash and high-quality liquid assets that can be quickly converted to meet immediate and short-term obligations. The resources include non-segregated cash, short-term money market funds and unencumbered securities guaranteed by the U.S. Government. The Group also includes any undrawn portion of its committed revolving credit facility (‘RCF’) in its total available liquid resources. The unsecured revolving credit facility of $150m remains undrawn as at 31 December 2024 (2023: $150m, undrawn). Facilities held by operating subsidiaries, and which are only available to that relevant subsidiary, have been excluded from these figures as they are not available to the entire Group.

    Liquidity headroom is based on the Group’s Liquid Asset Threshold Requirement, which is prepared according to the principles of the UK Investment Firms Prudential Regime (IFPR). The requirement includes a liquidity stress impact calculated from a combination of systemic and idiosyncratic risk factors.

    In October, the Group successfully completed an offering of $600m 5-year senior unsecured notes, further diversifying its funding sources and supporting future growth. The notes have a coupon of 6.404%, mature in November 2029 and have been rated BBB- by both S&P and Fitch. This latest senior note issuance adds to the existing €300m notes issued in February 2023 under the Euro MTN programme.

    Regulatory capital

    The Group is subject to consolidated supervision by the UK Financial Conduct Authority and has regulated subsidiaries in jurisdictions both inside and outside of the UK.

    The Group is regulated as a MIFIDPRU investment firm under IFPR. The minimum capital requirement as at 31 December 2024 was determined by the Own Funds Threshold Requirement (‘OFTR’) set via an assessment of the Group’s capital adequacy and risk assessment conducted annually.

    The Group and its subsidiaries are in compliance with their regulatory requirements and are appropriately capitalised relative to the minimum requirements as set by the relevant competent authority. The Group maintained a capital surplus over its regulatory requirements at all times.

    The Group manages its capital structure in order to comply with regulatory requirements, ensuring its capital base is more than adequate to cover the risks inherent in the business and to maximise shareholder value through the strategic deployment of capital to support the Group’s growth and strategic development. The Group performs business model assessment, business and capital forecasting, stress testing and recovery planning at least annually. The following table summarises the Group’s capital position as at 31 December 2024 and 2023:

      31 December
    2024    		   31 December
    2023
      $m   $m
    Core equity Tier 1 Capital1 623.9   437.7
    Additional Tier 1 Capital (net of issuance costs) 97.6   97.6
    Tier 2 Capital 1.6   3.1
    Total Capital resources 723.1   538.4
           
           
    Own Funds Threshold Requirement2 308.8   235.1
    Total Capital ratio3 234%   229%
    1. The own funds threshold requirement is the amount of own funds (i.e. capital) that a firm needs to hold at any given time to comply with the overall financial adequacy rule under the Investment Firm Prudential Regulation. The overall financial adequacy rule requires a firm to hold the amount of own funds for its ongoing business operations, taking into account potential periods of financial stress during the economic cycle. This is determined based on Group’s latest annual internal assessment.
    2. Own Funds Requirement presented as Own Funds Threshold Requirement based on the latest approved Group Internal Capital Assessment.
    3. The Group’s total capital resources as a percentage of Own Funds Requirement.

    At 31 December 2024, the Group had a Total Capital Ratio of 234% (2023: 229%), representing significant capital headroom to minimum requirements. The increase in the Total Capital Ratio resulted from an increase in total capital resources due to profit (unaudited) in 2024.

    Dividend

    The Board of Directors approved an interim dividend of $0.14 per share, expected to be paid on 31 March 2025 to shareholders on record as at close of business on 17 March 2025.

    Forward looking statements:

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including expected financial results and Adjusted Profit Before Tax and Reported Profit Before Tax, expected growth and business plans, expected investments and dividend payments. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions.

    These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation: subdued commodity market activity or pricing levels; the effects of geopolitical events, terrorism and wars, such as the effect of Russia’s military action in Ukraine, on market volatility, global macroeconomic conditions and commodity prices; changes in interest rate levels; the risk of our clients and their related financial institutions defaulting on their obligations to us; regulatory, reputational and financial risks as a result of our international operations; software or systems failure, loss or disruption of data or data security failures; an inability to adequately hedge our positions and limitations on our ability to modify contracts and the contractual protections that may be available to us in OTC derivatives transactions; market volatility, reputational risk and regulatory uncertainty related to commodity markets, equities, fixed income, foreign exchange and cryptocurrency; the impact of climate change and the transition to a lower carbon economy on supply chains and the size of the market for certain of our energy products; the impact of changes in judgments, estimates and assumptions made by management in the application of our accounting policies on our reported financial condition and results of operations; lack of sufficient financial liquidity; if we fail to comply with applicable law and regulation, we may be subject to enforcement or other action, forced to cease providing certain services or obliged to change the scope or nature of our operations; significant costs, including adverse impacts on our business, financial condition and results of operations, and expenses associated with compliance with relevant regulations; and if we fail to remediate the material weaknesses we identified in our internal control over financial reporting or prevent material weaknesses in the future, the accuracy and timing of our financial statements may be impacted, which could result in material misstatements in our financial statements or failure to meet our reporting obligations and subject us to potential delisting, regulatory investments or civil or criminal sanctions, and other risks discussed under the caption “Risk Factors” in our final prospectus filed pursuant to 424(b)(4) with the Securities and Exchange Commission (the “SEC”) on 31 October 2024 and our other reports filed with the SEC.

    The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

    Appendix 1

    Non-IFRS Financial Measures and Key Performance Indicators

    This press release contains non-IFRS financial measures, including Adjusted Profit Before Tax, Adjusted Profit Before Tax Margin, Adjusted Earnings per Share, Adjusted Diluted Earnings per Share, Adjusted Profit After Tax Attributable to Common Equity and Adjusted Return on Equity. These non-IFRS financial measures are presented for supplemental informational purposes only and should not be considered a substitute for profit after tax, profit margin, return on equity or any other financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS financial measures used by other companies. The Group changed the labelling of its non-IFRS measures during 2024 to better align to the equivalent IFRS reported metric and enhance transparency and comparability.

    Adjusted Profit Before Tax (formerly labelled Adjusted Operating Profit)

    We define Adjusted Profit Before Tax as profit after tax adjusted for (i) tax, (ii) goodwill impairment charges, (iii) acquisition costs, (iv) bargain purchase gains, (v) owner fees, (vi) amortisation of acquired brands and customer lists, (vii) activities in relation to shareholders, (viii) employer tax on the vesting of Growth Shares, (ix) IPO preparation costs and (x) fair value of the cash settlement option on the Growth Shares. Items (i) to (x) are referred to as “Adjusting Items.” Adjusted Profit Before Tax is the primary measure used by our management to evaluate and understand our underlying operations and business trends, forecast future results and determine future capital investment allocations. Adjusted Profit Before Tax is the measure used by our executive board to assess the financial performance of our business in relation to our trading performance. The most directly comparable IFRS Accounting Standards measure is profit after tax. We believe Adjusted Profit Before Tax is a useful measure as it allows management to monitor our ongoing core operations and provides useful information to investors and analysts regarding the net results of the business. The core operations represent the primary trading operations of the business.

    Adjusted Profit Before Tax Margin (formerly labelled Adjusted Operating Profit Margin)

    We define Adjusted Profit Before Tax Margin as Adjusted Profit Before Tax (as defined above) divided by revenue. We believe that Adjusted Profit Before Tax Margin is a useful measure as it allows management to assess the profitability of our business in relation to revenue. The most directly comparable IFRS Accounting Standards measure is profit margin, which is Profit after Tax divided by revenue.

    Adjusted Profit After Tax Attributable to Common Equity (formerly labelled Adjusted Operating Profit after Tax Attributable to Common Equity)

    We define Adjusted Profit After Tax Attributable to Common Equity as profit after tax adjusted for the items outlined in the Adjusted Profit Before Tax paragraph above. Additionally, Adjusted Profit After Tax Attributable to Common Equity is also adjusted for (i) tax and the tax effect of the Adjusting Items to calculate Adjusted Profit Before Tax and (ii) profit attributable to Additional Tier 1 (“AT1”) note holders, net of tax, which is the coupons on the AT1 issuance and accounted for as dividends, adjusted for the tax benefit of the coupons. We define Common Equity as being the equity belonging to the holders of the Group’s share capital. We believe Adjusted Profit After Tax Attributable to Common Equity is a useful measure as it allows management to assess the profitability of the equity belonging to the holders of the Group’s share capital. The most directly comparable IFRS Accounting Standards measure is profit after tax.

    Adjusted Return on Equity (formerly labelled Return on Adjusted Operating Profit after Tax Attributable to Common Equity)

    We define the Adjusted Return on Equity as the Adjusted Profit After Tax Attributable to Common Equity (as defined above) divided by the average Common Equity for the period. Common Equity is defined as being the equity belonging to the holders of the Group’s share capital. Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital. For the years ended 31 December 2024, Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital as at 31 December of the prior year, 31 March, 30 June, 30 September and 31 December of the current year. For the year ended 31 December 2023, Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital as at 31 December of the prior year and 31 December of the current year. For the three months ended 31 December 2024 and 2023 Common Equity is calculated as the average of 30 September and 31 December of the current period. For the years ended 31 December 2024 and 2023, Return on Adjusted Profit After Tax Attributable to Common Equity is calculated as Adjusted Profit After Tax Attributable to Common Equity for the year divided by average Common Equity for the year. For the three months ended 31 December 2024 and 2023, Adjusted Return on Equity is calculated for comparison purposes on an annualised basis as Adjusted Profit After Tax Attributable to Common Equity for the period multiplied by four and then divided by average Common Equity for the period. It is presented on an annualised basis for comparison purposes.

    We believe Adjusted Return on Equity is a useful measure as it allows management to assess the return on the equity belonging to the holders of the Group’s share capital. The most directly comparable IFRS Accounting Standards measure for Adjusted Return on Equity is return on equity, which is calculated as profit after tax for the period divided by average equity. Average equity for the years ended 31 December 2024 and 2023 is calculated as the average of total equity s at 31 December of the prior year, 31 March, 30 June, 30 September and 31 December of the current year. For the three months ended 31 December 2024 and 2023 Average Equity is calculated as the average of 30 September and 31 December of the current year. For the years ended 31 December 2024 and 2023, return on equity is calculated as profit after tax for the year divided by Average Equity for the year. For the three months ended 31 December 2024 and 2023, Adjusted Return on Equity is calculated for comparison purposes on an annualised basis as Adjusted Profit After Tax Attributable to Equity for the period multiplied by four and then divided by Average Equity for the period. It is presented on an annualised basis for comparison purposes.

    Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share

    Adjusted Basic Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity (as defined above) for the period divided by weighted average number of ordinary shares for the period. We believe Adjusted Basic Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share. The most directly comparable IFRS Accounting Standards metric is basic earnings per share. This metric has been designed to highlight the Adjusted Profit After Tax Attributable to Common Equity over the available share capital of the Group. Adjusted Diluted Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity for the period divided by the diluted weighted average shares for the period. We believe Adjusted Diluted Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share on a diluted basis. Dilution is calculated in the same way as it has been for diluted earnings per share. The most directly comparable IFRS Accounting Standards metric is diluted earnings per share.

    We believe that these non-IFRS financial measures provide useful information to both management and investors by excluding certain items that management believes are not indicative of our ongoing operations. Our management uses these non-IFRS financial measures to evaluate our business strategies and to facilitate operating performance comparisons from period to period. We believe that these non-IFRS financial measures provide useful information to investors because they improve the comparability of our financial results between periods and provide for greater transparency of key measures used to evaluate our performance. In addition these non-IFRS financial measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to us, many of which present related performance measures when reporting their results.

    These non-IFRS financial measures are used by different companies for differing purposes and are often calculated in different ways that reflect the circumstances of those companies. In addition, certain judgments and estimates are inherent in our process to calculate such non-IFRS financial measures. You should exercise caution in comparing these non-IFRS financial measures as reported by other companies.

    These non-IFRS financial measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under IFRS Accounting Standards. Some of these limitations are:

    • they do not reflect costs incurred in relation to the acquisitions that we have undertaken;
    • they do not reflect impairment of goodwill;
    • other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures; and
    • the adjustments made in calculating these non-IFRS financial measures are those that management considers to be not representative of our core operations and, therefore, are subjective in nature.

    Accordingly, prospective investors should not place undue reliance on these non-IFRS financial measures.

    We also use key performance indicators (“KPIs”) such as Average Balances, Trades Executed, and Contracts Cleared to assess the performance of our business and believe that these KPIs provide useful information to both management and investors by showing the growth of our business across the periods presented.

    Our management uses these KPIs to evaluate our business strategies and to facilitate operating performance comparisons from period to period. We define certain terms used in this release as follows:

    “FTE” means the number of our full-time equivalents as of the end of a given period, which includes permanent employees and contractors.

    “Average FTE” means the average number of our full-time equivalents over the period, including permanent employees and contractors.

    “Average Balances” means the average of the daily holdings in exchanges, banks and other investments over the period. Previously, average balances were calculated as the average month end amount of segregated and non-segregated client balances that generated interest income over a given period.

    “Trades Executed” means the total number of trades executed on our platform in a given year.

    “Total Capital Ratio” means our total capital resources in a given period divided by the capital requirement for such period under the IFPR.

    “Contracts Cleared” means the total number of contracts cleared in a given period.

    “Market Volumes” are calculated as follows:

    • All volumes traded on Marex key exchanges (CBOT, CME, Eurex, Euronext, ICE, LME, NYMEX COMEX, SGX)
    • Energy volumes on CBOT, Eurex, ICE, NYMEX, SGX
    • Financial securities (corporate bonds, equities, FX, repo, volatility) on CBOE, CBOT, CME, Eurex, Euronext, ICE, SGX
    • Metals, agriculture and energy volumes on CBOT, CME, Eurex, Euronext, ICE, LME, NYMEX COMEX, SGX

    Reconciliation of Non-IFRS Financial Measures and Key Performance Indicators:

      3 months ended 31 December 2024   3 months ended 31 December 2023   Year ended 31 December 2024   Year ended 31 December 2023
          Restated1        
      $m   $m   $m   $m
    Profit After Tax 56.7   28.1   218.0   141.3
    Taxation charge 21.1   11.3   77.8   55.2
    Profit Before Tax 77.8   39.4   295.8   196.5
    Goodwill impairment charge1 —   —   —   10.7
    Bargain purchase gains2 —   —   —   (0.3)
    Acquisition costs3 —   1.2   —   1.8
    Amortisation of acquired brands and customer lists4 1.7   0.7   5.5   2.1
    Activities relating to shareholders5 —   2.2   2.4   3.1
    Employer tax on vesting of the growth shares6 —   —   2.2   —
    Owner fees7 —   1.2   2.4   6.0
    IPO preparation costs8 —   7.9   8.6   10.1
    Fair value of the cash settlement option on the growth shares9 —   —   2.3   —
    Public offering of ordinary shares10 1.9   —   1.9   —
    Adjusted Profit Before Tax 81.4   52.6   321.1   230.0
    Tax and the tax effect on the Adjusting Items11 (20.43)   (11.1)   (76.8)   (54.1)
    Profit attributable to AT1 note holders12 (3.3)   (3.3)   (13.3)   (13.3)
    Adjusted Profit After Tax Attributable to Common Equity 57.8   38.2   231.0   162.6
                   
    Profit after Tax Margin 14%   9%   14%   11%
    Adjusted Profit Before Tax Margin13 20%   16%   20%   18%
                   
    Basic Earnings per Share ($) 0.76   0.37   2.96   1.94
    Diluted Earnings per Share ($) 0.70   0.35   2.72   1.82
                   
    Adjusted Basic Earnings per Share ($)14 0.82   0.58   3.34   2.46
    Adjusted Diluted Earnings per Share ($)15 0.76   0.54   3.07   2.31
                   
    Common Equity16 870.7   662.6   775.6   629.2
    Return on Equity 23%   15%   25%   19%
    Adjusted Return on Equity (%) 27%   23%   30%   26%
    1. Goodwill impairment charges in 2023 relates to the impairment recognised for goodwill relating to the Volatility Performance Fund S.A. CGU (‘VPF’) largely due to declining projected revenue.
    2. A bargain purchase gain was recognised as a result of the ED&F Man Capital Markets division acquisition.
    3. Acquisition costs are costs, such as legal fees incurred in relation to the business acquisitions of ED&F Man Capital Markets business, the OTCex group and Cowen’s prime services and Outsourced Trading business.
    4. This represents the amortisation charge for the period of acquired brands and customers lists.
    5. Activities in relation to shareholders primarily consist of dividend-like contributions made to participants within certain of our share-based payments schemes.
    6. Employer tax on vesting of the growth shares represents the Group’s tax charge arising from the vesting of the growth shares.
    7. Owner fees relate to management services fees paid to parties associated with the ultimate controlling party based on a percentage of our EBITDA in each year, presented in the income statement within other expenses.
    8. IPO preparation costs related to consulting, legal and audit fees, presented in the income statement within other expenses.
    9. Fair value of the cash settlement option on the growth shares represents the fair value liability of the growth shares at $2.3m. Subsequent to the initial public offering when the holders of the growth shares elected to settle the awards in ordinary shares, the liability was derecognised.
    10. Costs relating to the public offerings of ordinary shares by certain selling shareholders.
    11. Tax and the tax effect on the Adjusting Items represents the tax for the period and the tax effect of the other Adjusting Items removed from Profit After Tax to calculate Adjusted Profit Before Tax. The tax effect of the other Adjusting Items was calculated at the Group’s effective tax rate for the respective period.
    12. Profit attributable to AT1 note holders are the coupons on the AT1 issuance, which are accounted for as dividends.
    13. Adjusted Profit Before Tax Margin is calculated by dividing Adjusted Profit Before Tax (as defined above) by revenue for the period.
    14. The weighted average numbers of shares used in the calculation for the years ended 31 December 2024 and 2023 were 69,231,625 and 66,018, 514 respectively. The weighted average numbers of shares used in the calculation for the three months ended 31 December 2024 and 2023 were 70,290,886 and 66,018,514 respectively. Weighted average number of shares have been restated as applicable for the Group’s reverse share split.
    15. The weighted average numbers of diluted shares used in the calculation for the years ended 31 December 2024 and 2023 were 75,279,454 and 70,323,467 respectively. The weighted average numbers of shares used in the calculation for the three months ended 31 December 2024 and 2023 were 76,338,715 and 70,323,467 respectively. Weighted average number of shares have been restated as applicable for the Group’s reverse share split.
    16. Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital. For the years ended 31 December 2024, Adjusted Return on Equity is calculated as the average balance of total equity minus additional Tier 1 capital, as at 31 December of the prior year, 31 March, 30 June, 30 September and 31 December of the current year. For the years ended 31 December 2023, Adjusted Return on Equity is calculated as the average balance of total equity minus additional Tier 1 capital, as at 31 December of the prior year and 31 December of the current year. For the three months ended 31 December 2024 and 2023 Common Equity is calculated as the average of 30 September and 31 December of the current period.

    Appendix 2 – Supplementary Financial Information

    Revenue

    The following tables presents the Group’s segmental revenue for the periods indicated:

    3 months ended 31 December 2024 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income/(expense) 65.6   160.7   (0.3)   —   —   226.0
    Net trading income 2.7   21.1   51.7   52.6   —   128.1
    Net interest income/(expense) 56.4   9.5   (4.9)   (12.7)   14.3   62.6
    Net physical commodities income —   0.9   (2.0)   —   —   (1.1)
    Revenue 124.7   192.2   44.5   39.9   14.3   415.6
    3 months ended 31 December 2023 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income/(expense) 52.5   131.3   (2.4)   —   —   181.4
    Net trading income/(expense) 0.4   23.2   45.9   42.3   (0.3)   111.5
    Net interest income/(expense) 31.2   3.4   (8.5)   (9.1)   13.2   30.2
    Net physical commodities income —   —   2.5   —   —   2.5
    Revenue 84.1   157.9   37.5   33.2   12.9   325.6
    Year ended 31 December 2024 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income/(expense) 263.0   597.1   (4.0)   —   —   856.1
    Net trading income 5.2   61.3   215.6   210.3   —   492.4
    Net interest income/(expense) 198.1   34.6   (20.7)   (48.8)   63.9   227.1
    Net physical commodities income —   2.2   16.9   —   —   19.1
    Revenue 466.3   695.2   207.8   161.5   63.9   1,594.7
    Year ended 31 December 2023 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income/(expense) 236.2   473.4   (4.7)   —   —   704.9
    Net trading income/(expense) 1.2   62.1   182.8   165.7   (0.4)   411.4
    Net interest income/(expense) 136.2   6.0   (30.9)   (37.6)   47.9   121.6
    Net physical commodities income —   —   6.7   —   —   6.7
    Revenue 373.6   541.5   153.9   128.1   47.5   1,244.6

    Consolidated Income Statement

    For the Year Ended 31 December 2024

        2024 2023
        $m $m
    Commission and fee income   1,618.1 1,342.4
    Commission and fee expense   (762.0) (637.5)
    Net commission income   856.1 704.9
    Net trading income   492.4 411.4
    Interest income   765.2 591.8
    Interest expense   (538.1) (470.2)
    Net interest income   227.1 121.6
    Net physical commodities income   19.1 6.7
    Revenue   1,594.7 1,244.6
           
    Expenses:      
    Compensation and benefits   (971.1) (770.3)
    Depreciation and amortisation   (29.5) (27.1)
    Other expenses   (306.3) (237.4)
    Impairment of goodwill   — (10.7)
    Provision for credit losses   1.7 (7.1)
    Bargain purchase gain on acquisitions   — 0.3
    Other income   6.3 3.4
    Share of results in associates and joint ventures   — 0.8
    Profit before tax   295.8 196.5
    Tax   (77.8) (55.2)
    Profit after tax   218.0 141.3
           

    Consolidated Statement of Financial Position

    As at 31 December 2024

        31 December 31 December
        2024 2023
        $m $m
          Restated1
    Assets      
    Non-current assets      
    Goodwill   176.5 163.6
    Intangible assets   56.5 56.0
    Property, plant and equipment   20.8 16.6
    Right-of-use asset   59.9 40.6
    Investments   24.0 16.2
    Deferred tax   46.7 21.4
    Treasury instruments (unpledged)   53.5 60.8
    Treasury instruments (pledged as collateral)   46.1 300.4
    Total non-current assets   484.0 675.6
           
    Current assets      
    Corporate income tax receivable   12.5 0.1
    Trade and other receivables   7,553.2 4,789.8
    Inventory   35.8 163.4
    Equity instruments (unpledged)   231.4 189.6
    Equity instruments (pledged as collateral)   4,446.6 1,331.7
    Derivative instruments   1,163.5 655.6
    Stock borrowing   1,781.7 2,501.4
    Treasury instruments (unpledged)   556.2 481.8
    Treasury instruments (pledged as collateral)   2,912.9 2,062.6
    Fixed income securities (unpledged)   87.7 76.7
    Reverse repurchase agreements   2,490.4 3,199.8
    Cash and cash equivalents   2,556.6 1,483.5
    Total current assets   23,828.5 16,936.0
    Total assets   24,312.5 17,611.6
    1. Prior period comparatives have been restated. Refer to note 3(b) and note 37 in the Group Annual Report for further information.

    Consolidated Statement of Financial Position

    As at 31 December 2024

        31 December 31 December
        2024 2023
        $m $m
          Restated1
    Liabilities      
    Current liabilities      
    Repurchase agreements   2,305.8 3,118.9
    Trade and other payables   9,740.4 6,785.9
    Stock lending   4,952.1 2,323.3
    Short securities   1,704.6 1,924.8
    Short-term borrowings   152.0 —
    Lease liability   10.5 13.2
    Derivative instruments   751.7 402.2
    Corporation tax   41.9 7.6
    Debt securities   2,119.6 1,308.4
    Provisions   0.6 0.4
    Total current liabilities   21,779.2 15,884.7
    Non-current liabilities      
    Lease liability   67.0 39.4
    Long-term borrowings   — —
    Debt securities   1,484.9 907.9
    Deferred tax liability   4.5 3.7
    Total non-current liabilities   1,556.4 951.0
    Total liabilities   23,335.6 16,835.7
    Total net assets   976.9 775.9
           
    Equity      
    Share capital   0.1 0.1
    Share premium   202.6 134.3
    Additional Tier 1 capital (AT1)   97.6 97.6
    Retained earnings   722.4 555.3
    Own shares   (23.2) (9.8)
    Other reserves   (22.6) (1.6)
    Total equity   976.9 775.9
    1. Prior year comparatives have been restated. Refer to note 3(b) and note 37 in the Group Annual Report for further information.

    The MIL Network –

  • MIL-OSI USA: Storm Brings a Potpourri of Hazards to the U.S.

    Source: NASA

    A powerful mid-latitude cyclone delivered a potpourri of weather hazards as it worked its way across the United States in March 2025. Beginning on March 3, the low-pressure system fanned wildfires and blinding dust storms in the Southwest, spawned severe thunderstorms and tornadoes in the Southeast, fueled blizzards in the Great Plains and Midwest, and dropped heavy rain in the Northeast.
    Thick plumes of dust streamed across West Texas in this image, captured on March 4, 2025, by the MODIS (Moderate Resolution Imaging Spectroradiometer) on NASA’s Terra satellite. Clouds of dust appear to originate from arid landscapes in northern Mexico and West Texas, a region that spans the Chihuahuan Desert, cattle ranches and cotton farms, and gas and oil fields.
    Exceptional drought has gripped West Texas for the past several months, according to the U.S. Drought Monitor. The lack of rain has parched vegetation and dried the land surface, making the region particularly susceptible to erosion and dust storms.
    Fierce winds and thick plumes of blowing dust led to traffic accidents, flight disruptions, school closures, power outages, and red and orange skies throughout the state and region, according to news reports. One particularly severe dust storm on March 3 sharply reduced visibility and contributed to a 21-car accident near Roswell, New Mexico.
    “This is a large event, but dust storms are typical in this region at this time of year,” said Santiago Gassó, a University of Maryland atmospheric scientist based at NASA’s Goddard Space Flight Center. “Unfortunately, we’re seeing longer droughts in the southwestern U.S. and northern Mexico, so we can expect more of this type of event.”
    Tools powered by NASA data and satellites are available to meteorologists, scientists, and others tracking the storm. The Worldview browser hosts timely data and imagery from several satellites. A data viewer from NASA’s Short-term Prediction Research and Transition Center (SPoRT) provides access to rainfall, lightning, air quality, and other data, and NASA’s Global Modeling and Assimilation Office has tools for real-time weather analysis and reanalysis.
    One of the newer data products comes from an experimental aerosol detection algorithm that NOAA’s AerosolWatch team is developing. The algorithm makes it easier to distinguish between dust and smoke, both of which were present in the hazy plume over Texas on March 4, by merging data collected by the TEMPO (Tropospheric Emissions: Monitoring of Pollution) mission with ABI (Advanced Baseline Imager) observations from the GOES-19 satellite.
     

    “The combination of TEMPO with GOES is very promising,” Gassó said. “Both satellites make multiple observations each day, and given their combined observations at several spectral channels, we’re able to fully characterize smoke or dust in time, space, and concentration for the first time.”
    NASA Earth Observatory image by Michala Garrison, using MODIS data from NASA EOSDIS LANCE and GIBS/Worldview. Story by Adam Voiland.

    MIL OSI USA News –

  • MIL-OSI Video: 2025 National Lab Research SLAM

    Source: United States of America – Federal Government Departments (video statements)

    The National Lab Research SLAM, now in its second year, showcases the innovative research conducted at 17 Department of Energy (DOE) National Laboratories and illustrates the pivotal role the National Labs play in the nation’s innovation ecosystem. The National Lab Research SLAM challenges early-career scientists to deliver a compelling three-minute presentation of their research to a non-specialist audience, emphasizing the critical importance of science communication in society. Contestants are permitted one slide, but no additional resources or props. On March 5, 2025, finalists from each of the 17 National Laboratories will compete for the title of “Best Presentation” in their respective research categories awarded by a panel of esteemed judges and a “People’s Choice” winner awarded by the audience. For more information, visit nlresearchslam.org.

    https://www.youtube.com/watch?v=zccX3Lx1EP4

    MIL OSI Video –

  • MIL-OSI United Kingdom: Wales’s Clean Energy Industry boosted by Minister Nia Griffith’s visit to Copenhagen

    Source: United Kingdom – Executive Government & Departments

    Press release

    Wales’s Clean Energy Industry boosted by Minister Nia Griffith’s visit to Copenhagen

    Minister highlights Wales’s natural resources, world-class energy sector and skilled workforce on visit to Denmark.

    Wales Office Minister Nia Griffith and His Majesty’s Ambassador to Denmark, Joëlle Jenny

    • Wales at the forefront of the UK’s clean energy mission.
    • Minister highlights Wales’s natural resources, world-class energy sector and skilled workforce on visit to Denmark.
    • Expansion of the renewable energy sector in Wales will help kickstart economic growth and make the UK a clean energy superpower.

    Wales Office Minister, Dame Nia Griffith highlighted Wales’s pivotal role in the United Kingdom’s ambitious clean energy mission to Danish companies and potential investors on a trade mission to Copenhagen this week.

    Dame Nia’s three-day visit to the Danish capital came just one week after a major £600m investment deal in Welsh green energy projects between Copenhagen Infrastructure Partners, Bute Energy and Green GEN Cymru was announced. The development of new onshore windfarms planned across Wales by Bute Energy is planned to create up to 2,000 jobs.

    The visit highlighted collaboration between Wales and Denmark in renewable energy projects, including Danish companies already investing in offshore wind off the North Wales coast and in the construction of turbines used in onshore and offshore projects across Wales.

    Currently, 50 per cent of electricity in Denmark is supplied by wind and solar power while making Britain a clean energy superpower is one of the UK Government’s key missions.

    The UK Government is working with the Welsh Government and industry partners to develop floating offshore wind in the Celtic Sea. This would see wind turbines built on floating platforms to take advantage of the wind direction and would play a crucial role in the UK Government’s mission to make Britian at clean energy superpower.

    This technology could support up to 5,300 new jobs and generate up to £1.4bn for the UK economy, helping to kickstart economic growth and raise living standards as set out in the UK Government’s Plan for Change. 

    During her visit, Minister Griffith held a series of meetings designed to bolster cooperation on clean energy and explore investment opportunities. The itinerary included visits to leading Danish institutions and companies, discussions on renewable energy projects, and participation in events celebrating St. David’s Day with a focus on promoting Wales as a hub for clean energy innovation.

    Wales Office Minister Nia Griffith said:

    There are tremendous opportunities for partners and investors in Denmark to work with us to boost the clean energy sector in Wales.

    I am determined to make sure we achieve our clean energy mission which will bring energy security, drive down energy bills, create good jobs, and help to protect future generations from the cost of climate breakdown.

    Tim Morris, Head of Communications for Associated British Ports, said:

    Ports in Wales and Denmark share the ambition to play a foundational role in enabling the energy transition.

    It was great to sit down with other port operators and key stakeholders from the wider energy sector from both countries to share knowledge and insights. ABP has strong links with Danish organisations such as Orsted and the Port of Esbjerg and we look forward to deepening these relationships.

    The visit showcased Wales’s potential as a global leader in renewable energy, particularly in floating offshore wind, and set the stage for future collaborations and investments that will drive economic growth and environmental sustainability.

    ENDS

    Updates to this page

    Published 6 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Press release – European Parliament Press Kit for the Special European Council of 6 March 2025

    Source: European Parliament

    European Parliament President Roberta Metsola will represent the European Parliament at the special summit, where she will address the heads of state or government at 12.30.

    European Council President António Costa convened the Special European Council to discuss continued support for Ukraine and European defence, with the participation of Ukrainian President Volodymyr Zelenskyy.

    Russia’s war of aggression against Ukraine

    On 24 February 2025, the President of the European Parliament, the President of the European Council and the President of the European Commission issued a joint statement, saying “Russia and its leadership bear sole responsibility for this war and the atrocities committed against the Ukrainian population. We continue to call for accountability for all war crimes and crimes against humanity committed. We welcome the recent steps made towards the establishment of a Special Tribunal for the Crime of Aggression against Ukraine.”

    The three Presidents highlighted that “Ukraine is part of our European family” and that “the future of Ukraine and its citizens lies within the European Union.”. They said “the need to ensure the international community’s continued focus on supporting Ukraine in achieving a comprehensive, just, and lasting peace based on the Ukrainian peace formula. We stand firm with Ukraine, reaffirming that peace, security, and justice will prevail.”

    On 11 February, Parliament’s Conference of Presidents issued a statement on continuing the EU’s unwavering support for Ukraine, after three years of Russia’s full-scale war of aggression. EP leaders reaffirmed their “steadfast solidarity with the people of Ukraine, who continue to demonstrate extraordinary resilience and courage in defending their sovereignty, independence, and territorial integrity. The European Union must remain united in its commitment to support Ukraine that includes political, military, economic, humanitarian and financial assistance. (…) . We call on the EU and its member states to increase and speed up the delivery of its support, in particular of its military support and establish a legal regime allowing for the confiscation of Russian-owned assets frozen by the EU.”

    Also on 11 February, the Chair of the Ukrainian Verkhovna Rada, Ruslan Stefanchuk, addressed a formal sitting of the European Parliament. Welcoming Mr Stefanchuk, European Parliament President Roberta Metsola said: “I am proud that this Parliament has stood with Ukraine from the very first moment – united, unwavering, and resolute. We will keep pushing for peace. Peace must be just, it must be dignified, and it must be based on the principle of ‘Nothing about Ukraine without Ukraine’.”

    In a resolution adopted on 23 January, MEPs condemn the Russian regime’s systematic falsification of historical arguments to justify its illegal war of aggression against Ukraine. The text rejects historical claims by the Russian regime used to undermine Ukraine’s history and national identity as futile attempts to justify its ongoing illegal war. Parliament issues a strong call for the EU and its member states to increase and better coordinate their efforts to promptly and rigorously counter Russian disinformation and foreign information manipulation and interference. This is essential, they say, to protect the integrity of democratic processes and strengthen the resilience of European societies.

    The resolution also calls on the EU to expand its sanctions against Russian media outlets conducting disinformation campaigns championing Russia’s war of aggression against Ukraine. It urges EU countries to implement these sanctions thoroughly and to dedicate sufficient resources to effectively addressing hybrid warfare. MEPs also want the EU to step up its support for exiled independent Russian media to facilitate diverse voices in the Russian-language media.

    On 28 November 2024, MEPs adopted a resolution calling for more military support for Ukraine amid the involvement of China and North Korea. They condemn Russia’s use of North Korean troops against the Ukrainian army and its testing of new ballistic missiles in Ukraine. These recent escalatory steps represent a new phase in the war and a new risk for Europe’s security as a whole, MEPs argue, calling on the EU and Ukraine’s other international partners to respond accordingly.

    Insisting that “no negotiations about Ukraine can take place without Ukraine”, MEPs urge the EU to work towards achieving the broadest possible international support for Ukraine and identifying a peaceful solution to the war. The resolution also demands the Council extend its sanctions against Russia, particularly against sectors of special economic importance, such as the metallurgical, nuclear, chemical, agricultural and banking sectors, and on Russian raw materials.

    Extraordinary plenary session with Volodymyr Zelenskyy

    On 19 November 2024, Parliament held an extraordinary plenary session with Ukraine’s President Volodymyr Zelenskyy, marking 1000 days since Russia’s full-scale invasion. Opening the sitting, EP President Roberta Metsola said Parliament would stand with Ukraine until it has “freedom and real peace, for as long as it takes.” She added that the Ukrainian people’s sacrifice over the previous 1,000 days was not just for themselves but for every European’s freedom and way of life.

    In his address, President Zelenskyy thanked the EU for its support and said that Ukraine, all of Europe, and our partners in America and around the world have succeeded not only in “preventing Putin from taking Ukraine” but also in defending the freedom of all European nations. “Putin remains smaller than the united strength of Europe. I urge you not to forget this, and not to forget how much Europe is capable of achieving. We can surely push Russia towards a just peace. Peace is what we desire the most,” he added. President Zelenskyy concluded by saying: “No one can enjoy calm water amid the storm. We must do everything we can to end this war fairly and justly. 1,000 days of war is a tremendous challenge. We must make the next year the year of peace.”

    Statement by EP leaders marking 1,000 days of Russia’s full-scale invasion of Ukraine

    Also on 19 November 2024, Parliament’s President and political group leaders adopted a statement marking 1,000 days of Russia’s illegal and unjustified war against Ukraine. “We have started EU accession talks with Ukraine as it moves towards taking its rightful place in our European family. The gradual integration of Ukraine into the Union will be a central task for all EU institutions in this legislature, along with providing long-term financial and military assistance and much-needed support,” they said. They said, “The ultimate goal remains to achieve a just and lasting peace in Ukraine on Ukraine’s terms, ensuring the safety and dignity of its people within a peaceful and stable Europe. Together, the democratic world must send a clear, simple message: we stand with and support Ukraine in every possible way until its victory.”

    Measures against the Russian “shadow fleet”

    In a resolution adopted on 14 November 2024, Parliament calls for more targeted EU sanctions against Russia’s so-called ‘shadow fleet’, which provides a key financial lifeline for Moscow’s war in Ukraine. MEPs demand measures against these vessels in the next EU sanctions packages, including all individual ships as well as their owners, operators, managers, accounts, banks and insurance companies. They also call for the systematic sanctioning of vessels sailing through EU waters without known insurance and urge the EU to enhance its surveillance capabilities, especially drone and satellite monitoring, and to conduct targeted inspections at sea. MEPs want EU member states to designate ports capable of handling sanctioned vessels carrying crude oil and Liquified Natural Gas (LNG) and to seize illegal cargo without compensation.

    Financial assistance to Ukraine

    On 22 October 2024, MEPs approved an extraordinary loan of up to €35 billion to Ukraine, to be repaid with future revenues from frozen Russian assets. Parliament endorsed the new macro-financial assistance (MFA) to help Ukraine against Russia’s brutal war of aggression. This loan is the EU’s part of a G7 package agreed last June, to provide up to $50 billion (approximately €45 billion) in financial support to Ukraine. The final amount the EU will contribute could be lower, depending on the size of the loans provided by other G7 partners.

    The Ukraine Loan Cooperation Mechanism, a newly established framework, will make future revenues from the frozen Russian Central Bank assets located in the EU available to Ukraine. These funds will help Ukraine service and repay the EU’s MFA loan as well as loans from other G7 partners. While the mechanism’s funds can be used to service and repay loans, Kyiv may allocate the MFA funds as it sees fit.

    Further reading

    Joint statement on the third anniversary of Russia’s invasion of Ukraine

    EP Conference of Presidents’ statement on EU support for Ukraine

    Ruslan Stefanchuk: “Peace in Ukraine can only be achieved if we stay strong”

    MEPs condemn Russia’s use of disinformation to justify its war in Ukraine

    More military support for Ukraine amid the involvement of China and North Korea

    Zelenskyy to MEPs: “We must end this war fairly and justly”

    1000 days: Statement on Ukraine by European Parliament’s leaders

    Parliament calls for an EU crackdown on Russia’s ’shadow fleet’

    Parliament approves up to €35 billion loan to Ukraine backed by Russian assets

    MEPs: Ukraine must be able to strike legitimate military targets in Russia

    Newly elected Parliament reaffirms its strong support for Ukraine

    MEPs approve trade support measures for Ukraine with protection for EU farmers

    Joint Statement by the Presidents of the European Union Institutions on the occasion of the 2 year anniversary of the Russian invasion of Ukraine

    Parliament calls on the EU to give Ukraine whatever it needs to defeat Russia

    EU sanctions: new rules to crack down on violations

    MEPs: EU must actively support Russia’s democratic opposition

    Yulia Navalnaya: “If you want to defeat Putin, fight his criminal gang”

    Debate 12 March 2024: Preparation of the European Council meeting of 21 and 22 March 2024

    Debate 13 March 2024: Need to address the urgent concerns surrounding Ukrainian children forcibly deported to Russia

    Parliament wants tougher enforcement of EU sanctions against Russia

    A long-term solution for Ukraine’s funding needs

    How the EU is supporting Ukraine

    EU stands with Ukraine

    European Defence

    At the informal European Council meeting on defence on 3 February 2025, European Parliament President Metsola outlined her vision for how Europe can and must strengthen its own security and defence. “More action, more financing, and more cooperation,” must be the EU’s goals, she argued.

    “We need to do more, much more, to ramp up defence production and increase our defence industrial readiness” she said, stressing that “the best investment in European security is investing in the security of Ukraine.”

    President Metsola argued “investing in security, is not just about protection – it is about boosting European competitiveness, driving growth, creating quality high-skilled jobs and powering everyday breakthroughs that improve how we live, work and connect. The real incentive lies in addressing fragmentation within our markets. Different rules, standards, and systems are putting up barriers and risk holding us back. It makes no sense for Europe to have 178 different weapons systems, when the United States has 30.”

    “Fragmentation costs us billions: between €25 and €75 billion are lost due to duplication and inefficiencies. The answer to this is staring us right in the face. Now is the time to move forward with a single market for defence. Europe must be responsible for its own security. No one else will do this for us,” she added

    In a report adopted by the Foreign Affairs Committee on 30 January, MEPs push for the EU to strengthen its defence capacity against a backdrop of multiple security threats. The report emphasises the absolute need for the EU to recognise and meet the current challenges posed by multiple and evolving security threats. The EU, they say, needs to engage in new and better policies that will enable the European Union and its member states to strengthen their defence in Europe. Noting the limited progress and underinvestment in common European defence capability development, industrial capacity, and defence readiness since the establishment of the EU’s Common Security and Defence Policy (CSDP) 25 years ago, MEPs restate need for a truly common European approach, policies and joint efforts in the area of defence. They say a paradigm shift in EU CSDP is essential to enable the European Union to act decisively in its neighbourhood, and on the global stage, to safeguard its values, interests, citizens, and promote its strategic objectives.

    On 13 January, MEPs discussed the security situation in Europe and beyond, as well as defence and EU-NATO cooperation, with NATO Secretary General Mark Rutte.

    Regarding EU-NATO cooperation, MEPs quizzed Mr Rutte on the EU’s contribution. Defence is not limited to military issues, MEP said, adding that it includes international relations, as well as social, economic and diplomatic relations. MEPs also asked about future cooperation with the incoming Trump Administration and expressed concern about the role of Türkiye in NATO.

    Other MEPs pointed out that there are differences between NATO allies on defence issues, but unity is necessary to secure a sustainable peace in Ukraine. They also highlighted the difficult security situation in the Mediterranean and the Western Balkans.

    Several MEPs enquired about the avoidance of duplication in military production as well accelerating the development of weapons, and others raised the issue of the need to tackle hybrid threats, particularly on the eastern flank of Europe and in the Western Balkans.

    Further reading

    “Europe must be responsible for its own security”, Metsola tells EU leaders

    MEPs call on Europe to strengthen its defence capacity

    Rutte to MEPs: “We are safe now, we might not be safe in five years”

    MIL OSI Europe News –

  • MIL-OSI Europe: ASIA/MYANMAR – In Kachin State: Catholic pastoral center bombed

    Source: Agenzia Fides – MIL OSI

    Banmaw diocese

    Banmaw (Agenzia Fides) – The pastoral center on the grounds of the Catholic Church of St. Michael in Nan Hlaing, in a rural area of the diocese of Banmaw (northern Myanmar), was hit and destroyed by a bombing raid by the Burmese army. “Five bullets and two aerial bombs fired at our church grounds hit the building but did not injure anyone,” reports Jesuit Wilbert Mireh, parish priest of the church with a history of over a century. The Jesuit reports that he had to travel to a distant place on the border with China to find a place with electricity and internet access and to be able to communicate with the outside world. “Electricity, telephone and other services have been absent in our area since July 2024,” he says. Banmaw is located in Kachin State, about 186 km south of the capital Myitkyina, and has a population of about 65,000, mainly Kachin, but also Bamar, Shan and Han. “The bombing caused damage to the building, but no injuries. We thank God that we are safe, although people here are fighting for survival, there are no schools, clinics or shops,” Father Mireh continued. “After this new attack, the faithful trust in the Archangel Michael and pray to him to protect us. Even the boys and children sing and invoke Saint Michael,” he reports. “We usually celebrate Mass under the trees because it is too dangerous to be in the church and the building has already been hit and damaged. But I must say that despite the suffering and the precarious conditions, the faith and spirit are strong. The faithful pray every day that the Lord, through the Archangel Michael, continues to grant his protection and watch over us,” the religious continued. Father Mireh is Burma’s native Jesuit, ordained a priest in 2013 and now one of around 30 Burmese Jesuits. After his pastoral service in Loikaw, he was sent to Banmaw, where, in addition to pastoral care for the faithful, he has always devoted himself to social apostolate and education. “Today, the fact that children do not have school is one of the serious consequences of the civil war,” he notes. Father Mireh concludes: “Despite the fear and unease, we will continue to live for good, truth and justice, firm in our faith.” The context in which the local Catholic community finds itself today is that of Kachin State in northern Myanmar, where a bitter struggle is taking place between the regular army and the army of the Kachin ethnic minority, which has taken up positions near the town of Banmaw. The Kachin Independence Army (KIA), which is fighting for the state’s self-determination, is one of the best organized ethnic militias that has been active for decades and has joined the resistance against the currently ruling military junta. In Kachin State, the Burmese army has been forced to withdraw from large parts of the area and is now bombarding it with artillery and aircraft. According to local sources, due to the ongoing fighting for control of Banmaw, most of the city’s residents have fled, leaving only about 20,000 people living in the city. The displaced have fled to the surrounding forests and villages, where they find few resources for their livelihood. The Banmaw diocese is located in the southeastern part of Kachin State, in the border area with China. In recent years, even before the 2021 coup, the conflict between the regular Myanmar army and the KIA had created over 120,000 displaced people. The war has intensified and has affected nine of the diocese’s 13 parishes in the last two years, further increasing the number of refugees. (PA) (Agenzia Fides, 5/3/2024)
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    MIL OSI Europe News –

  • MIL-OSI Russia: Rosneft reconstructed the House of Culture in Bashkortostan

    Translartion. Region: Russians Fedetion –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    With the support of Bashneft (part of Rosneft), a large-scale reconstruction of the district House of Culture has been completed in the village of Askino in the Askinsky District of the Republic of Bashkortostan. The project was implemented within the framework of the Cooperation Agreement between Rosneft and the region.

    Rosneft actively supports social initiatives aimed at creating favorable living conditions in the regions of its presence. The company pays great attention to cultural and educational projects.

    The project included the reconstruction of the complex of buildings of the House of Culture and the library. The main part of the House of Culture was located in a building from the 80s of the last century and required a radical reconstruction. During the project, the facade of the building, engineering systems of heating, water supply and lighting were completely renovated. The institution was also equipped with equipment and musical instruments.

    Of particular interest to young people is the interactive space that has been created, which is equipped with modern equipment, including VR glasses, a digital camera, a gaming console and a touch-sensitive information panel.

    The library building adjacent to the main part of the House of Culture was built in 1906. All engineering systems were replaced and the interior was completely renovated. The library was equipped with new furniture, computer equipment and hardware. In addition, a summer reading room was organized in the open air and the adjacent territory was landscaped.

    Particular attention has been paid to creating an accessible barrier-free environment: the building is equipped with ramps, anti-slip surfaces, special entrances, as well as caterpillar stair lifts and chairs for the comfort of visitors with disabilities.

    The library’s book collection began to be formed in 1884, and today it comprises almost 50 thousand copies. Users are provided with access to the National Electronic Library and electronic services: a reading room and a legal reference system.

    In addition, the library has creative laboratories where anyone can implement their creative projects, participate in games and discussions in national languages, master classes on traditional crafts and cooking national cuisine.

    The House of Culture will become a venue for festivals, cultural events and a point of attraction for residents of the district and nearby areas. It includes 15 clubs and creative groups, in which almost 400 people are involved.

    Over the past five years, Bashneft has built and reconstructed more than 50 cultural facilities in the republic. Among them are the reconstruction of the socio-cultural center in the village of Kamenka in the Bizhbulyaksky District, the reconstruction of the historical and cultural center in the Mishkinsky District, the major repairs of the cinema in the village of Verkhneyarkeyevo in the Ilishevsky District, the construction of a multifunctional rural House of Culture in the village of Karayar in the Karaidelsky District and many other projects.

    Reference:

    ANK Bashneft is one of the oldest enterprises in the country’s oil and gas industry, operating in the extraction and processing of oil and gas. The company’s key assets are located in the Republic of Bashkortostan. Oil and gas exploration and production are also carried out in the Khanty-Mansiysk Autonomous Okrug – Yugra, Nenets Autonomous Okrug, Orenburg Region, Perm Krai and the Republic of Tatarstan.

    Department of Information and Advertising of PJSC NK Rosneft March 6, 2025

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

    MIL OSI Russia News –