Category: Entertainment

  • MIL-OSI Economics: New Orleans students showcase their creativity with iPad and Mac

    Source: Apple

    Headline: New Orleans students showcase their creativity with iPad and Mac

    February 3, 2025

    UPDATE

    New Orleans students showcase their creativity with iPad and Mac

    With all eyes on New Orleans, Apple community partners Ellis Marsalis Center for Music and Arts New Orleans put the city’s aspiring young artists in the spotlight

    On a drizzly, overcast afternoon, all is quiet at the intersection of Bartholomew and Prieur streets in New Orleans’ historic Ninth Ward. The quiet neighborhood around the Ellis Marsalis Center for Music (EMCM) feel worlds away from the historic French Quarter packed with jazz clubs, bars, restaurants, and markets.

    At 3 p.m., the tempo begins to shift — slowly at first, as youth ranging in age from 8 to 18 file through the blue building’s front gate, instruments in tow. The hallways grow steadily louder with the sounds of laughter, footsteps, stray musical notes, and teachers greeting their students. The fledgling musicians begin cycling through their four classes for the day: piano, homework help, an instrument of their choosing, and coding — a required course that stems from the center’s ongoing partnership with Apple.

    Launched in 2019, the collaboration with Apple has allowed EMCM to expand its curriculum, adding a suite of tech-focused courses that complement the world-class music education the center provides to students.

    “I know some people wonder, ‘Why is a music institution teaching coding?’ For us, it’s all connected — it’s part of a digital tapestry,” says Lisa Dabney, the center’s executive director. “It’s about closing the digital divide by giving students access to technology and introducing them to different types of diverse, long-term career opportunities, including pathways in music technology and beyond. In a community where many homes lack access to iPads and computers, this partnership with Apple helps us put the power of technology directly in our students’ hands, opening doors to creative and professional futures they might have never imagined.”

    Apple’s support for EMCM is part of the company’s broader long-standing commitment to uplift and amplify youth creativity in New Orleans through technology. As budding musicians at EMCM learn to code and mix new tracks with Logic Pro and GarageBand, students at Delgado Community College are producing their own podcast about local cultural icons, and young artists at Arts New Orleans have used iPad to design a new mural fans will see on their way to the Superdome this weekend.

    “We love to see technology and creativity supporting one another, and it’s such a joy to see that in action here in my hometown of New Orleans,” said Lisa Jackson, Apple’s vice president of Environment, Policy, and Social Initiatives. “Creativity, art, and music are in our DNA. Our teams are really excited to keep working with our amazing community partners and the talented young people who light up this city.”

    EMCM’s holistic and ever-evolving programming stems directly from its namesake, who wanted to ensure that the next generation had the chance to carry on the city’s vibrant cultural legacy. This work felt especially important in the Ninth Ward — a neighborhood renowned for being home to many iconic musicians, civil rights activists, and educators — that had been disproportionately impacted by Hurricane Katrina in 2005.

    “At the heart of the center’s curriculum is our founder’s belief that truly understanding music begins with learning to hear it,” explains Dabney. “Piano plays a key role in this process by helping students develop critical listening skills, connect deeply with music, and build a strong foundation in music theory. For this reason, piano has been a required class for all students, in addition to their primary instrument.”

    That same foundational approach to learning now extends to coding and audio engineering courses. In the center’s Mac lab, students use the latest hardware and software to learn coding basics with Apple’s Everyone Can Code and Swift Playgrounds frameworks. And in the on-site music studio, they learn how to engineer their own tracks with apps like GarageBand and Logic Pro. Students also get access to their own iPad every semester, allowing them to take what they’ve learned in their classes and build on those skills at home.

    The audio engineering courses — made possible through Apple’s support — are among the center’s newer offerings for high school-aged students.

    “Here in New Orleans, we have hotels, we have clubs, we have conventions, and we have probably more festivals than anybody in the world. And all of them need audio,” explains Dr. Daryl Dickerson, the center’s longtime director of music education. “This is a job you can learn now, and for the rest of your life, you can do it. If you learn how to capture and edit audio at a young age, you can evolve that into a career.”

    For Jacob Jones Jr., a high school senior who plays the saxophone, trumpet, and piano, Dr. Dickerson’s Saturday afternoon audio engineering class has created a whole new framework for thinking about music.

    “You can make a sound on an instrument, and that’s great,” says Jones. “But then when you play that sound back through the computer, you can expound on it, and play around and make something totally brand-new that no one has ever heard before.”

    Outside of his classes, Jones often finds himself using the skills he’s learned in Logic and GarageBand on his iPhone whenever — and wherever — inspiration strikes. “GarageBand is really essential to me, because I’ll hear something and be like, ‘Wow, I just got to get it out.’ I’ll go on my iPhone, open GarageBand, be able to play out that melody, record it, and even make a whole song out of it,” he explains.

    This same spirit of creative experimentation is fostered in the school’s coding courses, where students like Donte Allen, 14, are encouraged to merge their passion for music and the arts with the foundational technological skills they’re acquiring in class.

    Allen has had a passion for music since he was in diapers. “My dad has a picture of me from when I was 6 months old with the trumpet in my carseat,” he notes with a smile.

    But learning how to code has opened up new creative interests.

    “Swift teaches you the fundamentals, and you can go on from there,” he explains of his newfound affinity for coding. “You can build your own apps, make your own games, and make your own stories… Music and Swift both help with my creativity.”

    This type of exposure — across a wide range of creative and technological mediums, often with surprising points of intersection in between — is what it’s all about for the center’s faculty.

    “These students want this type of education,” says Dr. Dickerson, whose next endeavor will be bringing podcasting classes into the center. “But if it’s not presented to them, they never get it. And it’s the same thing with music and everything else we do around here. So we’re always trying to present them with something new.”

    Beyond the football fervor already enveloping the Superdome, students from Arts New Orleans are putting the finishing touches on a project of their own. Their garden-themed mural, which will cover an exterior wall of the Orleans Justice Center along Interstate 10, highlights stories of previously incarcerated locals while also imparting a message of hope to the community.

    The 6,600-square-foot piece was designed by participants in the Young Artist Movement (YAM), Arts New Orleans’ arts education and workforce development program, which works primarily with students ages 14 to 22. Through YAM, founded in 2016, local youth learn the mural-making process from guest artists and are then given the opportunity to create their own across the city. The participants will also complete the installation of the mural.

    The design process for this particular mural began in the Procreate app on iPad. Using Apple Pencil, the 19 students designed the digital images that appear on the mural’s panels. Lead artists Journey Allen, Gabrielle Tolliver, and Jade Meyers then organized the final designs, and sent them to a mural cloth company to have them ghost-printed on large swaths of mural cloth. From there, the pieces are painted and will then be installed along the wall using a specific gel medium.

    Allen, a visual artist and arts educator who serves as Arts New Orleans’ director of youth education, has enjoyed watching the students blossom. “I love to see the ones who are intimidated at first by the materials,” she shares. “But then when you connect with them and they begin to open up, the artwork becomes a source of transparency, a source of trust, where they share with you a little bit of who they are. Some of them never even really drew or painted before, and here they are creating this huge mural. They ask, ‘When are we going to do the next one?’”

    For some of the young artists, the project holds an added layer of meaning — they came to YAM through its arts diversion program, an alternative to prosecution and incarceration for youth facing low-level, nonviolent offenses. Founded in 2021, it draws on the healing and restorative qualities of artistic expression, with the goal of students having their charges dismissed upon completion.

    Arts New Orleans is also piloting a standalone arts diversion program this spring to help meet participants’ unique needs. “There are many things that they need to engage in, conversations that need to be had, that we can’t have amongst the main YAM group, which are kids who have not been impacted in the same way by the criminal justice system,” Allen explains. “Giving them their own program gives them a true opportunity to expand and move beyond whatever it is they are facing.”

    The idea for YAM and its arts diversion program was sparked by now-retired Judge Arthur Hunter and Xavier University professor Ron Bechet, who is also an artist. Through his career as a police officer, a lawyer, and finally as a judge in his native New Orleans, Hunter had a firsthand look at the factors that lead to young people getting swept into the city’s criminal justice system and saw the potential for art to provide an alternate path.

    “It’s not just the art — it’s an economic opportunity as well, where they should be able to make a living using their talent,” explains Hunter, a board member at Arts New Orleans. “That’s just as much a part of it as seeing that beautiful picture on a canvas.”

    For Hunter, the timing of the mural’s unveiling couldn’t feel more fitting. “This project will be not just a culmination, but also I see it as the beginning of more art throughout the city, letting people know in the city, in the region, in the state, around the country, and around the world what kids can do in the city of New Orleans when it comes to art,” he says.

    Press Contacts

    Rachel Wolf Tulley

    Apple

    rachel_tulley@apple.com

    Apple Media Helpline

    media.help@apple.com

    MIL OSI Economics

  • MIL-OSI: Color Star VP Attended The 2025 Davos World Economic Forum

    Source: GlobeNewswire (MIL-OSI)

    New York , Feb. 03, 2025 (GLOBE NEWSWIRE) — During the 2025 Davos World Economic Forum (WEF), artificial intelligence (AI), financial investments, and social ventures have emerged as central topics of conversation among global business and technology leaders. Ren Pelosi, Vice President of Color Technology was invited to participate in a series of discussions at Davos. In a special interview on ESG TV, Ren shared her career transformation journey—from a Wall Street trader to a social impact investor and tech innovator—while delving into high tech and AI’s potential to drive economic growth and societal change. She also explored how investors can seize opportunities presented by technological advancements.

    In her interview on ESG TV, Ren discussed how her financial expertise has enabled her to integrate technological innovation and social impact into investment strategies, creating long-term value. She remarked, “I have always believed in the power of capital, but today’s investments are not just about financial returns; they’re about driving technological progress, sustainability, and social change. AI is reshaping industries, and we stand at the forefront of this revolution.” As a seasoned investor and entrepreneur, Ren has long focused on how technology can drive social change. With extensive experience in Wall Street financial trading and investing, she is also committed to combining social ventures and tech innovation. She has organized and led multiple social impact investing forums, helping emerging tech companies balance sustainability and commercial success. “Technology and capital are reshaping our society. Cutting-edge technologies like AI and blockchain are not only transforming businesses but also making social impact investing possible. Investors need a deeper foresight to capitalize on this wave of technological change.”

    As an investor with a deep financial market background, Ren pointed out that traditional investment logic is being upended, with more capital flowing toward ESG-friendly enterprises. The rise of AI and digital tools has provided new opportunities for impact investing. In the discussion, Ren highlighted her involvement with Color Technology,. Initially focused on traditional offline entertainment, Color successfully completed a transformation during the pandemic, expanding into online entertainment. Now, with the rapid rise of AI, Color Star aims to drive industry change through AI-powered entertainment innovations, creating more personalized and immersive experiences for audiences. In Ren’s view, Color Star represents a new business model—using AI technology to enhance content production efficiency, optimize user experiences, and create a more interactive and immersive entertainment ecosystem.

    “The entertainment industry is evolving at an unprecedented pace,” Ren stated in the interview. “AI is not just improving content production efficiency; more importantly, it’s redefining how audiences interact, enhancing personalized recommendations and immersive experiences. Companies like Color are at the forefront of this transformation, using AI to build the next-generation entertainment ecosystem.”

    Color’s current AI explorations include:

    • Smart Content Creation: AI enables the production of creative content such as music, scripts, and videos, increasing efficiency for creators.
    • Personalized Recommendation Algorithms: AI analyzes user preferences to deliver precise content suggestions.
    • Immersive Entertainment Experiences: Integrating VR/AR and AI to create more interactive future entertainment models.

    Ren is also actively involved in the Social Ventures sector and promotes global impact investing. She emphasized that AI is not only empowering companies like Color but also upgrading the entire investment ecosystem. In several discussions during Davos, Ren repeatedly stressed the need for investors to focus on the long-term societal and corporate impacts of technology, rather than just short-term returns. The companies that balance innovation, profitability, and social responsibility will be the true winners. She has long advocated for capital to support sustainable development, technological innovation, and socially responsible enterprises, and has organized industry forums to help high-potential companies secure investments and resources. “The future market will be dominated by businesses that create both commercial value and social impact. Whether it’s AI in entertainment or blockchain in financial services, we must view the impact of technology from a long-term perspective.”

    As the 2025 Davos Forum draws to a close, Ren’s core message is becoming ever clearer: The future belongs to those who dare to innovate and embrace AI, driving technological advancements and social impact investing. She calls on investors, entrepreneurs, and related players to embrace technological innovation, deeply explore the potential of AI, and ensure that technological progress aligns with ethics and sustainability.

    With her expertise in finance, investment, and technology, Ren is part of the global discussions on the AI revolution, digital innovation, and the future of the entertainment industry.

    Color Deepens AI Empowerment, Shaping the New Era of Entertainment

    As AI technology evolves, Color Star will continue to deepen its application of AI in content production, user experience optimization, and entertainment interaction, ensuring the company maintains its leadership in the global entertainment industry.

    “We are at a critical time in reshaping the entertainment industry,” Ren said. “Color Star will continue to invest in AI and technological innovation, exploring how to use artificial intelligence to create more personalized, immersive, and global entertainment experiences.”

    About Color Star Technology Co., Ltd.

    Color Star Technology Co., Ltd. (Nasdaq: ADD) is an entertainment and education company that provides online entertainment performances and online music education services. Its business operations are conducted through its wholly-owned subsidiaries, Color Metaverse Pte. Ltd. and CACM Group NY, Inc. More information about the Company can be found at www.colorstarinternational.com and www.colorstar.investorroom.com.

    Forward-Looking Statement

    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; changes in technology; economic conditions; the growth of the educational and training services market internationally where ADD conducts its business; reputation and brand; the impact of competition and pricing; government regulations; as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission by Color Star. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof unless required by applicable laws, regulations or rules.

    For more information, please contact:
    Color Star Investor Relations
    Office Number No. 1003, 9th Floor,
    7 World Trade Center, Suite 4621        
    New York NY 10007
    Office: (212) 410-5186
    Email ir@colorstarinternational.com

    The MIL Network

  • MIL-OSI: Notification of transactions by persons discharging managerial responsibilities and persons closely associated with them

    Source: GlobeNewswire (MIL-OSI)

    Noerresundby, Denmark, 3 February 2025
    Announcement no. 05/2025

    According to Article 19 of the Market Abuse Regulation, persons discharging managerial responsibilities and persons closely associated with them must give notice of their transactions with RTX shares to RTX and to the Danish Financial Supervisory Authority. RTX hereby publishes such notifications.

    The transactions by COO Hans Henrik Petersen are documented in the attached PDF appendix.

    RTX A/S

    Attachments

    The MIL Network

  • MIL-OSI: Latest CarGurus Brand Campaign Celebrates Life’s Big Deal Moments, Like Buying or Selling a Car

    Source: GlobeNewswire (MIL-OSI)

    The “Big Deal” campaign pays tribute to the momentous experience of car shopping, along with the trusted digital tools from CarGurus that help consumers find the best deal on their big deal

    BOSTON, Feb. 03, 2025 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited site for shopping, buying, and selling new and used cars1, today announced the launch of its latest national brand campaign, “Big Deal”, recognizing the important role cars play in people’s lives and the significance of making the right decision during a purchase or sale. The new spots empathize with the big decisions drivers make along the buy/sell journey to reach their ideal outcome, underscoring CarGurus’ role in helping consumers find the best deal on their big deal.

    “CarGurus has joined drivers along this important journey for nearly two decades, developing the best tools and information to help consumers feel confident in their decisions as a growing share prefer to do more online before going to the dealership,” noted Dafna Sarnoff, CarGurus Chief Marketing Officer. “As a result, CarGurus has earned the trust of tens of millions of monthly users who turn to our site to make sure they find the best deal for their needs.”

    CarGurus is the No. 1 most visited car-shopping site1, connecting buyers to the best deals by providing complete vehicle history and unbiased deal ratings on the largest selection of new and used vehicles in the U.S.2 Added tools like price drop alerts and the ability to finance in advance enable confident decision-making in one of the biggest purchases of a person’s life. The platform also supports sellers with car pricing tools and the ability to instantly receive multiple offers to sell their car either completely online or through a local dealer in select markets, empowering them to choose the best deal.

    “Although CarGurus makes the process easy with all the tools and information you need to get the best deal, we don’t want to lessen the gravity of the purchase and its significant impact on people’s lives. Buying or selling a car is a huge decision, an emotional experience that we wanted to reflect in this campaign,” said Carter Collins, Partner and Managing Director of Bindery. “Beyond the excitement of working with the No. 1 most visited car shopping site1, partnering with the CarGurus team has been one of our most rewarding and close-knit experiences to date.”

    The “Big Deal” campaign will run across TV networks and connected TV providers. The spots will be supplemented with digital and social executions, including influencer programs throughout the year. View the full campaign video library here: https://cargur.us/19jlLY.

    Creative Credits:

    CarGurus

    • Dafna Sarnoff, Chief Marketing Officer
    • Evan Jones, Creative Director
    • Allison Conroy, Brand Marketing Director
    • Carli Riibner, Sr Brand Marketing Specialist
    • Maggie Meluzio, Director of Public Relations

    Creative and Production – Bindery

    • Carter Collins, Partner, Managing Director
    • Kim Devall, Executive Creative Director
    • Laura Hockstad, Producer
    • Chris Hilk, Editor

    Production – Ruffian

    • Bubble & Squeak, Director
    • Robert Herman, Founder, EP
    • Leslie Vaughn, Line Producer
    • Paul Meyers, Director of Photography
    • Craig Pinckes, 1st Assistant Director

    Production Services – Habitant

    • Arturo Arroyo, Managing Director
    • Montserrat Becerril, Chief of Staff
    • Elizabeth Tapia, Head of Production
    • Ivan Perez, Executive Producer
    • Andrea Fumero, Line Producer
    • Rodrigo Sánchez, Production Manager

    Color + VFX – Trafik

    • Daniel de Vue, Senior Colorist
    • Ali Soofi, Assistant Colorist
    • Geoff Linville, Color Producer
    • Greer Bratschie, Head of Production
    • Karena Ajamian, Executive Producer
Ciaran Birks, VFX Producer
    • Jaime Aguirre, Flame Lead
    • Ben Fall, Flame Assist

    Animation and Text Graphics – Buff Motion

    Sound – Antfood

    • Wilson Brown, Partner, Executive Creative Director
    • Sue Lee, Executive Producer
    • Joshua Heath, Creative Lead
    • Dalton Harts, Composer, Mix Engineer
    • Linton Smith, Mix Engineer
    • Trevor Haimes, Senior Producer
    • Charlie Blasberg, Music Supervisor
    • Katie Hansen, Production Coordinator

    About CarGurus, Inc.

    CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire, and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S.1

    CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.

    To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.

    CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are the property of their respective owners.

    ¹ Similarweb: Traffic Report [Cars.com, Autotrader, TrueCar, CARFAX Listings (defined as CARFAX Total visits minus Vehicle History Reports traffic)], Q3 2024, U.S.
    ² Compared to Autotrader.com, Cars.com, TrueCar.com (YipitData as of September 30, 2024), and CarFax (Joreca as of September 30, 2024)

    Media Contact:
    Maggie Meluzio
    Director, Public Relations & External Communications
    pr@cargurus.com

    Investor Contact:
    Kirndeep Singh
    Vice President, Investor Relations
    investors@cargurus.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f1267674-ed08-44a3-a107-cde3ff19ccdb

    The MIL Network

  • MIL-OSI: Banzai Completes Acquisition of Vidello, Growing TTM Revenue 59% and Adding $2M in EBITDA

    Source: GlobeNewswire (MIL-OSI)

    Expands Portfolio with Next-Generation Video Creation, Editing, and Marketing Suite

    SEATTLE, Feb. 03, 2025 (GLOBE NEWSWIRE) — Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, today announced that it has successfully closed its previously announced acquisition of Vidello, a technology provider of video hosting and marketing suite solutions for businesses.

    The acquisition is expected to increase Banzai’s revenue by $6.5 million and increase EBITDA by $2 million for the twelve-month period ended December 31, 2024, on a pro-forma basis. Vidello financials are preliminary and unaudited and subject to adjustment.

    Based in London, Vidello offers a comprehensive video hosting and marketing suite that provides entrepreneurs, startups, agencies, and online businesses with tools to grow their businesses.

    Vidello’s key offerings include:

    • CreateStudio: An award-winning video creation app that allows users to easily produce eye-catching 3D character video content for social media and websites.
    • PhotoVibrance: A tool that transforms static images into moving motion pictures to capture attention.
    • Twinkle: An all-in-one audio platform for creators and agencies, featuring premium royalty-free music tailored for video projects.
    • Vidello: A 3-in-1 video hosting, player, and collaboration tool that allows users to showcase videos with a customizable, lightning-fast player. Features include a collaboration portal and in-play marketing calls-to-action for lead generation and sales optimization.

    Vidello has over 90,000 customers, and their flagship CreateStudio product has been named a Top 3 Best Rated product in the video maker category by Capterra1, and a High Performer by G22.

    Banzai’s vision is to build a comprehensive suite of AI-powered marketing tools that make marketers’ lives faster and easier. The Vidello acquisition is pivotal in accelerating revenue growth by delivering innovative solutions to our customers.

    Transaction Details

    Under the terms of the agreement, Banzai will issue approximately $2.7M in cash ($2.5M is held back for varying time periods and for indemnification, transition and revenue earnout purposes) and 868,204 shares of Banzai Class A Common Stock. Additional details regarding the acquisition are included in the Company’s Form 8-K filed with the Securities and Exchange Commission on December 20, 2024, and January 31, 2025.

    About Vidello

    Vidello is a video hosting and marketing suite which provides online businesses with the essential marketing and hosting tools to assist in growing business through video. To learn more about the company visit www.vidello.com.

    About Banzai

    Banzai is a marketing technology company that provides AI-enabled marketing and sales solutions for businesses of all sizes. On a mission to help their customers grow, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Banzai customers include Cisco, New York Life, Hewlett Packard Enterprise, Thermo Fisher Scientific, Thinkific, Doodle and ActiveCampaign, among thousands of others. Learn more at www.banzai.io. For investors, please visit https://ir.banzai.io.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as “believe,” “may,” “will,” “estimate,” “target,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “propose,” “plan,” “project,” “forecast,” “predict,” “potential,” “seek,” “future,” “outlook,” and similar variations and expressions. Forward-looking statements are those that do not relate strictly to historical or current facts. Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.’s (the “Company’s”): future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company’s industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that may cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, the financial markets, economic, business and regulatory and other factors, such as the Company’s ability to execute on its strategy. More detailed information about risk factors can be found in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q under the heading “Risk Factors,” and in other reports filed by the Company, including reports on Form 8-K. The Company does not undertake any duty to update forward-looking statements after the date of this press release.

    Investor Relations
    Chris Tyson
    Executive Vice President
    MZ Group – MZ North America
    949-491-8235
    BNZI@mzgroup.us
    www.mzgroup.us

    Media
    Rachel Meyrowitz
    Director, Demand Generation, Banzai
    media@banzai.io

    1 Source: https://www.capterra.com/p/203897/Create-Studio/
    2 Source: https://www.g2.com/products/create-studio/reviews

    The MIL Network

  • MIL-OSI Global: Why drying clothes indoors could put your health at risk

    Source: The Conversation – UK – By Rebecca A. Drummond, Associate Professor, Immunology and Immunotherapy, University of Birmingham

    Magic Lens/Shutterstock

    Hanging the washing out to dry in the garden has been a rare sight these last few months, with winter storms bringing freezing temperatures and 100mph gusts of wind. But does the way we dry our clothes indoors actually matter?

    Drying wet clothing on racks in poorly ventilated spaces could increase the amount of mould growing in your home, which is associated with poor health and, in some cases, even death.

    When mould grows in your home, it can form black or green coloured patches on the walls, and usually creates an unpleasant musty smell. It shouldn’t be ignored, because being exposed to mould over long periods of time can have serious health implications.

    Mould is a broad term for a group of fungi that produce tiny particles called spores. Fungi produce spores when conditions are right for their growth, which can include cooler temperatures and high humidity. This is why you’re more likely to find mould growing on bathroom ceilings or damp walls, where there is more water for fungal spores to settle and grow.

    There are many different species of mould. The most common ones to cause problems in damp homes are penicillium and aspergillus. It’s estimated that we breathe in small numbers of spores from these fungi on a daily basis.

    Luckily, our immune system is very good at spotting and killing fungal spores, which limits the number of fungal lung infections in humans even though we’re constantly exposed. Immune cells called macrophages sit inside the air spaces of the lungs (called alveoli), and these cells eat anything you inhale that could be considered harmful, including fungal spores.

    Risks for compromised immune systems

    However, there are many people whose immune systems are not able to remove fungal spores, and in these cases the fungi can cause dangerous infections or make underlying health conditions (such as asthma) much worse.

    People who have damaged or compromised immune systems are at higher risk of becoming seriously unwell from fungal infections. Moulds like aspergillus cause infections in patients with limited immune function, or who have lung damage from diseases like asthma, cystic fibrosis and chronic obstructive pulmonary disease (COPD) associated with heavy smoking.

    In people with asthma, the immune system overreacts to triggers (including fungal spores) causing inflammation in the lung. This inflammation makes it more difficult to breathe by reducing the size of the airways. The same type of immune response is responsible for the symptoms of asthma and allergic responses, and fungal spores can also trigger these same types of immune responses. This means that fungal spores can be a particularly powerful trigger for some people.

    In very extreme cases, the fungal spores don’t just cause inflammation but can invade the airways and block them leading to bleeding within the lung. This happens when spores germinate and form long spiderweb-like projections called mycelium which create sticky lumps that block airways and damage the delicate tissues of the lung.

    Growing resistance

    Aspergillus infections are treated with antifungal drugs called azoles, which prevent the fungal cells from forming properly. Azoles are very effective, but there are increasing rates of resistance to azoles reported in aspergillus which is a significant cause for concern.

    We have a limited range of antifungal drugs available to treat mould infections – and when resistance develops this can severely reduce the options a patient has for treatment.

    Resistance to drugs such as azoles can develop in patients who take these drugs for long periods of time, but recent research has indicated that resistance is more commonly developing in the environment, where most fungi are found. This means that even before a patient is diagnosed with an aspergillus infection, it may already be too late for the antifungal drugs to be effective.

    Development of drug resistance in environmental fungi has been linked to use of azoles and other antifungal drugs in farming. Fungal infections are a big problem for crops, and plants need protection from these infections the same way we do. Unfortunately, the same drugs we use in the clinic are the same types that are being used in agriculture.

    Climate change may also be driving drug resistance in environmental fungi. Exposure to high temperatures was recently found to help moulds develop resistance to commonly prescribed antifungal drugs. There have also been reports of patients becoming ill from species of mould that were not thought to cause human disease, in part because they could not grow at the human body temperature.

    More mould species could therefore be picking up the ability to cause infections, as well as becoming drug resistant. Research programs and healthcare initiatives that monitor for these changes are vital to help us become prepared for potential increases in mould infections.

    While a healthy immune system means that typical exposure to fungal spores is not likely to cause you any health problems, being exposed to very large amounts of fungal spores can prove to be fatal even for people who don’t have underlying health issues.

    In 2020, toddler Awaab Ishak died as a direct result of high exposure to fungal spores, caused by excessive damp and mould in his home.

    His death led to a change in UK law (Awaab’s Law) which requires landlords to respond promptly to damp in homes they manage, to ensure that tenants are not exposed to excessive levels of fungal spores which can affect their physical and mental health.

    It’s important, then, to help keep your home free of mould. The best way to do this is ensure you have good ventilation and take other measures to reduce damp, such as using a dehumidifier or investing in a heated clothes rack to dry your clothes indoors in the winter.

    Rebecca A. Drummond receives funding from the Medical Research Council, the Wellcome Trust and the Lister Institute.

    ref. Why drying clothes indoors could put your health at risk – https://theconversation.com/why-drying-clothes-indoors-could-put-your-health-at-risk-248467

    MIL OSI – Global Reports

  • MIL-OSI Global: The Sims: from Hot Date to Get Famous, why expansion packs have been key to the game’s longevity

    Source: The Conversation – UK – By Aditya Deshbandhu, Lecturer of Communications, Digital Media Sociology, University of Exeter

    SimCity 3000, the predecessor to The Sims, played a pivotal part in my childhood, growing up in Hyderabad, India. Its recreation of the western, urban world helped me understand how cities were planned, designed and financed – and how they provided people with key services like transportation, health and education while preparing for accidents and other hazards.

    As an eight-year-old trying to figure out my place in the world, that game offered me a way to make meaning of the chaos that can be life. So, when The Sims launched in 2000 – enabling me to live inside a virtual city, rather than simply build one – I had to get my hands on a copy.

    Twenty-five years later, I write this piece in a drastically different gaming landscape, where games offer high visual fidelity and ever-increasing frame rates for ultra-smooth game play. But despite all these technological innovations and the pursuit of photo-realism, the popularity of The Sims’ game designer Will Wright’s satire on American consumer culture endures.


    Sul Sul! This article is part of a mini series from The Conversation marking 25 years of The Sims franchise.


    The franchise’s four Sims games had sold over 200 million copies before the latest instalment, The Sims 4, became free to play in 2022. Players now spend their money on extras within the game. Over 85 million people played The Sims worldwide in 2024.

    At a time when the success of a modern video game is measured in metrics like “cumulative engagement time” (number of players playing at the same time), acquisition of new players and “intensity of engagement” (number of hours spent by a player), now-over-a-decade-old The Sims 4 continues to excel with its mastery of the live-service format.

    The trailer for the first Sims game.

    Live-service describes the form modern digital games embrace when they transition from conventional products into “services” – a shift made possible because games today can be regularly updated, fixed and expanded upon by their makers remotely. They can acquire new levels and in-game features in a similar way to how streaming platforms like Netflix drop new episodes of your favourite show.

    Players don’t buy a live-service game, they sign up for the journey.

    Expanding player horizons

    In each incarnation of The Sims, players have been able to access new ways to perform roles and tasks that mimic everyday life, in the form of expansions and content packs.

    The original title, The Sims (2000), had seven expansion packs and two content packs. I distinctly remember brewing potions in the chemistry lab and rubbing a magic lamp to conjure a genie in the first expansion, Livin’ Large; the new holiday island that was built for The Sims: Vacation; and leaving my Sim’s home to visit downtown areas as part of Hot Date.

    The trailer for The Sims Hot Date expansion pack.

    But for The Sims 4 (2014), the developers went all in. This game – and its subsequent expansions – represents a digital supermarket of lifestyles, sub-cultures, activities and stardom. For example, 2018’s Get Famous pack not only introduced Del Sol Valley – a region that resembled Los Angeles and the Hollywood Hills – but also introduced the “reputation” mechanism for players.

    The Discover University expansion (2019) allowed players to take their Sims to school in a new region called Britechester – after this update, the game integrated Sims’ careers and education, and in many ways changed the rules of the game. And the Eco Lifestyle expansion pack (2020) is memorable because the game engaged with ideas of sustainable living for the first time.

    Genre, fantasy and reality

    From content packs featuring a digital recreation of singer Katy Perry in The Sims 3 to collaborations with streamers, content creators and fashion houses, The Sims has remained relevant by consistently blurring the lines between genre, reality and fantasy.

    Hot Date was a popular early Sims expansion pack.

    Today, video game makers the world over try to master formats like free-to-play games where players pay for cosmetic items, customisations and added content, or expansions offering downloadable content. The Sims set the standard for most of them.

    Over the past 25 years, this franchise has had several life simulation competitors in the form of Second Life, Facebook’s once popular Farmville, virtual reality experiences like Half-Life: Alyx and, during the pandemic when we worked, learnt and played online, initiatives like the Metaverse.

    However, today only The Sims endures. The game’s developers continue to give its players what they want, while also getting them to engage with difficult ideas like sustainability, the question of life and death, and even gentrification (For Rent expansion pack, anyone?).

    Few games let players critique life so closely. For game researchers like me, this begs the question: do people play life simulation games like The Sims in order to build alternative lives, relive their own – or create something entirely new?


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    Aditya Deshbandhu 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. The Sims: from Hot Date to Get Famous, why expansion packs have been key to the game’s longevity – https://theconversation.com/the-sims-from-hot-date-to-get-famous-why-expansion-packs-have-been-key-to-the-games-longevity-248604

    MIL OSI – Global Reports

  • MIL-OSI Global: How The Sims’ endless customisation fostered one of gaming’s most diverse player communities

    Source: The Conversation – UK – By Andra Ivănescu, Senior Lecturer in Game Studies and Ludomusicology, Brunel University of London

    Katy Perry is in a recording booth. She turns to the camera, smiles and begins to sing: “Badipsa frooby noop”. As if to confirm that we didn’t mishear her, she repeats “Badipsa frooby noop” and gives the camera a thumbs up.

    The moment was captured in 2010, in a behind-the-scenes video of Perry recording her song Last Friday Night in Simlish – the language spoken by characters in The Sims games. It was part of her branded downloadable content (DLC) package, Sweet Treats, which was available to players of The Sims 3.

    The Sims is celebrating its 25th anniversary in 2025, to the chagrin of many a millennial. From its groundbreaking approach to inclusive character creation to the surreal charm of global pop stars re-recording their hits in Simlish, The Sims has always operated at the intersection of individuality and shared culture.

    Created by one of the industry’s few auteur game-designers, Will Wright, The Sims 1 was released on the cusp of the millennium and changed the video game landscape forever.

    The game harks back to what game studies researcher Jesper Juul described, in his foundational book Half-Real (2005), as the “primordial game structure”. This is a game in which the player doesn’t follow a set story or structure in a linear way, but gets to design their own strategies, combining the rules in often unpredictable ways.


    Sul Sul! This article is part of a mini series from The Conversation marking 25 years of The Sims franchise.


    More than that, players are able to tell their own stories and build emergent narratives. These narratives are not about war, fantasy worlds or outer space, but regular people, regular homes, regular jobs and plenty of WooHoo (The Sims’ euphemism for sex).

    Custom creativity

    The Sims franchise provides players with a space to perform and experiment, to be cruel, silly or creative. These modes of play can take the form of machinima – using the game engine to make creative videos. Or using features like the family album, in which players can capture photos of their avatars within the game to make poignant statements about important social issues.

    The base game has provided an increasingly diverse range of opportunities for customisation of characters, spaces and activities. And the large quantity of available DLCs and mods (player-made modifications to the game) has offered even more variety.

    Many of the customisation options have been explicitly related to characters’ identities, and the series has gradually improved its representation. For instance, while the original game already included same-sex relationships, The Sims 2 included a “joined union” option which was similar to marriage. By The Sims 3, same-sex couples could marry with no distinction from opposite-sex couples. Similar developments have taken place in the diversity of skin tones and gender identities as the series progressed.




    Read more:
    Why The Sims 4’s new inclusion of transgender and disabled sims matters


    As a result of these inclusive changes, players enjoy gaming experiences as diverse as they are.

    Phillip Ring, executive producer on The Sims 4, provided an overview of the game’s demographics in a Game Developers Conference talk in 2023. Only 21% of Sims players are men, while 55% identify as heterosexual and 62% as white. Ring explained how the game’s developers, Maxis and Electronic Arts, consider equality, diversity and inclusion as part of hiring, development and engaging with the player community. Active inclusivity has become an essential part of The Sims design.

    None of this touts The Sims as a digital utopia. The franchise has been criticised for its consumerist ideology, and much of its progressive content has been deeply controversial in different territories of the game’s release.

    Katy Perry records Last Friday Night in Simlish.

    For better or worse, the game has both reflected and shaped pop culture – which brings us back to Katy Perry. The Simlish version of her song may sound nonsensical, but it reflected a cultural moment – the post-feminist, anthemic pop of the 2010s.

    That moment has now passed. In a post-Brat summer era, Perry’s Sims moment feels outdated. The Sims, however, remains relevant, evolving alongside popular culture.

    In his book Understanding Video Game Music (2016), musicologist Tim Summers interprets Simlish rerecordings as satires of contemporary pop culture. I disagree. Instead, I believe Simlish is designed to let players “fill in the blanks”, using their imagination to shape meaning.

    This has always been central to The Sims – allowing players to project their own stories onto a world within the cultural zeitgeist. Many of us grew up with The Sims. As we’ve evolved, so has the game – which remains a dynamic cultural artefact.


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    Andra Ivănescu is the recepient of a British Academy/Leverhulme Small Research Grant for her project Gaming Censorship: Videogame Content Regulation in the UK.

    ref. How The Sims’ endless customisation fostered one of gaming’s most diverse player communities – https://theconversation.com/how-the-sims-endless-customisation-fostered-one-of-gamings-most-diverse-player-communities-248686

    MIL OSI – Global Reports

  • MIL-OSI Global: How The Sims accidentally invented the cosy game genre

    Source: The Conversation – UK – By Adam Jerrett, Lecturer, Faculty of Creative & Cultural Industries, University of Portsmouth

    Ooboo Vroose Baa Dooo! That’s “happy birthday” in Simlish, the delightfully nonsensical language of The Sims. The life simulation video game franchise turns 25 this year, making me feel officially old.

    Like many others, I grew up playing The Sims, oscillating between designing dream homes and orchestrating ideal careers, and trapping my Sim characters in a tiny block room, removing all the doors and watching the chaos ensue. For the more benevolent among us, The Sims was an endlessly rewarding digital dollhouse.

    Game designer Sid Meier (creator of the Civilisation series) defines a video game as “a series of interesting decisions”. In most games, interesting decisions are about which gun to use or which party member to heal. The Sims’ interesting decisions, however, were far more mundane. “What clothes should I make my simulated human (typically a digital avatar of myself or my friends) wear?”; “Who should they date?”; and, most importantly: “Should I use the ‘rosebud’ cheat to give myself infinite money?”

    The Sims went on to become one of the bestselling franchises of all time, with myriad sequels, expansions and an obsessed player base. While similar titles at the time, such as Black and White, had you playing as an omnipotent god, they were primarily strategy games based around controlling territory. What made The Sims special was its focus on emergent narratives – player-driven experiences where players could create their own stories.


    Sul Sul! This article is part of a mini series from The Conversation marking 25 years of The Sims franchise.


    Much of this focus is also present in what is now called the “cosy game” genre. These are games that focus not on conflict or challenges, but rather on creativity, exploration and personal expression.

    Before Stardew Valley let us befriend a moody fisherman, Animal Crossing allowed us to be financially terrorised by a raccoon, and Unpacking made us cry over a box of kitchen utensils, The Sims showed us a new way to play. One where the biggest challenge was forgetting to pay your bills, and the most rewarding accomplishment was finally affording a pool (whose exit ladder may or may not just have mysteriously disappeared).

    This normalised the idea that games didn’t need to be won to be fun. It was a shift in design philosophy that paved the way for later games that let players tend a farm, manage a café, or befriend ghosts without a game-defined goal.

    A trailer for one of the more recent expansion packs, Cottage Living.

    The Sims was less about victory than it was about making your own fun – whether that meant imagining your future family life with your crush, or seeing how well you could build your Sim’s career from the ground up before succumbing to late-stage capitalism.

    Copying The Sims’ homework

    Many features that define the cosy game genre today trace directly back to The Sims. It popularised meticulous environment building and customisation tools, for example, from house layouts to outfit choices and suspiciously elaborate hedge mazes. This DNA is the bedrock of many modern cosy games, like Tiny Glade’s whimsical castle-building or pandemic hit Animal Crossing: New Horizons’ island growing.

    The Sims was free from combat or major stressors (unless you count fire hazards and rogue Grim Reapers). No timers, no pressure – just vibes (unless you forgot to build a toilet, in which case the vibes would be bad). You could play at your own pace, which came to define other self-paced games like A Short Hike.


    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.


    Much of The Sims was about the relationships between the Sims themselves. They could get married, have children, make friends and even enemies. Instead of fighting for survival, Sims were fighting for their relationships.

    This was augmented by a growing “machinima” fan culture, where players made short films and movies using in-game footage. These forms of emergent, social storytelling are a mainstay of modern gaming and meme culture, made even more prevalent by social media and the “share” buttons now on many game controllers.

    In this work of machinima, a Sims player has made a sitcom trailer using footage from their gameplay.

    Over the years, The Sims franchise has become a bastion for diversity, equity and inclusion. Most recently, that’s meant allowing players to create disabled and transgender Sims.

    This provides more representation to players, and showcases the importance of cosy games for exploring an array of identities, values and stories. The move has even inspired copycats like the upcoming Inzoi, which provides even more realistic graphics and complex life simulation, building on the formula introduced by Sims creator Will Wright all those years ago.

    For 25 years, The Sims has proven that games can be different. They don’t need conflict, challenge or even victory to be engaging. Sometimes, the real joy comes from designing an entire town, crafting a chaotic soap opera – or simply watching a Sim pace around a door-less room, gradually descending into madness.

    Adam Jerrett 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. How The Sims accidentally invented the cosy game genre – https://theconversation.com/how-the-sims-accidentally-invented-the-cosy-game-genre-248702

    MIL OSI – Global Reports

  • MIL-OSI United Kingdom: St Albans Spring Festival – thousands expected at an exciting new street event in May

    Source: St Albans City and District

    Publication date:

    An exciting new street event is to be held in St Albans City Centre featuring free entertainment for everyone.

    The St Albans Spring Festival on Sunday 18 May will be a celebration of food, well-being, community spirit and sustainability.

    Thousands of people are expected at the street party which will take place from 11am to 5pm, with St Peter’s Street closed to traffic. 

    Among the attractions will be live music, arts and crafts, street theatre and dozens of stalls selling takeaway food, drink and other produce. There will be opportunities to learn, play and create with fun activities.

    To ensure accessibility, sighted guides and British sign language interpreters will be in attendance.

    St Albans City and District Council is organising the Festival and will also be bringing back its popular Christmas Cracker, the event which launches the festive season in the District. This will be held on Sunday 16 November.

    The St Albans Feastival, usually staged in September, will not take place this year with May’s Spring Festival being used instead to highlight the District’s hospitality businesses and tourism offering.

    Councillor Anthony Rowlands, Lead for Events, said:

    We have rearranged our street events to give our residents an excellent choice of things to do from May all the way through to November.

    Our Feastival was held in September, but there are a lot of things going on in the late summer, such as Pub in the Park, and it was felt May was a better date for an event.

    The Spring Festival will mark the start of the warmer months and with the Cracker in November, our events will book- end the outdoor season.

    During that time, from May through to November, there will be many other events, run by a host of organisations. Residents and visitors will have an abundance of opportunities to get out and about and socialise with their friends and neighbours.

    More details about the Spring Festival entertainment will appear in the Council’s social media channels in the run-up to the event.

    Among the other events to be held in the District this year are: 

    Hertfordshire County Show, Redbourn – Saturday 24 and Sunday 25 May.

    Foodies Festival, Oaklands College, St Albans – Friday 30 May to Sunday 1 June.

    Harpenden Carnival – Saturday 7 June.

    St Albans Half Marathon, Verulamium Park, St Albans – Sunday 8 June.

    Alban Day, a procession of giant puppets recreating the story of St Alban through the City to the Cathedral – Saturday 21 June.

    Highland Gathering, Rothamsted Park, Harpenden – Sunday 13 July.

    Comedy Garden, Verulamium Park, St Albans – Wednesday 23 to Sunday 27 July.

    Classics on the Common, Harpenden – Wednesday 23 July.

    Pub in the Park, Verulamium Park, St Albans – Friday 5 to Sunday 7 September

    Harpenden Food and Drink Festival – Saturday 13 September

    Gin and Jazz Festival, George Street, St Albans – Friday 3 October.

    St Albans Cathedral Fireworks – Saturday 1 November

    St Albans Christmas Cracker, St Peter’s Street – Sunday 16 November.

    Harpenden Christmas Carnival – Sunday 23 November.

    Photo: scene from a street event last year.

    Media contact:  John McJannet, Principal Communications Officer: 01727- 819533; john.mcjannet@stalbans.gov.uk.

    MIL OSI United Kingdom

  • MIL-OSI Russia: Rosneft held a series of ski races dedicated to the 80th anniversary of Victory

    Translartion. Region: Russians Fedetion –

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

    Rosneft organized a corporate ski race in Nefteyugansk. More than 450 athletes from the Company’s subsidiaries and family members of oil workers working in several regions of Russia took part in the corporate winter race “Rosneft Ski Track”. Representatives of the “Movement of the First” joined the mass race.

    Earlier this winter season, mass races “Rosneft Ski Track” were held in Angarsk, Ufa and Krasnoyarsk. The total number of participants reached almost 1,500 athletes. The Company dedicated mass amateur competitions to the 80th anniversary of the Victory in the Great Patriotic War, which the entire country is preparing to celebrate this year.

    In Nefteyugansk, five distances were prepared for skiers of various age categories – from 500 m to 10 km. Schoolchildren from the “First Movement” went out in whole classes for some distances.

    Despite the fact that the races have an amateur status, the level of their organization is not inferior to professional competitions. All conditions were created for oil industry athletes and guests of the event. A field kitchen with hot dishes and hot tea was operating at the races, sports equipment rental was organized, places for preparing skis, heated changing rooms and rest areas were equipped. A cultural and entertainment program was prepared for young athletes, a children’s corner and an animator worked.

    The winners of the competition in 13 age groups were determined by professional judges.

    Support for mass sports is one of the key areas of social work for Rosneft and its subsidiaries. The company carries out large-scale work to promote sports and a healthy lifestyle among both its own employees and the population in the regions where the Company operates.

    Ice arenas, sports complexes and multifunctional sports grounds are built in the regions with the funds of the Company and its subsidiaries. The Company also provides support to amateur and mass sports.

    Department of Information and Advertising of PJSC NK Rosneft February 3, 2025

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

    MIL OSI Russia News

  • MIL-OSI United Kingdom: Filming Generates £4.6m for Local Economy

    Source: Scotland – City of Dundee

    FifeScreen+TayScreen is pleased to announce the release of its annual report for 2023/24, showcasing a successful year for the screen industry in the Fife Tay region with figures showing the media industry’s multi-million pound contribution to the economy of the Fife and Tay region. The office also supported ground-breaking work that was a finalist in the Screen International Global Production Awards at the Cannes Film Festival for a UK first – virtual production over 5G between Dundee and Manchester. 

    The figures show continuing resilience for film and TV production in 2023-24 despite challenges such as writer and actor strikes in the USA that have directly affected production in the UK and employment of freelance crew. Production spend reached £2.3 million, generating economic impact of approximately £4.6 million. This highlights the significant contribution that the screen industry makes to the local economy and the wider region.  

    Key Achievements in 2024 

    • Production Activity: the office facilitated over 100 productions, contributing an estimated £2.4 million to the local economy. The office recorded a total of over 400 filming days at locations across the region. Projects ranged from feature films and television dramas to commercials and independent productions. 
    • Diverse Locations Utilised: The region’s stunning landscapes, historic sites, and urban settings attracted high-profile projects. These productions not only boosted the local economy but also showcased the region’s unique character on the global stage. 
    • Support for Regional Business: the office connected regional businesses with opportunities in the screen industry. 
    • Sustainability: the office implemented eco-friendly production guidelines towards support Scottish and UK initiatives to ensure the industry’s growth aligns with environmental goals. 
    • The sector supports jobs and livelihoods including freelance crew and services that are integral to production such as hospitality and accommodation. It plays a major part in promoting the region for economic and social development and attracting tourism.   

    Some production highlights 

    The report features several exciting highlights. Time-travel romantic drama series ‘Outlander’, returned for Season 8 and Prequel, Blood of My Blood that filmed across the region. There was filming for the final series of Netflix show, The Crown. The region’s attraction for crime on screen continued with production of Val McDermid’s Karen Pirie Season 2. James McAvoy, star of productions such as X-Men and Atonement, made his directorial debut in Dundee with California Schemin’. Iconic, global fashion brand, Christian Dior brought an A-list event and fashion shoots to Perthshire. This further solidifies the Fife Tayside region’s position as a preferred destination for high-profile productions, drawing attention and visitors from around the world.  

    Studios/Virtual Production and Remote Broadcasting 

    FifeScreen+TayScreen has continue to collaborate with the Tay Cities Deal project, Tay5G Virtual Production and Julie Craik has been appointed to the national board of the £76m CoSTAR programme supported by the UK Government. Virtual Production is an exciting evolution of greenscreen. Real environments or digitally created experiences are projected in specialist studios so that cast and crew can see and interact with them in real time. The office also supported the Tay5G project that saw Neutral Wireless and QTV advancing 5G enabled, live production technology in the region.  

    Dundee’s Fair Work, Economic Growth & Infrastructure Convener, Steven Rome says: “As a city renowned for its creativity and innovation, Dundee is proud to support the ongoing success of Tayscreen in showcasing our region as a vibrant hub for film, television, and creative production. This year’s Tayscreen annual report highlights the collaborative spirit that make our area such an attractive destination for production. Dundee continues to play a vital role in this industry, bringing economic opportunities and raising our profile on the global stage.” 

    Cllr Altany Craik, Spokesperson for Fife Council Finance, Economy & Strategic Planning says: “The film industry continues to play a vital role in Fife’s economy. The support that FifeScreen provides makes it easy for production companies to choose Fife as a location to film audience favourites such as Outlander and The Crown. The effects of having Fife showcased in this way must not be underestimated in terms of the visitor economy and inward investment. Embracing new technology will ensure that FifeScreen+TayScreen continues to be relevant and attractive to this vibrant industry.” 

    Councillor Eric Drysdale, Convener of Perth & Kinross Council’s Economy and Infrastructure Committee, says: “Perth & Kinross is proud to be a part of the TayScreen network, which continues to shine a spotlight on our region’s stunning landscapes, historic landmarks, and thriving creative industries. This year’s Tayscreen annual report underscores the significant contribution our area has made to the screen sector, attracting high-profile productions and delivering economic benefits to local communities. From our picturesque countryside to our vibrant towns, Perth & Kinross offers a wealth of opportunities for filmmakers and content creators. We remain committed to supporting the creative industries, recognising their vital role in driving cultural and economic growth in our region.” 

    The report also emphasises the positive impact of screen tourism on the local economy. While tourism services faced challenges due to increased operating costs and the cost-of-living crisis, screen tourism continued to play a crucial role in raising awareness and influencing destination and economic development decisions. The allure of seeing Scotland on screen remains a significant factor for up to 40% of visitors to the region with the impact reported to last for at least four years. 

    FifeScreen+TayScreen is committed to supporting and promoting the region as a premier filming location, as well as leveraging the power of screen tourism to boost the local economy. As part of its mission, the office continues to collaborate with industry partners, local businesses, and stakeholders to create a ‘film-crew friendly’ environment for filmmaking. The success of the past year reflects the continued collective effort and dedication of all engaging with the screen industry in the Fife Tay region. 

    Looking forward, TayScreen remains determined to build on this success and further solidify the region’s reputation as a vibrant hub for screen production. By attracting more high-profile productions, nurturing local talent, and fostering collaborations, TayScreen aims to continue driving economic growth and showcasing the unique charm and beauty of the region to audiences worldwide. 

    MIL OSI United Kingdom

  • MIL-OSI: Outbrain Completes the Acquisition of Teads

    Source: GlobeNewswire (MIL-OSI)

    Highlights:

    • The combination will merge two open internet category leaders to create a unified omnichannel platform that delivers outcomes from branding to performance across all screens, including CTV, mobile and web. The new company will operate under the name Teads.
    • The union creates one of the largest open internet companies, with combined advertising spend of approximately $1.7 billion (FY24), reaching 2.2 billion consumers.
    • The company will unite two of the richest contextual and interest data sets on the open internet, powering an advanced AI prediction engine to optimize advertiser outcomes.
    • Outbrain CEO, David Kostman, will serve as CEO of the combined company, with Jeremy Arditi and Bertrand Quesada, former Teads CEOs, assuming the roles of Co-President, Chief Business Officer of the Americas and International respectively.
    • The two companies are preliminarily reporting a combined Ex-TAC Gross Profit of $623 million and Adjusted EBITDA of $230 million in 2024 including $65-75 million of estimated synergies1.
    • Transaction value of approximately $900 million, comprised of $625 million in cash and 43.75 million Outbrain shares.
    • Altice, selling shareholder of Teads, will nominate two out of a total of 10 board members.
    • Outbrain is providing selected preliminary results for the fourth quarter, in line with previously issued guidance in Outbrain’s November 2024 earnings call, and selected preliminary results for Teads and the combined company.

    NEW YORK, Feb. 03, 2025 (GLOBE NEWSWIRE) — Outbrain Inc. (NASDAQ: OB) today announced the closing of its acquisition of Teads, following receipt of all necessary regulatory approvals. The two companies will merge their respective branding and performance offerings to create the omnichannel outcomes platform for the open internet, and will operate under the name Teads.

    The new Teads will create one of the largest optimized supply paths on the premium open internet, with a focus on connecting curated, exclusive media environments with elevated, data-driven creative experiences. The combined company offering will be strengthened by Outbrain’s proprietary predictive technology and AI optimization. It will provide a solution for marketers to leverage a single partner to deliver concrete outcomes at every step of the marketing funnel— offering unique ways to combine advertising solutions from awareness to sales. The company’s combined data set will power expanded contextual, audience and purchase-based targeting capabilities, connecting CTV experiences to digital moments to drive measurable outcomes.

    “I am extremely excited about this new chapter in our journey. This transformative merger creates a company that directly addresses a large gap in the advertising industry: a scaled end-to-end platform that can drive outcomes, from branding to consideration to purchase, across screens,” said CEO, David Kostman.

    “Together, we are creating an extraordinary new company, combining the best of both organizations’ deep expertise in omnichannel video branding solutions and performance advertising. The new Teads’ mission is to drive lasting value with an offering that invites marketers to expect better outcomes, media owners to expect sustainable value, and consumers to expect elevated experiences. I want to thank the teams of both Outbrain and Teads, who have pioneered major advertising categories, and have built leading global companies over more than a decade. It is their innovation and commitment that have brought us to this moment and will propel us to new heights,” added Kostman.

    Co-President & Chief Business Officer, Jeremy Arditi, added: “We’re committed to creating a solution that will harness the untapped opportunity of the open internet, and allow all of its constituents to thrive. We believe that by prioritizing beautiful creative experiences, trust and transparency in media, and delivery of meaningful outcomes, we can create a stronger ecosystem that provides value for all.”

    “The merger between Teads and Outbrain makes a lot of sense strategically. We look forward to exploring the new possibilities this provides us with to reach our audiences in a new and interesting way, to deliver full funnel solutions and better business outcomes,” said Sital Banerjee, Global Head of Integrated Media, Performance Marketing, and BMI Management at Lipton Teas and Infusions.

    Key Combined Strengths

    With the completion of the combination, the new Teads will offer clients and partners:

    • Exceptional reach at great scale, across exclusive environments
      • 96 percent open internet audience reach*
      • Number one most direct supply path, as rated by Jounce**
      • Direct access to 10,000 media environment
      • Connected to the top 4 OEMs and several of the top Streaming Apps unlocking access to 50bn CTV Monthly Ad Opportunities, including unique CTV homescreen inventory
      • Proprietary code-on-page relationships with premium editorial properties globally, providing access to incremental inventory and yielding extensive audience interest and engagement insights
    • Creatives built for outcomes
      • Data-driven, beautiful creative solutions designed to connect brand moments across the marketing funnel — from CTV to editorial and beyond
      • Proven impact from unique experiences, with 74 percent higher attention for unique CTV native creative
      • Strategic Joint Business Partnerships with more than 50 of the world’s most premium brands
    • AI-powered predictive technology
      • Proprietary prediction engine, cultivated over 18+ years to drive performance outcomes, making 1 billion predictions each minute
      • 4 billion signals processed each minute via AI and machine learning
      • 50 live AI models
    • Expansive omnichannel graph, expanded on the Teads Omnichannel Graph foundation
      • The Teads Omnichannel Graph (OG), a proprietary tool extending contextual and audience-targeting capabilities into the CTV environment, will be further expanded by Outbrain engagement, interest, and conversion data
      • Extensive data signals feeding an understanding of audiences across screens, including:
        • 130,000 articles scanned per minute
        • 500,000 CTV programs enriched with data per month
        • 1 billion engagement and contextual signals processed each minute

    *According to Comscore, Media Metrix, Key Metrix, US, December 2024 for Teads.
    **According to 2024 Jounce SPO analyses, specific to Teads platform.

    Transaction Details

    Outbrain, Altice and Teads have amended the previously announced share purchase agreement, dated August 1, 2024. Under the terms of the revised agreement, Outbrain will be paying a total consideration of approximately $900 million, consisting of $625 million upfront cash and 43.75 million shares of common stock of Outbrain (valued at approximately $263 million based on the closing price of Outbrain’s common stock as of January 31, 2025, of $6.01).

    Under the revised terms, there is no deferred cash payment or convertible preferred equity component. The revised terms have meaningfully reduced the level of required debt financing and simplified the transaction structure.

    Outbrain intends to finance the transaction with existing cash resources and $625 million in committed debt financing from Goldman Sachs Bank USA, Jefferies Finance LLC and Mizuho Bank, Ltd., subject to customary funding conditions. Outbrain will also issue to Altice 43.75 million shares of common stock. Altice will nominate two directors to the board of Outbrain and will be bound by a stockholder agreement with Outbrain containing arrangements and restrictions concerning voting and disposition of the shares issued to Altice.

    Financial Highlights

    Preliminary Estimated Unaudited Financial Information for the Quarter and Year Ended December 31, 2024

    Today Outbrain is furnishing on Form 8-K selected preliminary estimated unaudited financial information for each of Outbrain and Teads on a standalone basis and on a combined company basis for the quarter and year ended December 31, 2024. Excerpts of such financial information can be found below. You are encouraged to refer to the Form 8-K and other documents filed or furnished by Outbrain with the SEC through the website maintained by the SEC at www.sec.gov.

    The Company previously announced its expectation to achieve $50 – 60 million of annual revenue and cost synergies in the second full year following completion of the acquisition, with further opportunities for expanded synergies in the following years. The Company now expects to realize approximately $65 – 75 million of annual synergies in FY 2026 with further opportunities for expanded synergies in the following years. Of this amount, approximately $60 million relates to cost synergies, including approximately $45 million of compensation related expenses. The Company plans to action approximately 70% of the compensation related expense savings during the first month post-closing. The upsize in expected synergies follows a robust integration planning process, enabling a larger and more rapid synergy capture.

    Outbrain is providing selected preliminary results for the fourth quarter and full year 2024, as follows:

    • Ex-TAC gross profit of $68.3 million for Q4 2024, and $236.1 million for FY 2024
    • Adjusted EBITDA of $17.0 million for Q4 2024, and $37.3 million for FY 2024

    For Teads, we are providing the following selected preliminary results for the fourth quarter and full year 2024, as follows:

    • Ex-TAC gross profit of $119.9 million for Q4 2024, and $386.6 million for FY 2024
    • Adjusted EBITDA of $52.2 million for Q4 2024, and $122.7 million for FY 2024

    The two companies are preliminarily reporting a combined Ex-TAC Gross Profit of approximately $623 million and Adjusted EBITDA of approximately $230 million in 2024, including $65-75 million of estimated synergies2.

    Conference Call and Webcast:
    Outbrain will host an investor conference call this morning, Monday, February 3rd at 9:00 am ET. Interested parties are invited to listen to the conference call which can be accessed live by phone by dialing 1-877-497-9071 or for international callers, 1-201-689-8727. A replay will be available two hours after the call and can be accessed by dialing 1-877-660-6853, or for international callers, 1-201-612-7415. The passcode for the live call and the replay is 13751603. The replay will be available until February 17, 2025. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investors Relations section of the Company’s website at https://investors.outbrain.com. The online replay will be available for a limited time shortly following the call.

    Cautionary Note About Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the U.S. federal securities laws and the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. These statements are based on current expectations, estimates, forecasts and projections about the industries in which Outbrain and Teads operate, and beliefs and assumptions of Outbrain’s management. Forward-looking statements may include, without limitation, statements regarding possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives, expected synergies and statements of a general economic or industry-specific nature. You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “foresee,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions, or are not statements of historical fact. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors including, but not limited to: risks that the acquisition disrupts current plans and operations or diverts management’s attention from its ongoing business; the initiation or outcome of any legal proceedings that may be instituted against Outbrain or Teads, or their respective directors or officers, related to the acquisition; unexpected costs, charges or expenses resulting from the acquisition; the ability of Outbrain to successfully integrate Teads’ operations, technologies and employees; the ability to realize anticipated benefits and synergies of the acquisition, including the expectation of enhancements to Outbrain’s services, greater revenue or growth opportunities, operating efficiencies and cost savings; overall advertising demand and traffic generated by Outbrain and the combined company’s media partners; factors that affect advertising demand and spending, such as the continuation or worsening of unfavorable economic or business conditions or downturns, instability or volatility in financial markets, and other events or factors outside of Outbrain and the combined company’s control, such as U.S. and global recession concerns; geopolitical concerns, including the ongoing war between Ukraine-Russia and conditions in Israel and the Middle East; supply chain issues; inflationary pressures; labor market volatility; bank closures or disruptions; the impact of challenging economic conditions; political and policy uncertainties; and other factors that have and may further impact advertisers’ ability to pay; Outbrain and the combined company’s ability to continue to innovate, and adoption by Outbrain and the combined company’s advertisers and media partners of expanding solutions; the success of Outbrain and the combined company’s sales and marketing investments, which may require significant investments and may involve long sales cycles; Outbrain and the combined company’s ability to grow their business and manage growth effectively; the ability to compete effectively against current and future competitors; the loss or decline of one or more large media partners, and Outbrain and the combined company’s ability to expand advertiser and media partner relationships; conditions in Israel, including the ongoing war between Israel and Hamas and other terrorist organizations, may limit Outbrain and the combined company’s ability to market, support and innovate their products due to the impact on employees as well as advertisers and advertising markets; Outbrain and the combined company’s ability to maintain revenues or profitability despite quarterly fluctuations in results, whether due to seasonality, large cyclical events or other causes; the risk that research and development efforts may not meet the demands of a rapidly evolving technology market; any failure of Outbrain or the combined company’s recommendation engine to accurately predict attention or engagement, any deterioration in the quality of Outbrain or the combined company’s recommendations or failure to present interesting content to users or other factors which may cause us to experience a decline in user engagement or loss of media partners; limits on Outbrain and the combined company’s ability to collect, use and disclose data to deliver advertisements; Outbrain and the combined company’s ability to extend their reach into evolving digital media platforms; Outbrain and the combined company’s ability to maintain and scale their technology platform; the ability to meet demands on our infrastructure and resources due to future growth or otherwise; the failure or the failure of third parties to protect Outbrain and the combined company’s sites, networks and systems against security breaches, or otherwise to protect the confidential information of Outbrain and the combined company; outages or disruptions that impact Outbrain or the combined company or their service providers, resulting from cyber incidents, or failures or loss of our infrastructure; significant fluctuations in currency exchange rates; political and regulatory risks in the various markets in which Outbrain and the combined company operate; the challenges of compliance with differing and changing regulatory requirements; the timing and execution of any cost-saving measures and the impact on Outbrain and the combined company’s business or strategy; and the other risk factors and additional information described in the section entitled “Risk Factors”, and under the heading “Risk Factors” in Item 1A of Outbrain’s Annual Report on Form 10-K filed with the SEC on March 8, 2024 for the year ended December 31, 2023, Outbrain’s Form 10-Q filed with the SEC on August 8, 2024 for the period ended June 30, 2024, Outbrain’s Form 10-Q filed with the SEC on November 7, 2024 for the period ended September 30, 2024 and in subsequent reports filed with the SEC.

    Accordingly, you should not rely upon forward-looking statements as an indication of future performance. Outbrain cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or will occur, and actual results, events or circumstances could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Outbrain and the combined company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the forward-looking statements. Outbrain undertakes no obligation, and does not assume any obligation, to update any forward-looking statements, whether as a result of new information, future events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events or otherwise, except as required by law.

    About The Combined Company
    Outbrain Inc. (Nasdaq: OB) and Teads combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, with a global team of nearly 1,800 people in 36 countries.

    For more information, visit https://thenewteads.com/.

    Media Contact

    press@outbrain.com

    Investor Relations Contact

    IR@outbrain.com
    (332) 205-8999

    Non-GAAP Reconciliations

    The following table presents the reconciliation of Gross profit to Ex-TAC gross profit, for the periods presented:

        Three Months Ended December 31, 2024   Year Ended December 31, 2024
        Outbrain   Teads   Combined   Outbrain   Teads   Combined
    Revenue   $ 234,586     $ 188,953     $ 423,539     $ 889,875     $ 617,435     $ 1,507,310  
    Traffic acquisition costs     (166,247 )     (69,091 )     (235,338 )     (653,731 )     (230,831 )     (884,562 )
    Other cost of revenue (a)     (12,277 )     (26,441 )     (38,718 )     (44,042 )     (106,414 )     (150,456 )
    Gross profit     56,062       93,421       149,483       192,102       280,190       472,292  
    Other cost of revenue (a)     12,277       26,441       38,718       44,042       106,414       150,456  
    Ex-TAC Gross Profit   $ 68,339     $ 119,862     $ 188,201     $ 236,144     $ 386,604     $ 622,748  

    ___________
    (a) Other cost of revenue for Teads is subject to accounting policy harmonization.

    The following table presents the reconciliation of net income (loss) to Adjusted EBITDA, for the periods presented:

        Three Months Ended December 31, 2024   Year Ended December 31, 2024
        Outbrain   Teads   Combined   Outbrain   Teads   Combined
    Net (loss) income   $ (167 )   $ 69,613     $ 69,446     $ (711 )   $ 89,318     $ 88,607  
    Interest expense/financial costs     699     $ 116       815       3,649       1,176       4,825  
    Interest income and other income, net     (1,522 )   $       (1,522 )     (9,209 )           (9,209 )
    Gain related to convertible debt                       (8,782 )           (8,782 )
    Other financial income and (expenses)           (13,973 )     (13,973 )           (26,404 )     (26,404 )
    Provision for income taxes     3,525       16,143       19,668       2,415       38,256       40,671  
    Depreciation and amortization     4,985       3,027       8,012       19,479       12,834       32,313  
    Share-based compensation     3,974       (28,089 )     (24,115 )     15,461             15,461  
    Severance costs           393       393       742       1,593       2,335  
    Merger and acquisition costs     5,469       4,930       10,399       14,256       5,890       20,146  
    Adjusted EBITDA, excluding synergies   $ 16,963     $ 52,160     $ 69,123     $ 37,300     $ 122,663     $ 159,963  
    The Company expects to realize approximately $65 – 75 million of annual synergies in the second full year following completion of the Acquisition. (midpoint)                         70,000  
    Combined company Adjusted EBITDA (incl. synergies)                       $ 229,963  

    1Represents estimated full year 2026 Adjusted EBITDA synergies, with further opportunities for expanded synergies in the following years. Ex-TAC Gross Profit and Adjusted EBITDA are non-GAAP financial measures. See “Non-GAAP Reconciliations” below.
    2Represents estimated full year 2026 Adjusted EBITDA synergies, with further opportunities for expanded synergies in the following years

    The MIL Network

  • MIL-OSI: Bitfarms Provides January 2025 Production and Operations Update

    Source: GlobeNewswire (MIL-OSI)

    – Operational hashrate of 15.2 EH/s –
    – Energized two North American sites, Sharon PA & Baie-Comeau QC –
    – Binding LOI with HIVE for sale of 200 MW Yguazu site; Expected Q1 2025 close –
    – Acquisition of Stronghold Digital Mining on track for Q1 2025 close –
    – Signed agreements with ASG and WWT to develop HPC/AI business –

    This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Feb. 03, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global Bitcoin and vertically integrated data center company, today issued its latest monthly production report. All financial references are in U.S. dollars.

    CEO Ben Gagnon stated, “2025 is off to a great start. We are on track this quarter to close both our acquisition of Stronghold Digital Mining, Inc. (“Stronghold”) and the strategic sale of our 200 MW Yguazu, Paraguay data center to HIVE Digital Technologies, Ltd. These transactions transform our energy pipeline by immediately rebalancing our portfolio to North America with great assets for both HPC and Bitcoin mining. The accretive sale of Yguazu provides meaningful capital and cost savings associated with the redeployment of miners in the US that will be applied towards our American gigawatt growth pipeline.

    “To accelerate our HPC strategy, we recently engaged two expert consultants to launch a formal evaluation of our data centers and the development of our HPC/AI business. These strategic partners are already evaluating Bitfarms energy portfolio for potential partial or total conversion to HPC/AI sites, as well as developing an accelerated sales strategy to market the sites to potential customers. The long-term contracts associated with HPC/AI customers would better monetize many of our North American energy assets with long-term, steady cash flows and earnings streams, creating a powerful and resilient portfolio that will generate shareholder value for years to come.

    “Operationally we grew our hashrate by 19% in January to 15.2 EH/s with the energization of two additional sites and further miner deployments at the Stronghold sites. Miner deliveries are ongoing in February with installations scheduled through Q2. When all miners are successfully deployed, we will have 21 EH/s installed across 15 sites in 4 countries. However, due to the underperformance of some of our T21 miners, we are derating our guidance by 14% to 18 EH/s in H1 2025. We are focused on resolving the T21 underperformance to drive better performance across all our sites. Our energy efficiency target of 19 w/TH remains unchanged. Additionally, in order to accommodate potential HPC integration into our Sharon location, the construction timeline is being pushed back from 2025 to 2026 reducing our 2025 YE energized capacity by 80 MW. When combined with the Yguazu sale, our 2025 YE energized capacity is 675 MW,” Ben concluded.

    SVP of Global Mining Operations Alex Brammer added, “The 19% increase in monthly hashrate to 15.2 EH/s was achieved by optimizing performance across seven of our data centers and continued miner deployments in the PJM region. For the month overall, our average operational hashrate only increased 1% to 11.2 EH/s, largely due to frequent winter curtailment and increases in hashrate energized later in the month. We expect to continue driving further increases in hashrate and performance through ongoing miner deployments and continued data center optimization initiatives, while taking advantage of improving weather conditions as we move into the shoulder months.

    “With the energization of our Sharon site in PJM, we are now officially in the registration process for participation in Economic Demand Response and other grid support programs offered in this deregulated market. Participation in these programs is the first step in a broader energy arbitrage strategy that we will be developing in the coming months across our PJM portfolio. This strategy will be critical to maximizing the value of our PJM assets and will be greatly facilitated by the deployment of a powerful miner and energy strategy management platform, LōD (formerly known as Lincoin).  The LōD platform is now deployed at every data center across our global fleet, and it is already driving significant improvements in operational efficiency.”

    January 2025 Select Operating Highlights

    Key Performance Indicators January 2025 December 2024 January 2024
    Total BTC earned 201 211 357
    Month End Operating EH/s 15.2 12.8 6.5
    BTC/Avg. EH/s 18 19 60
    Average Operating EH/s 11.2 11.1 5.9
    Operating Capacity (MW) 386 324 240
    Hydropower (MW) 256 256 186
    Watts/Terahash Efficiency (w/TH) 20 21 35
    BTC Sold 42 147 357
    • 15.2 EH/s operational at January 31, 2025, up 19% M/M and up 134% Y/Y.
    • 11.2 EH/s average operational, up 90% Y/Y and up 1% M/M.
    • 18 BTC/average EH/s, 5% lower M/M and 70% lower Y/Y
    • 201 BTC earned, 5% lower M/M and 44% lower Y/Y.
    • 6.5 BTC earned daily on average, equal to ~$682,500 per day based on a BTC price of $105,000 at January 31, 2025.
    • Adopted new LōD miner management software driving better performance, enabling energy trading & demand response and incorporates AI management tools.

    Bitfarms’ BTC Monthly Production

    Month BTC Earned 2025 BTC Earned 2024
    January 201 357


    January 2025 Financial Update

    • Sold 42 of the 201 BTC earned as part of the Company’s regular treasury management practice for total proceeds of $4.1 million.
    • Added 218 BTC, bringing Treasury to 1,152 BTC, up from 934 BTC last month and representing $121.0 million based on the Bitcoin price of $105,000 at January 31, 2025. This includes the repurchase of 88 BTC from Bitmain for $8.3 million, or $94,500 per BTC, in accordance with the miner upgrade agreement announced on November 12, 2024 and the transfer of 30 BTC to a third party as collateral for active derivatives contracts.

    Upcoming Conferences and Events

    • Feb 12, 2025: AGP/ Alliance Global Partners Virtual Tech Conference
    • March 17-18, 2025: 37th Annual ROTH Conference (Dana Point, CA)

    About Bitfarms Ltd.

    Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers.

    Bitfarms currently has 13 operating Bitcoin data centers, as well as hosting agreements with two data centers, in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    https://twitter.com/Bitfarms_io
    https://www.instagram.com/bitfarms/
    https://www.linkedin.com/company/bitfarms/

    Glossary of Terms

    • Y/Y or M/M= year over year or month over month
    • BTC or BTC/day = Bitcoin or Bitcoin per day
    • EH or EH/s = Exahash or exahash per second
    • MW or MWh = Megawatts or megawatt hour
    • GW or GWh= Gigawatts or gigawatt hour
    • w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
    • Synthetic HODL™ = the use of instruments that create BTC equivalent exposure
    • HPC/AI = High Performance Computing / Artificial Intelligence
    • Energized capacity= Power available
    • Operational capacity= Power and infrastructure being used for current operations
    • PJM= Pennsylvania- New Jersey- Maryland Interconnection LLC

    Forward-Looking Statements

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding projected growth, target hashrate, opportunities relating to the Company’s geographical diversification and expansion, deployment of miners as well as the timing therefor, closing of the Stronghold acquisition on a timely basis and on the terms as announced, the positive impact of the Stronghold acquisition and the ability to gain access to additional electrical power and grow hashrate of the Stronghold business, performance of the plants and equipment upgrades and the impact on operating capacity including the target hashrate and multi-year expansion capacity, the opportunities to leverage Bitfarms’ proven expertise to successfully enhance energy efficiency and hashrate, the benefits of diversification and other statements regarding future growth, plans and objectives of the Company are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the construction and operation of the Company’s facilities may not occur as currently planned, or at all; there is no guarantee that the Company will be able to complete the acquisition of Stronghold Digital Mining, Inc. on the terms as announced, or at all; expansion may not materialize as currently anticipated, or at all; the anticipated merits of the HPC/AI strategy, the benefits and programs of the PJM deregulated market and the objectives of diversification in general may not be realized as planned; efforts to improve and optimize the performance of equipment may not be successful; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability; the ability to complete current and future financings; the risk that a material weakness in internal control over financial reporting could result in a misstatement of the Company’s financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the restated MD&A for the year-ended December 31, 2023, filed on December 9, 2024. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by the Company. 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. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law . Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Additional Information about the Stronghold Acquisition and Where to Find It

    This communication relates to a proposed merger between Stronghold and Bitfarms. In connection with the proposed merger, Bitfarms has filed the registration statement with the SEC. After the registration statement is declared effective, Stronghold will mail the proxy statement/prospectus to its shareholders. This communication is not a substitute for the registration statement, the proxy statement/prospectus or any other relevant documents Bitfarms and Stronghold has filed or will file with the SEC. Investors are urged to read the proxy statement/prospectus (including all amendments and supplements thereto) and other relevant documents filed with the SEC carefully and in their entirety if and when they become available because they will contain important information about the proposed merger and related matters.

    Investors may obtain free copies of the registration statement, the proxy statement/prospectus and other relevant documents filed by Bitfarms and Stronghold with the SEC, when they become available, through the website maintained by the SEC at www sec.gov. Copies of the documents may also be obtained for free from Bitfarms by contacting Bitfarms’ Investor Relations Department at investors@bitfarms.com and from Stronghold by contacting Stronghold’s Investor Relations Department at SDIG@gateway-grp.com.

    No Offer or Solicitation

    This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, 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. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

    Investor Relations Contact:

    Bitfarms
    Tracy Krumme
    SVP, IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contact: 

    Bitfarms
    Caroline Brady Baker 
    Director, Communications   
    cbaker@bitfarms.com 

    The MIL Network

  • MIL-OSI United Kingdom: Power of female entrepreneurship set to be celebrated at GoSucceed event

    Source: Northern Ireland – City of Derry

    Power of female entrepreneurship set to be celebrated at GoSucceed event

    3 February 2025

    Celebrating the power of female entrepreneurship and transformation is at the core of an exciting event planned by Derry City and Strabane District Council’s Go Succeed Team to celebrate International Women’s Day.

    Empower Her: Transforming Experiences into Enterprises will take place on Friday, 7th March in the Everglades Hotel from 12-2pm.

    The event will be led by Emer Maguire, whose own journey from science commentator through to musical comedy success is just one of the empowering stories which will feature at the event.

    Throughout the afternoon the audience will hear from amazing female entrepreneurs who’ve turned adversity into success, they will share their journeys of resilience, innovation, and growth.

    The keynote speaker for the event will be the inspirational Patricia Breslin. She will offer the audience invaluable insights on how to transform their experiences into thriving enterprises.

    A single mother of six children, Patricia is also a transformational speaker, counsellor, and the creator of the Who Am I? program, a 12-week journey designed to help individuals rediscover their identity, build resilience, and create a purposeful future.

    With a powerful combination of lived experience and professional expertise, Patricia specialises in guiding individuals who have faced domestic violence, trauma, or life transitions toward healing and empowerment.

    Having overcome her own challenges, including domestic violence, addiction recovery, trauma, bulimia and her personal transformation, Patricia now dedicates her life to helping others break free from limiting beliefs, reclaim their self-worth, and step into their full potential. She is also a TedX speaker, hypnotherapist, and NLP practitioner, using a blend of therapeutic and coaching techniques to inspire lasting change.

    This is a free event, but places are limited. Encouraging people to sign up early, Rachel Gallagher, Business Officer with Derry City and Strabane District Council said: “This is an unmissable opportunity to connect with like-minded women, get inspired, and celebrate the spirit of entrepreneurship – just in time for International Women’s Day.

    “We are delighted to have such strong and inspiring women as Emer and Patricia joining us for the event, and I know their personal stories will give our audience members lots of great tips and ideas which they can use to help boost their business, take the next step forward in their own career or make an important change in their personal life.

    “As well as hearing these powerful testimonies, the Empower Her event will also allow lots of time for networking and making those important connections which we know are so beneficial to small and growing businesses.”

    Tickets for the Empower Her: Transforming Experiences into Enterprises are now available on glistrr. Tickets are free, but please register as soon as possible to secure your place.

    Go Succeed (www.go-succeed.com) is funded by the UK Government and delivered by Northern Ireland’s 11 councils. The service supports entrepreneurs, new starts and existing businesses with easy-to-access advice and support including mentoring, master classes, peer networks, access to grant funding and a business plan, at every stage of their growth journey.

    For further information on the support programmes available to set up and grow your business through Derry City and Strabane District Council visit derrystrabane.com/business.

    MIL OSI United Kingdom

  • MIL-OSI: CampDoc and Tessitura Announce Partnership and Integration for Arts and Culture Organizations

    Source: GlobeNewswire (MIL-OSI)

    ANN ARBOR, Mich., Feb. 03, 2025 (GLOBE NEWSWIRE) — CampDoc, the leading electronic health record (EHR) system for camps and youth programs, and Tessitura, a nonprofit technology company serving arts and culture organizations, are excited to announce a new partnership and integration designed to streamline operations while improving health and safety.

    This strategic collaboration connects the CampDoc EHR with Tessitura’s powerful CRM and ticketing platform, creating a unified solution. The integration enables seamless data syncing, reducing administrative burdens for performing arts organizations, aquariums, museums, zoos and other cultural organizations that offer youth programs.

    “We’re proud to partner with Tessitura to empower their organizations with tools that make health and safety more accessible,” said Dr. Michael Ambrose, Founder and CEO of CampDoc. “This integration brings peace of mind to families and enables staff to focus on delivering unforgettable experiences, knowing that critical health information is readily available when it’s needed most.”

    Tessitura’s comprehensive CRM platform supports ticketing, fundraising, memberships and more for 800 arts and culture organizations in 10 countries worldwide. CampDoc is a SOC 2 Type 2 and HIPAA-compliant solution already used by many Tessitura organizations. This new integration ensures a seamless experience for teams that employ both solutions.

    “Our collaboration with CampDoc reflects a commitment to connecting our members with leading partner resources that simplify their operations and enhance their customer experience,” said Rebecca Herberson, Vice President of Solutions and Strategic Partnerships at Tessitura. “Together, we’re equipping organizations with the tools needed to deliver both outstanding cultural programs and exceptional care for participants and their families.”

    The CampDoc and Tessitura integration addresses the increasing need for streamlined, secure and user-friendly solutions. Organizations interested in learning more about the integration between CampDoc and Tessitura can visit www.campdoc.com or www.tessitura.com.

    About DocNetwork
    CampDoc and SchoolDoc offer the most comprehensive Electronic Health Record (EHR) solution to help ensure the health and safety of children while they are away from home. DocNetwork is trusted by over 1,250 programs across all 50 states and internationally, including traditional day and residential camps, aquariums, museums, zoos, YMCAs, JCCs, Girl Scouts, Boy Scouts, parks and recreation facilities, colleges and universities, and K-12 public, private, and charter schools. For more information about DocNetwork and web-based health management, please visit www.campdoc.com, www.schooldoc.com, or call 734-619-8300.

    About Tessitura
    Tessitura is a nonprofit technology company dedicated to helping arts and culture organizations thrive. CRM lies at the heart of Tessitura’s mission and secure technology platform. Ticketing and admissions work hand-in-hand with fundraising, membership, marketing, education and front of house. Intuitive reporting and forecasting tools help reduce uncertainty and turn data into insights. And features such as frictionless payments, digital ticketing and integrated e-commerce help build a sustainable and accessible future. Tessitura works with more than 800 organizations in 10 countries. For more information, visit www.tessitura.com.

    Contact:

    For DocNetwork:
    Michael Ambrose, M.D.
    DocNetwork
    734-619-8300
    michael@docnetwork.org

    For Tessitura:
    communications@tessituranetwork.com

    The MIL Network

  • MIL-OSI: Nokia selected by DE-CIX to upgrade New York’s largest Internet Exchange backbone

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Nokia selected by DE-CIX to upgrade New York’s largest Internet Exchange backbone 

    • New York’s largest Internet Exchange to receive 400GE backbone upgrade and 800GE support as network ecosystem grows, resulting in greater router flexibility and operational resilience.
    • Nokia optical solution offers improved flexibility, faster incident response times, and seamless customer experience with no service interruptions.

    3 February 2025
    New York, USA – Nokia and DE-CIX, the world’s leading Internet Exchange (IX) operator, today announced the upgrade of the backbone network for DE-CIX New York, the largest IX in NY and in the US Northeast region. The DE-CIX backbone will be upgraded to 400 Gigabit Ethernet (GE) using Nokia optical technology and redesigned in a ring topology, redundantly interconnecting the 10 data center facilities where DE-CIX infrastructure is housed and enhancing the resiliency of the platform for all participants.

    The Nokia optical solution also enables 800GE support for anticipated further growth of the IX and employs Reconfigurable Optical Add/Drop Multiplexer (ROADM) technology to ensure much greater routing flexibility, faster reaction times in the case of incidents, and a seamless customer experience without any service interruptions.

    Dr. Thomas King, CTO of DE-CIX, said: “When we began planning the upgrade of our New York backbone, we wanted to simplify our network, while also increasing the resilience of the platform. We took a detailed look at the options in the market, and Nokia was the best choice for us. We have worked with Nokia globally for more than 10 years now, and the capacity, reliability, and innovative strength of their hardware has always impressed us.”

    Within a dense wavelength-division multiplexing (DWDM) system, the ROADM technology in Nokia’s 1830 Photonic Service Switch (PSS) makes it possible to automatically reroute waves at the optical layer in any direction around the backbone. This means that incidents at any location in the network can be mitigated more rapidly and less capacity is required at the IP layer to guarantee the same level of resilience.

    James Watt, Senior Vice President and General Manager of Nokia’s Optical business, said: “In today’s connected world, staying resilient and ready to scale is a must. This upgrade to DE-CIX New York’s backbone isn’t just about supporting the largest Internet Exchange in the Northeast — it’s about shaping the future of connectivity in one of the world’s biggest markets. With Nokia’s cutting-edge optical tech, we’re ensuring networks are flexible, reliable, and ready to handle whatever comes next. Together with DE-CIX, we’re building the foundation for a limitless digital future.”

    Ed d’Agostino, Vice President DE-CIX North America, said: “This upgrade, powered by Nokia’s optical technology, allows us to future-proof our platform to best serve the New York market and start 2025 on track for further growth. With the number of data centers that we integrate, it is imperative that we have a state-of-the-art transport network with scalable capacity. DE-CIX New York is the largest IX in New York and the youngest Internet Exchange in the Top 5 largest IXs in the US. The platform covers an area spanning Long Island to the East and Piscataway and Edison to the South and West. It connects over 265 networks from across the city, with an infrastructure that spans over 40 data centers served.

    DE-CIX New York is connected to all other DE-CIX locations in North America, enabling remote peering and access to a vibrant ecosystem of networks not present in other local exchanges. The DE-CIX Internet and Cloud Exchanges in New York, Dallas, Chicago, Richmond, Houston, and Phoenix, and the dedicated Cloud Exchange in Seattle, form the largest carrier and data center neutral interconnection ecosystem in North America.

    Further, DE-CIX New York is directly connected to DE-CIX’s locations in Europe – e.g. DE-CIX Frankfurt, the largest IX in Europe – and beyond. Globally in 2025, the 30th year since the operator’s establishment, DE-CIX offers its interconnection services in close to 60 locations across Europe, Africa, North and South America, the Middle East, and Asia. Accessible from data centers in over 600 cities world-wide, DE-CIX interconnects thousands of network operators (carriers), Internet service providers (ISPs), content providers and enterprise networks from more than 100 countries, and offers peering, cloud, and other interconnection services.

    Nokia, DE-CIX and 650 Group to host webinar on 5 March 2025, 12PM EST

    Nokia will host a webinar together with DE-CIX and 650 Group on the topic of “Rewiring the Future: Conversations on Networking for an AI-Driven World”. Interested parties can join Rodney Dellinger, CTO of Webscale, Nokia, Dr Thomas King, CTO of DE-CIX, and Alan Weckel, co-founder and principal analyst of 650 Group, as they discuss what’s needed for the success of GenAI and how the network needs to evolve to deliver these services to the end users. Further information can be found here.

    Resources and additional information
    DE-CIX New York: https://www.de-cix.net/en/locations/new-york
    Product page: 1830 Photonic Service Switch (PSS)
    Webpage: Nokia Optical Networks
    Webpage: Webscale networking for AI

    About Nokia 
    At Nokia, we create technology that helps the world act together. 

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.  

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    About DE-CIX North America
    DE-CIX North America Inc., which began operations in 2014, is a wholly owned subsidiary of DE-CIX International AG, the international arm of DE-CIX, the world’s leading Internet Exchange operator. Together, the DE-CIX Internet and Cloud Exchanges in New York, Dallas, Chicago, Richmond, Houston, and Phoenix, and the dedicated Cloud Exchange in Seattle, create the largest neutral interconnection ecosystem in North America. DE-CIX provides network and data center-neutral peering and other interconnection services in North America. With access to DE-CIX North Americas’ Internet Exchanges, customers gain more control of their networks and access to world-class content providers, as well as IP transit, Virtual Private Network (VPN), and Blackholing services to mitigate the effects of DDoS attacks. DE-CIX New York is the youngest Internet Exchange in the Top 5 largest IXs in the US. It is carrier and data center-neutral and Open-IX certified. DE-CIX’s IXs are distributed across major carrier hotels and data centers throughout each metro region it serves. DE-CIX operates more access points than any other Internet Exchange operator in North America. For more information, please visit https://de-cix.net/north-america

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    DE-CIX Global Public Relations
    Judith Ellis, Nils Klute, Elisabeth Marcard, Viola Schreiber, Robert Stotzem & Carsten Titt
    Telephone: +49 (0)69-1730902-130
    Email: media@de-cix.net 

    Follow us on social media
    LinkedIn X Instagram Facebook YouTube

    The MIL Network

  • MIL-OSI: Smart Share Global Limited Regains Compliance with the Nasdaq Minimum Bid Price Requirement

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, Feb. 03, 2025 (GLOBE NEWSWIRE) — Smart Share Global Limited (Nasdaq: EM) (“Energy Monster” or the “Company”), a consumer tech company providing mobile device charging service, today announced that it received a notification letter (the “Compliance Notification”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”), dated January 31, 2025, notifying the Company that it has regained compliance with the requirement of minimum bid price of US$1.00 per share set forth under Nasdaq Listing Rule 5550(a)(2).

    As announced on August 9, 2024, the Company received a letter from Nasdaq indicating that it was not in compliance with Nasdaq Listing Rule 5550(a)(2), as the closing bid price of its American Depositary Shares (the “ADSs”) had been below US$1.00 per ADS for the previous 30 consecutive business days. The Company was provided with a compliance period of 180 calendar days, or until February 3, 2025, to regain compliance with the minimum bid price requirement.

    On January 31, 2025, Nasdaq confirmed in the Compliance Notification that the closing bid price of the Company’s ADSs has been at US$1.00 per share or higher for the 10 consecutive business days from January 16, 2025 to January 30, 2025. Accordingly, the Company has regained compliance with the minimum bid price requirement, and the matter is now closed.

    About Smart Share Global Limited

    Smart Share Global Limited (Nasdaq: EM), or Energy Monster, is a consumer tech company with the mission to energize everyday life. The Company is the largest provider of mobile device charging service in China with the number one market share. The Company provides mobile device charging service through its power banks, which are placed in POIs such as entertainment venues, restaurants, shopping centers, hotels, transportation hubs and public spaces. Users may access the service by scanning the QR codes on Energy Monster’s cabinets to release the power banks. As of June 30, 2024, the Company had 9.5 million power banks in 1,267,000 POIs across more than 2,100 counties and county-level districts in China.

    Contact Us
    Investor Relations
    Hansen Shi
    ir@enmonster.com

    The MIL Network

  • MIL-OSI Asia-Pac: PM congratulates musician Chandrika Tandon on winning Grammy award

    Source: Government of India

    Posted On: 03 FEB 2025 2:32PM by PIB Delhi

    The Prime Minister today congratulated musician Chandrika Tandon on winning Grammy award for the album Triveni. He commended her passion towards Indian culture and accomplishments as an entrepreneur, philanthropist and musician.

    In a post on X, he wrote:

    “Congratulations to @chandrikatandon on winning the Grammy for the album Triveni. We take great pride in her accomplishments as an entrepreneur, philanthropist and ofcourse, music! It is commendable how she has remained passionate about Indian culture and has been working to popularise it. She is an inspiration for several people. 

    I fondly recall meeting her in New York in 2023.”

     

     

    ***

    MJPS/SR

    (Release ID: 2099101) Visitor Counter : 40

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Provisional statistics of retail sales for December 2024 and whole year of 2024

    Source: Hong Kong Government special administrative region

         The Census and Statistics Department (C&SD) released the latest figures on retail sales today (February 3).

         The value of total retail sales in December 2024, provisionally estimated at $32.8 billion, decreased by 9.7% compared with the same month in 2023. The revised estimate of the value of total retail sales in November 2024 decreased by 7.3% compared with a year earlier.

         Of the total retail sales value in December 2024, online sales accounted for 7.2%. The value of online retail sales in that month, provisionally estimated at $2.4 billion, decreased by 17.2% compared with the same month in 2023. The revised estimate of online retail sales in November 2024 decreased by 7.2% compared with a year earlier.

         After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in December 2024 decreased by 11.5% compared with a year earlier. The revised estimate of the volume of total retail sales in November 2024 decreased by 8.4% compared with a year earlier.

         Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing December 2024 with December 2023, the value of sales of jewellery, watches and clocks, and valuable gifts decreased by 13.8%. This was followed by sales of other consumer goods not elsewhere classified (-2.9% in value); commodities in supermarkets (-3.1%); wearing apparel (-11.1%); food, alcoholic drinks and tobacco (-0.6%); commodities in department stores (-8.9%); medicines and cosmetics (-2.2%); electrical goods and other consumer durable goods not elsewhere classified (-20.2%); motor vehicles and parts (-36.3%); fuels (-11.2%); footwear, allied products and other clothing accessories (-4.9%); Chinese drugs and herbs (-2.2%); furniture and fixtures (-22.0%); books, newspapers, stationery and gifts (-9.6%); and optical shops (-7.5%).

         Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales decreased by 0.1% in the fourth quarter of 2024 compared with the preceding quarter, while the provisional estimate of the volume of total retail sales decreased by 0.2%.

         For 2024 as a whole, the value of total retail sales was provisionally estimated at $376.8 billion, decreased by 7.3% in value and 9.0% in volume compared with 2023. The value of online retail sales was provisionally estimated at $31.7 billion, decreased by 2.6% over 2023.
     
         Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing the whole year of 2024 with the whole year of 2023, the value of sales of jewellery, watches and clocks, and valuable gifts decreased by 14.5%. This was followed by sales of commodities in supermarkets (-1.5% in value); wearing apparel (-10.6%); food, alcoholic drinks and tobacco (-3.2%); electrical goods and other consumer durable goods not elsewhere classified (-11.3%); commodities in department stores (-13.9%); motor vehicles and parts (-17.2%); fuels (-11.4%); footwear, allied products and other clothing accessories (-7.5%); furniture and fixtures (-14.4%); Chinese drugs and herbs (-14.8%); and optical shops (-13.6%).

         On the other hand, the value of sales of other consumer goods not elsewhere classified increased by 0.4% in 2024 compared with 2023. This was followed by sales of medicines and cosmetics (+4.4% in value); and books, newspapers, stationery and gifts (+4.7%).

    Commentary

         A government spokesman said that the value of total retail sales declined further in December from a year earlier, partly reflecting the impact of residents’ increased outbound trips during the holidays. For the fourth quarter as a whole, the value of total retail sales fell by 6.7% year-on-year, narrower than the 9.6% decrease in the preceding quarter.

         Looking ahead, the spokesman said that the near-term performance of the retail sector would continue to be affected by the change in consumption patterns of visitors and residents. Nevertheless, the introduction of various measures by the Central Government to boost the Mainland economy and benefit Hong Kong, together with the SAR Government’s proactive efforts to promote tourism development and boost market sentiment, as well as increasing employment earnings, would benefit the retail sector.

    Further information

         Table 1 presents the revised figures on value index and value of retail sales for all retail outlets and by broad type of retail outlet for November 2024 as well as the provisional figures for December 2024. The provisional figures on the value of retail sales for all retail outlets and by broad type of retail outlet as well as the corresponding year-on-year changes for the whole year of 2024 are also shown.

         Table 2 presents the revised figures on value of online retail sales for November 2024 as well as the provisional figures for December 2024. The provisional figures on year-on-year changes for the whole year of 2024 are also shown.
     
         Table 3 presents the revised figures on volume index of retail sales for all retail outlets and by broad type of retail outlet for November 2024 as well as the provisional figures for December 2024. The provisional figures on year-on-year changes for the whole year of 2024 are also shown.

         Table 4 shows the movements of the value and volume of total retail sales in terms of the year-on-year rate of change for a month compared with the same month in the preceding year based on the original series, and in terms of the rate of change for a three-month period compared with the preceding three-month period based on the seasonally adjusted series.

         The classification of retail establishments follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.

         These retail sales statistics measure the sales receipts in respect of goods sold by local retail establishments and are primarily intended for gauging the short-term business performance of the local retail sector. Data on retail sales are collected from local retail establishments through the Monthly Survey of Retail Sales (MRS). Local retail establishments with and without physical shops are covered in MRS and their sales, both through conventional shops and online channels, are included in the retail sales statistics.

         The retail sales statistics cover consumer spending on goods but not on services (such as those on housing, catering, medical care and health services, transport and communication, financial services, education and entertainment) which account for over 50% of the overall consumer spending. Moreover, they include spending on goods in Hong Kong by visitors but exclude spending outside Hong Kong by Hong Kong residents. Hence they should not be regarded as indicators for measuring overall consumer spending.

         Users interested in the trend of overall consumer spending should refer to the data series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product published at quarterly intervals. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether locally or abroad. Please refer to the C&SD publication “Gross Domestic Product by Expenditure Component” for more details.

         More detailed statistics are given in the “Report on Monthly Survey of Retail Sales”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080003&scode=530).

         Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of C&SD (Tel: 3903 7400; email : mrs@censtatd.gov.hk).

    MIL OSI Asia Pacific News

  • MIL-OSI: Virtune AB (Publ) (“Virtune”) has completed the monthly rebalancing for January 2025 of its Virtune Crypto Altcoin Index ETP

    Source: GlobeNewswire (MIL-OSI)

    Stockholm, 3rd of February 2025 – Today Virtune announces that it has finalized its monthly rebalancing for Virtune Crypto Altcoin Index ETP, listed on Nasdaq Stockholm and Nasdaq Helsinki (ISIN code SE0023260716).

    In addition to the Virtune Crypto Altcoin Index ETP, Virtune’s product portfolio includes:

    Virtune Bitcoin ETP
    Virtune Staked Ethereum ETP
    Virtune Staked Solana
    Virtune Staked Polkadot ETP
    Virtune XRP ETP
    Virtune Avalanche ETP
    Virtune Chainlink ETP
    Virtune Arbitrum ETP
    Virtune Polygon ETP 
    Virtune Staked Cardano ETP
    Virtune Crypto Top 10 Index ETP

    Index allocation as of 31st of January (before rebalancing):

    XRP: 17.99%
    Litecoin: 15.47%
    Solana: 14.94%
    Chainlink: 14.81%
    Cardano: 13.65%
    Avalanche: 11.85%
    Uniswap: 11.28%

    Index allocation as of 31st of January (after rebalancing):

    XRP: 14.29%
    Litecoin: 14.29%
    Solana: 14.29%
    Chainlink: 14.29%
    Cardano: 14.29%
    Avalanche: 14.29%
    Uniswap: 14.29%

    In connection with this month’s rebalancing, there is no change in the crypto assets included in the index. Virtune Crypto Altcoin Index ETP outcome for January was: +8.75%.

    The rebalancing is carried out according to the index that the ETP tracks, the Virtune Vinter Crypto Altcoin Index. The purpose of the monthly rebalancing is to reset the weights of each crypto asset to provide equal-weighted exposure to altcoins.

    In January, the market showed a mixed performance across major assets. XRP led the way with a significant growth of 46% throughout the month, while other major altcoins also performed strongly, such as Chainlink with a 25.30% increase and Solana with a 22.30% rise. However, the weakest performance came from Uniswap, which saw a decline of 11.10% in January.

    The performance of the crypto assets included in Virtune Crypto Altcoin Index ETP in January:

    XRP: +46%
    Chainlink: +25.30%
    Litecoin +24.30%
    Solana: +22.30%
    Cardano: +11.60%
    Avalanche: -3.72%
    Uniswap -11.10%

    Virtune Crypto Altcoin Index ETP is the first of its kind in the Nordic region. It includes up to 10 leading alternative crypto assets (altcoins), excluding Bitcoin and Ethereum, that are part of the Nasdaq Crypto Index. Each altcoin is equally weighted to promote diversification; this structure allows investors to gain broad exposure to crypto assets beyond Bitcoin and Ethereum without being heavily concentrated in any single crypto asset.

    If you, as an (institutional) investor, are interested in meeting with Virtune to discuss the opportunities our ETPs offer for your asset management services or to learn more about Virtune and our ETPs, please do not hesitate to contact us at hello@virtune.com. You can also read more about Virtune and our ETPs at www.virtune.com and register your email address on our website to subscribe to our newsletters, which cover updates on Virtune’s upcoming ETP launches and other news related to digital assets.

    Press contact

    Christopher Kock, CEO Virtune AB (Publ)
    Christopher@virtune.com
    +46 70 073 45 64

    Virtune with its headquarters in Stockholm is a regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges. With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market. 

    Cryptocurrency investments are associated with high risk. Virtune does not provide investment advice. Investments are made at your own risk. Securities may increase or decrease in value, and there is no guarantee that you will recover your invested capital. 

    The MIL Network

  • MIL-OSI: Argent LNG Selects Baker Hughes as Technology Provider, Strengthening Project

    Source: GlobeNewswire (MIL-OSI)

    • Baker Hughes to supply liquefaction solutions utilizing NMBL™ module and LM9000 gas turbine
    • Agreement also comprises a multi-year services plan, including iCenter™ digital solutions powered by Cordant™, to support Argent LNG terminal operations
    • Proposed project targets approximately 24 million tonnes per annum (MTPA) of production capacity

    FLORENCE, Italy, Feb. 03, 2025 (GLOBE NEWSWIRE) — Argent LNG LCC (Argent LNG) has selected Baker Hughes (NASDAQ: BKR), an energy technology company, as the liquefaction solution and related services provider for its proposed liquified natural gas (LNG) export facility in Port Fourchon, Louisiana. Baker Hughes will supply cutting-edge liquefaction solutions, power generation equipment, and gas compression systems for the facility, which is set to deliver approximately 24 million tonnes per annum (MTPA) of LNG. The announcement was made during Baker Hughes’ Annual Meeting in Florence.

    The project will incorporate Baker Hughes’ advanced technologies, including its NMBL™ modularized LNG solution powered by the highly efficient LM9000 gas turbine. These modules, pre-fabricated and tested at Baker Hughes’ facilities, will ensure scalable and reliable LNG production to the project and integrate iCenter™ digital solutions powered by Cordant™ to maximize availability, reliability, and operational efficiency. Baker Hughes will also provide power generation units driven by LM9000 gas turbines and provide multi-year services to support Argent LNG terminal operations.

    By leveraging its extensive knowledge and experience in LNG development, Baker Hughes will help optimize project execution, and ensure a streamlined, cost-effective design, allowing Argent LNG to move forward with greater efficiency and financial certainty.

    “Today’s announcement is a further testament to the technology capabilities that we have built over the past 30-plus years in LNG. This collaboration with Argent LNG underscores our commitment to delivering advanced, best-in-class LNG solutions,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “As global energy demand continues to grow, we are committed to providing innovative technology solutions to the LNG industry, a key supplier of reliable and affordable energy to many countries around the world.”

    “We chose Baker Hughes because of their proven cutting-edge technology, established LNG market presence, and commitment to innovation — all of which align perfectly with Argent LNG’s vision to provide transformative energy solutions,” said Jonathan Bass, chairman and CEO of Argent LNG. “This collaboration underscores Argent LNG’s commitment to technical excellence, cost-effective execution, and energy security, while also strengthening the project’s bankability by leveraging Baker Hughes’ proven expertise and industry leadership. Today’s announcement demonstrates how innovation and collaboration can drive progress in the LNG industry, helping to secure affordable, sustainable energy for global markets.”

    Phase 1 construction is targeted to begin in 2026, with commercial operations expected by 2030. Phase 2, which aims to expand capacity, is advancing through critical milestones, including resource reporting, securing FERC approvals, formalizing gas supply agreements, and achieving financial close.

    Baker Hughes expects orders in relation to this agreement, as the Argent LNG project progresses and reaches Final Investment Decision, further solidifying its key role in Argent LNG’s long-term success.

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

    About Argent LNG
    Argent LNG LLC is a privately held energy company dedicated to developing world-class LNG export solutions to meet the rising global demand for clean, reliable energy. Based in Louisiana, Argent LNG is focused on leveraging cutting-edge technologies and strategic partnerships to deliver cost-effective, sustainable, and efficient energy solutions. The company’s proposed export facility at Port Fourchon is designed to strengthen energy security and economic growth while reinforcing the United States’ leadership in the global LNG market.

    For more information, please contact:

    Media Relations

    Chiara Toniato
    +39 3463823419
    chiara.toniato@bakerhughes.com

    Investor Relations

    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    The MIL Network

  • MIL-OSI: BexBack Launches Double Deposit Bonus, $50 Welcome Bonus and 100x Leverage Crypto Trading No KYC

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 01, 2025 (GLOBE NEWSWIRE) — As the price of Bitcoin surpassed the $100,000 mark and many analysts believe that it will enter a long-term high-volatility market. Holding spot positions may not continue to generate profits in the short term. BexBack Exchange is stepping up its efforts to provide traders with irresistible preferential packages. The platform now offers a 100% deposit bonus, a $50 welcome bonus for new users, and a 100x leverage on cryptocurrency trading, creating unparalleled opportunities for investors.

    What Is 100x Leverage and How Does It Work?

    Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

    Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

    One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

    With BexBack’s deposit bonus

    BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

    Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

    How Does the 100% Deposit Bonus Work?
    The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform that offers 100x leverage on BTC, ETH, ADA, SOL, and XRP futures contracts. It is headquartered in Singapore with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. It holds a US MSB (Money Services Business) license and is trusted by more than 200,000 traders worldwide. Accepts users from the United States, Canada, and Europe. There are no deposit fees, and traders can get the most thoughtful service, including 24/7 customer support.

    Why recommend BexBack?

    No KYC Required: Start trading immediately without complex identity verification.

    100% Deposit Bonus: Double your funds, double your profits.

    High-Leverage Trading: Offers up to 100x leverage, maximizing investors’ capital efficiency.

    Demo Account: Comes with 10 BTC in virtual funds, ideal for beginners to practice risk-free trading.

    Comprehensive Trading Options: Feature-rich trading available via Web and mobile applications.

    Convenient Operation: No slippage, no spread, and fast, precise trade execution.

    Global User Support: Enjoy 24/7 customer service, no matter where you are.

    Lucrative Affiliate Rewards: Earn up to 50% commission, perfect for promoters.

    Take Action Now—Don’t Miss Another Opportunity!

    If you missed the previous crypto bull run, this could be your chance. With BexBack’s 100x leverage and 100% deposit bonus and $50 bonus for new users (complete one trade within one week of registration), you can be a winner in the new bull run.

    Sign up on BexBack now, claim your exclusive bonus and start accumulating more BTC today!

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/ba4465dd-d4e3-4374-8385-806fd259e6e3
    https://www.globenewswire.com/NewsRoom/AttachmentNg/82e163a9-5f5b-4738-9c9e-8085324358fb
    https://www.globenewswire.com/NewsRoom/AttachmentNg/e3872672-3b1c-489b-8492-34196f339656
    https://www.globenewswire.com/NewsRoom/AttachmentNg/941d5ac9-9048-4b49-b919-4b4f5922bbf8

    The MIL Network

  • MIL-OSI: EfTEN Real Estate Fund AS unaudited results for 4th quarter and 12 months 2024

    Source: GlobeNewswire (MIL-OSI)

    Fund manager’s comment

    Despite the challenging economic environment, EfTEN Real Estate Fund AS managed to increase both total rental income and portfolio EBITDA in 2024. The fund’s portfolio was expanded by two new logistics properties in the fourth quarter and we are also planning to expand in the nursing home segment. EfTEN Real Estate Fund AS is primarily a dividend share. The fund aims to distribute 1.1 euros of dividends per share for 2024. In the spring of 2025, the fund management plans to increase the financial leverage of investment properties that that are currently significantly below the financial leverage principles set out in the fund’s financing policy. While the usual leverage ratio of real estate funds in Europe is on average 50% of the market value of assets, EfTEN Real Estate Fund AS’s portfolio-wide LTV (Loan-to-value) was 40% at the end of 2024.

    For the first time since spring 2023, the weighted average interest rate on the fund’s bank loans has fallen below 5% by the end of the year. Due to the expected further decline in EURIBOR, the interest rate on the Fund’s loans will continue to decrease in 2025.

    The priority for 2025 is vacancy management. As of the end of the year, the portfolio’s total vacancy rate was 2.6%, with the office segment vacancy rate at 11.3%. This elevated vacancy in the office sector is primarily attributable to the ongoing renovation of the Menulio 11 office building in Vilnius, which alone accounts for 47% of the office segment’s total vacancy. In line with market expectations, the Menulio 11 office building fit-out will be changed to include smaller offices which are expected to be handed over to tenants in the first half of this year.

    After the balance sheet date, the tenant of the Laagri Hortes gardening center, which belongs to the fund’s subsidiary and was previously undergoing reorganization, filed for bankruptcy. Harju County Court accepted the tenant’s bankruptcy petition for processing, and the hearing is scheduled for March of this year. Given the strong market interest in the property, there are multiple alternatives for further action. The share of Laagri Hortes in the group’s consolidated real estate investments is less than 1%, and according to the group’s management, the tenant’s bankruptcy proceedings are not expected to cause a significant decrease in the fair value of the property. As of December 31, 2024, the free funds available in the subsidiary’s bank account cover the scheduled loan and interest payments for Laagri Hortes for the next 17 months.

    In November and December 2024, the fund carried out a secondary public offering of shares, raising a total of €11.8 million in capital at €19 per share.

    Financial overview

    EfTEN Real Estate Fund AS’ consolidated sales revenue for the fourth quarter of 2024 was 8.314 million euros, an increase of 211 thousand euros (2.6%) compared to the fourth quarter of 2023. EfTEN Real Estate Fund AS’ consolidated sales revenue for the first 12 months of 2024 was 32.238 million euros, an increase of 421 thousand euros (1%) compared to the previous year. The Group’s net rental income for the first 12 months of 2024 totalled 29.977 million euros, i.e. 369 thousand euros more than in 2023. The Group’s net profit for the same period was 13.564 million euros (2023: 1.0 million euros).

    The consolidated net rental income margin was 93% in 2024 (2023: same), thus costs directly related to property management (including land tax, insurance, maintenance and improvement costs) and marketing costs accounted for 7% (2023: same) of sales revenue.
    The Group’s assets as of 31.12.2024 were 398.763 million euros (31.12.2023: 380.944 million euros), including the fair value of investment properties accounting for 94% of the assets (31.12.2023: the same). 
    Investment portfolio

    As of the end of 2024, the Group has 36 (31.12.2023: 35) commercial real estate investments, the fair value of which at the balance sheet date is 373.815 million euros (31.12.2023: 357.916 million euros) and the acquisition cost is 370.561 million euros (31.12.2023: 354.408 million euros). In addition to the investment properties owned by the Fund’s subsidiaries, the Group’s 50% joint venture owns the Palace Hotel in Tallinn, the fair value of which as of 31.12.2024 was 8.630 million euros (31.12.2023: 9.0 million euros).

    Investments in 2024

     The Group made investments in both new properties and the existing portfolio in 2024 totaling 21.6 million euros, including the acquisition of a logistics center in Tallinn, Härgmäe 8, by the Group’s subsidiary EfTEN Härgmäe OÜ in the autumn of 2024, paying a total of 8.8 million euros for the property, and the acquisition of a logistics center under development in Tallinn, Paemurru tee 3, by the Group’s subsidiary EfTEN Paemurru OÜ in the autumn of 2024, paying a total of 1.2 million euros for the property. In addition, the Group paid a total of 2.76 million euros for the development of the Paemurru logistics center in 2024.

    In 2024, the group completed the first phase of development at the Ermi nursing home in Tartu, where a total of 3.19 million euros were invested in the reporting year. In addition, construction on the C-building of the Valkla nursing home began, with investments reaching 788 thousand euros in 2024.

    Major investments in existing buildings were made in 2024 in the Saules Miestas shopping center, where the public areas were renovated for 1.8 million euros, and in the AirBaltic office building in Riga, where 665 thousand euros were invested in the building’s insulation work. Of the remaining investments, 1.6 million euros was spent on the reconstruction and modernization of rental spaces in various office buildings.

    Sales in 2024

    In September 2024, the Group sold the Tähesaju Hortes property for 4.675 million euros. Despite the payment difficulties of the tenant of the Tähesaju property, the Group earned nearly 300 thousand euros in net cash flow from the investment since its completion in 2018. The Group invested the funds received from the sale of the Tähesaju property in the acquisition of the Härgmäe logistics center.

    Rental income

    In 2024, the group earned a total of 31.076 million euros in rental income, which is 2% more than in 2023. Rental income increased the most in shopping centers. Rental income in the office segment decreased mainly due to the expiration of the lease agreement with the anchor tenant of the Menulio 11 office building in Vilnius and the related vacancy. In 2024, renovation works of the vacant rental premises in the Menulio 11 office building began, which are planned to be completed during 2025.
    The Group’s investment property vacancy rate per portfolio was 2.6% as of 31 December 2024 (unchanged from 31 December 2023). The highest vacancy rate was in the office segment (11.3%), where filling vacant rental properties has taken longer than previously expected.      

    Financing

    In the fourth quarter of 2024, two new subsidiaries of the fund, EfTEN Härgmäe OÜ and EfTEN Paemurru OÜ, signed loan agreements for the acquisition and development of real estate. In 2024, the fund’s subsidiaries EfTEN Autokeskus OÜ and EfTEN Jurkalne SIA extended the loan agreements concluded with the bank. The loan agreements of six subsidiaries of the group will expire within the next 12 months, the balance of which as of 31.12.2024 was 20,380 thousand euros. The LTV of the expiring loan agreements ranges from 27% to 48%, and the real estate investments have a stable rental cash flow, therefore, according to the group’s management, there will be no obstacles to extending the loan agreements.

    The weighted average interest rate of the Group’s loan agreements as of 31.12.2024 was 4.89% (31.12.2023: 5.91%) and the LTV (Loan to Value) was 40% (31.12.2023: 42%). All loan agreements of the Fund’s subsidiaries were linked to a floating interest rate in 2024.

    The Fund’s interest coverage ratio (ICR) for loans was 3.0 in 2024. Due to the increase in EURIBOR in the first half of 2024 and the increase in liabilities, the interest coverage ratio was 10% lower than in 2023.

    Information on shares

    In the last quarter of 2024, the fund carried out a share issue, during which 620,544 new shares were subscribed for at a price of 19 euros, of which the nominal value was 10 euros and the share premium was 9 euros. A total of 11.79 million euros was raised during the issue, including an increase in the fund’s share capital by 6.205 million euros and a share premium of 5.585 million euros. There were 0.159 million euros in expenses directly related to the issue. As of 31.12.2024, the fund had 11,440,340 shares.

    The net asset value (NAV) of EfTEN Real Estate Fund AS shares as of 31.12.2024 was 20.37 euros (31.12.2023: 20.21 euros). EfTEN Real Estate Fund AS’s net asset value per share increased by 0.8% in 2024. The fund distributed dividends in the total amount of 10.82 million euros in April 2024. Without the distribution the net asset value of EfTEN Real Estate AS shares would have increased by 4.9% in 2024.

    During 2024, the group has earned free cash flow of 11.109 million euros (2023: 11.314 million euros), of which 8.887 million euros (77.68 eurocents per share) could be considered gross dividends according to the fund’s dividend policy The fund’s management plans to refinance bank loans in the spring of 2025, where the LTV (Loan-to-Value) has fallen significantly below the fund’s financing policy threshold, and the operating cash flow exceeds loan and interest payments by more than twice. According to the management’s estimate, the refinancing would allow to increase the distributed dividend up to 1.1 euros per share (net).

    CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 

      IV quarter 12 months
      2024 2023 2024 2023
    € thousands        
    Revenue 8,314 8,103 32,238 31,817
    Cost of services sold -337 -506 -1,569 -1,626
    Gross profit 7,977 7,597 30,669 30,191
             
    Marketing costs -203 -190 -692 -583
    General and administrative expenses -987 -978 -3,666 -3,546
    Profit / loss from valuation of investment properties 831 -7,759 -1,038 -13,941
    Other operating income and expense 1 -2 46 21
    Operating profit/loss 7,619 -1,332 25,319 12,142
             
    Profit / loss from joint ventures 53 -474 -118 -499
    Interest income 62 87 278 184
    Other finance income and expense -2,052 -2,277 -8,696 -7,970
    Profit before income tax 5,682 -3,996 16,783 3,857
             
    Income tax expense -2,222 -1,884 -3,219 -2,857
    Net profit for the reporting period 3,460 -5,880 13,564 1,000
    Net comprehensive profit for the reporting period 3,460 -5,880 13,564 1,000
    Earnings per share        
       – basic 0.32 -0.54 1.25 0.09
       – diluted 0.32 -0.54 1.25 0.09

    CONSOLIDATED STATEMENT OF FINANCIAL POSITION

      31.12.2024 31.12.2023
    € thousands    
    ASSETS    
    Cash and cash equivalents 18,415 14,712
    Short-term deposits 2,092 3,400
    Receivables and accrued income 2,055 2,360
    Prepaid expenses 138 106
    Total current assets 22,700 20,578
         
    Long-term receivables 154 214
    Shares in joint ventures 1,960 2,078
    Investment property 373,815 357,916
    Property. plant and equipment 134 158
    Total non-current assets 376,063 360,366
    TOTAL ASSETS 398,763 380,944
         
    LIABILITIES AND EQUITY    
    Borrowings 25,625 16,907
    Liabilities and prepayments 3,245 3,417
    Total current liabilities 28,870 20,324
         
    Borrowings 123,795 130,849
    Other long-term liabilities 1,928 1,790
    Deferred income tax liability 11,097 9,283
    Total non-current liabilities 136,820 141,922
    Total liabilities 165,690 162,246
         
    Share capital 114,403 108,198
    Share premium 90,306 84,721
    Statutory reserve capital 2,799 2,749
    Retained earnings 25,565 23,030
    TOTAL EQUITY 233,073 218,698
    TOTAL LIABILITIES AND EQUITY 398,763 380,944

    Marilin Hein
    CFO
    Phone +372 6559 515
    E-mail: marilin.hein@eften.ee

    Attachment

    The MIL Network

  • MIL-OSI USA: Rep. Gregory W. Meeks Statement on Black History Month

    Source: United States House of Representatives – Congressman Gregory W Meeks (5th District of New York)

    QUEENS, NY  Today, Congressman Gregory W. Meeks (NY-05) released the following statement on Black History Month: 

    “It is critical that we continue recognizing the profound contributions that African Americans have made to our country. We honor all of those trailblazers who persevered through the horrors of slavery and the Jim Crow era to pave the way for major achievements in every segment of this country including science, engineering, mathematics, entertainment, technology, culture, public service, business, the military and much more. Black innovation, entrepreneurship, resilience, and perseverance are woven into the very fabric of this nation. We continue to make remarkable strides in breaking barriers by entering fields such as artificial intelligence where our accomplishments reshape the tech landscape. This Black History Month, we must choose to educate and challenge narratives that perpetuate the marginalization of African Americans. Although we have made so much progress, we cannot neglect the work that lies ahead to deliver on the promise of our great nation for all Americans.  

    “While the Trump Administration wrongly pursues an anti-DEI agenda that ignores our country’s past of historical, systematic exclusion of African Americans, we as Americans must remember that diversity is the foundation of our country. It strengthens democracy by embracing unique perspectives that serve our society. Diversity, equity, and inclusion are American values that must not be dismantled. 

    “After all, Black history is American history.”

    ###

    MIL OSI USA News

  • MIL-OSI New Zealand: Pōwhiri at Te Whare Rūnanga, Waitangi 2025

    Source: New Zealand Governor General

    Mai i te kore, ki te pō,

    ki te ao marama,

    ko te ara o te tika,

    ko te ara o te pono tēnā

    e kōkiri mō te whakatipuranga

    ō āpōpō.

    He aha tēnā o ngā oāti

    e whakapono atu nei e tatou,

    e te iwi.

    Hākoa te kaupapa e pikau atu nei,

    me kawe i roto i te aroha, i te ture,

    me te whakapono.

    Maranga mai e te iwi

    E ngā hapu mano tini

    Ma te atua tatou te iwi e arāhī!

    Kei āku nui

    Kei āku rahi

    Tena koutou

    Tena koutou

    Tena tatou katoa

    Tau ana!

    [From the nothingness, to the night, to the world of light, of understanding

    We seek the pathway that is right

    We seek the pathway of truth

    In the faith that the legacy we leave is for the now and the future generations.

    Whatever the kaupapa at hand, we must, seek the truth, with compassion, and with conviction and with belief.

    Arise e te iwi

    Arise e ngā hapu

    May we be guided by the creator

    To the assembled multitudes

    Greetings to one and all.]

    Few places in Aotearoa New Zealand can match the complex legacy of the Waitangi Treaty Grounds. As a wāhine Māori with whakapapa to the people of this place – and as the 37th person to serve as Governor or Governor-General – I am deeply connected and committed to this whenua and te pito o te whenua – and it is my privilege to speak here, on this, our nation’s marae.

    When James Busby constructed his house here in 1833, these grounds were an isolated outpost of British influence. Two years later, he joined my tupuna here at the signing of He Whakaputanga – and in 1840, it became the place where two peoples – of very different world views – committed themselves to a new kind of relationship in Te Tiriti o Waitangi.

    By 1932, these grounds – like the Treaty itself – were neglected and largely ignored by the powers that be. When Lord Bledisloe was brought here, and heard the history, he resolved to buy the property and gift it to the nation, so that it could become a place of pilgrimage for all New Zealanders.

    To enable both signatories to be represented on these grounds, Sir Āpirana Ngata led the construction of Te Whare Runanga – to complement the Treaty House and represent the iwi Māori of Aotearoa.

    This taumata was to be where the signatories of Te Tiriti could meet in dialogue. It has continued to play a role in growing our relationship.

    The 1940 Waitangi centenary commemorations have gifted us an iconic image of Sir Āpirana Ngata, leading a vigorous haka in celebration of the opening of Te Whare Runanga. It so perfectly captures his passion to revive pride in Māoritanga. His efforts, along with that of countless others, have borne fruit in the 21st century with the revival of te reo Māori, celebration of waiata and kapa haka with Te Matatini, and te Ao Māori reflected in film, literature, music, and performance.

    In 1835, our tipuna who signed He Whakaputanga wanted to consolidate their ability to be successful producers, entrepreneurs and traders. A century later, Sir Apirana Ngata was also driven to develop a stronger economic base for iwi Māori, with his vision of wellbeing and prosperity in all facets of life.

    As guardians of these grounds, the Waitangi National Trust Board has helped generations of New Zealanders to better understand the impact of our history, most recently in the two magnificent museums on this site. The new exhibition at The Museum of Waitangi Te Kongahu – He Kura Toi Tangata, which marks 50 years since the Waitangi Tribunal was established, reminds us of the histories uncovered during the Tribunal’s enquiries, the impact of its work, and its many achievements.

    So many of us will have vivid memories of times spent here. We feel the wairua of those who have stood and spoken and are no longer with us – and in time, we too will become part of the story of the Treaty Grounds.

    Whatungarongaro te tangata, toitū te whenua.

    Our mokopuna will continue the work of our tupuna and I am confident they will be better placed than my generation to take up the mantle of responsibility. They are hopefully better informed by history, they understand the need to care for the planet, and they are more used to living with complex identities in the 21st century.

    Let us therefore reflect on our journey in this beautiful country at Waitangi, and our part in its ongoing legacy.

    MIL OSI New Zealand News

  • MIL-OSI Australia: Next festivals and events for Victoria’s pill testing service

    Source: Government of Victoria 2

    03/02/25

    Pill testing, also known as drug checking, aims to reduce harms from illicit drug use and save lives.

    Victoria’s pill testing service started at Beyond the Valley (BTV) festival from 28 December 2024 to 1 January 2025.

    The Victorian Government has announced the next festivals and events to have pill testing during the 2024-25 music festival season. Victoria’s pill testing service will operate at:

    • Hardmission at Werribee Racecourse on 8 February 2025
    • Pitch Music & Arts Festival in Moyston from 7 to 11 March 2025
    • Ultra at Flemington Racecourse on 12 April 2025
    • The Warehouse Project at Port Melbourne Industrial Centre for the Arts (PICA) on 25 April 2025

    The drug checking service is free, confidential and anonymous. It will attend up to 10 festivals and events during an 18-month implementation trial. A fixed-site service is due to open in inner Melbourne in mid-2025.

    During the 4 day BTV festival, the mobile drug checking service tested more than 600 samples.

    Harm reduction workers at the service spoke to 700 festivalgoers. For more than 70%, it was the first time they had ever had an open, judgement-free conversation with a health professional about drug and alcohol safety.

    Nearly 40% of those using the service said they intended to use a smaller amount of their drugs following a conversation with a healthcare worker.

    Read more about Victoria’s pill testing service.

    To find how pill testing works, watch our video on the Better Health ChannelExternal Link.

    MIL OSI News

  • MIL-OSI Asia-Pac: SUMMARY OF UNION BUDGET 2025-26

    Source: Government of India (2)

    Posted On: 01 FEB 2025 12:36PM by PIB Delhi

    NO INCOME TAX ON AVERAGE MONTHLY INCOME OF UPTO RS 1 LAKH; TO BOOST MIDDLE CLASS HOUSEHOLD SAVINGS & CONSUMPTION

    SALARIED CLASS TO PAY NIL INCOME TAX UPTO ₹ 12.75 LAKH PER ANNUM IN NEW TAX REGIME

    UNION BUDGET RECOGNISES 4 ENGINES OF DEVELOPMENT – AGRICULTURE, MSME, INVESTMENT AND EXPORTS

    BENEFITTING 1.7 CRORE FARMERS, ‘PRIME MINISTER DHAN-DHAANYA KRISHI YOJANA’ TO COVER 100 LOW AGRICULTURAL PRODUCTIVITY DISTRICTS

    “MISSION FOR AATMANIRBHARTA IN PULSES” WITH A SPECIAL FOCUS ON TUR, URAD AND MASOOR TO BE LAUNCHED

    LOANS UPTO Rs. 5 LAKHS THROUGH KCC UNDER MODIFIED INTEREST SUBVENTION SCHEME

    FY-25 ESTIMATED TO END WITH FISCAL DEFICIT OF 4.8%, TARGET TO BRING IT DOWN TO 4.4% IN FY-26

    SIGNIFICANT ENHANCEMENT OF CREDIT WITH GUARANTEE COVER TO MSMEs FROM ₹ 5 CR TO ₹ 10 CR

    A NATIONAL MANUFACTURING MISSION COVERING SMALL, MEDIUM AND LARGE INDUSTRIES FOR FURTHERING “MAKE IN INDIA”

    50,000 ATAL TINKERING LABS IN GOVERNMENT SCHOOLS IN NEXT 5 YEARS

    CENTRE OF EXCELLENCE IN ARTIFICIAL INTELLIGENCE FOR EDUCATION, WITH A TOTAL OUTLAY OF ₹ 500 CRORE

    PM SVANIDHI WITH ENHANCED LOANS FROM BANKS, AND UPI LINKED CREDIT CARDS WITH ₹ 30,000 LIMIT

    GIG WORKERS TO GET IDENTITY CARDS, REGISTRATION ON E-SHRAM PORTAL &  HEALTHCARE UNDER PM JAN AROGYA YOJANA

    ₹ 1 LAKH CRORE URBAN CHALLENGE FUND FOR ‘CITIES AS GROWTH HUBS’

    NUCLEAR ENERGY MISSION FOR R&D OF SMALL MODULAR REACTORS WITH AN OUTLAY OF ₹ 20,000 CRORE

    MODIFIED UDAN SCHEME TO ENHANCE REGIONAL CONNECTIVITY TO 120 NEW DESTINATIONS

    ₹ 15,000 CRORE SWAMIH FUND TO BE ESTABLISHED FOR EXPEDITIOUS COMPLETION OF ANOTHER 1 LAKH STRESSED HOUSING UNITS

    ₹ 20,000 CRORE ALLOCATED FOR PRIVATE SECTOR DRIVEN RESEARCH DEVELOPMENT AND INNOVATION INITIATIVES

    GYAN BHARATAM MISSION FOR SURVEYAND CONSERVATION OF MANUSCRIPTS TO COVER MORE THAN ONE CRORE MANUSCRIPTS

    FDI LIMIT ENHANCED FOR INSURANCE FROM 74 TO 100 PER CENT

    JAN VISHWAS BILL 2.0 TO BE INTRODUCED FOR DECRIMINALISING MORE THAN 100 PROVISIONS IN VARIOUS LAWS

    UPDATED INCOME TAX RETURNS TIME LIMIT INCREASED FROM TWO TO FOUR YEARS

    DELAY IN TCS PAYMENT DECRIMINALISED

    TDS ON RENT INCREASED FROM ₹ 2.4 LAKH TO ₹ 6 LAKH

    BCD EXEMPTED ON 36 LIFESAVING DRUGS AND MEDICINES FOR TREATING CANCER, RARE AND CHRONIC DISEASES

    BCD ON IFPD INCREASED TO 20% AND ON OPEN CELLS REDUCED TO 5%

    BCD ON PARTS OF OPEN CELLS EXEMPTED TO PROMOTE DOMESTIC MANUFACTURING

    TO BOOST BATTERY PRODUCTION, ADDITIONAL CAPITAL GOODS FOR EV AND MOBILE BATTERY MANUFACTURING EXEMPTED

    BCD EXEMPTED FOR 10 YEARS ON RAW MATERIALS & COMPONENTS USED FOR SHIP BUILDING

    BCD REDUCED FROM 30% TO 5% ON FROZEN FISH PASTE AND 15% TO 5% ON FISH HYDROLYSATE

     

    Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2025-26 in Parliament today. Here is the summary of her budget speech;

    PART A

     

    Quoting Telugu poet and playwright Shri Gurajada Appa Rao’s famous saying, ‘A country is not just its soil; a country is its people.’ – the Finance Minister presented the Union Budget 2025-26 with the theme “Sabka Vikas” stimulating balanced growth of all regions.

    In line with this theme, the Finance Minister outlined the broad Principles of Viksit Bharat to encompass the following:

    a) Zero-poverty;

     b) Hundred per cent good quality school education;

    c) Access to high-quality, affordable, and comprehensive healthcare;

    d) Hundred per cent skilled labour with meaningful employment;

    e) Seventy per cent women in economic activities; and

    f) Farmers making our country the ‘food basket of the world’.

    The Union Budget 2025-2026 promises to continue Government’s efforts to accelerate growth, secure inclusive development, invigorate private sector investments, uplift household sentiments, and enhance spending power of India’s rising middle class. The Budget proposes development measures focusing on poor (Garib), Youth, farmer (Annadata) and women (Nari).

    The Budget aims to initiate transformative reforms in Taxation, Power Sector, Urban Development, Mining, Financial Sector, and Regulatory Reforms to augment India’s growth potential and global competitiveness.

    Union Budget highlights that Agriculture, MSME, Investment, and Exports are engines in the journey to Viksit Bharat using reforms as fuel, guided by the spirit of inclusivity.

     

    1st Engine: Agriculture

    Budget announced ‘Prime Minister Dhan-Dhaanya Krishi Yojana’ in partnership with states covering 100 districts to increase productivity, adopt crop diversification, augment post-harvest storage, improve irrigation facilities, and facilitate availability of long-term and short-term credit.

    A comprehensive multi-sectoral ‘Rural Prosperity and Resilience’ programme will be launched in partnership with states to address underemployment in agriculture through skilling, investment, technology, and invigorating the rural economy. The goal is to generate ample opportunities in rural areas, with focus on rural women, young farmers, rural youth, marginal and small farmers, and landless families.

    Union Finance Minister announced that Government will launch a 6-year “Mission for Aatmanirbharta in Pulses” with special focus on Tur, Urad and Masoor. Central agencies (NAFED and NCCF) will be ready to procure these 3 pulses, as much as offered during the next 4 years from farmers.

    The Budget has outlined measures to Comprehensive Programme for Vegetables & Fruits, National Mission on High Yielding Seeds, and a five year Mission for Cotton Productivity amongst other measures to promote agriculture and allied activities in a major way.

    Smt. Sitharaman announced the increase in loan limits from Rs. 3 lakh to Rs. 5 lakh for loans taken through Kisan Credit Cards under modified interest subvention scheme.

     

    2nd Engine: MSMEs

    Finance Minister described MSMEs as the second power engine for development as they constitute for 45% of our exports. To help MSMEs achieve higher efficiencies of scale, technological upgradation and better access to capital, the investment and turnover limits for classification of all MSMEs enhanced to 2.5 and 2 times, respectively. Further, steps to enhance credit availability with guarantee cover have also been announced.

    The Finance Minister also announced the launch of a new scheme for 5 lakh women, Scheduled Castes and Scheduled Tribes first-time entrepreneurs. This will provide term loans up to Rs. 2 crore during the next 5 years.

    Smt. Sitharaman announced that the Government will also implement a scheme to make India a global hub for toys representing the ‘Made in India’ brand. She added that the Government will set up a National Manufacturing Mission covering small, medium and large industries for furthering “Make in India”.

    3rd Engine: Investment

    Defining Investment as the third engine of growth, the Union Minister prioritized investment in people, economy and innovation. 

    Under the investment in people, she announced that 50,000 Atal Tinkering Labs will be set up in Government schools in next 5 years.

    Smt. Nirmala Sitharaman announced that broadband connectivity will be provided to all Government secondary schools and primary health centres in rural areas under the Bharatnet project.

    She said Bharatiya Bhasha Pustak Scheme will be implemented to provide digital-form Indian language books for school and higher education.

    Five National Centres of Excellence for skilling will be set up with global expertise and partnerships to equip our youth with the skills required for “Make for India, Make for the World” manufacturing.

    A Centre of Excellence in Artificial Intelligence for education will be set up with a total outlay of 500 crore.

    Budget announced that Government will arrange for Gig workers’ identity cards, their registration on the e-Shram portal and healthcare under PM Jan Arogya Yojana.

    Under the investment in Economy, Smt Sitharaman said Infrastructure-related ministries will come up with a 3-year pipeline of projects in PPP mode.

    She added that an outlay of Rs 1.5 lakh crore was proposed for the 50-year interest free loans to states for capital expenditure and incentives for reforms.

    She also announced the second Asset Monetization Plan 2025-30 to plough back capital of Rs 10 lakh crore in new projects.

    The Jal Jeevan Mission was extended till 2028 with focus on the quality of infrastructure and Operation & Maintenance of rural piped water supply schemes through “Jan Bhagidhari”.

    Government will set up an Urban Challenge Fund of Rs.1 lakh crore to implement the proposals for ‘Cities as Growth Hubs’, ‘Creative Redevelopment of Cities’ and ‘Water and Sanitation’.

    Under the investment in Innovation, an allocation of ₹20,000 crore is announced to implement private sector driven Research, Development and Innovation initiative.

    Finance Minister proposed National Geospatial Mission to develop foundational geospatial infrastructure and data which will benefit urban planning.

    Budget proposes Gyan Bharatam Mission, for survey, documentation and conservation of  more than 1 crore manuscripts with academic institutions, museums, libraries and private collectors. A National Digital Repository of Indian knowledge systems for knowledge sharing is also proposed.

    4th Engine: Exports

    Smt. Sitharaman defined Exports as the fourth engine of growth and said that jointly driven by the Ministries of Commerce, MSME, and Finance; Export Promotion Mission will help MSMEs tap into the export market. She added that a digital public infrastructure, ‘BharatTradeNet’ (BTN) for international trade was proposed as a unified platform for trade documentation and financing solutions.

    The Finance Minister mentioned that support will be provided to develop domestic manufacturing capacities for our economy’s integration with global supply chains. She also announced that government will support the domestic electronic equipment industry for leveraging the opportunities related to Industry 4.0. A National Framework has also been proposed for promoting Global Capability Centres in emerging tier 2 cities.

    The government will facilitate upgradation of infrastructure and warehousing for air cargo including high value perishable horticulture produce.

    Reforms as the Fuel

    Defining Reforms as the fuel to the engine, Smt. Sitharaman said that over the past 10 years, the Government had implemented several reforms for convenience of tax payers, such as faceless assessment, tax payers charter, faster returns, almost 99 per cent returns being on self-assessment, and Vivad se Vishwas scheme. Continuing with these efforts, she reaffirmed the commitment of the tax department to “trust first, scrutinize later”.

    Financial Sector Reforms and Development

    In a demonstrated steadfast commitment of the Government towards ‘Ease of Doing Business’, the Union Finance Minister proposed changes across the length and breadth of the financial landscape in India to ease compliance, expand services, build strong regulatory environment, promote international and domestic investment, and decriminalisation of archaic legal provisions.

    The Union Finance Minister proposed to raise the Foreign Direct Investment (FDI) limit for the insurance from 74 to 100 per cent, to be available for those companies that invest the entire premium in India.

    Smt. Sitharaman proposed a light-touch regulatory framework based on principles and trust to unleash productivity and employment. She proposed four specific measures to develop this modern, flexible, people-friendly, and trust-based regulatory framework for the 21st first century, viz.:

    1. High Level Committee for Regulatory Reforms
    • To review all non-financial sector regulations, certifications, licenses, and permissions.
    • To strengthen trust-based economic governance and take transformational measures to enhance ‘ease of doing business’, especially in matters of inspections and compliances
    • To make recommendations within a year
    • States will be encouraged to be onboarded

     

    1. Investment Friendliness Index of States
    • An Investment Friendliness Index of States will be launched in 2025 to further the spirit of competitive cooperative federalism.

     

    1. Mechanism under the Financial Stability and Development Council (FSDC)
    • Mechanism to evaluate impact of the current financial regulations and subsidiary instructions.
    • Formulate a framework to enhance their responsiveness and development of the financial sector.

     

    1. Jan Vishwas Bill 2.0
    • To decriminalise more than 100 provisions in various laws.

    Fiscal Consolidation

    Reiterating the commitment to stay the course for fiscal consolidation, the Union Finance Minister stated that the Government endeavours to keep the fiscal deficit each year such that the Central Government debt remains on a declining path as a percentage of the GDP and the detailed roadmap for the next 6 years has been detailed in the FRBM statement. Smt. Sitharaman stated that the Revised Estimate 2024-25 of fiscal deficit is 4.8 per cent of GDP, while the Budget Estimates 2025-26 is estimated to be 4.4 per cent of GDP.

    Revised Estimates 2024-25

    The Minister said that the Revised Estimate of the total receipts other than borrowings is ₹31.47 lakh crore, of which the net tax receipts are ₹25.57 lakh crore. She added that the Revised Estimate of the total expenditure is ₹47.16 lakh crore, of which the capital expenditure is about ₹10.18 lakh crore.

    Budget Estimates 2025-26

    For FY 2025-26, the Union Finance Minister stated that the total receipts other than borrowings and the total expenditure are estimated at ₹34.96 lakh crore and ₹50.65 lakh crore respectively. The net tax receipts are estimated at ₹28.37 lakh crore.

    PART B

    Reposing faith on middle class in nation building, the Union Budget 2025-26 proposes new direct tax slabs and rates under the new income tax regime so that no income tax is needed to be paid for total income upto ₹ 12 Lakh per annum, i.e. average income of Rs 1 Lakh per month, other than special rate income such as Capital Gain. Salaried individuals earning upto ₹ 12.75 Lakh per annum will pay NIL tax, due to standard deduction of ₹ 75,000. Towards the new tax structure and other direct tax proposals, Government is set to lose revenue of about ₹ 1 lakh crore.

    Under the guidance of Prime Minister Shri Narendra Modi, the Government has taken steps to understand the needs voiced by the people. The direct tax proposals include personal income tax reform with special focus on middle class, TDS/TCS rationalization, encouragement to voluntary compliances along with reduction of compliance burden, ease of doing business and incentivizing employment and investment.

    The Budget proposes revised tax rate structure under the new tax regime as follows;

    Total Income per annum

    Rate of Tax

    ₹ 0 – 4 Lakh

    NIL

     ₹ 4 – 8 Lakh

    5%

    ₹ 8 – 12 Lakh

    10%

    ₹ 12 – 16 Lakh

    15%

    ₹ 16 – 20 Lakh

    20%

    ₹ 20 – 24 Lakh

    25%

    Above ₹ 24 Lakh

    30%

    To rationalize TDS/TCS, Budget doubles limit for tax deduction on interest earned by senior citizens from the present ₹ 50,000 to ₹ 1 Lakh. Further, TDS threshold on rent has been increased to ₹ 6 Lakh from ₹ 2.4 Lakh per annum. Other measures include, increasing of threshold to collect TCS to ₹ 10 Lakh and continuing with higher TDS deductions only in non-PAN cases. After the decriminalization of delay in payment of TDS, delay in TCS payments has now been decriminalized.

    Encouraging voluntary compliance, Budget extends time-limit to file updated returns for any assessment year, from the current limit of two years, to four years. Over 90 Lakh taxpayers paid additional tax to update their income. Small charitable trusts/institutions have been given the benefit by increasing their period of registration from 5 to 10 years, reducing compliance burden. Further, tax payers can now claim annual value of two self-occupied properties as NIL, without any condition. Last budget’s Vivad Se Vishwas Scheme has received a great response, with nearly 33,000 tax payers having availed the scheme to settle their disputes. Giving benefits to senior and very senior citizens, withdrawals made from National Savings Scheme Accounts on or after 29th of August, 2024 have been exempted. NPS Vatsalya accounts also to get similar benefits.

    For ease of doing business, Budget introduces a scheme for determining arm’s length price of international transaction for a block period of three years. This is in line with global best practices. Further, self harbor rules are being expanded to provide certainty in international taxation.

    To promote employment and investment, a presumptive taxation regime is envisaged for non-residents who provide services to a resident company that is establishing or operating an electronics manufacturing facility. Further, benefits of existing tonnage tax scheme are proposed to be extended to inland vessels. To promote start-up ecosystem, period of incorporation has been extended for a period of 5 years. To promote investment in the infrastructure sector, Budget extends the date of making investment in Sovereign Wealth Funds and Pension Funds by five more years, to 31st March, 2030.

    As part of rationalization of Customs tariffs of industrial goods, Budget proposes to; (i) Remove seven tariffs, (ii) apply appropriate cess to maintain effective duty incidence, and (iii) levy not more than one cess or surcharge.

    As relief on import of Drugs/Medicines, 36 lifesaving drugs and medicines for treating cancer, rare diseases and chronic diseases have been fully exempted from Basic Customs Duty (BCD). Further, 37 medicines along with 13 new drugs and medicines under Patient Assistance Programmes have been exempted from Basic Customs Duty (BCD), if supplied free to patients.

    To support Domestic Manufacturing and Value Addition, BCD on 25 critical minerals, that were not domestically available, were exempted in July 2024. The Budget 2025-26 fully exempts cobalt powder and waste, scrap of lithium-ion battery, Lead, Zinc and 12 more critical minerals. To promote domestic textile production, two more types of shuttle-less looms added to fully exempted textile machinery. Further, BCD on knitted fabrics covering nine tariff lines from “10% to 20%” revised to “20% or ₹ 115 kg, whichever is higher”.

    To rectify inverted duty structure and promote “Make in India”, BCD on Interactive Flat Panel Display (IFPD) increased to 20% and on Open cells reduced to 5%. Further to promote manufacture of Open cells, BCD on parts of Open Cells stands exempted.

    To boost manufacturing of Lithion-ion battery in the country, 35 additional capital goods for EV battery manufacturing, and 28 additional capital goods for mobile phone battery manufacturing added to the list of exempted capital goods. Union Budget 2025-26 also continues exemption on BCD on raw materials, components, consumables or parts for ship building for another ten years. Budget also reduced BCD from 20% to 10% on Carrier Grade ethernet switches to make it at par with Non-Carrier Grade ethernet switches.

    For export promotion, Budget 2025-26 facilitates exports of handicrafts, fully exempts BCD on Wet Blue leather for value addition and employment, reduce BCD from 30% to 5% on Frozen Fish Paste and reduce BCD from 15% to 5% on fish hydrolysate for manufacture of fish and shrimp feeds.

    Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman said that Democracy, Demography and Demand are key pillars of Viksit Bharat journey. She said that the middle class gives strength of India’s growth and the Government has periodically hiked the ‘Nil tax’ slab in recognition to their contribution. She said the proposed new tax structure will substantially boost consumption, savings and investment, by putting more money in the hands of the middle class.

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  • MIL-OSI China: China’s annual trade in services exceeds $1 trillion, boasting significant potential

    Source: China State Council Information Office

    China’s annual trade in services exceeded 1 trillion U.S. dollars for the first time last year, demonstrating significant potential for further growth.

    China’s services import and export value amounted to a record-high of 7.5 trillion yuan (about 1.05 trillion U.S. dollars) in 2024, expanding 14.4 percent year on year, according to the latest data from the Ministry of Commerce (MOC).

    Exports grew 18.2 percent year on year and imports grew 11.8 percent, according to the MOC.

    Driven by the global trends of digitization, smart technology advancement and green development, China’s trade in services grew in scale, its structure was optimized further and its international competitiveness was enhanced in 2024, said Li Jun, a researcher at the Chinese Academy of International Trade and Economic Cooperation under the MOC.

    He noted that the comprehensive relaxation and optimization of China’s visa-free transit policy has played a role in boosting inbound tourism over the last year.

    The broadly welcomed new policy has sparked the rise of “China Travel,” a popular hashtag on social media where many travelers share their experiences in China, with increasing numbers of international tourists being drawn by the country’s cultural landmarks, nature and city walks.

    “‘China Travel’ is booming rapidly, and this growth is expected to boost the country’s services trade further, while helping to drive the global travel industry toward continued recovery and prosperity,” Li said.

    China’s digital cultural platforms and content have been gaining significant traction overseas, Li said, noting the popularity of Chinese video game “Black Myth: Wukong,” the distribution of high-quality Chinese films and TV dramas on overseas streaming platforms such as Netflix and YouTube, and the fact that Chinese internet literature is influencing an increasing number of international readers.

    The Chinese government released a guideline on promoting the high-quality development of trade in services through high-standard opening-up in August last year.

    The document offered robust policy support for the development of China’s services trade, Li said, calling for more efforts to advance opening-up, innovation and international cooperation in the sector.

    Noting that China established a nationwide negative list management system for cross-border trade in services last year, Li suggested that the level of institutional opening-up should be improved continuously, that the negative list should be shortened gradually as appropriate, and that high-standard international economic and trade rules should be aligned with actively.

    He urged launching the construction of national demonstration zones for the innovative development of trade in services as soon as possible.

    To facilitate innovation, Li called for the potential of industrial digitization and digital transformation to be unlocked, for support for the professional organizations offering services in finance, consulting, design and certification to enhance their ability to provide international services, and for the accelerated development of green services.

    Bilateral, multilateral and regional collaboration in digital trade and trade in services should be expanded, Li said, suggesting that the role of major exhibition platforms should continue to be leveraged, and that international services trade cooperation parks should be developed.

    MIL OSI China News

  • MIL-OSI Asia-Pac: ` 1 LAKH CRORE URBAN CHALLENGE FUND TO IMPLEMENT ‘CITIES AS GROWTH HUBS’

    Source: Government of India (2)

    ` 1 LAKH CRORE URBAN CHALLENGE FUND TO IMPLEMENT ‘CITIES AS GROWTH HUBS’

    NATIONAL GEOSPATIAL MISSION TO DEVELOP FOUNDATIONAL GEOSPATIAL INFRASTRUCTURE AND DATA

    GIG WORKERS TO GET IDENTITY CARDS AND REGISTRATION ON THE E-SHRAM PORTAL

    GIG-WORKERS WILL BE PROVIDED HEALTHCARE UNDER PM JAN AROGYA YOJANA, NEARLY 1 CRORE TO GET ASSISTED

    UPI LINKED CREDIT CARDS WITH ` 30,000 LIMIT UNDER PM SVANIDHI SCHEME

    Posted On: 01 FEB 2025 1:13PM by PIB Delhi

    Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Budget 2025-2026 in the Parliament today said that the Government will set up an Urban Challenge Fund of ` 1 lakh crore to implement the proposals for ‘Cities as Growth Hubs’, ‘Creative Redevelopment of Cities’ and ‘Water and Sanitation’ announced in the July Budget.

    She further added this fund will finance up to 25 per cent of the cost of bankable projects with a stipulation that at least 50 per cent of the cost is funded from bonds, bank loans, and PPPs. An allocation of  ` 10,000 crore is proposed for 2025-26.

    The Budget has proposed that a National Geospatial Mission will be started to develop foundational geospatial infrastructure and data. Using PM Gati Shakti, this Mission will facilitate modernization of land records, urban planning, and design of infrastructure projects.

    Smt. Sitharaman said that the Government has been giving priority to assisting urban poor and vulnerable groups. A scheme for socio-economic upliftment of urban workers will be implemented to help them improve their incomes, have sustainable livelihoods and a better quality of life.

    Gig workers of online platforms provide great dynamism to the new-age services economy. Recognising their contribution, our Government will arrange for their identity cards and registration on the e-Shram portal. They will be provided healthcare under PM Jan Arogya Yojana. This measure is likely to assist nearly 1 crore gig-workers.

    Finance Minister highlighted that the PM SVANidhi scheme has benefitted more than 68 lakh street vendors giving them respite from high-interest informal sector loans. Building on this success, the scheme will be revamped with enhanced loans from banks, UPI linked credit cards with ` 30,000 limit, and capacity building support.

    She highlighted that Under the Special Window for Affordable and Mid-Income Housing (SWAMIH) fifty thousand dwelling units in stressed housing projects have been completed, and keys handed over to home-buyers. Another forty thousand units will be completed in 2025, further helping middle-class families who were paying EMIs on loans taken for apartments, while also paying rent for their current dwellings.

    Building on this success, SWAMIH Fund 2 will be established as a blended finance facility with contribution from the Government, banks and private investors. This fund of ` 15,000 crore will aim for expeditious completion of another 1 lakh units.

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