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Category: Entertainment

  • MIL-OSI Australia: Powerhouse Speakers named for Untapped 2025

    Source: Australia Government Statements 4

    06 03 2025 – Media release

    Top (L-R): Jet Wilkinson, Michael Shanks. Bottom (L-R): Ryan O’Connell, Megan Park.
    Australians in Film and Screen Australia are proud to announce the highly anticipated UNTAPPED 2025 Masterclass Speakers, featuring a powerful line-up of four industry trailblazers, shaping the future of film and television. 
    The esteemed speakers — Michael Shanks, Megan Park, Ryan O’Connell, and Jet Wilkinson — will bring their unparalleled expertise to Australia’s premier artist development program, UNTAPPED, which continues to break boundaries by nurturing undiscovered and emerging writers and directors.
    This year’s speakers are true visionaries in the entertainment industry:

    Michael Shanks – the writer and director of the critically acclaimed horror feature Together, which premiered at the 2025 Sundance Film Festival and sold to Neon for a record-breaking $15 million. Shanks’ remarkable debut has earned widespread praise and positioned him as a rising star in cinema.
    Megan Park – the writer, director, and actor known for her hit films My Old Ass (starring Aubrey Plaza), and The Fallout, (starring Jenna Ortega), Park has firmly established herself as one of the most exciting new voices in international filmmaking, with a distinctive style that resonates globally.
    Ryan O’Connell – the writer, director, and actor of the ground-breaking series Special, which premiered worldwide on Netflix and garnered 4 Emmy nominations. O’Connell’s poignant storytelling and authentic representation of disability have earned him recognition as one of the industry’s most influential new talents.
    Jet Wilkinson – the acclaimed director, whose recent episodic work includes Lena Waithe’s The Chi, The Old Man (starring Jeff Daniels and John Lithgow), and Percy Jackson and the Olympians, in which she was nominated for an Emmy. Wilkinson’s impressive body of work as a director has earned her recognition for her dynamic, character-driven storytelling.

    UNTAPPED, now in its fifth year, is Australia’s most prestigious and globally recognized artist development program, designed to provide emerging filmmakers with invaluable access to international professionals. Previous mentors have included executives from Lucky Chap, Blossom Films, Hello Sunshine and Atomic Monster, and writers from Beef and Dave.
    Executive Director of Australians in Film Peter Ritchie said, “We are thrilled to unveil this extraordinary line-up of visionary international Masterclass speakers for UNTAPPED 2025. With AiF’s deep-rooted connections in Los Angeles and our influential global network, we ensure access to the most creative trailblazers, who are passionate about giving back and empowering the next wave of Australian talent.
    “Thanks to the vital support of the Federal Government through Screen Australia, AiF is forging critical international pathways for Australia’s brightest emerging film and television writers and directors. This strategic investment not only guarantees our unique cultural narrative, and distinct voice will resonate globally for years to come, but also ensures the sustainability of a thriving Australian industry which continues to inspire and innovate around the world.”
    Screen Australia Chief Operating Officer Grainne Brunsdon said, “UNTAPPED continues to provide a critical pathway for emerging filmmakers to launch global careers and forge important connections in the US market. To have such an esteemed line-up of guest speakers on board to inspire the 2025 cohort is testament to the reputation of Australia’s creative talent and I’ve no doubt their wealth of experience will be invaluable.”
    Past UNTAPPED participant Nicholas Lin said, “This program exceeded my expectations. I couldn’t have made the connections I’ve made without this program. Everyone involved in UNTAPPED have been invaluable in my learning experience; without them, I couldn’t have expanded my creative craft and learnt how to construct stories for an international audience.”
    The strategic structure of UNTAPPED involves an open invitation for anyone to apply for four online Masterclasses. Following the Masterclasses, five projects will move forward to a four-month Development Lab, where participants receive mentoring, pitch coaching, and expert guidance on script development.
    First Nations Australians, people who are culturally and linguistically diverse, living with disability, LGBTQIA+, and/or living in regional and remote locations are encouraged to apply for UNTAPPED.
    With its ongoing commitment to fostering the next generation of global filmmaking talent, UNTAPPED 2025 promises to be another ground-breaking year for the Australian screen industry.
    Application Deadline: March 26, 2025, at 11:59 p.m. (PDT) | March 27, 2025, at 5:59 p.m. (AEDT)
    For more information about UNTAPPED 2025 and how to apply click here.
    Presenting Partners:
    Australians in Film and Screen Australia
    Supporting Partners:
    Screen NSW, Screen Queensland, Screenwest and VicScreen
    Industry Partners:
    Australian Directors Guild, Australian Writers Guild, Screen Canberra, Screen Producers Australia, Screen Tasmania, Screen Territory, South Australian Film Corporation, Screenworks. 
    AiF Media Enquiries
    Jane Lunn 
    [email protected] 
    +61 402 248 811 
    Media enquiries
    Maddie Walsh | Publicist
    + 61 2 8113 5915  | [email protected]
    Jessica Parry | Senior Publicist (Mon, Tue, Thu)
    + 61 428 767 836  | [email protected]
    All other general/non-media enquiries
    Sydney + 61 2 8113 5800  |  Melbourne + 61 3 8682 1900 | [email protected]

    MIL OSI News –

    March 6, 2025
  • MIL-OSI Economics: Sony Corporation Exhibits at the International Conference on Accessibility “CSUN Assistive Technology Conference 2025”

    Source: Sony

    March 6, 2025

    Showcasing a variety of products and initiatives incorporating inclusive design.

    Sony Corporation (“Sony”) will participate in the 40th CSUN Assistive Technology Conference, taking place Monday, March 10 to Friday, March 14 in Anaheim, California.

    Sony aims to contribute to an inclusive society by developing technology and products geared towards creating a more accessible and enjoyable experience for everyone, under the theme of “Delivering innovation for an accessible future.”

    The exhibit will showcase accessible products and various inclusive design initiatives, including 4K Mini LED/OLED BRAVIA TVs with new features such as a menu timeout function that allows users to keep menus on the screen longer as well as color inversion and grayscale modes. The LinkBuds Open truly wireless earbuds, which have an open ring design that keeps users connected to their surroundings, will also be on display.

    For more information, visit: CSUN 2025

    Main Exhibits

    4K Mini LED/OLED BRAVIA TVs

    BRAVIA TVs offer a variety of accessibility features, implemented based on feedback from people with disabilities who want to use the TV more independently, including the TalkBack screen reader for initial settings, a menu timeout function that allows users to keep menus on the screen longer, as well as color inversion and grayscale modes for people with low vision or visual sensitivities. Additionally, the tactile dots on the HDMI and S-CENTER terminals of BRAVIA TVs match those found on the BRAVIA Theater products to simplify the process of locating and connecting ports for a smooth setup experience.

    BRAVIA Theater Bar 9/8

    To help people with visual disabilities set up BRAVIA Theater home audio products, a raised square frame on the package indicates a QR code*1 for the BRAVIA Connect app*2, which offers screen reader support. Tactile dots on the back panel of BRAVIA Theater Bar 9 and 8 indicate the eARC HDMI terminal for connecting to a TV.

    LinkBuds Open Truly Wireless Earbuds

    LinkBuds Open have a unique open-ring design that keeps users connected to the outside world while enjoying their favorite tunes. The Fitting Supporters have a tail that is soft and hollow to reduce ear contact and therefore pressure, while the point of attachment is hooked and hard, to prevent accidental dislodging. As a part of efforts to enhance the accessibility of our products and services, the earbuds and the case are designed with non-slip materials and designs, incorporating feedback from people who are blind or partially sighted. In addition, LinkBuds Open work with Eye Navi, a walking support application for people with visual disabilities, developed by Computer Science Institute, for intuitive voice navigation (for customers in Japan only).
    Furthermore, Sony’s audio products have introduced “Guide for QR” to make it easier for users to recognize a QR code on the packaging, allowing them to access information on how to use the product. At CSUN, the packaging of LinkBuds Open with Guide for QR will be on display and handouts will be distributed with semicircular notches and tactile frames to make it easier to find a QR Code.

    For more information, visit: Guide for QR | Sony USA

    Self-fitting Over-the-Counter (OTC) Hearing Aids (only in the U.S. market)

    Self-fitting OTC hearing aids*3 have been available in the U.S. market were developed in collaboration with WS Audiology after listening to users’ opinions through interviews prior to development. Both the Bluetooth ®-compatible CRE-E10*4, with streaming music playback capability, and the virtually invisible CRE-C20 are supported with the Hearing Control smartphone app*5. The Hearing Control app’s self-fitting process customizes a hearing profile for each ear and users can also use the app to manually adjust a variety of sound settings as well. In addition, both the CRE-C20 and CRE-E10 are rechargeable and can be used comfortably for up to 26-28 hours with a single charge.

    Digital Cameras

    Sony will introduce a Screen Reader Function*6 and Enlarge Screen Function*7 incorporated in a selection of Sony’s digital cameras. Users can navigate menus and operation screens audibly instead of visually and can change the magnification of the screen display with the simple press of a button. These features were developed in collaboration with a Sony employee who is blind and has a passion for photography.

    Retina Projection Camera Kit

    Another unique and innovative development is the Retina Projection Camera Kit (DSC-HX99 RNV kit) with a laser retinal projection technology that is less affected by eye’s focusing ability. By combining the Cyber-shot® “DSC-HX99” and QD Laser Co., Ltd.’s “RETISSA NEOVIEWER” viewfinder*8, a digital image from the camera is directly projected to the retina, allowing people with difficulty using a conventional viewfinder to view and photograph the world.

    Accessible Retail Displays

    Sony will showcase a retail display with Braille and audio product description capabilities, created in cooperation with the Braille Institute, a nonprofit organization that supports the lives of people with visual disabilities. The retail displays with audio description capabilities have been installed in 925 Best Buy stores in the U.S.

    In addition to the exhibits above, Sony will hold a session on March 12 to showcase a selection of accessibility initiatives.

    Driving Innovation for an Inclusive Tomorrow

    Kazuo Kii, Executive Deputy President of Sony Corporation, and Neal Manowitz, President and COO of Sony Electronics in North America, will share video messages regarding accessibility at Sony. Additionally, Mike Nejat, Head of Accessibility of Sony Electronics North America, will introduce Sony’s ongoing accessibility initiatives, such as collaboration with organizations for people with disabilities and the latest accessible products.

    “Sony,” “SONY” logo and any other product names, service names or logo marks used in this website are registered trademarks or trademarks of Sony Group Corporation or its affiliates. Other product names, service names, company names or logo marks are trademarked and copyrighted properties of their respective owners and/or licensors.

    • *1:QR Code is a registered trademark of DENSO WAVE INCORPORATED in Japan and in other countries/regions.
    • *2:BRAVIA Connect app must be installed on a smartphone. The smartphone and the product must be connected to the same home network.
    • *3:FDA cleared as OTC self-fitting hearing aid intended to amplify sound for individuals 18 years of age or older with perceived mild to moderate hearing loss.
    • *4:Compatible with iOS devices only.
    • *5:Sony | Hearing control app – Use app on smartphone to personalize settings. Download app at Google Play and the App Store. Network services, content, and operating system and software subject to terms and conditions and may be changed, interrupted or discontinued at any time and may require registration.
    • *6:Currently available on Alpha 7C II, Alpha 7CR, Alpha 7R V, Alpha 7 IV, Alpha 9 III, Alpha 1 II, Alpha 6700, ILX-LR1, FX30, PXW-Z200, HXR-NX800 and Vlog camera ZV-1F, ZV-E1, ZV-1 II, ZV-E10 II sold in North America. Supported languages vary depending on models and regions/countries where sold.
    • *7:Available on Alpha 7C II, Alpha 7CR, Alpha 9 III, Alpha 1 II, ILX-LR1, PXW-Z200, HXR-NX800 and Vlog camera ZV-E10 II.
    • *8:The RETISSA NEOVIEWER is not medical equipment. It is not approved by The Food and Drug Administration (FDA) to diagnose, treat, cure or prevent any specific condition. It may be difficult to recognize images depending on the part and degree of impairment (such as when the function of the retina is degraded). RETISSA and NEOVIEWER are registered trademarks or trademarks of QD Laser. More information here: RETISSA NEOVIEWER – RETISSA

    MIL OSI Economics –

    March 6, 2025
  • MIL-OSI USA: Padilla, Colleagues to Trump Administration: Ensure Legal Representation for Children in Immigration System

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Colleagues to Trump Administration: Ensure Legal Representation for Children in Immigration System

    WASHINGTON, D.C. — U.S. Senator Alex Padilla (D-Calif.), Ranking Member of the Senate Judiciary Immigration Subcommittee, demanded the Trump Administration protect Congressionally mandated legal representation for unaccompanied children in the immigration system. The letter comes in response to the Trump Administration’s stop work order last month to organizations that provide legal services for unaccompanied children. Last week, following public pressure, the order was rescinded, however confusion and uncertainty still remains.

    Padilla joined 31 other Senators in demanding that Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr. and Secretary of the Interior Doug Burgum continue legal services for unaccompanied children involved in immigration proceedings as required by law. The termination of legal services for unaccompanied children violates the Trafficking Victims Protection Reauthorization Act (TVPRA) and risks the safety of 26,000 unaccompanied children to trafficking, exploitation, and other harm.

    “Cutting off access to legal services makes it more likely that the government will lose track of unaccompanied children, given the challenges such children would face in independently appearing for immigration court hearings, submitting address updates, or otherwise communicating with immigration authorities,” wrote the Senators. “Not only will this make children more vulnerable to trafficking, but it will also create further inefficiencies in an already backlogged immigration court system.”

    “Every day without access to counsel is another day in which vulnerable children face grave danger by human traffickers, abusers, or other bad actors, without an advocate at their side,” continued the Senators.

    Access to legal services, including representation, is essential for providing unaccompanied children fairness in the legal process. Without an attorney, many of these children face enormous roadblocks to advocate for themselves in a challenging immigration system because of their age, development, and language barriers.

    The TVPRA was passed by Congress in a bipartisan manner in 2008 and requires the Department of Health and Human Services (HHS) to provide counsel for unaccompanied children as much as possible by representing them in legal proceedings and protecting them from exploitation and abuse.

    Padilla signed the letter, led by Senators Jon Ossoff (D-Ga.) and Mazie Hirono (D-Hawaii), along with Senators Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Chris Coons (D-Del.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), Martin Heinrich (D-N.M.), John Hickenlooper (D-Colo.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Edward J. Markey (D-Mass.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Gary Peters (D-Mich.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Adam Schiff (D-Calif.), Jeanne Shaheen (D-N.H.), Chris Van Hollen (D-Md.), Reverend Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.).

    Senator Padilla is a leading voice in Congress opposing President Trump’s anti-immigrant actions and rhetoric. He sharply criticized Trump’s harmful executive orders targeting immigrants at the start of his second Administration. Last week, Padilla denounced Trump’s transfer of immigrants from the United States to Guantánamo as unlawful and demanded answers regarding these transfers. He also condemned the Trump Administration’s intended use of Bureau of Prisons (BOP) facilities to detain immigrants as part of President Trump’s mass deportation plan. Additionally, Padilla cosponsored the Born in the USA Act to effectively block the implementation of Trump’s unconstitutional executive order attempting to end birthright citizenship for certain children born in the United States, or a similar subsequent executive order. Last year, Padilla emphasized the dangers and immense economic costs of the Trump Administration’s mass deportation plans during a Senate Judiciary Committee hearing.

    Earlier this year, Senator Padilla introduced the Access to Counsel Act to ensure that U.S. citizens, green card holders, and other individuals with legal status can consult with an attorney, relative, or other interested parties to seek assistance if they are detained by Customs and Border Protection (CBP) for more than an hour at ports of entry, including airports.

    Full text of the letter is available here and below:

    Dear Secretary Kennedy and Secretary Burgum:

    We write to express our strong opposition to the February 18, 2025 stop work order issued regarding your agencies’ contract for the provision of legal services for unaccompanied children. Although the order has now been rescinded, we are concerned about the chaos and confusion it caused for legal services providers and the children they serve. Any disruption to services for unaccompanied children is alarming, particularly in light of recent reports of the administration’s intent to place unaccompanied children into removal proceedings.

    Pausing or terminating the provision of legal services to unaccompanied children under this contract runs directly counter to the requirements of the Trafficking Victims Protection Reauthorization Act (TVPRA) and places 26,000 unaccompanied children at increased risk of trafficking, exploitation, and other harm. The TVPRA, passed by Congress in 2008 on a bipartisan basis, requires the Department of Health and Human Services (HHS) to ensure, to the greatest extent practicable, that all unaccompanied children have counsel to represent them in legal proceedings and protect them from mistreatment, exploitation, and trafficking. Shirking this statutory mandate heightens the risk of harm for these uniquely vulnerable children.

    Access to legal services often provides unaccompanied children their only hope for a fair legal process. Unaccompanied children’s age, developmental stage, and communication and comprehension constraints make it virtually impossible for them to effectively navigate the complex and adversarial immigration system without an attorney at their side. The government-funded legal services provided under this contract are, in many cases, the only thing preventing a two or three-year-old unaccompanied child from facing court proceedings alone against a government attorney seeking their deportation. 

    Attorneys are vital to unaccompanied children’s comprehension of and compliance with immigration requirements and processes. From fiscal year (FY) 2005 through June of FY 2019, 98 percent of juveniles placed in removal proceedings who were represented by a lawyer appeared for their hearings. Cutting off access to legal services makes it more likely that the government will lose track of unaccompanied children, given the challenges such children would face in independently appearing for immigration court hearings, submitting address updates, or otherwise communicating with immigration authorities. Not only will this make children more vulnerable to trafficking, but it will also create further inefficiencies in an already backlogged immigration court system. Moreover, attorneys help children understand their options and are often in a position to facilitate prompt voluntary departures, where appropriate.

    For these reasons, we urge you to publicly commit to maintaining this contract. We further request a briefing about why the contract was paused and your plan for compliance with your statutory mandate to ensure that children have counsel in immigration proceedings.

    Every day without access to counsel is another day in which vulnerable children face grave danger by human traffickers, abusers, or other bad actors, without an advocate at their side. Thank you for your consideration of this critical issue.

    Sincerely,

    MIL OSI USA News –

    March 6, 2025
  • MIL-Evening Report: Woolly mice are cute and impressive – but they won’t bring back mammoths or save endangered species

    Source: The Conversation (Au and NZ) – By Emily Roycroft, Research Group Leader & ARC DECRA Fellow, Monash University

    Colossal Biosciences

    US company Colossal Biosciences has announced the creation of a “woolly mouse” — a laboratory mouse with a series of genetic modifications that lead to a woolly coat. The company claims this is the first step toward “de-extincting” the woolly mammoth.

    The successful genetic modification of a laboratory mouse is a testament to the progress science has made in understanding gene function, developmental biology and genome editing. But does a woolly mouse really teach us anything about the woolly mammoth?

    What has been genetically modified?

    Woolly mammoths were cold-adapted members of the elephant family, which disappeared from mainland Siberia at the end of the last Ice Age around 10,000 years ago. The last surviving population, on Wrangel Island in the Arctic Ocean, went extinct about 4,000 years ago.

    The house mouse (Mus musculus) is a far more familiar creature, which most of us know as a kitchen pest. It is also one of the most studied organisms in biology and medical research. We know more about this laboratory mouse than perhaps any other mammal besides humans.

    Colossal details its new research in a pre-print paper, which has not yet been peer-reviewed. According to the paper, the researchers disrupted the normal function of seven different genes in laboratory mice via gene editing.

    By tinkering with different genes, researchers produced mice with different kinds of fur.
    Colossal Biosciences

    Six of these genes were targeted because a large body of existing research on the mouse model had already demonstrated their roles in hair-related traits, such as coat colour, texture and thickness.

    The modifications in a seventh gene — FABP2 — was based on evidence from the woolly mammoth genome. The gene is involved in the transport of fats in the body.

    Woolly mammoths had a slightly shorter version of the gene, which the researchers believe may have contributed to its adaptation to life in cold climates. However, the “woolly mice” with the mammoth-style variant of FABP2 did not show significant differences in body mass compared to regular lab mice.

    What would it mean to de-extinct a species?

    This work shows the promise of targeted editing of genes of known function in mice. After further testing, this technology may have a future place in conservation efforts. But it’s a long way from holding promise for de-extinction.

    Colossal Biosciences claims it is on track to produce a genetically modified “mammoth-like” elephant by 2028, but what makes a mammoth unique is more than skin-deep.

    De-extinction would need to go beyond modifying an existing species to show superficial traits from an extinct relative. Many aspects of an extinct species’ biology remain unknown. A woolly coat is one thing. Recreating the entire suite of adaptations, including genetic, epigenetic and behavioural traits that allowed mammoths to thrive in ice age environments, is another.

    Prehistoric drawings of an ibex (left) and a mammoth (right) found at Rouffignac cave in France.
    Cave Painter / Wikimedia

    Unlike the thylacine (or Tasmanian tiger) — another species Colossal aims to resurrect — the mammoth has a close living relative in the modern Asian elephant. The closer connections between the genomes of these two species may make mammoth de-extinction more technically feasible than that of the thylacine.

    But whether or not a woolly mouse brings us any closer to that prospect, this story forces us to consider some important ethical questions. Even if we could bring back the woolly mammoth, should we? Is the motivation behind this effort conservation, or entertainment? Is it ethical to bring a species back into an environment that may no longer sustain it?

    Focus on conserving what remains

    In Australia alone, we’ve lost at least 100 species to extinction since European colonisation in 1788, largely due the introduction of feral predators and land clearing.

    The idea of reversing extinction is understandably appealing. We might like to think we could undo the past.

    According to Colossal’s website,

    Extinction is a colossal problem facing the world. And Colossal is the company that’s going to fix it.

    It’s hard to argue with the first part of that. But focusing on bringing back extinct species distracts from a more urgent reality: species are going extinct right now, and we are not doing enough to save them.

    We should first focus on promises to save surviving species, rather than promises to bring back the dead.

    With more investment in threatened species monitoring, new pest control methods, and conservation genetic management, we can turn the tide of extinction and secure the future for species that remain.

    There’s a long list of threatened species that are still alive now. With the right funding and conservation attention, we can do something to save them before it’s too late.

    Emily Roycroft receives funding from the Australian Research Council, the L’Oréal-UNESCO For Women in Science Programme, and the Australian Academy of Science.

    – ref. Woolly mice are cute and impressive – but they won’t bring back mammoths or save endangered species – https://theconversation.com/woolly-mice-are-cute-and-impressive-but-they-wont-bring-back-mammoths-or-save-endangered-species-251595

    MIL OSI Analysis – EveningReport.nz –

    March 6, 2025
  • MIL-OSI China: World’s tallest bridge in Guizhou nearing completion

    Source: China State Council Information Office 2

    An aerial panoramic drone photo shows a view of the Huajiang Grand Canyon Bridge in southwest China’s Guizhou, Jan. 14, 2025. [Photo/Xinhua]
    The Huajiang Grand Canyon Bridge in Guizhou province, set to become the world’s tallest bridge, is 95 percent complete, with installation of the bridge deck panels expected to finish by mid-March, a deputy to China’s top legislature said during the ongoing two sessions.
    Zhang Shenglin, a deputy to the 14th National People’s Congress, said the bridge’s main structure was completed in January, and engineers have overcome key technical challenges. The focus has now shifted to installing the deck, followed by anti-corrosion work on the main cables and infrastructure projects such as mechanical and electrical equipment.
    “When the bridge opens in the second half of 2025, this super project spanning the ‘Earth’s crack’ will showcase China’s engineering capabilities and boost Guizhou’s goal of becoming a world-class tourist destination,” said Zhang, who is also chief engineer of Guizhou Highway Engineering Group Co.
    The bridge’s main span stretches 1,420 meters, with a height of 625 meters from deck to water — comparable to a 200-story building — surpassing the 565-meter-high Beipanjiang Bridge as the world’s tallest.
    It is also the world’s longest span bridge to be built in a mountainous area.
    “Its steel trusses weigh about 22,000 metric tons — the equivalent of three Eiffel Towers — and were installed in just two months,” said Zhang.
    The bridge connects Liuzhi to Anlong and is a key link in southwestern China’s highway network. Once operational, it will cut cross-river travel time from about two hours to just two minutes.
    Beyond transportation benefits, Zhang said the bridge is expected to boost the local economy by promoting sales of agricultural products and ethnic handicrafts, as well as encouraging development of homestays and restaurants. At a nearby village, more than 100 young people have returned to their hometown to invest in tourism projects such as cliff hotels and camping sites, she said.
    The Guizhou Transportation Investment Group, responsible for the bridge’s “integrated development of bridge and tourism” program, said it is seeking investment from companies and individuals.
    The project includes the Yundu service center, a commercial complex spanning 21,100 square meters with dining, shopping, entertainment and tourism facilities. The development plan features 13 subcategories, including sightseeing suspension bridges, canyon cable cars, rock climbing, food markets, cultural products, resort hotels, holiday campsites and sky cafes, the company said.

    MIL OSI China News –

    March 6, 2025
  • MIL-OSI Economics: 5G-Advanced and AI Combine Their Strengths to Take Mobile AI to New Heights

    Source: Huawei

    Headline: 5G-Advanced and AI Combine Their Strengths to Take Mobile AI to New Heights

    [Barcelona, Spain, March 5, 2025] At the Mobile World Congress (MWC) Barcelona 2025, Huawei held its Mobile AI Network Summit. In attendance were a broad lineup of partners, including representatives from leading analytics firms Ookla, Omdia, and ABI, AI technology developers like Zhipu AI, and AI device innovators like SHARGE. Together, they discussed a long list of topics of industry-wide interest, from mobile AI industry upgrades to network construction best practices. They proposed the construction of a mobile AI infrastructure to accelerate network evolution to 5G-Advanced and high-level autonomy for the mobile AI era.
    Dang Wenshuan, Huawei’s Chief Strategy Architect, speaking at the summit

    Huawei Chief Strategic Architect Dang Wenshuan presented insights into the global AI boom. AI is creating business opportunities in many domains, from full-process experience operations to AI New Calling, AI homes, and services and products for SMEs. According to Dang, “to make the most of mobile AI, 5G-Advanced is essential for creating new business value for operators and their vertical partners.” Networks are improving quickly to support 10 times faster uplink speed and 10 dB better coverage with 10 times higher spectral efficiency. This means networks will become a strong foundation for the universal accessibility of AI. Conversely, AI has massive potential for improving networks. AI can make networks more productive by increasing O&M efficiency by 30%, lowering energy consumption by 20%, and enabling the service assurance rate to exceed 90%.
    Representatives from Ookla, Omdia, ABI, Zhipu AI, and SHARGE affirmed that the rapid progress of large language models attributes to the boom in mobile AI. The increasing popularity of AI phones, glasses, and many other intelligent devices is making multimodal interaction more available and useful. This amplifies the importance of real-time mobile connections and sets the stage for drastic data traffic increases in networks. For operators, this means new opportunities for business monetization and new tests for their mobile networks in uplink bandwidth, latency, and seamless coverage across indoor and outdoor areas. Networks are becoming increasingly complex as the mobile AI era fast approaches, so mobile operators share a common goal of using large language models, digital twins, and other cutting-edge technologies to develop agents for greater network productivity.
    Operator guests shared the success stories of 5G construction and network architecture upgrade. They discussed spectrum convergence, multi-antenna improvement, and SA architecture evolution for rapid implementation of 5G across all bands. These innovations address the user experience requirements of diverse mobile AI services, while enabling lower energy consumption. By making full use of the respective strengths of AI and mobile networks, intelligent networks can achieve deterministic service experience and high-level network autonomy through greater human-machine collaboration. This is conducive to improving user experience and making O&M more efficient.
    At this summit, Huawei highlighted two directions for adapting to the mobile AI era. To help operators improve networks to make the most of the AI boom, Huawei offers next-generation GigaGreen, GigaBand, and GigaSpot solutions that feature stronger frequency aggregation. These solutions enable operators to simplify network deployment for flexible network capacity increase and superior ubiquitous connection experiences while realizing green sustainability. To help operators maximize the benefits of AI for stronger networks and quickly advance to AN L4, Huawei has introduced an agentic choreography pipeline to its agent-based digital-person team. The agentic choreography pipeline enables elaborate radio resource orchestration to guarantee differentiated experience, and supports multi-agent orchestration for automated complex task execution. Furthermore, working with the RAN Intelligent Service Engine (RISE), which is an intelligent capability openness platform that is first launched by Huawei, the agentic choreography pipeline provides operators with end-to-end automation for orchestrating customer-oriented provisioning for new services, thereby accelerating their rollout in the market. This enables operators to make networks even more intelligent, flexible, and efficient.
    MWC Barcelona 2025 is held from March 3 to March 6 in Barcelona, Spain. During the event, Huawei will showcase its latest products and solutions at stand 1H50 in Fira Gran Via Hall 1.
    In 2025, commercial 5G-Advanced deployment will accelerate, and AI will help carriers reshape business, infrastructure, and O&M. Huawei is actively working with carriers and partners around the world to accelerate the transition towards an intelligent world.
    For more information, please visit: https://carrier.huawei.com/en/events/mwc2025

    MIL OSI Economics –

    March 6, 2025
  • MIL-OSI: South Bow Reports Fourth-quarter and Year-end 2024 Results, Provides 2025 Outlook, and Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) reports its fourth-quarter and year-end 2024 financial and operational results and provides its 2025 outlook. Unless otherwise noted, all financial figures in this news release are in U.S. dollars.

    Highlights

    Spinoff transaction

    • Launched as an independent company on Oct. 1, 2024, completing the planned separation (the Spinoff) from TC Energy Corp. (TC Energy).
    • Completed an initial notes offering on Aug. 28, 2024, raising approximately $5.8 billion, in aggregate, of U.S. and Canadian dollar-denominated senior unsecured notes and U.S. dollar-denominated junior subordinated notes. As part of the Spinoff, South Bow repaid the outstanding long-term debt owed to affiliates of TC Energy on Oct. 1, 2024.

    Safety and operational performance

    • Demonstrated safety excellence in 2024, achieving record occupational and process safety performance during a transformative period.
    • Delivered record system availability in 2024, with an annual System Operating Factor (SOF) of 95% for the Keystone Pipeline due to continued improvements in system reliability.
    • Recorded annual average throughput on the Keystone Pipeline of approximately 626,000 barrels per day (bbl/d) in 2024, an increase of 5% relative to 2023. Throughput on the U.S. Gulf Coast segment of the Keystone Pipeline System averaged approximately 795,000 bbl/d, increasing by 15% relative to 2023.
      • Fourth-quarter 2024 throughput on the Keystone Pipeline and the U.S. Gulf Coast segment of the Keystone Pipeline System averaged approximately 621,000 bbl/d and approximately 784,000 bbl/d, respectively.
    • Advanced the Blackrod Connection Project in Alberta, anticipated to be ready for in-service in early 2026. South Bow is in the final stages of completing construction of the project’s 25-km crude oil and natural gas pipeline segments, with welding complete and hydrostatic testing activities underway. Facility construction, including the tank terminal, is expected to be completed in late 2025.
    • Received approval from the Pipeline and Hazardous Materials Safety Administration (PHMSA) in Jan. 2025 of South Bow’s remedial work plan, substantially completing the conditions in the Amended Corrective Action Order (ACAO) related to the Milepost 14 incident (MP-14). In early March 2025, South Bow received approval from PHMSA to lift the pressure restriction on the affected segment to 72% of the specified minimum yield strength of the pipeline. The affected segment includes the section of the pipeline where the MP-14 incident occurred.

    Financial performance

    • Delivered strong financial performance in 2024, underscored by the highly contracted nature of South Bow’s assets. Revenue and normalized earnings before interest, income taxes, depreciation, and amortization (normalized EBITDA) increased relative to 2023 due to significant demand for uncommitted capacity on the Keystone Pipeline in the first quarter of 2024, and strong demand for capacity on the U.S. Gulf Coast segment of the Keystone Pipeline System throughout the year.
      • Generated revenue of $488 million and $2,120 million for the three months and year ended Dec. 31, 2024, respectively.
      • Recognized net income of $55 million ($0.26/share) and $316 million ($1.52/share) during the three months and year ended Dec. 31, 2024, respectively.
      • Recorded normalized EBITDA1 of $290 million for the three months ended Dec. 31, 2024, an increase of 11% from the three months ended Sept. 30, 2024, primarily due to the timing of trade settlements within South Bow’s Marketing segment. Normalized EBITDA for the year ended Dec. 31, 2024 was $1,091 million, an increase of 2% from 2023.
      • Delivered distributable cash flow1 of $183 million and $608 million for the three months and year ended Dec. 31, 2024, respectively.
    • Exited 2024 with total long-term debt and net debt1 outstanding of $5.7 billion and $4.9 billion, respectively. South Bow’s net debt-to-normalized EBITDA ratio1 was 4.5 times at Dec. 31, 2024, supported by the Company’s starting working capital balances and strong normalized EBITDA generated in 2024.
      • South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.

    Returns to shareholders

    • Committed to paying a strong and sustainable dividend, declared South Bow’s inaugural quarterly dividend of $104 million ($0.50/share) on Nov. 7, 2024. The dividend was paid on Jan. 31, 2025 to shareholders of record on Dec. 31, 2024.
    • South Bow’s board of directors (the Board) has approved a quarterly dividend of $0.50/share, payable on April 15, 2025 to shareholders of record at the close of business on March 31, 2025. The dividends will be designated as eligible dividends for Canadian income tax purposes.

    South Bow’s audited consolidated financial statements and notes (the financial statements), management’s discussion and analysis (MD&A), and annual information form (AIF) as at and for the year ended Dec. 31, 2024 are available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the U.S. Securities and Exchange Commission (SEC) at www.sec.gov. The disclosure under the section “Non-GAAP Financial Measures” in South Bow’s MD&A as at and for the year ended Dec. 31, 2024 is incorporated by reference into this news release.

    South Bow’s standalone financial statements were prepared using information derived from the consolidated financial statements and accounting records of TC Energy, including the historical cost basis of assets and liabilities comprising the Company, as well as the historical revenues, direct costs, and allocations of indirect costs attributable to the operations of the Company, using the historical accounting policies applied by TC Energy. The presentation of certain prior period comparatives have been updated for consistency with current year presentation.

     _________________________

    1 Non-GAAP financial measure or ratio that do not have standardized meanings under generally accepted accounting principles (GAAP) and may not be comparable to measures presented by other entities. See “Non-GAAP financial measures” of this news release.

    Financial and operational results

    $ millions, unless otherwise noted Three Months Ended Year Ended
    Sept. 30, 2024 Dec. 31, 2024 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2023
    FINANCIAL RESULTS          
    Revenue 534   488 540   2,120 2,005
    Income from equity investments 12   12 13   49 50
    Net income 61   55 103   316 442
    Per share1 0.29   0.26 0.50   1.52 2.13
    Normalized net income2 86   112 94   383 504
    Per share1 2 0.41   0.54 0.45   1.84 2.43
    Normalized EBITDA2 262   290 278   1,091 1,074
    Keystone Pipeline System 257   250 264   1,028 981
    Marketing (7 ) 24 (2 ) 12 42
    Intra-Alberta & Other 12   16 16   51 51
    Distributable cash flow2 163   183 161   608 785
    Dividends declared —   104 —   104 —
    Per share1 —   0.50 —   0.50 —
    Capital expenditures3 61   28 11   122 37
    Total long-term debt 10,452   5,716 5,967   5,716 5,967
    Net debt2 4 4,827   4,901 5,715   4,901 5,715
    Net debt-to-normalized EBITDA (ratio)2 4.5   4.55 5.3   4.55 5.3
    Common shares outstanding, weighted average diluted (millions)6 207.6   208.4 207.6   208.2 207.6
    Common shares outstanding (millions)6 207.6   208.0 207.6   208.0 207.6
               
    OPERATIONAL RESULTS          
    Keystone Pipeline SOF (%) 95   96 92   95 93
    Keystone Pipeline throughput (Mbbl/d) 616   621 612   626 595
    U.S. Gulf Coast segment of Keystone Pipeline System throughput (Mbbl/d)7 815   784 783   795 694
    Marketlink throughput (Mbbl/d) 636   615 610   614 537
    1. Per share amounts, with the exception of dividends, are based on weighted average diluted common shares outstanding.
    2. Non-GAAP financial measure or non-GAAP ratio that do not have standardized meanings and may not be comparable to measures presented by other entities. See “Non-GAAP financial measures” of this news release.
    3. Capital expenditures per the investing activities of the consolidated statements of cash flows of the financial statements.
    4. Includes 50% equity treatment of South Bow’s junior subordinated notes.
    5. South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.
    6. The common shares issued on Oct. 1, 2024 have been used for comparative periods, as the Company had no common shares outstanding prior to the Spinoff. For periods prior to Oct. 1, 2024, it is assumed there were no dilutive equity instruments, as there were no equity awards of South Bow outstanding prior to the Spinoff.
    7. Comprises throughput originating in Hardisty, Alta. transported on the Keystone Pipeline, and throughput originating in Cushing, Okla. transported on Marketlink for destination in the U.S. Gulf Coast.

    Outlook

    Capital allocation priorities

    • South Bow takes a disciplined approach to capital allocation to preserve optionality and maximize total shareholder returns over the long term. The Company’s capital allocation priorities are built on a foundation of financial strength and supported by South Bow’s stable, predictable cash flows. South Bow’s capital allocation priorities include:
      • paying a sustainable base dividend;
      • strengthening the Company’s investment-grade financial position; and
      • leveraging existing infrastructure within South Bow’s strategic corridor to offer customers competitive connections and enhanced optionality.

    Market outlook

    • Every day, South Bow safely and reliably transports crude oil to key demand and refining markets in the U.S. Midwest and Gulf Coast. With substantially all of the crude oil imported into the U.S. Midwest originating from Canada, and refining facilities in the U.S. Gulf Coast set up to process heavy crude oil, these markets rely heavily on Canadian crude oil supplies to meet their energy needs.
    • While approximately 90% of South Bow’s normalized EBITDA is contracted through committed arrangements, which carry minimal commodity price or volumetric risk, demand for uncommitted capacity on the Keystone System is anticipated to remain subdued in 2025 as Western Canadian Sedimentary Basin (WCSB) crude oil pipeline capacity exceeds supply.
    • The potential for, and continuation of, tariffs on energy imposed by the U.S. government and counter-tariffs imposed by the Canadian government have created economic and geopolitical uncertainty, resulting in volatility in pricing differentials. Persistence of this uncertainty may create additional headwinds for uncommitted capacity on South Bow’s pipeline systems and impact South Bow’s Marketing segment results. Given the uncertainty, South Bow’s guidance for 2025 does not account for the future potential impact of sustained tariffs.

    2025 guidance

    • South Bow’s guidance aims to inform readers about Management’s expectations for financial and operational results in 2025. Readers are cautioned that these estimates may not be suitable for any other purpose. See “Forward-looking information and statements” of this news release for additional information regarding factors that could cause actual events to be significantly different from those expected.
    • The financial outlook for South Bow in 2025 is supported by the Company’s highly contracted cash flows and strong structural demand for services. Normalized EBITDA is projected to be approximately $1.01 billion, within a range of 3%, with approximately 90% secured through committed arrangements. South Bow reaffirms its long-term normalized EBITDA growth outlook of 2% to 3%.
    • South Bow has reduced its outlook for normalized EBITDA for its Marketing segment by approximately $30 million relative to 2024, due to continued impacts of WCSB crude oil pipeline capacity exceeding supply and South Bow’s response to market uncertainty caused by the potential for, and continuation of, tariffs, including the unwinding of certain positions to minimize South Bow’s exposure to further pricing volatility.
    • South Bow anticipates that its interest expense for 2025 will be approximately $325 million, within a range of 2%, and that the Company’s current tax rate will range from 23% to 24%.
    • Distributable cash flow is expected to be approximately $535 million, within a range of 3%, which South Bow will use to fund its expected annual dividend of $416 million ($2.00/share), subject to approval and declaration by the Board, and investments required to continue advancing the Blackrod Connection Project.
    • South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.
    • South Bow plans to invest approximately $110 million, within a range of 3%, in growth capital expenditures for the Blackrod Connection Project in 2025. The total expected capital cost of the project is estimated to be $180 million, targeted to be ready for in-service in early 2026. As of Dec. 31, 2024, South Bow has invested $62 million in the project.
    • Maintenance capital expenditures are estimated to be approximately $65 million, within a range of 3%, in 2025, as South Bow proactively completes maintenance activities while demand for uncommitted capacity is expected to be subdued, and invests in information services infrastructure. These expenditures are generally recoverable through South Bow’s tolling arrangements.

    South Bow’s 2025 annual guidance and a review of 2024 actual results are outlined below:

    $ millions, except percentages 1 2024 Actuals 2025 Guidance
    Normalized EBITDA 1,091 1,010 ± 3%
    Interest expense 388 325 ± 2%
    Current tax rate (%) 23% 23% – 24%
    Distributable cash flow 608 535 ± 3%
    Capital expenditures    
    Growth 73 110 ± 3%
    Maintenance 2 61 65 ± 3%
    1. Assumes average foreign exchange rate of C$/U.S.1.4286.
    2. Maintenance capital expenditures are generally recoverable through South Bow’s tolling arrangements.

    Refer to the section entitled “Guidance” in South Bow’s MD&A as at and for the year ended Dec. 31, 2024, available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov.

    Conference call and webcast details

    South Bow’s senior leadership will host a conference call and webcast to discuss the Company’s fourth-quarter and year-end 2024 results and 2025 outlook on March 6, 2025 at 8 a.m. MT (10 a.m. ET).

       
    Date March 6, 2025
    Time 8 a.m. MT (10 a.m. ET)
    Webcast link https://edge.media-server.com/mmc/p/fqe5oacv
    Conference call link https://register.vevent.com/register/BIbb6663202d26443895983db438ccaf6e

    Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

    Visit www.southbow.com/investors for the replay following the event.

    Non-GAAP financial measures

    In this news release, South Bow references certain non-GAAP financial measures and non-GAAP ratios that do not have standardized meanings under GAAP and may not be comparable to similar measures presented by other entities. These non-GAAP measures include or exclude adjustments to the composition of the most directly comparable GAAP measures. Management considers these non-GAAP financial measures and non-GAAP ratios to be important in evaluating and understanding the operational performance and liquidity of South Bow. These non-GAAP measures and non-GAAP ratios should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP.

    South Bow’s non-GAAP financial measures and non-GAAP ratios include:

    • normalized EBITDA;
    • normalized net income;
    • normalized net income per share;
    • distributable cash flow;
    • net debt; and
    • net debt-to-normalized EBITDA ratio.

    These measures and ratios are further described below, with a reconciliation to their most directly comparable GAAP measure.

    Normalizing items

    Normalized measures are, or include, non-GAAP financial measures and ratios and include normalized EBITDA, normalized net income, normalized net income per share, distributable cash flow, and net debt-to-normalized EBITDA ratio. Management uses these normalized measures to assess the financial performance of South Bow’s operations and compare period-over-period results. During certain reporting periods, the Company may incur costs that are not indicative of core operations or results. These normalized measures represent income (losses), adjusted for specific normalizing items that are believed to be significant; however, they are not reflective of South Bow’s underlying operations in the period.

    These specific items include gains or losses on sales of assets or assets held for sale, unrealized fair value adjustments related to risk management activities, acquisition, integration, and restructuring costs, and other charges, including but not limited to, impairment, contractual costs, and settlements.

    South Bow excludes the unrealized fair value adjustments related to risk management activities, as these represent the changes in the fair value of derivatives, but do not accurately reflect the gains and losses that will be realized at settlement and impact income. Therefore, South Bow does not consider them reflective of the Company’s underlying operations, despite providing effective economic hedges. Realized gains and losses on grade financial contracts are adjusted to improve comparability, as they settle in a subsequent period to the underlying transaction they are hedged against.

    Separation costs relate to internal costs and external fees incurred specific to the Spinoff. These items have been excluded from normalized measures, as Management does not consider them reflective of ongoing operations and they are non-recurring in nature.

    Normalized EBITDA

    Normalized EBITDA is used as a measure of earnings from ongoing operations. Management uses this measure to monitor and evaluate the financial performance of the Company’s operations and to identify and evaluate trends. This measure is useful for investors as it allows for a more accurate comparison of financial performance of the Company across periods for ongoing operations. Normalized EBITDA represents income before income taxes, adjusted for the normalizing items, in addition to excluding charges for depreciation and amortization, interest expense, and interest income.

    The following table reconciles income (loss) before income taxes to normalized EBITDA for the indicated periods:

    $ millions Three Months Ended Year Ended
    Sept. 30, 2024   Dec. 31, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023  
    Income before income taxes 90   72   131   418   562  
    Adjusted for specific items:          
    Depreciation and amortization 61   62   61   246   244  
    Interest expense 115   84   105   388   220  
    Interest income and other (27 ) 28   (7 ) (12 ) (32 )
    Risk management instruments (23 ) 57   (15 ) 8   25  
    Keystone variable toll disputes 11   (3 ) —   8   42  
    MP-14 costs —   4   —   4   —  
    Separation costs 20   (1 ) 3   29   3  
    Keystone XL costs and other 15   (13 ) —   2   10  
    Normalized EBITDA 262   290   278   1,091   1,074  

    The following table reconciles income (loss) before income taxes to normalized EBITDA by operating segment for the indicated periods:

    $ millions Three Months Ended Sept. 30, 2024
    Keystone
    Pipeline
    System
      Marketing   Intra-Alberta
    & Other
      Total  
    Income (loss) before income taxes 173   17   (100 ) 90  
    Adjusted for specific items:        
    Depreciation and amortization 59   —   2   61  
    Interest expense (1 ) —   116   115  
    Interest income and other —   (1 ) (26 ) (27 )
    Risk management instruments —   (23 ) —   (23 )
    Keystone variable toll disputes 11   —   —   11  
    MP-14 costs —   —   —   —  
    Separation costs —   —   20   20  
    Keystone XL costs and other 15   —   —   15  
    Normalized EBITDA 257   (7 ) 12   262  
    $ millions Three Months Ended Dec. 31, 2024
    Keystone
    Pipeline
    System
    Marketing Intra-Alberta
    & Other
    Total
    Income (loss) before income taxes 205   (32 ) (101 ) 72  
    Adjusted for specific items:        
    Depreciation and amortization 59   —   3   62  
    Interest expense (1 ) —   85   84  
    Interest income and other (1 ) (1 ) 30   28  
    Risk management instruments —   57   —   57  
    Keystone variable toll disputes (3 ) —   —   (3 )
    MP-14 costs 4   —   —   4  
    Separation costs —   —   (1 ) (1 )
    Keystone XL costs and other (13 ) —   —   (13 )
    Normalized EBITDA 250   24   16   290  
    $ millions Three Months Ended Dec. 31, 2023
    Keystone
    Pipeline
    System
      Marketing   Intra-Alberta
    & Other
      Total  
    Income (loss) before income taxes 203   14   (86 ) 131  
    Adjusted for specific items:        
    Depreciation and amortization 60   —   1   61  
    Interest expense 3   1   101   105  
    Interest income and other (2 ) (2 ) (3 ) (7 )
    Risk management instruments —   (15 ) —   (15 )
    Keystone variable toll disputes —   —   —   —  
    MP-14 costs —   —   —   —  
    Separation costs —   —   3   3  
    Keystone XL costs and other —   —   —   —  
    Normalized EBITDA 264   (2 ) 16   278  
    $ millions Year Ended Dec. 31, 2024
    Keystone
    Pipeline
    System
      Marketing   Intra-Alberta
    & Other
      Total  
    Income (loss) before income taxes 778   6   (366 ) 418  
    Adjusted for specific items:        
    Depreciation and amortization 238   —   8   246  
    Interest expense 1   1   386   388  
    Interest income and other (3 ) (3 ) (6 ) (12 )
    Risk management instruments —   8   —   8  
    Keystone variable toll disputes 8   —   —   8  
    MP-14 costs 4   —   —   4  
    Separation costs —   —   29   29  
    Keystone XL costs and other 2   —   —   2  
    Normalized EBITDA 1,028   12   51   1,091  
    $ millions Year Ended Dec. 31, 2023
    Keystone
    Pipeline
    System
      Marketing   Intra-Alberta
    & Other
      Total  
    Income (loss) before income taxes 687   19   (144 ) 562  
    Adjusted for specific items:        
    Depreciation and amortization 239   —   5   244  
    Interest expense 7   2   211   220  
    Interest income and other (4 ) (4 ) (24 ) (32 )
    Risk management instruments —   25   —   25  
    Keystone variable toll disputes 42   —   —   42  
    MP-14 costs —   —   —   —  
    Separation costs —   —   3   3  
    Keystone XL costs and other 10   —   —   10  
    Normalized EBITDA 981   42   51   1,074  


    Normalized net income and normalized net income per share

    Normalized net income represents net income adjusted for the normalizing items described above and is used by Management to assess the earnings that are representative of South Bow’s operations. By adjusting for non-recurring items and other factors that do not reflect the Company’s ongoing performance, normalized net income provides a clearer picture of the Company’s continuing operations. This measure is particularly useful for investors as it allows for a more accurate comparison of financial performance and trends across different periods. On a per share basis, normalized net income is derived by dividing the normalized net income by the weighted average common shares outstanding at the end of the period. This per share measure is valuable for investors as it provides insight into South Bow’s profitability on a per share basis, assisting in evaluating the Company’s performance.

    The following table reconciles net income to normalized net income for the indicated periods:

    $ millions, except common shares outstanding and per share amounts Three Months Ended Year Ended
    Sept. 30, 2024   Dec. 31, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023  
    Net income 61   55   103   316   442  
    Adjusted for specific items:          
    Risk management instruments (23 ) 57   (15 ) 8   25  
    Keystone variable toll disputes 11   (3 ) —   8   42  
    MP-14 settlement —   4   —   4   —  
    Separation costs 20   27   3   67   3  
    Keystone XL costs and other 15   (13 ) 3   2   17  
    Tax effect of the above adjustments (8 ) (15 ) —   (22 ) (25 )
    Normalized net income 76   112   94   383   504  
    Common shares outstanding, weighted average diluted (millions) 207.6   208.4   207.6   208.2   207.6  
    Normalized net income per share 0.41   0.54   0.45   1.84   2.43  


    Distributable cash flow

    Distributable cash flow is used to assess the cash generated through business operations that can be used for South Bow’s capital allocation decisions, helping investors understand the Company’s cash-generating capabilities and its potential for returning value to shareholders. Distributable cash flow is based on income before income taxes, adjusted for depreciation and amortization, interest income and other, the normalizing items discussed above, and further adjusted for specific items, including income and distributions from the Company’s equity investments, maintenance capital expenditures, which are capitalized and generally recoverable through South Bow’s tolling arrangements, and current income taxes.

    The following table reconciles income before income taxes to distributable cash flow for the indicated periods:

    $ millions Three Months Ended Year Ended
    Sept. 30, 2024   Dec. 31, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023  
    Income before income taxes 90   72   131   418   562  
    Adjusted for specific items:          
    Depreciation and amortization 61   62   61   246   244  
    Interest income and other (27 ) 28   (7 ) (12 ) (32 )
    Normalizing items, net of tax1 18   34   (9 ) 39   62  
    Income from equity investments (12 ) (12 ) (13 ) (49 ) (50 )
    Distributions from equity investments 17   20   15   70   71  
    Maintenance capital expenditures2 (22 ) (15 ) (2 ) (61 ) (19 )
    Current income tax recovery (expense) 38   (6 ) (15 ) (43 ) (53 )
    Distributable cash flow 163   183   161   608   785  
    1. Normalizing items per normalized EBITDA reconciliation, net of tax.
    2. Maintenance capital expenditures are generally recoverable through South Bow’s tolling arrangements.

    Net debt and net debt-to-normalized EBITDA ratio

    Net debt is used as a key leverage measure to assess and monitor South Bow’s financing structure, providing an overview of the Company’s long-term debt obligations, net of cash and cash equivalents. This measure is useful for investors as it offers insights into the Company’s financial health and its ability to manage and service its debt obligations. Net debt is defined as the sum of total long-term debt with 50% treatment of the Company’s junior subordinated notes, operating lease liabilities, and dividends payable, less cash and cash equivalents, per the Company’s consolidated balance sheets.

    Net debt-to-normalized EBITDA ratio is used to monitor the South Bow’s leverage position relative to its normalized EBITDA for the trailing four quarters. This ratio provides investors with insight into the Company’s ability to service its long-term debt obligations relative to its operational performance. A lower ratio indicates stronger financial health and greater capacity to meet its debt obligations.

    $ millions, except ratios Sept. 30, 2024   Dec. 31, 2024   Dec. 31, 2023  
    Current portion of long-term debt to affiliates of TC Energy 4,677   —   —  
    Senior unsecured notes 4,686   4,629   5,967  
    Junior subordinated notes 1,089   1,087   —  
    Total long-term debt 10,452   5,716   5,967  
    Adjusted for:      
    Hybrid treatment for junior subordinated notes1 (545 ) (544 ) —  
    Operating lease liabilities 22   22   10  
    Dividends payable —   104   —  
    Cash and cash equivalents (622 ) (397 ) (262 )
    Restricted cash held in escrow2 (4,480 ) —   —  
    Net debt 4,827   4,901   5,715  
    Normalized EBITDA 1,079   1,091   1,074  
    Net debt-to-normalized EBITDA (ratio) 4.5   4.5   5.3  
    1. Includes 50% equity treatment of South Bow’s junior subordinated notes.
    2. Senior unsecured notes and junior subordinated notes were issued on Aug. 28, 2024, of which $1.25 billion was used to repay long-term debt to affiliates of TC Energy; the remaining proceeds were held in escrow until completion of the Spinoff on Oct. 1, 2024.

    Forward-looking information and statements

    This news release contains certain forward-looking statements and forward-looking information (collectively, forward-looking statements), including forward-looking statements within the meaning of the “safe harbor” provisions of applicable securities legislation, that are based on South Bow’s current expectations, estimates, projections, and assumptions in light of its experience and its perception of historical trends. All statements other than statements of historical facts may constitute forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as, “anticipate”, “will”, “expect”, “estimate”, “potential”, “future”, “outlook”, “strategy”, “maintain”, “ongoing”, “intend”, and similar expressions suggesting future events or future performance.

    In particular, this news release contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: South Bow’s corporate vision and strategy, including its strategic priorities and outlook; the Blackrod Connection Project, including completion of crude oil and natural gas pipeline segments, testing activities, in-service dates, and costs thereof; expected in-service dates and costs related to announced projects and projects under construction; PHMSA approvals and completion of the ACAO; expected interest expense and tax rate; expected capital expenditures; expected dividends; expected one-time costs relating to the Spinoff; expected shareholder returns and asset returns; demand for uncommitted capacity on the Keystone System; treatment under current and future regulatory regimes, including those relating to taxes, tariffs, and the environment; South Bow’s financial guidance for 2025 and beyond, including 2025 normalized EBITDA and long-term normalized EBITDA growth, 2025 interest expense, 2025 distributable cash flow, and 2025 capital expenditures; and South Bow’s financial strength and flexibility.

    The forward-looking statements are based on certain assumptions that South Bow has made in respect thereof as of the date of this news release regarding, among other things: oil and gas industry development activity levels and the geographic region of such activity; that favourable market conditions exist and that South Bow has and will have available capital to fund its capital expenditures and other planned spending; prevailing commodity prices, interest rates, inflation levels, carbon prices, tax rates, and exchange rates; the ability of South Bow to maintain current credit ratings; the availability of capital to fund future capital requirements; future operating costs; asset integrity costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; and prevailing regulatory, tax, and environmental laws and regulations.

    Although South Bow believes the assumptions and other factors reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these assumptions and factors will prove to be correct and, as such, forward-looking statements are not guarantees of future performance. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and related decisions and requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; the strength and operations of the energy industry; weakness or volatility in commodity prices; non-performance or default by counterparties; actions taken by governmental or regulatory authorities; the ability of South Bow to acquire or develop and maintain necessary infrastructure; fluctuations in operating results; adverse general economic and market conditions; the ability to access various sources of debt and equity capital on acceptable terms; and adverse changes in credit. The foregoing list of assumptions and risk factors should not be construed as exhaustive. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the results implied by forward-looking statements, refer to South Bow’s AIF dated March 5, 2025, available under South Bow’s SEDAR+ profile at www.sedarplus.ca and, from time to time, in South Bow’s public disclosure documents, available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov.

    Management approved the financial outlooks contained in this news release, including 2025 normalized EBITDA and long-term normalized EBITDA growth, 2025 interest expense, 2025 distributable cash flow, and 2025 capital expenditures as of the date of this news release. The purpose of these financial outlooks is to inform readers about Management’s expectations for the Company’s financial and operational results in 2025, and such information may not be appropriate for other purposes.

    The forward-looking statements contained in this news release speak only as of the date hereof. South Bow does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

    About South Bow

    South Bow safely operates 4,900 kilometres (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets in Illinois, Oklahoma, and the U.S. Gulf Coast through our unrivalled market position. We take pride in what we do – providing safe and reliable transportation of crude oil to North America’s highest demand markets. Based in Calgary, Alberta, South Bow is the spinoff company of TC Energy, with Oct. 1, 2024 marking South Bow’s first day as a standalone entity. To learn more, visit www.southbow.com.

    Contact information  
       
    Investor Relations Media Relations
    Martha Wilmot
    investor.relations@southbow.com
    Katie Stavinoha
    communications@southbow.com
       

    The MIL Network –

    March 6, 2025
  • MIL-OSI: Hivello integrates Nosana to boost passive income yield and expand DePIN network

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 05, 2025 (GLOBE NEWSWIRE) — Blockmate Ventures Inc (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH1) (“Blockmate” or the “Company”) is pleased to announce that its investee, Hivello Holdings Ltd (“Hivello”) has integrated with the Nosana network to increase passive income yield for Hivello users.

    Nosana is one of the highest-yielding DePIN networks for GPU-based compute with significant demand from Artificial Intelligence (AI) and software developers.

    Justin Rosenberg, CEO of Blockmate Ventures, commented, “Generative AI has exploded into mainstream internet use over the past year and these apps require large amounts of computing power to compete by generating outputs at high speed. Helping to fill a supply void for decentralized GPU power, we’re delighted for Hivello to integrate with Nosana in a move that will see an increase in GPU node participation and earning opportunities for Hivello users seeking higher-yielding passive income.”

    Below is the press release from Hivello:

    Hivello Integrates Nosana to Boost GPU Earnings and Expand DePIN Opportunities

    LONDON and AMSTERDAM, March 04, 2025 — Hivello, an aggregator of decentralized physical infrastructure networks (DePINs), is excited to announce its latest integration with Nosana, a decentralized compute network designed to power AI and CI/CD workloads using GPU resources. This partnership marks a significant step in expanding earning opportunities for users with GPUs, as Nosana is one of the highest-yielding DePIN networks for GPU-based compute.

    GPU-powered DePIN networks are among the most in-demand and profitable, and Nosana’s integration allows Hivello users to maximize their earnings by contributing their GPUs to a decentralized AI and software development ecosystem. With Nosana now part of Hivello’s automated compute aggregation platform, users can seamlessly connect their idle GPU power and generate higher returns while supporting the infrastructure behind AI model training and continuous software integration.

    With Nosana now integrated, Hivello expects to see a surge in GPU node participation, giving more users the ability to earn rewards, stake $HVLO, and contribute to the next wave of DePIN-powered applications.

    “The future of infrastructure is decentralized, and DePIN is leading this transformation,” said Domenic Carosa, Co-Founder and Chairman of Hivello. “Nosana’s integration is another step toward making GPU-powered compute more accessible, rewarding, and scalable. Hivello is committed to supporting the growth of DePIN by enabling anyone, anywhere, to contribute to and benefit from a more open and distributed infrastructure.”

    (ENDS)

    About Hivello
    Hivello is an aggregator of DePIN projects that allows any user to participate in a variety of DePIN networks with just a few clicks. This eliminates the technical hurdles that many users face when trying to join these networks, and allows users to earn passive income by mobilizing their idle computers. We aim to create a simple app that allows users to contribute their computer resources and earn passive income, with no technical knowledge required. It’s as easy as downloading, installing, and running nodes, making complex technologies accessible and beneficial to all.

    For more information about Hivello and to stay updated on its developments, visit www.hivello.com

    Website | X | Discord | LinkedIn | Telegram

    About Nosana
    Nosana is a decentralized GPU-powered compute network, supporting AI and CI/CD workloads. By leveraging distributed GPU resources, Nosana enables scalable AI training, software testing, and DevOps processes while rewarding node operators for their contributions.

    About Blockmate Ventures Inc.

    Blockmate Ventures is a venture creator focussing on building fast-growing technology businesses relating to cutting-edge sectors such as blockchain, AI and renewable energy. Working with prospective founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations and advice to accelerate the incubation of projects towards monetization. Recent projects include Hivello (download the free passive income app at www.hivello.com) and Sunified, digitising solar energy.

    The leadership team at Blockmate Ventures have successfully founded successful tech companies from the Dotcom era through to the social media era. Learn more about being a Blockmate at: www.blockmate.com.

    Blockmate welcomes investors to join the Company’s mailing list for the latest updates and industry research by subscribing at https://www.blockmate.com/subscribe.

    ON BEHALF OF THE BOARD OF DIRECTORS

    Justin Rosenberg, CEO
    Blockmate Ventures Inc
    justin@blockmate.com
    (+1-580-262-6130)

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

    Forward-Looking Information
    This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Raindrop disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.

    The MIL Network –

    March 6, 2025
  • MIL-Evening Report: Creative Australia’s decisions should be peer reviewed and at arm’s length. Where did things go wrong?

    Source: The Conversation (Au and NZ) – By Jo Caust, Associate Professor and Principal Fellow (Hon), School of Culture and Communication, The University of Melbourne

    For the past three weeks the arts have been dominated by a recent decision made by the board of Creative Australia. On February 7 it was announced Khaled Sabsabi and Michael Dagostino had been chosen as the artistic team to represent Australia at the Venice Biennale in 2026.

    One week later, the board announced Sabsabi and Dagostino would no longer be representing the country because their selection would cause “a prolonged and divisive debate”.

    This about-turn represents a low point in the relationship between artists and their funding body, Creative Australia.

    Creative Australia (known as the Australia Council until 2023) has historically endured many attacks from the public, the media and political parties. This past weekend, for example, The Weekend Australian published three different stories critiquing Creative Australia and its arts funding processes.

    While the amount of money Creative Australia receives is minuscule in relation to overall government spending (in 2023–24 it received A$258 million), the arts themselves enjoy a profile much greater than their monetary value.

    So how does Creative Australia operate? And what does this decision on Sabsabi mean for its relationship with artists?

    What is the peer review system?

    Funding decisions at Creative Australia are based on two key principles: peer review, and arm’s length funding.

    Peer review means decisions on who is funded are made by artists and arts workers with a deep understanding of the artform at hand.

    Arm’s length funding means that, while the government funds Creative Australia, artists are supported free from direct political intervention.

    The Australia Council, established in 1975, was originally structured around several artform boards, made up of peers from each of the artform sectors. These peers were given the task of overseeing their artforms and making funding decisions. Peers were selected by the government, usually after nomination by the Australia Council, and served terms of between two to five years.

    Membership of an artform board was seen as an honour as well as a duty by those selected: a way of influencing funding decisions, but also a way of giving back to the sector.

    As a result of an internal review in 2012, the process of peer decision making changed dramatically. The Australia Council in 2013 removed the artform boards (with a couple of exceptions) and introduced an ad hoc peer system where individuals were asked to self-nominate if they wanted to be part of the selection process. Staff then chose individuals, from a large pool of peers, to sit on a panel for each funding round.

    As a result of the 2013 reforms the relationship with the minister for the arts was also changed. Up till then, the minister only had the power to appoint the members of the Australia Council board and the members of the various artform boards. In 2013 the act was changed so the minister could also give policy direction to the Australia Council.

    In 2019, another category of selector was introduced. Industry advisors advise on multi-year funded applications, with the final decision made by Creative Australia staff.

    The changing make-up of decision makers

    The membership of the Australia Council’s governing board was historically more politicised, but its members were also often leading figures in the field.

    The chair position was usually a leading figure from the arts and cultural field, including writers Donald Horne, Rodney Hall and Hilary McPhee, and music specialist Margaret Seares.

    In the 2000s this changed under the Howard government, with the re-framing of the arts as businesses. This led to the appointment of business-people onto the board, particularly as chairs. Chairs this century have included business leaders David Gonski, James Strong, Rupert Myer and now Robert Morgan.

    This meant priorities other than artform quality were introduced into the overall decision making.

    The Venice Biennale process

    Australia has been participating in the Venice Biennale since 1954.

    Until 2019 there was a commissioner responsible for the selection of the Australian artist. The role was occupied by notable individuals in the arts world, such as philanthropist and art collector Simon Mordant. Artists would be individually invited by the commissioner to be the Venice representative.

    In 2019 the Australia Council took over the role, and the process changed to an application system where artists were assessed by a panel of experts, before the final representatives (such as Sabsabi and Dagostino for 2026) were selected from a shortlist of six.

    While all of the details of what happened in the lead up to rescinding Sabsabi’s invitation are unknown, some facts have been laid out: The Australian published an article criticising his selection; Coalition arts spokesperson Claire Chandler asked about his selection in Question Time; and Arts Minister Tony Burke phoned Creative Australia CEO Adrian Collette.

    That night, Collette and the board decided Sabsabi’s invitation would be rescinded.

    Who gets a say in the arts?

    It seems now the funding model that Australia has created for the arts may no longer be serving the artists. The board’s decision following Burke’s phone call to Collette calls into question the principles of peer review and arm’s length funding.

    The structure and decision-making processes of Creative Australia should now be reviewed as a matter of urgency. The peer system works remarkably well if structured appropriately. At present it would seem it is not.

    Artists deserve a body that defends their rights, so they are not sacrificed for political needs.

    Jo Caust has previously received funding from the Australia Council. She is a member of NAVA and the Arts Industry Council(SA). She also worked at the Australia Council in the 1980s.

    – ref. Creative Australia’s decisions should be peer reviewed and at arm’s length. Where did things go wrong? – https://theconversation.com/creative-australias-decisions-should-be-peer-reviewed-and-at-arms-length-where-did-things-go-wrong-251153

    MIL OSI Analysis – EveningReport.nz –

    March 6, 2025
  • MIL-OSI: Bread Financial Announces Pricing of Private Offering of $400 million of Subordinated Notes

    Source: GlobeNewswire (MIL-OSI)

    COLUMBUS, Ohio, March 05, 2025 (GLOBE NEWSWIRE) — Bread Financial® Holdings, Inc. (NYSE: BFH) (“Bread Financial” or the “Company”) announced today the pricing of its previously announced offering of $400 million in aggregate principal amount of its 8.375% fixed-rate reset subordinated notes due 2035 (the “Notes”), in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Notes will be sold at a price of 100% of the principal amount thereof. The closing of the issuance of the Notes is expected to occur on March 10, 2025, subject to customary closing conditions, and is expected to result in approximately $395 million in net proceeds to the Company, after deducting the initial purchasers’ discount but before the Company’s estimated offering expenses.

    The Company intends to lend no less than $250 million of the net proceeds of the Notes offering as subordinated debt to one of its subsidiary banks, Comenity Capital Bank, with the remaining proceeds intended to be used for general corporate purposes, which may include share repurchases.

    The Notes will not be registered under the Securities Act, or any state securities laws. The Notes may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements under the Securities Act and applicable state securities laws. Accordingly, the Notes were offered only (A) to persons reasonably believed to be “qualified institutional buyers” under Rule 144A of the Securities Act or (B) outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.

    This news release shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    About Bread Financial®
    Bread Financial® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. The Company’s payment solutions, including Bread Financial general purpose credit cards and savings products, empower its customers and their passions for a better life. Additionally, the Company delivers growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through their private label and co-brand credit cards and pay-over-time products providing choice and value to their shared customers.

    Forward-looking Statements
    This news release contains forward-looking statements, including, but not limited to, statements related to the Notes offering described above. Forward-looking statements give the Company’s expectations or forecasts of future events and can generally be identified by the use of words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “project,” “plan,” “likely,” “may,” “should” or other words or phrases of similar import. Similarly, statements that describe the Company’s business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements made regarding, and the guidance given with respect to, the Company’s anticipated operating or financial results, future financial performance and outlook, future dividend declarations or stock repurchases and future economic conditions.

    The Company believes that its expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that the Company’s expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including market conditions, inflation, interest rates, labor market conditions, recessionary pressures or concerns over a prolonged economic slowdown, and the related impact on consumer spending behavior, payments, debt levels, savings rates and other behaviors; global political, public health and social events or conditions, including ongoing wars and military conflicts, and natural disasters; future credit performance of the Company’s customers, including the level of future delinquency and write-off rates; loss of, or reduction in demand for services from, significant brand partners or customers in the highly competitive markets in which the Company competes; the concentration of the Company’s business in U.S. consumer credit; increases or volatility in the Allowance for credit losses that may result from the application of the current expected credit loss (CECL) model; inaccuracies in the models and estimates on which the Company rely, including the amount of the Company’s Allowance for credit losses and its credit risk management models; increases in fraudulent activity; failure to identify, complete or successfully integrate or disaggregate business acquisitions, divestitures and other strategic initiatives, including, with respect to divested businesses, any associated guarantees, indemnities or other liabilities; the extent to which the Company’s results are dependent upon brand partners, including brand partners’ financial performance and reputation, as well as the effective promotion and support of the Company’s products by brand partners; increases in the cost of doing business, including market interest rates; the Company’s level of indebtedness and inability to access financial or capital markets, including asset-backed securitization funding or deposits markets; restrictions that limit the ability of the Company’s subsidiary banks, Comenity Bank and Comenity Capital Bank (the “Banks”), to pay dividends to it; pending and future litigation; pending and future federal, state, local and foreign legislation, regulation, supervisory guidance and regulatory and legal actions including, but not limited to, those related to financial regulatory reform and consumer financial services practices, as well as any such actions with respect to late fees, interchange fees or other charges; increases in regulatory capital requirements or other support for the Banks; impacts arising from or relating to the transition of the Company’s credit card processing services to third party service providers that it completed in 2022; failures, or breaches in operational or security systems, including as a result of cyberattacks, unanticipated impacts from technology modernization projects, failure of information security controls or otherwise; loss of consumer information or other data due to compromised physical or cyber security, including disruptive attacks from financially motivated bad actors and third-party supply chain issues; any tax or other liability, or adverse impacts arising out of or related to the spinoff of the Company’s former LoyaltyOne segment or the bankruptcy filings of Loyalty Ventures Inc. (LVI) and certain of its subsidiaries, and subsequent litigation or other disputes. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. In addition, the Consumer Financial Protection Bureau (CFPB) issued a final rule in 2024 that, absent a successful legal challenge or other invalidation of the rule, will place significant limits on credit card late fees, which would have a significant impact on the Company’s business and results of operations for at least the short term and, depending on the effectiveness of the mitigating actions that the Company has taken or may in the future take in anticipation of, or in response to, the final rule, may potentially adversely impact it over the long term; the Company cannot provide any assurance as to the effective date, if any, of the rule, the result of any pending or future challenges or other litigation relating to the rule, or its ability to mitigate or offset the impact of the rule on its business and results of operations. The foregoing factors, along with other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements, are described in greater detail under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, the Company’s Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. The Company’s forward-looking statements speak only as of the date made, and it undertakes no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

    Contacts

    Brian Vereb — Investor Relations
    Brian.Vereb@breadfinancial.com

    Susan Haugen — Investor Relations
    Susan.Haugen@breadfinancial.com

    Rachel Stultz — Media
    Rachel.Stultz@breadfinancial.com

    The MIL Network –

    March 6, 2025
  • MIL-OSI USA: AI pioneers Andrew Barto and Richard Sutton win 2025 Turing Award for groundbreaking contributions to reinforcement learning

    Source: US Government research organizations

    NSF funded Barto’s research journey from basic science to pioneering breakthroughs in artificial intelligence

    The computing world is celebrating a major milestone as Andrew Barto, professor emeritus at the University of Massachusetts Amherst, and Richard Sutton, professor of computer science at the University of Alberta, Canada, have been awarded the 2024 Association for Computing Machinery A.M. Turing Award — often called the “Nobel Prize of computing” — for “developing the conceptual and algorithmic foundations of reinforcement learning.”

    The legacy in reinforcement learning

    Barto and Sutton are widely recognized as pioneers of the modern computational reinforcement learning (RL), a field that addresses the challenge of learning how to act based on evaluative feedback. Their work has laid the conceptual and algorithmic foundations of RL, shaping the future of artificial intelligence and decision-making systems.

    The influence of RL extends across multiple disciplines, including computer science (machine learning), engineering (optimal control), mathematics (operations research), neuroscience (optimal decision-making), psychology (classical and operant conditioning) and economics (rational choice theory). Researchers in these fields continue to be profoundly shaped by the contributions of Sutton and Barto.

    From NSF Grants to AI Breakthroughs

    Barto’s contributions were made possible through a series of U.S. National Science Foundation-funded projects that sustained AI research long before its recent boom. His research was supported through grants from NSF programs including the National Robotics Initiative, Robust Intelligence, Collaborative Research in Computation Neuroscience, Human-Centered Computing, Biological Information Technology and Systems, Artificial Intelligence and Cognitive Science, which have driven the long-term, fundamental advances in machine learning that we see today.

    “Barto’s research exemplifies the power of foundational computational research that has not only advanced state-of-the-art decision-making machines and intelligent systems but has also provided critical insights into understanding intelligence itself,” said Greg Hager, NSF assistant director for Computer and Information Science and Engineering.

    “Andy Barto’s work laid the foundation for modern reinforcement learning, influencing generations of researchers, including myself. His insights with Rich Sutton into how agents can learn and adapt in complex environments form the backbone of how automated behavior is generated in the field of artificial intelligence. Without his pioneering research, many of today’s — and tomorrow’s — AI breakthroughs wouldn’t be possible,” said Michael Littman, director for the NSF Division of Information and Intelligent Systems.

    The impact of Barto and Sutton’s work

    For decades, NSF has supported fundamental research in AI, with Barto’s work being among the most influential. Barto and Sutton formalized RL concepts through decades of research, beginning with Sutton’s time as Barto’s first doctoral student. Their collaboration continued as Sutton later joined Barto at the UMass Amherst as a senior research scientist from 1995 to 1998 and beyond, producing many of the foundational RL approaches that remain in use today.

    Reinforcement learning methods built on Sutton and Barto’s work today underpin:

    • Chatbots: Conversational AI agents learn to answer questions helpfully and accurately with the help of a technique called reinforcement learning from human feedback, as deployed in ChatGPT and other leading bots.
    • Games: From Jeopardy to Go to video games, RL algorithms have made it possible for computer players to achieve world-class performance and have even influenced the strategies of the best human players.
    • Robot motor skill learning: RL enables robots to learn autonomously through trial and error how to carry out intricate tasks.
    • Microprocessor layout and circuit design: RL systems make decisions for composing components that make up computer chips
    • Personalized recommendations: Online services like Netflix and YouTube rely on RL techniques to tailor recommendations.
    • Autonomous vehicles: RL models help self-driving cars learn how to navigate complex traffic environments.
    • Supply chain optimization: RL-enabled systems learn what items need to be stored where so that customers can receive goods quickly and cheaply.
    • Algorithm design: Researchers have broken new ground and solved long-standing problems with the help of RL systems.

    Breakthroughs in RL have fueled a multibillion-dollar industry, with major companies like DeepMind and OpenAI relying on RL as a core technology. Additionally, many major tech firms now have dedicated RL research teams. It is also recognized as a core topic of study. For example, RL was added to the Computer Science Standards of Learning for Virginia Public Schools earlier this year.

    Bridging AI and neuroscience

    The influence of Barto and Sutton’s work extends far beyond computer science and AI, forging crucial connections between RL and brain sciences, including cognitive science, psychology and neuroscience. Their research has provided groundbreaking insights into how learning can occur, both in machines and in the human brain.

    One of their earliest breakthroughs came in 1981 when they showed that temporal difference (TD) learning could explain certain learning behaviors that the existing Rescorla-Wagner model couldn’t. This discovery opened the door to a new way of understanding how learning happens. Building on this idea, a 1995 study found a connection between the TD algorithm and how dopamine neurons in the brain behave. This insight laid the groundwork for later experiments that confirmed that TD learning accurately describes how dopamine influences reward-based learning.

    With the 2025 A.M. Turing Award recognizing Barto and Sutton’s lifetime achievements, their legacy underscores the importance of sustained federal investment in basic research — the kind of support that has fueled AI’s breakthroughs over the last four decades.

    For more details on this year’s award, please visit https://amturing.acm.org/

    MIL OSI USA News –

    March 6, 2025
  • MIL-OSI: Mount Logan Capital Inc. Schedules Release of 2024 Fiscal Year Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 05, 2025 (GLOBE NEWSWIRE) — Mount Logan Capital Inc. (CBOE: MLC) (“Mount Logan” or the “Company”) will release its financial results for the fiscal year ended December 31, 2024 after market close on Thursday, March 13, 2025. The Company will host a conference call on Friday, March 14, 2025, at 9:00 a.m. Eastern Time to discuss these results. Shareholders, prospective shareholders, and analysts are welcome to listen to the conference call. To join the call, please use the dial-in information below. A recording of the conference call will be available on Mount Logan’s website www.mountlogancapital.ca in the Investor Relations section under “Events”.

    Canada Dial-in Toll Free: 1-833-950-0062
    US Dial-in Toll Free: 1-833-470-1428
    International Dial-in:
    Access Code: 601424

    About Mount Logan Capital Inc.

    Mount Logan Capital Inc. is an alternative asset management and insurance solutions company that is focused on public and private debt securities in the North American market and the reinsurance of annuity products, primarily through its wholly owned subsidiaries Mount Logan Management LLC (“ML Management”) and Ability Insurance Company (“Ability”), respectively. Mount Logan also actively sources, evaluates, underwrites, manages, monitors and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.

    ML Management was organized in 2020 as a Delaware limited liability company and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The primary business of ML Management is to provide investment management services to (i) privately offered investment funds exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) advised by ML Management, (ii) a non-diversified closed end management investment company that has elected to be regulated as a business development company, (iii) Ability, and (iv) non-diversified closed-end management investment companies registered under the 1940 Act that operate as interval funds. ML Management also acts as the collateral manager to collateralized loan obligations backed by debt obligations and similar assets.

    Ability is a Nebraska domiciled insurer and reinsurer of long-term care policies acquired by Mount Logan in the fourth quarter of fiscal year 2021.

    This press release is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this release is not, and under no circumstances is it to be construed as, an offer to sell or an offer to purchase any securities in the Company or in any fund or other investment vehicle. This press release is not intended for U.S. persons. The Company’s shares are not and will not be registered under the U.S. Securities Act of 1933, as amended, and the Company is not and will not be registered under the U.S. Investment Company Act of 1940 (the “1940 Act”). U.S. persons are not permitted to purchase the Company’s shares absent an applicable exemption from registration under each of these Acts. In addition, the number of investors in the United States, or which are U.S. persons or purchasing for the account or benefit of U.S. persons, will be limited to such number as is required to comply with an available exemption from the registration requirements of the 1940 Act.

    Contacts:
    Mount Logan Capital Inc.

    365 Bay Street, Suite 800
    Toronto, ON M5H 2V1
    info@mountlogancapital.ca

    Nikita Klassen
    Chief Financial Officer
    Nikita.Klassen@mountlogancapital.ca

    Scott Chan
    Investor Relations
    Scott.Chan@mountlogan.com

    The MIL Network –

    March 6, 2025
  • MIL-OSI New Zealand: Asia New Zealand – Top Asia experts gather in Auckland to discuss New Zealand’s progress in and with Asia

    Source: Asia New Zealand Foundation

    Top Asia experts from across New Zealand and the Asia region will meet in Auckland from 9 to 11 March to share their perspectives on New Zealand’s Asia relations.
    The experts are part of the Asia New Zealand Foundation’s Honorary Advisers Network and include current and former ministers, academics, businesspeople and other sector leaders.
    As a network, they help to guide the Asia New Zealand Foundation’s work and support its mission of being one of New Zealand’s leading non-profit, non-partisan providers of Asia insights and experiences that help New Zealanders to excel in Asia.
    During the two-day meeting, members of the network will meet with Prime Minister Christopher Luxon, Foreign Minister Winston Peters (who is also chair of the network) and a range of New Zealand’s top public and private sector leaders.
    Attendees from Asia will include key figures such as Dr Ng Eng Hen, Singapore’s Minister for Defence; Ms Heekyung Jo Min, Executive Vice President of major Asian media and entertainment company CJ Cheiljedang; trade expert and former ASEAN Secretariat head Dr Rebecca Fatima Sta Maria; and Professor Thitinan Pongsudhirak, Thailand’s leading international relations authority.
    “The advisers are vital advocates for New Zealand in Asia, bringing deep expertise and longstanding ties. As New Zealand’s relationships with Asia evolve and as the Foundation’s work develops across the region, their contributions become even more critical,” says Foundation Chief Executive, Suz Jessep.
    “At a time of profound change in our region, this in-person meeting provides an opportunity to really unpick how other small and medium sized countries are responding to challenges and opportunities in Asia and to hear free and frank assessments from trusted advisers who know us well and who want to see New Zealand succeed.” Jessep noted.
    The advisers have supported New Zealand’s connections with Asia in several ways. In addition to their honorary role, they have also supported educational scholarships, paid internships for New Zealand students in Asian companies and facilitated and participated in Track II (informal diplomacy) dialogues between New Zealand and Asian experts.
    List of Honorary Advisers attending:
    Asia Honorary Advisers
    • Ms Adaljiza Magno – Timor Leste
    • Mr Amane Nakashima – Japan
    • Mr Guillermo M. Luz – Philippines
    • Ms Heekyung Jo Min – South Korea
    • Ms. Helianti Hilman – Indonesia
    • Prof Jolan Hsieh – Taiwan
    • Dr Ng Eng Hen – Singapore
    • Prof Pavida Pananond – Thailand
    • Ms Pham Thi My Le – Viet Nam
    • Dr Rebecca Fatima Sta Maria – Malaysia
    • Dr Reuben Abraham – India
    • Mr Stanley Tan ONZM – Singapore
    • Prof Thitinan Pongsudhirak – Thailand
    New Zealand Honorary Advisers 
    • Rt Hon Sir Anand Satyanand
    • Mr Danny Chan
    • Rt Hon Sir Don McKinnon (Foundation Founder) 
    • Mr Josh Wharehinga
    • Mr Kyle Murdoch 
    • Hon Lianne Dalziel 
    • Prof Manying Ip
    • Ms Nicola Ngarewa 
    • Ms Paula Tesoriero
    • Hon Philip Burdon (Foundation Founder) 
    • Ms Sachie Nomura
    • Mr Sameer Handa 
    • Mr Simon Murdoch 
    • Ms Tania Te Whenua 
    • Ms Traci Houpapa
    • Mr Warrick Cleine (Viet Nam)
    About the Asia New Zealand Foundation Te Whītau Tūhono
    Established in 1994, the Asia New Zealand Foundation Te Whītau Tūhono is New Zealand’s leading provider of Asia insights and experiences. Its mission is to equip New Zealanders to excel in Asia, by providing research, insights and targeted opportunities to grow their knowledge, connections and experiences across the Asia region. The Foundation’s activities cover more than 20 countries in Asia and are delivered through eight core programmes: arts, business, entrepreneurship, leadership, media, research, Track II diplomacy and sports.

    MIL OSI New Zealand News –

    March 6, 2025
  • MIL-OSI United Kingdom: £2.6m investment package for adult social care as Westminster City Council approves new budget plans | Westminster City Council

    Source: City of Westminster

    Budget approved for improvements to key areas such as adult social care and housing as the council launches its new Fairer Westminster delivery plan for the next three years.

    Westminster City Council has today announced a major new investment of £2.6m to go into cushioning the cost of adult social care – meaning hundreds of adult social care users will now not pay for care, while hard working care assistants will earn more.

    Approved at Full Council (Wednesday March 5), additional funding for adult social care includes £1.4m to increase the pay of the personal care assistants (over 400 staff)  who provide care for Westminster residents through direct payments.

    This will improve the quality of care for care receivers and help more people who use adult social care to employ the carer they want as they will now be able to pay a competitive salary.

    Direct payment recipients will now be able to offer an additional £1.50- £2.00 an hour salary for their personal assistant, so those who opt to receive direct payments to pay for their care needs will see their monthly funds increase.

    An additional £1.2m is also being invested to level up the threshold at which people start to pay for their social care costs so that it is the same for everyone regardless of age. This will help over 460 residents aged under 65 to keep more of their income before paying care bills.

    Colin, a Westminster resident who receives direct payments to support with his care needs, said:

    “At 59, I’ve been fortunate to receive direct payments since graduating from university at 21, enabling me to live independently in my own home and manage my care on my terms.

    “While direct payments may not suit every disabled person due to the associated responsibilities, for those willing to take them on, they can be life-enhancing and transformative.

    “I believe the additional £1.4 million that Westminster City Council is allocating to personal carers’ pay will make the carer role competitive in the labour market once again, making it easier to attract people to work with me.

    “Many disabled people have found it challenging to recruit quality social care workers in recent years.  

    “The increased funding could help me, as an employer, attract candidates from companies like Amazon and McDonald’s, which traditionally offer higher wages.

    “It may also help encourage young people to view social care as a viable career option that offers a respectable and ethical wage. Society’s general underappreciation of care work has made finding and retaining good carers difficult.”

    The approval of the budget at Full Council coincides with the launch of the new Fairer Westminster delivery plan, which outlines the council’s ambitions for the future of the city, and what it wants to achieve to make Westminster a great place to live. Led by voices and priorities from the community, the new plan aims to create meaningful change by providing effective, value-for-money services and accessible opportunities for all, so every resident in the city can thrive. 

    Headline announcements in the approved budget to kick-start the Fairer Westminster delivery plan for 2025 include:

    • An extra £1.2m to tackle rough sleeping and help people off the pavements and into safety.
    • Help to relieve pressure on Westminster’s housing waiting list by investing an additional £140m into buying and expanding temporary accommodation.
    • An extra £1m on cost of living support to turn short-term relief into long-term solutions – such as free school meals during school holidays, supermarket food vouchers, a hardship fund and supporting specialist advice centres.
    • Investing £10m into high streets across Paddington and Bayswater to support local economies and make the areas more dynamic.
    • Investing in new Community hubs such as Ernest Harris House opening this Spring and the Pimlico Community hub at site of the Old Pimlico Library opening in 2026.
    • An additional £2m for anti-social and city management measures across the city, including the recruitment of eight new City Inspectors and doubling the number of CCTV cameras on the streets to 200, including 40 new cameras in the West End.

    The Council will also deliver new savings of nearly £30m by 2028 through measures including greater efficiencies in contracts and the switch to an electric cleaning and waste fleet.

    The budget sets out detailed spending plans for managing more than 20,000 local authority properties under what is called the Housing Revenue Account. The business plan includes total capital investment of £916m over the next 5 years and a total of £2.5bn over the full 30 years. The budget also sets out the business plan for funding the council’s fairer Westminster programme under its capital strategy. The Council is proposing a gross capital programme up to 2038/39 of £2.5bn, partially offset by nearly £1.2bn of income, giving a net budget of £1.3bn.

    Despite the scale of new investment, the Council Tax rise equals just 48p a week for a Band D* property, which means Westminster still has one of the lowest Council Tax rates in the country. The Westminster City Council part of the Council Tax rises by 4.99 per cent overall – 2.99 per cent for council services and 2 per cent for the portion set aside for adult social care.

    • Adults under 65 with disabilities will be able to keep at least £272.69 a week after they have paid their care bills – meaning 147 Westminster residents will now pay less for support and 315 will no longer pay anything at all.
    • The eight City Inspectors are an additional resource to the creation of the street-based intervention team announced in January https://www.westminster.gov.uk/news/new-front-line-team-tackle-street-based-anti-social-behaviour-asb-westminster
    • You can see full details of the approved Budget here: Full Council papers
    • The Fairer Westminster delivery plan and the approved investment is split between; housing, temporary accommodation and rough sleeping; schools, children’s social care and youth services; waste, street cleansing, highways and public protection; public health and adult social care; and enabling services. Read the full Fairer Westminster delivery plan here: Delivering a Fairer Westminster

    MIL OSI United Kingdom –

    March 6, 2025
  • MIL-OSI: Descartes Announces Fiscal 2025 Fourth Quarter and Annual Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Record Income from Operations

    WATERLOO, Ontario and ATLANTA, March 05, 2025 (GLOBE NEWSWIRE) — The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced its financial results for its fiscal 2025 fourth quarter (Q4FY25) and year (FY25) ended January 31, 2025. All financial results referenced are in United States (US) currency and, unless otherwise indicated, are determined in accordance with US Generally Accepted Accounting Principles (GAAP).

    “Fiscal 2025 was another year of growth for Descartes, highlighted by the addition of numerous complementary services to the Global Logistics Network,” said Edward J. Ryan, Descartes’ CEO. “We believe these investments can help shippers, carriers, and logistics services providers manage the increased uncertainty and complexity that’s recently been introduced to the global trade environment. Our customers benefit from our diversity in international and domestic supply chains, our expertise with tariffs, sanctions and other global trade issues, and our expansive roster of connected trading partners as they navigate a quickly evolving trade landscape.”

    FY25 Financial Results
    As described in more detail below, key financial highlights for Descartes’ FY25 included:

    • Revenues of $651.0 million, up 14% from $572.9 million in the same period a year ago (FY24);
    • Revenues were comprised of services revenues of $590.2 million (91% of total revenues), professional services and other revenues of $55.1 million (8% of total revenues) and license revenues of $5.7 million (1% of total revenues). Services revenues were up 13% from $520.9 million in FY24;
    • Cash provided by operating activities of $219.3 million, up 6% from $207.7 million in FY24. Cash provided by operating activities was negatively impacted in FY25 by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition;
    • Income from operations of $181.1 million, up 27% from $142.8 million in FY24;
    • Net income of $143.3 million, up 24% from $115.9 million in FY24. Net income as a percentage of revenues was 22%, compared to 20% in FY24;
    • Earnings per share on a diluted basis of $1.64, up 22% from $1.34 in FY24; and
    • Adjusted EBITDA of $284.7 million, up 15% from $247.5 million in FY24. Adjusted EBITDA as a percentage of revenues was 44%, compared to 43% in FY24.

    Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures provided as a complement to financial results presented in accordance with GAAP. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges, acquisition-related expenses, and contingent consideration incurred due to better-than-expected performance from acquisitions). These items are considered by management to be outside Descartes’ ongoing operational results. We define Adjusted EBITDA as a percentage of revenues as the quotient, expressed as a percentage, from dividing Adjusted EBITDA for a period by revenues for the corresponding period. A reconciliation of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income determined in accordance with GAAP is provided later in this release.

    The following table summarizes Descartes’ results in the categories specified below over FY25 and FY24 (dollar amounts in millions):

      FY25
      FY24  
    Revenues 651.0   572.9  
    Services revenues 590.2   520.9  
    Gross margin 76 % 76 %
    Cash provided by operating activities* 219.3   207.7  
    Income from operations 181.1   142.8  
    Net income 143.3   115.9  
    Net income as a % of revenues 22 % 20 %
    Earnings per diluted share 1.64   1.34  
    Adjusted EBITDA 284.7   247.5  
    Adjusted EBITDA as a % of revenues 44 % 43 %
             

    (*) FY25 cash provided by operating activities was negatively impacted by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition but was paid due to post-acquisition performance exceeding expectations at the time of acquisition

    Q4FY25 Financial Results
    As described in more detail below, key financial highlights for Q4FY25 included:

    • Revenues of $167.5 million, up 13% from $148.2 million in the fourth quarter of fiscal 2024 (Q4FY24) and down from $168.8 million in the previous quarter (Q3FY25);
    • Revenues were comprised of services revenues of $156.5 million (93% of total revenues), professional services and other revenues of $10.7 million (6% of total revenues) and license revenues of $0.3 million (1% of total revenues). Services revenues were up 15% from $135.7 million in Q4FY24 and up 5% from $149.7 million in Q3FY25;
    • Cash provided by operating activities of $60.7 million, up 19% from $50.8 million in Q4FY24 and up 1% from $60.1 million in Q3FY25;
    • Income from operations of $47.1 million, up 27% from $37.0 million in Q4FY24 and up 3% from $45.8 million in Q3FY25;
    • Net income of $37.4 million, up 18% from $31.8 million in Q4FY24 and up 2% from $36.6 million in Q3FY25. Net income as a percentage of revenues was 22%, compared to 21% in Q4FY24 and 22% in Q3FY25;
    • Earnings per share on a diluted basis of $0.43, up 16% from $0.37 in Q4FY24 and up 2% from $0.42 in Q3FY25; and
    • Adjusted EBITDA of $75.0 million, up 14% from $65.7 million in Q4FY24 and up 4% from $72.1 million in Q3FY25. Adjusted EBITDA as a percentage of revenues was 45%, compared to 44% in Q4FY24 and 43% in Q3FY25, respectively.

    The following table summarizes Descartes’ results in the categories specified below over the past 5 fiscal quarters (unaudited; dollar amounts, other than per share amounts, in millions):

      Q4
    FY25
      Q3
    FY25
      Q2
    FY25
      Q1
    FY25
      Q4
    FY24
     
    Revenues 167.5   168.8   163.4   151.3   148.2  
    Services revenues 156.5   149.7   146.2   137.8   135.7  
    Gross margin 76 % 74 % 75 % 77 % 76 %
    Cash provided by operating activities* 60.7   60.1   34.7   63.7   50.8  
    Income from operations 47.1   45.8   45.9   42.4   37.0  
    Net income 37.4   36.6   34.7   34.7   31.8  
    Net income as a % of revenues 22 % 22 % 21 % 23 % 21 %
    Earnings per diluted share 0.43   0.42   0.40   0.40   0.37  
    Adjusted EBITDA 75.0   72.1   70.6   67.0   65.7  
    Adjusted EBITDA as a % of revenues 45 % 43 % 43 % 44 % 44 %
                         

    (*) Q2FY25 cash provided by operating activities was negatively impacted by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition but was paid due to post-acquisition performance exceeding expectations at the time of acquisition

    Cash Position
    At January 31, 2025, Descartes had $236.1 million in cash. Cash increased by $54.8 million in Q4FY25 and decreased by $84.9 million in FY25. The table set forth below provides a summary of cash flows for Q4FY25 and FY25 in millions of dollars:

      Q4FY25   FY25  
    Cash provided by operating activities 60.7   219.3  
    Additions to property and equipment (2.1 ) (6.8 )
    Acquisitions of subsidiaries, net of cash acquired (3.7 ) (290.2 )
    Payment of debt issuance costs   (0.1 )
    Issuances of common shares, net of issuance costs 2.5   12.4  
    Payment of withholding taxes on net share settlements –   (6.7 )
    Payment of contingent consideration –   (9.2 )
    Effect of foreign exchange rate on cash (2.6 ) (3.6 )
    Net change in cash 54.8   (84.9 )
    Cash, beginning of period 181.3   321.0  
    Cash, end of period 236.1   236.1  
             

    Conference Call
    Descartes’ executive management team will hold a conference call to discuss the company’s financial results at 5:30 PM ET on Wednesday, March 5. Designated numbers are +1 289 514 5100 or +1 800 717 1738 for North America Toll-Free, using Passcode 45440#.

    The company will simultaneously conduct an audio webcast on the Descartes website at https://www.descartes.com/who-we-are/investor-relations/financial-information. Phone conference dial-in or webcast login is required approximately 10 minutes beforehand.

    Replays of the conference call will be available until March 12, 2025, by dialing +1 289 819 1325 or Toll-Free for North America using +1 888 660 6264 with Playback Passcode: 45440#. An archived replay of the webcast will be available at https://www.descartes.com/who-we-are/investor-relations/financial-information.

    About Descartes

    Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and X (Twitter).

    Descartes Investor Contact
    Laurie McCauley
    (519) 746-2969
    investor@descartes.com

    Cautionary Statement Regarding Forward-Looking Statements

    This release may contain forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relates to Descartes’ expectations concerning future revenues and earnings, and our projections for any future reductions in expenses or growth in margins and generation of cash; our assessment of the potential impact of geopolitical events, such as the ongoing conflict between Russia and Ukraine (the “Russia-Ukraine Conflict”), and between Israel and Hamas (“Israel-Hamas Conflict”), or other potentially catastrophic events, on our business, results of operations and financial condition; continued growth and acquisitions including our assessment of any increased opportunity for our products and services as a result of trends in the logistics and supply chain industries; rate of profitable growth and Adjusted EBITDA margin operating range; demand for Descartes’ solutions; growth of Descartes’ Global Logistics Network (“GLN”); customer buying patterns; customer expectations of Descartes; development of the GLN and the benefits thereof to customers; and other matters. These forward-looking statements are based on certain assumptions including the following: global shipment volumes continuing at levels generally consistent with those experienced historically; the Russia-Ukraine Conflict and Israel-Hamas Conflict not having a material negative impact on shipment volumes or on the demand for the products and services of Descartes by its customers and the ability of those customers to continue to pay for those products and services; countries continuing to implement and enforce existing and additional customs and security regulations relating to the provision of electronic information for imports and exports; countries continuing to implement and enforce existing and additional trade restrictions and sanctioned party lists with respect to doing business with certain countries, organizations, entities and individuals; Descartes’ continued operation of a secure and reliable business network; the stability of general economic and market conditions, currency exchange rates, and interest rates; equity and debt markets continuing to provide Descartes with access to capital; Descartes’ continued ability to identify and source attractive and executable business combination opportunities; Descartes’ ability to develop solutions that keep pace with the continuing changes in technology, and our continued compliance with third party intellectual property rights. These assumptions may prove to be inaccurate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Descartes, or developments in Descartes’ business or industry, to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, Descartes’ ability to successfully identify and execute on acquisitions and to integrate acquired businesses and assets, and to predict expenses associated with and revenues from acquisitions; the impact of network failures, information security breaches or other cyber-security threats; disruptions in the movement of freight and a decline in shipment volumes including as a result of contagious illness outbreaks; a deterioration of general economic conditions or instability in the financial markets accompanied by a decrease in spending by our customers; the ability to attract and retain key personnel and the ability to manage the departure of key personnel and the transition of our executive management team; changes in trade or transportation regulations that currently require customers to use services such as those offered by Descartes; changes in customer behaviour and expectations; Descartes’ ability to successfully design and develop enhancements to our products and solutions; departures of key customers; the impact of foreign currency exchange rates; Descartes’ ability to retain or obtain sufficient capital in addition to its debt facility to execute on its business strategy, including its acquisition strategy; disruptions in the movement of freight; the potential for future goodwill or intangible asset impairment as a result of other-than-temporary decreases in Descartes’ market capitalization; and other factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada, including Descartes’ most recently filed Management’s Discussion and Analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    Reconciliation of Non-GAAP Financial Measures – Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues

    We prepare and release quarterly unaudited and annual audited financial statements prepared in accordance with GAAP. We also disclose and discuss certain non-GAAP financial information, used to evaluate our performance, in this and other earnings releases and investor conference calls as a complement to results provided in accordance with GAAP. We believe that current shareholders and potential investors in our company use non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues, in making investment decisions about our company and measuring our operational results.

    The term “Adjusted EBITDA” refers to a financial measure that we define as earnings before certain charges that management considers to be non-operating expenses and which consist of interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges, acquisition-related expenses, and contingent consideration incurred due to better-than-expected performance from acquisitions). Adjusted EBITDA as a percentage of revenues divides Adjusted EBITDA for a period by the revenues for the corresponding period and expresses the quotient as a percentage.

    Management considers these non-operating expenses to be outside the scope of Descartes’ ongoing operations and the related expenses are not used by management to measure operations. Accordingly, these expenses are excluded from Adjusted EBITDA, which we reference to both measure our operations and as a basis of comparison of our operations from period-to-period. Management believes that investors and financial analysts measure our business on the same basis, and we are providing the Adjusted EBITDA financial metric to assist in this evaluation and to provide a higher level of transparency into how we measure our own business. However, Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures and may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues should not be construed as a substitute for net income determined in accordance with GAAP or other non-GAAP measures that may be used by other companies, such as EBITDA. The use of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues does have limitations. In particular, we have completed seven acquisitions since the beginning of fiscal 2024 and may complete additional acquisitions in the future that will result in acquisition-related expenses and restructuring charges. As these acquisition-related expenses and restructuring charges may continue as we pursue our consolidation strategy, some investors may consider these charges and expenses as a recurring part of operations rather than expenses that are not part of operations.

    The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our audited Consolidated Statements of Operations for FY25 and FY24, which we believe is the most directly comparable GAAP measure.

    (US dollars in millions) FY25   FY24  
    Net income, as reported on Consolidated Statements of Operations 143.3   115.9  
    Adjustments to reconcile to Adjusted EBITDA:    
    Interest expense 1.0   1.4  
    Investment income (11.5 ) (9.7 )
    Income tax expense 48.3   35.2  
    Depreciation expense 5.6   5.5  
    Amortization of intangible assets 69.4   60.5  
    Stock-based compensation and related taxes 21.1   17.1  
    Other charges 7.5   21.6  
    Adjusted EBITDA 284.7   247.5  
         
    Revenues 651.0   572.9  
    Net income as % of revenues 22 % 20 %
    Adjusted EBITDA as % of revenues 44 % 43 %
             

    The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our unaudited Consolidated Statements of Operations for Q4FY25, Q3FY25, Q2FY25, Q1FY25, and Q4FY24, which we believe is the most directly comparable GAAP measure.

    (US dollars in millions) Q4FY25   Q3FY25   Q2FY25   Q1FY25   Q4FY24  
    Net income, as reported on Consolidated Statements of Operations 37.4   36.6   34.7   34.7   31.8  
    Adjustments to reconcile to Adjusted EBITDA:          
    Interest expense 0.2   0.2   0.2   0.3   0.3  
    Investment income (1.9 ) (2.9 ) (2.7 ) (4.1 ) (3.4 )
    Income tax expense 11.4   11.9   13.6   11.5   8.3  
    Depreciation expense 1.5   1.4   1.4   1.4   1.4  
    Amortization of intangible assets 19.4   17.5   17.4   15.0   15.1  
    Stock-based compensation and related taxes 5.4   5.6   5.8   4.3   4.7  
    Other charges 1.6   1.8   0.2   3.9   7.5  
    Adjusted EBITDA 75.0   72.1   70.6   67.0   65.7  
               
    Revenues 167.5   168.8   163.4   151.3   148.2  
    Net income as % of revenues 22 % 22 % 21 % 23 % 21 %
    Adjusted EBITDA as % of revenues 45 % 43 % 43 % 44 % 44 %
               

    The Descartes Systems Group Inc.
    Consolidated Balance Sheets
    (US dollars in thousands; US GAAP)

      January 31,   January 31,  
      2025   2024  
    ASSETS    
    CURRENT ASSETS    
    Cash 236,138   320,952  
    Accounts receivable (net)    
    Trade 53,953   51,569  
    Other 16,931   12,193  
    Prepaid expenses and other 45,544   33,468  
      352,566   418,182  
    OTHER LONG-TERM ASSETS 24,887   24,737  
    PROPERTY AND EQUIPMENT, NET 12,481   11,552  
    RIGHT-OF-USE ASSETS 7,623   6,257  
    DEFERRED INCOME TAXES 3,802   2,097  
    INTANGIBLE ASSETS, NET 321,270   251,047  
    GOODWILL 924,755   760,413  
      1,647,384   1,474,285  
    LIABILITIES AND SHAREHOLDERS’ EQUITY    
    CURRENT LIABILITIES    
    Accounts payable 20,650   17,484  
    Accrued liabilities 79,656   91,824  
    Lease obligations 3,178   3,075  
    Income taxes payable 9,313   6,734  
    Deferred revenue 104,230   84,513  
      217,027   203,630  
    LEASE OBLIGATIONS 4,718   3,903  
    DEFERRED REVENUE 978   1,464  
    INCOME TAXES PAYABLE 5,531   6,153  
    DEFERRED INCOME TAXES 34,127   21,101  
      262,381   236,251  
         
    SHAREHOLDERS’ EQUITY    
    Common shares – unlimited shares authorized; Shares issued and outstanding totaled 85,605,969 at January 31, 2025 (January 31, 2024 – 85,183,455) 568,339   551,164  
    Additional paid-in capital 503,133   494,701  
    Accumulated other comprehensive loss (50,497 ) (28,586 )
    Retained earnings 364,028   220,755  
      1,385,003   1,238,034  
      1,647,384   1,474,285  
             

    The Descartes Systems Group Inc.
    Consolidated Statements of Operations
    (US dollars in thousands, except per share and weighted average share amounts; US GAAP)

      January 31,   January 31,   January 31,  
    Year Ended 2025   2024   2023  
           
    REVENUES 651,000   572,931   486,014  
    COST OF REVENUES 158,574   138,295   113,326  
    GROSS MARGIN 492,426   434,636   372,688  
    EXPENSES      
    Sales and marketing 73,692   68,161   56,573  
    Research and development 95,497   84,103   70,353  
    General and administrative 65,248   57,373   49,710  
    Other charges 7,466   21,649   5,441  
    Amortization of intangible assets 69,399   60,501   60,177  
      311,302   291,787   242,254  
    INCOME FROM OPERATIONS 181,124   142,849   130,434  
    INTEREST EXPENSE (1,004 ) (1,363 ) (1,167 )
    INVESTMENT INCOME 11,513   9,666   4,461  
    INCOME BEFORE INCOME TAXES 191,633   151,152   133,728  
    INCOME TAX EXPENSE (RECOVERY)      
    Current 53,402   41,223   28,248  
    Deferred (5,042 ) (5,978 ) 3,244  
      48,360   35,245   31,492  
    NET INCOME 143,273   115,907   102,236  
    EARNINGS PER SHARE      
    Basic 1.68   1.36   1.21  
    Diluted 1.64   1.34   1.18  
    WEIGHTED AVERAGE SHARES OUTSTANDING (thousands)      
    Basic 85,443   85,068   84,791  
    Diluted 87,323   86,818   86,451  
                 

    The Descartes Systems Group Inc.
    Consolidated Statements of Cash Flows
    (US dollars in thousands; US GAAP)

    Year Ended January 31,   January 31,   January 31,  
      2025   2024   2023  
    OPERATING ACTIVITIES            
    Net income 143,273   115,907   102,236  
    Adjustments to reconcile net income to cash provided by operating activities:      
    Depreciation 5,589   5,474   5,225  
    Amortization of intangible assets 69,399   60,501   60,177  
    Stock-based compensation expense 19,962   16,480   13,667  
    Other non-cash operating activities 23   114   53  
    Deferred tax expense (recovery) (5,042 ) (5,978 ) 3,244  
    Changes in operating assets and liabilities (13,932 ) 15,182   7,793  
    Cash provided by operating activities 219,272   207,680   192,395  
    INVESTING ACTIVITIES      
    Additions to property and equipment (6,743 ) (5,563 ) (6,071 )
    Acquisition of subsidiaries, net of cash acquired (290,204 ) (142,700 ) (115,561 )
    Cash used in investing activities (296,947 ) (148,263 ) (121,632 )
    FINANCING ACTIVITIES      
    Payment of debt issuance costs (53 ) (43 ) (1,118 )
    Issuance of common shares for cash, net of issuance costs 12,391   9,272   1,730  
    Payment of withholding taxes on net share settlements (6,745 ) (4,886 ) –  
    Payment of contingent consideration (9,223 ) (19,084 ) (5,215 )
    Cash used in financing activities (3,630 ) (14,741 ) (4,603 )
    Effect of foreign exchange rate changes on cash (3,509 ) (109 ) (3,212 )
    Increase (decrease) in cash (84,814 ) 44,567   62,948  
    Cash, beginning of year 320,952   276,385   213,437  
    Cash, end of year 236,138   320,952   276,385  
                 

    The MIL Network –

    March 6, 2025
  • MIL-OSI: Quick Custom Intelligence (QCI) and Seven Feathers Casino Resort in Canyonville, OR, Celebrate Successful Deployment of QCI Enterprise Platform

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, March 05, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI), a leading provider of advanced data analytics solutions, and Seven Feathers Casino Resort are pleased to announce the successful deployment of the QCI Enterprise Platform. This collaborative effort marks a significant milestone in data management and analytics for Seven Feathers Casino Resort, positioning them at the forefront of cutting-edge technology in the gaming and hospitality industry.

    The implementation of the QCI Enterprise Platform at Seven Feathers Casino Resort has been meticulously executed, with all data successfully verified for accuracy and security. This achievement showcases the commitment of both QCI and Seven Feathers Casino Resort to providing the most advanced and reliable data analytics capabilities available.

    Jay Ellenberger, General Manager of Seven Feathers Casino Resort, expressed his enthusiasm for this milestone, stating, “The successful deployment of the QCI Enterprise Platform represents a significant step forward in our commitment to providing exceptional experiences for our guests. With QCI’s innovative solutions, we are able to make more informed decisions, tailor our services, and ultimately elevate the level of satisfaction among our valued patrons.”

    Andrew Cardno, CTO of Quick Custom Intelligence, commented on the partnership, saying, “We are delighted to collaborate with Seven Feathers Casino Resort and support their mission to deliver world-class experiences. Our QCI Enterprise Platform is designed to empower organizations like Seven Feathers with actionable insights derived from data, and we are excited to see our technology driving innovation and success within their operations.”

    The deployment of the QCI Enterprise Platform at Seven Feathers Casino Resort reinforces QCI’s commitment to delivering cutting-edge solutions that drive business growth and enhance customer experiences. This partnership exemplifies how organizations in the gaming and hospitality industry can leverage data analytics to gain a competitive edge and create memorable moments for their guests.

    ABOUT Seven Feathers Casino Resort
    Discover the ultimate getaway at Seven Feathers Casino Resort in Southern Oregon! With a modern gaming floor, award-winning dining, luxurious River Rock Spa, and top-notch entertainment, it’s the perfect blend of excitement and relaxation. Enjoy a 300-room hotel, heated pool, and exceptional service. Seven Feathers—where fun and comfort meet! Visit us at www.SevenFeathers.com

    ABOUT QCI
    Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI Enterprise Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and Europe. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

    ABOUT Andrew Cardno
    Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.

    Contact:
    Laurel Kay, Quick Custom Intelligence
    Phone: 858-349-8354

    The MIL Network –

    March 6, 2025
  • MIL-OSI: Fitch Ratings Revises Outlook on SiriusPoint to Positive Based on Significant Underwriting Performance Improvement

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, March 05, 2025 (GLOBE NEWSWIRE) — Fitch Ratings (Fitch) has today announced that it has affirmed the ratings of SiriusPoint Ltd. (“SiriusPoint” or the “Company”), including its Long-Term Issuer Default Rating at ‘BBB’, its senior debt rating at ‘BBB-‘ and its Insurer Financial Strength (IFS) rating at ‘A-‘ (Strong) of SiriusPoint’s subsidiaries. It has also revised the Company’s Outlook to Positive from Stable.

    Fitch said: “The Positive Outlook reflects significant underwriting performance improvement in 2024 and 2023 as a result of repositioning the (re)insurance portfolio and exiting non-core lines in order to improve profitability and reduce overall volatility.”

    Key drivers of the ratings include the completed transaction for the full repurchase of all outstanding shares and warrants from CM Bermuda Limited, as well as solid underwriting results in both 2024 and 2023. Fitch said it “anticipates the favourable underwriting results to continue while the company expects to grow its business, particularly in primary insurance.”

    Fitch also recognizes SiriusPoint’s strong financial performance of $184m for net income 2024, while citing its “strong operating income from underwriting profits, increased investment income and a gain of $96m on the deconsolidation of an MGA.”

    SiriusPoint CEO, Scott Egan said: “Fitch Ratings’ decision to improve SiriusPoint’s Outlook to Positive follows nine consecutive quarters of strong operating performance. The outlook revision validates the measurable progress we have made in repositioning our business, building out a successful underwriting platform, and growing a track record of performance, while also strengthening and simplifying our capital structure. This decision is a reflection of the contribution and hard work of our global team. We look forward to continuing our momentum towards additional favourable outcomes for the Company and its stakeholders.”

    Click here for full details in the Fitch press release.

    Contacts
    Investor Relations
    Liam Blackledge, SiriusPoint
    Liam.Blackledge@siriuspt.com
    + 44 203 772 3082

    Media
    Stephen Breen, Rein4ce
    Stephen.breen@rein4ce.co.uk
    + 44 7843 076556

    About SiriusPoint

    SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators within our Insurance & Services segment. With over $2.6 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s.

    FORWARD-LOOKING STATEMENTS

    We make statements in this press release that are forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry; the adequacy of our reserves; fluctuation in the results of operations; pandemic or other catastrophic event; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations; trends in insured and paid losses; regulatory and legal uncertainties; and other risk factors described in SiriusPoint’s Annual Report on Form 10-K for the period ended December 31, 2024.

    Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events, or other circumstances after the date of this press release.

    The MIL Network –

    March 6, 2025
  • MIL-OSI Security: Colombian National Sentenced to Prison and Another Pleads Guilty for Roles in Conspiracy to Kidnap and Assault U.S. Army Soldiers in Colombia

    Source: United States Attorneys General 12

    A Colombian national was sentenced and another pleaded guilty in separate hearings today in the Southern District of Florida for their respective roles in kidnapping and assaulting two members of the U.S. military who were on temporary duty in Bogotá, Colombia.

    Pedro Jose Silva Ochoa, 47, was sentenced to 27 years and three months in prison. Silva Ochoa pleaded guilty in December 2024 to conspiracy to kidnap an internationally protected person.

    Kenny Julieth Uribe Chiran, 35, pleaded guilty to conspiracy to kidnap an internationally protected person. A sentencing date has not yet been set. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    “Protecting Americans, wherever they may be throughout the world, is of paramount importance, and the United States will use every available tool to bring to justice those who harm our citizens,” said Supervisory Official Antoinette Bacon of the Justice Department’s Criminal Division. “In particular, kidnapping and assaulting two U.S. military service members will not go unanswered, and we will hold to account anyone who commits these violent acts against those who protect us.”

    “Members of our military, whether serving here or abroad, can count on this Department of Justice’s respect, support, and protection,” said U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida. “Kidnappings and assaults against U.S. service members will not be tolerated. To those who would dare commit such reprehensible acts against America’s heroes, know this: We will identify you; we will find you; and we will prosecute you as aggressively as the law permits.”

    “The FBI’s commitment to investigate criminal acts against the U.S. military beyond our borders is clearly demonstrated by our persistent pursuit of justice for the two kidnapped soldiers,” said Acting Special Agent in Charge Brett D. Skiles of the FBI Miami Field Office. “Our close cooperation with Colombian and Chilean law enforcement authorities was essential to this international investigation’s success. To all would be kidnappers the message is clear: target our citizens with violence anywhere in the world and we will hold you accountable for your actions.”

    According to court documents, Silva Ochoa and Uribe Chiran, both of Bogotá, and their co-defendant, Jeffersson Arango Castellanos, targeted, incapacitated, and kidnapped two U.S. soldiers in Bogotá. The two victims, while serving on orders in Colombia, went to an entertainment district in Bogotá to watch a soccer game on the evening of March 5, 2020. They eventually went to a pub, where they lost consciousness until the following day, by which point they had been separated. Medical examinations later confirmed the presence of benzodiazepines in the two victims. The defendants targeted the two victims at the pub, incapacitated them with drugs, and kidnapped them to acquire the victims’ valuables and credit and debit card information. Silva Ochoa and Arango Castellanos used one victim’s credit card and the other victim’s debit card to make purchases and withdraw money.

    Silva Ochoa was extradited in April 2024 from Chile to the United States. Uribe Chiran was extradited in September 2024 from Colombia to the United States. Co-defendant Arango Castellanos was extradited in May 2023 from Colombia to the United States, pleaded guilty in January 2024, and was sentenced in May 2024 to 48 years and nine months in prison.

    The FBI Miami Field Office is investigating the case. The Justice Department’s Office of International Affairs, the Criminal Division’s Narcotic and Dangerous Drug Section’s Office of the Judicial Attaché in Bogotá, and the FBI’s Legal Attaché Offices in Bogotá and Santiago, Chile, provided significant assistance in this matter. The United States thanks Colombian and Chilean law enforcement authorities for their valuable assistance.

    Trial Attorneys Clayton O’Connor and Elizabeth Nielsen of the Criminal Division’s Human Rights and Special Prosecutions Section and Assistant U.S. Attorney Bertila Fernandez for the Southern District of Florida are prosecuting the case.

    MIL Security OSI –

    March 6, 2025
  • MIL-OSI: Alto Ingredients, Inc. Reports Fourth Quarter and Year-end 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    – Implemented Cost Savings Expected to Yield Approximately $8 Million Annually –
    – Integrated Accretive Acquisition of a Beverage-grade Liquid CO2Processor –
    – Considering Asset Sales, a Merger or Other Strategic Transactions –

    PEKIN, Ill., March 05, 2025 (GLOBE NEWSWIRE) — Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols, renewable fuels and essential ingredients, reported its financial results for the quarter and year ended December 31, 2024.

    Bryon McGregor, President and Chief Executive Officer of Alto Ingredients said, “During the fourth quarter of 2024 and the first quarter of 2025, we implemented cost saving initiatives, including cold idling our Magic Valley plant, and lowering total company headcount by 16%. We expect these staffing reductions to save approximately $8 million annually beginning in the second quarter of 2025. While ensuring high customer service, we rightsized the company to our smaller organizational footprint to position for long-term sustainable growth.

    “On January 1st, we acquired a beverage-grade liquid carbon dioxide processor adjacent to our Columbia site. Bolstering economics and increasing asset valuation, this immediately accretive transaction has a compelling payback of less than two years as well as opportunities for cost synergies and expanded production. At our Pekin Campus, we continue to diligently pursue opportunities to optimize carbon, which has been historically underutilized and undervalued. Lastly, with the assistance of our financial and legal advisors, we are considering a broad range of options, including asset sales, a merger or other strategic transactions to better align the long-term value potential of the company.”

    Chief Financial Officer Rob Olander added, “Our restructuring has improved Alto’s financial position going forward. In doing so, during the fourth quarter of 2024, we recognized over $30 million in asset impairments and prior acquisition-related expenses, which reset our base. Combining our reduced expense run rate with our improved performance at the Pekin wet mill, our synergistic acquisition of premium liquid CO2 processing and our entry into the European market, we are optimistic about 2025.”

    Financial Results for the Three Months Ended December 31, 2024 Compared to 2023

    • Net sales were $236.3 million, compared to $273.6 million.
    • Cost of goods sold was $237.7 million, compared to $276.2 million.
    • Gross loss was $1.4 million, including $3.5 million in realized losses on derivatives, compared to a gross loss of $2.5 million, including $2.3 million in realized losses on derivatives.
    • Selling, general and administrative expenses were $7.4 million, compared to $7.8 million.
    • Expenses related to the Eagle Alcohol acquisition were $5.7 million, compared to $0.7 million.
    • Asset impairments were $24.8 million comprised of $21.4 million related to Magic Valley and $3.4 million related to Eagle Alcohol, compared to $6.0 million related to Eagle Alcohol.
    • Net loss attributable to common stockholders was $42.0 million, or $0.57 per share, compared to $19.3 million, or $0.26 per share.
    • Adjusted EBITDA was negative $7.7 million, including $3.5 million in realized losses on derivatives, compared to positive $3.5 million, including $2.3 million in realized losses on derivatives.

    Cash and cash equivalents were $35.5 million at December 31, 2024, compared to $30.0 million at December 31, 2023. At December 31, 2024, the company’s borrowing availability was $88.1 million including $23.1 million under the company’s operating line of credit and $65.0 million under its term loan facility, subject to certain conditions.

    Financial Results for the Twelve Months Ended December 31, 2024 Compared to 2023

    • Net sales were $965.3 million, compared to $1,222.9 million.
    • Net loss attributable to common stockholders was $60.3 million, including $32.5 million in expenses related to asset impairments and the company’s Eagle Alcohol acquisition, or $0.82 per share. This compares to $29.3 million, including $6.5 million in net expenses related to asset impairments, the company’s Eagle Alcohol acquisition and a USDA cash grant, or $0.40 per share.
    • Adjusted EBITDA was negative $8.5 million, including $2.5 million in realized losses on derivatives and $5.4 million in costs related to the biennial outage in the second quarter, compared to positive $20.8 million, including $1.6 million in realized gains on derivatives.

    Fourth Quarter 2024 Results Conference Call
    Management will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on Wednesday, March 5, 2025, and will deliver prepared remarks via webcast followed by a question-and-answer session.

    The webcast for the conference call can be accessed from Alto Ingredients’ website at www.altoingredients.com. Alternatively, to receive a number and unique PIN by email, register here. To dial directly up to twenty minutes prior to the scheduled call time, please dial (833) 630-0017 domestically and (412) 317-1806 internationally. The webcast will be archived for replay on the Alto Ingredients website for one year. In addition, a telephonic replay will be available at 8:00 p.m. Eastern Time on Wednesday, March 5, 2025, through 8:00 p.m. Eastern Time on Wednesday, March 12, 2025. To access the replay, please dial (877) 344-7529. International callers should dial 00-1 412-317-0088. The pass code will be 5306551.

    Use of Non-GAAP Measures
    Management believes that certain financial measures not in accordance with generally accepted accounting principles (“GAAP”) are useful measures of operations. The company defines Adjusted EBITDA as unaudited consolidated net income (loss) before interest expense, interest income, provision for income taxes, asset impairments, unrealized derivative gains and losses, acquisition-related expense and depreciation and amortization expense. A table is provided at the end of this release that provides a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, net income (loss). Management provides this non-GAAP measure so that investors will have the same financial information that management uses, which may assist investors in properly assessing the company’s performance on a period-over-period basis. Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income (loss) or any other measure of performance under GAAP, or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of the company’s results as reported under GAAP.

    About Alto Ingredients, Inc.
    Alto Ingredients, Inc. (NASDAQ: ALTO) is a leading producer and distributor of specialty alcohols, renewable fuels and essential ingredients. Leveraging the unique qualities of its facilities, the company serves customers in a wide range of consumer and commercial products in the Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels markets. For more information, please visit www.altoingredients.com.

    Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
    Statements and information contained in this communication that refer to or include Alto Ingredients’ estimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Alto Ingredients’ current perspective of existing trends and information as of the date of the communication. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,” “expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements concerning Alto Ingredients’ projected outlook and future performance, including the timing and effects of its cost savings initiatives and its acquisition of a liquid carbon dioxide processor adjacent to its Columbia plant; Alto Ingredients’ capital projects, including its carbon capture and storage (CCS) project and opportunities to optimize carbon; and Alto Ingredients’ other plans, objectives, expectations and intentions. It is important to note that Alto Ingredients’ plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ materially from Alto Ingredients’ current expectations depending upon a number of factors affecting Alto Ingredients’ business and plans. These factors include, among others adverse economic and market conditions, including for renewable fuels, specialty alcohols and essential ingredients; export conditions and international demand for the company’s products; fluctuations in the price of and demand for oil and gasoline; raw material costs, including production input costs, such as corn and natural gas; adverse impacts of inflation and supply chain constraints; and the cost, ability to fund, timing and effects of, including the financial and other results deriving from, Alto Ingredients’ repair and maintenance programs, plant improvements and other capital projects, including CCS, and other business initiatives and strategies. These factors also include, among others, the inherent uncertainty associated with financial and other projections and large-scale capital projects, including CCS; the anticipated size of the markets and continued demand for Alto Ingredients’ products; the impact of competitive products and pricing; the risks and uncertainties normally incident to the alcohol production, marketing and distribution industries; changes in generally accepted accounting principles; successful compliance with governmental regulations applicable to Alto Ingredients’ facilities, products and/or businesses; changes in laws, regulations and governmental policies, including with respect to the Inflation Reduction Act’s tax and other benefits Alto Ingredients expects to derive from CCS; the loss of key senior management or staff; and other events, factors and risks previously and from time to time disclosed in Alto Ingredients’ filings with the Securities and Exchange Commission including, specifically, those factors set forth in the “Risk Factors” section contained in Alto Ingredients’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 8, 2024.

    Company IR and Media Contact:
    Michael Kramer, Alto Ingredients, Inc., 916-403-2755
    Investorrelations@altoingredients.com

    IR Agency Contact:
    Kirsten Chapman, Alliance Advisors Investor Relations, 415-433-3777
    altoinvestor@allianceadvisors.com

    ALTO INGREDIENTS, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited, in thousands, except per share data)
         
      Three Months Ended
    December 31,
      Years Ended
    December 31,
       2024     2023     2024     2023 
             
    Net sales $ 236,347     $ 273,625     $ 965,258     $ 1,222,940  
    Cost of goods sold   237,738       276,150       955,536       1,207,287  
    Gross profit (loss)   (1,391 )     (2,525 )     9,722       15,653  
    Selling, general and administrative expenses   (7,358 )     (7,823 )     (29,736 )     (29,864 )
    Acquisition-related expenses   (5,676 )     (700 )     (7,701 )     (2,800 )
    Gain (loss) on sale of assets   —       (153 )     830       (293 )
    Asset impairments   (24,790 )     (5,970 )     (24,790 )     (6,544 )
    Loss from operations   (39,215 )     (17,171 )     (51,675 )     (23,848 )
    Interest expense, net   (2,474 )     (2,126 )     (7,644 )     (7,425 )
    Income from cash grant   —       —       —       2,812  
    Other income, net   150       449       508       553  
    Loss before provision for income taxes   (41,539 )     (18,848 )     (58,811 )     (27,908 )
    Provision for income taxes   173       97       173       97  
    Net loss $ (41,712 )   $ (18,945 )   $ (58,984 )   $ (28,005 )
    Preferred stock dividends $ (319 )   $ (319 )   $ (1,269 )   $ (1,265 )
    Net loss attributable to common stockholders $ (42,031 )   $ (19,264 )   $ (60,253 )   $ (29,270 )
    Net loss per share, basic and diluted $ (0.57 )   $ (0.26 )   $ (0.82 )   $ (0.40 )
    Weighted-average shares outstanding, basic and diluted   73,835       72,969       73,482       73,339  
                                   
    ALTO INGREDIENTS, INC.
    CONSOLIDATED BALANCE SHEETS
    (unaudited, in thousands, except par value)
     
    ASSETS December 31,
    2024
      December 31,
    2023
    Current Assets:    
    Cash and cash equivalents $ 35,469   $ 30,014
    Restricted cash   742     15,466
    Accounts receivable, net   58,217     58,729
    Inventories   49,914     52,611
    Derivative instruments   3,313     2,412
    Other current assets   5,463     9,538
    Total current assets   153,118     168,770
    Property and equipment, net   214,742     248,748
    Other Assets:      
    Right of use operating lease assets, net   20,553     22,597
    Intangible assets, net   4,509     8,498
    Other assets   8,516     5,628
    Total other assets   33,578     36,723
    Total Assets $ 401,438   $ 454,241
    ALTO INGREDIENTS, INC.
    CONSOLIDATED BALANCE SHEETS (CONTINUED)
    (unaudited, in thousands, except par value)
     
    LIABILITIES AND STOCKHOLDERS’ EQUITY December 31,
    2024
      December 31,
    2023
    Current Liabilities:    
    Accounts payable $ 20,369     $ 20,752  
    Accrued liabilities   24,214       20,205  
    Current portion – operating leases   4,851       4,333  
    Derivative instruments   1,177       13,849  
    Other current liabilities   7,193       6,149  
    Total current liabilities   57,804       65,288  
                   
    Long-term debt, net   92,904       82,097  
    Operating leases, net of current portion   16,913       19,029  
    Other liabilities   8,754       8,270  
    Total Liabilities   176,375       174,684  
                   
    Stockholders’ Equity:    
    Preferred stock, $0.001 par value; 10,000 shares authorized;
        Series A: no shares issued and outstanding as of
        December 31, 2024 and 2023
        Series B: 927 shares issued and outstanding as of
        December 31, 2024 and 2023
      1       1  
    Common stock, $0.001 par value; 300,000 shares authorized;
        76,565 and 75,703 shares issued and outstanding as of
        December 31, 2024 and 2023, respectively
      77       76  
    Non-voting common stock, $0.001 par value; 3,553 shares authorized;
        1 share issued and outstanding as of December 31, 2024 and 2023
      —       —  
    Additional paid-in capital   1,044,176       1,040,912  
    Accumulated other comprehensive income   4,975       2,481  
    Accumulated deficit   (824,166 )     (763,913 )
    Total Stockholders’ Equity   225,063       279,557  
    Total Liabilities and Stockholders’ Equity $ 401,438     $ 454,241  


    Reconciliation of Adjusted EBITDA to Net Loss

      Three Months Ended
    December 31,
      Years Ended
    December 31,
    (in thousands) (unaudited) 2024   2023   2024   2023
    Net loss $ (41,712 )   $ (18,945 )   $ (58,984 )   $ (28,005 )
    Adjustments:        
    Interest expense   2,474       2,126       7,644       7,425  
    Interest income   (112 )     (265 )     (689 )     (854 )
    Unrealized derivative (gains) losses   (5,495 )     8,162       (13,574 )     9,679  
    Acquisition-related expense   5,676       700       7,701       2,800  
    Provision for income taxes   173       97       173       97  
    Asset impairments   24,790       5,970       24,790       6,544  
    Depreciation and amortization expense   6,548       5,698       24,408       23,080  
    Total adjustments   34,054       22,488       50,453       48,771  
    Adjusted EBITDA $ (7,658 )   $ 3,543     $ (8,531 )   $ 20,766  


    Segment Financials (unaudited, in thousands)

      Three Months Ended
    December 31,
      Years Ended
    December 31,
       2024     2023     2024     2023 
    Net Sales                              

    Pekin Campus, recorded as gross:

                                 
    Alcohol sales $ 100,216     $ 113,588     $ 415,710     $ 502,217  
    Essential ingredient sales   42,011       48,483       169,308       217,702  
    Intersegment sales   316       307       1,243       1,427  
    Total Pekin Campus sales   142,543       162,378       586,261       721,346  

    Marketing and distribution:

                                 
    Alcohol sales, gross $ 37,230     $ 46,844     $ 216,295     $ 262,587  
    Alcohol sales, net   60       73       229       365  
    Intersegment sales   2,831       2,920       10,833       11,654  
    Total marketing and distribution sales   40,121       49,837       227,357       274,606  
                                   
    Western production, recorded as gross:                              
    Alcohol sales $ 41,306     $ 44,496     $ 115,389     $ 166,971  
    Essential ingredient sales   12,769       16,650       36,953       57,264  
    Intersegment sales   —       35       (122 )     134  
    Total Western production sales   54,075       61,181       152,220       224,369  
             
    Corporate and other   2,755       3,491       11,374       15,834  
    Intersegment eliminations   (3,147 )     (3,262 )     (11,954 )     (13,215 )
    Net sales as reported $ 236,347     $ 273,625     $ 965,258     $ 1,222,940  

    Cost of goods sold:
                                 
    Pekin Campus (1) (2) $ 139,899     $ 163,497     $  563,033      $ 710,089  
    Marketing and distribution   36,348       46,311       213,023       259,234  
    Western production (1)   59,449       65,042       172,209       230,444  
    Corporate and other   3,592       2,802       12,285       12,122  
    Intersegment eliminations   (1,550 )     (1,502 )     (5,014 )     (4,602 )
    Cost of goods sold as reported $ 237,738     $ 276,150     $ 955,536     $  1,207,287  

    Gross profit (loss):
                                 
    Pekin Campus $ 2,644     $ (1,119 )   $  23,228     $ 11,257  
    Marketing and distribution   3,773       3,526       14,334        15,372  
    Western production   (5,374 )     (3,861 )     (19,989  )     (6,075 )
    Corporate and other   (837 )     689       (911  )      3,712  
    Intersegment eliminations   (1,597 )     (1,760 )     (6,940  )      (8,613 )
    Gross profit (loss) as reported $ (1,391 )   $ (2,525 )   $  9,722      $ 15,653  

    (1) – includes depreciation and amortization expense
    (2) – includes unrealized gain (loss) on derivatives

    Sales and Operating Metrics (unaudited)

      Three Months Ended
    December 31,
      Years Ended
    December 31,
       2024     2023     2024     2023
    Alcohol Sales (gallons in millions)          
    Pekin Campus renewable fuel gallons sold   32.1     31.8     125.7     136.2
    Western production renewable fuel gallons sold   22.3     20.4     60.5     67.0
    Third party renewable fuel gallons sold   19.0     20.2     108.3     102.6
    Total renewable fuel gallons sold   73.4     72.4     294.5     305.8
    Specialty alcohol gallons sold   21.7     20.1     91.5     76.7
    Total gallons sold   95.1     92.5     386.0     382.5
               
    Sales Price per Gallon          
    Pekin Campus $ 1.89   $ 2.23   $ 1.95   $ 2.40
    Western production $ 1.86   $ 2.18   $ 1.91   $ 2.49
    Marketing and distribution $ 1.96   $ 2.32   $ 2.00   $ 2.56
    Total $ 1.88   $ 2.24   $ 1.95   $ 2.47
               
    Alcohol Production (gallons in millions)          
    Pekin Campus   55.4     51.6     212.4     209.7
    Western production   21.2     20.8     58.7     68.1
    Total   76.6     72.4     271.1     277.8
               
    Corn Cost per Bushel          
    Pekin Campus $ 4.17   $ 5.10   $ 4.45   $ 6.32
    Western production $ 5.79   $ 6.44   $ 5.73   $ 7.45
    Total $ 4.63   $ 5.46   $ 4.72   $ 6.58
               
    Average Market Metrics          
    PLATTS Ethanol price per gallon $ 1.60   $ 1.96   $ 1.69   $ 2.22
    CME Corn cost per bushel $ 4.26   $ 4.76   $ 4.24   $ 5.64
    Board corn crush per gallons (1) $ 0.08   $ 0.26   $ 0.18   $ 0.21
               
    Essential Ingredients Sold (thousand tons)          
    Pekin Campus:          
    Distillers grains   85.3     80.2     336.4     332.7
    CO2   52.7     43.4     188.6     182.4
    Corn wet feed   41.4     25.0     121.8     95.0
    Corn dry feed   22.0     23.3     87.2     90.6
    Corn oil and germ   21.0     18.2     75.1     73.8
    Syrup and other   10.0     12.7     38.6     41.2
    Corn meal   9.3     9.0     35.4     36.8
    Yeast   5.4     6.2     23.2     25.9
    Total Pekin Campus essential ingredients sold   247.1     218.0     906.3     878.4
               
             
    Western production:          
    Distillers grains   144.3     152.0     394.5     459.7
    CO2   14.6     13.8     57.7     55.5
    Syrup and other   17.2     47.5     54.8     119.1
    Corn oil   3.1     2.8     7.6     8.0
    Total Western production essential ingredients sold   179.2     216.1     514.6     642.3
               
    Total Essential Ingredients Sold   426.3     434.1     1,420.9     1,520.7
               
               
    Essential ingredients return % (2)          
    Pekin Campus return   49.5%     51.9%     49.7%     45.7%
    Western production return   30.3%     36.3%     32.0%     33.4%
    Consolidated total return   43.1%     46.8%     45.2%     42.4%
               

    ________________
    (1) Assumes corn conversion of 2.80 gallons of alcohol per bushel of corn.
    (2) Essential ingredients revenues as a percentage of total corn costs consumed.

    The MIL Network –

    March 6, 2025
  • MIL-OSI United Kingdom: Prime Minister’s remarks at UK-Ireland Summit: 5 March 2025

    Source: United Kingdom – Executive Government & Departments

    Speech

    Prime Minister’s remarks at UK-Ireland Summit: 5 March 2025

    Prime Minister’s remarks at the UK-Ireland Summit in Liverpool.

    Thanks Lisa, it’s really fantastic to see you all here and to be in this absolutely wonderful museum.

    I’ve been in this museum a number of times, but I’m normally bundled in to the top floor to do an interview with Laura Kuenssberg on the Sunday morning of our conference.

    So, to come and see it in all its glory is really really fantastic.

    As it is to look out and see all of you here.

    And particularly just to see UK and Ireland Summit 2025 on the walls here is absolutely amazing and really, really uplifting, so thank you all for coming.

    Look I know we’re still some days away from St. Patrick’s Day.

    But we’ve got some fantastic food and drink from Irish chef Anna Haugh who is here this evening.

    Fantastic music from the Liverpool String Quartet.

    And I know we’ve got incredible people in this room.

    Business leaders, people in the arts, education, politicians.

    And of course, a very big thank you to the Taoiseach Micheál Martin who is with us this evening.

    So, all in all I think we can consider this an early celebration of everything Irish…

    And everything that binds the UK and Ireland together.

    Micheál, everyone, it really is good to see you all here in Liverpool for this important summit 

    A city which stands as the living embodiment of the connections between our two countries.

    As Lisa has alluded to, I’ve been to Ireland many times. 

    But in September last year I visited Ireland for the first time as Prime Minister of the United Kingdom.

    That was an important and special moment for me.

    But it was a wider moment, not just because I got to watch the England-Ireland football match at the Aviva Stadium…I won’t mention the score. 

    But because as the first visit by a UK Prime Minister in five years…

    And despite all the turbulence in recent times…

    It was a reminder of just how strong those ties are that bind us together.

    So, it was a really important moment for me personally, 

    But a really important moment for the United Kingdom and for Ireland to have that first visit so early in my tenure as Prime Minister.

    So, I’m really delighted that the Irish delegation is here today…

    To continue strengthening that friendship…

    As we work to bring huge benefits to the people of both countries…

    By delivering greater trade, prosperity and security.

    Now many of you will know that as Prime Minister

    My focus is on delivering change

    Improving people’s lives

    Boosting growth

    So that we can raise living standards

    and put more money into people’s pockets

    And deliver the public services people need.

    But of course, we can do much more…

    When we work together with others.

    As I’ve said before, I don’t believe the relationship between the UK and Ireland has ever reached its full potential.

    And I’m delighted that now with this summit we’re going to change all that. What an opportunity. 

    Micheál, I know we’ve got a lot to do over the coming days…

    We’ve got great ambitions for this summit.

    Talking together

    Speaking to business leaders

    Perhaps finding a moment for a bit of Guinness diplomacy.

    But tonight…

    I hope we can simply celebrate

    The UK and Ireland

    And everything that makes this such a fantastic friendship

    And now it’s my pleasure to introduce the Taoiseach, you’re so welcome I’m so pleased we were able to get this summit together: Micheál .

    Updates to this page

    Published 5 March 2025

    MIL OSI United Kingdom –

    March 6, 2025
  • MIL-OSI: GraniteShares ETFs Announces Name Change and Investment Objectives on some of its Short and Leveraged ETFs

    Source: GlobeNewswire (MIL-OSI)

    New York, March 05, 2025 (GLOBE NEWSWIRE) — GraniteShares today announced plans to amend the names and leverage factors for some of its short and leverage ETFs (the “Funds”). The change in leverage factor results in a modification of the investment strategy.

    Effective May 04, 2025, the Funds will aim to replicate +2, -2 or -1 times the daily variations of their underlying stocks. One of the Funds already trades on the NASDAQ. The Fund’s CUSIP and ticker are not expected to change.

    TICKER SYMBOL   CURRENT FUND NAME   NEW FUND NAME   CURRENT LEVERAGE FACTOR*   NEW LEVERAGE FACTOR*
    AMCL(1)   GraniteShares 1x Short AMC Daily ETF   GraniteShares 2x Long AMC Daily ETF   -100 %   200 %
    ARML(1)   GraniteShares 1x Short ARM Daily ETF   GraniteShares 2x Long ARM Daily ETF   -100 %   200 %
    GMEL(1)   GraniteShares 1x Short GME Daily ETF   GraniteShares 2x Long GME Daily ETF   -100 %   200 %
    MSTP(1)   GraniteShares 1x Short MSTR Daily ETF   GraniteShares 2x Long MSTR Daily ETF   -100 %   200 %
    CONI(2)(3)   GraniteShares 1x Short COIN Daily ETF   GraniteShares 2x Short COIN Daily ETF   -100 %   -200 %
    TSS(2)   GraniteShares 1.25x Short TSLA Daily ETF   GraniteShares 1x Short TSLA Daily ETF   -125 %   -100 %
    CURRENT
    FUND NAME
      CURRENT INVESTMENT OBJECTIVE   NEW INVESTMENT OBJECTIVE
    GraniteShares 1x Short AMC Daily ETF (1)   The Fund seeks daily inverse investment results of -1 time (-100%) the daily percentage change of the common stock of AMC Entertainment Holdings, Inc. (NYSE: AMC).   The Fund seeks daily investment results of 2 times (200%) the daily percentage change of the common stock of AMC Entertainment Holdings, Inc. (NYSE: AMC).
             
    GraniteShares 1x Short ARM Daily ETF (1)   The Fund seeks daily inverse investment results of -1 time (-100%) the daily percentage change of the ADR of Arm Holdings (NASDAQ: ARM).   The Fund seeks daily investment results of 2 times (200%) the daily percentage change of the ADR of Arm Holdings (NASDAQ: ARM).
             
    GraniteShares 1x Short GME Daily ETF (1)   The Fund seeks daily inverse investment results of 1 time (-100%) the daily percentage change of the common stock of GameStop Corp (NYSE: GME).   The Fund seeks daily investment results of 2 times (200%) the daily percentage change of the common stock of GameStop Corp (NYSE: GME).
             
    GraniteShares 1x Short MSTR Daily ETF (1)   The Fund seeks daily inverse investment results of 1 time (-100%) the daily percentage change of the common stock MicroStrategy Inc. (NASDAQ: MSTR).   The Fund seeks daily investment results of 2 times (200%) the daily percentage change of the common stock MicroStrategy Inc. (NASDAQ: MSTR).
             
    GraniteShares 1x Short COIN Daily ETF (2), (3)   The Fund seeks daily inverse investment results of -1 time (-100%) the daily percentage change of the common stock of Coinbase Global, Inc. Class A (NASDAQ: COIN).   The Fund seeks daily inverse investment results of -2 times (-200%) the daily percentage change of the common stock of Coinbase Global, Inc. Class A (NASDAQ: COIN).
             
    GraniteShares 1.25x Short TSLA Daily ETF (2)   The Fund seeks daily investment results, before fees and expenses, of -1.25 times (-125%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA).   The Fund seeks daily investment results, before fees and expenses, of -1 time (-100%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA).
             

    (1) Issued under the registration statement dated October 25, 2024
    (2) Issued under the registration statement dated October 18, 2024
    (3) Fund currently traded on NASDAQ

    Capitalized terms and certain other terms used in this Supplement, unless otherwise defined in this Supplement, have the meanings assigned to them in the Prospectus.

    About GraniteShares

    GraniteShares is an independent ETF issuer headquartered in New York City.

    GraniteShares current ETF offering is presented below:

    ETF NAME   TICKER     UNDERLYING STOCK   MANAGEMENT FEE/TOTAL EXPENSES  
    GraniteShares 2x Long AAPL Daily ETF     AAPB     Apple     0.99%/1.15 %
    GraniteShares 2x Long AMD Daily ETF     AMDL     AMD     0.99%/1.15 %
    GraniteShares 1x Short AMD Daily ETF     AMDS     AMD     0.99%/1.15 %
    GraniteShares 2x Long AMZN Daily ETF     AMZZ     Amazon     0.99%/1.15 %
    GraniteShares 2x Long BABA Daily ETF     BABX     Alibaba     0.99%/1.15 %
    GraniteShares 2x Long COIN Daily ETF     CONL     Coinbase     0.99%/1.15 %
    GraniteShares 1x Short COIN Daily ETF     CONI     Coinbase     0.99%/1.15 %
    GraniteShares 2x Long CRWD Daily ETF     CRWL     CrowdStrike     1.30%/1.50 %
    GraniteShares 2x Long DELL Daily ETF     DLLL     Dell     1.30%/1.50 %
    GraniteShares 2x Long META Daily ETF     FBL     Meta     0.99%/1.15 %
    GraniteShares 2x Long INTC Daily ETF     INTW     Intel     1.30%/1.50 %
    GraniteShares 2x Long INTC Daily ETF     MSFL     Microsoft     0.99%/1.15 %
    GraniteShares 2x Long MU Daily ETF     INTW     Micron Technology     1.30%/1.50 %
    GraniteShares 2x Long NVDA Daily ETF     NVDL     NVIDIA     0.99%/1.15 %
    GraniteShares 2x Short NVDA Daily ETF     NVD     NVIDIA     0.99%/1.15 %
    GraniteShares 2x Long PLTR Daily ETF     PTIR     Palantir     0.99%/1.15 %
    GraniteShares 2x Short QCOM Daily ETF     QCML     Qualcomm     1.30%/1.50 %
    GraniteShares 2x Long TSLA Daily ETF     TSLR     Tesla     0.95 %
    GraniteShares 1.25x Long TSLA Daily ETF     TSL     Tesla     0.99%/1.15 %
    GraniteShares 2x Short TSLA Daily ETF     TSDD     Tesla     0.95 %
    GraniteShares 2x Short TSM Daily ETF     TSMU     Taiwan Semiconductor     1.30%/1.50 %
    GraniteShares 2x Short UBER Daily ETF     UBRL     Uber     1.30%/1.50 %
                         
    ETF NAME   TICKER     EXPOSURE   MANAGEMENT FEE/TOTAL EXPENSES  
    GraniteShares YieldBOOST QQQ ETF     TQQY     Income on Nasdaq-100     0.99%/1.15 %
    GraniteShares YieldBOOST SPY ETF     YSPY     Income on S&P 500     0.99%/1.15 %
    GraniteShares YieldBOOST TSLA ETF     TSYY     Income on TSLA     0.99%/1.15 %
    ETF NAME   TICKER     EXPOSURE   MANAGEMENT FEE/TOTAL EXPENSES  
    GraniteShares Gold Trust     BAR     Gold     0.17 %
    GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF     COMB     Broad Commodities     0.25 %
    GraniteShares HIPS US High Income ETF     HIPS     High Income     0.70%/3.19 %
    GraniteShares Platinum Trust     PLTM     Platinum     0.50 %
    GraniteShares Nasdaq Select Disruptors ETF     DRUP     U.S. Large Cap     0.60 %
                         

    Gregory FCA for GraniteShares
    Kathleen Elicker, 484-889-6597
    graniteshares@gregoryfca.com

    Important Information

    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please call (844) 476 8747 or visit www.graniteshares.com. Read the prospectus or summary prospectus carefully before investing.

    The investment program of the funds is speculative, entails substantial risks and include asset classes and investment techniques not employed by more traditional mutual funds.

    PRINCIPAL FUND RISKS (see the Prospectus for more information)

    GraniteShares Leveraged Long and Inverse Daily ETFs are not suitable for all investors. The funds seek daily leveraged investment results and are intended to be used as short-term trading vehicles. The funds pursue daily leveraged investment objectives, which means that the funds are riskier than alternatives that do not use leverage because the fund magnifies the performance of the underlying security. The volatility of the underlying security may affect the fund return as much as, or more than, the return of the underlying security. Investors who do not understand the Funds, or do not intend to actively manage their funds and monitor their investments, should not buy the Funds. The Funds are designed to be utilized only by traders and sophisticated investors who understand the potential consequences of seeking daily inverse and/or leveraged investment results, understand the risks associated with the use of leverage and/or short sales and are willing to monitor their portfolios frequently. For periods longer than a single day, the Funds will lose money if the underlying stock’s performance is flat, and it is possible that the Funds will lose money even if the underlying stock’s performance increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day. The Funds track the price of a single stock rather than an index, eliminating the benefits of diversification that most mutual funds and exchange-traded funds offer. Although the Funds will be listed and traded on an exchange, an investment in a Fund may not be suitable for every investor. The Funds pose risks that are unique and complex.

    This information is not an offer to sell or a solicitation of an offer to buy shares of any Funds to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.

    THE FUNDS AREDISTRIBUTED BY ALPS DISTRIBIUTORS, INC. GRANITESHRES IS NOT AFFILIATED WITH ALPS DISTRIBUTORS, INC

    The MIL Network –

    March 6, 2025
  • MIL-OSI Security: Baldwin County Man Sentenced to Decades in Prison for Attempted Sex Trafficking of a 9-year-old Child

    Source: Office of United States Attorneys

    BIRMINGHAM, Ala. – A Baldwin County man has been sentenced on a charge of attempted sex trafficking of a child, announced U.S. Attorney Prim F. Escalona and Bureau of Immigration and Customs Enforcement (ICE) Atlanta Special Agent in Charge Steven N. Schrank.

    U.S. District Court Judge Anna Manasco sentenced William Guy Long, 27, of Bay Minette, Alabama, to 276 months in prison, followed by a life term of supervised release.  Long was also ordered to pay $5,000 under the Justice for Victims of Trafficking Act of 2015. In October, Long pleaded guilty to the charge.

    According to the plea agreement, Long arranged a date with an escort and then offered the escort $500 if she would bring an underage girl to have sex with him. Long said he wanted someone 10-years-old or younger.  The escort told Long that she had a nine-year-old daughter.  Long said that he preferred younger, “like 4 or 5” but he would pay $800 if she would check her nine-year-old out of school that day and bring her to him.  An arrangement was made, but instead of getting the child, the escort contacted law enforcement.  Long’s abhorrent request was corroborated through text messages. ICE agents, along with the Hoover and Pelham Police Departments, conducted surveillance at the hotel.  When Long opened the door to his hotel room expecting to see the child with whom he planned to have sex, he instead was met by law enforcement.  Long admitted that he communicated with an escort for the purpose of soliciting a minor child for an unlawful sex act.  With Long’s consent, agents seized and searched his cell phone.  A review of Long’s messages revealed his correspondence with another individual whom he told, “get me a young one”—“the younger you find the more money I’ll pay FYI.”

    ICE investigated the case along with the Pelham Police Department and Hoover Police Department. Assistant U.S. Attorney R. Leann White prosecuted the case.

    Child sex trafficking is a serious issue.  The National Center for Missing and Exploited Children (NCMEC) received more than 27,800 reports of possible child sex trafficking in 2024.  This signifies more than a 30% increase since 2023. See https://www.missingkids.org/ for further information.

    The Justice for Victims of Trafficking Act of 2015 gave the Department of Justice more tools to address human trafficking.  One tool was creating a mandatory $5,000 special assessment that applies to non-indigent defendants for each count of conviction of certain offenses. The revenue generated from this special assessment is used to support programs to provide services to victims of human trafficking and other offenses.

    MIL Security OSI –

    March 6, 2025
  • MIL-OSI Russia: Yuri Trutnev: All-Russian competition “Far East – Land of Adventure” will be extended to the Arctic

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Yuri Trutnev took part in the award ceremony for the winners of the second season of the All-Russian travel competition “The Far East – Land of Adventure”

    March 5, 2025

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    Deputy Prime Minister and Presidential Plenipotentiary Representative in the Far Eastern Federal District Yuri Trutnev announced this at the National Center “Russia” during the award ceremony for the winners of the second season of the All-Russian travel competition “Far East – Land of Adventure”. The order to expand the competition to Arctic territories was given by Russian President Vladimir Putin.

    “I congratulate the winners and everyone who took part in the competition. Thank you for traveling, because it makes the world a better place, it makes your life better. You convey love for Russia, you convey love for our Far East. I am sure that the competition will continue. We will see many more wonderful films. The competition began with applications from two hundred people, this year the number of participants has tripled and amounted to more than six hundred people. At first glance, it seems that it is up to the person himself to decide where he will go to travel. But this is not so. With each route that travelers took through the Far East of our country, which they talked about and about which they made a film, people increasingly discover the beautiful Far Eastern territories,” Yuri Trutnev opened the ceremony.

    At the end of December, the application period for participation in the second season of the All-Russian competition for the best trip “The Far East – Land of Adventures” ended. In total, the organizing committee received 664 films, which is three times more than in 2022. Most often, participants went on a trip to the Sakhalin Region, where 142 films about active travel were shot. In addition, 112 films about adventures in the Khabarovsk Territory, 110 in the Kamchatka Territory, 70 in the Primorsky Territory, 57 in the Amur Region, 46 in the Sakha Republic (Yakutia), 42 films in the Republic of Buryatia, 26 in the Trans-Baikal Territory, 21 in the Jewish Autonomous Region, 20 and 18 films each in the Chukotka Autonomous Okrug and Magadan Region were admitted to the jury’s evaluation.

    The best video materials were selected by the jury members, including: TV journalist, author and host of the TV show “Neputevye Zametki” Dmitry Krylov, Arctic traveler, video blogger Bogdan Bulychev, TV host Valdis Pelsh, head of the project “More than a Journey” Olesya Teterina, State Duma deputy, author and host of the TV show “How the World Works” Timofey Bazhenov, producer of the VK project “Places” Nikita Afinogenov and other experienced travelers. The chairman of the jury was the editor-in-chief of the TV channel “My Planet” Nikolay Tabashnikov. In addition, the winners of the first season of the competition took part in the evaluation of the works: Elena Poddubnaya, Ernest Leonidov, Alisa Slyshchenko.

    The Grand Prix (the best trip to the Far East) was awarded to Moscow resident Ilya Bolshakov, a senior research fellow at the Geological Faculty of Moscow State University named after M.V. Lomonosov, for a trip to the Sakhalin Region. On the Kuril Island of Onekotan, the traveler visited the extinct Krenitsyn volcano, which is also called a “volcano within a volcano” and is considered one of the most beautiful in the world. “As a child, I did not dream of becoming a traveler. I did not dream of mountains or tents. I grew up as an ordinary child. It is even more amazing now to realize that I have become a geologist. And together with my friends, I spent 26 days last summer on an uninhabited island in the Pacific Ocean. During this time, we walked more than 200 km, covered 15 km by water and conquered one of the most unusual mountains on Earth,” the traveler said.

    In the nomination “Best Hiking Trip”, the first and third places were awarded to trips around the Sakhalin Region. Both travelers are residents of Moscow. The first place was taken by Anastasia Kolonskaya for her trip around the Sakhalin Region. The contestant covered 100 km in ten days, inspired by the picturesque expanses of Kunashir Island. During her trip, she saw the Tyatya volcano, the columnar rock (kekur) Monakh, or, as it is also called, the Devil’s Finger, Cape Stolbchaty and many other places. The film was shot in the format of reading hiking notes and supplemented with the author’s sketches. Third place went to Grigory Gorchakov, who traveled to the northern Kuril Islands and delighted the jury with views of untouched, wild nature. Second place was awarded to Nikita Bulanov, a resident of Buryatia, for a trip around his region. An eight-minute video about the filming of the movie “Along the Taiga, Lake and Steppe” about a journey through the picturesque places of the republic and the difficult history of one family was submitted to the competition.

    First place in the nomination “Best Water Journey” was awarded to Viktor Kitsan. He submitted an eight-minute film “Home” about family, love, strength and a journey across the Sea of Japan. Second place in the nomination was awarded to Valery Reitenberg, a resident of Khabarovsk Krai, for a journey to the Kuril Islands. Third place was awarded to a journey across Kamchatka Krai. Vyacheslav Borisovsky, a resident of Petropavlovsk-Kamchatsky, presented the film “Kamchatka. On Distant Shores”. The route of the journey on a sailing yacht ran from Petropavlovsk-Kamchatsky through Vilyuchinsky Bay, where the author took photographs of the volcano of the same name, to Cape Kekurny to photograph the life of walruses and listen to the bay.

    Two places in the nomination “Best Winter Trip” – the second and third – were taken by trips around Buryatia. The awards were received by residents of the region. Buda Tsydypov, who took second place, is engaged in organizing hiking tourism with a focus on mountaineering, helps in organizing ecological trails in the Eastern Sayan Mountains. He presented a route for climbing the highest peak of the Sayan Mountains, Munku-Sardyk. Third place was received by Elihan Batotsyrenov. He sent to the competition the film “Nukhen Daban – The Path of Discoveries” about the journey of a group of ten brave explorers through the majestic mountains. First place in the nomination was awarded to Mikhail Nepogodin, a resident of the Khabarovsk Territory, for a trip through the Badzhalsky Range – a mountain range located in the Verkhnebureinsky District.

    The winner in the category “Unlimited Possibilities” was Elena Zinovieva, who traveled around Kamchatka with her son. “My son has been blind since birth, but this does not stop us from traveling around Kamchatka. The most desired moment was when we crossed the Sea of Okhotsk by plane. The joyful emotions of the child when I tell him where we are flying are worth a lot. I am the child’s eyes and am always next to him,” says the traveler.

    12-year-old Diana Abazova won in the nomination “Best Children’s Travel”. The young resident of Khabarovsk Krai traveled to the place of power of her native region – Mount Magloy, considered sacred by the Nanai people.

    In the nomination “Best Journey with Marine Life” the winner was Muscovite Valentin Morozov for his trip to see bowhead whales in Wrangel Bay in Khabarovsk Krai.

    “A lot has been said about the unique nature of the Far Eastern regions. But I want to emphasize how incredible the people of the Far East are. In the ocean, in the mountains, in the harsh taiga, it is impossible to lie or dissemble. The feeling of elbow, support both in one’s own strength and in those who are nearby – this is what distinguishes the Far East and helps the region to develop rapidly. And of course, only such people, with a powerful character and a huge soul, can be allowed close to the mysterious inhabitants of the sea depths,” noted the Minister for the Development of the Far East and the Arctic Alexey Chekunkov.

    The winner of the special nomination “Best Trip to Chukotka” was Nikita Bereznyakov. He presented the film “On Foot in Chukotka. In the Footsteps of Ancient Eskimos”.

    “Chukotka is a special region in the Far East: a new day begins astronomically here, the sun rises. We have magnificent, unforgettable nature, one of the largest nature reserves “Beringia”, along the shores of which whales migrate. You can come and take pictures with them. When we established this nomination, we really wanted many films to be made. It is impossible to make a good film if you do not love the place you are talking about, if you do not love Chukotka. And love is very easily transmitted. And it really worked out. Many thanks to those who did it,” emphasized the Governor of the Chukotka Autonomous Okrug Vladislav Kuznetsov.

    The non-competitive prize for “Best Nature Film” was awarded to the full-length film “Fire Fox”.

    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 –

    March 6, 2025
  • MIL-OSI United Nations: Experts of the Human Rights Committee Commend Montenegro’s Measures Preventing Violence against Women, Raise Issues Concerning Corruption and Historic Human Rights Violations

    Source: United Nations – Geneva

    The Human Rights Committee today concluded its consideration of the second periodic report of Montenegro on how it implements the provisions of the International Covenant on Civil and Political Rights.  Committee Experts commended the State for its measures preventing violence against women, while raising issues concerning historic human rights violations committed during the armed conflict in the former Yugoslavia and corruption.

    One Committee Expert said the State Party had made notable progress in addressing violence against women, including adopting the Protocol on Prevention and Treatment in Cases of Domestic Violence and the National Plan for the Implementation of the Istanbul Convention.  What measures were in place to ensure that legal reforms translated into effective enforcement and that penalties reflected the severity of the crimes?

    Regarding serious human rights violations committed during the armed conflict in the former Yugoslavia, one Committee Expert expressed concern that impunity seemed to persist in many aspects.  There was increased negationist discourse, including denial of the Srebrenica genocide. Could the State party shed light on the fight against denialist discourse?  What measures were being taken to speed up investigations and prosecutions?

    Another Expert said that in Montenegro, corruption was perceived as an aspect of great concern for citizens.  What concrete measures had been put in place to ensure that cases of corruption by high-level officials resulted in appropriate convictions and penalties?

    Introducing the report, Bojan Božović, Minister of Justice of Montenegro and head of the delegation, said implementing the Covenant’s standards was of great importance to Montenegro, which was now striving for membership in the community of developed European democracies.

    Regarding violence against women, the delegation said that, in 2023, in addition to legal amendments, a mandatory instruction was adopted mandating all prosecutors to act proactively in cases of domestic violence and to apply the Istanbul Convention. Some 622 final judgements had been enacted on domestic violence cases in 2024, with the majority being convictions.

    Mr. Božović said Montenegro had placed the prevention and suppression of corruption at the top of the policy and law enforcement agenda.  In 2024, shortcomings identified in previous law enforcement practices were eliminated.  There were also plans to adopt new legal amendments to enable the Agency for the Prevention of Corruption to have direct access to public officials’ accounts. Through the adoption of the Law on Lobbying, the State aimed to prevent undue influence in legislative processes.

    Regarding historic human rights violations, the delegation said the most senior members of Government made efforts to memorialise the day of the Srebrenica genocide. Inappropriate statements would be sanctioned when made during elections.  There had also been a resolution adopted in Parliament on the genocide in Srebrenica.  There would no longer be impunity for war crimes in Montenegro and proactive action had been taken in this regard, the delegation said.  Cases which had been finalised would be reopened and thoroughly examined.  The strategy to combat war crimes was adopted in June 2024, which had resulted in four cases previously considered to be finalised being reopened.

    In concluding remarks, Blagoje Gledović, Director General of the Directorate for the International Cooperation and International Legal Aid, Ministry of Justice of Montenegro, and alternative head of the delegation, said that over the reporting period, the State party had undertaken several reforms to promote civil and political rights and to meet the requirements for accession to the European Union.  Montenegro remained committed to the implementation of the Covenant through national legislation and all other available measures.

    Changrok Soh, Committee Chairperson, said in concluding remarks that the dialogue had covered a wide range of topics related to the implementation of the Covenant by the State party, highlighting the progress made and challenges faced.  The Committee was committed to fulfilling its mandate to ensure the highest standard of implementation of the Covenant in Montenegro.

    The delegation of Montenegro was made up of representatives of the Ministry of Justice; the Ministry of Human and Minority Rights; the Ministry of the Interior; the Supreme State Prosecutor’s Office; the Supreme Court; the Police Directorate; the Parliament of Montenegro; and the Permanent Mission of Montenegro to the United Nations Office at Geneva.

    The Human Rights Committee’s one hundred and forty-third session is being held from 3 to 28 March 2025. All the documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 3 p.m. on Wednesday, 5 March, to begin its consideration of the second periodic report of Burkina Faso (CCPR/C/BFA/2).

    Report

    The Committee has before it the second periodic report of Montenegro (CCPR/C/MNE/2).

    Presentation of Report

    BOJAN BOŽOVIĆ, Minister of Justice of Montenegro and head of the delegation, said implementing the Covenant’s standards was of great importance to Montenegro as a relatively young United Nations member but an old European state, now striving for membership in the community of developed European democracies.

    Montenegro had placed the prevention and suppression of corruption at the top of the policy and law enforcement agenda.  In 2024, through amendments to the Law on the Prevention of Corruption, the work of the Agency for the Prevention of Corruption was enhanced, and shortcomings identified in previous law enforcement practices were eliminated.  The State had continued to strengthen the anti-corruption framework in 2025, with plans to adopt new amendments to the law that would enable the Agency for the Prevention of Corruption to have direct access to public officials’ accounts. Through the adoption of the Law on Lobbying, the State aimed to prevent undue influence in legislative processes, increase institutional transparency, and increase the number of certified lobbyists registered in the official registry.

    Amendments to the Law on the Judicial Council and Judges were adopted in 2024, improving provisions related to the functioning of the Judicial Council, the system of ethical and disciplinary responsibility for judges and their evaluation.  Amendments to the Law on the State Prosecutor’s Office had also been enacted to enhance the autonomy, accountability, and efficiency of the Office and the Prosecutorial Council. In May 2024, the Government of Montenegro adopted the Judicial Reform Strategy 2024- 2027, accompanied by an action plan.  Efforts were also being made to ensure the judiciary’s efficiency and sustainability through the Judicial Network Rationalisation Plan, which provided for the reorganisation of Montenegro’s court network. 

    Regarding domestic violence, Montenegro had largely harmonised its domestic legislation with international standards, with a goal of zero tolerance and maximum protection for vulnerable groups.  The law amending the Law on Legal Aid, enacted in December 2024, guaranteed the right to legal aid for victims of torture, sexual offences, and children initiating proceedings to protect their rights.  The Law on Protection from Domestic Violence would be aligned with the Istanbul Convention, refining the definition of violence and granting victims individual rights.

    In the fight against human trafficking, amendments to the Criminal Code introduced abduction as one of the methods of committing the offence, as well as a non-punishment clause for victims.  For the first time, child trafficking was established as a distinct criminal offence. Montenegro had developed a comprehensive system covering the entire process of trafficking, from victim identification to full integration or reintegration into society.  This system was reinforced by strong and effective cooperation between competent State authorities and civil society organizations and steered by the Strategy for Combating Human Trafficking 2019–2024. Since its adoption, six annual action plans had been implemented.  Following evaluation of the strategy, a new Strategy for 2025–2028 was currently being drafted alongside an action plan.

    In 2023, Montenegro amended its Criminal Code to make the prosecution and execution of sentences for the criminal offence of torture no longer subject to any statute of limitations.  Sentencing guidelines had been tightened, particularly for offences committed by officials.  Additionally, activities had been carried out to improve accommodation capacities, living conditions, and the infrastructure of prison institutions.

    The implementation of the National Strategy for Gender Equality 2021-2025 and its accompanying action plans was progressing successfully, with a focus on promoting gender equality, strengthening the legal framework for gender policies, and preventing discrimination based on sex and gender.  The Ministry of Justice had significantly reinforced criminal law protections for journalists by introducing stricter penalties for attacks on journalists and other media workers.

    In 2024, the Ministry of Justice adopted key amendments to the Criminal Procedure Code, allowing for the unimpeded use of evidence gathered within the framework of the International Residual Mechanism for Criminal Tribunals in The Hague.  The Supreme State Prosecutor’s Office adopted the 2024-2027 Strategy for Investigating War Crimes, accompanied by an action plan.  As a result, new criminal cases were reopened concerning war crimes in countries such as Croatia, with the goal of delivering justice in cases linked to Montenegro.

    Questions by Committee Experts

    A Committee Expert said the Committee would like to receive more information on the various strategies mentioned in the report, as well as specific information on their implementation.  The State had launched a vast movement of reforms to strengthen human rights and the rule of law over the past ten years.  While the European Commission’s 2024 reports issued in the run-up to European Union accession were rather positive on issues including judicial independence, the fight against corruption, equality and non-discrimination, some of the reforms reportedly remained superficial, were not always coherent, and did not include civil society.  For example, there was no real human rights education and civic education was no longer compulsory.  Could information be provided on the inclusion of civil society in the reform process?  How was the second report prepared?  What measures were envisaged to strengthen the independence, impartiality and the effective and efficient functioning of the Ombudsperson?

    The issue of access to justice, truth and reparation for victims of serious human rights violations committed in the 1990s during the armed conflict in the former Yugoslavia was very complex.  The Committee took note of the information provided by the State on ongoing investigations and trials, however impunity seemed to persist in many aspects, which was concerning.  There was increased negationist discourse, including denial of the Srebrenica genocide.  The exercise of criminal justice was said to have been marked by numerous dysfunctions and obstacles, which cast doubt on the State’s willingness to establish responsibility for the commission of these war crimes and crimes against humanity.  There had been no proactive policy to establish criminal responsibility, not only for the direct perpetrators of war crimes but also for those responsible in the chain of command.  A low number of remains of disappeared people had been found and returned to their families.

    Could the State party shed light on the fight against denialist discourse and the policy of preserving memory, an important pillar of transitional justice?  What were the reasons for the persistent legal obstacles, including to the extradition to States requesting it?  What measures were being taken to strengthen the Special State Prosecutor’s Office to speed up investigations and prosecutions?  Was there any specialised training for judges in international human rights law?  What efforts were being undertaken to locate victims of enforced disappearance? Was enforced disappearance criminalised in domestic law in line with the United Nations Convention on Enforced Disappearance?

    A Committee Expert asked if the State party could provide details on the content of the training sessions organised by the Training Centre of the Judiciary, Public Prosecutor’s Office and the Human Resources Management Authority on the Covenant? How many judges, prosecutors, lawyers and parliamentarians had participated in these trainings?  Were these trainings compulsory or voluntary? Had there been specific modules focusing on the direct applicability of the Covenant in domestic law?  Could the State party provide specific examples of domestic courts directly invoking or applying the Covenant in their decisions? Were there any initiatives to raise awareness of the Covenant among the public, civil society or law enforcement officials?  How was it ensured that judges and legal practitioners actively implemented the Covenant in their professional practice?

    The Committee welcomed the State party’s efforts to establish a comprehensive reparations programme for victims of war crimes, which had led to financial compensation for nearly 200 cases up to September 2018 and more than 60 additional decisions from 2018 to 2022.  However, had the State party developed a comprehensive reparations programme that included restitution, rehabilitation, satisfaction and guarantees of non-repetition?  If such a programme had been drawn up, would these measures also be offered retroactively to victims who had already received financial compensation but who had not had access to these types of measures?  Had victims been provided with legal assistance to file their claims for reparations and, if not, did the Government plan to provide such assistance?  What measures were in place to ensure legal and comprehensive support for victims and their families?  What safeguards had been put in place to ensure that such crimes did not happen again? What steps have been taken to ensure that victims of war crimes in vulnerable situations had equal access to justice and redress mechanisms?

    Another Expert said the Committee had learned that in Montenegro, corruption was perceived as an aspect of great concern for citizens.  What concrete measures had been put in place to ensure that cases of corruption by high-level officials resulted in appropriate convictions and penalties?  What measures were being implemented to strengthen the effectiveness of the Anti-Corruption Agency to ensure that it was not pressured by political influences?  In 2022 and 2023, accusations against a former President of the Supreme Court and a former President of the Commercial Court, as well as two high-ranking prosecutors, highlighted the possible penetration of organised crime into judicial structures.  The positive action that those unfortunate incidents generated attested to Montenegro’s progress in its fight against organised crime and corruption.  Was Montenegro planning to improve the mechanisms for monitoring and accountability of judges and prosecutors to avoid conflicts of interest and increase public confidence in the judiciary?  What were the real quantities recovered for corruption cases?  Did the company “13.Jul-Plantaže” pay all the compensation to which it was sentenced?  What efforts had been made to increase public education on corruption perception and prevention?

    What specific mechanisms were in place to monitor and evaluate the implementation of the Law on the Prohibition of Discrimination, particularly regarding discrimination against the Roma, Ashkali and Egyptian communities?  What measures had been taken to ensure the long-term sustainability of the enjoyment of decent housing for these groups, and to address the factors that led to Roma, Ashkali and Egyptian children dropping out of school? What steps were being taken to ensure the inclusion of these groups in high-level political positions and structures? In Montenegro, there was an increase in hate speech directed at minorities.  Was the State aware of this phenomenon?  What measures were being implemented to prevent, control and punish it?

    Another Committee Expert asked about the strategy to improve the quality of life of lesbian, gay, bisexual, transgender and intersex persons, implemented in the periods 2013-2018 and 2019-2023.  It was alleged that there was limited implementation of this Strategy and that most of the actions were carried out by civil society.  Could more information on the strategy and its results be provided? Could the Committee have more information on the draft Law on the Legal Recognition of Gender Identity Based on Self-Determination, the approval of which was initially scheduled for the end of 2023 and then delayed until the end of 2024?

    In July 2020, the Law on Civil Unions of Persons of the Same Sex was adopted and began to be implemented in July 2021.  Since then, more than 20 civil unions had been registered.  Could the delegation comment on information that amendments to the regulations necessary for the proper implementation of the Law had not been made?  What measures had the State party taken to investigate attacks on lesbian, gay, bisexual, transgender and intersex persons and punish those responsible?  What was being done to prevent these from reoccurring?

    What had the Strategy for the Execution of Criminal Sanctions 2023-2026 achieved?  Did changes to the Criminal Code bring its definition of torture in line with that of the Convention Against Torture?  Was the Istanbul Protocol being properly applied in places of deprivation of liberty?  It had been alleged that the medical reports issued in these facilities did not properly document traces of torture or ill-treatment in the manner envisaged in the Protocol.  Why was this the case?  Was it due to a lack of staff?  Could the delegation provide updated official figures on the criminal investigations carried out and their results, including the number of officials convicted, for cases of torture and ill-treatment during the period covered by the report?

    A Committee Expert said the State Party had made notable progress in addressing violence against women, including adopting the Protocol on Prevention and Treatment in Cases of Domestic Violence and the National Plan for the Implementation of the Istanbul Convention (2023-2027), as well as amending its Criminal Code to introduce new offences such as stalking and enhanced penalties for domestic violence. Despite these advances, significant gaps in implementation remained.  Could the delegation provide updated data on the classification and prosecution of violence against women, particularly distinguishing between misdemeanours and criminal offences?  What measures were in place to ensure that legal reforms translated into effective enforcement and that penalties reflected the severity of the crimes? What reforms had been undertaken to eliminate harmful usage of confrontation techniques?

    Reports indicated that between 2020 and 2024, four out of six femicides involved victims who had previously sought help.  It was noted with satisfaction that there were plans to recognise femicide as a separate criminal offence.  What were the plans to ensure successful implementation of such a law?  While the State Party had established shelters and helplines for domestic violence victims, these services remained underfunded and insufficient.  Could the delegation provide updated figures on current shelter capacity and measures taken to ensure adequate and sustainable funding for these services? Could the delegation elaborate on plans to expand specialised services, such as psychological and legal assistance, across all regions?  Could an update be provided on the full implementation of the sex offender registry and the enforcement of post-sentence monitoring measures?  What were the main challenges in implementing the 2017-2021 Strategy on Prevention and Protection of Children from Violence and how were these challenges being addressed in the 2025-2029 Strategy? What legislative and policy measures were in place to combat online grooming and digital exploitation of children? How was it ensured that child victims of violence received adequate support?

    Responses by the Delegation 

    The delegation said upon the initiative of the non-governmental organisation Human Rights Action, a new criminal offence of enforced disappearance had been introduced and would be recognised as an offence in the Criminal Code.  The Law on the Prevention of Corruption was being amended, and two-thirds of recommendations from the civil sector had been accepted in this regard.  In Montenegro, there had been three Federal Governments over the past three years, which had led to a large number of decisions enacted in a short period of time.  There had been no intention to leave the civil and non-governmental organisation sector aside.  It was common that the most senior members of Government made efforts to memorialise the day of the Srebrenica genocide.  Sometimes, there were inappropriate statements made. However, it was hoped there would be less of these situations in the future and such statements would be sanctioned when made during elections.  There had also been a resolution adopted in Parliament on the genocide in Srebrenica.

    There would no longer be impunity for war crimes in Montenegro and proactive action had been taken in this regard.  Cases which had been finalised would be reopened, and thoroughly examined.  The strategy to combat war crimes was adopted in June 2024, which had resulted in four cases previously considered to be finalised being reopened.  In addition to this, the Special Case Prosecutor Service would look into other cases which had ended in a final judgement.  The Criminal Procedure Code was amended in June 2024, which had resulted in the inditement of a person for acts against humanity.  Two criminal cases were currently before the courts for alleged war crimes committed on the territory of Bosnia and Herzegovina. These cases were treated as a priority and were given special consideration by judges.  All victims of war crimes and their families were guaranteed access to justice and reparations.  Concrete examples could be provided of cases where courts had already awarded damages.

    In 2024, meetings had been held with the Chief Prosecutor in The Hague, and an initiative had been implemented to ensure training for Montenegro’s judges and prosecutors, based on the practices of The Hague.  Montenegro had signed the Ljubljana Hague Convention on war crimes last year.

    In 2023, the Criminal Code was amended to define the actions which constituted the criminal offence of domestic violence, as well as those who could receive safeguards under the law.  Sanctions for this offence were also increased and verbal threats were criminalised. A mandatory instruction was also adopted, mandating all prosecutors to act proactively in cases of domestic violence and to apply the Istanbul Convention.  A coordinator had been appointed at the level of the Supreme State Prosecutor and across local offices, providing periodic reporting and ensuring the speedy administration of justice.  Some 622 final judgements had been enacted on domestic violence cases in 2024, with the majority being convictions.

    There had been 364 applications for legal aid last year, and 318 of those cases were granted. A campaign had been developed to increase awareness of the availability of legal aid for all victims of domestic violence.  There were also information bulletins on trafficking in human beings available in five languages at legal aid clinics.

    Femicide was a serious, complex and tragic occurrence which needed to be tackled through various sectors.  Monitoring this criminal offence was a key challenge for Montenegro institutions. Special focus was devoted to victims, survivors and surviving family members.  In one case of femicide, the offender had been sentenced to 40 years imprisonment.

    The Judicial Council recently appointed ten judges of the High Court, which was a positive step forward.  The procedure was now simplified for recruiting new officers in the Anti-Corruption Agency.  There were now sixteen prosecutors in the Special Prosecutor’s Office, compared to six a few years ago.  The Centre for Training of Judges and Prosecutors tailored their training programmes annually.  Through the legislation harmonised with the Covenant, Montenegro aimed to implement the top international standards, including those enshrined within the Covenant.

    The Ministry of Human and Minority Rights focused on the protection of vulnerable groups, and the prevention of discrimination and inequality.  There was now a new strategy in place until 2028, focusing on the legislative framework.  This year, two million euros had been allocated for achieving non-governmental organisations’ projects.  During the last Pride event, the organisers had commended the Ministry for its contribution.  The Ministry was currently working on four important laws which addressed discrimination against the lesbian, gay, bisexual, transgender and intersex community, defined hate speech, and the forms of punishable behaviour, among other elements.

    Official political representatives and the public shared the view that forced sterilisation and removal of reproductive organs was an inhumane practice which the State needed to do away with. A law had been developed in this regard, which would be enacted in the first quarter of 2025.

    Work was being done to harmonise laws regarding the judiciary and healthcare.  The new law on protecting human rights and freedoms would ensure the Ombudsman would receive “A” status and be in line with the Paris Principles.  There had been imprisonment terms of between four to six months for those who committed attacks against transgender people.  In most cases, courts primarily referred to the European Convention of Human Rights, thereby invoking relevant international standards.  There had also been references to the Convention on the Elimination of Discrimination Against Women.  International treaties had supremacy over domestic legislation. 

    Pride events took place in Montenegro’s capital each year.  Last year, the event was held the day before an important local election. In the past, this could have been seen as an opportunity to radicalise the environment, however the event was held in complete peace.  It was hoped this would continue, and that the Pride Festival could be an event of freedom.

    There was zero tolerance for any form of torture and any officer reported was promptly investigated. In 2024, there were 21 cases against 38 police officers, with four resulting in convictions.

    Follow-Up Questions by Committee Experts

    An Expert asked about changes that the State party had observed regarding perceptions of stereotypes. The Committee was pleased that there were awareness campaigns and education initiatives around child marriages, but it was not clear if there had been a documented fall in child marriage. There had been legislative changes for the participation of women; had they given rise to the political participation of women in senior positions or in the Parliament?  When would the next parliamentary elections be held?  Would the State seek to ensure female representation was achieved?  What had been done to monitor and prevent selective abortion practices?

    A Committee Expert said the bill of law on gender determination could be adopted this year. When would it enter into force? Could more information on the restrictions in the bill be provided?  The medical reports issued in detention centres did not faithfully report on allegations of torture following instructions contained in the Istanbul Protocol.  Could the delegation elaborate on this?

    Another Committee Expert asked whether a national mechanism responsible for enacting the recommendations of United Nations treaty bodies existed in Montenegro.

    A Committee Expert asked what was being done to strengthen the institution of the Ombudsperson.

    Another Expert asked if more information could be provided on measures to combat violence against children.

    Responses by the Delegation

    The delegation said there were many politicians who believed that there needed to be a mandatory quota of 50 per cent of women represented in politics.  This was now in the stage of negotiations.  Women were the most active within the judiciary and the State was proud of this.  There were 169 female judges within the Montenegro judiciary, accounting for 64 per cent of all judges.  An association had been established to promote the role of women in the judiciary.

    The Supreme Court had supported analysis of the data, politics and practices in the fight against the exploitation of children.  One of the recommendations of this analysis was for the Supreme Court to adopt guidelines on assessing the trust environment, which would be implemented in all cases of violence against children, including cases of online violence. Courts avoided secondary victimisation of children.  Montenegro foresaw implementation of the Barnahus model, with the support of the United Nations Children’s Fund and the European Union. 

    Parliament made efforts to raise awareness on gender equality issues and to introduce its own gender equality mechanisms.

    ### Day 2

    In 2024, the Government adopted a strategy for the protection of children against violence for 2025 to 2029, promoting a zero tolerance of violence against children. The State party planned to implement recommendations from the Global Status Report on Violence Against Children, and United Nations mechanisms under the strategy, which also aimed to improve the legislative framework and change conservative societal norms that denied children rights.

    The national mechanism for the prevention of torture monitored torture at all levels, including in places of detention.  The State party had accepted Universal Periodic Review recommendations and had established a body for their implementation.

    There were restrictions within the law on self-determination of gender identity, but these were necessary to protect the rights of families.  The law was applicable to Montenegro nationals only and had been well-received by members of the lesbian, gay, bisexual, transgender and intersex community.

    The State party had mechanisms to prevent the misuse and abuse of laws on child marriage. There were exceptions allowing for child marriage, but several conditions needed to be fulfilled for such marriages to be permitted.  In all other cases, child marriage was criminalised.

    The mechanism for the protection of privacy rights in the health sector protected the privacy of patients.  The Government could not access certain information on health cards, such as information on surgeries and abortions.  The Government carried out awareness raising campaigns aiming to stop the practice of selective abortions.

    New legislation was being developed that aimed to bring the Office of the Ombudsman in line with the Paris Principles.

    Questions by Committee Experts

    A Committee Expert said a deinstitutionalisation strategy had been adopted to tackle overcrowding in psychiatric hospitals. Had the Government devoted sufficient resources to the strategy, and did it promote community care?  Detention facilities in police stations reportedly lacked natural light and did not have open-air spaces.  What measures were planned to address this situation?

    One of the judges of the Constitutional Court had reportedly been forced to resign due to a decision that was allegedly not in line with the Constitution.  Was the independence of judges guaranteed by law?  How did the State party prevent interference in the judiciary?  There was a lack of hearing chambers and judicial staff, contributing to a backlog in cases.  What measures were in place to address the backlog?  Did the 2024 changes made to the law on the council of the judiciary help judges with their work?  There were currently two Presidents of first instance courts who were on their third mandates, contrary to the law limiting tenures to two mandates. Why was this?  What measures were in place to raise awareness about the availability of free legal aid?

    Another Committee Expert welcomed the evaluation of the strategy for tackling trafficking in persons and the current strategy and national action plan.  Some improvements had been made in trafficking policies, but significant gaps reportedly remained, including in relation to the identification of victims. The anti-trafficking unit was severely under-resourced and the labour inspection unit lacked the capacity to identify labour exploitation effectively.  What measures would the State party take to strengthen the capacities of these units to better identify victims?  There was only one shelter for women victims of trafficking and none for men. Psychosocial assistance for victims was limited and no victims had received financial compensation.  What measures had the State party taken to separate child and adult victims in shelters, and to fund reintegration programmes for victims?

    The Committee welcomed training initiatives on data protection and privacy rights, but public awareness of privacy issues remained low.  What measures were in place to improve awareness and training for State officials on privacy issues?  How many privacy complaints had been investigated?  Were there plans to develop a data protection law?  One State official had been indicted for ordering the surveillance of 15 members of civil society.  The National Security Agency could access private data without court authorisation.  Were there plans to introduce judicial authorisation for such access?  What measures would the State party take to increase data protections and introduce remedies for victims of unauthorised data access?

    There had been 92 attacks against journalists between 2021 and 2024, a 200 per cent increase from the previous period.  What steps had been taken to enhance the safety of journalists, ensure accountability and prevent future attacks? What work was done by the commission monitoring attacks on journalists?  Recent legal amendments had strengthened protections for journalists, but strategic lawsuits against public participation remained a major concern. How would concerns related to these lawsuits be addressed?  Had the State party consulted with civil society concerning amendments to media regulations?

    A Committee Expert noted laws and other measures implemented to protect the rights of asylum seekers and refugees, which seemed to be in line with European Union laws and policies.  However, there were reports of increasing pushbacks at the border, deportation to unsafe countries and ill-treatment and detention of asylum seekers at the border for up to 28 days.  How was the State party preventing refoulement and protecting asylum seekers’ rights at the border?  Why were persons undergoing legal procedures related to statelessness not eligible for free legal aid?  Reported restrictions on access to healthcare and other State services for stateless persons were worrying.  The Committee welcomed that the State party had provided more than 16,000 Ukrainian refugees with temporary protection, but there were reports of Ukrainian children living in precarious circumstances and not being able to access State services. Could the delegation comment on these issues?

    The environment for non-governmental organizations was reportedly hostile, with some persons who criticised members of the Government or denounced corruption reportedly subjected to reprisals.  There was discourse related to a proposed “foreign agent law”, which would infringe freedom of expression.  Would such a law be implemented?  What measures were in place to protect whistleblowers?

    One Committee Expert welcomed the efforts of the State party to revise its law on access to information in line with international standards.  How did the law promote inclusion and accountability?  There was reportedly a growing trend in classifying public information as restricted.  What measures were in place to prevent the abuse of legislation on restricted information? What independent monitoring bodies could individuals appeal to regarding the restriction of information?

    What measures had the State party taken to ensure that the implementation of legislation on religious practices promoted freedom of religion?  Were the views of religious communities on these laws taken into account?  What measures were in place to punish hate speech, particularly Islamophobic hate speech?  What mechanisms existed to ensure transparency in the moderation of disputes between religious communities, and to protect the rights of minority religious communities?

    A Committee Expert noted progress in the appointment of the Anti-Corruption Agency, which had released reports related to the financing of electoral campaigns.  In the most recent election, regulations aiming to prevent corruption had reportedly not required candidates to record personal expenditure or spending on online advertising.  The Agency had issued 46 proposals to improve measures for the prevention of corruption. How did the State party ensure that these reforms were effectively implemented?  There had been accusations of vote buying; had these been investigated and the perpetrators punished?

    Responses by the Delegation

    The delegation said a strategy for the enforcement of criminal sanctions was in place to prevent acts of torture and other cruel, inhuman, or degrading treatment, and to promote the resocialisation of detainees.  Reforms had been developed to prevent the abuse of prisoners, in line with the recommendations of the European Court of Human Rights.  Construction had started on a special unit at a psychiatric hospital to resolve the issue of overcrowding.  The necessary resources would be devoted to ensuring the proper functioning of this unit.

    In 2023, based on the recommendations of the United Nations Subcommittee for the Prevention of Torture, the State party had approved measures to record the activities of police officers and the transfer of detainees, and to improve facilities for detainees in police stations. The deadline for implementing these was 2026.

    The Government had adopted a judicial reform strategy in 2024, which aimed to strengthen independence, accountability, transparency and trust in the judiciary.  Comprehensive legal reforms undertaken in 2024 had aligned the State’s judicial legislation with that of the European Union.  The Justice Minister was a member of the Judicial Council, but only had limited powers; he did not participate in matters concerning the election, discipline and dismissal of judges and could not be the Chair of the Council.  The participation of the Minister in this body did not affect the independence of the judiciary.  Future amendments to the Constitution would remove the Justice Minister from the Judicial Council.  When appointing Presidents of Courts, the Judicial Council took due care to assess whether the candidate had formerly been a President.  Recent reforms called for the work of Supreme Court judges to be evaluated every five years.  Restrictions were placed on the roles that judges could play when they were subject to disciplinary proceedings.  A working group had been set up to regulate the employment rights of judges, including their wages.  There were plans to increase the salaries of judges to ensure their independence.

    The Supreme Court had taken several actions to reduce the backlog of cases and to speed up proceedings.  There had been an increase in cases related to access to information; one individual had lodged 11,000 such cases.  The State party had streamlined proceedings related to the assessment of access to information cases.

    An amendment to the law on free legal aid was adopted in 2024.  It provided for free legal aid for vulnerable persons and persons who lodged claims in specified fields, including domestic violence and child protection.  The Government was implementing training to increase the number of legal aid practitioners, who needed to have specialised knowledge.  An awareness raising campaign on free legal aid had been implemented, targeting victims of domestic violence.  It had led to an increase in applications for legal aid.

    The Government was implementing several measures to combat trafficking in persons.  It had amended the Criminal Code to strengthen its response to trafficking. Abduction had been defined as a means of committing trafficking, and penalties for harming children and the sale of children had been increased.  In 2024, the Supreme State Prosecutor’s Office implemented measures to improve the identification of trafficking victims, including through information exchanges with neighbouring countries.  There had been an increase in the number of criminal offences of trafficking prosecuted in 2024.  Some 14 charges were issued against 25 individuals in 2024 for crimes of trafficking for the purposes of forced labour and sexual exploitation.

    The Ministry of Interior had undertaken several activities to strengthen the capacities of police officers and social and healthcare workers, to identify and support trafficking victims.  The system for the protection of victims of trafficking had been improved, thanks to the establishment of a State-funded shelter for women victims of trafficking in 2024.  Another shelter specifically prepared to house children was also operational; it had facilities for children with disabilities.

    Courts had made progress in prosecuting trafficking cases. Imprisonment terms of at least 15 years had recently been issued for two persons found guilty of trafficking, and other persons had received shorter prison terms for trafficking offences. When Montenegro entered the European Union, a law on compensation for victims of trafficking would enter into force. Guidelines had been issued to judges on compensation for victims.

    The Government strongly denied any allegations of violations of the rights of asylum seekers.  Border officials had received training on identifying trafficking victims.  A new law on the international protection of foreign nationals had been adopted in 2018, to increase the protection of their rights and the efficiency of the asylum process.  This law was fully aligned with relevant European Union Directives.  It ensured that decisions on asylum cases were reached within six months.

    A draft law on data protection had been prepared and was currently being assessed.  There were safeguards in place for the protection of personal data, including the personal data protection agency, which was mandated to regulate the processing of personal data by Government bodies.  The law on the National Security Agency required records to be kept of officers who had accessed personal data.  An amendment to the law had been approved by the Parliamentary Committee, which could visit the Agency and conduct checks on its practices.  The new law aimed to increase the transparency of the Agency’s activities.  Three charges had been lodged against the former Director of the Agency and another officer regarding unauthorised surveillance.  These cases were currently pending.

    The Government was promoting freedom of expression and strengthening legislation to protect journalists from attacks.  A commission dedicated to monitoring attacks against journalists had been set up and was operational.  It published reports and held regular meetings with officials on protection measures.  The law on the national public broadcaster was amended in 2024 to prevent undue political interference in its activities and in the election of its members, in line with the recommendations of the Venice Commission.  Prosecution teams had been set up to investigate the murders of three journalists.

    The Parliament organised public hearings and debates on proposed legislation, including the draft law on free access to information.  The Government would prioritise adoption of this law, which would promote transparency in access to information.

    Judges’ terms ceased when they reached statutory retirement age.  The Constitutional Court had failed to inform the Parliament that one of its judges had reached retirement age; the Parliament had issued a statement informing the Court of this fact.  The judge in question had filed a complaint with the Constitutional Court regarding her removal from the Court, but this had been rejected.

    The law on freedom of religious belief was amended in 2021; religious communities were not involved in this process, though they had been involved in drafting of the initial law.  The restitution of property to religious communities would be addressed in a forthcoming law.  Montenegro was committed to promoting the rights of religious communities.

    Follow-Up Questions by Committee Experts

    Committee Experts asked follow-up questions on the State’s response to reports of excessive use of force at the borders and an increase in pushbacks; the availability of legal aid for asylum seekers; how Montenegro prevented third-party actors from influencing political processes; reasons for delays in prosecuting hate crimes; measures to address the low representation of women in political bodies; plans to address the Supreme Court’s case backlog; measures to prevent delayed responses to requests for information; and steps taken to open inquiries into religious hate speech and to punish these acts.

    Responses by the Delegation

    The delegation said the State had not received any allegations of pushbacks at the border.  All individuals who entered the territory of Montenegro had the right to request international protection.  The law on international protection guaranteed legal aid for all asylum seekers, which was provided through a non-governmental organization, financed by the United Nations High Commissioner for Refugees.  Legal aid was also guaranteed by law for victims of trafficking, domestic violence and sexual offences.  The State party was developing case management mechanisms to address the Supreme Court’s case backlog.

    One deputy prime minister needed to be of an underrepresented gender.  A women’s club was in place, as well as a quota system, for the management boards of public companies.

    Criticism of public officials was permitted, as long as it did not constitute hate speech.  A law was being drafted that would implement sanctions for hate speech. The Government sought to lift the immunity of one mayor who had discriminated against a religious group in public speeches, so that he could be prosecuted.

    A committee had been set up to develop amendments to legislation on elections and campaign financing.  Its work had been delayed, but it was due to develop this legislation by the end of this year.  Its membership had also been expanded.

    The fourth strategy on deinstitutionalisation was adopted in December 2024, along with its action plan.  Funding was provided for social care under the strategy, which envisaged licencing and training of social service providers, and setting norms and standards for social work.

    Complaints of hate speech against religious communities were handled by the Ombudsperson’s Office.  The State party was currently negotiating agreements with several religious communities.

    Although public statements related to laws on foreign agents had been made, no draft laws on foreign agents had been submitted to Parliament.  The State party promoted freedom of expression.

    Closing Statements

    BLAGOJE GLEDOVIĆ, Director General of the Directorate for the International Cooperation and International Legal Aid, Ministry of Justice of Montenegro, and alternative head of the delegation, said the exchange with the Committee had been lively and exhaustive.  Over the reporting period, the State party had undertaken several reforms to promote civil and political rights and to meet the requirements for accession to the European Union.  Significant efforts had been made by public servants and civil society to achieve Montenegro’s membership of the Union.  Montenegro remained committed to the implementation of the Covenant through national legislation and all other available measures.  The State party looked forward to receiving the Committee’s recommendations, which it would carefully consider and strive to implement.

    CHANGROK SOH, Committee Chairperson, thanked the delegation for engaging in dialogue with the Committee.  Discussions had covered a wide range of topics related to the implementation of the Covenant by the State party, highlighting the progress made and challenges faced.  The Committee was committed to fulfilling its mandate to ensure the highest standard of implementation of the Covenant in Montenegro.  Mr. Soh thanked all persons who had contributed to the dialogue.

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

     

    CCPR25.002E

    MIL OSI United Nations News –

    March 6, 2025
  • MIL-OSI Global: Banning swearing in Formula One could be bad for drivers – a linguist explains

    Source: The Conversation – UK – By Kieran File, Associate Professor, Department of Applied Linguistics, University of Warwick

    Motor sport’s governing body the FIA (International Automobile Federation) has not ruled out extending its recent swearing ban to Formula One (F1) team radio communication. Last month FIA president Mohammed Sulayem said the body could “shut down the radios of live communication” over the issue.

    At first glance, this might seem like a minor issue of professionalism. After all, athletes in many sports are expected to control their language.

    For some, the idea that drivers need to swear during races may seem unconvincing, given that emotions can be expressed through other word choices. Many people are not permitted to swear in their workplaces, so why should F1 drivers be an exception?

    But research suggests that banning drivers from swearing during races could have wider effects. It may disrupt how they regulate their emotions in Formula One’s extreme environment.

    It could also affect how they communicate efficiently with their teams, and how they shape their identities as racing drivers – functions that swearing, arguably, serves in live racing communication.

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    To date, the drivers have argued that swearing isn’t just incidental – it’s a necessary release due to the extreme, high-pressure, adrenaline-fuelled nature of their sport. Research may support this claim, as studies have shown that swearing is deeply linked to emotional regulation.

    Experimental and lab-based studies suggest that swear words are processed differently to other words. They have been linked to brain regions responsible for processing emotion, threat detection and survival responses.

    Given that F1 drivers operate in an intense, high-stakes environment where rapid decision-making and threat assessment are key, this connection may suggest that swearing is a natural response under pressure.

    Some studies also suggest that swearing activates the fight-or-flight response, triggering physiological changes like increased heart rate, faster breathing and adrenaline release. The fight-or-flight response is an instinctive mechanism that helps humans react to danger.

    For F1 drivers, who must remain highly alert while making critical decisions at extreme speeds, this connection between swearing and physiological arousal could play a role in maintaining focus and performance under pressure.

    Beyond cognitive and emotional regulation, swearing may also increase pain tolerance, which has clear implications for F1 drivers enduring G-forces, mental strain and long stints behind the wheel in a very cramped space. Banning swearing could interfere with drivers’ instinctive mechanism for coping with extreme conditions involved in racing.

    Swearing and communication

    Beyond these more cathartic functions, swearing, arguably, plays a crucial role in interpersonal team communication, particularly in the high-pressure environment of live racing. In Formula One, where split-second decisions can define the outcome of a race, communication between driver and engineer must be concise, clear and unambiguous.

    Research suggests that swearing, far from being just an emotional outburst, serves several pragmatic functions that may enhance communication in such high-stakes environments. One key function of swearing in interpersonal communication is that it acts as an “attention getter”.

    Studies have shown that swear words command more cognitive focus than neutral words, making them particularly effective in cutting through noise and grabbing attention when urgency is required. For drivers, an expletive-laden message may serve as an immediate cue for the race engineer and the wider racing team to prioritise a response.

    The strong response from drivers may also reflect the inextricable link between language and identity, and that, at a deeper level, this swearing policy may challenge how they construct their identities as racing drivers.

    F1 drivers are socialised into the sport, often from a young age, learning not just how to drive but how to talk and interact like racing drivers. Perhaps due to these cathartic and team communication functions, swearing may have become an assumed way of claiming and performing the identity of a racing driver.

    People (and communities) resist imposed changes to their language, especially when it is seen to alter how they present themselves. Seen in this way, the proposed swearing ban is more than a simple matter of professionalism. It is an external attempt to reshape how drivers construct and “perform” their identities within their sport.

    Entertainment value

    It is also worth mentioning the potential effects on the entertainment values of such a ban. One of the biggest shifts in modern F1 has been the opening up of the team radio communications to the public.

    Once a private channel for strategy and decision-making, it is now part of the entertainment package – broadcast, clipped and replayed for millions of fans. This has given audiences insight into the intensity of racing, but it has also altered the meaning of driver communication, turning functional exchanges into public performances.

    Yet team radio is not designed for entertainment: it is for the vital, two-way flow of information during racing events. So any decision about what is broadcast should be a negotiation, not a policy imposed on speech itself.

    It should also see the broadcasters accommodating the norms of the environment rather than the other way around. The FIA’s approach treats this as a regulatory issue rather than a broadcasting one, placing restrictions on competitors instead of reconsidering how private communication is curated for public access.

    Viewed in this context, this ban may inadvertently create a contradiction in F1’s wider media strategy. The sport wants the authenticity of raw radio exchanges but not the discomfort of unfiltered emotion.

    A swearing ban risks making team radio feel sanitised and staged, diminishing the very sense of access that made it compelling and exciting in the first place.

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

    – ref. Banning swearing in Formula One could be bad for drivers – a linguist explains – https://theconversation.com/banning-swearing-in-formula-one-could-be-bad-for-drivers-a-linguist-explains-251424

    MIL OSI – Global Reports –

    March 6, 2025
  • MIL-OSI United Kingdom: Aberdeen filmmaker inspired by story of soprano supported by Lord Strathcona A film created by an Aberdeen academic exploring the life of a soprano whose musical rise was supported by a former University chancellor has won awards and been included in the official selection of a number of international film festivals.

    Source: University of Aberdeen

    Pauline Donalda c1906A film created by an Aberdeen academic exploring the life of a soprano whose musical rise was supported by a former University chancellor has won awards and been included in the official selection of a number of international film festivals.
    Madame Donalda by Professor Alan Marcus, Chair in Creative and Cultural Practice, examines the life of Pauline Lightstone, who performed as Madame Donalda. Filmed in Montreal, London and Aberdeen, it has generated much international interest.  
    Donalda’s stage name was a tribute to Donald Smith, who became Lord Strathcona (1820-1914) a Scottish-born Canadian businessman who became a leading philanthropist after making his fortune from investments in land, railways, and banking.  
    Born in Forres, Moray, in 1899 he was appointed Lord Rector of the University of Aberdeen and later became its Chancellor.
    As a 15-year-old, the purity of Pauline’s voice was recognised during musical rehearsals at a synagogue and she was then awarded a place at the Royal Victoria College (RVC), originally the women’s college at McGill University.
    Lord Strathcona was a champion of women’s education at McGill and was a proponent of the education of women and furthering women’s opportunities.
    He agreed to support Pauline’s ‘fully rounded musical education’ including study at Conservatoire de Paris.
    Lord Strathcona’s second benefaction to the College was made under his middle name of Donald and the women supported by ‘the Donalda Endowment’ proudly called themselves ‘the Donaldas’ – a tradition adopted by Pauline Lighthouse who appeared on stage as Pauline Donalda.
    After a successful debut in Nice, France, in 1904, her artistic career quickly took off. In 1905, she sang at London’s Covent Garden for the Queen and at The Brussels Royal Opera House.
    These performances earned her tremendous acclaim and for many years she sang the leading operatic roles at Covent Garden and the great opera houses of Europe. She also toured Britain and sang at Aberdeen’s Musical Hall.  When World War I broke out, she suspended her international career and organised benefit concerts to support the war effort.
    From 1922 she devoted herself to teaching voice and in 1942 founded the Opera Guild of Montreal, which went on to stage the first Canadian performances of many operas.
    Professor Marcus, whose own father Rudy Marcus received his degrees from McGill including an honorary doctorate, and at 101 is the oldest living Nobel laureate (Chemistry, 1992) in North America, said he was inspired by a story which pulls together many threads of his own life.
    “I was told the story of Madame Donalda aka Pauline Lightstone by a great uncle of mine some 35 years ago when I learned that she was a relative of ours, and it made a sufficient impression on me that I was hopeful one day I might be able to tell it in film form,” he added.
    “The key elements of the story involving a daughter of European immigrants to Montreal, who against the odds rose to become in her early-20s one of the great sopranos of her day, adapts well to film, because through moving image and sound one can provide a more vivid impression and sense of presence. 
    “During the years of research and drawing upon archives in London, Montreal and Ottawa, I was able to piece together through news items and her personal correspondence and much archival imagery, the various components of Donalda’s life. 
    “What was unexpected was the Aberdeen connection and the fact that her patron, from whom she took her stage name, Madame Donalda, was a keen proponent of women’s education and served both as Chancellor of McGill, where she studied, and the University of Aberdeen.  The personal connection I and my family have with Aberdeen and McGill added an immediacy to the story.”
    The film has received Best Documentary and Best Editing awards at the Experimental Dance and Music Film Festival 2024 in Toronto, the Best Classical Music film award at the Buenos Aires 11th Music Film Festival 2025, and official selection at ten other film festivals including the Los Angeles Film and Documentary Awards 2024.
    Professor Marcus said: “It is gratifying that the film has been included in various international film festivals and won awards, but what I hope is that when people view the film they not only learn of Donalda’s talents and be intrigued with her extraordinary accomplishments, but also be enthralled by the short performances in her old recordings, and more recently through the participation in the film of Bulgarian soprano, Sofia Dimitrova, who brings the musical pieces to life with great passion.”

    MIL OSI United Kingdom –

    March 6, 2025
  • MIL-OSI United Kingdom: No More Knives tour visits city’s secondary schools

    Source: City of Coventry

    Four secondary schools in Coventry have been taking part in a national No More Knives tour provided by The Message Trust.

    The No More Knives tour is an award-winning initiative aimed at tackling knife crime among young people and is making a powerful impact in schools across the UK. 

    The project has been touring some of the city’s secondary schools this week. 

    Sessions are run which allow students to listen to first-hand stories from those who have been involved in knife crime. It also combines storytelling with music and education for an impactful session that highlights the devastating impact of knife crime. Each session provides students with the knowledge and confidence they need to say “no” to knives and make positive choices.

    The schools taking in the tour include, Blue Coat Church of England, West Coventry Academy, Coundon Court and Sidney Stringer. 

    Partners involved include the Council, Coventry Police, Hope Coventry – representing local churches and The Message Trust, and the West Midlands Violence Reduction Partnership.

    The work forms part of Coventry’s campaign to be a child friendly city – called Child Friendly Cov – and to enable children and young people to have their voice heard in matters that affect them. 

    Cllr Pat Seaman Cabinet Member for Children and Young People at the Council, said:

    “We are really ambitious for Coventry to be the best city in the UK for children to grow up in. Child Friendly Cov aims to create a child and young person friendly city, ensuring that Coventry is a place where children and young people are valued, supported, and enjoy themselves.

    “The No More Knives tour tackles such an important issue for young people, and it is a chance for them to explore the issues and help put into practise the positive messages highlighted in the tour.”

    Paul Drover, Police Commander, Coventry Local Policing Area, added: 

    “Knife crime has hit the headlines in recent years and all the communities in Coventry must work together to protect our children and young people from becoming involved, the police cannot tackle this problem alone.”

    The Message Trust is a Christian charity with over 30 years’ experience of school’s work, who are passionate about young people knowing their true worth and identity.

    Sam Ward, CEO of the Message Trust, said: “Knife crime and its devasting impact is sadly never far from the headlines today, but we know there is a better way. Though the No More Knives tour we want to tell young people how knives aren’t the answer, equip them with the skills they need to say ‘no’ and let them know there is hope.” 

    Steve Elton, HOPE Coventry, added: “It has been wonderful to partner with the local police, council, churches and schools in being able to bring the Message Trust and their No More Knives tour into the city for the second time!

    “The 2024 tour was a great success, with students and teachers in the three schools commending the empowering message and engaging delivery around the emotive, challenging and important subject of knife crime. We are expectant that this years tour will have the same notable impact as it plays its part alongside the excellent work already taking place in this area, as we stand together, with young people across Coventry to say ‘No More Knives’ in our city!” 

    Funding was provided for the tour by the Council, Hope Coventry and The Message Trust.

    Feedback from schools so far:

    Lou Peet, Blue Coat School Chaplain, said:

    “Seeing our young people so engaged and interactive today has been a joy… To see our students genuinely contemplative, reflecting, and willing to pledge to never carry a knife is a precious and potentially life-saving thing.”

    “I feel a lot more safer knowing that a lot more kids would agree to not carrying a knife.” – Olivia, Year 7 student.

    “I really enjoyed it. The music was exciting and gave a positive spin on a difficult topic.”- Holly, Year 7 Student.

    “What a wonderful, inspiring, interactive experience for our students. The buzz around school was heart-warming! The messages were loud and clear and so well received by all students and staff. Thank you so much for this fantastic opportunity.” – Mrs Claire Franklin, Safeguarding Lead

    MIL OSI United Kingdom –

    March 6, 2025
  • MIL-OSI Global: Two great war leaders united by American isolationism: Charles de Gaulle and Volodymyr Zelensky

    Source: The Conversation – UK – By Tim Luckhurst, Principal of South College, Durham University

    Difficult relationship: Franklin D. Roosevelt, with Charles de Gaulle, and Winston Churchill at a conference in Casablanca January 1943. U.S. National Archives and Records Administration

    Eighty-five years before Volodymyr Zelensky visited Downing Street in search of support for Ukrainian democracy, a Frenchman arrived in London with a similar request.

    Charles de Gaulle was not the French prime minister. That job belonged to Paul Reynaud. De Gaulle had been undersecretary of state for defence in Reynaud’s government for less than two weeks.

    He started June 1940 as commander of a tank squadron fighting to stem the German advance. But his decision later that month to leave France rather than surrender – and to proclaim himself the leader of all Frenchmen who wished to fight on – was the foundation of his political career.

    French citizens became aware of de Gaulle as a wartime political leader through his broadcasts on the BBC. The most famous of these, the “Appeal of 18th June”, was actually heard by very few in France – but for those that did listen, it contained the core of de Gaulle’s message of defiance.

    He arrived at the BBC at 6pm to record the four-minute speech which was transmitted by the BBC at 10pm. De Gaulle said: “Nothing is lost for France.” He insisted that: “She has a vast Empire behind her. She can align with the British Empire that holds the sea and can continue the fight. She can, like England, use without limit the immense industry of the United States.”

    Transmission of this speech is widely regarded as the moment when French resistance was born. The BBC describes it as “one of the most remarkable pieces in the history of radio broadcasting”.

    Had the US president, Franklin D. Roosevelt (FDR), responded positively to Churchill and Reynaud’s impassioned pleas in June 1940, to actively support France and Britain, de Gaulle might have remained a dynamic and courageous military officer. But Roosevelt refused, Reynaud resigned, and Marshall Henri Philippe Pétain led France into collaboration.

    FDR was a Democrat and author of the new deal, the economic policy that helped America recover from the Great Depression. He had little in common with Donald Trump, but they shared one instinct: a reluctance to spend American blood and treasure in foreign wars.

    When Churchill honoured his promise to Reynaud and told the 32nd US president now “is the moment for you to strengthen Reynaud the utmost you can, and try to tip the balance in favour of the best and longest possible French resistance”. Roosevelt replied that he was not committed to military participation. He reminded Churchill that only Congress could declare war.

    When Zelensky arrived at the White House on February 28, he hoped to sign a minerals deal and secure continued American support for his country’s battle for freedom and independence. Instead he found himself accused by Trump of risking a third world war and showing too little gratitude to the US.

    In an extraordinary failure of diplomatic norms, Trump and his viscerally isolationist vice-president, J.D. Vance, berated and humiliated Zelensky before a worldwide television audience.

    Roosevelt’s contempt for de Gaulle was less bluntly expressed, but it was real. The US recognised Pétain’s regime and granted Vichy France, the collaborationist regime which governed southern France during the German occupation of northern France, full diplomatic recognition.

    Roosevelt agreed when his ambassador to Vichy, Admiral William D. Leahy, described de Gaulle as “an apprentice dictator”. There is a chilling echo in Trump’s description of Volodymyr Zelensky as a “dictator” who refuses to have elections and has done “a terrible job”.

    US and France: ‘difficult’ relationship

    At the end of June 1940, Roosevelt decided that France was beaten – and that Britain was likely to follow its ally and neighbour into defeat and collapse. He dismissed de Gaulle as an irritation with no democratic credentials.

    His opinion did not change when the US entered the war in December 1941. Indeed, Roosevelt believed France could not have a recognised leader until it had been liberated by American arms and helped to organise fully democratic elections.

    When he needed someone to represent French interests, Roosevelt preferred to choose senior French military officers who would obey US orders. His choices included Admiral François Darlan who had served Marshall Pétain as Vichy’s minister of foreign affairs and minister of national defence. Darlan, who was loathed by the Free French and scorned by Churchill, nevertheless attracted favourable coverage in the US.

    De Gaulle’s June 22 broadcast to the free French people.

    Well aware of Roosevelt’s hostility, de Gaulle never gave up. The BBC microphone allowed him to reach a growing audience in Vichy and German occupied France. He ended his initial June 18 talk by announcing that he would broadcast again.

    The BBC had not actually made any commitment to a second broadcast – but the ruse worked, and de Gaulle made a second appeal to French public on June 22. This broadcast was heard more widely (in fact very few people heard the June 18 speech and no recording survives). Soon the Free French were given five minutes per day on BBC radio.

    De Gaulle was a soldier who used radio to inspire hope and organise resistance. When he returned to France in 1944, many of his countrymen recognised his voice before they became familiar with his appearance.

    Zelensky began his career as a comedian and appeared as a fictional president of Ukraine in a TV series called Servant of the People. He was widely recognised before he became a war leader.

    Both have provoked the enmity of US presidents and reminded different generations that America first isolationism is a deep-seated and enduring instinct that can cross political divides.

    Tim Luckhurst has received funding from News UK and Ireland Ltd. He is a fellow of the Royal Society of Arts and a member of the Society of Editors and the Free Speech Union.

    – ref. Two great war leaders united by American isolationism: Charles de Gaulle and Volodymyr Zelensky – https://theconversation.com/two-great-war-leaders-united-by-american-isolationism-charles-de-gaulle-and-volodymyr-zelensky-251328

    MIL OSI – Global Reports –

    March 6, 2025
  • MIL-OSI Security: Continued appeal following death of man in Islington

    Source: United Kingdom London Metropolitan Police

    Officers investigating the death of Fredi Rivero in Islington last week are continuing to appeal for witnesses.

    Police were called to Seven Sister’s Road, close to the junction of Holloway Road at 23:35hrs on Thursday, 27 February following reports of Fredi being located with serious injuries.

    Fredi, 75 was taken to hospital where he sadly died on Friday, 28 February. His family continue to be supported by specialist officers.

    Three teenage girls, aged 14, 16 and 17 have been charged with manslaughter in connection with Fredi’s death.

    Investigating officers are now in the positon to release a CCTV image of Fredi Rivero, showing what he was last seen wearing.

    Detective Inspector Devan Taylor from Specialist Crime North said:

    “Fredi Rivero was a much loved father, whose family are devastated by his death. I also know his death has also shocked this tight-knit community.

    “Three girls have been charged in connection with this investigation and we continue at pace with our enquiries.

    “If you remember seeing Fredi or have any information which could support with the investigation, please contact us.

    Information can be submitted via the Major Incident Public Portal using the following link: https://mipp.police.uk/operation/01MPS25X45-PO1

    Alternatively, please call police on 101 with the reference CAD8184/27 Feb.

    You can also contact the independent charity Crimestoppers on 0800 555 if you want to remain anonymous.

    MIL Security OSI –

    March 6, 2025
  • MIL-OSI: Neurones: Net profit up 7.8% in 2024

    Source: GlobeNewswire (MIL-OSI)

    PRESS INFORMATION
    Heading: 2024 annual results        Nanterre, March 5, 2025 (after trading)

    Net profit up 7.8% in 2024

    Financial statements at December 31 (1) 2023 2024
    Revenues 741.2 810.4
    Business operating profit (2) 81.5 (11%) 84.1 (10.4%)
    Operating profit 75.9 (10.2%) 77.9 (9.6%)
    Financial profit 4.9 10.2
    Tax on earnings (22.2) (24.9)
    Net profit 58.6 (7.9%) 63.2 (7.8%)
    – of which, group share 49.4 52.5
    Free cash flow (3) 51.6 74.6
    Cash and cash equivalents net of financial debt (4) 290.4 319.5
    Staff at year-end 6,749 7,087

    (1)        In millions of euros, 2024 financial statements approved by the Board of Directors on March 5, 2025.
    (2)        Before cost of bonus shares
    (3)        Cash flow from operational activities, plus financial profit/loss and less net industrial investments.
    (4)        Excluding IFRS16 lease liabilities.

    Achievements

    NEURONES enjoyed another year of sustained growth in 2024 (+ 9.3%, of which + 8.6% organic compared with + 0.7% for the Consulting and Digital Services market), while net profit grew by 7.8%.

    Free cash flow rose sharply, with a reduction in working capital requirement (- €8.5m) and capital expenditure (Capex) back to its usual level (€11.8m after €17.9m invested in the previous financial year, mainly in the Group’s SecNumCloud sovereign and secure cloud platform).

    Cash and cash equivalents at the end of the year rose to €319.5m (or €13 per share).

    Outlook

    As usual, forecasts for the current year will be posted along with the Group’s 1st quarter revenues (on May 7, after the closing of the stock exchange). Driven by solid underlying trends (AI, cloud, cybersecurity, digital, data), NEURONES is well positioned to achieve another year of profitable growth.

    At the Shareholders’ Meeting on June 5, the Board will suggest paying a dividend of €1.3 per share for 2024 (compared with €1.2 the previous year).

    About NEURONES
    With close to 7,200 experts, and ranking among the French leaders in consulting and digital services, NEURONES helps large companies and organizations implement their digital projects, transform their IT infrastructures and adopt new uses.

    Euronext Paris (compartment B – NRO) – Euronext Tech Leaders – DSS mid-caps – ‘PEA-PME’ eligible
    www.neurones.net

    Attachment

    • neurones-2024-annual-results

    The MIL Network –

    March 6, 2025
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