Nokia Corporation Stock Exchange Release 27 January 2025 at 22:30 EET
Nokia Corporation: Repurchase of own shares on 27.01.2025
Espoo, Finland – On 27 January 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:
Trading venue (MIC Code)
Number of shares
Weighted average price / share, EUR*
XHEL
872,093
4.34
CEUX
–
–
BATE
–
–
AQEU
–
–
TQEX
–
–
Total
872,093
4.34
* Rounded to two decimals
On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.
Total cost of transactions executed on 27 January 2025 was EUR 3,786,889. After the disclosed transactions, Nokia Corporation holds 232,542,619 treasury shares.
Details of transactions are included as an appendix to this announcement.
On behalf of Nokia Corporation
BofA Securities Europe SA
About Nokia At Nokia, we create technology that helps the world act together.
As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.
With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.
Inquiries:
Nokia Communications Phone: +358 10 448 4900 Email: press.services@nokia.com Maria Vaismaa, Global Head of External Communications
Prime Minister Narendra Modi congratulates President Trump on historic second term Leaders reaffirm their commitment to work towards a mutually beneficial and trusted partnership
They discuss measures for strengthening cooperation in technology, trade, investment, energy and defense
PM and President Trump exchange views on global issues, including the situation in West Asia and Ukraine
Leaders reiterate commitment to work together for promoting global peace, prosperity and security
Both leaders agree to meet soon
Posted On: 27 JAN 2025 10:23PM by PIB Delhi
Prime Minister Shri Narendra Modi spoke with the President of the United States of America, H.E. Donald J. Trump, today and congratulated him on his historic second term as the 47th President of the United States of America.
The two leaders reaffirmed their commitment for a mutually beneficial and trusted partnership. They discussed various facets of the wide-ranging bilateral Comprehensive Global Strategic Partnership and measures to advance it, including in the areas of technology, trade, investment, energy and defence.
The two leaders exchanged views on global issues, including the situation in West Asia and Ukraine, and reiterated their commitment to work together for promoting global peace, prosperity and security.
The leaders agreed to remain in touch and meet soon at an early mutually convenient date.
Office of the Principal Scientific Adviser (PSA) to the Government of India, Indian Institute of Science (IISc) and the Ministry of External Affairs (MEA) jointly organised an international technology policy summit titled “Technology Dialogue 2025: Exploring New Frontiers in Technology Diplomacy” on 24 and 25 January 2025 in IISc, Bengaluru as a continuation to Dialogue 2023 held in November 2023.
Recognising the importance of technology in driving India’s global partnerships, the summit focused on India’s international technology engagement framework, and the need for leveraging strategic partnerships on critical and emerging technologies such as quantum, AI, semiconductors, space tech, and bioeconomy.
The summit was inaugurated with a keynote address on International Technology Engagement Framework (ITEF) by the Hon’ble Minister of State (Independent Charge) for Science and Technology, Dr. Jitendra Singh, who highlighted various national initiatives and missions aimed at advancing India’s technological aspirations while emphasizing the importance of global partnerships and collaborations. Hon’ble Minister Dr Singh also emphasised the need for a structured framework and approach in elevating India’s International Technology Engagements. The inauguration ceremony was joined by Prof. Ajay Kumar Sood (Principal Scientific Adviser to the Government of India), H.E. Pavan Kapoor (Deputy National Security Adviser, Government of India), Shri S. Raghuram (Joint Secretary of Policy Planning & Research, Ministry of External Affairs), Prof. G. Rangarajan (Director of IISc), and Dr. Kiran Mazumdar-Shaw (Chairperson and Managing Director of Biocon), and was chaired by Prof. G.K. Ananthasuresh (Dean of the Division of Mechanical Sciences, IISc). PSA Prof. Ajay Kumar Sood delivered a special address on conceptualisation and building blocks of ITEF. Dr. Kiran Mazumdar-Shaw delivered a special address on industrial perspective that should shape India’s ITEF.
The summit featured a keynote address on leveraging strategic partnerships on critical and emerging technologies for India by H.E. Pavan Kapoor (Deputy National Security Adviser, Government of India). This was followed by a featured panel on expanding the contours of international engagements for technology partnerships featuring H.E. Chandru Iyer (His Majesty’s Deputy Trade Commissioner for Investment for Souh Asia, Deputy High Commissioner of the United Kingdom to Karnataka and Kerala), H.E. Carly Partridge (Minister Counsellor, Australian High Commission), H.E. Alfonso Tagliaferri (Consulate General of Italy in Bengaluru), Dr Soren Tranberg Hansen (Consulate General of Denmark) and Dr Rama Swami Bansal (Chief Scientist & Head, International S&T Affairs Directorate, Council for Scientific and Industrial Research (CSIR).
The second day began with a keynote address on Technology and Development Partnerships of India by Shri Periasamy Kumaran, Special Secretary (ER & DPA), Ministry of External Affairs where he highlighted the ongoing bilateral efforts of Government of India with multiple countries in emerging and critical technologies.
Thematic panel on ‘Fostering Collaboration for Quantum Revolution’ was organised on to deliberate on advancements in quantum technologies and policy imperatives globally. The panel began with a lead presentation by Prof. Ajay Kumar Sood highlighting features of India’s National Quantum Mission (NQM). The panel also featured Prof Andrew White (ARC Australian Laureate Fellow), Dr Amith Singhee (Director, IBM Research India) and Prof Urbasi Sinha (Professor at Raman Research Institute), moderated by Mr Luke Preskey (Chief Revenue Officer, Resonance).
The summit also featured a dialogue between Dr S Somanath (Former Secretary, Department of Space and former Chairman of ISRO), and Dr Koichi Wakata (Astronaut and CTO, Asia-Pacific at Axiom Space) on the theme, ‘Unlocking Potentials of Space Tech’ discussing space exploration boom, the entry of private entities, industry partners and foreign investment, as well the encouraging growth of space startups.
The panel on ‘Accelerating Artificial Intelligence (AI) Innovation’ featured Shri S Krishnan (Secretary, Ministry of Electronics and Information Technology), H.E. Arthur Barichard (Deputy Ambassador for Digital Affairs, Ministry for Europe and Foreign Affairs, Republic of France), Ms Laxmi Shenoy (Managing Director, Accenture), Shri Biswajit Das (Head – Data Analytics and AI, Amazon Web Services), and Dr Leah Junck (Global Center on AI Governance, South Africa), moderated by Prof Chiranjib Bhattacharyya (Chair, Department of Computer Science and Automation, IISc). The panel deliberated on building a trustworthy AI ecosystem, focusing on AI governance, the future of work, and AI for public interest.
The panel on ‘Advancing India’s Bio-Economy’ featured Dr Alka Sharma (Adviser, Department of Biotechnology), Shri Krishna Mohan Puvvada (Senior Vice President, MEIA Novonesis), Mr Peter Bains (Group CEO of Biocon Group), Prof Usha Vijayraghavan (Dean, Biological Science Division, IISc) and Dr Bhuvnesh Shrivastava (Director- Healthcare, US-India Strategic Partnership Forum (USISPF), moderated by Prof Gayatri Saberwal (Dean, Institute of Bioinformatics and Applied Biotechnology). The panel discussed the importance of international collaboration for India to achieve its bio-economy ambitions.
The valedictory session featured a keynote address on driving sectoral transformation through independent and synergistic technology advancements by Dr Parvinder Maini, Scientific Secretary, Office of the Principal Scientific Adviser to the Government of India. The session also featured a fireside chat on positioning India in the global semiconductor value chain between Shri Utpal Shah (Senior Vice President – Strategy and Business Development, Tata Electronics) and Prof Andrew White, chaired by Prof Navakanta Bhat (Dean, Division of Interdisciplinary Sciences, IISc).
The Technology Dialogue 2025 also featured the India-France AI Policy Roundtable: Roadmap for the AI Action Summit 2025. The roundtable was co-chaired by Shri Abhishek Singh, Additional Secretary, Ministry of Electronics and Information Technology (MeitY), Government of India, and Chief Executive Officer of the IndiaAI Mission, representing India, and H.E. Mr. Marc Lamy, Consul General of France in Bengaluru, representing France. The discussion focused on key policy positions related to global AI development and governance, while also exploring opportunities for collaboration and synergy between India and France. The roundtable focused on the following key objectives:
● Unified Global AI Governance
● Understanding AI Technologies and Implications
● Addressing Digital Divide and Market Concentration
● Common and Open AI Infrastructure
● Cultural and Linguistic Diversity in AI
● Sustaining AI Innovation and Addressing Resource Needs
The India-France AI Policy Roundtable, during Technology Dialogue 2025, served as a platform for discussions leading up to the 2025 AI Action Summit to be co-chaired by Hon’ble Prime Minister Shri Narendra Modi.
The two day summit exploring technology policy and diplomacy efforts with key partner countries witnessed the participation from various foreign missions in India, global thought leaders on critical and emerging technologies, industry and academia thought leadership in various technologies, industries bodies, start-ups and scholars of public policy.
India’s participation in International Travel Trade Exhibition at FITUR, Madrid from 22nd – 26th January 2025 India Pavilion Showcased India’s Rich Cultural and Natural Heritage
FITUR is the Global Meeting Point for Tourism Professionals and Leading Fair for Inbound and Outbound Markets in Ibero-America
Posted On: 27 JAN 2025 5:56PM by PIB Delhi
The Ministry of Tourism, Government of India, participated in one of the leading travel fairs – IFEMA being held in Madrid, Spain for positioning India as a potential leading destination in the source market of Spain and Latin America. The exhibition at FITUR, considered to be a benchmark event in the tourism sector, was held from 22nd – 26th January 2025. FITUR is the global meeting point for tourism professionals and leading fair for inbound and outbound markets in Ibero-America.
The Incredible India pavilion at FITUR was inaugurated by H.E. Shri Dinesh K. Patnaik, Ambassador of India to Spain, in the presence of officials from the Ministry of Tourism, State governments and co-exhibitors on 22nd January 2025. The Indian delegation comprised of more than 23 co-exhibitors, including the State Governments of Karnataka, Sikkim, Chhattisgarh and Jharkhand amongst others showcased their unique tourism products and experiences under the Incredible India banner at FITUR. The international exhibition, provided a platform to the stakeholders to network and connect with potential clients and partners in the Spanish source market.
The India Pavilion showcased India’s rich cultural and natural heritage, including renowned museums, wildlife sanctuaries, spiritual destinations and dance forms, all of which together combine to make India a popular destination for travellers seeking unique and authentic experiences. The Pavilion also vividly highlighted the grandeur of the Maha Kumbh, one of the largest and most significant religious congregations in the world, while emphasizing the tourism potential of Prayagraj as a spiritual and cultural destination. Spain is also one of the 20 top tourist generating markets for inbound tourist flow to India with approximately 70,000 Spanish tourists visiting the country in 2023, almost double the numbers who had visited India in 2022. The year 2026 will be marked as the Dual Year of Culture, Tourism and Artificial Intelligence on the occasion of 70th year of diplomatic relations between India and Spain.
The Ministry of Tourism, Government of India, also, in order to encourage the Indian diaspora to become Incredible India ambassadors, has launched ‘Chalo India Initiative’. The Indian diaspora members can register themselves on the Chalo India portal – www.chaloindia.gov.in to receive a unique referral code and send 5 non-Indian friends to travel to India to explore the grandeur and diverse experiences that India offers.
The Highland Council’s In-house bus team are introducing a new service to make it more convenient for people living in and around the city to visit two retail parks.
To be known at the “108 Shopper Bus”, the new service will run every Tuesday and Thursday starting at Torvean Park and Ride. The route will be going through all the housing areas along Sir Walter Scott Drive (Distributor Road) to include Holm Dell, Culduthel Mains, Slackbuie, Miller Street, Boswell Road. It will then pass through the back of Inshes Retail Park and then go through the UHI Campus to the Inverness Shopping Park.
The request for the service came from local residents who have been physically unable to catch the service bus as they live too far away from the active bus stops.
Chair of the Economy and Infrastructure Committee, Councillor Ken Gowans said: “This is another example of us listening to the community and taking action to provide a service specifically tailored to make it more convenient for people to get to two popular shopping areas of the city.
“I am sure this new direct service aimed at shoppers will attract passengers who currently find it difficult to get to the two retail parks without having to first go into the city centre.
The 108 Shopper Bus service starts on Tuesday 4 February. Details of the timetable will shortly be available on the Highland Council Buses dedicated webpage and Facebook page.
The 2023/24 Annual Accounts and Final Monitoring reports for Cromarty, Fortrose and Rosemarkie, Invergordon and Tain Common Good Funds have been approved by Members of the Black Isle and Easter Ross Area Committee.
Committee Chair Cllr Lyndsey Johnston said: “The Highland Council administers 13 Common Good Funds across the region of which we have four in our Area. It’s important that Members have regular updates and opportunities to scrutinise the funds which can be used for projects that benefits our communities. The importance of this scrutiny is not only reflected by the outstanding value of the Bouchardon Bust but is also significant across all Common Good Funds that these assets are managed effectively for future generations.”
Revenue surpluses for each of the Common Good Funds 2023/24 reports were noted by Members with the following being added to reserves:
Cromarty Common Good Fund £4,202
Fortrose and Rosemarkie Common Good Fund £27,779
Invergordon Common Good Fund £1,090
Tain Common Good Fund £19,962.
Members also approved proposed budgets for the same 4 Common Good Funds for 2025/26 with the Forecast Year End Reserves for each as follows:
Cromarty Common Good Fund £55,098
Fortrose and Rosemarkie Common Good Fund £248,806
Invergordon Common Good Fund £88,940
Tain Common Good Fund £261,619.
In addition, Councillors agreed to delegate to the Council’s Community Support and Engagement Team the power to approve expenditure of up to £10,000 in relation to Fortrose and Rosemarkie Common Good within the annually set budget and following consultation with relevant Ward Members. This delegated power will be reviewed annually as part of the budget setting process.
Members welcomed an update in an Invergordon Common Fund report on the progress of the disposition and sale of the Bouchardon Bust. They were informed that the ongoing process will continue to take around 8 months or longer and that Members would continue to be updated in future reports to committee.
Source: United States Senator John Kennedy (Louisiana)
WASHINGTON – Sen. John Kennedy (R-La.) penned this op-ed in The Telegraph arguing that the United Kingdom was right to consult the Trump administration before ceding sovereignty of the Chagos Islands, including the key U.S.-U.K. military base on Deigo Garcia, to Mauritius.
Key excerpts of the op-ed are below:
“Sir Keir Starmer appears to have had a change of heart when it comes to working with the Trump administration—and that’s a good thing.
“Just a few weeks ago, the Prime Minister was poised to sign away the fate of a joint U.K.-U.S. military base on the Indian Ocean island of Diego Garcia.
“According to reports, Starmer and members of the outgoing Biden administration wanted to finali[z]e the agreement to cede sovereignty of the Chagos Islands—including Diego Garcia—to Mauritius before President Trump could take his oath.
“Fortunately, cooler—and perhaps wiser—heads prevailed. Prime Minister Starmer agreed to welcome President Trump to the negotiating table. This is great news. Friends don’t strike deals behind each other’s backs, especially when our shared security is on the line.”
. . .
“The idea that the U.K. must hand over the islands to atone for whatever perceived wrongs Britain’s forefathers may have committed is nonsense. The [United Nations] does not care about what is best for the Chagossian, British or American people. They only care about furthering a misguided anti-Western agenda.
“The U.K. is our ally, and Mauritius is our friend, but this is a matter of national security for the U.S. Anyone who expects the Trump administration to elevate the sensitivities of U.N. militants above the best interests of America and our allies is writing a [check] that can’t be cashed.
“The Chagossian, American and British people would all be safer if this deal with Mauritius found its way into the shredder for good.”
Background
On Jan. 15, Prime Minister Keir Starmer announced that he wanted President Trump and his administration to weigh in on any deal struck between the U.K. and Mauritius regarding the transfer of the Chagos Islands, including the transfer of the U.S.-U.K. shared military base on the island of Diego Garcia.
The U.K. had previously announced on Oct. 3, 2024, that it had reached a deal with Mauritius to cede the sovereignty of the Chagos Islands. The decision to consider ceding sovereignty of the islands to Mauritius followed a years-long pressure campaign from the United Nations.
On Oct. 23, 2024, Kennedy wrote to then-Secretary of State Antony Blinken seeking answers about the Biden administration’s involvement in the deal between the U.K. and Mauritius.
Kennedy also penned this op-ed in Oct. arguing that the Biden administration owes the American people an explanation for its decision to allow this deal between the U.K. and Mauritius to move forward.
Former Rep. Mike Waltz (R-Fla.), President Trump’s nominee for National Security Advisor, has criticized the deal, saying, “Should the U.K. cede control of the Chagos to Mauritius, I have no doubt that China will take advantage of the resulting vacuum.”
Secretary of State Marco Rubio has similarly condemned the deal and said it “poses a serious threat to our national security interests in the Indian Ocean and threatens critical U.S. military posture in the region.”
Read Kennedy’s full op-ed here.
Source: The Conversation – UK – By David Amigoni, Professor of Victorian Literature, Editorial Board Chair, Keele University
In Ian McEwan’s Atonement (2001), aspiring writer 13-year-old Briony Tallis glimpses a world of opaque “adult emotion”. Holding a pen and blank paper before her, she feels a powerful impulse to write in order to impose order and meaning on adulthood’s slippery uncertainties.
Earlier on that hot summer’s day in 1935, she had witnessed a perplexing scene of seeming “ugly threat”. Her older sister, Cecilia, undressed in front of their cleaning lady’s son (and fellow Cambridge graduate) Robbie Turner. She then plunged, in her underwear, into an ornamental fountain.
Briony’s urge to write is triggered when she reads the private note she had been tasked with delivering from Robbie to Cecilia. Within, she is shocked to discover Robbie’s desire for Cecilia, expressed through use of the unutterable “c” word. Later, looking through the door of their darkened library, Briony mistakenly believes she sees Robbie committing a violent assault on her sister.
This article is part of Rethinking the Classics. The stories in this series offer insightful new ways to think about and interpret classic books, films and artworks. This is the canon – with a twist.
McEwan’s novel presents a privileged English country house setting that descends into a chaos of mistakes, class resentment, educational ambition and sex, expressed both as desire and power. The latter is evident in the rape of Briony’s cousin Lola.
Convinced that she has seen, and now read, the truth about “evil” Robbie’s “disgusting” obsession with her sister, Briony believes he is the culprit. She is confident that her writing will expose a “maniac’s” guilt. However, her urge to write upon the blank page is stronger than her sense of what precisely to say.
In fact, what she writes at this crucial moment – “There was an old lady who swallowed a fly” – feels entirely strange. But just as the old lady of the nursery rhyme fatally bites off ever more that she can chew in swallowing a fly, a spider, a bird, a cat, so Briony’s tragically mistaken ideas about Robbie ends in his incrimination and incarceration.
Robbie is free only when released to fight for the British Expeditionary Force in France in 1940. He strives to return to Cecilia via the horrors and heroism of that most resonant of British stories, Dunkirk.
Life stages, ageing and creativity are important themes in Atonement. It is as an older lady writer herself that Briony atones for the incriminating stories that her juvenile writer self swallowed and multiplied.
Putting age and later life front and centre urges the reader to reassess McEwan’s renowned “twist”. That is, the moment readers discover that key scenes in the novel – meetings between Briony, Cecilia and Robbie following the latter’s evacuation from Dunkirk – never happened.
As we are told on the penultimate page, the truth is that Robbie died of septicaemia in the dunes of Dunkirk and Cecilia was killed in the direct hit of a bomb on the Balham tube station in 1940.
At this moment, we realise that what we have been reading is the final draft of the atoning conclusion to a work by now 77-year-old Briony. Like so many late stylists (a writer who, in later life, returns to earlier preoccupations and themes), Briony, an established author with a reputation for “amorality”, revisits her early work on her 77th birthday party. It’s an event that brings her back to the estate of her childhood, now converted into a hotel.
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Briony’s later life shapes the closure of the story, but McEwan’s imaginative engagement with ageing affects every aspect of the novel. He presents readers with story-shaped anticipations of mid- and later life, even when the character will not live to see that age.
Robbie, working-class protégé of Mr Tallis’s educational philanthropy, with a first in English literature from Cambridge, consciously awakens into his unacknowledged love for Cecilia while thinking about his age and future.
The feelings coincide with his developing aspiration to train in medicine, and his imaginary anticipations of his life course.
He thought of himself in 1962, at 50, when he would be old, but not quite old enough to be useless, and of the weathered, knowing doctor he would be by then, with the secret stories, the tragedies and successes stacked behind him”
These will be embodied in books – more writings – “possessed in the thousands”. Briony and Cecilia’s migraine-suffering mother Emily, meanwhile, sees her ageing self grow “stiffer in the limbs and more irrelevant by the day”.
Through the character of Briony, McEwan contests the ageism and invisibility that can be the fate of older women. McEwan may take her to the brink of a terminal neurological decline in 1999 – she is diagnosed with vascular dementia – but Briony resists the othering that ageism imposes on older people: “we may look truly reptilian, but we’re not a separate tribe”.
The end of the novel presents readers with a view of active, meaningful later life as a creative time of collaborative, curatorial story telling.
The older Briony was played by Vanessa Redgrave in the 2007 adaptation of Atonement.
Readers become aware of the “sources” of the dramatic story of Robbie’s trek across northern France in the company of Corporals Mace and Nettle. Seventy-seven-year-old Briony donates the “dozen long letters from old Mr Nettle” to the archives of the Imperial War Museum, where she has been researching.
This act of memory preservation returns readers to the meaning of the horrors, carnage and heroism of the Dunkirk evacuation which McEwan presents through that powerful central episode in the novel. The evacuation of more than 300,000 troops from Dunkirk, including a small proportion of volunteer boats, makes Dunkirk a nationally resonant story.
Briony’s collaborative, later-life storytelling captures the heroism and sacrifice inherent in the perspectives of the wounded evacuee combatants. But so, too, their more sceptical, critical accents.
They “were bitter about the newspaper celebrations of the miracle evacuation and the heroism of the little boats. ‘A fucking shambles,’ she heard one of them mutter.” Or more precisely, the older lady recalled hearing, and then wrote.
Beyond the canon
As part of the Rethinking the Classics series, we’re asking our experts to recommend a book or artwork that tackles similar themes to the canonical work in question, but isn’t (yet) considered a classic itself. Here is David Amigoni’s suggestion:
Paul Bailey, who died in October 2024, was an excellent but under-acknowledged writer who deserves to be more widely read.
His writing went against the grain is subtle ways. He was experimenting with ways of writing about later life at the beginning of his career in 1967, with the publication of At the Jerusalem, set in a home for older women. He was then in his early 30s.
The Prince’s Boy (2014) was written when he was 77 – the same age as McEwan’s fictional Briony Tallis when she completes Atonement. It revisits key themes in Bailey’s earlier work: sexuality (he was a gay man), love, Proust, Romania and Europe.
David Amigoni received funding from RCUK (now UKRI) for his work on ageing and late-life creativity. He is affiliated with The Conversation UK as Chair of its Editorial Board.
Source: The Conversation – UK – By Michael Harrison, Senior Lecturer in Economics and Finance, University of East London
Addressing the climate crisis was one of the key themes at the World Economic Forum in Davos.Rustam Zagidullin/Shutterstock
Every year, leaders from politics and business come together with economists, investors and even celebrities at the World Economic Forum in the Swiss resort of Davos. One of the five key themes of this year’s event was safeguarding the planet. The forum’s own figures suggest that human-caused climate change has cost the planet US$3.6 trillion (£2.9 trillion) in damage since 2000 alone.
Many of the sessions at Davos focused on climate change, which was especially pertinent after US president Donald Trump’s decision to abandon for a second time the Paris Agreement – a framework to keep the warming of the planet to 1.5°C above pre-industrial levels by the end of the century.
In an online address to Davos delegates, Trump even argued that the oil-producers’ group Opec should reduce the price of oil. This is in stark contrast to the views of many other governments – exemplified by UK energy and climate change secretary Ed Miliband’s assertion that net zero is “unstoppable”.
But one of the less discussed elements of the path to net-zero by the year 2050 (a key target to keep the Paris Agreement on track) is the role of the financial sector.
As economists, we believe that banks and financial institutions should play a key role in making the green transition happen. Companies that produce goods and services will need to invest in equipment and technology – either to make new greener products or to ensure that they pollute less.
But this will cost money – likely money that firms do not actually have on their balance sheet or under their mattress. When banks assist in providing funding for this type of investment, it is known as green finance.
Green finance from banks can take two forms. Either the banks underwrite corporate bonds, which means they sell bonds to investors in exchange for a fee. Or they become involved in the provision of a syndicated loan, which is when they collaborate with other banks to lend money.
But both options are constrained by the rule that a bank will only provide finance out of self-interest. This means they act only when the profit they earn is proportional to the credit risk they take on. But this was in contrast to the message from Davos that businesses should take the lead, with the aid of finance from banks, in mitigating the risks of climate change.
With easier access to finance, more firms could invest in innovative ways to go green like this car park with inbuilt solar panels in Leeds. Clare Louise Jackson/Shutterstock
Sources of credit for businesses to make green investments include philanthropists, public finance and the private sector (that is, commercial banks). However, it is arguable that charity and public money are best used in partnership with private banks, to finance projects that are perceived high risk and low return. Banks alone would not support these because of their promotion of self-interest.
However, philanthropy can be limited and inconsistent in providing funds for green projects. And the public sector has so many demands on its purse that its ability to support is also limited. This is where the private sector plays a key role in mitigating climate change and where partnerships between these three sectors could offer a way forward.
This pathway was discussed at Davos but the speakers were not clear on what effective partnerships would look like. As academics who have researched the factors that influence green finance provision across multiple European countries, we would suggest a partnership structure between the public sector and the private sector, based on risk-sharing.
In these cases where banks perceive the risk to be unbearable (and therefore not in their self-interest), governments could partner with banks in offering finance and so share the consequences of a bad project outcome. In other words, they would form a partnership with the bank to share the downside risk.
A bank may consider an investment to be higher risk where a project has less certain outcomes, or requires funding for a longer period of time. Both of these factors are comparatively common in green financing deals. This could be because a firm is investing in new or untested tech or production methods – for example car manufacturers exploring new electric vehicle battery technologies.
The struggle for smaller businesses
This partnership approach could especially benefit small and medium-sized enterprises (SMEs), which make up 99% of Europe’s companies. But these businesses can struggle to access finance from banks due to their lack of capital, which can make banks see them as a high risk. And this of course is challenging for SMEs, which mostly have no other sources of external finance.
Research shows that medium-sized firms often rely on loans for finance. Our work focuses on how companies in Europe and the UK source green financing. It has highlighted that larger companies, as well as more liquid and more profitable firms, tend to raise finance via bonds (issued by banks and bought by investors) rather than loans (from a bank or other financial institution).
In fact, our research shows that in some European countries (including Latvia, Malta and Romania), domestic banks have no record whatsoever of providing green finance to companies.
This means it is much easier for larger businesses to get green finance compared to their smaller peers. And smaller companies tend to obtain relatively lower amounts of green financing, creating a real risk that SMEs may not get what they need in order to play their part in reducing their emissions.
Without a significant shift in allowing SMEs to get the finance they need to become greener, governments will struggle to get close to their net-zero goals. But, along with financial regulators, governments could lead the way to create partnerships with banks and other financial institutions to overcome the barriers that SMEs face.
Sharing the risk would ensure banks continue their green lending activities and accelerate progress toward meeting government climate targets.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Source: Africa Press Organisation – English (2) – Report:
PARIS, France, January 27, 2025/APO Group/ —
Jérôme Bertheau, Executive Vice President – Global Projects at BW Energy, will speak at the Invest in African Energy (IAE) 2025 Forum, set to take place May 13-14 in Paris. Bertheau’s participation underscores the company’s commitment to advancing Africa’s energy sector through innovative developments and strategic investments.
BW Energy is making significant strides in Africa’s energy landscape, particularly in Gabon, where the company is enhancing production at the Dussafu field through advanced recovery techniques. Last October, the company signed PSCs for the Niosi Marin and Guduma Marin offshore exploration blocks in partnership with Panoro Energy and VAALCO Energy. These agreements include drilling one well in the Niosi Marin block during the exploration phase, alongside plans for a 3D seismic acquisition campaign. BW Energy aims to complete the first phase of Hibiscus and Ruche development and bring production to a nameplate capacity of 40,000 barrels per day.
IAE 2025 (www.Invest-Africa-Energy.com)is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visitwww.Invest-Africa-Energy.com.To sponsor or participate as a delegate, please contactsales@energycapitalpower.com.
In addition to its activities in Gabon, BW Energy is making progress in Namibia with plans to drill a well on the Kharas prospect offshore, northwest of the Kudu Formation. The company has secured long-lead items and is in discussions with other operators for rig capacity, with drilling expected to begin in the second half of 2025. Furthermore, BW Energy has completed the processing of a PSDM 3D dataset over the offshore Kudu gas field and is advancing its development planning for the proposed Kudu gas-to-power project. The company is also progressing its Maromba oilfield development in Brazil, with a final investment decision expected in early 2025.
Bertheau’s participation at IAE 2025 highlights BW Energy’s commitment to innovation and its focus on maximizing the value of its African assets while promoting local content and sustainable development. The company’s involvement underscores its position as a leading energy player, leveraging cutting-edge technologies and strategic partnerships to drive growth across its portfolio.
“The Walkbury Map: Explore partner businesses and enjoy exclusive discounts with a valid UConn or OLLI ID. Designed by Airey Lau.”
Last fall, UConn Waterbury launched Walkbury, an innovative program designed to harmonize the campus community with the vibrant culture, history, and businesses of downtown Waterbury. The initiative encourages students, staff, faculty, and Osher Lifelong Learning Institute (OLLI) members to explore the city’s unique offerings and deepen their connection to the local community.
This program is part of the larger Ideas + Impact initiative, which also launched last fall thanks to a generous donation from UConn Waterbury alumnus Mike Peluso (Business ’99). Ideas + Impact supports student-initiated and campus-initiated social impact projects, empowering students to make meaningful contributions to their communities. Walkbury embodies the spirit of Ideas + Impact by fostering engagement, building connections, and creating opportunities for learning and growth.
“Ideas + Impact is about giving students the tools to make a difference, and Walkbury is a perfect example of that mission in action,” said Peluso. “It’s rewarding to see how UConn Waterbury is inspiring students to engage with their community in meaningful ways.”
A Semester of Engagement and Exploration
“UConn Waterbury students enjoy local flavors at Grand Street Tavern. Photo by Steve Bustamante, UConn Library”
Over the fall semester, Walkbury hosted four (and more to come!) food and cultural tours in partnership with Waterbury Regional Chamber’s Main Street Waterbury that brought the UConn community directly into the heart of downtown Waterbury. The tours, held during lunch hours and morning coffee meetups, offered opportunities to visit local landmarks, enjoy the city’s culinary delights, and hear from community leaders including alumni.
The food tours featured stops at popular eateries, including Seven Villages, Grand Street Tavern, and Nature’s Love Juice Bar, where participants sampled delicious offerings while meeting business owners. These events provided a taste of what downtown has to offer and underscored the importance of supporting local businesses.
Adding depth to the experience, UConn Waterbury emeritus faculty member Ruth Glasser led the historical and cultural components of the tours. Participants learned about Waterbury’s architectural gems, including City Hall and the iconic clock tower inspired by Torre del Mangia in Siena, Italy.
“UConn Waterbury students learn about the city’s history from emeritus professor Ruth Glasser. Photo by Steve Bustamante, UConn Library”“UConn Waterbury students engage in a discussion with Mayor Pernerewski at City Hall. Photo by Steve Bustamante, UConn Library”
During the tours, Mayor Paul Pernerewski welcomed the group at City Hall, sharing insights on the city’s ongoing revitalization and hosting a Q&A session focused on career development and civic engagement.
The tours also drew the attention of prominent Connecticut leaders, including State Senator Joan Hartley and State Representative Geraldo Reyes, who joined participants to emphasize the significance of community involvement and partnership.
“This program is about more than walking tours or discounts,” said Dr. Fumiko Hoeft, dean and chief administrative officer of UConn Waterbury. “It’s about fostering understanding and building harmony between UConn and the community. Walkbury is a natural extension of Ideas + Impact, as both aim to inspire students and encourage them to engage meaningfully with the world around them.”
Community and Collaboration
At its heart, Walkbury is about creating meaningful connections. Through partnerships with local businesses, participants receive exclusive discounts upon presenting a valid UConn or OLLI ID. These collaborations encouraged the UConn community to explore downtown, discover new favorites, and contribute to the local economy.
Lynn Ward, president and CEO of the Waterbury Regional Chamber, applauded the initiative: “Programs like Walkbury not only drive business but also create lasting relationships between the campus and the city. We’re thrilled to see so many UConn members engaging with downtown.”
Spirit Café Opens to All
One of the highlights of the Walkbury initiative was the public opening of Spirit Café, located in the Rectory Building next to the Palace Theater. Previously available only to UConn students and staff, the café now serves as a welcoming space for both the campus and local community to gather over breakfast and lunch.
“The Spirit Café represents what Walkbury is all about,” said Hoeft. “It’s a space where people from all walks of life can connect, share ideas, and enjoy great food in the heart of downtown.”
Celebrating Waterbury’s Charm
From cozy cafes to cultural landmarks, Walkbury celebrates Waterbury as a city of rich history and vibrant culture. By offering students, faculty, staff, and OLLI members the chance to explore and engage with the city, the initiative highlights what makes Waterbury unique and fosters a sense of belonging for all UConn members.
Mayor Pernerewski praised the program, stating, “Walkbury is an excellent example of how a university and a city can work together to build community. It’s about making sure every UConn member feels at home here in Waterbury.”
Looking Ahead
With a successful first semester under its belt, Walkbury is poised to continue its mission of fostering harmony between UConn Waterbury and the downtown community. As part of the broader Ideas + Impact initiative, the program will continue to empower students and the entire UConn Waterbury community to engage with the city and make a lasting difference.
For more information or to share ideas for collaboration, email walkbury@uconn.edu or contact Heather Price at 203-236-9846.
Through Walkbury and Ideas + Impact, UConn Waterbury is creating bridges between campus and community, showing that when we walk together, we grow together.
The Central Bank of Iceland Resolution Authority announced today that a resolution plan for Kvika has been approved and thereby a decision on the minimum requirement for own funds and eligible liabilities (MREL) for the bank, in accordance with the Act on Resolution of Credit Institutions and Investment Firms, no. 70/2020.
According to the Resolution Authority’s decision, Kvika’s MREL requirements are 22.0% of Total Risk Exposure Amount (MREL-TREA) and 6.0% of Total Exposure Measure (MREL-TEM). The decision is effective from the date of the announcement, and the bank is already considered to meet the MREL requirements.
For further information, please contact Kvika’s Investor Relations at ir@kvika.is or by phone at +354 540 3200.
La Perouse is a biennial, multilateral exercise demonstrating a shared commitment to enhance regional and international cooperation in support of a free and open Indo-Pacific.
This exercise is designed to advance maritime security in the region through maritime surveillance, interdiction, and air operations through progressive training and information sharing.
This exercise provided an opportunity for U.S. and allied and partner navies, who have shared values, fulfill maritime integration training objectives by emphasizing collaboration, warfighting, and readiness in a dynamic theater, resulting in enhanced maritime security and continued deterrence.
“USS Savannah’s opportunity to operate with our foreign partners this week was exciting. The French and American navies have shared priorities and an enduring mission in the Indo-Pacific,” said Capt. Matt Scarlett, commodore, Destroyer Squadron 7. “Our ability to conduct consistent bilateral operations, conduct information sharing, and participate in realistic scenarios at sea, increases our interoperability as a joint force and ensures sustained maritime security in the region.”
Named after an 18th-century French naval officer and explorer, La Perouse reflects longstanding values and a shared commitment to maritime security with like-minded nations.
The French Navy Charles de Gaulle carrier strike group is represented by their aircraft carrier FS Charles de Gaulle (R91). Charles de Gaulle carrier strike group is operating in the Indo-Pacific as part of their Clemenceau 25 deployment.
“We welcome the opportunity to operate alongside the French navy, our friend and longtime ally, out here in the Indo-Pacific,” said Vice Adm. Fred Kacher, commander, U.S. 7th Fleet. “Their exercise La Perouse underscores the value our European allies place on this critical maritime region, and we look forward to advancing interoperability at sea between our forces.”
Additional participating units included Royal Australian Navy’s Hobart Class guided missile destroyers HMAS Hobart (DDG 39); Royal Canadian Navy’s Halifax-class frigate HMCS Ottawa (FFH 341); the Indian Navy’s Delhi-class guided-missile destroyers INS Mumbai (D 62); Royal Malaysian Navy’s Lekiu-class guided missile frigate FFG Lekir (FFG 30) and Gagah Samudera-class training ship KD Gagah Samudera (271); Royal Navy of the United Kingdom’s River-class off-shore patrol vessel HMS Spey (P 234); and Republic of Singapore Navy’s Independence-class littoral mission vessel RSS Independence (15)
As the U.S. Navy’s forward-deployed DESRON in Southeast Asia, DESRON 7 serves as the primary tactical and operational commander of littoral combat ships rotationally deployed to the U.S. 7th Fleet area of operations, functions as Expeditionary Strike Group 7’s Sea Combat Commander and builds partnerships through training and exercises and military-to military engagements.
U.S. 7th Fleet is the U.S. Navy’s largest forward-deployed numbered fleet, and routinely interacts and operates with allies and partners in preserving a free and open Indo-Pacific region.
We are now well beyond the 24 hours that Donald Trump had promised it would take him to secure an end to the Russian war of aggression against Ukraine. But Trump’s first week since his inauguration on January 20, 2025, has nonetheless been a busy one regarding Ukraine.
In his inauguration address, Trump only made a passing and indirect reference to Ukraine, criticising his predecessor Joe Biden of running “a government that has given unlimited funding to the defence of foreign borders but refuses to defend American borders”.
Trump’s first more substantive statement on Ukraine was a post on his TruthSocial network, threatening Russia taxes, tariffs and sanctions if his Russian counterpart doesn’t agree to make a deal soon. He reiterated this point on January 23 in comments at the World Economic Forum in Davos, adding that he “really would like to be able to meet with President Putin”.
Donald Trump/Truth Social
Trump’s nominee for treasury secretary, Scott Bessent, had already backed Trump’s approach during his Senate confirmation hearing on January 16. Like Trump, Bessent specifically emphasised increasing sanctions on Russian oil companies “to levels that would bring the Russian Federation to the table”.
The following day, Putin responded by saying that he and Trump should indeed meet to discuss Ukraine and oil prices. But this was far from a firm commitment to enter into negotiations, and particularly not with Ukraine.
Putin alluded to an October 2022 decree by Ukraine’s president, Volodymyr Zelensky, banning any negotiations with the Kremlin after Russia formally annexed four regions of Ukraine. Zelensky has since clarified that the decree applies to everyone but him, thus signalling that he would not stand in the way of opening direct talks with Russia.
Yet, Putin is likely to continue playing for time. The most likely first step in a Trump-brokered deal will be a ceasefire freezing the line of contact at the time of agreement. With his forces still advancing on the ground in Ukraine, every day of fighting brings Putin additional territorial gains.
Nor are there any signs of waning support from Russian allies. Few and far between as they may be, China, Iran and North Korea have been critical in sustaining the Kremlin’s war effort. Moscow now has added a treaty on a comprehensive strategic partnership with Iran to the one it had sealed with North Korea in June 2024.
Meanwhile, the Russia-China no-limits partnership of 2022, further deepened in 2023, shows no signs of weakening. And with Belarusian president Alexander Lukashenko winning a seventh consecutive term on January 26, Putin is unlikely to be too worried about additional US sanctions.
Zelensky, like Putin, may play for time. Trump’s threat of sanctions against Russia is likely an indication of some level of frustration on the part of the US president that Putin seems less amenable to cutting a deal. Russia may continue to make territorial gains in eastern Ukraine, but it has not achieved any strategic breakthrough.
War of attrition
A significant increase in US military assistance to Ukraine since September 2024, as well as commitments from European allies, including the UK, have likely put Kyiv into a position that it can sustain its current defensive efforts through 2025.
Ukraine may not be in a position to launch a major offensive but could continue to keep costs for Russia high. On the battlefield, these costs are estimated at 102 casualties per square kilometre of Ukrainian territory captured. Beyond the frontlines, Ukraine has also continued its drone campaign against targets inside Russia, especially the country’s oil infrastructure.
This is not to say that Trump is going to fail in his efforts to end the fighting in Ukraine. But there is a big difference between a ceasefire and a sustainable peace agreement. And while a ceasefire, at some point, may be in both Russia’s and Ukraine’s interest, sustainable peace is much more difficult to achieve.
Putin’s vision of total victory is as much an obstacle here as western reluctance to provide credible security guarantees for Ukraine.
The two options most regularly raised: Nato membership for Ukraine or a western-led peacekeeping force that could act as a credible deterrent, both appear unrealistic at this point. It is certainly inconceivable that Europe could muster the 200,000 troops that Zelensky envisaged as a deployment in Ukraine to guarantee any deal with Putin. But a smaller force, led by the UK and France, might be possible.
Kyiv and Moscow continue to be locked in a war of attrition and neither Putin nor Zelensky have blinked so far. It is not clear yet whether, and in which direction, Trump will tilt the balance and how this will affect either side’s willingness to submit to his deal-making efforts.
So far, Trump’s moves are not a gamechanger. But this is the first serious attempt in nearly three years of war to forge a path towards an end of the fighting. It remains to be seen whether Trump, and everyone else, has the imagination and stamina to ensure that this path will ultimately lead to a just and secure peace for Ukraine.
Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU’s Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.
Source: The Conversation – UK – By Matthew Powell, Teaching Fellow in Strategic and Air Power Studies, University of Portsmouth
Numerous incidents of suspected Russian-linked sabotage of undersea cables in the Baltic Sea has seen tensions rise among nearby countries, and an increased Nato presence.
In the latest incident, on January 26, the Swedish coast guard boarded a ship in the Baltic Sea on suspicion of anchor dragging and suspected sabotage of vital undersea cables providing power and communication across the region. Latvia also sent a warship to the incident to investigate damage to fibre-optic cables. The Bulgarian vessel is now under investigation. The owner of the ship has denied any involvement with sabotage.
The nations along the Baltic Sea coast have become increasingly worried about suspected sabotage of their undersea infrastructure in recent months by vessels deliberately dragging their using anchors along the seabed and have started to station military vessels at sea every day.
In response to rising concerns about infrastructure security, Nato increased its regional naval presence by launching the Baltic Sentry missionon January 14, which includes maritime patrol vessels.
What’s the context?
In recent months there have been several reports of damage being caused to undersea cables by vessels as they pass through the Baltic Sea. Attacks on undersea cables are comparable to traditional espionage and information operations . This is activity conducted at the level below that of warfare, designed to send certain signals to adversarial nations. The purpose could be to send a message that the capability exists to essentially cut off and isolate nations from the outside world.
These cables are extremely valuable. They are used to transport gas, electricity and internet traffic between nations. And recent incidents have led to a reduction in the capacity of electricity that can be transported, although this has not yet caused widespread power outages. Another concern is that damage to internet cables can hold up the passage of information generated by the financial markets. This is particularly vulnerable due to its time-sensitive nature.
Protecting the cables is a challenging task. There is little that can physically be done to prevent other vessels crossing seas and oceans due to the concept of freedom of navigation of the high seas. And Russia has a right of passage for its ships, for example, from St Petersburg to the North Sea.
Investigations into apparent threats can be conducted without actually seizing the vessel or impeding its progress in any way. This can done through the use of GPS tracking data and combining that with other evidence such as eye witness testimony.
While these cables can get damaged through natural means, the targeting of them could be a way for a nation to operate against its adversaries in a more covert manner and below the threshold of armed conflict.
The Finnish navy seized a ship suspected of involvement in sabotage.
Much of the disruption to the traffic on these undersea cables is probably the result of accidental activity. But there have been concerns about greater activity by Russian military vessels in their attempts to map the Baltic sea floor. The most likely reason for the increased Russian sea mapping activity is to gain a greater understanding of the location of these cables. But it could be sending a message that this critical infrastructure is difficult to defend and vulnerable to attack and sabotage.
Many merchant vessels are registered in overseas territories, and ownership can be hard to track. This gives a degree of plausible deniability over who may have ordered or overseen the operations that might have damaged cables.
It makes it more challenging for action to be taken, but has given rise to accusations that these ships are acting as Russia’s “shadow fleet”.
But this increased naval presence in the Baltic could act as a deterrent and provide greater security to the cables. Sweden has now boarded a vessel. But another obstacle here is that the nation where the vessel is registered is under absolutely no obligation to cooperate with any investigation.
Other factors are also involved. The Baltic states and Finland have memories of the political control imposed upon them by the Soviet government prior to, and, in some cases, after the second world war, and this will be adding to the tension.
Russia’s invasion of Ukraine has increased regional fears about what could happen next. Moscow may be hoping to deter the Baltic nations from continuing to provide the support they are giving to Ukraine by increasing pressure on them along the coast.
But aggressive activity in the Baltic Sea may well have the opposite effect by ramping up concern about Russia’s power. It might also mean Baltic and Nordic countries are more willing to increase their defence spending and make preparations for possible military action.
Matthew Powell does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: Traditional Unionist Voice – Northern Ireland
Statement by TUV vice chairman Councillor Allister Kyle:
“I’m absolutely devastated to hear the news of the tragic passing of Jason McKay. I knew Jason well. A dedicated member of Dunseverick LOL 528, I was pleased to see him elected and installed as their Deputy Master. Jason and I were about the same age and went through some of our degrees together in the Orange.
“Jason got married last year and he lived just a few doors up from our family farm in Craigahulliar. A quiet, unassuming fella, Jason was a hard worker who was very family focused.
“Jason was well known in the farming community and when he wasn’t helping his father’s building firm enjoyed working to a local agricultural contractor. He will be sorely missed by many not least his parents, wife Serena, their young family and wider family circle.
“My thoughts and prayers are with Jason’s family, colleagues and friends.”
HOUSTON, Jan. 27, 2025 (GLOBE NEWSWIRE) — U.S. Energy Corp. (NASDAQ: USEG, “U.S. Energy” or the “Company”) announced today the closing of its previously announced underwritten public offering of 4,871,400 shares of its common stock, which includes 635,400 shares sold pursuant to the exercise in full by the underwriters of their over-allotment option, par value $0.01 per share, at a public offering price of $2.65 per share, for total net proceeds, after underwriting commissions, of approximately $12.1 million.
U.S. Energy plans to use the net proceeds of the offering to fund growth capital for its industrial gas development project, including new industrial gas wells and processing plant and equipment, and to support upcoming operations. The proceeds received by the Company from the exercise of the over-allotment option may be utilized to purchase shares of common stock from Sage Road Capital, LLC, a related party, or its affiliates at a price equal to the net offering price received by the Company.
Roth Capital Partners acted as sole book-running manager for the offering. Johnson Rice & Company and D. Boral Capital acted as co-managers for the offering. The Loev Law Firm, PC represented the Company and K&L Gates LLP represented the underwriters in the offering.
The offering is being made pursuant to a shelf registration statement on Form S-3, including a base prospectus, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) and became effective on September 15, 2022. The prospectus supplement and accompanying base prospectus relating to the offering are available on the SEC’s website at www.sec.gov. Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained by sending a request to: Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147, email at rothecm@roth.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares of common stock or any other securities, nor shall there be any sale of such shares of common stock or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
ABOUT U.S. ENERGY CORP.
We are a growth company focused on consolidating high-quality assets in the United States with the potential to optimize production and generate free cash flow through low-risk development while maintaining an attractive shareholder returns program. We are committed to being a leader in reducing our carbon footprint in the areas in which we operate. More information about U.S. Energy Corp. can be found at www.usnrg.com.
Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation: (1) the expected use of proceeds, including, but not limited to the repurchase of certain shares of common stock; (2) the ability of the Company to grow and manage growth profitably and retain its key employees; (3) risks associated with the integration of recently acquired assets; (4) the Company’s ability to comply with the terms of its senior credit facilities; (5) the ability of the Company to retain and hire key personnel; (6) the business, economic and political conditions in the markets in which the Company operates; (7) the volatility of oil and natural gas prices; (8) the Company’s success in discovering, estimating, developing and replacing oil, natural gas and helium reserves; (9) risks of the Company’s operations not being profitable or generating sufficient cash flow to meet its obligations; (10) risks relating to the future price of oil, natural gas, NGLs and helium; (11) risks related to the status and availability of oil, natural gas and helium gathering, transportation, and storage facilities; (12) risks related to changes in the legal and regulatory environment governing the oil, gas and helium industry, and new or amended environmental legislation and regulatory initiatives; (13) risks relating to crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; (14) technological advancements; (15) changing economic, regulatory and political environments in the markets in which the Company operates; (16) general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; (17) actions of competitors or regulators; (18) the potential disruption or interruption of the Company’s operations due to war, accidents, political events, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the Company’s control; (19) pandemics, governmental responses thereto, economic downturns and possible recessions caused thereby; (20) inflationary risks and recent changes in inflation and interest rates, and the risks of recessions and economic downturns caused thereby or by efforts to reduce inflation; (21) risks related to military conflicts in oil producing countries; (22) changes in economic conditions; limitations in the availability of, and costs of, supplies, materials, contractors and services that may delay the drilling or completion of wells or make such wells more expensive; (23) the amount and timing of future development costs; (24) the availability and demand for alternative energy sources; (25) regulatory changes, including those related to carbon dioxide and greenhouse gas emissions; (26) uncertainties inherent in estimating quantities of oil, natural gas and helium reserves and projecting future rates of production and timing of development activities; (27) risks relating to the lack of capital available on acceptable terms to finance the Company’s continued growth, potential future sales of debt or equity and dilution caused thereby; (28) the review and evaluation of potential strategic transactions and their impact on stockholder value and the process by which the Company engages in evaluation of strategic transactions; and (29) other risk factors included from time to time in documents U.S. Energy files with the Securities and Exchange Commission, including, but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company’s publicly filed reports, including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and future annual reports and quarterly reports. These reports and filings are available at www.sec.gov. Unknown or unpredictable factors also could have material adverse effects on the Company’s future results.
The Scottish Government’s Resilience Room (SGORR) met this afternoon to hear about further progress to reconnect power and reopen rail lines and schools following Storm Éowyn.
It heard:
5,900 properties are without power, with the vast majority expected to be reconnected in the course of today or tomorrow
Network Rail has restored enough infrastructure to allow around 75% of services to resume, and is working at pace to open up the remaining lines
At least two schools are confirmed to be closed tomorrow
Justice and Home Affairs Secretary Angela Constance said:
“Three days after the worst of Storm Éowyn, we can see how the sheer scale of the damage continues to impact Scotland’s return to normal. I want to thank everyone who is playing their part, day and night, to get services back up and running.
“Utilities companies are working as fast as possible, in often challenging in weather conditions, and have reconnected over 280,000 properties. Around 5,900 properties are still without power and companies are in touch with those households to estimate restoration times and offer welfare or other support.
“While trunk roads and ferries are largely operating as normal, the railway continues to recover and Network Rail has experienced over 500 incidents. ScotRail were scheduled to operate 50% of services today but this has increased to around 73% over the course of today. We can however expect continued disruption on some lines to last until later this week, so I would ask passengers to be patient and check ScotRail and Network Rail information before they travel.
“A very small number of schools will be closed tomorrow and relevant councils will be in touch with parents and pupils where appropriate.”
Background
SGoRR was chaired by Justice and Home Affairs Secretary Angela Constance and attended by Transport Secretary Fiona Hyslop, Education Secretary Jenny Gilruth, Rural Affairs and Islands Secretary Mairi Gougeon and Minister for Agriculture and Connectivity Jim Fairlie. They were joined by representatives from the Met Office, Police Scotland, Transport Scotland, SEPA, transport and utilities companies and resilience partners.
Source: United Kingdom – Prime Minister’s Office 10 Downing Street
Prime Minister Keir Starmer made a speech at the Holocaust Memorial Day UK National Ceremony today.
Earlier this month, my wife and I were in Block 27 of Auschwitz searching for members of her family in the Book of Names. It was harrowing.
We turned page after page after page just to find the first letter of a name. It gave me an overwhelming sense of the sheer scale of this industrialised murder.
And every one of those names, like the names we were looking for – was an individual person. Someone’s mother, father, brother, sister brutally murdered, simply because they were Jewish.
Last week I met Renee Salt and Arek Hersh who somehow survived but whose loved ones were among those victims. I was humbled by their courage to speak of being in that place. I felt waves of revulsion at the depravity they described, at the cynicism.
People told to bring their belongings like the piles of pots and pans I saw myself. The commandant living next door bringing up his family, the normalisation of murder, like it was just another day’s work.
In Auschwitz, I saw photographs of Nazi guards standing with Jewish prisoners staring at the camera – completely indifferent – and in one case, even smiling. It showed more powerfully than ever how the Holocaust was a collective endeavour by thousands of ordinary individuals utterly consumed by the hatred of difference.
And that is the hatred we stand against today, and it is a collective endeavour for all of us to defeat it.
We start by remembering the six million Jewish victims and by defending the truth against anyone who would deny it. So we will have a National Holocaust Memorial and Learning Centre to speak this truth for eternity.
But as we remember, we must also act. Because we say never again, but where was never again in Cambodia, Rwanda, Bosnia, Darfur, or the acts of genocide against Yazidi.
Today, we have to make those words mean more. So we will make Holocaust education a truly national endeavour.
We will ensure all schools teach it and seek to give every young person the opportunity to hear a recorded survivor testimony. Because by learning from survivors like Renee and Arek we can develop that empathy for others and that appreciation of our common humanity, which is the ultimate way to defeat the hatred of difference.
As I left Block 27, I saw the words of Primo Levi. It happened, it can happen again: that is the warning of the Holocaust to all of us.
And it’s why it is a duty for all of us to make “never again” finally mean what it says: Never again.
Source: United Kingdom – Executive Government & Departments
Prime Minister Keir Starmer made a speech at the Holocaust Memorial Day UK National Ceremony today.
Earlier this month, my wife and I were in Block 27 of Auschwitz searching for members of her family in the Book of Names. It was harrowing.
We turned page after page after page just to find the first letter of a name. It gave me an overwhelming sense of the sheer scale of this industrialised murder.
And every one of those names, like the names we were looking for – was an individual person. Someone’s mother, father, brother, sister brutally murdered, simply because they were Jewish.
Last week I met Renee Salt and Arek Hersh who somehow survived but whose loved ones were among those victims. I was humbled by their courage to speak of being in that place. I felt waves of revulsion at the depravity they described, at the cynicism.
People told to bring their belongings like the piles of pots and pans I saw myself. The commandant living next door bringing up his family, the normalisation of murder, like it was just another day’s work.
In Auschwitz, I saw photographs of Nazi guards standing with Jewish prisoners staring at the camera – completely indifferent – and in one case, even smiling. It showed more powerfully than ever how the Holocaust was a collective endeavour by thousands of ordinary individuals utterly consumed by the hatred of difference.
And that is the hatred we stand against today, and it is a collective endeavour for all of us to defeat it.
We start by remembering the six million Jewish victims and by defending the truth against anyone who would deny it. So we will have a National Holocaust Memorial and Learning Centre to speak this truth for eternity.
But as we remember, we must also act. Because we say never again, but where was never again in Cambodia, Rwanda, Bosnia, Darfur, or the acts of genocide against Yazidi.
Today, we have to make those words mean more. So we will make Holocaust education a truly national endeavour.
We will ensure all schools teach it and seek to give every young person the opportunity to hear a recorded survivor testimony. Because by learning from survivors like Renee and Arek we can develop that empathy for others and that appreciation of our common humanity, which is the ultimate way to defeat the hatred of difference.
As I left Block 27, I saw the words of Primo Levi. It happened, it can happen again: that is the warning of the Holocaust to all of us.
And it’s why it is a duty for all of us to make “never again” finally mean what it says: Never again.
ATLANTA (January 27, 2025) — On Monday, January 13, Sen. Greg Dolezal (R–Cumming) introduced Senate Bill (SB) 1, the “Fair and Safe Athletic Opportunities” Act, which would provide competitively fair and safe student participation in sports. The bill would require athletes to participate on teams that align with their biological sex at birth.
“This summer, I had the privilege of serving as Chairman of the Georgia Senate Special Committee on the Protection of Women’s Sports,” said Sen. Dolezal. “As the father of three daughters, I take this issue to heart. Female athletes have worked tirelessly to earn their place in competition, and they deserve a level playing field. Ideologically driven policies that undermine the fairness in women’s sports have no place in Georgia. Our committee dedicated countless hours to thoroughly studying this issue, and I’m proud to say the Majority Caucuses in both the Senate and House stand firmly united in protecting these opportunities for women and girls. I am confident this legislation will move swiftly through the General Assembly and deliver the protection female athletes deserve.”
“Biological men do not belong in women’s sports, period,” said Lt. Governor Burt Jones. “This is common sense to everyone but the most radical liberals in Georgia. The Senate has always led the way on protecting women’s sports and with Senate Bill 1, we will continue to be on the right side of this common-sense issue. I will never waver in the fight to protect our sisters and our daughters participating on equal footing in Georgia sports. I look forward to Senate Bill 1 becoming law and the protection of women’s sports becoming a reality for all female athletes in Georgia.”
SB 1 aims to provide equal athletic opportunities and safety for men and women at all levels. It would prohibit males from participating in interscholastic and intercollegiate competitions on teams designated as female as well as prohibit females from participating in competition on intercollegiate teams designated as male.
SB 1 can be found here.
# # # #
Sen. Greg Dolezal serves as Chairman of the Senate Committee on Transportation. He represents the 27th Senate District, which includes a portion of Forsyth County. He may be reached by phone at (404) 656-7127 or via email atgreg.dolezal@senate.ga.gov.
For all media inquiries, please reach out toSenatePressInquiries@senate.ga.gov.
Source: United Kingdom – Executive Government & Departments
Minister for the Indo-Pacific Catherine West visits Sri Lanka with a focus on boosting exports and economic growth.
UK Minister for the Indo-Pacific set to meet with new Sri Lankan government minsters as part of the first official visit of new UK government.
Minister will set out plans to strengthen UK-Sri Lanka partnership – from inclusive economic growth, anti-corruption, human rights to national reconciliation.
The Minister will welcome new export initiatives set to bolster UK-Sri Lanka trade.
Inclusive economic growth, anti-corruption, human rights and national reconciliation are on the agenda as Catherine West, Minister for Indo-Pacific will meet President Anura Kumara Dissanayake and other key government ministers.
The visit marks the first ministerial visit to Sri Lanka since the formation of new governments in both countries.
The Minister will strengthen valuable UK-Sri Lanka trade links, boosting growth for UK and Sri Lankan businesses. She will launch new export procedure handbooks, helping Sri Lankan businesses better access the UK market through the Developing Countries Trading Scheme (DCTS).
The Minister will also travel to Jaffna to emphasise the UK’s ongoing support for human rights, reconciliation, climate resilience and minority rights.
She will meet with local political leaders and civil society organisations working on post-conflict rehabilitation, as well as visiting the only FCDO-funded climate adaptation project which directly addresses groundwater depletion and its impact on agriculture and local communities.
Minister for Indo-Pacific, Catherine West said:
I am so pleased to make my first official visit to Sri Lanka and meet the new government so soon after they have taken office. I have heard a lot about the country from my UK constituents of Sri Lankan heritage; and I have experienced their warm hospitality.
The UK and Sri Lanka share a dynamic modern partnership. I look forward to exploring our potential to grow our relationship through trade, economic growth and education.
I believe social and economic development are vital to sustained growth. The UK remains steadfast in our commitment to tackling corruption, supporting human rights progress including long-standing grievances, and taking action on the impacts of climate and nature.
The Minister will meet the British Council to discuss the growing education partnership as Sri Lanka positions itself as regional hub for transnational education (TNE).
UK High Commissioner to Sri Lanka, Andrew Patrick said:
Minister Catherine West’s visit marks an important moment – the first meeting of our two new governments. To see the Minister visit so soon after elections underscores the UK government’s commitment to strengthening our bilateral partnership. We’ll see lots of activity in the months ahead, as we work with the government on their agenda of reform.
The visit highlights the shared ambition of our two governments to deepen collaboration, and address shared challenges such as economic growth, climate change and human rights.
Background
The minister will meet with Prime Minister Harini Amarasuriya and Foreign Minister Vijitha Herath.
The Developing Countries Trading Scheme cuts tariffs, removes conditions and simplifies trading rules for 65 developing countries.
A consultation has opened on proposals to deliver new, fit for purpose services and more school places that support Queensferry’s growing population
Residents are being asked to share their feedback on new ideas to create a community campus on Burgess Road, bringing together more modern services in a central location for the whole of Queensferry.
Plans for the new project, which have been designed using the findings of past consultations and reports, focus on:
A new Early Years Centre on the north end of Burgess Park, providing children with better quality outdoor space and a modern environment for learning and development.
Enhancing greenspace and extending Burgess Park by removing the Road Depot on adjacent land.
Moving an improved and larger Queensferry library to the campus, with more community spaces and provision to deliver expanded services with our partners.
Providing additional classrooms at Queensferry Primary School by moving the Early Years facility to a new building and repurposing space within the school.
Expanding playground space at Queensferry Primary School, replacing existing buildings in poor condition.
The proposals for the hub are part of the Queensferry Living Well Locally project to help make Queensferry greener, healthier and safer for everyone.
The project aligns with the 20-minute neighbourhood strategy to help local people meet most of their daily needs within a short walk, wheel or cycle from their home.
Information on further plans to improve walking, wheeling and cycling connections to shops, services, and facilities in the local area will follow as related projects are developed.
Councillor Val Walker, Culture and Communities Convener, said:
With Queensferry’s population continuing to grow, we need more school places to meet demand, while some of our existing community buildings are reaching the end of their usable life and are no longer fit for purpose. We firmly believe that doing nothing is not an option, and we need to invest in local community facilities for today and tomorrow. We are looking to deliver this through a place-based approach that reflects what people in the area want and need.
We are keen to hear from as many people as possible who use services in the area. The proposals have been designed partly using the feedback from previous engagement, but we need to make sure they work for everyone. This consultation is a fantastic opportunity to make sure people’s views are heard and considered when plans are developed in more detail.
Councillor Joan Griffiths, Education, Children and Families Convener, said:
We know from previous engagement that people would like modern community services and facilities in a central location that is easy for people from all over the local area to access. Our ideas for a new community hub on Burgess Road address these issues.
The proposals for the new early years centre and expanded primary school have the potential to create a modern learning and development environment for children in Queensferry, while allowing us to provide vital new classroom spaces.
The survey is now live on the Consultation Hub and will run until Monday 21st April. A number of in-person events will be held in venues across Queensferry, where officers will be available to discuss plans and listen to people’s views.
The first of these will take place on Thursday 6th February at Queensferry Library (12pm – 2pm) and Scotmid Co-Op (4pm – 6pm). Details of further dates and times will be published on the Council’s website and Consultation Hub.
Beyond this, the project team is also meeting with local community groups and organisations as part of the consultation process.
Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Cambodia.
Cambodia’s economy has continued to recover, albeit at a modest pace. We project real GDP to grow from 5.5 percent in 2024 to 5.8 percent in 2025 and inflation to pick up from 0.5 percent in 2024 to 2 percent in 2025 and remain contained. However, risks to the outlook are tilted to the downside from both external factors and domestic vulnerabilities, including from policy changes by major trading partners, geoeconomic fragmentation, and continued weakness in the construction and real estate sectors.
The recovery remains uneven. Real GDP growth is driven mainly by external demand, with a strong rebound in garment exports and high growth in agricultural exports. Tourism has experienced a structural shift in its composition, resulting in a lagged recovery in tourism receipts. Growth in non-tradable sectors remains weak. After a sustained credit expansion that lifted the credit-to-GDP ratio from 24 percent in 2010 to 135 percent in 2023, credit growth has come to a near halt. The construction and real estate sectors are undergoing a correction, with rising non-performing loans and emerging signs of private-sector debt overhang.
We project the fiscal deficit at 2.4 percent of GDP in 2025, down from 3 percent in 2024, with a gradual fiscal consolidation envisaged in the medium-term fiscal framework. Public debt remains well-contained, staying below 30 percent of GDP over the next decade. The current account balance is projected to swing back to a deficit of 1.8 percent of GDP in 2024 as strong demand for imports outpaces the recovery in exports and tourism. The deficit is projected to increase somewhat in 2025, reaching 2.5 percent of GDP, with export growth expected to moderate.
Executive Directors welcomed the continuing recovery of the Cambodian economy, driven by strong growth in garment and agricultural exports, and improving tourism activity. Nonetheless, the recovery has been uneven, and while growth is expected to continue, risks to the outlook are tilted to the downside. Directors underscored the importance of policies to safeguard macro financial stability, ensure a durable and inclusive recovery, and achieve the authorities’ development goals over the medium term.
Directors supported a neutral fiscal stance in the near term and highlighted the importance of gradual and high-quality consolidation over the medium term underpinned by sound fiscal frameworks to maintain debt sustainability and strengthen economic resilience. They welcomed the recent publication of a medium-term fiscal framework but recommended strengthening it with more conservative and transparent fiscal rules. Directors stressed the need to further mobilize revenues through rationalizing tax exemptions and implementing tax policy reforms, while enhancing spending efficiency and strengthening public investment management, in order to help rebuild fiscal buffers and safeguard priority social and capital spending. Directors welcomed efforts to foster the development of the domestic government bond market as Cambodia’s access to concessional foreign financing will be reduced when it graduates from Least Developed Country status. They also stressed the need for sound management of fiscal risks from state-owned enterprises and public-private partnerships.
Directors supported the measured pace of monetary policy normalization while maintaining adequate financial system liquidity. They encouraged continuing efforts to modernize the monetary policy framework to enhance policy transmission and support de-dollarization. Noting the ongoing corrections in the construction and real estate sectors, declining FDI inflows, and rising nonperforming loans, Directors encouraged phasing out forbearance measures and developing a comprehensive plan to safeguard financial stability. They recommended strengthening risk-based supervision, improving macroprudential policy, enhancing coordination among financial sector supervisory agencies, and intensifying oversight of the real estate sector.
Directors highlighted the importance of structural reforms to promote economic diversification and improve competitiveness. They encouraged the authorities’ efforts to enhance human capital, invest in infrastructure, strengthen the business environment, address climate vulnerabilities, and promote renewable energy to attract more diversified FDI. They also underscored the importance of strengthening governance and institutions, improving transparency, enhancing the AML/CFT framework, and addressing data limitations through capacity development.
Per capita GDP (2022, US$): 1,546 Life expectancy (2019, years): 75.5
Population (2022, million): 16.7 Literacy rate (2019, percent): 87.7
2021
2022
2023
2024
2025
2026
2027
2028
2029
Est.
Proj.
Output and prices (annual percent change)
GDP at constant prices
3.1
5.1
5.0
5.5
5.8
6.2
6.0
6.0
6.0
Inflation (end-year)
3.7
2.9
2.7
1.5
2.1
3.2
3.0
3.0
3.0
(Annual average)
2.9
5.3
2.1
0.4
2.1
3.2
3.0
3.0
3.0
Saving and investment balance
(in percent of GDP)
Gross national saving
0.8
15.6
33.6
30.7
30.0
29.2
29.2
29.2
29.3
Government saving
0.3
3.1
4.1
5.1
6.1
7.1
8.1
9.1
10.1
Private saving
0.5
12.5
29.5
25.6
23.9
22.1
21.1
20.1
19.2
Gross fixed investment
30.4
34.6
32.3
32.5
32.5
32.5
32.5
32.5
32.5
Government investment
6.6
5.6
5.8
5.2
4.5
4.3
4.2
3.9
3.8
Private investment
23.8
29.0
26.5
27.4
28.0
28.2
28.4
28.6
28.7
Money and credit (annual percent change, unless otherwise indicated)
Broad money
16.4
8.2
12.5
8.5
7.9
10.5
11.3
9.1
9.0
Private sector credit
23.6
18.5
3.5
4.0
7.0
10.0
10.0
10.0
10.0
Velocity of money 2/
1.1
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
Public finance (in percent of GDP)
Revenue
15.8
18.1
15.9
14.9
14.9
14.9
15.0
15.1
15.2
Domestic revenue
14.7
16.4
14.7
13.7
13.7
13.8
14.0
14.1
14.4
Of which: Tax revenue
13.2
14.7
13.0
12.1
12.1
12.2
12.3
12.5
12.7
Grants
1.1
1.7
1.2
1.2
1.1
1.1
1.0
0.9
0.8
Expenditure
21.0
18.4
18.7
17.9
17.3
17.1
17.1
17.2
17.1
Expense
14.4
12.8
12.9
12.7
12.8
12.8
13.0
13.3
13.4
Net acquisition of nonfinancial assets
6.6
5.6
5.8
5.2
4.5
4.3
4.2
3.9
3.8
Net lending (+)/borrowing(-)
-5.2
-0.3
-2.8
-3.0
-2.4
-2.2
-2.1
-2.1
-2.0
Net lending (+)/borrowing(-) excluding grants
-6.3
-2.0
-4.0
-4.2
-3.6
-3.3
-3.2
-3.0
-2.8
Net acquisition of financial assets
-3.6
1.4
-0.3
-0.2
0.5
0.3
0.2
0.3
0.4
Net incurrence of liabilities 3/
1.6
1.7
2.5
2.8
2.9
2.5
2.4
2.4
2.4
Total public debt (In percent of GDP)
25.9
25.0
25.7
26.8
27.8
27.8
27.8
27.7
27.7
Balance of payments (in millions of dollars, unless otherwise indicated)
Exports, f.o.b.
19,527
23,175
23,569
26,745
28,595
30,942
33,449
36,307
39,457
(Annual percent change)
5.7
18.7
1.7
13.5
6.9
8.2
8.1
8.5
8.7
Imports, f.o.b.
-30,726
-31,995
-26,553
-31,055
-33,244
-35,626
-38,605
-41,871
-45,434
(Annual percent change)
46.4
4.1
-17.0
17.0
7.0
7.2
8.4
8.5
8.5
Current account (including official transfers)
-10,886
-7,572
555
-847
-1,269
-1,794
-1,993
-2,175
-2,283
(In percent of GDP)
-29.6
-19.0
1.3
-1.8
-2.5
-3.3
-3.3
-3.4
-3.2
Gross official reserves 4/
20,265
17,805
19,998
20,753
23,064
26,887
30,951
35,422
40,351
(In months of prospective imports)
7.0
7.3
6.9
6.6
6.9
7.4
7.9
8.3
8.7
Total public debt (in millions of dollars)
9,505
9,971
11,187
12,473
13,932
15,218
16,508
17,912
19,453
(In percent of GDP)
25.9
25.0
25.7
26.8
27.8
27.8
27.8
27.7
27.7
External debt (in millions of dollars, unless otherwise indicated)
Public external debt
9,505
9,971
11,187
12,387
13,726
14,939
16,178
17,548
18,978
(In percent of GDP)
25.9
25.0
25.7
26.6
27.4
27.3
27.2
27.1
27.0
Public debt service
397
427
449
418
439
458
482
506
533
(In percent of exports of goods and services)
2.0
1.7
1.6
1.3
1.3
1.2
1.2
1.2
1.1
Nominal effective exchange rate (index, trade partners by CPI)
113.3
122.4
123.3
…
…
…
…
…
…
Real effective exchange rate
(index, based on CPI)
125.3
134.0
132.4
…
…
…
…
…
…
Memorandum items:
Nominal GDP (in billions of Riels)
150,793
164,059
177,719
190,603
205,946
225,291
245,726
267,845
292,066
(In millions of U.S. dollars)
36,797
39,838
43,304
46,568
50,180
54,745
59,548
64,733
70,395
Sources: Cambodian authorities; and IMF staff estimates and projections.
1/ Based on the rebased GDP.
2/ Ratio of nominal GDP to the average stock of broad money.
3/ Includes statistical discrepancy.
4/ Includes unrestricted foreign currency deposits held at the National Bank of Cambodia.
[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.
[2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.
Source: United Nations General Assembly and Security Council
Following is UN Secretary-General António Guterres’ message to International Holocaust Remembrance Service at Park East Synagogue, delivered by Miguel Ángel Moratinos Cuyaubé, High Representative for the United Nations Alliance of Civilizations, in New York today:
It is an honour to send you a message today. At this sombre occasion, I want to acknowledge that more than a year has passed since the appalling 7 October 2023 terror attacks by Hamas. We welcome, at long last, the ceasefire and hostage-release deal. The deal offers hope, as well as much needed relief. The United Nations will do our utmost to ensure it leads to the release of all hostages and a permanent ceasefire in Gaza.
This year marks 80 years since the end of the Holocaust. The history of the Holocaust is one of total moral collapse, dehumanization, complicity and unimaginable atrocities. But, amidst all the horror, there are also stories of humanity, and of courage.
I think of those victims who resisted Nazi brutality and supported one another with kindness and solidarity. I think of those survivors who have told their stories to the world, including Rabbi Schneier and others present today. We owe you — and the children of survivors who made sure those stories lived on — a profound debt of gratitude. And I think of those noble people of conscience who may not have been targeted by the Nazis, but were so horrified by what they saw that they felt compelled to act.
That includes a number of diplomats who used their power to save lives. They were from a variety of countries, including many represented here today.
One important example from my own country, Portugal, is Aristides de Sousa Mendes. Stationed in Bordeaux, as the Nazis approached in 1940, Sr. Sousa Mendes faced crowds desperate for visas out of France.
The orders of the Portuguese Government were clear. The infamous “Circular 14” had been issued, denying visas for refugees’ safe passage to Portugal — with Jews named specifically. Sr. Sousa Mendes decided to disobey and worked quite literally day and night to issue thousands of visas, saving countless lives.
The Government punished Sr. Sousa Mendes for his defiance. He died in poverty, after being expelled from the diplomatic corps without pension. But, his extraordinary efforts have not been forgotten. In 1966, he was recognized as one of the Righteous Among the Nations, and last year, I was pleased to support the opening of a museum in his honour in Portugal.
In these days of global turmoil, rising anti-Semitism and growing hate towards many communities, it is vital that we remember the stories of people like Sr. Sousa Mendes, who used their power for good in the worst of times. They remind us that it is our duty — individually and collectively — to stand with humanity and against bigotry and discrimination.
In that spirit, I am pleased to report that the United Nations has launched an Action Plan to Enhance Monitoring and Response to Antisemitism. We have long worked to combat this evil, through a wide range of activities, including our Holocaust Outreach Programme. This new Plan builds on that work, and the insights of people like Rabbi Schneier, to recommend ways the United Nations system will further enhance efforts to combat antisemitism.
This goes to the heart of the mission of the United Nations, which was established in the aftermath of the Holocaust. We will never waver in the fight for a world that promotes and protects the human rights of all.
Eighty years ago, the Auschwitz Birkenau German Nazi Concentration and Extermination Camp was liberated. The cruelty committed within its walls must never be forgotten. During the Holocaust, the Nazis senselessly killed six million Jews. They also murdered 500,000 Roma and Sinti people and millions of others, including Poles, prisoners of war, people with disabilities, and 2SLGBTQI+ people. Today, amid a disturbing rise in antisemitism around the world, we stand united to remember the victims of the Holocaust, listen to the stories of survivors, and reaffirm the solemn vow to never forget.
The Prime Minister, Justin Trudeau, today concluded the first day of his visit to Poland, where he attended a commemorative event to mark 80 years since the liberation of the Auschwitz Birkenau German Nazi Concentration and Extermination Camp. He was accompanied by Canadian Holocaust survivors as well as Canada’s Special Envoy on Preserving Holocaust Remembrance and Combatting Antisemitism, Deborah Lyons.
In Kraków, Prime Minister Trudeau highlighted a $90.5 million package of measures announced in Budget 2024 to combat antisemitism, preserve Holocaust remembrance, and educate against Holocaust denial and distortion. He also announced almost $3.4 million in new funding to strengthen Holocaust education and awareness efforts in Canada and around the world. This includes new funding to the United Nations Educational, Scientific and Cultural Organization (UNESCO), the Montréal Holocaust Museum, the Vancouver Holocaust Education Centre, the Friends of the Simon Wiesenthal Center for Holocaust Studies, the Toronto Holocaust Museum, the Canadian Society for Yad Vashem, and the Jewish Federation of Victoria and Vancouver Island.
In meetings with Canadian Holocaust survivors, the Prime Minister reaffirmed Canada’s unwavering commitment to building a country where Jewish people can live open and proud Jewish lives, without intimidation or fear.
Let the resilience, courage, and strength of Holocaust survivors inspire us to be better – and do better. Together, let us honour their memories, re-tell their stories, and continue our work to build a world that is more just and more peaceful.
Quotes
“The Holocaust and the unimaginable cruelty of the Auschwitz Birkenau German Nazi Concentration and Extermination Camp must never be forgotten. In Kraków today, we announced a new suite of initiatives to increase Holocaust education and awareness in Canada, and we reaffirmed our solemn vow: Never forget. Never again.”
“Eighty years ago, humanity saw one the darkest chapters in history with the murder of over six million Jews during the Holocaust. We have a responsibility to never forget and ensure the events of the Holocaust are never repeated. As we see a rise in antisemitism today, we must be reminded that it is our collective responsibility to combat hate in all its forms. That is why we introduced the new National Holocaust Remembrance Program, which will support initiatives to preserve the memory of the Holocaust and teach Canadians how they can play an active role in combatting antisemitism now and into the future.”
“Every generation must know the enduring significance of ‘never again’. As we mark 80 years since the liberation of Auschwitz Birkenau, let us pay tribute to the lives we have lost during the Holocaust. Because ‘never again’ is not just a reminder – it is our solemn responsibility. Together, we must uphold this promise and always stand against antisemitism and hate.”
“For the last 80 years, the Holocaust has reminded us of humanity’s capacity for inhumane cruelty. It has also stood as a warning to never again allow such hatred and horror to go unchecked. With antisemitism once again on the rise, we all have a responsibility to take concrete action, and that’s why the federal government is convening provinces, territories, municipalities, police, and civil society to the National Forum on Combatting Antisemitism. Our synagogues, schools and community centres must be safe spaces for our people. Jewish Canadians must be able to live without fear.”
Quick Facts
The Auschwitz Birkenau German Nazi Concentration and Extermination Camp was the largest camp under Hitler’s regime. One million Jewish people were murdered in Auschwitz Birkenau alone.
Canada has the fourth largest Jewish community in the world, following Israel, the United States, and France. According to the 2021 census, 335,000 Canadians identify as Jewish. As of December 2024, Canada’s Holocaust survivor population is roughly 9,800 – one of the largest around the globe.
The position of Special Envoy on Preserving Holocaust Remembrance and Combatting Antisemitism was created in 2020 as part of the federal government’s commitment to strengthening national and international efforts to preserve the memory of the Holocaust and honour the stories of survivors. Irwin Cotler was appointed Canada’s first Special Envoy in November 2020 and was succeeded by Deborah Lyons in October 2023. The Special Envoy works to combat antisemitism, hatred, and racism, while promoting and defending democracy, pluralism, inclusion, and human rights.
Canada’s commitment to protecting human rights and combatting antisemitism at home and abroad is anchored in our membership in – and work with – the International Holocaust Remembrance Alliance (IHRA). As the only international institution mandated to focus on issues related to the Holocaust, the IHRA works to raise awareness of the global impact of antisemitism and seeks ways to end it. In 2022, Canada announced it would double its annual contribution to the IHRA.
In October 2024, the Government of Canada released the Canadian Handbook on the IHRA Working Definition of Antisemitism. Using Canadian examples, the Handbook serves as a tool to identify and address antisemitism across various sectors. Notably, it is the first such handbook produced by a national government.
In 2022, the federal government amended Canada’s Criminal Code to make it a crime to willfully promote antisemitism by condoning, denying, or downplaying the Holocaust.
In addition to the $90.5 million package of measures on Holocaust remembrance, Budget 2024 also invested over $273 million over six years to implement Canada’s Action Plan on Combatting Hate, including over $29 million ongoing to combat hate crimes and enhance community security.
Crédit Agricole Personal Finance & Mobility finalizes the GAC Leasing equity project to support the growth of GAC Group’s electric vehicle sales in China
CA Personal Finance & Mobility finalizes the planned acquisition of 50% of the equity interests of GAC Finance Leasing Co. Ltd. (GAC Leasing), which becomes Guangzhou GAC-Sofinco Finance Leasing Co Ltd (GAC-Sofinco Leasing), the leasing company of one of the largest Chinese manufacturers Guangzhou Automobile Group Co., Ltd. (GAC Group), via a reserved capital increase.
With this new joint venture, CA Personal Finance & Mobility will offer financial and operational leasing solutions on the Chinese market in 2025 and will thus promote the deployment of electric vehicles in China.
This transaction consolidates a partnership existing since 2009 between CA Personal Finance & Mobility and GAC Group with the creation of GAC-Sofinco AFC, a 50-50 joint venture. The latter operates throughout China and offers automotive financing and services to the GAC-Honda, GAC-Toyota, AION, HYPTEC and GAC Motor networks, serving more than 3,000 dealers.
CA Personal Finance & Mobility becomes a 50% shareholder in GAC-Sofinco Leasing
Following a reserved capital increase, CA Personal Finance & Mobility owns 50% of GAC-Sofinco Leasing. The company has been operating on the Chinese market since 2004 and offers financial and operational leasing solutions to GAC customers and its dealer network.
Through this transaction, CA Personal Finance & Mobility and GAC group are strengthening the leasing offer proposed to Chinese customers, thereby stimulating the sale of electric vehicles, which already represent 60% of the leasing contracts of the new GAC-Sofinco Leasing on a portfolio of more than 200,000 vehicles.
All necessary authorizations from competition authorities and competent regulators have been obtained. The impact on the CET1 ratio of Crédit Agricole S.A. and that of the Crédit Agricole group will be very limited.
« This transaction reaffirms the importance of our long-standing partnership with GAC group. It will enable us to support together and over the long term the development of the particularly dynamic electric automobile market in China. »
Stéphane PRIAMI – CEO of Crédit Agricole Personal Finance & Mobility
Key figures:
In 2023, GAC group was the 4th largest automotive group in China
More than 2.5 million vehicles sold in 2023 worldwide
Crédit Agricole Personal Finance & Mobility is a leader in personal financing and a provider of access to all mobility solutions in Europe. It distributes directly, at the point of sale or on its partners’ e-commerce platforms, a wide range of financing solutions – amortizable credit, revolving credit, leasing and credit buyback – with associated services including insurance, split payment solutions and services dedicated to mobility, with the aim of meeting the challenges of energy transition in mobility, housing and consumption. Its financing solutions and services are offered in France via Sofinco, in Italy via Agos, in Germany via Creditplus, in Portugal via Credibom, in Spain via Sofinco Espana, in Morocco via Wafasalaf, and in China via GAC-Sofinco (automotive financing only). Crédit Agricole Personal Finance & Mobility aims to be the leader in electric mobility in Europe and offers a mobility continuum in the 22 countries where it is present (leasing, medium and short-term rental, subscription, car sharing, installation of charging stations, etc.). The company relies on Leasys, a joint venture equally owned by Stellantis, CA Auto Bank and Drivalia, the pan-European leader in automotive financing, rental and mobility, Crédit Agricole Mobility Services, a comprehensive service offering dedicated to mobility and the development of automotive financing in its universal subsidiaries in Europe and in Crédit Agricole Regional Banks and at LCL via Agilauto. CA Personal Finance & Mobility acts every day in the interest of its 17.2 million customers and society. As of December 31, 2023, CA Personal Finance & Mobility managed €113 billion in outstanding credit. More information: www.ca-personalfinancemobility.com
Source: The Conversation – Canada – By Amélie Cloutier, Professor of Strategy and Innovation, Université du Québec à Montréal (UQAM)
Mycotourism combines mushroom foraging in natural habitats with culinary traditions and rural culture, offering a unique experience distinct from traditional tourism.(Shutterstock)
Mycotourism, or mushroom tourism, is becoming increasingly popular as travellers seek out more nature-focused experiences. This unique tourism niche combines guided mushroom foraging with culinary traditions and rural culture to offer travellers an experience distinct from more traditional forms of tourism.
The growing popularity of mycotourism reflects a larger shift toward forest-related and gastronomy tourism. Forest-related tourism includes activities like foraging and product harvesting as travellers seek closer connections to nature, while gastronomy tourism involves travellers seeking out culinary experiences.
Rural tourism, too, has seen growing interest in recent years. United Nations Tourism designated 2020 as the “Year of Tourism and Rural Development” and mycotourism aligns with this focus, as it is tied closely to rural economies, often involving small, seasonal businesses that face seasonal and visibility challenges.
In response to this trend, the Québec government has revealed a 2024-2029 strategy to establish the province as a premier culinary destination with a promising future. As mycotourism grows, it aligns with Québec’s broader culinary and tourism goals.
Mycotourism: A brief overview
While mushroom foraging has long been practised informally in many parts of the world, it’s now evolving into a formalized tourism industry, led by local experts to ensure safety. Countries such as Mexico, Spain, Portugal, Scotland and South Africa are current pioneers in this market.
Spain, where mycotourism originated, leads the way with its well-established “micoturismo” industry, especially in the Castilla y León region.
While mushroom foraging has long been practised informally in many parts of the world, it’s now evolving into a formalized tourism industry. (Shutterstock)
In Canada, Québec has become a hotspot for mycotourism thanks to its rich natural landscapes, including vast forests and diverse ecosystems. The province has seen increased demand from both local and international visitors.
The Québec regions of Kamouraska and Mauricie, in particular, have emerged as leaders in North American mycotourism. This surge, which was boosted by the COVID-19 pandemic, has positioned these regions as key destinations for mushroom enthusiasts.
However, despite its growth, mycotourism remains relatively unfamiliar to many Canadians. It signals an untapped opportunity for the tourism industry in the country.
Overcoming industry challenges
The mycotourism sector faces several challenges, including fragmented initiatives, which presents challenges in areas like promotion, infrastructure and knowledge sharing.
Establishing a unified platform or network for mycotourism stakeholders stakeholders could facilitate the exchange of best practices, improve promotion and support its sustainable growth.
By closely monitoring new initiatives, researchers, entrepreneurs and tourism professionals can better understand the challenges and opportunities in this field.
This collaborative approach would identify potential partners for future collaborations, highlight resources and tools and ensure the development of this industry respects all the stakeholders, including Indigenous communities.
Canada is well-positioned to become a global leader in mycotourism. (Shutterstock)
Our mushroom tourism research
Our recent research study sheds light on the growth of the mycotourism industry in Québec. Through an in-depth environmental scan, we identified 57 providers across the province, with the majority concentrated in Mauricie and Bas-Saint-Laurent, including the region of Kamouraska.
We found that most mycotourism businesses in Québec are micro or very small enterprises, which means collaboration and networking are both essential for supporting their growth and sustainability.
The activities offered by these providers fell into five main categories:
Events and learning: Includes festivals, conferences, training sessions and courses.
Culinary experiences: Features culinary workshops and tasting sessions.
Guided tours and hosting: Encompasses guided tours and group hosting events.
Nature exploration and foraging: Includes guided, self-picking foraging expeditions.
Accommodations with mushroom picking: Lodging experiences that allow guests to participate in mushroom picking during their stay.
In addition, our study identified four types of enterprises in the sector. These ranged from solo ventures specializing in niche activities, to versatile solo ventures with a diverse range and experiences and services, to slightly larger businesses focusing on targeted services.
It’s clear that Québec’s mycotourism sector is dynamic, with businesses continually developing new and innovative offerings. The wide range of experiences offered are designed to attract new segments of tourists interested in agritourism, gastronomy or other unique accommodations.
Unlocking mycotourism potential
As mycotourism continues to grow, it is crucial for small-scale initiatives in this sector to gain stronger support and recognition from tourism authorities, regional organizations and government agencies.
Without this support, these businesses may struggle to overcome challenges like limited visibility, fragmented efforts and insufficient resources. If these challenges are not addressed, it could hinder the growth of the sector and its ability to contribute to local economies and rural development.
With its vast forests, rich biodiversity and developing agritourism and gastronomy sectors, Canada is well-positioned to establish itself as a top destination for mushroom enthusiasts. But to fully realize its full potential, Canada must create an environment that promotes innovation, collaboration and investment in mycotourism.
Amélie Cloutier receives funding from FRQSC.
Marc-Antoine Vachon receives funding from Développement Économique Canada pour les régions du Québec et de la Fondation de l’UQAM grâce à un don de Transat A.T..
Patrick Coulombe does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
A woodland restoration project has received a boost after a Teesside company paid £290,000 to Tees Valley Wildlife Trust for breaching its Environmental Permit.
An area of cleared woodland.
The Lazenby Bank Woodland Restoration Project includes improvements to 215 acres of woodland near Wilton International industrial complex at Teesside.
It comes after Sembcorp Utilities (UK) Ltd, which operates a biomass power station at Wilton, breached its environmental permit by wrongly classifying hazardous waste as non-hazardous during its disposal at landfill.
It submitted an Enforcement Undertaking to the Environment Agency proposing a charitable donation to Tees Valley Wildlife Trust of £290,000. It’s also introduced new operating procedures to ensure waste is disposed of correctly in future.
An Enforcement Undertaking is a voluntary offer made by companies or individuals to make amends for their offending, and usually includes a payment to an environmental charity to carry out environmental improvements in the local area.
Work carried out on the site, next to Wilton International, includes:
Clearing unmanaged coniferous woodland to restore habitats where ancient woodland is present – a high priority nationally for conservation.
Seeding and re-planting with a greater variety of native trees to improve wildlife biodiversity and diversity of woodland, delivering long-term carbon sequestration.
Improved access to the area through new and improved access gates, footpaths and tracks to improve community access to the natural environment in what is an urban area.
Community engagement to encourage volunteers to get involved in tree planting as well as training placements with young people from the community to reduce anti-social behaviour.
The image shows an example of improved natural woodland.
The Trust will also use the funds to carry out river channel management over three years at nearby Coatham Marsh nature reserve to maintain good habitat conditions for wildlife.
Ian Preston, Installations Team Leader at the Environment Agency in the North East, said:
We always consider enforcement options on a case by case basis and Enforcement Undertakings allow companies to put right what went wrong and contribute to environmental improvements and outcomes.
In this case the payment has allowed a planned and important community project to be delivered at pace – an environmental investment that has enhanced the local area for people and wildlife.
Tom Harman, Chief Executive of Tees Valley Wildlife Trust, added:
It’s vital to see funds like this being reinvested into protecting our landscapes for people and wildlife.
Lazenby Bank Woodland and Coatham Marsh are incredible nature assets for our communities in the Tees Valley. The project will help restore nationally important habitats for priority species and secure improvements for public access.
Image shows an example of improved natural woodland. Credit: Tees Valley Wildlife Trust.
Waste was misclassified
In September 2019 the Environment Agency carried out an audit into Sembcorp’s disposal of Incinerator Bottom Ash (IBA), which is a product of the incineration process.
Enquiries revealed Sembcorp had classified all its IBA as non-hazardous and disposed of it at a non-hazardous landfill.
But data showed that its IBA contained concentrations of lead, copper, zinc and nickel – waste that should be classified as hazardous.
Data supplied from 2015 onwards showed the misclassification had been taking place since at least that date.
An independent report from a company instructed by Sembcorp concluded that while the IBA should have been classified as hazardous, there was no significant risk to human health or the environment as a result of the wrong disposal. Environment Agency specialists agreed with this conclusion.
Sembcorp accepted responsibility for the misclassification and set out all the steps it had taken to prevent it happening in the future. As soon as the issue had been identified the company started disposing of its IBA at a hazardous landfill facility.
SECRETARY OF DEFENSE PETE HEGSETH: Morning, everybody. How we doing? It’s an honor to be here. It’s an honor to serve on behalf of the president and serve on behalf of the country. It’s an amazing job, beyond what anyone can fathom.
But in talking to the chairman and so many other folks here, we’re in capable hands. The warfighters are ready to go. If you see what the president said last week in his executive orders, he’s hitting the ground running. He’s made it very clear there’s an emergency at the — at the southern border, that the sovereign — the protection of the sovereign territory of the United States is the job of the Defense Department, and the cartels are foreign terrorist organizations.
As a result, this Pentagon snapped to last week. We helped move forward troops, put in more barriers, and also to ensure mass deportations — support of mass deportations in support of the president’s objective. That is something the Defense Department absolutely will continue to do.
And today, there are more executive orders coming that we fully support, on removing DEI inside the Pentagon, reinstating troops who were pushed out because of COVID mandates, the Iron Dome for America. This is happening quickly. And as the secretary of defense, it’s an honor to salute smartly, as I did as a junior officer and now as the secretary of defense, to ensure these orders are complied with rapidly and quickly.
Every moment that I’m here, I’m thinking about the guys and gals in Guam, in Germany, in Fort Benning and Fort Bragg, on missile defense sites and aircraft carriers. Our job is lethality and readiness and warfighting.
We’re going to hold people accountable. I know the chairman agrees with that. The lawful orders of the president of the United States will be executed inside this Defense Department swiftly and without excuse. We will be no better friend to our allies and no stronger adversary to those who want to test us and try us.
So, Mr. Chairman, thanks for welcoming me today.
GENERAL CHARLES Q BROWN: My pleasure.
SECRETARY HEGSETH: I look forward to serving the troops, the warriors of this department. It’s the honor of a lifetime, and we’re going to get to work. God bless you all.
Q: [Off mic] wristband? Who’s that?
SECRETARY HEGSETH: This right here is Jorge Oliveira. He was killed in Afghanistan on — he was — asked about what I wear on my wrist every single day. It was a troop I served with, a soldier I served with in Guantanamo Bay when I was a platoon leader. He was killed in Afghanistan, not in my unit but when I was there. It’s these guys that we do this for, those that have given the ultimate sacrifice.
Q: Secretary, should we expect additional troops to be sent to the border soon?
SECRETARY HEGSETH: Whatever is needed at the border will be provided, whether that is through state active duty, Title 32 or Title 10, because we are — we are reorienting. This is a shift. This is not the way business has been done in the past.
This is — the Defense Department will support the defense of the territorial integrity of the United States of America at the southern border to include reservists, National Guard, and active duty in compliance with the Constitution, with the laws of our land, and the directives of the commander in chief.
Q: [Off mic] looking at the possibility of invoking the Insurrection Act, yes?
SECRETARY HEGSETH: Those will be decisions made by the White House. I look forward to conversations about anything we need to do to ensure we’re securing our southern border.
Q: Mr. Secretary, how are you going to change military training?
SECRETARY HEGSETH: I’m sorry?
Q: Are you going to change military training?
SECRETARY HEGSETH: Military training will be focused on the readiness of what our troops in the field need to deter our enemies. More rapid fielding, more rapid opportunity to train as we fight will be something we want our units to do across the spectrum.
One more.
Q: [Off mic] exceptions —
Q: [Off mic] Joint Chiefs of Staff and other members of the Joint Chiefs of Staff?
SECRETARY HEGSETH: I’m standing with them right now. Look forward to working with them. Thank you.
Q: [Off mic] an exception to the executive order for some transgender troops that?
SECRETARY HEGSETH: There’ll be an executive order on that right now, today.
Q: [Off mic] for Afghans who served?
SECRETARY HEGSETH: Hey, we’re gonna — we’re gonna make sure there’s accountability for what happened in Afghanistan and that we stand by our allies. Thank you.
