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Category: Europe

  • MIL-OSI Global: Selenium is an essential nutrient named after the Greek goddess of the Moon − crucial to health, it may help prevent and treat cancer

    Source: The Conversation – USA – By Aliasger K. Salem, Professor of Pharmaceutical Sciences, University of Iowa

    Selenium is found in trace amounts in living organisms, soil and plants. Nazarii Neshcherenskyi/iStock via Getty Images Plus

    Selenium is a nutrient that plays a crucial role in human health, contributing to the thyroid and immune function, DNA repair, and cardiovascular and cognitive health.

    It acts as an antioxidant – substances that protect cells from unstable molecules that can damage DNA, proteins and cell membranes. It can even protect against cancer.

    Selenium is a vital trace element found in living organisms, soil and plants, and your body needs only a small amount of it to function. The recommended dietary allowance for selenium in adults is 55 micrograms per day, with an upper limit of 400 micrograms. In comparison, adults need between 900 to 10,000 micrograms daily of copper, another trace element, and between 8,000 to 40,000 micrograms of the trace element zinc.

    An excess or deficiency of selenium can have significant health consequences. In my work as a pharmaceutical science researcher, my colleagues and I study the potential use of selenium to boost the effectiveness of chemotherapy for cancer treatment.

    A dose of selenium

    Selenium was first discovered in 1817 by chemist Jöns Jacob Berzelius while analyzing an impurity in a batch of sulfuric acid produced in a factory in Sweden. Berzelius initially thought the material was the element tellurium, but he eventually realized that it was actually an unknown substance at the time. He named the mineral after Selene, the Greek goddess of the Moon, because of its similarity to tellurium, which had been named after the Roman goddess of the Earth.

    Selenium exists in both organic and inorganic forms. Organic compounds contain carbon atoms and are typically derived from living organisms, while inorganic compounds do not have carbon atoms and generally originate from nonliving sources. Your cells chemically convert between these forms to carry out various physiological functions.

    Selenium deficiency is a significant health issue, particularly in regions with selenium-poor soils, such as parts of China, Africa and Europe. Low selenium levels are associated with Keshan disease, a fatal heart condition, and Kashin-Beck disease, which affects joints and bones. Deficiency also weakens immune function, increasing susceptibility to infections.

    Brazil nuts contain particularly high levels of selenium.
    R.Tsubin/Moment via Getty Images

    Consuming too much selenium is also an issue. Oversupplementation or excess environmental exposure can lead to selenosis, a condition with symptoms such as brittle hair and nails, digestive issues, skin rashes and neurological symptoms such as irritability and fatigue. In severe cases, selenium toxicity can result in organ failure and death.

    Selenium has a narrow therapeutic window, which is the dosage range that provides safe and effective treatment with minimal harmful side effects. For example, selenium can either increase or decrease your body’s immune function, depending on the dose. Adequate levels of selenium strengthen your immune cells’ ability to fight infections and tumors, while excessive selenium intake can suppress immune responses by damaging immune tissues.

    Selenium and cancer prevention

    Selenium may have the potential to treat and prevent cancer.

    Scientists have long studied selenium’s role in cancer prevention. Initially suspected to be a carcinogen, later studies found it had protective effects against liver damage. In the 1960s. researchers proposed that selenium could be used to prevent cancer, a concept that gained further traction in the 1990s.

    However, large-scale clinical trials have produced mixed results. The Selenium and Vitamin E Cancer Prevention Trial was a study of over 35,500 men that ran from 2001 to 2004. They found that taking selenium daily did not reduce prostate cancer risk and may even increase the risk of prostate cancer in men with already high selenium levels.

    Findings from a study conducted from 1983 to 1996, the Nutritional Prevention of Cancer Trial, suggested selenium may protect against prostate and other cancers. But researchers also observed a heightened incidence of nonmelanoma skin cancer among participants.

    These conflicting results may be due to the different forms of selenium each study tested, as well as differences in baseline selenium levels among participants. Other studies have found that selenium-contaminated water in a municipality of Italy has been linked to an increased risk of melanoma.

    The antioxidant effects of selenium vary depending on its dose.
    Razaghi et al./EJC, CC BY-SA

    Selenium and cancer treatment

    Selenium may also have the potential to stop cancer from spreading.

    My research focuses on the potential of using selenium to supplement chemotherapy for cancer treatment. Selenium compounds such as methylseleninic acid, or MSA, and seleno-L-methionine, or SLM, show promise in targeting proteins that drive tumor progression and treatment resistance. Studies from my team and I have found that MSA can modulate key biochemical pathways related to kidney cancer by reducing levels of proteins that influence tumor growth and immune evasion. We also observed that SLM may slow kidney tumor growth in mice without toxic side effects.

    More significantly, in a Phase 1 clinical trial, we found that combining SLM with the chemotherapy drug axitinib was effective in treating metastatic kidney cancer in patients, with minimal side effects. Of the 27 patients we treated, over half saw their tumors shrink in size, with a median overall survival of nearly 20 months. These findings suggest that selenium may have a synergistic effect on chemotherapy by making it more effective.

    Further investigation into how selenium may help overcome treatment resistance and what doses are optimal will clarify its potential as a viable addition to cancer treatment.

    Striking the right balance

    Whether as an immune booster or potential treatment for disease, the significance of selenium in human health is undeniable.

    Eating selenium-rich foods – such as Brazil nuts, seafood, whole grains and eggs – can help sustain optimal nutrient levels. In regions with selenium-deficient soils, supplementation with medical supervision may be necessary.

    The fine line between benefit and harm underscores the importance of balanced intake and personalized approaches to selenium supplementation. As research continues, I believe selenium’s multifaceted role in health will become more clear.

    Aliasger K. Salem receives funding from the National Institutes of Health. He serves on the Executive Board of the American Association for Pharmaceutical Scientists.

    – ref. Selenium is an essential nutrient named after the Greek goddess of the Moon − crucial to health, it may help prevent and treat cancer – https://theconversation.com/selenium-is-an-essential-nutrient-named-after-the-greek-goddess-of-the-moon-crucial-to-health-it-may-help-prevent-and-treat-cancer-248548

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Coventry hospitality businesses urged to pursue accreditation to showcase safety excellence

    Source: City of Coventry

    Coventry’s bars, restaurants, pubs and clubs have been urged to achieve a leading industry accreditation which demonstrates excellence in providing safe experiences for visitors.

    Best Bar None is an accreditation scheme supported by the Home Office and drinks industry that aims to improve standards in licensed premises.

    It is the industry gold standard and is delivered in the city by Coventry Business Improvement District (BID) and Coventry City Council’s Licensing Team.

    The accreditation highlights to customers that a venue excels in safety, training, management and customer experience.

    By engaging in the Best Bar None scheme, businesses are also supporting the city’s drive to achieve Purple Flag status, which is an international accreditation programme and recognises city centres that offer an entertaining, diverse and enjoyable night out.

    Cllr Abdul Salam Khan, Cabinet Member for Policing and Equalities and Deputy Leader of Coventry City Council, added: “Knowing that a venue is Best Bar None accredited offers a massive reassurance to customers. Pubs, clubs and restaurants that offer a warm welcome and have safety as their priority can only be good for everyone.

    “As a Council we work closely with our partners in Coventry, including the Police and Business Improvement District, to monitor the Best Bar None scheme.

    “We want to recognise those venues that are really making an effort to improve standards.” 

    Joanne Glover, Chief Executive of Coventry BID, says that visitors to a Best Bar None accredited venue can be confident they are at premises that operate to the highest level in safety, compliance, staff training and professionalism.

    “This scheme recognises the very best of our hospitality sector, with accredited venue’s leading the way in health, safety, safeguarding and wellbeing,” said Joanne.

    “The process is effectively a MOT of a business. We work with companies to ensure they have effective processes in place and are exceeding legal regulatory requirements.

    “Our aspirational goal is for all hospitality venues in the city to be Best Bar None accredited.

    “It gives a clear message to the public that on an evening out in Coventry you can be safe in the knowledge that bars and pubs are going above and beyond to provide the best experience possible.” 

    Coventry BID and Coventry City Council’s Licensing Team provide bespoke assessments to venues, catering the criteria to the size of a business to ensure that all hospitality companies can engage in the Best Bar None scheme.

    Chief Inspector Hamir Godhania, Coventry Police said: “Ensuring the safety and wellbeing of those enjoying Coventry’s vibrant night-time economy is a priority for us. Through continued collaboration with licensed premises and support for initiatives like Best Bar None, our licensing and neighbourhood teams will work hand in hand with businesses to maintain the highest standards of safety and customer care.”

    The successful venues will attend an award ceremony in April at Drapers Hall to receive their accreditation.

    To find out more about Best Bar None accreditation contact admin@coventrybid.co.uk

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Prime Minister sets out biggest sustained increase in defence spending since the Cold War, protecting British people in new era for national security

    Source: United Kingdom – Executive Government & Departments

    Press release

    Prime Minister sets out biggest sustained increase in defence spending since the Cold War, protecting British people in new era for national security

    The Prime Minister has today (Tuesday 25 February) set out his commitment to increase spending on defence to 2.5% of GDP from April 2027.

    • Defence spending to increase to 2.5% of GDP from April 2027, with an ambition to reach 3% in the next parliament.
    • Reinvigorated approach to defence industry will drive economic growth and create jobs across the UK, while bolstering national security and protecting borders. 
    • Commitment will see the biggest investment in defence spending since the Cold War as the UK enters era of intensifying geopolitical competition and conflict.

    As the UK faces a period of profound change, with conflicts overseas undermining security and prosperity at home, the Prime Minister has today (Tuesday 25 February) set out that his commitment to increase spending on defence to 2.5% of GDP from April 2027.  

    He has also set an ambition to spend 3% of GDP on defence in the next parliament, as economic and fiscal conditions allow, in order to keep the British people safe and secure for generations to come.

    As set out in the Plan for Change, national security is the first duty of the government. In recent years, the world has been reshaped by global instability, including Russian aggression in Ukraine, increasing threats from malign actors, rapid technological change, and the accelerating impacts of climate change. 

    The Prime Minister has today set out how the UK will be stepping up to meet this generational challenge with a generational response.

    The announcement comes the day after the third anniversary of Russia’s barbaric illegal war in Ukraine and shows that the UK will step up and meet this pivotal moment of global instability head-on, with a commitment that will see the biggest sustained increase in defence spending since the Cold War. 

    The Prime Minister knows that the working people of Britain have paid the cost of malign actors abroad, whether through increased energy bills, or threats to British interests and values. He is committed to making the country safer, more secure, and increasingly resilient against these interconnected threats. 

    Today’s announcement demonstrates the UK’s global leadership in this space. In calls with foreign leaders over the weekend, the Prime Minister reiterated the UK’s commitment to securing a just and enduring peace in Ukraine and the need for Europe to step up for the good of collective European security.

    The investment in defence will protect UK citizens from threats at home but will also create a secure and stable environment in which businesses can thrive, supporting the Government’s number one mission to deliver economic growth. 

    The increased spending will sustain our globally competitive industry, supporting highly skilled jobs and apprenticeships across the whole of the UK. In 2023-24, defence spending by the UK Government supported over 430,000 jobs across the UK, the equivalent to one in every 60. 

    68% of defence spending goes to businesses outside London and the South East, bolstering regional economies from Scotland to the North West.

    Through the upcoming Defence Industrial Strategy, this substantial investment will drive R&D and innovation across the UK, including developing technologies such as AI, quantum and space capabilities. 

    Prime Minister Keir Starmer said:

    It is my first duty as Prime Minister to keep our country safe. In an ever more dangerous world, increasing the resilience of our country so we can protect the British people, resist future shocks and bolster British interests, is vital.

    In my Plan for Change, I pledged to improve the lives of people in every corner of the UK, by growing the economy. By spending more on defence, we will deliver the stability that underpins economic growth, and will unlock prosperity through new jobs, skills and opportunity across the country.

    As we enter this new era for national security, Britain will once again lead the way.

    In addition to our plan to reach 2.5%, the Prime Minister also announced that the definition of defence spending will be updated to recognise what our security and intelligence agencies do to boost our security, as well as our military. This change means that the UK will now spend 2.6% of GDP on defence in 2027.

    This shift recognises that the activities of our intelligence increasingly overlap and complement that of our Armed Forces, emphasising the need for total deterrence against the modern hybrid threats we face, from cyber-attacks to sabotage. 

    The increase in defence spending will be funded by reducing Overseas Development Assistance (ODA) from 0.5% to 0.3% of GNI and reinvesting it into defence. 

    This difficult choice reflects the evolving nature of the threat and the strategic shift required to meet it whilst maintaining economic stability, a core foundation of the Plan for Change. Meeting the fiscal rules is non-negotiable, and the government will take the tough but necessary decisions to ensure they are met. 

    The UK remains fully committed to making the world a safer and more prosperous place. In the current geopolitical environment, the Prime Minister is clear that the best way to do that is by deterring and preventing conflict and targeting our aid more effectively. For example, we have delivered an increase of £113m in humanitarian funding for people in Sudan and those who have fled to neighbouring countries, which will help to reduce migration flows to the UK and help address one of the major humanitarian crises of our era. 

    The government remains committed to reverting spending on overseas aid to 0.7% of Gross National Income, when the fiscal conditions allow.

    This comes alongside an ongoing review into ODA spend which will ensure that every pound of development assistance is spent in the most impactful way. 

    This increase in defence investment will help us build a modern and resilient Armed Forces. It will accelerate the adoption of cutting-edge capabilities that are vital to retain a decisive edge as threats rapidly evolve. Targeted investment will reverse the hollowing out of recent decades and rebuild stockpiles, munitions, and enablers depleted after a period focused on international terrorism and global crises. 

    This modernisation will be supported through improved productivity, efficiency, and financial discipline across defence.

    The Prime Minister has also committed to publishing a single new national security strategy, bringing together all reviews into one document and reflecting the decisions on resource set out today. This will be published following the Spring Statement next month and ahead of the NATO Summit in June. 

    The new commitment on spending comes ahead of Prime Minister’s visit to Washington DC this week, where he will tell President Trump that he wants to see the UK-USA bilateral relationship strengthened and deepened even further, to secure the prosperity and security of both nations for decades to come. 

    The government has already significantly increased investment in its national security capabilities, increasing spending on defence by nearly £3 billion in this year alone at the Budget. In addition to growing the defence budget, spending on the Single Intelligence Account was increased by around £340 million between 2023-24 and 2025-26, ensuring that our world-leading intelligence agencies maintain their cutting-edge capabilities. 

    Notes to editors

    Defence spending benefits every nation and region of the country – 68% of defence spend with UK businesses goes outside of London and the South East. In 2023-2024, the MOD spent the following across the UK:

    • £7.1bn in the South East
    • £6.9bn in the South West
    • £3.8bn in the North West
    • £2.1bn in Scotland
    • £2.1bn in London
    • £1.6bn in the West Midlands
    • £1.5bn in the East of England
    • £1.4bn in the East Midlands
    • £910m in Wales
    • £630m in Yorkshire and the Humber
    • £380m in the North East
    • £240m in Northern Ireland

    This spending supported a breadth of industry specialisms across the country. Early work on the Defence Industrial Strategy suggests that the following UK sub-sectors have the highest growth potential: AI, autonomous systems, combat air, cyber, missiles, nuclear submarines, quantum, shipbuilding design and space.

    Updates to this page

    Published 25 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Yannis Stournaras: Euro area challenges in an uncertain geopolitical landscape

    Source: Bank for International Settlements

    Your Excellencies, distinguished guests, ladies and gentlemen,

    It is a pleasure and an honour to be here with you today at this esteemed gathering to discuss some of the most pressing challenges confronting the euro area. I would like to extend my deepest gratitude to His Excellency the Ambassador of Poland and to the Embassy of Poland in Athens for hosting this important event, and for your continued commitment to fostering dialogue on issues that affect all of us in Europe. As we navigate through the complexities of our interconnected economies, the euro area finds itself at a critical juncture. In many ways, we are at a crossroads, where the decisions we make today will significantly shape the economic future of Europe for generations to come.

    Europe has emerged from the pandemic susceptible and weakened. Growth in the euro area has been disappointing in 2023 and 2024, at about 0.5% and 0.7% respectively, low on the basis of whatever criteria one would apply. A key factor underlying the tepid economic activity in the euro area in the last two years was weak business investment, which has been basically flat, if we exclude volatile business investment in Ireland. This starkly contrasts with the situation in the US, where business investment has grown almost three times faster than in the euro area in the post-pandemic period since the end of 2021.

    And, if anything, our projections for growth in 2025, at around 1%, clearly do not point to a strong pick-up in activity. In fact, more recent data, like the stagnation of GDP in the last quarter of 2024, already raise questions about the growth dynamics this year. Surveys indicate that manufacturing is still contracting and growth in services is slowing. Firms are holding back on investments, and exports remain weak, with some European industries struggling to remain competitive.

    This picture of subpar growth seems to reflect a series of long-standing structural impediments in the euro area, combined with unusually adverse global geopolitical factors as well as by political issues in some euro area countries, including the largest economies. War is waging on European soil, political gridlock hinders the ability to press ahead with reforms, while extremist political views are gaining ground across the continent.

    Of course, our restrictive but necessary monetary policy stance in the recent past, aimed at counteracting inflationary pressures, has also contributed to the weak growth developments of the euro area. In this sense, the easing interest rate path on which we have embarked should support activity. The good news is that the disinflation process remains well on track. Inflation has fallen rapidly from a peak of about 10.5% in October 2022 to 2.5% in January 2025 and is still trending downwards, despite some upward base effects in recent months, driven by oil and natural gas prices. What I find particularly encouraging is the fact that core inflation is at the moment a bit lower than we had expected in our latest projections. Core inflation is that part of inflation that excludes the most volatile components for which monetary policy has little, if any, impact. And this means that the past monetary policy tightening has done its job in taming inflation. It is also encouraging that, despite a very tight labour market and unemployment rates at historical lows, compensation per employee growth is easing. This is safeguarding a downward inflation path, also for services that are typically more labour-intensive compared to goods and, thus, their inflation is more persistent.

    Our December 2024 Eurosystem staff projections expect inflation to average 2.1% in 2025 and to return sustainably to our target in late 2025. Unless unexpected contingencies materialise, the ECB’s key interest rate through which we steer the monetary policy stance, the deposit facility rate, could fall to around 2% in the course of 2025 from its current level of 2.75%. Obviously, the sequence, pace and magnitude of interest rate cuts remain data-driven and will continue to be decided meeting by meeting.

    Overall, the balance of macroeconomic risks in the euro area has shifted from concerns about high inflation to concerns about low growth. In my view, the euro area is in danger of losing its economic footing, if it has not already done so. We have failed to rival US tech giants, while our economies are stagnating, facing strained public finances. Our region has grown at an average quarterly pace of 0.3% in the last 12 quarters. To put it into context, the US economy has expanded by a far more over the same period. And, to add to our own problems, the new US President seems to implement his election campaign declarations regarding import tariffs.

    Time is running out. We are facing, as ECB President Lagarde put it in Davos a few weeks ago, an existential crisis. There is an urgency for immediate action and collaborative efforts to effectively address Europe’s challenges at home and abroad. In the remainder of my speech, I would like to emphasise several major areas of concern that need to be addressed in priority.

    The first area is competitiveness. Productivity growth in the euro area has nearly stalled, constrained by unfavourable demographics, labour market rigidities in many countries, and weak capital growth. This also stems from Europe’s lagging business and investment dynamism. Europe has yet to match its global peers in channelling sufficient resources into innovation and productive economic activity, while energy remains expensive. European manufacturers pay about twice as much for electricity as their counterparts in the US. Meanwhile, the needs for electricity of an expanding digital economy will be enormous. Supercomputing infrastructure for artificial intelligence is becoming a geopolitical battleground, and the EU sovereigns must build capacity to reduce strategic dependence on foreign big tech companies.

    According to the 2024 European Investment Bank Investment Survey, capacity expansion has been a greater driver of investment in the US than in the euro area, where the primary focus in the latter remained on replacement. Euro area R&D investment was focused on mature industries, such as cars and equipment, while it has been increasingly concentrated in Information and Communication Technology (ICT)-based activities in the US, such as data centres and AI-related facilities. Intangible investment is key for productivity and value added growth, likely contributing to the widening productivity gap between the two jurisdictions, and impacting also potential output growth differentials.

    The road to a robust recovery for the European economy demands mobilising the substantial private investment necessary to reignite growth and foster resilience. To keep pace with global competitors, Europe needs to prioritise a substantial boost in investment in the next few years and structural reforms aimed at enhancing long-term potential growth. Notably, increased spending in green and digital transitions, innovation and energy are paramount for making Europe more productive, competitive and resilient.

    What is in my view needed?

    First, a more harmonised, yet less burdensome, regulation in the EU – for example, regarding corporate law, insolvencies, taxation and labour law – would improve competitiveness without having to invest a single euro.

    Second, the promotion of a single market for capital is essential. The creation of a European Savings and Investments Union is a move in the right direction, as it can ensure a smooth flow of investment throughout our Union. Establishing common supervision of EU capital markets, integrating the highly segmented infrastructure of European financial markets, and standardising products for retail investment can mobilise both EU’s large savings and foreign capital. In addition, deepening the securitisation market and simplifying the relevant regulation can also contribute to attracting investors.

    Third, the completion of Banking Union, with the establishment of EDIS (European Deposit Insurance Scheme) and a Crisis Management Mechanism – CMDI, since a segmented banking sector can never achieve the efficiency and economies of scale gains of US banks.

    There is no doubt that enhanced financial integration can empower innovative firms at all stages of their development with the funding they need to scale up and thrive in a competitive global landscape, reducing their reliance on financing outside Europe. To this end, it is critical to provide investors with incentives for more risk capital, for example by overcoming the institutional and operational hurdles that make European venture capital firms underperform their US counterparts.

    Finally, a permanent fiscal capacity in Europe can successfully step up investments and growth-enhancing projects directed towards areas that bolster economic potential and resilience across Europe. In fact, the accomplishments of the EU Recovery and Resilience Facility offer a valuable blueprint for what can be achieved through coordinated and targeted fiscal initiatives. A clear illustration of this is the finding in the Draghi report that, despite public spending in research and innovation being similar in the EU and the US, it yields much lower dividends in the EU because it is fragmented and uncoordinated across countries.

    Related to that, we need to take a careful look at the factors that have inhibited private investment and, therefore, productivity. In this regard, two factors come to mind.

    First, it appears that some countries are simply not competitive because of structural impediments, such as over-regulation in some markets. I find it interesting that our fastest growing economies at present are those that have had to implement structural reforms during the past decade – countries such as Spain, Portugal, Cyprus and my own.

    Second, we should take a close look at the relationship between investment and our taxation policies. There may well be a need to better harmonise our tax policies in a way that provides an incentive to invest. 

    While these advances require addressing long-standing barriers and fragmentation across jurisdictions and sectors, they would also significantly improve the access of businesses to financing. By fostering business efficiency and resource reallocation to the most productive and competitive sectors, sustainable growth can be supported.

    To this end, we welcome the Commission’s roadmap on improving competitiveness that was released at the end of January 2025, the so-called Competitiveness Compass, which was based on recommendations by the Draghi report. An increase of productivity by closing the innovation gap is of paramount importance for the economic welfare of European citizens. So is investment in human capital through upskilling and reskilling, talent attraction and retainment, and effective integration of underutilised workers and immigrants into the labour force.

    Under President Lagarde’s leadership, the ECB’s Governing Council stands ready to play its part in this quest for higher productivity and competitiveness. First, by maintaining a low and predictable inflation environment, the ECB promotes confidence among businesses and investors and contributes to fostering investment and long-term capital allocation required for sustainable economic growth. Second, by removing in a timely manner layers of monetary policy restriction no longer necessary. With inflation sustainably settling around our target, easier financing conditions will be key in stimulating investment by making capital more accessible and affordable.

    The second area of concern for the euro area is the declared trade policy by the new President of the United States. Although the details of a potential imposition of US tariffs have yet to be disclosed, the prospect of an aggressive US trade policy, coupled with possible retaliatory measures, are likely to have far-reaching implications, adding to the euro area’s headwinds. With trade volumes between the EU and the US at 1.5 trillion euros, it is clear that US tariffs on Europe will be negative for growth. Market estimates suggest that a 10% US tariff on all imports from the euro area, coupled with higher uncertainty about future US-EU trade relations, could depress euro area GDP growth by up to 0.5 percentage points within a year. The magnitude of these adverse growth effects will depend, among other things, on the range of products subject to higher tariffs, how long these tariffs will persist, which retaliatory and counter-retaliatory measures will be put in place, and the feedback effects from global economic and financial conditions. Incidentally, both theory and practice suggest that tariffs is usually a loose-loose instrument, hence not only the US trade partners are bound to loose, but the US too.

    The impact of tariffs on euro area inflation is less straightforward, operating through various channels. On the one hand, a USD appreciation or a tariff retaliation on US goods from our side will make euro area imports from the US – as well as the bulk of total energy imports that is dollar-invoiced – more expensive, pushing up inflation. On the other hand, a possible re-direction of cheaper Chinese exports from the US to the EU market, due to a US-China trade war, would ceteris paribus accentuate the disinflation process in the euro area.

    In any case, uncertainty about geopolitical, trade and financial developments could significantly weigh on economic sentiment and confidence, further hindering consumption and investment from recovering. At the same time, trade constraints are likely to impact activity in the manufacturing sector, the sick man in Europe, prolonging the ongoing economic stagnation in our region. Completing the Single Market will help meet these challenges.

    Strengthening and extending Europe’s trade alliances is also essential to balance trade risks. Expanding bilateral and regional preferential trade agreements would foster cooperation with other countries and contribute to a functional, rule-based multilateral trade system. These steps are essential to boosting investment and fostering sustainable growth, while enhancing the resilience of our economies against external shocks.

    Turning to the pressing issue of climate adaptation and mitigation, it is clear that we are faced with “peak pessimism”. The US withdrawal from the global climate change negotiations and initiatives has been complemented with major banks and asset funds in the US and Europe distancing themselves from climate policies. We can all see the risks. But we also need to see the opportunities. Momentum for the energy transition needs to remain strong in our continent, and across the rest of the world. We have an even stronger case to double down on our own initiatives to bolster decarbonisation, while avoiding Europe’s deindustrialisation. Clean energy at competitive prices should be seen as a great opportunity to industrialise rather than the opposite. The European Commission’s plans for a Clean Industrial Deal and its intentions to streamline the sustainability reporting rules, without discounting on transparency, are good examples of how to balance the goal of greening the economy with that of preserving the EU’s industrial base and firms’ competitiveness.

    As supervisors, central banks can also make sure that the commercial banking sector is better positioned in managing climate risks. We can strengthen the credibility of our monetary policy in achieving our mandate, taking into consideration the implications of climate change for inflation and output. And last but not least, Europe ought to become again the key driver for green tech and finance, which takes me back to the imperative of the European Savings and Investment Union.

    Let me conclude by saying that a key prerequisite for economic prosperity is a safer and more secure Europe. We cannot thrive in an environment where security is fragile or compromised. The Polish EU Presidency in the first half of 2025 has rightly spotlighted the security challenge as central to Europe’s future. Reinforcing the EU’s civilian and military preparedness must be a priority, as it ensures the Union is resilient to a variety of threats, both internal and external. From preparing for natural disasters to building robust defence capacity and shielding our economies from modern threats, such as cyberattacks and critical infrastructure disruptions, are all vital to uphold economic stability and progress.

    In a world fraught with uncertainty about geopolitical, trade and financial developments, full of unknown unknowns, I cannot emphasise enough the urgency for immediate and coordinated steps to navigate these challenges effectively. The challenges we face may be complex but are not insurmountable. With a shared commitment to economic stability, growth and innovation, we can continue to build a more inclusive and sustainable European economy and strengthen our continent’s role in international diplomacy. I am confident that the ambitious programme of the Polish EU Presidency will yield positive outcomes and give Europeans a sense of security and optimism about the future of our economies.

    Thank you very much for your attention.

    MIL OSI Economics –

  • MIL-OSI Economics: Denis Beau: New payments landscape, but old challenges for central banks?

    Source: Bank for International Settlements

    Let me start with stating the obvious: globally, the payments ecosystem has experienced significant transformations in the last couple of decades. New technologies have transformed products and services offered on the retail payment market; the ecosystem has expanded with new entrants notably BigTechs and Fintechs, which have now become key links in the payments value chain; and we have seen the emergence of new DLT-based private settlement assets, in tandem with the emergence of the so-called “tokenisation of finance”.
     
    Speaking from the perspective of a central bank which has in its mandate to ensure the proper functioning of the payment system, these transformations have raised traditional policy challenges to help mitigate risks and harness benefits of those transformations, given their potentially two sided impacts on efficiency and safety of payments. At the Banque de France, they have been addressed with 2 convictions: first a regulatory framework is needed that is sufficiently demanding but innovation friendly, to ensure confidence in our payment system; second, central bank money must remain at the heart of settlement between intermediaries, which is most sensitive from a systemic risk perspective. But those transformations have also brought to payments a new strategic dimension, owing notably to their wide-ranging implications on market concentration, data protection and sovereignty. And the first weeks of the new US Presidency are blowing in favor of deregulation, new and private crypto-based settlement assets, against multilateralism and multilateral institutions, which may be adding new challenges going forward.

    Should this evolving payment landscape and policy environment lead us to alter in important ways the policies and tools we, central banks, have been using so far or considering using, like issuing Central Bank Digital Currencies (CBDCs)?

    It is likely that all central banks may not have the same answer to that question, but what I would like to do now is simply share with you my own view on that topic. In a nutshell my conviction is that the Banque de France policy stance and toolkit may require more of an adjustment than a thorough overhaul going forward. I would like to take 3 key features of our payment systems policy so far to illustrate my view: our central bank money services, the role we give to cooperation with other stakeholders, and our involvement in the innovation ecosystem.

    1 Central bank money services

    In the wholesale space, the security and efficiency of financial transactions between financial intermediaries importantly hinge on the nature of the settlement asset chosen.
     
    Lessons learned from past financial crises have underlined the critical importance of using secure settlement assets. In response, the Banque de France and many other central banks have committed to promoting the use of central bank money in the wholesale payments space. This commitment is reflected in Principle 9 of the CPMI-IOSCO’s Principles for financial market infrastructures (PFMIs). And we have been successful in the implementation of this policy, as central bank money is actually the very dominant settlement asset in the wholesale space, across many currency zones, starting with the euro area.

    However, as tokenisation of assets gains momentum, private settlement assets, particularly so-called “stablecoins”, are likely to become the settlement assets for those transactions, absent the availability of central bank money on Distributed Ledger Technology (DLT). In addition, the proliferation of uncoordinated settlement solutions resulting from the lack of public sector response to the tokenisation of finance could lead to increased liquidity fragmentation.

    This is why we have considered that we need to adapt the provision for the euro area of central bank money to the demands of an increasingly digital financial system, to prevent regression in the safety and efficiency of wholesale transactions. The urgency of such adaptation has certainly increased given the evolution of the geopolitical context I referred to earlier in my remarks.

    Since 2020, the Banque de France has been one of the first central banks to launch an ambitious experimental program focused on the use of wholesale central bank digital currency (CBDC) in various settlement processes for varied assets.

    Building on these experiments and promising outcome, the Eurosystem conducted a series of new experiments on the settlement of wholesale transactions in central bank money in 2024 with the active involvement of the Banque de France, Banca d’Italia and Bundesbank as solution providers. Actual settlement has been tested for the lifecycle management of securities and secondary market transactions. The Eurosystem will soon draw lessons from this work and I trust will roll out operational solutions rapidly, including on how to facilitate the provision of central bank money for wholesale transactions on DLT platforms.

    At the international level, the BDF remains actively involved in several initiatives on wholesale CBDCs for cross-border payments. Three key initiatives working as bricks and coordinated by the BIS Innovation Hubs epitomize those investigations. First, Project Rialto, which focuses on improving cross-border settlement efficiency. Then, Project Mandala, which addresses regulatory frictions in cross-border payments. Finally, Project Agorá, which examines how a programmable platform and the tokenisation of cross-border payments can enhance the existing correspondent banking model, thus prefiguring the concept of shared ledger.

    On the retail side, in the uncomfortable context of a lasting dependence on US payment solutions and networks, we have been since its inception supporting and involved in the digital euro project. We see it as an important one because it can provide a public alternative that preserves freedom of choice, sovereignty and competition in our euro area retail payment system. This new form of central bank money would be comparable to a “digital banknote”, preserving the characteristics of cash in the digital space – notably its privacy, resilience and inclusiveness. As you know, the Eurosystem is currently conducting a preparation phase – aimed at finalising the design, selecting potential suppliers and conducting experiments. At the same time, a democratic debate is underway in the Parliament and the Council. The decision to issue a digital euro has not yet been made and will only be taken once the legislative process comes to a conclusion.

    2 Cooperative approaches

    The second key feature of our payments policy is the reliance on cooperation across authorities and with private sector stakeholders. An important driver for this is related to the fact that payments are increasingly challenged by the fragmentation of the payment value chain and the rise of sophisticated fraud patterns. This context calls for regulators and supervisors to share knowledge and best practices to foster payments security. To that end, I believe that central banks have a key role to play in facilitating cooperation across authorities in charge of data protection, cybersecurity, regulation of telecommunication and digital platforms, together with the private sector.
     
    We have promoted and experienced successfully such cooperation in France for more than 20 years now, through the Observatory for the security of payment means. We therefore intend to maintain and extend it going forward at national level. We have just extended the participation to the OSPM to telcos and we plan to develop work with social media going forward. I believe that a dedicated forum on payment security at EU level could be usefully created on similar grounds.
     
    Another important driver is that digitalization and the increasing role of BigTechs in payments raise novel challenges in terms of level-playing field. This should encourage central banks to explore new avenues of cooperation with competition authorities. This is a path we have started to take, to prevent and address non-compliance practices in payments markets, for example in the card market with access issues to NFC antenna on iPhones, or in the choice and selection of payment brands under the Interchange Fee Regulation.

    The last driver I would like to mention is the increased dependence on non-European players in the euro-area payments market. In the uncertain geopolitical context we live in, payment sovereignty has become a key issue for public authorities, including central banks, for both retail and wholesale payments. This is why we and the other central banks of the Eurosystem have made the development of a pan-European payment solution an important goal of our retail payment strategy and that we support the roll-out of the European Payment Initiative (EPI) and its digital wallet, wero. The development of a digital euro as a platform for innovation could also contribute to this objective, allowing private payment solutions like wero to re-use its open standards to extend their reach and scale up. Furthermore, the provision of central bank money settlement for wholesale asset transactions on DLT platforms by the Eurosystem in the future months, and the development of a European Shared Ledger in the future years could directly contribute to this objective.

    3 Involvement in the innovation ecosystem

    A third and last key feature of our current payments policy I would like to mention is our active involvement in, and use of, technological innovations. I have already mentioned illustrations of that feature though the wide ranging CBDC experiments, based on DLTs we have been performing over the last years. But there are other fields we are involved in like AI, cybersecurity, post-quantum cryptography.

    Those experiments are run first to allow us to better understand those new technologies, building on dedicated resources and innovative tools we have put in place in-house, like our Lab, the Banque de France innovation center, and the Fintech Innovation center at the ACPR, or tools provided by others like the BIS, with its innovation hub, to which we actively contribute.

    The knowledge base developed though this active participation to the innovation ecosystem can then be usefully leveraged for the conduct of our traditional activities to ensure a safe and efficient payment system, as an overseer, catalyst or service provider. Indeed, it allows us to acquire a good command of technologies which may be driving important change in the payment landscape going forward.

    This operational model has served us well so far and we intend to keep it as a core feature of our payments policy.

    To conclude, let me share with you three convictions regarding the conditions under which the transformations underway of the payments landscape can bring sustainable benefits (from an efficiency and safety perspective), and how we can best contribute as central banks.

    First, we need a regulatory framework that does not stifle innovation but that is sufficiently demanding to ensure that stakeholders are reasonably protected, stability of our payment system is guaranteed and prevention of new system wide financial crisis is ensured.

    Second, within the remit of our mandate vis-a-vis payment systems, we need to persevere with the policy goals we have been pursuing so far, where new issues such as sovereignty have gained a critical importance, while adapting the tools we use to evolving and more challenging geopolitical circumstances. An important area for this will be the adaptation of central bank money services to the digital age of payments we are now facing, including in the form of CBDC. This is all the more warranted for us at the Banque de France that it could provide a stepping stone towards the provision of a new, decentralised and European infrastructure in the form of a European Shared Ledger that we have started considering with attention.

    Third, like in the past, collaboration will remain essential: between central banks, with authorities in other sectors and with market participants.

    MIL OSI Economics –

  • MIL-OSI: 21Shares (the “Company”) – Official Notice regarding updates to the Final Terms and Information on its Exchange Traded Products listed on London Stock Exchange (“LSE”)

    Source: GlobeNewswire (MIL-OSI)

    Official Notice

    ETP: 21Shares Bitcoin ETP

    ISIN: CH0454664001

    TIDM: ABTC / BTCU

    ETP: 21Shares Ethereum Staking ETP

    ISIN: CH0454664027

    TIDM: AETH / ETHU

    ETP: 21Shares Bitcoin Core ETP

    ISIN: CH1199067674

    TIDM: CBTC / CBTU 

    ETP: 21Shares Ethereum Core Staking ETP

    ISIN: CH1209763130

    TIDM: ETHC/ CETU

    (hereinafter referred to as the “Products”)

    Name, registered office and address of the Company: 21Shares AG is a stock corporation under the laws of Switzerland. It has its registered office and address at Pelikanstrasse 37, 8001 Zurich.

    1. Technical corrections to earlier releases as for the Tranches

    The Company has updated its Final Terms, specifically concerning sections “(iii) Tranche” and “(v) Aggregate Number of Products Represented by This Tranche.”

    Since 24 May 2024, the Company has been considering all shares of the Products issued within a single tranche and has aggregated the number of shares represented by each Final Terms as the total number of shares in issue. This methodology has now been amended as follows:

    (a) The Company will implement tranche numbers in all Final Terms moving forward. As a result, the previous approach of designating all issuances as “Tranche Number 1” will be discontinued.

    For the affected Products, the following tranches and corresponding Final Terms have been issued since their inception and as of the dates specified below: 

    ETP: 21Shares Bitcoin ETP

    ISIN: CH0454664001

    Date: 15 January 2025

    Number of Tranches: 39

    ETP: 21Shares Ethereum Staking ETP

    ISIN: CH0454664027

    Date: 14 January 2025

    Number of Tranches: 37

    ETP: 21Shares Bitcoin Core ETP

    ISIN: CH1199067674

    Date: 15 January 2025

    Number of Tranches: 40

    ETP: 21Shares Ethereum Core Staking ETP

    ISIN: CH1209763130

    Date: 9 December 2024

    Number of Tranches: 20

    (b) Additionally, the Company will no longer present the total number of outstanding shares of the Products under section “(v) Aggregate Number of Products Represented by This Tranche” of its Final Terms. Instead, this section will now display only the additional shares issued for the  Products corresponding to the respective tranche.

    The updates to the Final Terms regarding tranche numbers have now been implemented and will be reflected in the Company’s Final Terms issued from February 26, 2025 onwards.

    1. Information on the total amount of outstanding shares for the Products

    The Company further informs the public of the total number of outstanding shares for its Products as of the dates specified below: 

    ETP: 21Shares Bitcoin ETP

    ISIN: CH0454664001

    Date: 15 January 2025

    Number of shares outstanding: 26’152’500

    ETP: 21Shares Ethereum Staking ETP

    ISIN: CH0454664027

    Date: 14 January 2025

    Number of shares outstanding: 12’325’000

    ETP: 21Shares Bitcoin Core ETP

    ISIN: CH1199067674

    Date: 15 January 2025

    Number of shares outstanding: 13’155’000

    ETP: 21Shares Ethereum Core Staking ETP

    ISIN: CH1209763130

    Date: 9 December 2024

    Number of shares outstanding: 2’510’000

    Contact Details:

    21Shares AG, attn. Mr. Eric Baumgartner, Pelikanstrasse 37, 8001 Zurich, Switzerland, email: legal@21.co 

    Further Information: 

    For further information, please refer to the Programme and UK Base Prospectus dated May 22, 2024, and the respective Final Terms. This official notice neither constitutes a prospectus nor advertisement within the meaning of the Swiss Financial Services Act. Copies of the prospectus and any supplements thereto, if any, as well as copies of all transaction documents are available free of charge at 21Shares AG, Zurich (email: etp@21shares.com).

    The MIL Network –

  • MIL-OSI Global: Generative AI is most useful for the things we care about the least

    Source: The Conversation – USA – By John P. Nelson, Postdoctoral Research Fellow in Ethics and Societal Implications of Artificial Intelligence, Georgia Institute of Technology

    The creative process involves choices that lead artists to places they couldn’t have imagined. Eoneren/E+ via Getty Images

    Generative AI tools such as ChatGPT and Midjourney can produce text, images and videos far more quickly than any one person can accomplish by hand.

    But as someone who studies the societal impacts of AI, I’ve noticed an interesting trade-off: The technology can certainly save time, but it does so precisely to the extent that the user is willing to surrender control over the final product.

    For this reason, generative AI is probably most useful for things we care about the least.

    Ceding creative control

    Let’s use the example of AI image generators. You probably have a rough idea of how they work. Just type what you want – “a panda surfing,” “a piece of toast that is also a car” – and the generative tool draws it.

    But this glosses over the countless possible iterations of the desired image.

    Will the image appear as a watercolor painting or a pencil sketch? How lifelike will the panda be? How big is the wave? Is the toast-car parked or moving? Is there anyone inside of it?

    When the images are generated, these questions have been answered – but not by the user. Rather, the generative AI tool has “decided.”

    Of course, the user can be more specific: Imitate the style of Monet. Make the wave twice the height of the panda. Maybe the panda should look worried, since it isn’t used to surfing.

    You can also pop open an image editor and modify the output yourself, down to the individual pixel. But, of course, drafting detailed instructions and revising the image take time, effort and skill. Generative AI promises to lighten the load. But as every manager knows, exercising control is work.

    The devil is in the details

    In all art and expression, power lies in the details.

    In great paintings, not every brushstroke is planned – but each is carefully considered and accepted. And its overall effect on the viewer depends on all those considered brushstrokes together.

    Filmmakers shoot take after take of the same scene, each subtly or radically different. Only a small fraction of that footage makes it into the final cut – the fraction that the editors feel does the job best. Great artists use their judgment to ensure every detail helps to achieve the effect they want.

    Of course, there’s nothing new about putting someone else in charge of the details. People are used to delegating authority – even about matters of expression – to marketers, speechwriters, social media managers and the like.

    Generative AI makes a new sort of contractor available. It’s always on call, and in certain ways it is very technically competent.

    But compared with skilled humans, it has a limited ability to understand what you want. Moreover, it lacks intention, contemplation and the comprehensive mastery of detail that yield great expressive achievements – or even the comprehensive idiosyncrasy that spawns very unique ones.

    Ask ChatGPT for a film script, plus casting and shooting instructions. It will give you neither Francis Ford Coppola’s masterpiece “The Godfather” nor Tommy Wiseau’s bizarre “The Room.”

    You could, perhaps, approach a masterpiece, or a true oddity. But to do so, you’d have to exercise more and more time, more and more effort, and more and more control.

    An era of ‘cheap speech’

    What generative AI makes possible, above all, is low-effort, low-control expression.

    In the time I took to write and revise this article, I could have used ChatGPT to generate 200 grammatically correct, well-structured articles, and then I could have posted them online without even reading them. I wouldn’t have had to carefully parse each word and decide whether it really helped me make my point. I wouldn’t have even had to decide whether I agreed with any of the AI-generated write-ups.

    This is not a merely hypothetical example. Low-quality, AI-generated e-books of ambiguous provenance are already making their way into online vendors’ catalogs – and into the libraries those vendors serve.

    Similarly, using image generators, I could now flood the internet with superficially appealing images, dedicating only a fraction of a second to decide whether any of them express what I want them to express or achieve what I want them to achieve.

    But in doing so, I would not just be skipping over drudgery. Writing, drawing and painting are not just labor but processes of considering, reviewing and deciding exactly what I want to put out into the world. By skipping over those processes, I surrender that decision-making process to the AI tool.

    Some scholars argue that the internet has produced an era of “cheap speech.” People no longer have to invest a lot of resources – nor even face the judgment of their neighbors – to broadcast whatever they want to the world.

    With generative AI, expression is even cheaper. You don’t even have to make things yourself to put them out into the world. For the first time in human history, the ability to produce writing, art and expression has been decoupled from the necessity of actually paying attention to what you’re making or saying.

    Generative AI allows you to blow through the thousands of little decisions that go into a work of art.
    C.J. Burton/The Image Bank via Getty Images

    When intention and effort matter

    I suspect that great art, journalism and scholarship will still demand great attention and effort. Some of that effort may even include custom-developing AI tools tailored to an individual artist’s concerns.

    But unless people become much better at curation, great work will be increasingly difficult to locate amid the flood of low-effort content, which is also known as “AI slop.”

    It’s appropriate that generative AI becomes more useful the sloppier its users are willing to be – that is, the less they care about the details.

    I could end with some dire prognosis – that working artists and writers will be replaced with mediocre automation, that online discourse will get even stupider, that people will isolate themselves in personalized cocoons of AI-generated media.

    All these things are possible. But it’s probably more useful to offer a suggestion to you, the reader.

    When you need an image or a piece of writing, take a moment to decide: How important are the details? Would the process of making this yourself, or working with a collaborator or contractor, be useful? Would it yield a better output, or give me the chance to learn, or begin or strengthen a relationship, or help you reflect on something important to you?

    In short, is it worth putting in real care and effort? The answer will not always be yes. But it often will.

    Art, writing, films – these are not just products, but acts. They are things humans make, through a process of thousands of little decisions that encompass what we stand for and what we want to say.

    So when it comes to art, expression and argument, if you want it done right, it’s probably still best to do it yourself.

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

    – ref. Generative AI is most useful for the things we care about the least – https://theconversation.com/generative-ai-is-most-useful-for-the-things-we-care-about-the-least-249329

    MIL OSI – Global Reports –

  • MIL-OSI Global: If US attempts World Bank retreat, the China-led AIIB could be poised to step in – and provide a model of global cooperation

    Source: The Conversation – USA – By Tamar Gutner, Associate Professor, American University

    Donald Trump is no fan of international organizations. Just hours after taking office on Jan 20, 2025, the U.S. president announced his intention to withdraw from the World Health Organization and the Paris agreement on climate change.

    Could the International Monetary Fund and the World Bank be next?

    Certainly, supporters of the twin institutions – that have formed the backbone of global economic order for 80 years – are concerned. A Trump-ordered review of Washington’s support of all international organizations has led to fears of the U.S. reducing funding or pulling it altogether.

    But any shrinking of U.S. leadership in international financial institutions would, I believe, run counter to the administration’s ostensible geopolitical goals, creating a vacuum for China to step into and take on a bigger global role. In particular, weakening the World Bank and other multilateral development banks, or MDBs, that have a large U.S. presence could present an opportunity for a little-known, relatively new Chinese-led international organization: the Asian Infrastructure Investment Bank – which, since its inception, has supported the very multilateralism the U.S. is attacking.

    AIIB’s paradoxical role

    The Asian Infrastructure Investment Bank (AIIB) was created by China nine years ago as a way to invest in infrastructure and other related sectors in Asia, while promoting “regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions.”

    Since then, it has served as an example of an international body willing to deeply cooperate with other major multilateral organizations and follow international rules and norms of development banking.

    This may run counter to the image of Beijing’s global efforts portrayed by China hawks, of which there are many in the Trump administration, who often present a vision of a China intent on undermining the Western-led liberal international order.

    But as a number of scholars and other China experts have suggested, Beijing’s strategies in global economic governance are often nuanced, with actions that both support and undermine the liberal global order.

    As I explore in my new book, it is clear that today the AIIB is a paradox: an institution connected to the rules and norms of the liberal international order, but one created by an illiberal government.

    Chinese Finance Minister Lou Jiwei speaks during the signing ceremony of the Asian Infrastructure Investment Bank on Oct. 24, 2014, in Beijing.
    Takaki Yajima-Pool/Getty Images

    The AIIB is deeply tied to the rules-based order as displayed through its many cooperative connections with other major multilateral development banks, such as the World Bank and the Japan-led Asian Development Bank.

    As such, the AIIB may present a Chinese counterpoint in a landscape where U.S. leadership is receding.

    The cooperative design of the AIIB

    For decades, multilateral development banks have served the important task of lending billions of dollars a year to support economic and social development.

    They can be vital sources of funding for poverty reduction, inclusive economic growth and sustainable development, with a newer emphasis on climate change. These international lenders have also been remarkably durable in today’s climate of fragmentation and crisis, with member nations actively considering ways of further strengthening them.

    At the same time, MDBs perennially face criticism from civil society organizations who highlight areas of weak performance and are concerned about potential downsides of the major MDBs’ greater emphasis on working more closely with the private sector. MDB expert Chris Humphrey has also noted that major “MDBs were built around a set of geopolitical and economic power relationships that are coming apart before our eyes.”

    When Chinese President Xi Jinping in 2013 proposed creating the AIIB to lend for infrastructure development in Asia, there was a lot of suspicion among major nations about China’s intentions.

    The Obama administration responded to the move by urging other countries not to join. Its concern was that China would use lending to gain further influence in the region, but without adhering to strong environmental and social standards.

    Nonetheless, all the other major nonborrowing nations, with the exception of Japan, joined the new bank. Today, the AIIB is the second-largest multilateral development bank in terms of member countries, behind only the World Bank. It currently has 110 member nations, which translates to over 80% of the global population. With US$100 billion in capital, it is one of the medium-sized multilateral lenders.

    From the get-go, the AIIB was designed to be cooperative. Jin Liqun, who became the bank’s first president, is a longtime multilateralist with a long career at China’s finance ministry and past positions on the boards of the World Bank and the Global Environmental Facility, as well as a vice presidency of the Asian Development Bank.

    The international group of experts that helped design the AIIB also included former executive directors and staff from the IMF and other development banks, as well as two Americans with long careers at the World Bank who played leading roles in designing the bank’s articles of agreement and its environmental and social framework.

    How the AIIB took its cue from others

    The bank fits into the landscape of other multilateral development banks in a variety of ways. The AIIB’s charter is directly modeled on the Asian Development Bank’s foundation, and built into the AIIB’s charter is the bank’s mission of promoting “regional cooperation and partnership in addressing development challenges.”

    The AIIB shares similar norms and policies with other major multilateral development banks, including its environmental and social standards.

    Alongside borrowing foundational principles, the AIIB also works in close conjunction with its peers. The World Bank initially ran the AIIB’s treasury operations. The AIIB has also co-financed a high percentage of its projects with other multilateral development banks, particularly in its first years.

    In a recent sign of cooperation, in 2023, a deal between the AIIB and World Bank’s International Bank for Reconstruction and Development (IBRD) saw the AIIB issue up to $1 billion in guarantees against IBRD sovereign-backed loans. This increased the IBRD’s ability to lend more money, while diversifying the AIIB’s loan portfolio.

    As of Feb. 6, 2025, the AIIB has 306 approved projects totaling $59 billion. Energy and transportation are its two largest sectors of lending. Recently approved projects include loans to support wind power plants in Uzbekistan and Kazakhstan, and a solar plant in India. India, which has a bumpy relationship with China, is one of the bank’s largest borrowers, along with Turkey and Indonesia.

    Cooperating and competing with China

    From its birth until recently, the multilateral AIIB has repeatedly distinguished itself from China’s bilateral initiatives. Chief among those is China’s Belt and Road Initiative, an umbrella term for infrastructure lending by Chinese institutions that has been criticized for lacking transparency and accountability.

    Indeed, some Belt and Road Initiative-linked projects have faced concerns about corruption, costs and the opacity of the loan agreements.

    In the past several years, the AIIB has made more mention of synergy with Belt and Road lenders, and the bank now hosts the secretariat of a facility, the Multilateral Cooperation Center for Development Finance, that offers grants and support to developing countries seeking to finance infrastructure in countries where Belt and Road lending takes place. This may blur the line between the AIIB and lending under the Belt and Road umbrella, but it does not appear to weaken the bank’s standards.

    Concerns about the level of Chinese government influence at the AIIB are not new. Canada froze its ties with the bank in June 2023, pending a review of allegations by a Canadian staff member, who dramatically quit after accusing the bank of being dominated by members of China’s Communist Party.

    No other member nations expressed such concern, and Canada has not yet published any review. A group of AIIB executive directors oversaw an internal review that found no evidence to support the allegations.

    As the new U.S. administration formulates its policies toward China, it would do well to take into account the variation in China’s strategies in global economic governance, as a recognition of areas of cooperation, competition and conflict requires more nuanced responses. In many areas, the U.S. will both cooperate and compete with China.

    Paradoxically, any moves by the Trump administration to pull back from multilateral organizations may leave the AIIB, whether or not it is an anomaly, in a position to offer a better model of cooperation than leading multilateral development banks with a powerful U.S. role.

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

    – ref. If US attempts World Bank retreat, the China-led AIIB could be poised to step in – and provide a model of global cooperation – https://theconversation.com/if-us-attempts-world-bank-retreat-the-china-led-aiib-could-be-poised-to-step-in-and-provide-a-model-of-global-cooperation-244595

    MIL OSI – Global Reports –

  • MIL-OSI Russia: Rosneft Equips Ice Palace in Bashkiria with New Equipment

    Translartion. Region: Russians Fedetion –

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

    With the support of Bashneft (part of Rosneft), a modern ice-resurfacing machine has appeared in the Tuymazy Arena ice palace. The sports complex is equipped with new equipment within the framework of the Cooperation Agreement between Rosneft and the Republic of Bashkortostan.

    The universal ice palace “Tuymazy Arena” named after Sergey Gimayev was built with the support of “Bashneft”. Its venues host republican and interregional competitions. The total area of the complex exceeds 10 thousand square meters. In addition to the ice arena and gyms, it includes a spacious room for athletics. Every year, the arena is visited by more than 100 thousand people from different regions of Bashkortostan.

    The new ice resurfacing machine has larger water and snow tanks, which significantly increases the speed of ice surface restoration. The equipment also includes an ice washing system. The machine ensures high quality resurfacing, which meets all the requirements for holding national and international tournaments.

    Support for mass, children’s and youth sports is one of the significant areas of social work of Rosneft and its subsidiaries. Sports complexes, arenas, and multifunctional sports grounds are built in the regions of presence with the Company’s funds. Dozens of modern large sports facilities have been opened in the regions of Russia with the support of Rosneft. The company supports projects for the development and popularization of physical culture and a healthy lifestyle.

    Earlier, Bashkir oil workers also helped build modern ice palaces in the cities of Kumertau and Oktyabrsky. Developed infrastructure and high-quality equipment allow competitions of various levels to be held in the palaces all year round. Due to their equipment and accessibility, the sports grounds are popular both among athletes for holding sports camps and among city residents.

    Since 2017, Bashneft has helped build and reconstruct more than 30 major sports facilities in 16 districts of the republic. Thus, a world-class skate park appeared in the city of Dyurtyuli, and the Spartak stadium, which is the largest sports facility in the west of Bashkiria, appeared in the city of Tuymazy. In the Blagoveshchensk district, six training grounds were built and opened with the support of Bashneft in the Ufimsky Sokol sports center. More than 3 thousand children study in this center, mastering 62 sports. In the Ufa district, in the village of Bulgakovo, a modern physical education and health complex Zhemchuzhina was put into operation. This is the only sports complex in the village, where more than 6 thousand people live. In addition, 10 multifunctional sports and health complexes were built in 10 districts and cities of the republic, promoting an active lifestyle and developing sports infrastructure in the region.

    Reference:

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

    Department of Information and Advertising of PJSC NK Rosneft February 25, 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: The Nomination Committee proposes the re-election of all members of the Board of Directors of CoinShares International Limited

    Source: GlobeNewswire (MIL-OSI)

    25 February 2025 | SAINT HELIER, Jersey – the Nomination Committee of CoinShares International Limited (“CoinShares” or the “Company“) (Nasdaq Stockholm Market: CS; US OTCQX: CNSRF), a global investment firm specializing in digital assets, hereby announces the following proposals for the Annual General Meeting of shareholders on 31 May 2025, with regard to the election of the members and Chair of the Board of Directors.

    The Nominee Committee proposes the re-election of all current members of the Board. Accordingly, Daniel Masters, Jean-Marie Mognetti, Carsten Køppen, Christine Rankin, Viktor Fritzén and Johan Lundberg are proposed as members of the Board. The Nomination Committee proposes that Daniel Masters be re-elected as Chair of the Board.

    The Nomination Committee also proposes to increase the remuneration of non-executive directors from GBP 50,000 per annum, previously set in 2020, to GBP 70,000 per annum. The proposed increase in the remuneration reflects the increased responsibilities associated with the move to the regulated segment of Nasdaq Stockholm in 2022, as well as ensuring that the Company can continue to attract and retain the right candidates for the Board of Directors.

    The Nomination Committee of CoinShares International Limited consists of the following members:

    • Michael Carlton, appointed by Daniel Masters, Chair of the Nomination Committee
    • Jean-Frédéric Mognetti, appointed by Mognetti Partners Limited
    • Paul Davidson, appointed by Russell Newton
    • Johan Lundberg, representative of the Board of Directors of CoinShares International Limited 

    Information about the members of the Board of CoinShares International Limited is available on the company’s website.

    The Nomination Committee’s complete proposal will be presented in the notice of the Annual General Meeting. In connection with the issuance of the notice, the Nomination Committee’s motivated statement will also be provided on the company’s website.

    For further information, please contact:
    Johan Lundberg, Member of the Nomination Committee of CoinShares International Limited
    Tel: +46 739 88 04 22
    johan.lundberg@nftventures.com

    About CoinShares

    CoinShares is a leading global investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

    The MIL Network –

  • MIL-OSI: Bango launches world’s first all-in-one Super Bundling technology

    Source: GlobeNewswire (MIL-OSI)

    CAMBRIDGE, United Kingdom, Feb. 25, 2025 (GLOBE NEWSWIRE) — Bango (AIM: BGO) today announces the launch of the world’s first all-in-one technology for Super Bundling, allowing any business to build and launch a state-of-the art subscriptions hub.

    The new technology is part of the latest Digital Vending Machine® (DVM™) product release from Bango, which is used by leading subscriptions hubs like Verizon +play and Optus SubHub.

    The need for this technology follows rising demand from subscribers, with research from Bango showing that 35% have lost track of how much they pay for subscriptions, while 49% are annoyed they can’t manage all of their accounts and services in one place. As a result, 73% now want one single ‘hub’ for subscriptions.

    Super Bundling subscriptions hubs are increasingly used by telcos, banks and retailers to drive customer engagement, build loyalty and unlock new revenue streams, with 88% of telco leaders planning to launch a subscriptions hub.

    The new Digital Vending Machine CX provides the key functionality needed to deliver an all-in-one Super Bundling product, allowing telcos, banks, retailers and other businesses to:

    • Quickly launch a branded subscriptions hub with pre-built, responsive, templates for desktop and mobile screens
    • Connect and offer sophisticated deals with hundreds of subscription partners including leading streaming services like Netflix, Disney+, Amazon Prime and YouTube Premium
    • Analyze the performance of subscriptions, bundles and offers, tracking trends in activations and cancellations in real time

    Bango estimates that this white-label solution will save telcos and other resellers up to 18 months when developing and launching subscriptions hubs in future.

    Bundling just got easier

    The new DVM CX is one part of a wider update to the Digital Vending Machine®, designed to make all forms of subscription bundling easier for any content provider or reseller, from end to end.

    Key features of the new end-to-end update include:

    • Offer management including plan lifecycle: Effortlessly create and manage simple to complex subscription bundles with flexible pricing, discounts, and phased plans. Our powerful tools cut setup time from days to minutes, ensuring agility in launching and optimizing offers.
    • Migration engine: Migrate existing, live consumer subscriptions onto a Super Bundling hub with no loss of service.
    • Offer orchestration: Seamless, automated workflows that instantly activate subscriptions when customers select an offer. No delays, no friction – just fast, effortless onboarding.
    • Smart top ups: Purpose built to support Top Up business models for offers, providing hassle-free subscription top-ups and renewals without interrupting the subscriber’s service
    • Partner discovery: Explore and connect with over 100+ subscription services in the DVM ecosystem.

    This update is designed to break the current gridlock which is slowing down the creation and launch of subscription bundles and preventing many businesses from entering the market.

    As Paul Larbey, CEO at Bango explains: “For a growing number of subscribers, subscriptions are no longer experienced as a series of one-by-one direct purchases. Subscribers now want to combine services, create bespoke deals, renew on their own terms, and pay through a single, consolidated, transparent bill. This enhanced DVM enables many more businesses to provide this all-in-one experience, giving subscribers the flexibility and control they demand.

    “As telcos, retailers and banks start to offer these sophisticated subscription bundles, the DVM removes the roadblocks. By eliminating complex set-up and protracted launch schedules through more powerful technology, we’ve streamlined the entire process from end-to-end, while providing access to an ecosystem of over 100 subscription providers. The new configurable DVM CX is the final piece of this puzzle, opening up all-in-one Super Bundling to the market at large.”

    Find out more about Bango’s Digital Vending Machine®, the latest update and the new DVM CX here.

    About Bango
    Bango enables content providers to reach more paying customers through global partnerships. Bango revolutionized the monetization of digital content and services, by opening-up online payments to mobile phone users worldwide. Today, the Digital Vending Machine® is driving the rapid growth of the subscriptions economy, powering choice and control for subscribers.

    The world’s largest content providers, including Amazon, Google and Microsoft, trust Bango technology to reach subscribers everywhere.

    Bango, where people subscribe. For more information, visit www.bango.com.

    Media contact:
    Anil Malhotra, CMO, Bango
    anil@bango.com
    Tel: +44 7710 480 377

    The MIL Network –

  • MIL-OSI: New KnowBe4 Report Reveals the Hidden Power of Information Sharing in Shaping an Organization’s Security Culture

    Source: GlobeNewswire (MIL-OSI)

    TAMPA BAY, FL, Feb. 25, 2025 (GLOBE NEWSWIRE) — KnowBe4, the world-renowned cybersecurity platform that comprehensively addresses human risk management, today announced the release of research report “Cybersecurity Information Sharing as an Element of Sustainable Security Culture”, authored by by Dr. Marin J. Kraemer, Security Awareness Advocate at KnowBe4, and Dr. William Seymour, Lecturer in Cybersecurity at King’s College London. The report examines how people consume and share cybersecurity information, revealing the role that workplace training plays in fostering information sharing among colleagues.

    Many employees already engage with cyber-related information in their personal lives, and when they proactively share it, it reflects a mature security mindset. A well-established security culture encourages good habits, mutual support, and a clear awareness of risks. By examining how cybersecurity news spreads, organizations can gain valuable insights to strengthen defenses and minimize human risk.

    The report found that, on average, 57% of people surveyed received cybersecurity-related training, with 73% in the UK, 60% in the U.S., 55% in Germany and only 38% in France. Workplace training influenced information sharing, as 24% of those trained went on to share insights with colleagues and were more likely to remember phishing-related content.

    Other key findings:

    • 95% of people have read or watched cybersecurity content at least once.
    • 77% have had cybersecurity information shared with them and 25% have actively shared cybersecurity information with others.
    • 22% of employees find cybersecurity information from websites and 21% find it from employers.
    • Generally, employers were an important source of cybersecurity information across all age groups, whereas social media was an important channel for the 18-29 year age group.

    “Employees care about cybersecurity—and organizations should, too,” said Kraemer. “Successful security awareness programs recognize that engaged employees are more likely to share important insights with their colleagues, strengthening the workplace security culture. By delivering high-quality, relevant content and making it easy to share, organizations can empower their workforce to make informed decisions, reduce risks, and create a security-first mindset that extends beyond the office.”

    Ultimately, ‘the more you care, the more you (want to) share’. When employees are properly engaged with cyber risks, the more likely they are to openly communicate with others about this topic and create a stronger security culture in the workplace. Understanding how employees consume and share cybersecurity news is essential for building a stronger security culture.

    The full report, “Cybersecurity Information Sharing as an Element of Sustainable Security Culture”, is available to download here.

    About KnowBe4

    KnowBe4 empowers workforces to make smarter security decisions every day. Trusted by over 70,000 organizations worldwide, KnowBe4 helps to strengthen security culture and manage human risk. KnowBe4 offers a comprehensive AI-driven ‘best-of-suite’ platform for Human Risk Management, creating an adaptive defense layer that fortifies user behavior against the latest cybersecurity threats. The HRM+ platform includes modules for awareness & compliance training, cloud email security, real-time coaching, crowdsourced anti-phishing, AI Defense Agents, and more. As the only global security platform of its kind, KnowBe4 utilizes personalized and relevant cybersecurity protection content, tools and techniques to mobilize workforces to transform from the largest attack surface to an organization’s biggest asset.

    The MIL Network –

  • MIL-OSI United Kingdom: New Infrastructure Minister has fallen at the first hurdle – Green Party

    Source: The Green Party in Northern Ireland

    New Infrastructure Minister has fallen at the first hurdle – Green Party
    Green Party Leader Mal O’Hara said, “Sinn Fein continue to lack ambition on public transport regardless of who they swap into or out of the Ministerial seat. While the Glider expansion is welcome, it was very clear that the public appetite for extending the service to Glengormley was there. That the Minister cites “congestion” in Glengormley centre as a key reason not to expand the Glider shows just how poorly this executive understands transport. Frequent, reliable and cheap public transport reduces congestion.”
    Cllr Aine Groogan said, “This is a short-sighted decision by the Minister for Infrastructure. I’m incredibly frustrated that there is no plan to extend the new glider route to Carryduff, it shows that there continues to be no vision or appetite for transformation amidst the NI Executive. We need extensive investment in our public transport system to make up for the years of chronic underfunding. What isn’t economically viable is Stormont’s failure to grasp that we are in a climate emergency & a public health crisis from air pollution, its nonsensical not to include what is in reality a modest extension to the scheme.”
    ENDS 
    Press enquiries – Mal O’Hara on 07540790663 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Health trainers launch three weekly drop-ins across city

    Source: City of York

    Health trainer Emma Scaling is pictured at the drop-in at Tang Hall Explore library

    Published Tuesday, 25 February 2025

    City of York Council’s Health Trainer team have launched new weekly drop-ins at three Explore libraries across the city.

    They are offering help and advice for anyone wanting to stop smoking, lose weight, lower their drinking or get more active.

    The team already provide residents with programmes of one-to-one confidential support, as well as working with groups in the community, providing training and attending events. Residents can self-refer for the service at www.york.gov.uk/CYCHealthTrainers or by phoning 01904 553377.

    Now they hope the weekly face-to-face drop-ins at Explore libraries will enable people to find out more about the service at easy-to-reach locations:

    • York Explore: Mondays 9.30am-12pm
    • Acomb Explore Library Café: Thursdays 9.30am-12.30pm
    • Tang Hall Explore: Thursdays 9.30am-12pm

    Visitors to the drop-ins can find out York’s Swap2Stop offer and smokers can try a simple breath test to find out how much carbon monoxide is in their blood.

    The Swap2Stop offer provides York residents aged over 18 with either:

    • a free, four-week vape starter kit that will be posted out to them
    • or a 10-week programme of one-to-one support with free vapes or nicotine replacement products

    Recent figures showed the team were providing the most effective stop smoking service in the country, with 82 per cent of people who set a quit date with the service having successfully stopped smoking four weeks after that date.

    Since the Swap2Stop offer was launched, aimed at encouraging smokers to make the switch from smoking to vaping to improve their health, referrals to the service have more than doubled.

    Glyn Newberry, Health Trainer Service Manager, at City of York Council, said:

    “Anyone interested in finding out more about our service or who needs general advice about improving their health can now drop in and speak to one of our friendly and experienced health trainers in an informal setting.

    “Hundreds of clients across the city have already benefited from the service we provide and we want to reach even more people to help them live healthier lives. Come and find out about our Swap2Stop offer and all the other ways in which we can support you – for free!”

    Jenny Layfield, Chief Executive of York Libraries and Archives, said:

    “We’re delighted to be working in partnership with the Health Trainer team. We hope that by offering these drop-ins in our busy and welcoming spaces, even more York residents will take advantage of this supportive and valuable free service.”

    Residents can find out more at www.york.gov.uk/CYCHealthTrainers or by phoning 01904 553377.

    Find more on the Swap2Stop offer at: www.york.gov.uk/swap2stop.

    MIL OSI United Kingdom –

  • MIL-OSI China: China opposes EU listing Chinese firms, individuals in Russia sanctions package

    Source: China State Council Information Office

    China’s commerce ministry said on Tuesday that the European Union (EU) decision to include several Chinese firms and individuals in its 16th package of sanctions against Russia would have a negative impact on bilateral trade ties.

    The EU’s move was contrary to the consensus reached between leaders of both sides, said a spokesperson with the ministry, who urged the EU to stop listing Chinese companies and individuals and cease smearing and shifting blame to China.

    China always opposes unilateral sanctions that have no basis in international law and are not authorized by the United Nations Security Council, the spokesperson added.

    China steadfastly believes that dialogue and negotiations are the only viable ways to resolve the Ukraine crisis, and always supports peace talks, the spokesperson stated, while also noting that China will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises. 

    MIL OSI China News –

  • MIL-OSI Europe: Federal President Karin Keller-Sutter to attend G20 Finance Ministers Meeting in Cape Town

    Source: Switzerland – Department of Finance

    On 26 and 27 February 2025, Federal President Karin Keller-Sutter, accompanied by SNB Chairman Martin Schlegel, will attend the first meeting of G20 finance ministers and central bank governors under the South African presidency. Switzerland will emphasise the importance of sustainable debt for international stability and advocate a level playing field for all countries with respect to the taxation of multinational enterprises.

    MIL OSI Europe News –

  • MIL-OSI Europe: Happy 30th birthday, Europa website!

    Source: European Union 2

    We’re celebrating here: on 25 February, our very own Europa website is turning 30. What started as a website small enough to fit on a CD-Rom is now a web domain that includes 800 websites, attracting around 300 million visitors a year. Throughout the last 30 years, the Europa website has remained true to its original mission: to bring the European Union closer to citizens and communicate what the EU does for them. 

    The European Commission launched the Europa website in 1995, just in time for a G7 conference that took place at the time. During that event, Klaus Hänsch, then President of the European Parliament, said: “Access to information on information must be available to all” – something which still rings true today. In this era of disinformation, people, of course, want reliable information from sources they can trust, and that is what the Europa domain stands for. 

    The original Europa website was operated by the Commission and published in three languages. With email not yet widely available, the website team used to receive information via fax from different services and retype it manually before publishing on the website. The site’s come a long a way since then. Content has multiplied, other EU institutions have got on board, and technology has continued to advance. Europa now publishes information in 24 languages and certain other non-EU languages, like Ukrainian, Chinese and Arabic.  

    We have archives that include video footage and photos of Europa, some of which mark big moments in our history. They are stored on the EU’s Audiovisual Service, which along with us, is also celebrating an anniversary of its own. We send them our best wishes!  

    For more information 

    From the archives: see the first Europa website  

    From the archives: see former versions of Europa 

    From the archives: press release announcing Europa’s launch  

    MIL OSI Europe News –

  • MIL-OSI Russia: Bank accounts will be “gutted” – Central Bank warns of dangerous virus

    Translartion. Region: Russians Fedetion –

    Sours: Mainfin Bank –

    How does the new scheme for stealing funds from Russians’ accounts work?

    The fraudulent scheme involves a program like SpyNote, which is disguised as harmless applications – the victim may not realize that the smartphone is infected. The theft scheme is carried out in stages:

    First, the victim installs an application on the phone, not realizing the danger – the spy can pretend to be, for example, a game. Fraudsters remotely monitor the smartphone screen – they see the passwords entered, SMS codes, incoming calls. After some time, the attackers open an online bank and empty the accounts, withdrawing all the money. In the same way, fraudsters can gain access to other services, including sending messages to friends asking for a transfer of funds.

    “The applications of individual banks are protected from such a virus, but not all financial institutions have protection, which puts clients in a vulnerable position,” the Central Bank of the Russian Federation noted.

    In addition, the installation of a virus program can be carried out even without the participation of the smartphone owner – recently the Ministry of Internal Affairs warned Russians about the dangers of the WhatsApp messenger: the victim only needs to follow the link for the device to be infected.

    What should you remember to protect yourself from fraud?

    Security experts are once again calling on Russians to remain vigilant in order to protect their savings from fraudsters. The main rules of protection include:

    ban on installing applications from dubious sources; refusal to communicate passwords, SMS codes and personal data to third parties; connecting a mobile bank – information about transactions will be received immediately; excluding third-party access to the smartphone; timely updating of the phone number in case of replacement in the service bank.

    Fraudsters often call potential victims, inventing various legends: renewal of the compulsory medical insurance policy, recalculation of work experience, financing of the Armed Forces of Ukraine, extension of the contract with the telecom operator, etc. When receiving such a call, it is recommended to refuse communication by hanging up.

    14:45 02.25.2025

    Source:

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //Mainfin.ru/novosti/ Bankovsky-account-Blazut-Prohrosien-CB-Buscal-Ob-O-hazard-Virus

    MIL OSI Russia News –

  • MIL-OSI Russia: Targeted training is a confident step into the profession

    Translartion. Region: Russians Fedetion –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering –

    Every year, thousands of applicants face the choice of what profession to choose. One of the options to take a confident step into the profession is targeted training.

    What is Targeted Learning

    The applicant enters into an agreement with the customer – a federal ministry, department, regional authority, state or municipal institution, enterprise with a state share, private company, individual entrepreneur. Except for the last two cases, the applicant will enter the university not on a general basis, but through a separate competition (target quota). An agreement for training outside the target quota can also be concluded with state institutions throughout the entire period of study.

    The graduate undertakes to work in the customer’s company for three to five years after receiving his diploma.

    If a student is admitted under a quota, then his/her tuition is paid for by the federal budget. The customer pays for the scholarship and other support measures at his/her discretion. If a student is admitted without a quota, then tuition may be paid for by the customer.

    Benefits of Targeted Training

    Targeted training provides the opportunity to study for free. After completing the training, the graduate is guaranteed a job. The contract may specify the possibility, by mutual agreement of the parties, to transfer to another branch of the same company or to another organization subordinate to the same government agency.

    How to apply for targeted training

    Those wishing to enroll in targeted training should study the offers on the Work in Russia platform. Then you need to submit an application for a targeted training agreement. This can be done either through the Work in Russia platform, or through the government services portal, or directly at the educational institution (in person, by mail).

    The conclusion of an agreement on targeted training occurs after enrollment, but before September 1.

    The contract may be concluded between the customer and the citizen, between the customer, the citizen, the employer, the educational organization, or between the customer, the citizen and the employer.

    Regulatory legal acts governing targeted training: Federal Law of 29.12.2012 No. 273-FZ “On Education in the Russian Federation”; Resolution of the Government of the Russian Federation of April 27, 2024 No. 555 “On targeted training in educational programs of secondary vocational and higher education”.

    Targeted training at SPbGASU

    Olga Tatarinova

    The Admissions Committee is responsible for organizing and conducting admissions within the target quota at our university. Olga Tatarinova, Deputy Secretary of the Admissions Committee, reported that in 2024, the ranks of students were replenished with more than 45 target students.

    “If an employer is ready to sign one contract, but several people responded, the university holds a competition and enrolls the strongest. In this case, the target individual achievements of the applicant who took part in the company’s events are taken into account.”

    Olga Afanasyevna informed that if someone does not find a job after completing their studies, they pay a fine to the Ministry of Science and Higher Education of the Russian Federation in the amount of the costs incurred by the state for their training, and also return the amount spent by the employer on paying a scholarship and social support measures. If a company refuses to hire a graduate, it pays a fine in the same amount and compensation in an amount equal to three times the average monthly accrued salary in the subject of the Russian Federation, in the territory of which the citizen must be employed in accordance with the contract for targeted training.

    The conclusion of contracts for targeted training with students who are already studying at SPbGASU is coordinated by the Center for Student Entrepreneurship and Career.

    Ekaterina Abolina

    Ekaterina Abolina, director of the student entrepreneurship and career center, said that currently there are more than 130 target students studying at the university. For the successful implementation of target training, the interaction of the company and the student plays a huge role. Ekaterina Arvidovna especially noted the Titan-2 company, which actively works with its target students, maintains contact with them and immerses them in the profession. Last semester, the company organized an off-site meeting, where students visited a construction site, a workshop, a history museum, and also took part in educational programs.

    “Targeted training is a good tool for both the student and the employer. The student has the opportunity to be closer to the industry, receive support from the company and be confident in his professional future. The employer, through practice and the topic of the final qualifying work, can influence the content of the training and, upon graduation, receive an employee who is already familiar with the company and involved in its activities, thereby reducing the time for the adaptation of a young specialist.”

    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: Filling the gap: New DASA Market Exploration seeks novel Non-Compressible Haemorrhage technologies

    Source: United Kingdom – Executive Government & Departments

    News story

    Filling the gap: New DASA Market Exploration seeks novel Non-Compressible Haemorrhage technologies

    New and innovative technologies for controlling Non-Compressible Haemorrhages are being sought by Research and Clinical Innovation (RCI) Research, Surgeon General’s Department

    • DASA has launched a new Market Exploration called ‘Non-Compressible Haemorrhage – Novel Technologies’
    • This Market Exploration is being run on behalf of Research and Clinical Innovation (RCI) Research, Surgeon General’s Department
    • The deadline for submissions is midday (BST) on 15 April 2025

    The Defence and Security Accelerator (DASA) is pleased to launch a new Market Exploration around Non-Compressible Haemorrhage (NCH) to understand who is doing work in this area and to uncover novel solutions for treating NCH at a combat casualty scene. Run on behalf of Research and Clinical Innovation (RCI) Research, Surgeon General’s Department, this Market Exploration is seeking to identify existing technologies from Technology Readiness Level (TRL) 3 and above. This will allow a better understanding of the current market capability to inform future medical research, treatment and development.

    Non-Compressible Haemorrhage refers to bleeding from anatomical structures that cannot be controlled, or only partially controlled, with application of external pressure, undertaken through an overlying tourniquet or direct manual pressure. Such bleeding is the chief cause of otherwise preventable battlefield death. NCH is highly lethal with a mortality rate of 85%

    Do you work in this area? Could your innovation be used in a novel way? Read the full Market Exploration document and submit a proposal.

    What technologies is this Market Exploration seeking?

    The RCI Research, Surgeon General’s Department is seeking options of treating NCH at the emergency scene that can be used by non-medical professionals in austere settings close to point of injury.

    In particular, the exploration should focus on medical device technologies that can target or triage the source of haemorrhage in the pre-hospital environment, from bodily cavity through to exact organ or vessel. Refinements of current medical devices, transfusion of blood or other infusion fluids, and pharmacologic means of haemostasis or haemorrhage control will be out-of-scope for this exploration.  

    Ideally, the proposed solution should be portable, simple to use and go well beyond the current limits of Resuscitative Endovascular Balloon Occlusion of the Aorta (REBOA), Abdominal Tourniquet, or expanding foam. For instance, it could be applicable to haemorrhage within the thoracic cavity or the retroperitoneal areas of the abdomen. However, it should not compromise other aspects of care and follow-on surgery or require excessive resource to control, apply or remove.

    Submit a proposal

    Do you have an innovation that matches the requirements? Read the full Market Exploration document to learn more and submit a proposal.

    Updates to this page

    Published 25 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: UK Statement on response to the situation in Eastern DRC

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK Statement on response to the situation in Eastern DRC

    The UK has issued a statement in response to the situation in Eastern DRC.

    A UK Government spokesperson said:

    “The UK is deeply concerned by the situation in eastern DRC. The Foreign Secretary met with President Tshisekedi in Kinshasa and President Kagame in Kigali on 21 and 22 February.

    “In his meetings, he was clear that there can be no military solution to the conflict. There must be an immediate cessation of hostilities. The recent offensives by M23 and the Rwanda Defence Force (RDF), including the capture of Goma and Bukavu, are an unacceptable violation of DRC’s sovereignty and territorial integrity, and a breach of the UN Charter.

    “The Foreign Secretary urged both leaders to engage meaningfully and in good faith with African led peace processes to find a lasting political solution. They must honour all commitments made at the Joint EAC-SADC Summit on 8 February. The UK will continue to discuss with African and other partners what more it can do to support these efforts.

    “The humanitarian situation in eastern DRC is critical. Close to a million people have been recently displaced in eastern DRC and hundreds of thousands are in desperate need of lifesaving support. There is a responsibility on all parties to protect the people of eastern DRC who have suffered so much in this conflict.

    “The Foreign Secretary has been clear that there would be a strong response from the international community in response to the escalating conflict. In recent weeks, the UK has coordinated closely with international partners, including those from the G7 and the International Contact Group on the Great Lakes, on that response. We have also used every appropriate opportunity at the United Nations Security Council and the Human Rights Council to call for a resolution to the conflict in Eastern DRC.

    “During the Foreign Secretary’s visit, he announced an additional package of £14.6 million of humanitarian support to help those in Eastern DRC who are suffering most.

    “The UK calls for an immediate cessation of hostilities, humanitarian access, respect for international humanitarian law, meaningful engagement with African-led peace processes, and the withdrawal of all Rwanda Defence Forces from Congolese territory.

    “Until significant progress is made, the UK will take the following measures:

    1. Cease high-level attendance at events hosted by the Government of Rwanda.

    2. Limit trade promotion activity with Rwanda.

    3. Pause direct bilateral financial aid to the Government of Rwanda, excluding support to the poorest and most vulnerable.

    4. Coordinate with partners on potential new sanctions designations.

    5. Suspend future defence training assistance to Rwanda.

    6. Review export licences for the Rwanda Defence Force.

    “Rwanda may have security concerns but it is unacceptable to resolve these militarily. There can only be a political solution to this conflict. We encourage DRC to engage with M23 as part of an inclusive dialogue.

    “We will continue to keep our policy under review.”

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 25 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Dmitry Chernyshenko: The National Cyber-Physical Platform “Berloga” Needs to Be Scaled to All Subjects of the Country

    Translartion. Region: Russians Fedetion –

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

    Dmitry Chernyshenko greeted the participants of the II All-Russian Conference of the National Cyber-Physical Platform “Berloga”

    February 25, 2025

    Dmitry Chernyshenko greeted the participants of the II All-Russian Conference of the National Cyber-Physical Platform “Berloga”

    February 25, 2025

    Dmitry Chernyshenko greeted the participants of the II All-Russian Conference of the National Cyber-Physical Platform “Berloga”

    February 25, 2025

    Dmitry Chernyshenko greeted the participants of the II All-Russian Conference of the National Cyber-Physical Platform “Berloga”

    February 25, 2025

    Previous news Next news

    Dmitry Chernyshenko greeted the participants of the II All-Russian Conference of the National Cyber-Physical Platform “Berloga”

    Deputy Prime Minister Dmitry Chernyshenko welcomed the participants of the II All-Russian Conference of the National Cyber-Physical Platform “Berloga”. The conference was held at the site of the Agency for Strategic Initiatives (ASI) with online participation of representatives of 86 subjects of the Russian Federation.

    “President Vladimir Putin supported this large-scale project. “Berloga” involves the younger generation in the sphere of technology through games. The Republic of Bashkortostan became a pioneer in the implementation of the cyber-physical platform. There, educational institutions and technology companies joined “Berloga”. This allowed us to take the technological education of schoolchildren to a new level. And also to use games as a powerful tool for involving young people in themes that are priority for the region. This experience was picked up by other regions,” said Dmitry Chernyshenko.

    He also noted that the project’s geography already covers 21 regions and the Berloga team, together with local representatives, is actively developing regional “road maps” that include creating new useful games, opening a network of clubs, launching educational programs and training teachers. According to him, this work is being carried out especially actively in Novosibirsk Oblast, the Republic of Sakha (Yakutia), the Khanty-Mansiysk Autonomous Okrug – Yugra, Kamchatka and St. Petersburg.

    “We see that the project is gaining more and more popularity. Users have already downloaded the Berlogi games more than 320 thousand times. But our plans are even more ambitious. It is necessary to scale the project to other regions of the country,” the Deputy Prime Minister emphasized.

    ASI General Director Svetlana Chupsheva reported that in a year and a half, four flagship free video games dedicated to the development directions of Russia’s technological sovereignty have been released on the Berloga platform. New formats are being developed – the Workshop of Cyberphysical Innovations, tournaments of young cyberphysicists, etc. Russian indie developers have also joined in the creation of useful games, having already released 14 mini-games on the platform.

    “For the first time the idea of creating”Dens” was presented to the President of the Russian Federation at the forum “Strong Ideas for a New Time” in 2023 as a tool for involving schoolchildren in new technologies and programming through mobile games. This is an excellent example of how, together with our colleagues from the NTI Circle Movement, with the enormous support of the Government of the Republic of Bashkortostan, the NTI Platform and University 2035, we were able to grow an entire ecosystem from an idea. Now the key task for the regions is to create infrastructure and opportunities for schoolchildren to try to join the project for the first time. At the same time, young people can try themselves not only as programmers, but also choose the role of a designer or analyst. The project expands the range of opportunities for the manifestation of children’s talents,” noted Svetlana Chupsheva.

    The National Cyber-Physical Platform “Berloga” is being implemented by a team of ASI, the National Technology Initiative (NTI) Platform, the NTI Circle Movement and University 2035 with the support of the Government of the Russian Federation; the Republic of Bashkortostan acted as the pilot region for the project launch.

    Prime Minister of Bashkortostan Andrey Nazarov noted that the republic pays special attention to engineering and information technology. It is actively developing them within the framework of additional education, which covers more than half a million children and adolescents. Schoolchildren of Bashkortostan choose information technology, unmanned aircraft systems and robotics. Since 2023, a network of 100 Berlogi technology clubs and 20 support sites in different districts has been developing in Bashkortostan – in them, schoolchildren undergo educational programs in cyberphysics, programming, robotics, electronics, UAS, etc. The Cyberphysical Innovation Workshop in Ufa has opened laboratories and youth design bureaus, which are becoming a point of attraction for schoolchildren, students, representatives of the technology business, young scientists and developers of the region.

    “Thanks to the assistance of the Agency for Strategic Initiatives, Bashkortostan has become a pilot region for the implementation of the National Cyber-Physical Platform “Berloga” project. Over two years, more than 6.5 thousand schoolchildren have been involved in the project. We opened a Cyber-Physical Innovation Workshop at the Ufa Interuniversity Student Campus. It has become the all-Russian methodological coordination center of the National Cyber-Physical Platform “Berloga”. In addition, we help other regions create such workshops in their own regions, including in Crimea, the Donetsk People’s Republic and Altai,” said Andrey Nazarov.

    According to Gennady Bukaev, Vice President of PJSC NK Rosneft and General Director of JSC Rosneftegaz, following the example of the Republic of Bashkortostan, all Russian regions can build a new system of technological education based on the Berloga NKFP, promote priority areas of development through game formats popular with young people, and introduce their cultural and historical features.

    “The project team is currently working on launching a new direction of game development. These games will simultaneously immerse children in the study of school subjects – including physics, chemistry – and introduce them to real professions, give them the opportunity to try themselves in one role or another, in solving a real production problem. Such games can become a tool for long-term career guidance and the formation of a personnel reserve for specific tasks – for the needs of regions in partnership with technology companies that are interested in working with young people, in the fight for talent,” emphasized Gennady Bukayev. “I urge representatives of regional teams and enterprises to use this opportunity at the start and become flagships of the new direction.”

    As noted by the Vice-Rector of the National Research University Higher School of Economics, the leader of the NTI Circle Movement Dmitry Zemtsov, the Berloga project began with one game teaching schoolchildren the basics of programming. Now the platform has already released two dozen useful games, including those from young indie teams – schoolchildren and students, finalists of the National Technology Olympiad and the All-Russian Developers Competition, which was held jointly with VK Play.

    “The National Cyber-Physical Platform “Berloga” today is an entire ecosystem that involves young people in the field of technology, it includes useful games – with training in programming, engineering, UAV piloting, chemistry – as well as phygital formats, clubs, educational programs and technological solutions. The setting of “Berloga” is best suited for talking to the younger generation about the future of technology, our country and the whole world. At the same time, the world of “Berloga” is constantly evolving, enriched thanks to new games and the All-Russian Science Fiction Competition, which we launched together with ASI this year,” added Dmitry Zemtsov.

    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-Evening Report: Barred European Union politician brands Israel as ‘a rogue state’

    Israel has now banned another European Union parliamentarian from entering the country, reports Al Jazeera.

    The government gave no reasons why Lynn Boylan, who chairs the European Parliament EU-Palestine delegation, was denied entry.

    “This utter contempt from Israel is the result of the international community failing to hold them to account,” Boylan, an Irish MP in Brussels, said in a statement.

    “Israel is a rogue state, and this disgraceful move shows the level of utter disregard that they have for international law.

    “Europe must now hold Israel to account.”

    Boylan said she had planned to meet with Palestinian Authority officials, representatives of civil society organisations, and people living under Israeli occupation.

    She is a member of the Sinn Fein party in Ireland, which has been among the most vocal countries in criticising the Israeli government over its treatment of Palestinians.

    France’s Hassan also refused
    Earlier, EU lawmaker Rima Hassan was also refused entry at Ben-Gurion airport and ordered to return to Europe.

    “Hassan, who is expected to land from Brussels in the coming hour, consistently works to promote boycotts against Israel in addition to numerous public statements both on social media and in media interviews,” said Israeli Interior Minister Moshe Arbel’s office.

    Hassan is a French national of Palestinian origin known for her support of the Palestinian cause and for speaking out against Israel’s war on Gaza.

    Kaja Kallas, the EU foreign policy chief, outlined a range of worries about the situation in war-battered Gaza and the occupied West Bank.

    “We have constantly called on all parties, including Israel, to respect international humanitarian law,” she said, adding that Europe “cannot hide our concern when it comes to the West Bank”.

    ICC raps Merz over warrants
    Meanwhile, the International Criminal Court (ICC) has declared that states cannot unilaterally “determine soundness” of its rulings

    Earlier, it was reported that Germany’s election winner Friedrich Merz was saying he planned to invite Israeli Prime Minister Benjamin Netanyahu to visit the country — despite an ICC war crimes warrant issued for his arrest, which Merz claimed did not apply.

    The ICC responded by saying states had a legal obligation to enforce its decisions, and any concerns they may have should be addressed with the court in a timely and efficient manner.

    “It is not for states to unilaterally determine the soundness of the court’s legal decisions,” said the ICC in a statement.

    Israel rejects the jurisdiction of the court and denies war crimes were committed during its devastating war on Gaza.

    Germans feel a special responsibility towards Israel because of the legacy of the Holocaust, and Merz has made clear he is a strong ally. But Germany also has a strong tradition of support for international justice for war crimes.

    Amnesty slams ‘shameful silence’
     Amnesty International and 162 other civil society organisations and trade unions have signed a joint letter calling on the EU to ban trade and business with Israel’s settlements in occupied Palestinian territory.

    “Despite EU consensus about the settlements’ illegality and their link to serious abuses, the EU continues to trade and allow business with them,” the letter said.

    This contributes to “the serious and systemic human rights and other international law abuses underpinning the settlement enterprise”, it added.

    The International Court of Justice (ICJ) in July issued a landmark advisory opinion affirming that states must not recognise, aid or assist the unlawful situation arising from Israel’s occupation of Palestinian territory.

    Article by AsiaPacificReport.nz

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: Reliability and safety: more than 170 gas control points have been modernized in Moscow over 15 years

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    Over 15 years, specialists from the municipal services complex have modernized over 170 municipal gas regulating stations. This was reported by the Deputy Mayor of Moscow for Housing and Public Utilities and Improvement Petr Biryukov.

    “Gas pressure control points are responsible for reducing gas pressure to certain parameters and maintaining its values within specified limits, ensure its purification from mechanical impurities and consumption accounting. Over 170 such facilities have been modernized in the capital over 15 years, which has made it possible to ensure high-quality gas supply to consumers and reduce network wear,” noted Petr Biryukov.

    The specialists updated the supply gas pipelines, gas distribution and gas consumption networks. The work was carried out in a short time without disconnecting consumers.

    The upgrade included replacing outdated equipment with new cabinet-type gas control units. They are manufactured from Russian components at the capital’s own gasworks. They are reliable and create less noise during operation, which meets all safety requirements.

    All capital gas control points are necessarily equipped with an automated system for measuring and monitoring process parameters. Thanks to this, their work can be monitored in real time from the central control room of JSC Mosgaz.

    The projects implemented in the capital to modernize and improve the reliability of public utilities infrastructure correspond to the goals and objectives of the national project “Infrastructure for life”.

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/150561073/

    MIL OSI Russia News –

  • MIL-OSI USA: NASA: New Study on Why Mars is Red Supports Potentially Habitable Past

    Source: NASA

    A new international study partially funded by NASA on how Mars got its iconic red color adds to evidence that Mars had a cool but wet and potentially habitable climate in its ancient past.

    The current atmosphere of Mars is too cold and thin to support liquid water, an essential ingredient for life, on its surface for lengthy periods. However, various NASA and international missions have found evidence that water was abundant on the Martian surface billions of years ago during a more clement era, such as features that resemble dried-up rivers and lakes, and minerals that only form in the presence of liquid water.
    Adding to this evidence, results from a study published February 25 in the journal Nature Communications suggest that the water-rich iron mineral ferrihydrite may be the main culprit behind Mars’ reddish dust. Martian dust is known to be a hodgepodge of different minerals, including iron oxides, and this new study suggests one of those iron oxides, ferrihydrite, is the reason for the planet’s color.
    The finding offers a tantalizing clue to Mars’ wetter and potentially more habitable past because ferrihydrite forms in the presence of cool water, and at lower temperatures than other previously considered minerals, like hematite. This suggests that Mars may have had an environment capable of sustaining liquid water before it transitioned from a wet to a dry environment billions of years ago.
    “The fundamental question of why Mars is red has been considered for hundreds if not for thousands of years,” said lead author Adam Valantinas, a postdoctoral fellow at Brown University, Providence, Rhode Island, who started the work as a Ph.D. student at the University of Bern, Switzerland. “From our analysis, we believe ferrihydrite is everywhere in the dust and also probably in the rock formations, as well. We’re not the first to consider ferrihydrite as the reason for why Mars is red, but we can now better test this using observational data and novel laboratory methods to essentially make a Martian dust in the lab.”

    “These new findings point to a potentially habitable past for Mars and highlight the value of coordinated research between NASA and its international partners when exploring fundamental questions about our solar system and the future of space exploration,” said Geronimo Villanueva, the Associate Director for Strategic Science of the Solar System Exploration Division at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, and co-author of this study.
    The researchers analyzed data from multiple Mars missions, combining orbital observations from instruments on NASA’s Mars Reconnaissance Orbiter, ESA’s (the European Space Agency) Mars Express and Trace Gas Orbiter with ground-level measurements from NASA rovers like Curiosity, Pathfinder, and Opportunity. Instruments on the orbiters and rovers provided detailed spectral data of the planet’s dusty surface. These findings were then compared to laboratory experiments, where the team tested how light interacts with ferrihydrite particles and other minerals under simulated Martian conditions.
    “What we want to understand is the ancient Martian climate, the chemical processes on Mars — not only ancient — but also present,” said Valantinas. “Then there’s the habitability question: Was there ever life? To understand that, you need to understand the conditions that were present during the time of this mineral’s formation. What we know from this study is the evidence points to ferrihydrite forming and for that to happen there must have been conditions where oxygen from air or other sources and water can react with iron. Those conditions were very different from today’s dry, cold environment. As Martian winds spread this dust everywhere, it created the planet’s iconic red appearance.”
    Whether the team’s proposed formation model is correct could be definitively tested after samples from Mars are delivered to Earth for analysis.
    “The study really is a door-opening opportunity,” said Jack Mustard of Brown University, a senior author on the study. “It gives us a better chance to apply principles of mineral formation and conditions to tap back in time. What’s even more important though is the return of the samples from Mars that are being collected right now by the Perseverance rover. When we get those back, we can actually check and see if this is right.”
    Part of the spectral measurements were performed at NASA’s Reflectance Experiment Laboratory (RELAB) at Brown University. RELAB is supported by NASA’s Planetary Science Enabling Facilities program, part of the Planetary Science Division of NASA’s Science Mission Directorate at NASA Headquarters in Washington.
    By William Steigerwald
    NASA Goddard Space Flight Center, Greenbelt, Maryland

    MIL OSI USA News –

  • MIL-OSI USA: NASA to Provide Coverage of Progress 91 Launch, Space Station Docking

    Source: NASA

    NASA will provide live launch and docking coverage of a Roscosmos cargo spacecraft delivering approximately three tons of food, fuel, and supplies for the crew aboard the International Space Station.
    The unpiloted Roscosmos Progress 91 spacecraft is scheduled to launch at 4:24 p.m. EST, Thursday, Feb. 27 (2:24 a.m. Baikonur time, Friday, Feb. 28), on a Soyuz rocket from the Baikonur Cosmodrome in Kazakhstan.
    Live launch coverage will begin at 4 p.m. on NASA+. Learn how to watch NASA content through a variety of platforms, including social media.
    After a two-day in-orbit journey to the station, the spacecraft will dock autonomously to the aft port of the Zvezda service module at 6:03 p.m. Saturday, March 1. NASA’s rendezvous and docking coverage will begin at 5:15 p.m. on NASA+.
    The Progress 91 spacecraft will remain docked to the space station for approximately six months before departing for re-entry into Earth’s atmosphere to dispose of trash loaded by the crew.
    The International Space Station is a convergence of science, technology, and human innovation that enables research not possible on Earth. For more than 24 years, NASA has supported a continuous U.S. human presence aboard the orbiting laboratory, through which astronauts have learned to live and work in space for extended periods of time. The space station is a springboard for developing a low Earth economy and NASA’s next great leaps in exploration, including missions to the Moon under Artemis and, ultimately, human exploration of Mars.
    Get breaking news, images and features from the space station on Instagram, Facebook, and X.
    Learn more about the International Space Station, its research, and its crew, at:
    https://www.nasa.gov/station
    -end-
    Claire O’SheaHeadquarters, Washington202-358-1100claire.a.o’shea@nasa.gov
    Sandra JonesJohnson Space Center, Houston281-483-5111sandra.p.jones@nasa.gov

    MIL OSI USA News –

  • MIL-OSI: Bitdeer Reports Unaudited Financial Results for the Fourth Quarter and Full Year of 2024

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 25, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today released its unaudited financial results for the fourth quarter ended December 31, 2024.

    Q4 2024 Financial Highlights
    All amounts compared to Q4’23 unless otherwise noted

    • Total revenue was US$69.0 million vs. US$114.8 million.
    • Cost of revenue was US$63.9 million vs. US$87.8 million.
    • Gross profit was US$5.1 million vs. US$27.0 million.
    • Net loss was US$531.9 million vs. US$5.0 million.
    • Adjusted EBITDA1 was negative US$3.8 million, vs. positive US$33.32 million.
    • Cash and cash equivalents were US$476.3 million as of December 31, 2024.
    • Crypto balance: US$77.5 million as of December 31, 2024.

    Management Commentary

    “Last year, we strategically prioritized resources to the development of our proprietary ASIC technology, which temporarily limited our hashrate growth and impacted our financial performance. However, this investment resulted in substantial progress in our ASIC technology roadmap, strengthening our competitive moat and positioning Bitdeer for a transformative 2025 and beyond. Owning and deploying our own mining ASICs is an integral part of our full vertical integration strategy. It will provide us distinct advantages – such as rapid hashrate deployment, a lower cost structure, enhanced capital efficiency, and a dramatically improved supply chain compared to the broader industry. In addition, commercializing SEALMINER ASICs allows us to diversify our revenue streams into the multi-billion dollar ASICs market where we see strong demand for alternative suppliers of ASIC solutions,” stated Matt Kong, Chief Business Officer at Bitdeer.

    Mr. Kong added, “In 2025, for our self-mining operation, we plan to energize all of our mass production SEALMINER A1s and 28 EH/s of SEALMINER A2s on top of our existing 8.7 EH/s of self-mining hashrate for the time being. This will bring Bitdeer’s total self-mining hashrate to approximately 40 EH/s by Q4 2025. This target does not factor in additional wafer allocation anticipated from TSMC for SEAL02 or SEAL03, which could be additive to the Q4 2025 target of 40 EH/s, depending on manufacturing schedule. For sales to external customers, the approximately 7 EH/s of SEALMINER A2s that we allocated was quickly over-subscribed, 20% of the total price as the down payment has been fully collected and volume shipments to these customers will begin in March 2025.”

    Mr. Kong continued, “In Q4 2024, we also advanced the development of our 3rd and 4th generation chips. Upon successful tapeouts, we believe these chips will position Bitdeer as the leading supplier of the world’s most energy efficient mining ASICs. Having the most efficient ASIC is the key factor to winning share of the growing ASICs market, as energy efficiency remains most important single metric influencing buying decisions. We look forward to the substantial value these chips will unlock for our company and our shareholders.”

    Mr. Kong concluded, “In terms of our energy assets, our global power capacity now exceeds 2.6 GWs, following the Foxcreek, Alberta acquisition, and over 1 GW is scheduled to be energized over the course of 2025. This puts us in an advantageous position to deploy our SEALMINER machines for self-mining and also capitalize on the significant demand for HPC and AI datacenters. We are actively working with top datacenter developers and advisors to establish long-term partnerships, which will position Bitdeer to play a significant role in addressing the shortage of reliable power for AI datacenters.”

    Operational Summary

    Metrics Three Months Ended Dec 31
      2024 2023
    Total hash rate under management (EH/s) 21.6 21.0
    – Proprietary hash rate 8.9 8.4
    – Self-mining 8.5 6.7
    – Cloud Hash Rate 0.0 1.7
    – Delivered but not yet hashing 0.4 –
    – Hosting 12.7 12.6
    Mining rigs under management 175,000 215,000
    – Self-owned 85,000 86,000
    – Hosted 90,000 129,000
    Bitcoin mined (self-mining only) 469 1,299
    Bitcoins held 594 43
    Total power usage (MWh) 857,000 1,336,000
    Average cost of electricity ($/MWh) 41 44
    Average miner efficiency (J/TH) 30.4 31.7


    Power Infrastructure Summary

    Site / Location Capacity (MW) Status Timing3
    Electrical capacity      
    – Rockdale, Texas 563 Online Completed
    – Knoxville, Tennessee 86 Online Completed
    – Wenatchee, Washington 13 Online Completed
    – Molde, Norway 84 Online Completed
    – Tydal, Norway 50 Online Completed
    – Gedu, Bhutan 100 Online Completed
    Total electrical capacity 8954    
    Pipeline capacity      
    – Tydal, Norway Phase 1 40 In progress Pending Regulatory Approval
    – Tydal, Norway Phase 2 135 In progress Mid 2025
    – Massillon, Ohio 221 In progress Mid-to-late 2025
    – Clarington, Ohio Phase 1 266 In progress Q3 2025
    – Clarington, Ohio Phase 2 304 Pending approval Estimate 2026
    – Jigmeling, Bhutan 500 In progress Mid-to-late 2025
    – Rockdale, Texas 179 In planning Estimate 2026
    – Alberta, Canada 99 In planning Q4 2026
    Total pipeline capacity 1,744    
    Total global electrical capacity 2,639    


    Financial MD&A
    All variances are current quarter compared to the same quarter last year. All figures in this section are rounded.

    Q4 2024 High-Level P&L and Disaggregated Revenue Details:

    US $ in millions Three Months Ended
      Dec 31, 2024 Sep 30, 2024 Dec 31, 2023
    Total revenue 69.0  62.0  114.8 
    Cost of revenue (63.9) (59.2) (87.8)
    Gross profit 5.1  2.8  27.0 
    Net loss (531.9) (50.1) (5.0)
    Adjusted EBITDA (3.8) (8.5) 33.32 
    Cash and cash equivalents 476.3  291.3  144.7 
    US $ in millions Three Months Ended Dec 31, 2024
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting
    Revenue 41.5 2.3 8.5 12.4
    Cost of revenue        
    – Electricity cost in operating mining rigs (22.3) (0.1) (5.8) (7.0)
    – Depreciation and share-based payment expenses (12.2) (0.6) (1.2) (1.8)
    – Other cash costs (4.0) (0.3) (0.8) (1.2)
    Total cost of revenue (38.5) (1.0) (7.8) (10.0)
    Gross profit 3.0 1.3 0.7 2.4
    US $ in millions Three Months Ended Dec 31, 2023
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting
    Revenue 46.9 16.2 25.2 23.4
    Cost of revenue        
    – Electricity cost in operating mining rigs (20.3) (4.3) (16.1) (17.2)
    – Depreciation and share-based payment expenses (9.7) (3.8) (2.6) (2.4)
    – Other cash costs (3.0) (1.0) (1.6) (1.6)
    Total cost of revenue (33.0) (9.1) (20.3) (21.2)
    Gross profit 13.9 7.1 4.9 2.2


    Full Year 2024 High-Level P&L and Disaggregated Revenue Details:

    US $ in millions Years Ended
      Dec 31, 2024 Dec 31, 2023
    Total revenue 349.8 368.5
    Cost of revenue (283.4) (290.7)
    Gross profit 66.4 77.8
    Net loss (599.2) (56.7)
    Adjusted EBITDA 39.4 97.02
    Cash and cash equivalents 476.3 144.7
    US $ in millions Year Ended Dec 31, 2024
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting
    Revenue 163.1 39.8 67.6 64.0
    Cost of revenue        
    – Electricity cost in operating mining rigs (91.1) (7.5) (39.6) (41.0)
    – Depreciation and share-based payment expenses (39.1) (8.4) (8.4) (8.2)
    – Other cash costs (11.8) (2.5) (4.3) (4.5)
    Total cost of revenue (142.0) (18.4) (52.3) (53.7)
    Gross profit 21.1 21.4 15.3 10.3
    US $ in millions Year Ended Dec 31, 2023
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting
    Revenue 111.7 67.9 97.3 79.9
    Cost of revenue        
    – Electricity cost in operating mining rigs (52.3) (17.1) (54.6) (55.5)
    – Depreciation and share-based payment expenses (29.2) (19.7) (13.2) (10.7)
    – Other cash costs (8.3) (5.3) (7.5) (6.6)
    Total cost of revenue (89.8) (42.1) (75.3) (72.8)
    Gross profit 21.9 25.8 22.0 7.1


    Q4 2024 Management’s Discussion and Analysis (compared to Q4 2023)

    Revenue

    • Total revenue was US$69.0 million vs. US$114.8 million.
    • Self-mining revenue was US$41.5 million vs. US$46.9 million, primarily due to the effect of the April 2024 halving and higher global network hashrate, partially offset by the increase in the average self-mining hashrate for the quarter by 20.0% to 8.4 EH/s from 7.0 EH/s last year and higher year-over-year Bitcoin prices.
    • Cloud Hash Rate revenue was US$2.3 million vs. US$16.2 million. The decline was primarily due to expiration of long-term Cloud Hashrate contracts and subsequent reallocation of nearly all machines to self-mining operations over the course of 2024.
    • General Hosting revenue was US$8.5 million vs. US$25.2 million. The decline was primarily due to the expiration of certain hosting customer contracts as well as the removal of older and less efficient machines by other hosting customers following the April 2024 halving as a result of reduced mining economics.
    • Membership Hosting revenue was US$12.4 million vs. US$23.4 million. Similar to general hosting, the decline was primarily driven by customers scaling down operations for older and less efficient rigs following the April 2024 halving as a result of reduced mining economics.

    Cost of Revenue

    • Cost of revenue was US$63.9 million vs US$87.8 million. The decrease was primarily driven by lower depreciation expenses as certain mining rigs became fully depreciated and the decrease of power usage along with the reduced hosted mining rigs.

    Gross Profit and Margin

    • Gross profit was US$5.1 million vs. US$27.0 million.
    • Gross margin was 7.4% vs. 23.5%.

    Operating Expenses

    • The sum of the operating expenses below was US$42.5 million vs. US$27.4 million.
      • Selling expenses were US$2.0 million vs. US$2.0 million, flat year-over-year.
      • General and administrative expenses were US$17.7 million vs. US$17.1 million. The increase was primarily due to an increase in staff costs for general and administrative personnel and consulting fee for capital market and compliance activities, partially offset by lower share-based payment expenses.
      • Research and development expenses were US$22.9 million vs. US$8.3 million, primarily due to higher R&D costs related to higher engineering costs related to the Company’s ASIC development roadmap and non-cash amortization expenses of intangible assets related to the acquisition of FreeChain.

    Other Net Loss

    • In Q4 2024, we recorded US$479.8 million other net loss primarily due to the non-cash expense of fair value changes of derivative liabilities, which are the US$413.7 million of loss on fair value changes for the convertible notes issued in August and November and the US$55.8 million of loss on fair value changes for the Tether warrants.

    Net Loss

    • Net loss was US$531.9 million vs. US$5.0 million.

    Adjusted Profit / (Loss) (Non-IFRS)5

    • Adjusted loss was US$36.9 million vs. adjusted profit of US$4.52 million. The change was primarily due to the year-over-year revenue decline, lower gross profit margins and higher operating expenses as described above.

    Adjusted EBITDA (Non-IFRS)

    • Adjusted EBITDA was negative US$3.8 million vs. positive US$33.32 million. The decrease was primarily due to the year-over-year revenue decline, lower gross profit margins as a result of the halving and higher R&D as described above.

    Cash Flows

    • Net cash used in operating activities was US$325.1 million, primarily driven by electricity costs and operating expenses for the quarter as well working capital payments to TSMC of US$190.6 million for SEAL02 and US$52.8 million for the tapeout of SEAL03, including risk wafers.
    • Net cash used in investing activities was US$10.0 million, which included US$48.4 million of capital expenditures for infrastructure construction and mining rigs, offset by US$38.8 million of proceeds from disposal of cryptocurrencies received from our principal business.
    • Net cash generated from financing activities was US$522.8 million, primarily driven by the proceeds from our convertible note issuance in November and ATM program.

    Balance Sheet
    As of December 31, 2024 unless stated otherwise (compared to December 31, 2023)

    • US$476.3 million in cash and cash equivalents, US$77.5 million in cryptocurrencies and US$208.1 million in borrowing.
    • US$310.2 million prepayments and other assets, up from US$97.1 million. Change primarily driven by advanced payments to TSMC for our SEAL02 mass volume production.
    • US$64.9 million inventories, up from nearly zero. Increase mainly including wafers, chips, WIP and finished SEALMINER inventory.
    • US$83.2 million intangible assets and US$35.8 million goodwill mainly raised from acquisition of Norway and Freechain during the year of 2024.
    • US$763.9 million derivative liabilities mainly due to the issuance of warrants to Tether, and convertible senior notes issued in August and November.

    Further information regarding the Company’s fourth quarter 2024 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.

    CEO 10b5-1 Trading Plan
    In December 2024, Jihan Wu, Chairman of the Board and Chief Executive Officer of the Company, entered into a plan designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Plan”). The Plan provides for sales of securities of the Company and is in accordance with the Company’s Insider Trading Policy. Subject to minimum price thresholds specified in the Plan, up to 4,000,000 of ordinary shares of the Company may be sold on multiple pre-determined dates starting in March 2025 and ending no later than the earlier of June 15, 2025 or the date that the aggregate number of ordinary shares sold under the Plan reaches 4,000,000.

    About Bitdeer Technologies Group
    Bitdeer is a world-leading technology company for blockchain and high-performance computing. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.

    Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

    Forward-Looking Statements
    Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.


    BITDEER GROUP     UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
             
        As of December 31,   As of December 31,
    (US $ in thousands)   2024   2023
    ASSETS        
    Cash and cash equivalents   476,270     144,729  
    Cryptocurrencies   77,537     15,371  
    Trade receivables   9,627     17,277  
    Amounts due from a related party   15,512     187  
    Prepayments and other assets   310,173     97,087  
    Inventories   64,888     346  
    Financial assets at fair value through profit or loss   42,521     37,775  
    Restricted cash   17,356     9,538  
    Mining rigs   67,324     63,477  
    Right-of-use assets   69,273     58,626  
    Property, plant and equipment   251,377     154,860  
    Investment properties   30,723     34,346  
    Intangible assets   83,235     4,777  
    Goodwill   35,818     –  
    Deferred tax assets   6,220     991  
    TOTAL ASSETS   1,557,854     639,387  
             
    LIABILITIES        
    Trade payables   31,471     32,484  
    Other payables and accruals   42,267     32,151  
    Amounts due to a related party   8,747     33  
    Income tax payables   2,729     3,367  
    Derivative liabilities   763,939     –  
    Deferred revenue   129,229     144,337  
    Borrowings   208,127     22,618  
    Lease liabilities   78,133     70,211  
    Deferred tax liabilities   16,614     1,620  
    TOTAL LIABILITIES   1,281,256     306,821  
             
    NET ASSETS   276,598     332,566  
             
    EQUITY        
    Share capital   *     *  
    Treasury equity   (160,926)     (2,604)  
    Accumulated deficit   (649,004)     (49,853)  
    Reserves   1,086,528     385,023  
    TOTAL EQUITY   276,598     332,566  
             

    * Amount less than US$1,000


    BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
                     
        Three months ended Dec 31,   Years ended Dec 31,
    (US $ in thousands)   2024   2023   2024   2023
             
    Revenue6   69,018     114,848     349,782     368,554  
    Cost of revenue   (63,919)     (87,804)     (283,382)     (290,745)  
    Gross profit   5,099     27,044     66,400     77,809  
    Selling expenses   (1,952)     (2,005)     (8,044)     (8,246)  
    General and administrative expenses   (17,668)     (17,134)     (64,317)     (66,454)  
    Research and development expenses   (22,898)     (8,306)     (76,946     (29,534)  
    Listing fee   –     –     –     (33,151)  
    Other operating income / (expenses)   (3,670)     3,073     727     3,791  
    Other net gain / (loss)   (479,778)     1,068     (507,479)     3,538  
    Profit / (loss) from operations   (520,867)     3,740     (589,659)     (52,247)  
    Finance income / (expenses)   (11,811)     1,179     (11,935)     1,276  
    Profit / (loss) before taxation   (532,678)     4,919     (601,594)     (50,971)  
    Income tax benefit / (expenses)   761     (9,950)     2,443     (5,685)  
    Loss for the periods   (531,917)     (5,031)     (599,151)     (56,656)  
    Other comprehensive loss                
    Loss for the periods   (531,917)     (5,031)     (599,151)     (56,656)  
    Other comprehensive loss for the periods                
    Item that may be reclassified to profit or loss                
    – Exchange differences on translation of financial statements   (234)     (43)     (218)     (26)  
    Other comprehensive loss for the periods, net of tax   (234)     (43)     (218)     (26)  
    Total comprehensive loss for the periods   (532,151)     (5,074)     (599,369)     (56,682)  
                     
    Loss per share (Basic and diluted)   (3.22)     (0.05)     (4.36)     (0.51)  
                     
    Weighted average number of shares outstanding (thousands) (Basic and diluted)   165,427     111,055     137,426     110,494  
    BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                     
        Three months ended
    Dec 31,    		   Years ended
    Dec 31,
    (US $ in thousands)   2024   2023   2024   2023
                     
    Cash flows from operating activities                
    Cash used in operating activities   (321,629)     (76,963)     (613,167)     (283,868)  
    Interest paid on leases   (902)     (659)     (3,473)     (2,605)  
    Interest paid on borrowings   (2,216)     (940)     (3,952)     (2,181)  
    Interest received   1,653     2,033     7,115     7,572  
    Income tax paid   (1,964)     (1,347)     (8,596)     (1,500)  
    Income tax refund   –     10,795     –     10,795  
    Net cash used in operating activities   (325,058 )   (67,081)     (622,073)     (271,787)  
                     
    Cash flows from investing activities                
    Purchase of property, plant and equipment, investment properties and intangible assets   (42,617)     (25,324)     (119,487)     (63,305)  
    Purchase of mining rigs   (5,766)     (107)     (7,731)     (63,041)  
    Purchase of financial assets at fair value through profit or loss, net of refund received   (425)     –     (2,776)     (4,400)  
    Proceeds from disposal of financial assets at fair value through profit or loss   –     –     –     31,111  
    Repayments from a related party   –     322     –     322  
    Lending to a third party   –     –     –     (61)  
    Proceeds from disposal of property, plant and equipment   54     44     298     73  
    Proceeds from disposal of mining rigs   –     27     –     27  
    Proceeds from disposal of cryptocurrencies   38,794     97,083     248,447     299,128  
    Cash paid for business acquisitions, net of cash acquired   –     –     (6,051)     –  
    Net cash generated from / (used in) investing activities   (9,960)     72,045     112,700     199,854  
                     
    Cash flows from financing activities                
    Capital element of lease rentals paid   (6,540)     (1,183)     (9,676)     (5,191)  
    Net payment related to Business Combination   –     –     –     (7,662)  
    Repayments of borrowings   (10,000)     –     (15,000)     (7,000)  
    Proceeds from issuance of shares for exercise of share rewards   4,412     412     5,170     412  
    Proceeds from issuance of ordinary shares and warrants, net of transaction costs   321,918     9,494     485,108     9,494  
    Payment for the future issuance cost   –     (942)     –     (942)  
    Acquisition of treasury shares   –     (2,495)     (617)     (2,604)  
    Proceeds from convertible senior notes, net of transaction costs   387,917     –     554,214     –  
    Repayment to convertible senior notes in connection with note extinguishment   (14,932)     –     (14,932)     –  
    Purchase of zero-strike call option   (160,000)     –     (160,000)     –  
    Net cash generated from / (used in) financing activities   522,775     5,286     844,267     (13,493)  
                     
    Net increase / (decrease) in cash and cash equivalents   187,757     10,250     334,894     (85,426)  
    Cash and cash equivalents at the beginning of the period   291,314     134,512     144,729     231,362  
    Effect of movements in exchange rates on cash and cash equivalents held   (2,801)     (33)     (3,353)     (1,207)  
    Cash and cash equivalents at the end of the period   476,270     144,729     476,270     144,729  
                     

    Use of Non-IFRS Financial Measures
    In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.

    The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.

    The following table presents a reconciliation of loss for the relevant period to adjusted EBITDA and adjusted profit / (loss), for the three and twelve months ended December 31, 2024 and 2023.


    BITDEER GROUP NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION
                     
        Three months ended Dec 31,   Years ended Dec 31,
    (US $ in thousands)   2024   2023   2024   2023
                     
    Adjusted EBITDA                
    Loss for the periods   (531,917)     (5,031)     (599,151)     (56,656)  
    Add：                
    Depreciation and amortization   25,116     19,654     81,096     75,541  
    Income tax (benefit) / expenses   (761)     9,950     (2,443)     5,685  
    Interest (income) / expense, net   8,729     (753)     10,050     (2,872)  
    Listing fee   –     –     –     33,151  
    Share-based payment expenses   8,658     11,322     33,968     45,488  
    Changes in fair value of derivative liabilities   469,501     –     498,167     –  
    Loss on extinguishment of debt   8,172     –     8,172     –  
    Changes in fair value of holdback shares for acquisition of FreeChain   2,970     –     3,186     –  
    Changes in fair value of cryptocurrency-settled receivables and payables   5,733     (1,810)     6,362     (3,305)  
    Total of Adjusted EBITDA   (3,799)     33,3322     39,407     97,0322  
                     
    Adjusted Profit / (loss)                
    Loss for the periods   (531,917)     (5,031)     (599,151)     (56,656)  
    Add：                
    Listing fee   –     –     –     33,151  
    Share-based payment expenses   8,658     11,322     33,968     45,488  
    Changes in fair value of derivative liabilities   469,501     –     498,167     –  
    Loss on extinguishment of debt   8,172     –     8,172     –  
    Changes in fair value of holdback shares for acquisition of FreeChain   2,970     –     3,186     –  
    Changes in fair value of cryptocurrency-settled receivables and payables   5,733     (1,810)     6,362     (3,305)  
    Total of Adjusted Profit / (loss)   (36,883)     4,4812     (49,296)     18,6782  
                     

    For investor and media inquiries, please contact:

    Investor Relations
    Yujia Zhai
    Orange Group
    bitdeerIR@orangegroupadvisors.com

    Public Relations
    Nishant Sharma
    BlocksBridge Consulting
    bitdeer@blocksbridge.com

    1 “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.
    2 During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$1.8 million and US$3.3 million revision to Q4 2023 and Year-ended 2023 metrics, respectively, reflects non-cash fair value changes in crypto settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate our business.
    3 Indicative timing. All timing references are to calendar quarters and years.
    4 Figures may not add due to rounding.
    5 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.
    6 Included nil and approximately US$17.2 million generated from hosting service provided to a related party for the three months and year ended December 31, 2024.

    The MIL Network –

  • MIL-OSI United Kingdom: Updated guidance for DASA Open Call for Innovation

    Source: United Kingdom – Executive Government & Departments

    News story

    Updated guidance for DASA Open Call for Innovation

    The Defence and Security Accelerator (DASA) has published updated guidance for its Open Call for Innovation service.

    The refreshed guidance includes updates to the submission cycles for 2025-26, as well as other updates to information and pre-sift requirements contained within. These updates aim to streamline the application process and provide clearer parameters for innovators.

    The new guidance will take effect from 1200hrs 25 February 2025 (GMT). All submissions from this date will need to align with the updated requirements.

    We encourage potential applicants to:

    • Review the new guidance before submitting proposals
    • Check the submission deadlines for 2025-26
    • Contact the DASA team with any questions via accelerator@dstl.gov.uk

    For full details of the updated guidance, visit DASA Open Call for Innovation and select the link for the current open cycle.

    Updates to this page

    Published 25 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Solar panels will cut harmful emissions and energy bills at Harpenden Leisure Centre

    Source: St Albans City and District

    Publication date:

    A project to equip Harpenden Leisure Centre with solar panels to reduce harmful emissions and cut energy bills has been completed.

    More than 170 panels, covering around 400 square metres, have been fitted to the south facing roof of the centre.

    It is estimated the panels will cut emissions by 18 tonnes of CO2 a year by generating 93 megawatts of electricity.

    That amounts to 12.5% of the centre’s needs and will provide a significant saving of some £24,000 a year on energy bills.

    St Albans City and District Council owns the centre which is managed by its leisure contractor Everyone Active.

    They applied for a Sport England grant to help finance the project and were awarded £173,000 from the Swimming Pool Support Fund, supported by the National Lottery.

    Builders TJ Evers, based in Tiptree, Essex, were awarded the contract to install the panels with the work now completed and the scaffolding removed.

    Councillor Helen Campbell, Lead for Leisure, visited the site to inspect the panels along with executives from TJ Evers and Everyone Active.

    She said:

    This has been a major construction project and I was delighted to see the impressive results. 

    Harpenden Leisure Centre has been a wonderful success story since opening four years ago. It was always our intention to acquire funding for solar panels to add to the buildings environmentally-friendly features.

    One of our priority projects is tackling the climate emergency by reducing emissions and this is one of the many actions we have taken to do that. It also means that the centre’s energy bills, which have risen steeply since its opening, will be significantly reduced.

    James McNulty, Everyone Active’s Contracts Manager, said:

    We’re delighted to see the solar panel installation completed at Harpenden Leisure Centre. 

    This renewable energy solution perfectly aligns with Everyone Active’s Net Zero Strategy, and we’re proud to work alongside St Albans City and District Council to advance our shared environmental commitments.

    The panels represent a significant step forward in our sustainability journey while ensuring the centre remains an energy-efficient facility for the community.

    Alan Evers, Managing Director of TJ Evers, said: 

    We are delighted to have successfully completed the installation of solar panels on the leisure centre in Harpenden for St Albans City and District Council. This project is an important step in supporting the Council’s sustainability goals and cutting carbon emissions.

    Our team worked diligently to ensure the installation was delivered on time and to the highest standards, minimising disruption to the leisure centre’s operations. The new PV system will not only help reduce energy costs but also contribute to the wider goal of making public facilities more environmentally friendly.

    As a building contractor dedicated to driving forward green initiatives, we are proud to be part of this important development. We look forward to continuing our work with St Albans City and District Council and other partners to deliver sustainable solutions across the region.

    Photos: top, Cllr Campbell, far left, with, left to right, Alan Evers, Managing Director of TJ Evers, Chloe Ledger, Harpenden Leisure Centre Manager, James McNulty, Everyone Active’s Contract Manager, and Tristan Luckman, Contracts Manager for TJ Evers.

    Notes to editors     

    The National Lottery

    National Lottery players raise, on average, £30 million each week for projects all over the country. In total £38 billion has been raised for Good Causes since The National Lottery began in 1994 and more than 535,000 individual grants have been made across the UK, the majority (70 per cent) of which are for £10,000 or less, helping small projects make a big difference in their community!

    Sport England 

    Sport England is a public body and invests up to £300 million National Lottery and government money each year in projects and programmes that help people get active and play sport. It wants everyone in England, regardless of age, background, or level of ability, to feel able to engage in sport and physical activity. That’s why a lot of its work is specifically focused on helping people who do no, or very little, physical activity and groups who are typically less active – like women, disabled people and people on lower incomes. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: City set to rock in aid of charity at annual Mayors Fest

    Source: City of Wolverhampton

    It is one of the biggest fundraising events of the year for the Mayor of Wolverhampton Councillor Linda Leach’s Charitable Fund, in aid of the Beacon Centre, Age UK Wolverhampton and The Samaritans Wolverhampton.

    It opens on Friday 4 April at 7.30pm with a show at The Giffard Arms, Victoria Street, headlined by Doomsday Outlaw.

    The main event is on Saturday 5 April at KK’s Steel Mill, Frederick Street. Doors open at 1pm and headlining will be the hugely popular band Massive Wagons, whose last 4 albums have gone to the top of the UK Rock and Metal Album charts.

    Other bands on the main stage include the Virginmarys, Gin Annie, The Karma Effect, Takeaway Thieves, White Tyger and Soul Revival.

    There will be acoustic acts on the small stage in between, providing non-stop music throughout the day.

    The Giffard Arms is again the venue for the Mayors Fest’s closing gigs on Sunday 6 April; doors open at 12pm, with Seize the Void as the main act.

    Tickets are available for all venues from ticketweb – search “Mayors Fest”.

    Mayor of Wolverhampton Councillor Leach said: “I’d like to thank Doddy White and his Rockers Through the Ages team for all the hard work they have put in to organise this weekend of great rock music, along with the venues KK’s Steel Mill and The Giffard Arms for agreeing to host the festival.

    “If you like your music live and loud then please come along and have a great time at any one of the 3 shows, at the same time knowing you are doing your bit to raise money for 3 fantastic local charities, which makes it a genuine win-win situation for everyone.

    “I’m looking forward to visiting KK’s on the Saturday so hopefully I’ll see you there.”

    MIL OSI United Kingdom –