Category: European Union

  • MIL-OSI China: Macron to talk with Trump over Ukraine, tariffs

    Source: China State Council Information Office

    French President Emmanuel Macron (C), U.S. President-elect Donald Trump (R) and Ukrainian President Volodymyr Zelensky are pictured after their meeting in Paris, France, Dec. 7, 2024. [Photo/Xinhua]

    French President Emmanuel Macron will travel to the United States for discussions with his U.S. counterpart, Donald Trump, focusing on the Ukraine issue and impending U.S. tariffs, French Minister Delegate for European Affairs Benjamin Haddad confirmed on Thursday.

    Speaking to French television channel LCI, Haddad revealed that Macron had already spoken with Trump twice this week regarding Ukraine. “Our approach is to maintain dialogue with the president of the United States to ensure that the voice of the Europeans is heard in this negotiation,” he said.

    Macron is expected to emphasize to Trump that “the future of Ukraine cannot be decided without the Ukrainians, and the future and security of Europe cannot be negotiated and decided without the Europeans.” Haddad stressed that Europe has contributed more to Ukraine than the United States, and therefore, must have a say in the process.

    Moreover, Macron will also address tariffs that Trump plans to impose on European products. “A trade war, protectionism is not in anyone’s interest,” the minister warned.

    This week, Macron has hosted European and non-European partners twice to coordinate a common stance on Ukraine. Both meetings concluded with a unified position that any peace talks should include both Ukraine and Europe.

    MIL OSI China News

  • MIL-Evening Report: France’s Minister Valls faces tough talks in New Caledonia over future

    By Patrick Decloitre, RNZ Pacific correspondent French Pacific desk

    As French Minister for Overseas Manuel Valls lands in New Caledonia tomorrow to pursue talks on its political future, the situation on the ground has again gained tension over the past few days.

    The local political spectrum is deeply divided between the two main opposing camps, the pro-independence and those wanting New Caledonia to remain part of France.

    The rift has already culminated in May 2024 with rioting resulting in 14 deaths, several hundreds injured, thousands of job losses due to the destruction, burning and looting of businesses, and a material cost of over 2 billion euros (NZ$3.7 billion).

    Valls hosted talks in Paris with every party represented in New Caledonia’s Congress on February 4-9.

    Those talks, held in “bilateral” mode, led to his decision to travel to Nouméa and attempt to bring everyone to the same negotiating table.

    It is all about finding an agreement that would allow an exit from the Nouméa Accord and to draw a fresh roadmap for New Caledonia’s political future.

    However, in the face of radically different and opposing views, the challenge is huge.

    The two main blocs, even though they acknowledged the Paris talks may have been helpful, still hold very clear-cut and antagonistic positions.

    Each camp seems to have their own interpretation of the 1998 Nouméa Accord, which has until now defined a roadmap for further autonomy and a gradual transfer of powers.

    The main bloc within the pro-independence side, Union Calédonienne (UC), which since last year de facto controls the wider FLNKS (Kanak Socialist National Liberation Front), has been repeatedly placing as its target a new “Kanaky Agreement” to be signed by 24 September 2025 and, from that date, a five-year “transition period” to attain full independence from France.

    Within the pro-independence camp, more moderate parties, such as PALIKA (Kanak Liberation Party) and UPM (Progressist Union in Melanesia), have distanced themselves from a UC-dominated FLNKS, and are favourable to some kind of “independence in association with France”.

    On the pro-France side, the two main components, the Les Loyalistes and the Rassemblement-LR, have shown a united front. One of their main arguments is based on the fact that in 2018, 2020 and 2021, three successive referenda on self-determination have resulted in three votes, each of those producing a majority rejecting independence.

    However, the third and latest poll in December 2021 was boycotted by most of the pro-independence voters.

    The pro-independence parties have since challenged the 2021 poll result, even though it has been ruled by the courts as valid.

    Pro-France parties are also advocating for a change in the political system to give each of New Caledonia’s three provinces more powers, a move they described as an “internal federalism” but that critics have decried, saying this amounted to a kind of apartheid.

    Talks required since 2022
    The bipartisan talks became necessary after the three referendums were held.

    The Nouméa Accord stipulated that in the event that three consecutive referendums rejected independence, then all political stakeholders should “meet and examine the situation”.

    There have been earlier attempts to bring about those talks, but some components of the pro-independence movement, notably the UC, have consistently declined.

    Under a previous government, French Minister for Home Affairs and Overseas territories Gérald Darmanin, after half a dozen inconclusive trips to New Caledonia, tried to push some of the most urgent parts of the political agreement through a constitutional reform process, especially on a change to New Caledonia’s list of eligible registered voters at local elections.

    This was supposed to allow citizens who have resided in New Caledonia for at least ten uninterrupted years to finally cast their votes. Until now, the electoral roll has been “frozen” since 2009 — only those residing before 1998 had the right to vote.

    Pro-independence parties protested, saying this was a way of “diluting” the indigenous Kanak votes.

    The protest — in the name of “Kanak existential identity” — gained momentum and on 13 May 2024 erupted into riots.

    Now the sensitive electoral roll issue is back on the agenda, only it will no longer be tackled separately, but will be part of a wider and comprehensive scope of talks regarding New Caledonia’s political future.

    Heavy schedule for Valls
    On Thursday, Valls unveiled his programme for what is scheduled to be a six-day stay in New Caledonia from 22-26 February 2025.

    During this time, he will spend a significant amount of time in the capital Nouméa, holding talks with political parties, economic stakeholders and representatives of the civil society and law and order agencies.

    He will also travel to rural parts of New Caledonia.

    In the capital, two solid days have been earmarked for “negotiations” at the Congress, with the aim of finding the best way to achieve a political agreement, if all parties agree to meet and talk.

    On Tuesday, February 25, Valls also intends to pay homage and lay wreaths on independence leader Jean-Marie Tjibaou and anti-independence leader Jacques Lafleur’s graves.

    They were the leaders of FLNKS and (pro-France) RPCR, who eventually signed the Matignon Accords in 1998 and shook hands after half a decade of quasi civil war, during the previous civil unrest in the second half of the 1980s.

    Valls was then a young member of French Prime Minister Michel Rocard (Socialist) who enabled the Matignon agreement.

    On several occasions, over the past few days, Valls has stressed the grave situation New Caledonia has been facing since the riots, the “devastated” economy and the need to restore a bipartisan dialogue.

    He told public broadcaster NC La Première that since the unrest started had France had provided financial support to sustain New Caledonia’s economy.

    ‘Fractures and deep wounds within New Caledonia’s society’
    “But blood has been shed . . . there have been deaths, injuries, there are fractures and deep wounds within New Caledonia’s society,” Valls said.

    “And to get out of this, dialogue is needed, to find a compromise . . . to prevent violence from coming back. I still believe those (opposing) positions are reconcilable, even though they’re quite far apart,” he said.

    “I’m very much aware of the difficulties . . . but we have to find an agreement, a compromise.”

    One clear indication that during his visit to New Caledonia the French minister will be walking on shaky ground came a few days ago.

    When, speaking to French national daily Le Monde, he recalled the Nouméa Accord included a wide range of possible perspectives from “a shared sovereignty” to a “full sovereignty”, there was an immediate outcry from the pro-French parties, who steadfastly brandished the three recent referendums opposing independence and urging the minister to respect those “democratic” results.

    “Respecting the Nouméa Accord means respecting the choice of New Caledonians”, said Les Loyalistes-Le Rassemblement-LR in a media release.

    “Shared sovereignty is the current situation. It’s all in the Nouméa Accord, which itself is enshrined in the French Constitution”, Valls replied.

    Over the past six months, several notions have emerged in terms of a political future for New Caledonia.

    It all comes down to wording: from independence-association (Cook Islands style), to outright “independence” or “shared sovereignty” (as suggested by French Senate President Gérard Larcher during his visit in October 2024).

    A former justice minister under Socialist President François Hollande, Jean-Jacques Urvoas, well-versed in New Caledonian affairs, suggested an innovative wording which, he believed, could bring about some form of consensus — the term “associated state”, could be slightly modified into “associated country” (“country” being one of the ways to describe New Caledonia, also described as a sui generis entity under French Law).

    Urvoas said this would make the notion more palatable.

    Pro-France meetings indoors
    On Wednesday evening, in an indoor multi-purpose hall in Nouméa, an estimated 2000 sympathisers of pro-France Rassemblement and Loyalists gathered to hear and support their leaders who had come to explain what was discussed in Paris and reiterate the pro-France bloc’s position.

    “We told [Valls] the ‘bilaterals’ are over. Now we want plenary discussions or nothing,” pro-France Virginie Ruffenach told the crowd.

    “We will tell him: Manuel, your full sovereignty is No Pasaran! (in Spanish ‘Will not pass’, a reference to Valls’s Spanish heritage),” said Nicolas Metzdorf, who is also one of the two New Caledonian MPs in the French National Assembly, speaking to supporters brandishing blue, white and red French flags.

    Metzdorf said he hoped that supporters would show up during the minister’s visit with the same flags “to remind him of three “no” votes in the three referenda.

    A ban on all open-air public meetings is still in force in Nouméa and its greater area.

    The two-flag driving licence declared illegal. Image: New Caledonia govt

    Double flags banned on driving licences
    Adding to the current tensions, an announcement also came earlier this week regarding a court ruling on another highly sensitive issue — the flag.

    The ruling came in an appeal case from the Paris Administrative Court.

    It overturned a ruling made in 2023 by the former New Caledonian (pro-independence) territorial government to add the Kanak flag to the local driving licence, next to the French flag.

    In its February 14 ruling, the Appeal Court stated that the Kanak flag could not be used on such official documents because “it is not the official flag” of New Caledonia.

    The court once again referred to the Nouméa Accord, which said the Kanak flag, even though it was often used alongside the French flag, had not been formally endorsed as New Caledonia’s “identity symbol”.

    The tribunal also urged the new government to make the necessary changes and to re-circulate the former one-flag version “without delay”.

    Meanwhile, the government is bearing the cost of a fine of 100, 000 French Pacific francs (about US$875) a day, which currently totals over US$43,000 since January 1.

    The “identity symbols”, as defined by the Nouméa Accord, also include a motto (the wording ‘Terre de Parole, Terre de Partage’ — Land of Words, Land of Sharing’ was chosen) and even a national anthem.

    But despite several attempts since 1998, no agreement has yet been reached on a common flag.

    This week, hours after the court ruling, an image is being circulated on social media declaring: “If this flags disturbs you, I’ll help you pack your suitcase” (“Si ce drapeau te dérange, je t’aide à faire tes valises”).

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA News: Press Briefing by Press Secretary Karoline Leavitt, Deputy Chief of Staff Stephen Miller, National Economic Council Director Kevin Hassett, and National Security Advisor Mike Waltz

    Source: The White House

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    1:05 P.M. EST
     
         MS. LEAVITT:  Hello.  Good afternoon, everybody.  I brought some heavy hitters in here with me today. 
     
    Today marks one month of President Trump’s return to the Oval Office, and there is no denying this administration is off to a historic start.  The President has already signed 73 executive orders.  That is more than double the number signed by Joe Biden and more than quadruple the number signed by Barack Obama over the same period.
     
    These executive orders have ended burdensome regulations; sealed the border; unleashed our domestic energy sector; eliminated divisive DEI from our federal government; stopped the weaponization of government; cut waste, fraud, and abuse; reinstituted “America First” trade and foreign policies; and ultimately restored common sense. 
     
    The President also signed the Laken Riley Act into law, which ensures ICE will detain illegal aliens arrested or charged with theft or violence. 
     
    As of today, the Senate has already confirmed 18 Cabinet-level nominees, which is more than at this point under the Obama administration in 2009 and more than double the pace of the Biden administration in 2021. 
     
    And today, we expect Kash Patel to be confirmed as the next director of the FBI. 
     
    We are proud to announce that the president will host his first official Cabinet meeting here at the White House next Wednesday, February 26th. 
     
    In just four weeks, President Trump has already hosted the leaders of Israel, Japan, Jordan, and India.  And next Monday, the President will host France’s President, Emmanuel Macron, and on Thursday, the UK Prime Minister, Keir Starmer, will visit the White House as well. 
     
    As you all know, over the past month, the President has taken questions from the press — all of you — nearly every single day, sometimes on multiple different occasions in the same day, on any topic any of you wish to talk about. 
     
    President Trump set the tone on this approach immediately when he took more than 12 times the questions in his first few hours in office as Joe Biden did in his entire first week. 
     
    Yesterday, we hosted a local media row here at the White House with television and radio stations from across the country that reached up to 60 million viewers and listeners. 
     
    In our ongoing pursuit of transparency, on this one-month celebration, I am thrilled to bring three of my colleagues and our policy experts here at the White House to further recap this incredible first month of accomplishments in greater detail.
     
    We have Deputy Chief of Staff for Policy and Homeland Security Advisor Stephen Miller; the Director of the National Economic Council, Kevin Hassett; and our National Security Advisor, Mike Waltz. 
     
    I will hand it over to them.  They will deliver brief remarks on the accomplishments of this administration in the first month, and then we will open it up to Q and A.  When we open up the Q and A portion, I do ask, for the sake of efficiency in this room, that you direct your question to the principal you seek an answer from.  And I will call on you in this room.
     
    But first I will let them roll through their remarks.  And first up, I’ll turn it over to Stephen Miller.
     
    MR. MILLER:  Thank you.  It’s great to be back.
     
    And I want to just thank you all for joining today our one-month celebration of the most historic opening to a presidency in American history.  No president comes close to what Donald Trump has achieved over just the last 30 days.
     
    He has packed eight years of transformative action restoring this nation, restoring our laws, restoring fairness, restoring economic opportunity, restoring national security in just one month.  No one in this country has ever seen anything like it. 
     
    And when you look at the consequentiality and the significance and the transformative nature of the actions he’s taking, it truly defies description.  For example, in just one area, this nation has been plagued and crippled by illegal discrimination: diversity, equity, and inclusion policies.  It strangled our economy.  It has undermined public safety.  It has made every aspect of life more difficult, more painful, and less safe. 
     
    He has ended all DEI across the federal government.  He has terminated all federal workers involved in promulgating these unlawful policies.  He has ended diversity, equity, and inclusion in all federal contracting.  He has restored merit as the cornerstone of all federal policy; restored the full, fair, impartial enforcement of our federal civil rights laws for the first time in generations; and he has cracked down on individuals across this government and nonprofits who have engaged in illegal racial discrimination against the American people. 
     
    This includes making clear to every educational institution in this country that ending diversity, equity, and inclusion, ending unlawful race discrimination is a precondition of receiving federal funds. 
     
    He has also saved women’s sports by ending the participation of men in women’s sports.  He has ended radical gender ideology across the entire federal government, and he’s pressured the private sector to also end and combat radical gender ideology.  He’s reestablished the scientific and biological truth that there are only two sexes in this country — male and female — that those are biologically based determinations.  They are not based and can never be based on gender identity. 
     
    That includes rooting out of the Department of Defense all DEI policies, all critical race theory, all gender madness, and once again having a military that is focused solely and exclusively on readiness, preparedness, and lethality.
     
    As I’m sure Kevin will talk about more, of course, he has undertaken a historic cost-cutting effort across the federal government, launching the first-ever Department of Government Efficiency, uncovering corruption on a scale that we never thought imaginable, terminating every single federal worker that we — that we have found to be engaged in the corruption and theft and the waste of taxpayer dollars, and already saving $50 billion in a single year, which over a 10-year period would be $500 billion.  Just think about how vast and enormous that sum is. 
     
    Of course, as you all know, he has renamed the Gulf of Mexico to its correct and proper name: the Gulf of America.  He has renamed Mount Denali into Mount McKinley, part of a historic effort to restore patriotism and national pride all across this land. 
     
    He has ended the weaponization of the federal government, restored the Department of Justice to its true mission of combating threats to this nation and keeping the American people safe. 
     
    He has ended all federal censorship of free speech.  This has been one of the greatest crises that has plagued this nation.  Years and years and years, the federal government violating the First Amendment to take away Americans’ right of free speech — President Trump has ended that.  And he has demanded that all federal workers, all law enforcement cease any effort to intimidate the rights of Americans or to police their speech. 
     
    He has also restored the death penalty at the Department of Justice, including for illegal aliens who commit murder, including for those who murder cops, and including for all of those who threaten Americans with heinous acts of violence.  The death penalty is back.  Law and order is back.  The streets are being made safe once again. 
     
    On the public health front, he has launched the nation’s first-ever commission — the MAHA Commission — Make America Healthy Again, following the historic confirmation of RFK Jr., to finally uncover the true root causes of the public health crisis in this country, the childhood disease epidemic in this country, the spiraling rates of pediatric cancer and devastating childhood sickness. 
     
    He has finally created a situation where the federal heal- — health agencies in this country will be focused on preventing disease, on keeping children from getting sick in the first place, not sentencing them to a lifetime in and out of hospitals, suffering needlessly, when we can find ways to prevent this epidemic of illness. 
     
    Then, of course, on homeland security.  Today, it is officially the law of the land at the conclusion of the congressional notification process that six Mexican cartels and two transnational gangs — Tren de Aragua, or TDA, and MS-13 — so eight organizations in total — are now formally designated as foreign terrorist organizations, which means that every single member of those organizations who operates on U.S. soil is now, as a legal matter, a terrorist, and they will be treated as terrorists. 
     
    This is a sea change in U.S. policy.  And this means the Department of Justice and the Department of Homeland Security, along with the rest of U.S. law enforcement and the Department of Defense, are now operating in a legal reality where these cartels are recognized as terrorists, and there will be a whole-of-government effort to remove these terrorists from our soil and to degrade their ability to threaten or undermine any American security or sovereignty interests.
     
    Border crossings since the day he took office are down 95 percent.  I think it’s almost impossible to even describe the scale and scope of that achievement.  President Trump, within days of taking office, cut border crossings 95 percent. 
     
    And those few who have dared to cross are being either prosecuted or deported.  They’re either facing significant jail time for trafficking, smuggling, harboring, aiding, impeding, or they’re being immediately removed from our soil.  Either way, at the end of the process, they are going home. 
     
    He has reimplemented Remain in Mexico, and he has obtained historic cooperation from foreign countries all around the world in accepting their deportees back. 
     
    And he has used the United States military to fully seal the southern border with a historic deployment of both active duty and National Guard troops, resumed the building of infrastructure.  He has opened up Guantanamo Bay, and he’s using military aircraft to carry out deportations all across this country. 
     
    And ICE is joining with ATF, DEA, and FBI to carry out the largest deportation operation in American history.  The criminals are going home.  The border is sealed shut.  America is safe, sovereign, proud, and free.  We are a nation that everyone in the world understands all across this planet: You do not come here illegally.  You will not get in.  You will go to jail.  You will go home.  You will not succeed. 
     
    This is the biggest and most successful change in any area of law enforcement that this nation has ever seen, and he did it in under one month. 
     
    Thank you.
     
    MR. HASSETT:  Should I go?
     
    MS. LEAVITT:  Yes, yes.
     
    MR. HASSETT:  Well, thank you, Karoline.  Thank you, Stephen. 
     
    You know, one of the things that President Trump cares most about is job creation.  And it was about seven years ago I had the honor of joining you in this room for the first time, and it looks like we’ve created a lot more jobs in the last month.  Look at how many people are here.  I — my estimate is about 180 but — but I didn’t count. 
     
    So, thank you.  It’s really an honor to be back here.  I think that I just want to go over a few things and then hand it off to Mike. 
     
    The first thing is that the President has told us to prioritize fighting inflation, and he had to do that because, as you know, President Biden let inflation get completely out of control.  And he did it with policies that made no sense.  They made no sense. 
     
    You know, a lot of times, you people say to us — our friends, the journalists — you know, “Why are you doing that?”  But — but, you know, I like to think, “Why did they do that?  Why did they spend so much money and then — why did the Fed print so much money so that we had inflation as high as we’ve ever seen since Jimmy Carter?  So, why did they do that?”
     
    So, we’re addressing inflation.  We didn’t have to address it in the first term, because it was always in the 1s, almost always.  But we’re going to get it back there. 
     
    And how are we doing it?  Well, we’re doing it with a plan that President Trump and I and others have talked about in the Oval that involves, like, every level of fighting inflation. 
     
    First, the macroeconomic level.  We’re cutting spending.  We’re cutting spending in negotiations with people on the Hill.  We’re cutting spending with the advice of our IT consultant, Elon Musk.  And then we’re also looking into supply-side things, like restoring Trump’s tax cuts, maybe even expensing new factories so that there is an explosion of supply.  If you have an explosion of supply and a reduction in government demand, then inflation goes way down. 
     
    And then, one of the things that you want to say is “Well, when are you going to see it?”  Well, the first thing that you’ll see when the markets believe that we’re going to get inflation under control is that the 10-year Treasury rate goes down, because that’s how they think about future expected inflation. 
     
    And so, we’re still going to see some memory of Biden’s inflation.  It’s not going to go away in a month.  But the 10-year Treasury before the last Consumer Price Index had dropped about 40 basis points.  Forty basis points because markets were optimistic about our ability to fight inflation. 
     
    Forty basis points is kind of not a fun thing to say.  I — economists talk that way.  I apologize.  But the way to think about it is, for a typical mortgage, if that affects the mortgage rate, then it’s going to save a typical family buying a house about a thousand bucks a year, and that’s just in our first month. 
     
    Okay.  The second thing we’ve done is we’ve had a lot of trade talks.  In fact, I was just meeting a minister from Mexico with Howard Lutnick just a couple of hours ago.  And we’re talking about reciprocal trade, and we’re also talking about the fentanyl crisis. 
     
    And so, reciprocal trade is about our government treating other governments the way they treat us.  We want trade to be fair.  It turns out that Americans have been disadvantaged by foreign governments over and over, and President Trump wants it to stop.  And the fact that struck me as most noticeable, when I started to look at what President Trump was asking us to do, is that last year — last year — we have data — U.S. companies paid $370 billion in taxes to foreign governments — $370 billion.  Last year, foreign multinationals paid us $57 billion in taxes. 
     
    We have one quarter of world GDP.  They have three quarters of world GDP.  And we’re paying $370.  They’re paying $57.  This is not reciprocal.  We’re going to try — or we’re going to fix it. 
     
    The other thing that we’ve done is we’ve had an all-of-the-above energy approach that’s led by Doug Burgum and Chris and a really large team — EPA — and we’ve already made so many actions that are going to affect the price of energy and lower inflation. 
     
    We’ve opened up 625 million acres to energy exploration.  We’ve cut 50 years of red tape that makes it so you can’t have permits.  And we’ve even made it so that when you go home, if you get a new one, then you can take a shower or flush a toilet or read under a light bulb.  We’re doing that too. 
     
    So — so, finally, let’s just think about, like, the facts that we can see right now that we think are awesome.  So, guess what?  Small-business optimism is — has go- — gone up by the most ever since President Trump came in.  ISM, which is the measure of what’s going on in manufacturing, it’s expanding again for the first time in years.  CEO confidence is the highest it’s been in years.  And the reason — the reason people are thinking this is that our policies give people cause for optimism. 
     
    And then I want to reiterate what Stephen Miller said, because it’s so important — and it’s so important for financial markets to start to digest this — that if, say, the Treasury secretary or the — any Cabinet secretary, with Elon Musk, is able to find some savings — say, $100 billion — well, in CBO land, that’s actually, like, about 10 times that or maybe 12 times that over a 10-year window. 
     
    And so, when you’re thinking about the negotiations right now over reconciliation and thinking about, well, $4 trillion, $5 trillion, well, those numbers, in terms of the savings, are going to end up being small because of all the waste that we’re finding. 
     
    And so, we’re incredibly optimistic about the future of inflation and the future of our economy.  And we’re optimistic because we’re making so much progress so far, and we already see it in market prices. 
     
    And, with that, I’ll hand it off to Mike. 
     
    MR. WALTZ:  All right.  Thanks, Kevin. 
     
    Well, good afternoon.  What a month and what a sea change in our — in our foreign policy.  In addition to what we’re doing on the border and restoring American sovereignty, in addition to what we’re doing in our economy and the job creation and the inflation reduction, we are bringing the world back to where it was at the end of President Trump’s first term, which is a world of peace, prosperity, and — and looking forward and getting us out of the chaos that we’ve just seen over the last four years. 
     
    So, over the last month, just to name a few, I had the honor of sitting in the Oval Office as President Trump spoke with President Putin and then immediately spoke with President Zelenskyy, and both of them said only President Trump could bring both sides to the table, and only President Trump could stop the horrific fighting that has been going on now for the better part of four years and that only President Trump could drive the world back to peace.  Both of those leaders said that in back-to-back calls.
     
    And, of course, we just had our historic talks mediated by our — our good friends and partners, Saudi Arabia — we give great thanks to Crown Prince Mohammed bin Salman for hosting — and sat down for the first time in years with the Russians and talked about a path forward with peace.
     
    On top of that and one of the things that led to that was a tremendous co- — confidence-building measure that we had with the release of Marc Fogel.  I’ll remind everyone, the last time that we had an American released from the Russians, either we gave up a deadly spy; pressured our allies to give up a lethal killer; or we released, under the Biden administration, the world’s most notorious arms dealer, Viktor Bout, who, by the way, had one of his main clients for arms the cartels in — in Mexico and Central America. 
     
    We gave up none of that.  This was released as a confidence-building measure, working with our great Middle East Envoy, Steve Witkoff, and our secretary of State as a first step towards opening these talks and then moving forward towards peace. 
     
    On top of that, we’ve secured, just in a month, the return of a dozen — 12 — American hostages from Russia, from Bulgaria, from Venezuela, the Taliban, and Hamas.  Excuse me, that’s from Belarus, not Bulgaria. 
     
    We also had — for the first time in quite some time, we took out a senior leader of ISIS, an international financier and recruiter that the military had been trying to take out for quite some time and — and wasn’t able to do so, frankly, because of a bureaucratic approval process.  President Trump said, “Take him out.”  And that ISIS financier and leader is no longer on this Earth. 
     
    We’ve also taken action to eliminate other terrorist organizations in the Middle East.  We drove — before the President was even in office, he started talking consequences for people that would hold Americans. 
     
    Heretofore, there’s been nothing but upside.  You take an American, you get some better deal.  You take another one, maybe you get a better deal.  No more.  There is now nothing but downside for taking Americans illegally, either as hostages or illegal detainees. 
     
    And when President Trump sent a very clear message across the Middle East, but particularly to Hamas, that there would be all hell to pay, we suddenly saw a breakthrough.  And now we just saw the release of yet another group of hostages.  There have been dozens now, including two Americans that we’ve seen once again reunited with their families. 
     
    As part of the talks with King Abdullah, he offered — and — and I think the entire world has graciously accepted — to take 2,000 sick children, cancer patients, and others out of Gaza.  As a humanitarian — as a humanitarian gesture, 2,000 Gazans will come out of that hellhole that it is, that wasteland that Gaza is right now, with unexploded ordnance, with debris everywhere, with no sewage, with no water.  And — and President Trump has — has put forward a plan to deal with the practical reality that is 1.8 million Gazans now — now truly suffering.
     
    And then, you know, just to bring it back to our own hemisphere, we’ve seen literally, in the last month — after years of national security experts, the generals in charge, and others testifying and ringing the alarm bells about — about the Chinese Communist Party’s presence in our own hemisphere, particularly in the Panama Canal, we’re seeing the leadership of Panama step away from the Belt and Road program, move away from China and back towards the United States, and even enter into talks and — and other negotiations about addressing the ports on either side of the canal. 
     
    And then, finally, last but not least, we’ve had four world leaders in the White House, in the Oval Office.  We’ve had the prime minister of Japan, the prime minister of India, the king of — of Jordan, and, of course, the prime minister of Israel just in the last four weeks.  And next week, we’ll have the Prime Minister of the United Kingdom and we’ll have the president of France, Macron. 
     
    So, President Trump is on what we call Trump warp speed.  We are all — we are all honored to be really serving under — under his leadership and his vision.  And truly, you know, when we all say — and the President himself say — says, he is a president of peace.  He is a president focused on restoring stability.  I think the entire world saw what the world would look like without strong American leadership in the last four years.
     
    And it’s truly been an honor to get us back to where we were and back on track under President Trump’s leadership. 
     
    MS. LEAVITT:  Thank you, Mike. 
     
    MR. WALTZ:  Mm-hmm.
     
    MS. LEAVITT:  Thank you.  Thank you, everybody.  I’m sure you’re very eager to ask questions of these very smart people working very hard on behalf of the president. 
     
    We do have somebody in our new media seat today.  We have John Stoll, who is the head of news at X.  As you all know — you’re all on X — it’s home to hundreds of millions of users, a large contingent of independent journalists and news organizations across geographies and political spectrums.  And at the same time, X remains the go-to platform for many legacy news outlets.  And I know, as I mentioned, many of the reporters in this room use X to attract eyeballs to your work. 
     
    Prior to joining X, John spent two decades in journalism, including several years as an editor at The Wall Street Journal.  We are excited to have him in the briefing room today.
     
    John, we’ll let you kick it off.  And as I said at the top, please direct your question to the individual up here who you’d like an answer from. 
     
    John, why don’t you begin.
     
    Q    All right.  Thank you very much.  I am sitting in for a thriving ecosystem of journalists, independent and — and emerging news organizations who do depend on X for publicity, for a business model.  And so, I look forward to seeing many of them in this seat in months and years to come. 
     
    I also thank you, Karoline, for opening this seat up to new media.  It — it really is a testament not only to your open-mindedness but also to innovation that you’d actually think about, you know, folks that are not traditionally credentialed to be in this room to be in this room and to not only have a question but also to witness — you know, this is at a very important intersection of power and the free press.
     
    And so, just the ability to witness this and — and be part of it, it brings everybody’s game up.  So, thank you for that. 
     
    I think this is for Mike Waltz.  My question is about Ukraine.
     
    MR. WALTZ:  Sure.
     
    Q    For about more than 10 years, I’ve been fascinated, like all — like many, with what’s going on.  I was in Northern Europe working out of the Baltics when Crimea was annexed and was — a lot — a lot of this came on Twitter.  The platform used to be known as Twitter.  Was — a lot of European leaders would — would talk about their disappointment and — and solidarity with Ukraine, but when it came to actually doing something, it felt like they were passing a hot potato and sent it over the Atlantic. 
     
    I wonder how much of what we’re seeing right now out of the administration and President Trump is a call to Europe and the European leaders and allies that we’ve traditionally had to pick up that hot potato and — and start doing something a little bit more concrete to win and preserve the peace in Ukraine. 
     
    The second question I have is — it — it’s related — is there’s been some — a lot of speculation that President Trump and the administration might be manipulated by Pre- — by Vladimir Putin.  I wonder if you can just talk a little bit about the administration’s posture —
     
    MR. WALTZ:  Yeah.
     
    Q    — and your confidence in the competence of this administration to d- — go toe to toe with Vladimir Putin. 
     
    MR. WALTZ:  Well, if there’s an- — I’ll take the l- — second question first.  If there’s anybody in this world that can go toe to toe with Putin, that could go toe to toe with Xi, that could go toe to toe with Kim Jong Un — and we could keep going down the list — it’s Donald J. Trump.  He is the dealmaker in chief.  There is no question that he is the commander in chief. 
     
    And I, for one — and I think all Americans and around the world should have no doubt about his ability to not only handle Putin but to handle the complexity of driving this war to an end. 
     
    And then on your first piece on Europe, I’ll take you back to 2014.  You’re right.  There was a lot of hand-wringing in Europe and not a lot of action.  There was also a lot of hand-wringing here in Washington under the Obama administration and not a lot of action.  They literally threw blankets at the problem. 
     
    And so, I’ll remind everyone that Putin had, you know, some type of conflict, invasion, or issue with their neighbor under President Bush, with Georgia; under President Obama, with Ukraine in 2014; not under President Trump, 45; and again with President Biden in 2022.  The war should have been deterred.  The war should have never happened, and I have no doubt it would not have happened under President Trump and will stop under President — President Trump again. 
     
    But I just want to push back on this notion of our European allies not being consulted as we’ve entered into this process.  I already mentioned the immediate phone call President Trump made to President Zelenskyy.  He has talked to President Macron of France repeatedly last week.  President Macron convened European leaders and then is coming here on Monday.  Prime Minister Starmer is coming next Thursday. 
     
    We’ve also — I’ve talked to every one of my national security — national security advisor counterparts across — across the spectrum in Europe.  I’ve talked to Secretary-General Rutte, the — the leader of NATO, the secretary-general of NATO.  We have repeatedly — oh, by the way, we had half our Cabinet — seven Cabinet officials, including the vice president, at the Munich Security Conference, all engaging, all listening, and all making sure our allies were heard. 
     
    However, we’ve also made it clear for years — decades, even — that it is unacceptable that the United States and the United States taxpayer continues to bear the burden not only of the cost of the war in Ukraine but of the defense of — of Europe.  We fully support our NATO Allies.  We fully support the Article 5 commitment.  But it’s time for our European allies to step up. 
     
    And one of the things that Secretary-General Rutte said on our call was this last couple of weeks have been a real wake-up call.  And I asked him, “What have you been missing the last couple of years?” 
     
    The fact that we are going to enter into a NATO summit this June with a third of our NATO Allies still not meeting the 2 percent minimum, a commitment they made a decade ago — literally a decade ago — with a war on their doorstep — the largest war that they’re all extremely concerned about — but yet it’s “Well, somebody else needs to pay.  We’ve got other domestic priorities.”  It’s unacceptable.  President Trump has made that clear. 
     
    And the minimum needs to be met.  We need to be at 100 percent in — this June at the NATO summit.  And then let’s talk about exceeding it, which what — is what President Trump has been talking about, with 5 percent of GDP. 
     
    Europe needs to step up for their own defense as a partner.  And we can be friends and allies and have those tough conversations. 
     
    MS. LEAVITT:  Great.  Peter.
     
    Q    Thank you, Karoline.  I have a Ukraine one and a DOGE one.  Who can talk DOGE?
     
    MS. LEAVITT:  Stephen, go ahead.
     
    Q    Well, so — so, Stephen, we’re hearing about these DOGE dividend checks that would be 20 percent back to taxpayers, 20 percent to pay down the debt.  Sixty percent is left.  Who gets that?
     
    MR. MILLER:  Well, the way that it works is when you achieve savings, you can either return it to taxpayers, you can return it to our debtors, or it can be cycled into next year’s budget, and then it just lowers the overall baseline for next year.  So, in other words, you can just transfer it into the next fiscal window and then lower the overall spending level.  And that means that you can achieve a permanent savings that way, and that reduces the deficit. 
     
    Q    And when is it that people might see those checks?
     
    MR. MILLER:  Well, this is all going to be worked on through the reconciliation process with Congress that’s going underway right now, as you’ve seen.  The Senate is moving a bill.  The House is moving a bill.  The president has great confidence in both chambers to deliver on his priorities. 
     
    I would just take this opportunity to note that President Trump has made a historic commitment to the working class of this country to fight for a major tax relief and major price relief.  And cutting spending, as DOGE is doing, and cutting taxes is the key to delivering on both of those promises.  And President Trump is resolutely committed to doing both. 
     
    Q    Thank you.  And on Ukraine.  I guess, this is for Mike.
     
    MR. WALTZ:  Sure. 
     
    Q    After the president’s post on Truth Social yesterday, need to know: Who does he think is more responsible for the Russian invasion of Ukraine, Putin or Zelenskyy?
     
    MR. WALTZ:  Well, look, his — his goal, Peter, is to bring this war to an end, period.  And there has been ongoing fighting on both sides.  It is World War I-style trench warfare. 
     
    His frustration with President Zelenskyy is — that you’ve heard — is multifold.  One, there needs to be a deep appreciation for what the American people, what the American taxpayer, what President Trump did in — in his first term, and what we’ve done since.  So, some of the rhetoric coming out of Kyiv, frankly, and — and insults to President Trump were unacceptable.  Number one. 
     
    Number two, our own secretary of Treasury personally made the trip to offer the Ukrainians what is — can only be described as a historic opportunity — that is for America to coinvest with Ukraine in their minerals, in their resources, to truly grow the pie. 
     
    So, case in point, there’s a foundry that processes aluminum in Ukraine.  It’s — it’s been damaged.  It’s not at its current capacity.  If that is restored, it would account for America’s entire imports of aluminum for an entire year — that one foundry.
     
    There are tremendous resources there.  Not only is that long-term security for Ukraine, not only do we help them grow the pie with investments, but, you know, we do have an obligation to the American taxpayer in helping them recoup the hundreds of billions that ha- — that have occurred. 
     
    So, you know, rather than enter — enter into some constructive conversations about what that deal should be going forward, we got a lot of rhetoric in the media that was — that was incredibly unfortunate. 
     
    And I could just tell you, Peter, you know, as a veteran, as somebody who’s been in combat, this war is horrific.  And I think we’ve lost sight of that, of the literally thousands of people that are dying a day, families that are going without the next generation. 
     
    And I find it kind of, you know, frankly, ridiculous.  So many people in Washington that were just demanding, pounding the table for a ceasefire in Gaza are suddenly aghast that the president would demand one and both sides come to the table when it talks to — when it comes to Ukraine, a war that has been arguably far greater in — in scope and scale and far more dangerous in terms of global escalation to U.S. security.
     
    Q    And I do have one for Karoline.
     
    MS. LEAVITT:  Sure.
     
    Q    Does President Trump have a bet with Trudeau about this USA-Canada hockey game tonight?  (Laughter.)  And when there is a big hockey game on, is the president watching for the goals or for the fights?
     
    MS. LEAVITT:  (Laughs.)  Probably both.  I think he’s watching for the United States to win tonight.  I know he talked to the USA hockey team this morning.  He talked to the players after their morning practice, around 10 o’clock.  And I also spoke to some folks from that team after.  They were jubilant over President Trump’s comments to the team.  I believe they’re going to put out a video of that call. 
     
    So, he looks forward to watching the game tonight, and we look forward to the United States beating our soon-to-be 51st state, Canada.  (Laughter.)
     
    Bloomberg, go ahead. 
     
    Q    My question is for Mike Waltz.  Can you give us a readout of Kellogg’s meeting with Zelenskyy that just wrapped up?  And, in particular, Zelenskyy publicly rejected this deal about the rare earth minerals.  Where — where does that stand?
     
    MR. WALTZ:  Well, we’re going to continue to have — he needs to come back to the table, and we’re going to continue to have discussions about where that deal is going. 
     
    Again, we have an obligation to the taxpayer.  I think this is an opportunity.  The president thinks this is an opportunity for Ukraine going forward.  There can be, in my view, nothing better for Ukraine’s future and for their security than — than to have the United States invested in their prosperity long-term.  And then a key piece of this has also been security guarantees. 
     
    Look, the — the reality that we’re talking about here is: Is it in Ukraine’s interest?  Is it in Europe’s interest?  It certainly isn’t in Russia’s interest or in the American people’s interest for this war to grind on forever and ever and ever. 
     
    So, a key part of his conversation was helping President Zelenskyy understand this war needs to come to an end.  This kind of open-ended mantra that we’ve had under the Biden administration, that’s over.  And I think a lot of people are having a hard time accepting that.
     
    And then the other piece is there’s been discussions from Prime Minister Starmer and also President Macron about European-led security guarantees.  We welcome that.  We’ve been asking Europe to step up and secure its own prosperity, safety, and security.  So, we certainly welcome that. 
     
    And we certainly welcome more European assistance.  As I told my counterparts, “Come to the table with more, if — if you want a bigger seat at the table.”  And we’ve been asking for that for quite some time. 
     
    Q    And has Russia pushed for sanctions in your talks with them?  And have you consulted with international partners and allies about potentially rolling back sanctions in these negotiations to end the war?
     
    MR. WALTZ:  Those — the talks with — with our Russian counterparts — both with my counterpart, the national security advisor; Secretary Rubio’s counterpart, the Foreign Minister, Foreign Minister Lavrov — you know, it — it really were — was quite broad, focused on what is the goals for our broader relationship, but very clear that the fighting has to stop to get to any of those brighter goals. 
     
    And as a first step, we’re just going to do some commonsense things, like restore the — the ability of both of our embassies to function. 
     
    And, again, you know, this is — this was common sense.  In — in foreign policy world, they call it “shuttle diplomacy.”  We have to talk to both sides in order to get to both sides to the table, and both sides have said only President Trump could do that. 
     
    MS. LEAVITT:  Diana.
     
    Q    Thank you.  And my question is for Mike Waltz.  (Laughter.)
     
    MR. WALTZ:  All right.
     
    Q    The president has called Zelenskyy a dictator.  Does he view Putin as a dictator? 
     
    And does he want Zelenskyy out of power?  I know he’s called for elections. 
     
    And then, thirdly, the head of the Defense Committee in Ukraine’s parliament just has claimed that the U.S. has stopped selling weapons to Ukraine.  Is that true?
     
    MR. WALTZ:  Well, most of our weapons that have gone to Ukraine have been part of a drawdown authority, where we’ve literally taken them out of our stocks and then, eventually, through appropriations, started buying them again to refill our stocks. 
     
    I’ll, you know, just state that there has been a lag in a lot of that process.  So, many of our stocks, as we look at our operations around the world, are becoming more depleted.  That’s one of the reasons many people have had a lot of concern about: When does this end?  How much is it going to take?  How many lives will be lost?  How much will we be — how much will we spend? 
     
    As a member of Congress, we repeatedly asked the Biden administration those questions, and we never got a satisfactory answer. 
     
    Look, President Trump is obviously very frustrated right now with President Zelenskyy — the fact that — that he hasn’t come to the table, that he hasn’t been willing to take this opportunity that we have offered.  I think he eventually will get to that point, and I hope so very quickly.
     
    But President Trump is — as we made clear to our Russian counterparts, and I want to make clear today — he’s focused on stopping the fighting and moving forward.  And we could argue all day long about what’s happened in the past. 
     
    MS. LEAVITT:  Reagan.
     
    Q    Thanks.  I have a question for Stephen —
     
    (Cross-talk.)
     
    Q    — and a question for Mike.
     
    MS. LEAVITT:  Excuse me, I just called on Reagan.  Reagan, go ahead. 
     
    Q    I have a question for Stephen and a question for Mike. 
     
    MS. LEAVITT:  Sure.
     
    Q    Stephen, I can start with you.  There have been reports —
     
    MR. MILLER:  Thank you.
     
    Q    — that Trump is unhappy with the rate of deportations and he wants them to be higher.  Is the president happy with the rate of deportations, and are there any plans to speed up the process?
     
    MR. MILLER:  Well, first of all, we all appreciate the encouragement from the media to deport as many illegal aliens as humanly possible.  So, thank you. 
     
    And I will promise you that the full might of the Department of Homeland Security, the Department of Justice, the Department of Defense, and every element and instrument of national power will be used to remove, with speed, all criminal illegals from the soil of the United States of America, to enforce final removal orders, and to ensure that this country is for American citizens and those who legally belong in this country.
     
    We inherited an ICE that was completely shuttered.  We inherited a Department of Homeland Security whose sole mission was to resettle illegal aliens within the United States of America. 
     
    In 30 days, the president sealed the border shut, declared the cartels to be terrorist organizations, has increased ICE deportations to levels not seen in decades, and we are shortly on the verge of achieving a pace and speed of deportations this country has never before seen. 
     
    Thank you. 
     
    Q    And Mike.
     
    MR. WALTZ:  Mm-hmm.
     
    Q    There have been reports that there’s some underground opposition to Trump’s pick for Undersecretary of Defense for Policy, Elbridge Colby.  Have you or anyone from the administration been personally lobbying senators to support Elbridge Colby? 
     
    MR. WALTZ:  Look, I’ve worked with Bridge Co- — Colby in the past.  He has the president’s full support to be the Undersecretary of policy, which will be a critical policy arm for Secretary Hegseth going forward that will implement a lot of these policies. 
     
    And — and really, that’s — that’s been the extent of it.  I think there’s been a lot of kind of, you know, breathless — I don’t know — back-and-forth in the — in the press, but we’re full speed ahead to get the president’s team in place so we can implement his America First policy. 
     
    MS. LEAVITT:  Thank you.  Mike has spoken pretty extensively.  Does anybody have questions for Stephen or for Mr. Hassett?
     
    Q    I do.
     
    MS. LEAVITT:  Nobody wants to talk about the economy?  (Laughter.)
     
    (Cross-talk.)
     
    MS. LEAVITT:  Sure. 
     
    Q    IRS.
     
    MS. LEAVITT:  IRS.  Okay.  Go ahead.
     
    Q    And this would be for either one of you.  So, we have reported, several other outlets have reported that about 3,500 people are due to be — lose their jobs at the IRS by the end of the week.  If the goal of these spending cuts across the federal government has been to reduce the debt, why impose some of the deepest cuts we’ve seen so far at the agency responsible for raising revenue for the federal government?
     
    MR. HASSETT:  Well, I think our objective is to make sure that the employees that we pay are being productive and effective.  And there are many, many — more than 100,000 people working to collect taxes, and not all of them are fully occupied.  And the Treasury secretary is studying the matter and feels like 3,500 is a small number and probably can get bigger, especially as we improve the IT at the IRS.
     
    And so — so, I think that it’s absolutely something that is on the table for good reasons.  And the point is that — don’t just talk about the IRS.  Talk about all of government, that there are so many places — I live in D.C.; you maybe live in D.C. — where you never — there — nobody — nobody is going into the buildings.  People aren’t commuting because nobody is doing their job.  We look back and we see that there are all these people doing two jobs while they’re getting a government payroll — on the payroll. 
     
    So, the point is, we’re fixing that, and the IRS is a small part of that picture. 
     
    Q    So, you’re saying that everybody who’s being let go was doing a bad job?
    MR. HASSETT:  I’m saying that we’re studying every agency and deciding who to let go and why, and we’re doing so very rationally with a lot of support from analysis. 
     
    Q    Because we’re being told by a lot of people who have been let go at other agencies that they were told they were being dismissed because of poor performance, when, in some cases, they haven’t even had a performance review yet because they’ve only been on the job a couple of months. 
     
    MR. HASSETT:  Yeah, I’ve never seen a person who was laid off for poor performance say that they were performing poorly.  (Laughter.)  Okay?
    Q    Karoline.
     
    MS. LEAVITT:  Good point.  Sure, Kaitlan.
     
    Q    I have a question.  I’ll start with you, Kevin Hassett.  Thank you for being here.  And then I’ve got a question for Mr. Waltz.
     
    On these potential checks that you might send out from DOGE, is there a concern, as you’re thinking through this, that they could be inflationary?
     
    MR. HASSETT:  Oh, absolutely not, because imagine if we don’t spend government money and we give it back to people, then the — you know, if they spend it all, then you’re even.  But they’re probably going to save a lot of it, in which case, you’re reducing inflation. 
     
    Q    Okay.  So, you’re not —
     
    MR. HASSETT:  And also, when the government spends a lot, that’s what creates inflation.  We learned that from Joe Biden.  And so, if we reduce government spending, then that’s — you know, reduces inflation.  And if you give people money, then they’re going to save a bunch of it.  And — and when they save it, then that also reduces demand and reduces inflation. 
     
    Q    Okay.  So, you’re not worried about it. 
     
    MR. HASSETT:  No, I’m not.
     
    Q    And, Mr. Waltz, to follow up on Peter’s question, you wrote in an op-ed in the fall of 2023 that, quote, “Putin is to blame, certainly, like al Qaeda was to blame for 9/11.”
     
    MR. WALTZ:  Mm-hmm.
     
    Q    Do you still feel that way now, or do you share the president’s assessment, as he says Ukraine is to blame for the start of this war?
     
    MR. WALTZ:  Well, it shouldn’t surprise you that I share the president’s assessment on all kinds of issues.  What I wrote as a Member of Congress is — was as a former Member of Congress. 
     
    Look, what I share the president’s assessment on is that the war has to end.  And what comes with that?  What comes with that should be, at some point, elections.  What comes with that should be peace.  What comes with that is prosperity that we’ve just offered in this natural resources and economic partnership arrangement: an end to the killing and European security and security for the world.  The President is not only determined to do that in Europe, he’s determined to do it in the Middle East. 
     
    And just a few months ago, we had an administration that had tried for 15 months, week after week, sitting with you here, and couldn’t get us to a ceasefire, couldn’t get our hostages out.  Now we’re at that point.  We’re back to the maximum pressure on Iran.
     
    And we will — we have just begun, and we will drive towards a ceasefire and all of those other steps.  I’m not going to pre-negotiate or get ahead of the sequencing of all of that.  It’s a very delicate situation. 
     
    But this is a president of peace.  And who here would argue against peace?
     
    Q    Okay.  So, you do share that assessment. 
     
    And can I follow up.  In 2017 —
     
    MS. LEAVITT:  No.  Go ahead, Jordan.
     
    Q    — then-President Trump —
     
    MS. LEAVITT:  Go ahead, Jordan. 
     
    Q    Can I just follow up really quickly?
     
    Q    Thank you.  So —
     
    MS. LEAVITT:  You just had two questions, Kaitlan.
     
    Q    May I — can I just —
     
    MS. LEAVITT:  Jordan, go ahead. 
     
    Q    Mr. — Mr. Hassett —
     
    MS. LEAVITT:  Thank you.
     
    Q    I have an important follow-up for Mike Waltz.
     
    MS. LEAVITT:  Jordan, go ahead.  Go ahead.
     
    Q    So, Mr. Hassett, you were speaking about tariff revenue, and you also addressed a question about the R- — IRS.  President Trump has spoken about replacing income tax with tariff revenue, especially with all this waste, fraud, and abuse that we’re seeing cut.  Is that a possibility?
     
    MR. HASSETT:  Absolutely.  And, in fact, if you think about the China tariff revenue that we’re estimating is coming in from the 10 percent that we just added, plus the de minimis thing, that it’s between $500 billion and a trillion dollars over 10 years, is our estimate.  And that’s something that is outside of the reductions that markets are seeing through the negotiations up on the Hill.
     
    And so, we expect that the tariff revenue is actually going to make it much easier for Republicans to pass a bill, and that was the President’s plan all along. 
     
    Thank you.
     
    Q    And I — I have a question for Stephen Miller about DOGE.  So, you — you spoke about DOGE.  You said roughly $50 billion is set to be cut in a year of waste, fraud, and abuse by unelected bureaucrats.  We’re hearing this ironic narrative from the President’s critics and the left-wing media that Elon Musk is an unelected bureaucrat, and he’s doing all this terrible stuff.  Isn’t one of DOGE’s objectives to get — get rid of the federal bureaucracy, the — the deep state?  And also, who was running the White House when Joe Biden was in office —
     
    MR. MILLER:  (Laughs.)
     
    Q    — because I don’t know a single person who believes it was Joe Biden? 
     
    MR. MILLER:  Yes.  You’re — you’re tempting me to say — (laughs) — some very harsh things about some of our media friends.  The — yes, it is true that many of the people in this room, for four years, failed to cover the fact that Joe Biden was mentally incompetent and was not running the country. 
     
    It is also true that many people in this room who have used this talking point that Elon is not elected fail to understand how government works.  So, I’m glad for the opportunity for a brief civics lesson. 
     
    A president is elected by the whole American people.  He’s the only official in the entire government that is elected by the entire nation.  Right?  Judges are appointed.  Members of Congress are elected at the district or state level.  Just one man. 
     
    And the Constitution, Article Two, has a clause, known as the vesting clause, and it says, “The executive power shall be vested in a president,” singular.  The whole will of democracy is imbued into the elected president.  That president then appoints staff to then impose that democratic will onto the government. 
     
    The threat to democracy — indeed, the existential threat to democracy — is the unelected bureaucracy of lifetime, tenured civil servants who believe they answer to no one, who believe they can do whatever they want without consequence, who believe they can set their own agenda no matter what Americans vote for. 
     
    So, Americans vote for radical FBI reform, and FBI agents say they don’t want to change.  Or Americans vote for radical reform in our energy policies, but EPA bureaucrats say they don’t want to change.  Or Americans vote to end DEI — racist DEI policies, and lawyers in the Department of Justice say they don’t want to change. 
     
    What President Trump is doing is he is removing federal bureaucrats who are defying democracy by failing to implement his lawful orders, which are the will of the whole American people. 
     
    Thank you. 
     
    Q    Thanks, Stephen.  Can I follow up?
     
    Q    Karoline.
     
    MS. LEAVITT:  Thank you very much, everybody.  I’m looking at the clock.  We’ve almost had an hour of time. 
     
    (Cross-talk.)

    LEAVITT:  I know a couple of these individuals have a meeting to get to at 2:00 p.m.  So, you’re welcome to follow up with my team for further questions.  We’re going to let these guys get back to running the United States government.
     
    And we will see you all later.  President Trump will be speaking at 3 o’clock at the Black History Month reception.
     
    So, thank you.  It’s good to see you.  We’ll see you in a bit.  Thanks.
     
    Q    Are you going to the Black History Month reception, Mr. Miller?
     
    Q    Stephen, on the fraud.  Should we expect indictments?
     
    Q    What is your reaction to Mitch McConnell’s retirement?
     
    Q    Are there indictments coming for all the fraud we’ve found?
     
         MR. MILLER:  I’d love to follow up with you.  Just set up a time with Karoline.
     
         Q    Okay.  Thank you. 
     
    END                   1:56 P.M. EST

    MIL OSI USA News

  • MIL-OSI United Kingdom: Gaelic teaching hub announced

    Source: Scottish Government

    £200,000 funding for sports bus and accommodation.

    Sabhal Mòr Ostaig is to be a Gaelic hub in the new Centre for Teaching Excellence, Education Secretary Jenny Gilruth has announced during a visit to the college.

    The Cabinet Secretary met with staff at Sabhal Mòr Ostaig, the National Centre for Gaelic Language and Culture, during a visit to discuss the aims of the new Centre in providing opportunities for Gaelic teachers across the country.

    Ahead of Gaelic week which gets underway on Monday, Ms Gilruth met senior leadership, teachers and students, before attending the Sabhal Mòr Ostaig Annual Lecture.

    More than £100,000 of funding has been confirmed today to provide upgrades to accommodation at the college. Separate funding for Comann na Gàidhlig will also help provide a new minibus to support participation in Gaelic sports.

    Ms Gilruth also visited Broadford Primary to hear first hand from staff and pupils about the English and Gaelic education it provides, as well as plans for a new school and community hub at the site.

    The Education Secretary said:

    “Sabhal Mór Ostaig is internationally respected as the only Centre of Higher and Further Education in the world which provides its learning programmes entirely through the medium of Gaelic.

    “It has been a privilege to meet staff and students at the college to learn about the work here, including the Gaelic hub being developed for the Centre for Teaching Excellence

    “I was also hugely encouraged to hear about the great work being undertaken at Broadford Primary and to hear about their exciting plans for the new school.  

    “The Scottish Government is a strong supporter of Scotland’s indigenous languages and encourages bodies and communities to work together to support and promote Gaelic language and culture.”

    Shona Cormack, Head of Teacher Education at Sabhal Mòr Ostaig, said:

    “We are delighted to be working with our colleagues at the University of Glasgow to establish the Centre and to have Gaelic Education recognised as a core area in the new Centre’s work. We look forward to working with Gaelic teachers to identify priority areas for development and to provide access to professional learning based on the latest research that will positively impact teaching and learning in Gaelic classrooms across the country.”

    Background

    Sabhal Mòr Ostaig will work collaboratively on the Centre for Teaching Excellence with hosts, the University of Glasgow. The Cabinet Secretary’s visit to Sabhal Mòr Ostaig and Broadford Primary took place on Thursday 20 February.

    The Sabhal Mór Ostaig annual lecture this year was delivered by Alan Esslemont, Director General of Irish language channel TG4.

    The funding announced today comprises:

    • £109,657 for in capital funding for the Sabhal Mòr Ostaig estate, mainly in the student accommodation
    • £91,711 for Comann na Gàidhlig to provide a minibus for Gaelic sports, as well as outdoor equipment.

    Hub Teagaisg Gàidhlig air ainmeachadh

    Maoineachadh de £200,000 airson bus spòrs agus àite-còmhnaidh.

    Bidh Sabhal Mòr Ostaig mar hub Gàidhlig dha Ionad ùr airson Sàr-mhathais ann an Teagasg. Chaidh seo a chur an cèill le Rùnaire an Fhoghlaim is i a’ tadhal air a’ cholaiste.

    Choinnich Rùnaire a’ Chaibineit le luchd-obrach aig Sabhal Mòr Ostaig, an t-Ionad Nàiseanta airson Cànan agus Cultar na Gàidhlig, is i a’ tadhal gus còmhradh mu na h-amasan a bhiodh aig an Ionad ùr is e a’ toirt seachad chothroman do thidsearan Gàidhlig air feadh na dùthcha.

    Le Seachdain na Gàidhlig a’ tòiseachadh air Diluain, choinnich a’ BhCh. NicGilleRuaidh ri ceannardan, tidsearan agus oileanaich, mus robh i an làthair aig Òraid Bhliadhnail Shabhal Mòr Ostaig.

    Chaidh còrr air £100,000 de mhaoineachadh a dhearbhadh an-diugh gus àite-còmhnaidh na Colaiste ùrachadh. Thèid maoineachadh fa leth a thoirt seachad gus cuideachadh le bhith a’ frithealadh bus ùr tron urrainn daoine a dhol an sàs ann an spòrs Gàidhlig.

    Bha a’ BhCh. NicGilleRuaidh cuideachd a’ tadhal air Bun-sgoil an Àth Leathainn gus cluinntinn bho luchd-obrach is sgoilearan iad fhèin mun fhoghlam Bheurla is Ghàidhlig a bhios an sgoil a’ toirt seachad, a thuilleadh air planaichean airson sgoil ùr agus hub coimhearsnachd aig an làraich.

    Thuirt Rùnaire an Fhoghlaim:

    “Tha Sabhal Mòr Ostaig air spèis a choisinn gu h-eadar-nàiseanta mar an aon Ionad airson Foghlam Àrd-ìre is Leantainneach anns an t-saoghal a tha a’ toirt seachad am prògram ionnsachaidh gu tur tron Ghàidhlig.

    “’S e urram a tha air a bhith ann coinneachadh ri luchd-obrach agus oileanaich aig a’ cholaiste gus ionnsachadh mun obair an seo, na mheasg an hub Gàidhlig a thathar a leasachadh don Ionad airson Sàr-mhathais ann an Teagasg.

    “Bha mi cuideachd fìor air mo bhrosnachadh cluinntinn mun sàr obair a tha a’ leantainn aig Bun-sgoil an Àth Leathainn is a bhith a’ cluinntinn mu na planaichean misneachail aca airson na sgoile ùire.

    “Tha Riaghaltas na h-Alba gu làidir a’ cur taic ri cànain tùsanach na h-Alba is a’ brosnachadh bhuidhnean is coimhearsnachdan a bhith ag obair còmhla gus taic is adhartas a thoirt do chànan is cultar na Gàidhlig.”

    Thuirt Shona NicCarmaig, Stiùiriche Foghlam Thidsearan aig Sabhal Mòr Ostaig:

    “Tha sinn air ar dòigh a bhith ag obair còmla ri ar co-obraichean aig Oilthigh Ghlaschu gus an t-Ionad a stèidheachadh is gun tèid a’ Ghàidhlig aithneachadh mar phrìomh phàirt de dh’obair an Ionaid ùir. Tha sinn a’ dèanamh fiughar ri bhith ag obair le tidsearan Gàidhlig gus aithneachadh dè na prìomh chùisean a dh’fheumas a bhith air an leasachadh agus gus cothrom a thoirt dhaibh air ionnsachadh proifeiseanta a tha air fhiosrachadh leis an rannsachadh as ùire aig am bi deagh bhuaidh air teagasg agus ionnsachadh ann an seòmraichean-sgoile Gàidhlig air feadh na dùthcha.”  

    Cùl-fhiosrachadh

    Obraichidh Sabhal Mòr Ostaig ann an com-pàirt air an Ionad airson Sàr-mhathais ann an Teagasg còmhla ri prìomh bhuidhinn an ionaid, Oilthigh Ghlaschu. ’S ann air Diardaoin 20 Gearran a bha Rùnaire a’ Chaibineit a’ tadhal air Sabhal Mòr Ostaig agus Bun-sgoil an Àth Leathainn.

    A’ bhliadhna seo bha òraid bhliadhnail Shabhal Mòr Ostaig air a lìbhrigeadh le Ailean Esslemont, Stiùiriche Coitcheann na seanail Gaeilge, TG4.

    An lùib a’ mhaoineachadh a chaidh fhoillseachadh an-diugh tha:

    • £109,657 de mhaoin-chalpa airson oighreachd SMO, a’ chuid as motha airson àite-còmhnaidh nan oileanach
    • £91,711 do Chomunn na Gàidhlig gus bus a bhith aca airson spòrs Gàidhlig, agus cuideachd uidheamachd airson a’ bhlàr a-muigh

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Dental patients to benefit from 700,000 extra urgent appointments

    Source: United Kingdom – Executive Government & Departments

    Government delivers on its manifesto commitment to roll out extra urgent appointments across the country

    • Government delivers on its manifesto commitment to roll out extra urgent appointments across the country  
    • “Dental deserts” where patients struggle to get appointments targeted
    • Plans mark first step towards rebuilding NHS dentistry – with government also set to deliver supervised toothbrushing to improve children’s oral health

    Hundreds of thousands of people across England will soon be able to access urgent and emergency dental care as the government and NHS rolls out 700,000 extra urgent appointments, Health Minister Stephen Kinnock announced today (Friday 21 February). 

    Delivering on the government’s manifesto pledge, NHS England has today written to integrated care boards (ICB) across the country, directing health chiefs in each region to stand up thousands of urgent appointments over the next year.  

    Access to NHS dentistry is increasingly a lottery across the country. Statistics from the GP Patient Survey 2024 show that around 1 in 4 patients who tried to see an NHS dentist in the past two years were unable to do so.

    This has led to desperate scenes across the country, such as at St Paul’s Dental Practice in Bristol, where hundreds of patients gathered outside in the hope of seeing an NHS dentist and police had to intervene to manage the queue when the practice re-opened in February 2024.

    Previous interventions have failed to address the crisis in NHS dentistry. For example, the new patient premium – introduced as part of the dental recovery plan published in 2024 – revealed to have cost £88 million but with no impact for patients.

    Data published last week showed the number of new patients accessing NHS dentists has actually fallen by 3% since the scheme was introduced.

    This government has confirmed it will be scrapping the new patient premium, and today sees it already begin the work of rolling out new appointments across the country.

    As part of the government’s manifesto commitment, the extra appointments will be available from April and have been targeted at dental deserts – areas where patients particularly struggle to access NHS dentists. This includes parts of the East of England, such as Norfolk and Waveney, where there are just 31 NHS dentists respectively for every 100,000 people – way below the national average.

    The announcement marks the start of the government and NHS delivering on the manifesto pledge to provide 700,000 extra urgent and emergency dental appointments to address the crisis in NHS dentistry. 

    Stephen Kinnock, Minister of State for Care said:  

    “We promised we would end the misery faced by hundreds of thousands of people unable to get urgent dental care. Today we’re starting to deliver on that commitment.  

    “NHS dentistry has been left broken after years of neglect , with patients left in pain without appointments, or queueing around the block just to be seen.

    “Through our Plan for Change, this government will rebuild dentistry – focusing on prevention, retention of NHS dentists and reforming the NHS contract to make NHS work more appealing to dentists and increase capacity for more patients. This will take time, but today marks an important step towards getting NHS dentistry back on its feet.” 

    Each ICB has a target of urgent appointments to roll out, based on estimated local levels of unmet need for urgent NHS care. Levels of unmet need are calculated by measures including looking at how many people tried and failed to get an NHS dentist appointment. 

    These extra appointments will be for patients who are likely to be in pain – including those suffering from infections or needing urgent repairs to a bridge – and require urgent treatment. NHS commissioners will be working fast to secure these extra appointments this year, with appointments to start coming online from April. Patients will be able to access these appointments by contacting their usual dental practice or calling NHS 111 if they don’t have a regular dentist or need help out-of-hours.

    The plans are the first step towards securing more urgent care for patients over the longer term and will allow for more a more fundamental reform of urgent dental care provision. 

    Jason Wong, Chief Dental Officer for England said:

    “Dentists are working hard to help as many patients as possible but too many people experience difficulties in accessing NHS dental services.

    “It is vital that we do more to improve access – we are working with local systems to prioritise this, which includes providing 700,000 additional urgent dental appointments to help make it quicker and easier for those most in need to be seen and treated on the NHS and we are incentivising dentists to work in underserved areas so that all areas of the country can receive the care they need.”

    After inheriting an NHS dental sector in crisis, the government is acting now to make it fit for the future, following years of neglect and unsuccessful interventions.  

    A recent report by the National Audit Office found that access to NHS dentistry remains below pre-pandemic levels, with the previous administration’s dental recovery plan not on course to deliver its target of 1.5 million extra treatments by the end of 2024/25. 

    Children’s oral health is also in crisis, with tooth decay being the number one reason that children aged 5-9 years old are admitted to hospital. More than a fifth of five-year-old school children have signs of dental decay, according to data published by OHID last week.

    The data also showed stark regional inequalities in terms of good oral health – with areas of high deprivation having rates of tooth decay more than double that of wealthier areas. For example, almost 1 in 3 children (32.2%) living in Merseyside showed signs of decay, compared to just 13.6% of kids in Gloucestershire.

    To tackle this, the government will introduce a new supervised tooth-brushing scheme for 3-to-5-year-olds – which is aimed at providing advice and tooth brushing guidance in the school setting to children living in the most deprived areas in England, as well as providing toothbrushes and toothpaste.  

    The government is also recruiting new dentists to areas that need them most and will reform the dental contract, with a shift to focusing on prevention and the retention of NHS dentists. This includes the golden hello bonus incentive payment of £20,000, which is being offered per dentist for up to 240 dentists who agree to work in areas of the country that have traditionally been hard to recruit to.   Until July, none of the 240 roles had been filled, but the government has since delivered 68 posts, with more to come.

    Jacob Lant, Chief Executive of National Voices, said:

    “NHS dentistry has been left in a sorry state, with far too many people experiencing pain and discomfort because they can’t access basic care.

    “These extra urgent appointments will be welcome and are a helpful first step, but fixing the nation’s oral health crisis will require a sustained effort.

    “We now need local NHS leaders to work creatively to ensure available capacity is targeting those most in need, whether treating an infected tooth or ensuring cancer and transplant patients get the dental check-ups they need before starting treatment.”

    NOTES TO EDITORS  

    Urgent care appointments to be delivered by individual ICBs:

    Region ICB Additional Urgent care appts to be purchased
    EAST OF ENGLAND Bedfordshire, Luton and Milton Keynes ICB 6,041
    EAST OF ENGLAND Cambridgeshire and Peterborough ICB 14,195
    EAST OF ENGLAND Hertfordshire and West Essex ICB 5,712
    EAST OF ENGLAND Mid and South Essex ICB 6,098
    EAST OF ENGLAND Norfolk and Waveney ICB 21,520
    EAST OF ENGLAND Suffolk and North East Essex ICB 15,413
    LONDON North Central London ICB 8,976
    LONDON North East London ICB 17,452
    LONDON North West London ICB 11,445
    LONDON South East London ICB 8,616
    LONDON South West London ICB 6,402
    MIDLANDS Birmingham and Solihull ICB 9,005
    MIDLANDS Black Country ICB 14,473
    MIDLANDS Coventry and Warwickshire ICB 2,740
    MIDLANDS Derby and Derbyshire ICB 16,298
    MIDLANDS Herefordshire and Worcestershire ICB 12,970
    MIDLANDS Leicester, Leicestershire and Rutland ICB 10,137
    MIDLANDS Lincolnshire ICB 12,017
    MIDLANDS Northamptonshire ICB 17,826
    MIDLANDS Nottingham and Nottinghamshire ICB 24,360
    MIDLANDS Shropshire, Telford and Wrekin ICB 7,408
    MIDLANDS Staffordshire and Stoke-on-Trent ICB 16,190
    NORTH EAST AND YORKSHIRE Humber and North Yorkshire ICB 27,196
    NORTH EAST AND YORKSHIRE North East and North Cumbria ICB 57,559
    NORTH EAST AND YORKSHIRE South Yorkshire ICB 19,983
    NORTH EAST AND YORKSHIRE West Yorkshire ICB 32,312
    NORTH WEST Cheshire and Merseyside ICB 46,617
    NORTH WEST Greater Manchester ICB 17,897
    NORTH WEST Lancashire and South Cumbria ICB 20,822
    SOUTH EAST Buckinghamshire, Oxfordshire and Berkshire West ICB 15,454
    SOUTH EAST Frimley ICB 6,626
    SOUTH EAST Hampshire and Isle of Wight ICB 30,032
    SOUTH EAST Kent And Medway ICB 20,319
    SOUTH EAST Surrey Heartlands ICB 6,585
    SOUTH EAST Sussex ICB 26,546
    SOUTH WEST Bath and North East Somerset, Swindon and Wiltshire ICB 13,990
    SOUTH WEST Bristol, North Somerset and South Gloucestershire ICB 19,076
    SOUTH WEST Cornwall and the Isles of Scilly ICB 10,910
    SOUTH WEST Devon ICB 24,269
    SOUTH WEST Dorset ICB 13,569
    SOUTH WEST Gloucestershire ICB 11,464
    SOUTH WEST Somerset ICB 13,498
    ENGLAND Total 700,018

    Updates to this page

    Published 21 February 2025

    MIL OSI United Kingdom

  • MIL-OSI New Zealand: Tech and Security – New Zealand’s digital wellbeing ranking declines with the biggest setback in internet affordability

    Source: SurfShark

    The Digital Quality of Life Index is an annual study that ranks 121 countries by their digital wellbeing based on 5 core pillars: internet quality, internet affordability, e-security, e-infrastructure, and e-government                                

    Surfshark’s Digital Quality of Life Index (DQL) 2024 ranks New Zealand 32nd in the world. The study indicates how well the country is performing in terms of overall digital wellbeing compared to other nations. New Zealand dropped by five places from last year, which suggests the commitment to develop the digital landscape and position the country as a leader in leveraging technological advancements to improve citizens’ quality of life has slowed down. (ref. https://surfshark.com/research/dql )

    “In an election year like 2024, where the digital realm shaped political discourse and societal values, prioritizing digital quality of life proved to be more important than ever. It helps to ensure informed citizens, protects democratic processes, and fosters innovation. Our annual project helps to better understand where each county stands in terms of digital divide, highlighting where a nation’s digital quality of life excels and where further focus is required,” says x, Surfshark’s spokesperson.

    Out of the Index’s five pillars, New Zealand performed best in e-infrastructure, claiming 19th place, but faced challenges in e-security, ranking 36th. The nation ranks 23rd in e-government, 30th in internet affordability, and 35th in internet quality. In the overall Index, New Zealand surpasses Australia (37th) but lags behind the UK (9th). In Oceania, New Zealand takes 1st place and leads the region.    

    New Zealand ranks higher in e-government than 81% of the countries analyzed, with 98 countries falling below it.       

    E-government determines how advanced and digitized a country’s government services are. A well-developed e-government helps minimize bureaucracy, reduce corruption, and increase transparency within the public sector. This pillar also shows the level of Artificial Intelligence (AI) readiness a country demonstrates. Countries with the highest readiness to adopt AI technology are also ready to counter national cyberthreats. New Zealand ranks 23rd in the world in e-government — nine places lower than last year.

    New Zealand is 36th in the world in e-security — same as last year.  

    The e-security pillar measures how well a country is prepared to counter cybercrime and how advanced a country’s data protection laws are. New Zealand outperforms Australia, which ranks 42nd, but lags behind the UK, which takes 23rd place in the e-security pillar. New Zealand is prepared to fight against cybercrime; the country has good data protection laws.     

    “New Zealand has robust data protection laws, with its Privacy Acts sharing key similarities with the GDPR — one of the world’s strictest data protection frameworks. Both regulate data collection, usage, and transfers; however, unlike the GDPR, New Zealand’s Privacy Acts do not emphasize consent or address rights such as data erasure, objection, portability, or DPIAs. On the other hand, they provide more detailed guidelines for information sharing with public agencies. Despite strong data protection laws, improving New Zealand’s ability to combat cybercrime remains an important area for growth. A 2024 study by telecommunications company Kordia highlighted vulnerabilities affecting businesses, including third-party vendor failures, cloud misconfigurations, and security lapses. Strengthening e-security will be key to enhancing New Zealand’s digital quality of life in the future,” says x, Surfshark’s representative.

    New Zealand’s internet quality is 17% higher than the global average.                                              

    New Zealand’s fixed internet averages 240Mbps. To put that into perspective, the world’s fastest fixed internet — Singapore’s — is 347Mbps. Meanwhile, the slowest fixed internet in the world — Tunisia’s — is 14Mbps.

    New Zealand’s mobile internet averages 152Mbps. The fastest mobile internet — the UAE’s — is 430Mbps, while the world’s slowest mobile internet — Yemen’s — is 12Mbps.

    Compared to Australia, New Zealand’s mobile internet is 5% slower, while fixed broadband is 115% faster. Since last year, mobile internet speed in New Zealand has improved by 19%, while fixed broadband speed has grown by 9%.  

    Despite the setback, the internet is affordable in New Zealand compared to other countries.        

    New Zealanders have to work 1 hour 15 minutes a month to afford fixed broadband internet. While this is less than average, it is 5 times more than in Bulgaria, which has the world’s most affordable fixed internet (Bulgarians have to work 14 minutes a month to afford it). 

     
    New Zealanders have to work 51 minutes 19 seconds a month to afford mobile internet. This is 4 times more than in Angola, which has the world’s most affordable mobile internet (Angolans have to work 9 minutes a month to afford it).              

    “This year’s Digital Quality of Life (DQL) ranking revealed a decline in New Zealand’s internet affordability. And DQL is not the only research that highlights this — recent research from Cable.co.uk placed New Zealand 128th globally for broadband affordability. The average monthly broadband cost in New Zealand was reported at NZD 82 — a staggering twenty times higher than Sudan, which topped the list as the most affordable. An expert from Cable.co.uk also noted that the high cost of broadband in developed nations like New Zealand is not necessarily due to the expense of deploying advanced infrastructure but is often influenced by higher earnings and market conditions. To improve its overall digital quality of life, New Zealand may need to look deeper into enhancing its internet affordability,” says x, Surfshark’s representative.

    New Zealand is 19th in e-infrastructure.  

    Advanced e-infrastructure makes it easy for people to use the internet for various daily activities, such as working, studying, shopping, etc. This pillar evaluates how high internet penetration is in a given country, as well as its network readiness (readiness to take advantage of Information and Communication Technologies). New Zealand’s internet penetration is high (96% — 14th in the world), and the country ranks 23rd in network readiness.

    On a global scale, investing in e-government and e-infrastructure improves digital wellbeing the most.                                      

    Among the five pillars, e-government has the strongest correlation with the DQL Index (0.92), followed by e-infrastructure (0.91); internet affordability shows the weakest correlation at 0.65.        

    METHODOLOGY

    The DQL Index 2024 examines 121 nations based on five core pillars that consist of 14 indicators. The study is based on the United Nations’ open-source information, the World Bank, and other sources. New Zealand’s full profile in the 2024 Digital Quality of Life report and an interactive country comparison tool can be found here: https://surfshark.com/research/dql/country/NZ

    NOTES

    Surfshark is a cybersecurity company focused on developing humanized privacy and security solutions. The Surfshark One suite includes one of the very few VPNs audited by independent security experts, an officially certified antivirus, a private search tool, and a data leak alert system. Surfshark is recognized as the Tech Advisor’s Editor’s Choice for 2024. For more research projects, visit our research hub at: surfshark.com/research

    MIL OSI New Zealand News

  • MIL-OSI United Kingdom: First domestic abuse specialists embedded in 999 control rooms

    Source: United Kingdom – Executive Government & Departments

    Raneem’s Law has launched to embed the first domestic abuse specialists in 999 control rooms across five forces and ensure victims receive specialist support.

    Minister Phillips and Nour Norris on a visit to West Midlands Police

    Delivering on a manifesto commitment, today (Friday 21 February), Raneem’s Law has been launched to embed the first domestic abuse specialists in 999 control rooms across five forces to ensure that victims of domestic abuse receive more specialist support.

    West Midlands, Northumbria, Northamptonshire, Bedfordshire and Humberside Police are all pioneering this new approach to improve the police response to victims of domestic abuse.

    This is part of the government’s mission – underpinned by our Plan for Change – to better protect victims, pursue perpetrators and halve violence against women and girls in a decade.

    These domestic abuse specialists will ensure that calls for help are properly assessed, managed and responded to. Specifically, their duties can include:

    • providing advice to officers responding to incidents on the ground
    • reviewing incoming domestic abuse cases and their risk assessments
    • listening in to live calls and providing feedback to call handlers on victim engagement
    • facilitating training sessions on domestic abuse for force control room staff
    • ensuring victims are referred to specialist support services
    • using expertise and understanding to manually check over the decisions made by 999 call handlers and identifying any missed opportunities to safeguard victims
    • supporting the use of innovative technology such as responding to victims via videocall

    The government will work closely with these first forces to gain insight and understanding into how this new approach is working, to inform a national roll-out across all 43 forces and new statutory guidance for Raneem’s Law as soon as possible.

    Home Secretary Yvette Cooper said:

    Every 30 seconds, someone calls the police about domestic abuse – over 100 people every hour seeking urgent help.

    That’s why we are determined to overhaul the police emergency response to domestic abuse, making sure that victims get the specialist support and protection they need. That must be Raneem and Khaola’s legacy.

    West Midlands has been determined to learn the lessons from the way Raneem and her mother were so badly failed and it is welcome that they, Bedfordshire, Humberside, Northumbria and Northamptonshire are all pioneering this ambitious approach to deliver the best possible response to victims at the worst time of their lives.

    We need to change the future for others, where we couldn’t for Raneem, as part of our mission to halve violence against women and girls in a decade.

    For too long, crimes disproportionately impacting women and girls have not been met with the specialist response they require.

    Domestic abuse affects more than 2 million people every year, with the police receiving a call about it every 30 seconds on average. Yet only 1 in 5 victims are estimated to report incidents to the police.

    Raneem’s Law was established in memory of Raneem Oudeh and her mother Khaola Saleem, who were murdered by Raneem’s ex-husband in August 2018. There were 13 reports made to the police about concerns for Raneem’s safety, but no arrests were made. On the night she was killed, she rang 999 four times but the police did not respond in time.

    To deliver a step-change in approach to tackling this appalling crime, the government are providing £2.2 million to fund the first stages of Raneem’s Law over the next financial year.

    Nour Norris, lead campaigner, aunt and sister of Raneem Oudeh and Khaola Saleem, said:

    Raneem called for help, and today, the system finally answered.

    I can’t express enough how deeply emotional and significant this moment is. After six relentless years of campaigning for justice, I am returning to the force that failed my sister, Khaola, and my niece, Raneem. West Midlands Police had the chance to save them. Raneem called 999, desperate for help, but the system did not listen. It did not act. And because of that failure, we lost them.

    I refuse to point fingers or place blame. I believed in change, and I believed in people wanting that to happen. Working alongside the government and the police, especially West Midlands Police has been a journey of change. Raneem’s Law is now being implemented, and with it, a fundamental shift in how victims of domestic abuse are supported.

    Raneem deserved the help she needed, my sister, Khaola, who broke my heart because she was caught in all of this, deserved to live around her children. This is not just about saving lives; it is also about ensuring that victims who survive have the chance to truly live, free from fear and harm. They deserve safety, dignity, and a future.

    This moment proves that change only happens when we refuse to accept failure. We cannot wait for another tragedy. We must build the safeguards that should have been there all along. And while nothing will bring Khaola and Raneem back, their voices, struggles, and sacrifices have led to a law that will save lives. Their legacy will live forever.

    Because the scale of violence against women and girls is a national emergency, earlier this month we announced a new intelligence-led national policing centre for England and Wales. Backed by £13 million, the centre will bring together around 100 officers to focus on tackling crimes such as domestic abuse, stalking, rape and sexual offences and ensure that victims are protected.

    Minister for Safeguarding and Violence Against Women and Girls Jess Phillips said:

    Raneem’s death showed us the devastating cost of missed opportunities.

    Behind every 999 call is someone’s daughter, mother, sister or friend in fear. That’s why getting the response right the first time, every time, is absolutely crucial. Embedding specialism and expertise into 999 control rooms will ensure that when victims make that brave call for help, they get the expert response they need.

    Working alongside Nour has shown me the true meaning of courage and determination. Her fight for Raneem’s Law, to change things for victims of domestic abuse before it is too late, will save lives. We are determined to halve violence against women and girls in a decade and won’t stop until every victim, up and down the country, gets the protection they deserve.

    Under our Plan for Change, we are taking the serious action needed to drive change across the country. Launching Raneem’s Law is another part of our effort to ensure that government and law enforcement can effectively tackle these unacceptable crimes.

    National Police Chiefs’ Council lead for Domestic Abuse, Assistant Commissioner Louisa Rolfe, said:

    When a victim reports domestic abuse, they must have confidence that they will be protected from harm, which is why it’s so important that we get our response right from the moment we are called.

    Forces work hard every day to ensure victims receive the right response and support, and embedding expertise and victim advocacy at the earliest opportunity is vital.

    It’s important that we are both evidence and victim-led in our approach, and I would like to thank the victims and survivors, families and support organisations that continue to work with us to improve policing’s response to domestic abuse.

    Updates to this page

    Published 21 February 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Early years reform to cut costs and deliver on Plan for Change

    Source: United Kingdom – Executive Government & Departments

    Parents to save cash through new guidance to prevent overcharging on childcare whilst £75 million will help deliver final phase of childcare rollout

    Parents are set to save money on childcare thanks to new protections from additional charges on top of the government’s funded childcare offer, increasing access to high-quality early education and putting cash back into working families’ pockets. 

    To ensure no family is priced out of the support they need, the government has published updated guidance today that puts transparency at the heart of how the funded hours should be delivered, supporting local authorities to ensure providers make all additional charges – whether for nappies, wipes or lunch – clear and upfront to parents, and setting out that these charges must not be included as a condition for parents accessing their hours.  

    Giving every child the best start in life is central to the government’s mission to break the unfair link between background and success, and its Plan for Change to get tens of thousands more children a year school-ready by aged five.   

    As part of this, the government is committed to delivering on the promises made to working parents, so they can save up to £7,500 on average from using the full 30 hours a week of government funded childcare support, compared to paying for it themselves. 

    Education Secretary Bridget Phillipson said: 

    Giving every child the best start in life is my top priority, and integral to our mission to ensure tens of thousands more children are school ready every year.  

    That’s why despite the inherited challenges we face, we are pressing ahead with the investment and leadership needed to support families and make sure that every child, regardless of background, can access the high-quality early education they deserve. 

    Today marks an important step towards an early years system that is accessible for parents, sustainable for providers, and better serves children’s development.

    This comes as the government has announced a targeted approach to its next tranche of early years funding to support the sector to deliver the new places needed for parents of children from nine months old looking to take up the entitlements for the first time. 

    Despite having to take tough decisions to fix the foundations of the economy, the government is increasing investment in early years to over £8 billion next year. 

    This includes a dedicated £75 million expansion grant, which will be targeted to providers supporting delivery of the expanded 30 hours of government-funded childcare in September, helping parents with children from nine months back into work and boosting household finances. 

    This means that private and voluntary providers, including childminders, are expected to see significant impact from a share of an average of around £500,000 in local areas. Funding allocations will vary between local authorities, reflecting local circumstances, with some of the largest areas seeing up to £2.1 million. 

    £75m is equivalent, on average, to an additional £80 per two-year old, and £110 per child under-two, though final amounts of funding reaching providers will depend on local circumstances. 

    The government also continues to make quick progress towards its Plan for Change milestone, with thousands of early years educators continuing to benefit from support networks and early maths training this year. 

    The Stronger Practice Hubs programme, which supports early years settings to deliver high-quality education by sharing knowledge and evidence-based approaches via 18 regional Hubs, has been funded for a further year.   

    On top of this, as part of wider work to deliver on the government’s commitment to boost early maths support for children, the Maths Champions programme delivery also launches this month – with up to 800 early years settings to benefit from the training this year.  

    Delivered in partnership with the National Day Nurseries Association and Education Endowment Foundation, an evaluation of the programme showed children in settings receiving the Maths Champions programme can make an average of three months’ additional progress in maths compared to their peers.  

    Educators in this year’s first cohort of 156 settings will take up the training this month, with spaces still available for sign-ups from March to June. 

    These programmes form part of wider vital work to drive high and rising standards across early education, offering improved early learning support and the training that educators need to prepare children for school.  

    The government will continue to work closely with parents and providers to deliver its ambitious reforms so that tens of thousands more children have the invaluable skills needed from communication and maths to personal, physical and social development to have the best possible life chances.  

    Lydia Hodges, head of Coram Family and Childcare, said:  

    We welcome the clarification in this update, which is something we have been calling for to address the high level of variation in childcare costs to parents. Our research shows that additional charges can be a major barrier to families – particularly disadvantaged families – taking up their funded early education entitlements.  

    Supporting childcare providers through these changes will be essential, to ensure the sector remains stable, but this updated guidance is an important step towards a transparent system that allows parents to make informed choices about their childcare options and enables all children to access their entitlements, particularly those who stand to benefit the most from high quality early education.

    Emily Yeomans, Co-CEO of The Education Endowment Foundation, said: 

    Our independent evaluations of the Maths Champions programme have consistently shown its potential in establishing solid foundations in maths for young children. Crucially, this potential is even greater for children from socio-economically disadvantaged backgrounds. 

    A strong grounding in early maths is so important for setting up children for later success, acting as a fundamental enabler of later opportunity. So I’m delighted that we’re able to offer hundreds of early years settings access to the programme this year so that many more children can benefit.

    Updates to this page

    Published 21 February 2025

    MIL OSI United Kingdom

  • MIL-OSI Australia: Bradford Exchange in Court over alleged misleading representations about subscriptions

    Source: Australian Competition and Consumer Commission

    The ACCC has instituted legal proceedings in the Federal Court against The Bradford Exchange Ltd (Bradford) for allegedly making false or misleading representations in its advertising of collectable coins and ingots in breach of the Australian Consumer Law.

    A global retailer of coins and memorabilia, Bradford allegedly made misleading representations to consumers in over 300 newspaper and magazine advertisements for collectable coins and ingots across Australia.

    It is alleged that, in many cases, Bradford represented that it would send consumers a single advertised item, when in fact Bradford sent consumers multiple items subject to a subscription (in some cases up to 24 items) and charged them for those items.

    Bradford also allegedly represented that, if consumers responded to the relevant advertisements, they would be treated as only agreeing to purchase the single item identified in the advertisement, when this was not the case.

    Subsequent items in these collections were typically far more expensive than the originally advertised item, for example, costing $79.99 after the first item was priced at $29.99.

    The ACCC alleges that Bradford applied direct debits, or invoiced consumers for these subsequent items. Consumers who did not pay an invoice were sent follow up invoices, some of which incurred a ‘reminder charge’. If the invoice remained unpaid, consumers would ultimately be referred to a debt collection agency which charged additional fees.

    “We are alleging Bradford’s actions amounted to a ‘subscription trap’ for consumers who thought they were buying one coin or ingot but were treated as if they had agreed to subscribe to receive an entire series and be charged accordingly,” ACCC Commissioner Liza Carver said.

    Subscription traps occur when businesses mislead consumers into signing up for a subscription by representing that the consumer is only making a one-off purchase, or by making cancellation of a subscription difficult.

    The ACCC action relates to alleged misleading representations between 1 January 2021 and 26 June 2023 in advertisements by Bradford for collectable commemorative coins and ingots in various print newspapers and magazines across Australia such as the Herald Sun, the Courier Mail, Woman’s Day magazine and New Idea magazine.

    The advertisements featured a large image of a single coin or ingot, often with historical or nostalgic themes such as Queen Elizabeth II, World War 1, Phar Lap, and the 1971 Ford Falcon.

    In addition, the ACCC alleges Bradford’s advertisements prominently stated a single price for that item and did not state the total price of all the items in each collection.

    “Businesses must be open and transparent when signing consumers up to subscriptions, including by stating the total price of goods or services being purchased,” Ms Carver said.

    “There have been a large number of complaints about this company from consumers who purchased a single item from Bradford but were then sent and charged for additional items.”

    “We consider Bradford’s actions deprived consumers of the ability to make an informed choice about whether to buy an entire collection of items. As a result, many consumers are likely to have paid for subsequent items they did not want or intend to buy and some are likely to have experienced distress and financial loss when Bradford charged them for items they did not intend to purchase,” Ms Carver said.

    The ACCC is seeking penalties, declarations, injunctions, costs and other orders for Bradford’s alleged contraventions.

    Example of Bradford advertisements:

    Bradford exchange platinum jubilee coin ( PDF 2.71 MB )

    Background

    Bradford is a US-based, retailer of limited-edition memorabilia and collectables including coins and ingots, jewellery, prints, model cars, ornaments and figurines. A significant proportion of Bradford’s revenue comes from the sale of collections. Bradford advertises its products through mainstream newspapers and magazines, as well as on its website and social media accounts.

    The Bradford Exchange Group operates globally across fifteen countries including the US, United Kingdom, New Zealand, and Germany. Bradford has operated in Australia for 34 years.

    Concise Statement

    ACCC v Bradford Exchange – Concise Statement ( PDF 3.75 MB )

    This document contains the ACCC’s initiating court document in relation to this matter. We will not be uploading further documents in the event these initial documents are subsequently amended.

    MIL OSI News

  • MIL-OSI Security: Norman Gray, Founder and CEO Of Biomedical Company, Sentenced For Defrauding Investors Of More Than $13 Million

    Source: Office of United States Attorneys

    Matthew Podolsky, the Acting United States Attorney for the Southern District of New York, announced that NORMAN GRAY, the founder and CEO of a biomedical company (the “Biomedical Company”), who defrauded investors of over $13 million, was sentenced today by U.S. District Judge Paul A. Engelmayer to 10 years in prison.  GRAY was convicted of wire fraud at trial on May 29, 2024.

    Acting U.S. Attorney Matthew Podolsky said: “Norman Gray preyed upon people who wanted to invest in developing life-saving medicine for children with a rare and generally fatal disease.  Gray gained his victims’ trust by lying about everything from his educational background and to his supposed access to off-shore trusts he could use to fund his company alongside the investors.  He even submitted false patent applications, invented a fake mortgage company, and forged FBI background check records.  Thanks to the work of the career prosecutors of this Office and our law enforcement partners, Gray has now received just punishment.”

    According to the Superseding Indictment, public filings, public court proceedings, the evidence presented at trial and in connection with sentencing:

    At all relevant times, GRAY was the founder and CEO of the Biomedical Company, which is headquartered in Hamden, Connecticut.  GRAY presented himself to investors (including “Victim-1” and “Victim-2”) and others as a billionaire scientist and successful entrepreneur with a Ph.D. from MIT at the helm of a company he was personally funding that was potentially worth hundreds of millions of dollars.  GRAY claimed to have previously created a successful medical equipment company (“Prior Company”) with over 1,000 employees, which was earning approximately $900 million in revenues before GRAY sold it to a foreign pharmaceutical company.  GRAY claimed that he put the profits from the sale of the Prior Company into his offshore trust (“Offshore Trust”), which he claimed held more than $300 million, and which he was using to self-fund the Biomedical Company.  In reality, GRAY did not have a Ph.D., had not created or sold a nearly billion-dollar company, did not have access to hundreds of millions of dollars to fund Biomedical Company, and, as of 2020, both he and the Biomedical Company were in significant debt. 

    Beginning in 2016, GRAY also claimed to employees and investors in Biomedical Company, including Victim-1 and Victim-2, and in written investment materials, that a flagship medication being developed by Biomedical Company was approved for compassionate treatment in Saudi Arabia, where it was saving the lives of two specific children who were suffering from a rare and generally fatal disease known as MVID.  Victim-2 sent $200,000 to GRAY to continue funding this supposed program.  GRAY submitted treatment data from the supposed program in patent applications for the flagship drug.  But the program did not exist.

    Based on GRAY’s misrepresentations, between 2018 and 2020, Victim-2 invested approximately $7.6 million in the Biomedical Company through wire transfers into accounts controlled by GRAY.  In May 2020, at the outset of the COVID-19 pandemic, GRAY fraudulently induced Victim-2 to invest into a joint venture with GRAY to purchase personal protective equipment (“PPE”) and resell it to hospitals and universities in the United States and Spain. GRAY provided Victim-2 with fabricated purchase orders from two New York-area hospitals purporting to show that he had close to $8 million of committed sales. Victim-2 sent three wire transfers totaling $1,751,342 to GRAY’s account.  Ultimately, the PPE that GRAY purchased  could not be sold, because it was defective or otherwise not fit for market, and Victim-2 lost the $1.75 million supposedly invested by GRAY into the PPE project.

    In or about August 2020, GRAY induced Victim-1 to send him $250,000 as a purported investment in the Biomedical Company.  Rather than purchase equity for Victim-1, GRAY used nearly all of Victim-1’s $250,000 payment to repay a loan that GRAY had taken out from a tenant in the same building where the Biomedical Company is headquartered in order to make payroll. In the ensuing weeks, GRAY extracted an additional $1,217,000 from Victim-1, representing that Victim-1’s funds would be invested in deals involving the procurement of PPE for two major universities in the tristate area who committed to close to $8 million in sales in essentially the same amounts as GRAY’s prior fabricated purchase orders sent to Victim-2.  Notwithstanding the losses Victim-2 had already experienced through GRAY’s venture, GRAY falsely represented to Victim-1 that his prior PPE deals had turned a 40% profit within 90 days, that he already had purchase orders in hand for PPE worth nearly $8 million, and that, therefore, the risk was “virtually zero.” In reality, over the preceding months, GRAY had accumulated a vast inventory of unsellable PPE, the purported purchase orders were recycled fakes, and GRAY did not invest Victim-1’s funds in PPE. Instead, GRAY misappropriated Victim-1’s funds, in part, to purchase himself a nearly $1 million home, a $50,000 luxury SUV, and to pay down $200,000 of his and his family’s credit card debt.

    As part of his scheme to defraud Victim-1, and as a means of dispelling Victim-1’s concern that an investment with GRAY might require Victim-1 to forego the purchase of a home, GRAY offered Victim-1 a mortgage from a purported boutique mortgage company of which he was the sole investor.  GRAY directed Victim-1 to a purported mortgage broker that worked for this boutique mortgage company.  In reality, both the mortgage company and the mortgage broker were completely fabricated by GRAY and did not exist.  To further this aspect of the fraud on Victim-1, GRAY registered an internet domain in the name of the purported mortgage company and created an email address in the name of the invented mortgage broker contemporaneously with making his false representations to Victim-1.   As GRAY’s fraud began to unravel in or about early November 2020, GRAY promised to return all of Victim-1’s money.  Ultimately, GRAY never returned any money to Victim-1 and, after Victim-1 asked GRAY to provide her with the purported PPE purchase orders from the two universities, she never heard from GRAY again.

    Victim-2 was a board member of the Biomedical Company at the time that GRAY defrauded Victim-1.  Following Victim-1’s report of GRAY’s fraud to the board in November 2020, accompanied by publicly available evidence of GRAY’s prior criminal history, GRAY reassured Victim-2 that he had no criminal history beyond driving infractions.  GRAY also produced to the board a fraudulent record purportedly from the FBI disclaiming any criminal history and falsely asserting that GRAY had a “top secret” clearance status renewed on November 14, 2016.  After being reassured by GRAY that Victim-1’s allegations were meritless, Victim-2 provided approximately over $2.3 million in loans separate from his over $7.5 million of Vanessa investments and $1.75 million of PPE investments.

    At trial, GRAY obstructed justice by attempting to introduce into evidence a false document supposedly drafted after GRAY’s fraud on Victim-1 was complete and purporting to memorialize an agreement by Victim-1 to “convert” her PPE investment into shares of Biomedical Company.

    *                *                *

    In addition to the prison term, GRAY, 69, of Hamden, Connecticut, was sentenced to 3 years of supervised release.  GRAY also was ordered to pay forfeiture in the amount of $1,467,000 and to forfeit his interest in the home and luxury vehicle discussed above.  The Court also ordered restitution of $1,533,675 to Victim-1.

    Mr. Podolsky praised the outstanding investigative work of the Special Agents of Homeland Security Investigations.  Mr. Podolsky also thanked the New Haven Police Department, as well as law enforcement authorities in the United Kingdom and Spain and the Justice Department’s Office of International Affairs, for their assistance.

    This case is being handled by the Office’s Illicit Finance and Money Laundering Unit.  Assistant U.S. Attorneys Benjamin A. Gianforti, Vladislav Vainberg, and Jessica Greenwood are in charge of the prosecution.

    MIL Security OSI

  • MIL-OSI United Kingdom: PM statement in response to the release of deceased hostages held in Gaza

    Source: United Kingdom – Executive Government & Departments

    The Prime Minister made a statement in response to the release of deceased hostages held in Gaza.

    I was deeply saddened to hear of the death of Oded Lifschitz after he was taken hostage by terrorists in Gaza, and I extend my heartfelt condolences to his daughter Sharone and his wife Yocheved.

    When I met Sharone in Downing Street, she showed remarkable strength in the face of the most difficult circumstances. The news of her father’s death is a tragedy. It is my hope that the peace he worked to see in the region through his charity work and activism will be achieved.

    My thoughts are also with the Bibas family, who have faced immense pain as they awaited news of Shiri and her sons Kfir and Ariel. 

    We must see all remaining hostages released, and the ceasefire upheld. My government remains committed to working with our international partners to bring an end this suffering and secure a long-term peace in the Middle East.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom

  • MIL-OSI Canada: Prime Minister Justin Trudeau speaks with Prime Minister of Italy Giorgia Meloni

    Source: Government of Canada – Prime Minister

    Today, Prime Minister Justin Trudeau spoke with the Prime Minister of Italy, Giorgia Meloni.

    The two leaders highlighted the strong collaboration between Canada and Italy on a range of shared priorities, such as addressing global challenges and opportunities as G7 partners and allies, including in the context of Canada’s G7 Presidency this year.

    Prime Minister Trudeau and Prime Minister Meloni discussed their unwavering support for a just and sustainable peace in Ukraine.

    The prime ministers also spoke about the latest developments in Syria. They stressed the importance of an inclusive Syrian-led political governance structure for the country and expressed hope for a transparent and accountable Syrian government that respects the rule of law and upholds universal human rights.

    Prime Minister Trudeau and Prime Minister Meloni highlighted the strong bilateral relationship between Canada and Italy, including on trade and investment. They agreed to remain in close contact.

    Associated Links

    MIL OSI Canada News

  • MIL-OSI USA: Kugler, Navigating Inflation Waves: A Phillips Curve Perspective

    Source: US State of New York Federal Reserve

    Thank you, Tom, and thank you for the invitation to give the Whittington Lecture.1 It is humbling to be here giving this lecture to honor the memory and legacy of Leslie Whittington. While I did not cross paths with Leslie here at Georgetown University, when I arrived, I heard so many stories about her contributions to the school, the university, and the students. She worked on research about the effects of economic policies on children and families, so I know that if I had had the good fortune to overlap with her as a colleague, I would have benefited greatly from her work and presence. It is also an honor to be giving this lecture, because so many dynamic leaders have previously stood before you, including some who have been inspirations to me in my career, such as Alice Rivlin and Cecilia Rouse.
    Today I will be discussing a topic that has certainly captured the attention of central bankers, and the public at large, in recent years: inflation and the relationship between inflation and unemployment. But before I talk about a lens through which to think about the inflation experienced in the pandemic period, I want to update you with my views on the current outlook for the U.S. economy and the Federal Open Market Committee’s (FOMC) efforts to sustainably return inflation to our 2 percent objective while maintaining a strong labor market.
    Economic OutlookThe overall picture is that the U.S. economy remains on a firm footing, with output growing at a solid pace. Real gross domestic product grew 2.5 percent in 2024. Consumer spending continued to drive this solid pace last year. While retail sales posted a decline last month, January data are often difficult to interpret. Bad weather and seasonal adjustment difficulties may have affected the release, and it should be noted the slowdown came after a strong pace of sales in the second half of last year. That said, as usual, I pay attention to many indicators to gauge the state of the economy. Employment readings show that the labor market is healthy and stable. Payroll job gains have been solid recently, averaging 189,000 per month over the past four months, according to the Bureau of Labor Statistics (BLS). After touching 4.2 percent as recently as November, the unemployment rate has flattened to 4 percent since then, consistent with a labor market that is neither weakening nor showing signs of overheating.
    Inflation has fallen significantly since its peak in the middle of 2022, though the path continues to be bumpy and inflation remains somewhat elevated. Readings last week from the BLS showed price pressures persisted in the economy in January. Our preferred inflation gauge at the Fed, the personal consumption expenditures (PCE) price index, will be released next week. Based on the consumer price index and producer price index data for January, it is estimated that the PCE index advanced about 2.4 percent on a 12-month basis in January. Excluding food and energy costs, core prices are estimated to have risen 2.6 percent. Those readings show there is still some way to go before achieving the FOMC’s 2 percent objective.
    Regarding monetary policy, the FOMC judged in September that it was time to begin reducing our policy interest rate from levels that were strongly restrictive on aggregate demand and putting downward pressure on inflation. We reduced that rate 100 basis points through December, leaving our policy rate at moderately restrictive levels. At our latest meeting in January, I supported the decision to hold the policy rate steady. I see this as appropriate, given that the downward risks to employment have diminished but upside risks to inflation remain. The potential net effect of new economic policies also remains highly uncertain and will depend on the breadth, duration, reactions to, and, importantly, specifics of the measures adopted.
    Going forward, in considering the appropriate federal funds rate, we will watch these developments closely and continue to carefully assess the incoming data and evolving outlook.
    Now, turning back to the main topic of my speech, I will start with the core mission of the Federal Reserve: to pursue the dual mandate, given to us by Congress, of promoting maximum employment and stable prices. We saw firsthand during the pandemic period why the price-stability portion of the mandate is so important. High inflation imposes significant hardship and erodes Americans’ purchasing power, especially for those least able to meet the higher costs of essentials like food, housing, and transportation. As a policymaker and economist, I think it is vitally important to have a good understanding of inflation dynamics and how those dynamics may have evolved over time. This knowledge allows me to pursue the best policies to deliver stable prices while maintaining a solid labor market.
    Waves of InflationFive years after the pandemic took hold suddenly and with little warning, there is a tendency to remember the inflation buildup as a fast and uniform phenomenon. But that was not the case. Inflation stemming from the pandemic shock came in waves. Today I will first describe the different waves of inflation experienced in the pandemic period. Then I invite you aboard the sailboat that we will use to navigate those waves: You could call it the SS Phillips Curve. The Phillips curve is a model that has been used for a long time to try to explain inflation dynamics and the tradeoffs between inflation and unemployment. Finally, I will discuss with you how this voyage may have changed the charts for policymakers.
    Before the COVID-19 pandemic, the U.S., and much of the world’s developed economies, experienced a prolonged period of low inflation. Then, when the economy broadly shut down in March and April 2020, the U.S. experienced a brief period of deflation. But by the middle of that year, we saw that the first of several waves of inflation began hitting the economy’s shores.
    The first notable wave of inflation came from food prices. With many restaurants closed and people fearful of gathering, consumers pivoted their spending to grocery stores and online grocery delivery to meet their families’ needs, with some stockpiling essential items because they feared future shortages. This jump in demand was met with snarled supply chains for food processing and groceries. Annual food inflation reached a first peak of 5 percent in June 2020. There was a second food inflation wave with the onset of the Russian invasion of Ukraine in the middle of 2022. Beyond the cost alone, grocery prices are an important determinant of inflation expectations for consumers since food is purchased so frequently.2 Another wave of inflation came from goods other than food and energy—what economists call “core goods.” In the years immediately before the pandemic, goods prices were not a significant source of inflation. During the expansion from 2009 until 2020, core goods inflation declined 0.5 percent annually on average. However, once the pandemic took hold, consumer demand rotated from services to goods. At the same time, additional supply chain issues arose, including closed factories and disrupted ports. As consumption rapidly shifted toward goods, their prices rose sharply.3 Core goods inflation picked up markedly in the spring of 2021 and reached a peak of 7.6 percent on a 12-month basis in February 2022. This was a notable development because, during most of this century, goods price deflation offset price increases in other categories and thus kept a lid on overall inflation.
    A third wave of inflation came from services costs, excluding housing. Near the start of the pandemic, millions of Americans lost their jobs, and many left the labor market, with some retiring and others fearful of being exposed to the virus. When the economy began to reopen from shutdowns, demand for workers rose faster than the supply. As a result, the labor market quickly became very tight. To attract workers, employers raised wages. And to offset that expense, many raised prices. Given that labor is the most important input into the production of services, core services inflation ensued, reaching a peak of 5.2 percent on a 12-month basis in December 2021. Core services inflation stayed persistently high until it began to turn down in February 2023.
    The final wave of inflation I will discuss came from PCE housing services inflation. During the pandemic, many Americans reassessed housing choices, including those who preferred to move to detached homes in the suburbs from multifamily dwellings in cities. The supply of housing has long been constrained, so when a further increase in demand met limited supply, prices rose. Housing inflation rose to a peak of 8.27 percent on a 12-month basis in April 2023 and has moved lower since then. The run-up in housing inflation came more slowly, but it is also the component most slowly to abate. This is an area that experienced catch-up inflation, as housing inflation rises and falls slowly because rents are reset infrequently, usually only once a year for most renters.
    For the remainder of this discussion, I will focus on core inflation, and specifically core goods and core services inflation. My objective is to discuss several additions to an augmented Phillips curve model that allow us to capture the dynamics of those waves we encountered on our journey.
    The Traditional Phillips CurveSince price stability and maximum employment are the two components of the Fed’s dual-mandate goal, it is important for policymakers to be able to interpret the inflation process and relate it to macroeconomic conditions, including unemployment. One traditional way of understanding the usual tradeoff between inflation and unemployment is the use of the Phillips curve. It was first employed by New Zealand economist A.W. Phillips in 1958 to describe a simple relationship between wage growth and unemployment. Basically, it demonstrates that wage inflation is lower when unemployment is high, and higher when unemployment is low. Since then, several variants and updates have been offered to the Phillips curve model, and I will offer updates, too.
    One of the most notable updates came from Milton Friedman in 1967 in his presidential address to the American Economic Association.4 In that speech, he argued that there is only a temporary tradeoff between inflation and unemployment, because inflation depends on both the unemployment rate relative to a natural rate (the unemployment gap) and expectations of future inflation.
    The unemployment gap measures how much unemployment is above or below some reference level such as the natural rate of unemployment, or NAIRU (non-accelerating inflation rate of unemployment), which is thought to be the normal level of unemployment absent cyclical forces. An unemployment rate that is above the reference level indicates that there is slack in the economy. Conversely, if the unemployment rate is below the reference level, the economy is tight. The unemployment gap has an inverse relation to wage and price inflation, because slack in the economy means that there are excess resources to meet demand while tightness in the labor market means there is little room to expand demand without putting upward pressure on prices. Let’s turn now to the other ingredient in Friedman’s Phillips curve: inflation expectations. Inflation expectations represent the rate at which people expect prices to rise in the future. A Phillips curve model that includes inflation expectations is called an “expectations-augmented Phillips curve.”
    The idea behind adding inflation expectations to a Phillips curve is that workers care about their inflation-adjusted wage, rather than nominal wages, over the course of a period of employment when bargaining their pay. Meanwhile, price-setting firms care about their relative price in pricing their products. Both sets of agents must forecast as best as possible the future path of inflation to efficiently bargain their wages or set their prices. In other words, both parties form expectations about the general price level, and these expectations will feed back into the inflation process.5 Friedman assumed that inflation expectations respond to lagged observed inflation—or what are called “adaptive expectations”—and when that is so, it provides a mechanism for inflation to be persistent.
    This view captured inflation dynamics in the 1970s and early 1980s fairly well; however, it was not broadly applicable to the period from the late 1980s through 2019, often called the “Great Moderation.” Rather, regarding inflation dynamics over an extended period, inflation appears to be more strongly related to long-run inflation expectations than to lagged inflation or short-run inflation expectations measures. Monetary policy can play an important role in setting long-run inflation expectations. Both wage seekers and price setters form their inflation expectations, in part, from their beliefs about the central bank’s inflation goal. When long-run inflation expectations stay close to the central bank’s goal, we say that inflation expectations are anchored at that goal. That goal is currently set at 2 percent, and long-run inflation expectations have indeed been in a tight range around that target.6
    The empirical literature on the Phillips curve has considered additional variables that may affect inflation and used those variables to create new versions of a Phillips curve. For example, Phillips curves have long included measures of “cost-push” pressures such as core import prices. These cost pressures more fully capture shocks to firms’ costs coming from global price pressures and not captured by other measures of slack. Other Phillips curves also include lags of inflation to capture persistence in the inflation process.7
    To summarize, the empirical literature has come to the conclusion that inflation dynamics can best be captured by a Phillips curve that includes lags of inflation, long-run inflation expectations, and a measure of slack, as well as import and energy prices as cost-push shocks. An instance of that formulation of a Phillips curve is included in former Chair Janet Yellen’s speech from 2015.8 Next, I would like to assess the accuracy of this baseline model during the recent run-up of inflation and consider how to augment the Phillips curve model with some new variables that may be able to capture some of the shocks experienced during the pandemic and post-pandemic period. A large literature has emerged on how to interpret the recent run-up in inflation, and more research is needed to fully understand this complicated episode. The Phillips curve model that I will use is another approach to consider. This is a simple approach, but it is possible to consider more complex models, such as models that consider the joint dynamics of inflation and other variables or models that explicitly consider nonlinearities.9 However, I still see value in starting from this simple framework, seeing what it can and cannot explain about pandemic inflation, and then seeing whether the addition of certain variables can help the model more fully account for inflation during the pandemic.
    Estimation of the Phillips Curve TodayAs I just explained, the Phillips curve model allows flexibility in the choice of variables, but economists employing the model must decide how to weight these variables. And those weights must be chosen in some way. Economists choose weights by examining available data and deciding which capture the inflation process in the best possible way. This decision is called “estimation.” The modern way to undertake such an estimation is called “training.” Economists train a model on a specific set of data and consider different cuts of the data set to determine different ways to compute those weights.
    I will consider quarterly data that have been consistently produced since 1964, allowing us to include the periods of the Great Inflation, the Great Moderation, and the most recent inflation run-up. We could use this entire data set to train the model. However, subsample analysis also serves to prove some valuable points.
    First Result: Examining the Great ModerationLet’s start by updating former Fed Chair Yellen’s results. She estimated the model using the data during the so-called Great Moderation; I will update her results by training the model through 2019, the last year before the COVID-19 pandemic took hold in the U.S. As the term “moderation” implies, this was a period in which both inflation and output became much less volatile. We do not know exactly what brought about the Great Moderation. Hypotheses include the effects of better inventory management or better monetary policy. We do know, however, that inflation settled into a trend near to or slightly below 2 percent during that period. We estimate the model with data from this period, and we decompose how much of inflation is explained by the variables and how much is left unexplained, which economists call the “residual.” As it turns out, this model does a good job of capturing the inflation process over that period before the pandemic, and my results are similar to Yellen’s. The model explains 70 percent of the variation in inflation, meaning that only 30 percent of the variation in inflation is attributed to unexplained residuals. An alternative way to understand the unexplained part is as the standard deviation of the residual or the unexplained portion of the model, which was 0.50 percentage point for the period from 2010 to 2019, compared with the standard deviation of inflation of about 0.8 percentage point.
    This model, however, struggles to explain the run-up in inflation in the years immediately after the pandemic took hold. The unexplained portion of inflation, the residual, rises dramatically in 2021 and 2022. In 2021, the unexplained portion is almost 2 percentage points, and the following year, it is about 1.5 percentage points. Perhaps we should not be surprised by the outcome. These years saw inflation reach a four-decade peak, but the model has been trained on a Great Moderation sample that saw relatively quiet inflation.10
    Second Result: Using a Longer SampleThe results are more encouraging if, instead, we also include data from the previous period of significant inflation and train the model on data starting in 1964. Intuitively, it makes sense that including a period with persistent inflation, like the 1970s, might help us better understand another inflationary episode. I stop at 2019 because I want to see if training on data from the previous 55-year period can explain the post-2020 inflation.
    The model captures more of the most recent run-up in inflation when using the longer period of analysis. The unexplained residual drops to about 1.5 percentage points in 2021 and to a bit above 0.5 percentage point in 2022. Allowing for greater persistence in inflation allows an inflation equation to fit the pandemic period better, though it does not settle the question of whether the pandemic inflation was caused by large and persistent shocks or by large shocks and a persistent inflation process—for example, because of greater feedback between wages and prices.
    To improve the model further, it would be useful to include additional explanatory variables that could better capture the overheating of the economy. In what follows, I include variables that might account for factors experienced in the most recent bout of inflation, such as a very tight labor market and supply chain snarls.
    Third Result: Alternative Measure of SlackAs I mentioned before, the very tight labor market was an important contributor to inflation in recent years, especially to services inflation, yet the weight on the unemployment gap in the Phillips curve for the more recent period is very small. This measure of slack has become less and less important over time in explaining inflation, except during selected episodes such as in the aftermath of the Global Financial Crisis, which was characterized by a very sluggish recovery. Outside of that episode, and very few others, the Phillips curve places little weight on that measure of slack in explaining inflation over the Great Moderation, including during the recent run-up. This is also a reflection of training the model over the Great Moderation, in which inflation moved fairly tightly around a very flat trend. Notice that this would suggest a “flat Phillips curve” or a big penalty in terms of unemployment needed to reduce inflation. Instead, I focus on another very promising alternative measure that I have paid a lot of attention to since I was chief economist at the Department of Labor—and again since I joined the Board of Governors—and that I am very familiar with as a scholar of labor markets. The measure is the ratio of vacancies to the level of unemployment.11 In effect, this ratio measures how much competition there is for a given job, or the “tightness” of the labor market. Labor is an important input into most production processes, and, thus, tightness in the labor market is closely related to price pressures. I use the standard version of this ratio that measures job openings from the Job Openings and Labor Turnover Survey as the numerator and the unemployment level from the Current Population Survey as the denominator. This allows me to use data back to the 1960s.12 The vacancy-to-unemployment ratio as a measure of slack is more effective at explaining inflation than the unemployment gap. This represents an interesting result because it offers a larger role to heated labor markets in explaining the run-up in inflation. My results echo research that finds the vacancy-to-unemployment ratio is a helpful measure of slack to consider in out-of-sample forecasting exercises.13
    Fourth Result: Supply Chain SnarlsAlthough the vacancy-to-unemployment ratio offers a promising measure of slack and supply chain pressures due to labor shortages, that measure does not necessarily capture supply chain snarls whose roots lie outside of the labor market. As I mentioned earlier, there were substantial supply chain disruptions during the past few years that came at the same time as strong demand. That resulted in material and labor shortages. Attempts at quantifying supply-side disruptions have been around for some decades now.14 I rely on a new monthly shortages index created by a team of Fed Board economists, which relies on textual analysis to scan news articles for sentences that include the word pairs “labor shortages,” “material shortages,” or “food shortages.”15 The Shortage Index allows us to better measure cost-push pressures from different sources and is constructed all the way back to the beginning of the previous century. Thus, it makes a difference to have access to advances in natural language processing.16 When I add the Shortage Index to the baseline Phillips curve or to the vacancy-to-unemployment–based Phillips curve, I obtain that the Shortage Index explains an even larger portion of the inflation run-up during and after the pandemic. The residual for 2020 is cut in half, the residual for 2021 is about 1 percentage point, and the residual is effectively eliminated in 2022. I judge this a noteworthy result and a proof of concept that with additional augmentation, the Phillips curve model can better capture inflation dynamics during the recent period. Through the lens of this model, supply shortages played an important role in 2022 in constraining output to grow at an anemic rate and in pushing up inflation. Moreover, the model is also able to capture the decline in inflation in 2023 and 2024 despite the strong expansion in real activity. I view the Shortage Index as a powerful indicator of the nonlinear effects stemming from a compounding of the contemporaneous interaction of demand and supply bottlenecks.
    I have offered additional variables to account for a measure of slack as it relates to labor supply and material supply. This exercise could be extended further to better account for some of the subcategories of inflation that caused the waves I discussed earlier. For example, food inflation, which is characterized by two distinct waves, can mostly be explained by the Food Shortage Index, which captures a large portion of the residual in the baseline model.
    Lessons for the PolicymakerToday I have discussed the waves of inflation the country faced starting five years ago. I also talked about how the vessel we use to navigate those choppy waters can be improved upon. As I conclude, I want to discuss with you how central bankers might recalibrate their compasses, based on what we learned from considering these augmentations to Phillips curve models. I think a clear lesson is that no single model alone can give a policymaker an understanding of every possible state of the economy. Policymakers must be open to various options, models, and frameworks—and not be afraid to experiment in search of more accurate answers. Policymakers must be very attentive to the most recent contributions from academia and empirical practitioners. Broadly, that is the approach I take, and why I apply the same rigor I did as an academic researcher to the monetary policy decisions that I confront.
    The recent run-up in inflation in many ways was a rather unique period, spurred, at least initially, by the first onset of a global pandemic in more than a century. Fully understanding the dynamics at play has provided a tough test for economists. The models I described today have had some success in capturing salient features of the inflation process during the pandemic period. I hope this illustrative analysis helps you see the difficulties of forecasting inflation in real time.
    Another lesson to be learned from this experience is that the feared harsh tradeoff between unemployment and inflation, one that requires large costs in terms of job loss and reduction in incomes in order to reduce inflation, did not materialize in the years immediately after the 2022 inflation peak. Inflation has been significantly reduced while the labor market has remained solid. This is a historically unusual, but most welcome, outcome. While this outcome is in part due to the actions of Fed policymakers, it is also possible to explain that remarkable result through the lens of the models that I have presented today. A large fraction of the rise in inflation, most specifically core goods inflation, can be explained by supply chain snarls. The untangling of supply chains contributed to a decline in inflation with little cost in terms of unemployment. Likewise, labor markets were very tight in this period. As workers returned to the labor force, labor markets became less tight, and the vacancy-to-unemployment ratio declined. That corresponded with a subsequent decline in inflation. That is a consistent result because services inflation is closely connected to the cost of labor.
    Thank you for your time today. Once again, it is humbling to be asked to give the Whittington Lecture to honor the memory of fellow educator Leslie Whittington. I look forward to your questions.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. D’Acunto, Malmendier, Ospina, and Weber (2021) show that consumers disproportionately rely on the price changes of goods in their grocery bundles when forming expectations about aggregate inflation; see Francesco D’Acunto, Ulrike Malmendier, Juan Ospina, and Michael Weber (2021), “Exposure to Grocery Prices and Inflation Expectations,” Journal of Political Economy, vol. 129 (May), pp. 1615–39. Return to text
    3. Ferrante, Graves, and Iacoviello (2020) show that a sharp reallocation of demand from one sector to another can exacerbate supply chain disruption and cause aggregate inflation; see Francesco Ferrante, Sebastian Graves, and Matteo Iacoviello (2023), “The Inflationary Effects of Sectoral Reallocation,” Journal of Monetary Economics, supp., vol. 140 (November), pp. S64–81. Return to text
    4. See Milton Friedman (1968), “The Role of Monetary Policy,” American Economic Review, vol. 58 (March), pp. 1–17; and Edmund S. Phelps (1967), “Phillips Curves, Expectations of Inflation and Optimal Unemployment over Time,” Economica, vol. 34 (135), pp. 254–81. Return to text
    5. Friedman did not consider forward-looking price-setting firms, but more recent advances in macroeconomics do, such as New Keynesian models; see Jordi Galí (2015), Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework and Its Applications (Princeton, N.J.: Princeton University Press). Return to text
    6. In an earlier speech, I have sketched a model in which agents infer the central bank target by observing inflation, interest rates, and unemployment data; see Adriana D. Kugler (2024), “Central Bank Independence and the Conduct of Monetary Policy,” speech delivered at the Albert Hirschman Lecture, 2024 Annual Meeting of the Latin American and Caribbean Economic Association and the Latin American and Caribbean Chapter of the Econometric Society, Montevideo, Uruguay, November 14. Return to text
    7. For a review of Phillips curve formulations, see Robert J. Gordon (2018), “Friedman and Phelps on the Phillips Curve Viewed from a Half Century’s Perspective,” Review of Keynesian Economics, vol. 6 (4), pp. 425–36. Return to text
    8. The model that I will use is similar to the one described by Janet Yellen in her famous speech at the University of Massachusetts in 2015; see Janet L. Yellen (2015), “Inflation Dynamics and Monetary Policy,” speech delivered at the Philip Gamble Memorial Lecture, University of Massachusetts, Amherst, September 24. Return to text
    9. See Pierpaolo Benigno and Gauti B. Eggertsson (2023), “It’s Baaack: The Surge in Inflation in the 2020s and the Return of the Non-Linear Phillips Curve,” NBER Working Paper Series 31197 (Cambridge, Mass.: National Bureau of Economic Research, April). Return to text
    10. The results that I obtain for the 1990–2019 period are similar to those that Yellen reports for the 1990–2014 period. Return to text
    11. The ratio of job openings to unemployment has attracted the attention of many researchers. See, for instance, Olivier J. Blanchard and Ben S. Bernanke (2023), “What Caused the US Pandemic-Era Inflation?” NBER Working Paper Series 31417 (Cambridge, Mass.: National Bureau of Economic Research, June). Return to text
    12. Although job openings from the Job Openings and Labor Turnover Survey (JOLTS) go back only as far as the early 2000s, I use here the extended series from Barnichon that pieces together JOLTS data for the more recent period with a corrected version of the help-wanted index originally from the Conference Board for the period before 2001. See Regis Barnichon (2010), “Building a Composite Help-Wanted Index,” Economics Letters, vol. 109 (December), pp. 175–78. Return to text
    13. See Regis Barnichon and Adam Shapiro (2022), “What’s the Best Measure of Economic Slack?” FRBSF Economic Letter 2022-04 (San Francisco: Federal Reserve Bank of San Francisco, February); and Régis Barnichon and Adam Hale Shapiro (2024), “Phillips Meets Beveridge,” Journal of Monetary Economics, supp., vol. 148 (November), 103660. Return to text
    14. The Institute for Supply Management’s Supplier Deliveries Index has been around since the 1950s, the Federal Reserve Bank of New York’s Global Supply Chain Pressure Index since 1998, and the Census Bureau’s Quarterly Survey of Plant Capacity Utilization since 2008. Return to text
    15. See Dario Caldara, Matteo Iacoviello, and David Yu (2024), “Measuring Shortages since 1900,” working paper. Their index is available at https://www.matteoiacoviello.com/shortages.html. Return to text
    16. Other authors have used natural language processing in an attempt to produce a measure of shortages. For instance, see Paul E. Soto (2023), “Measurement and Effects of Supply Chain Bottlenecks Using Natural Language Processing,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, February 6). Blanchard and Bernanke use Google searches for the word “shortage” as an indicator of sectoral supply constraints in a Phillips curve equation; see Blanchard and Bernanke, “What Caused the US Pandemic-Era Inflation?” in note 11. For an early-attempt, hand-coded shortage index, see Owen Lamont (1997), “Do ‘Shortages’ Cause Inflation?” in Christina D. Romer and David H. Romer, eds., Reducing Inflation: Motivation and Strategy (Chicago: University of Chicago Press), pp. 281–306. Return to text

    MIL OSI USA News

  • MIL-OSI United Kingdom: UK Government kickstarts work with Scottish Government to boost broadband in rural Scotland, powering Prime Minister’s Plan for Change

    Source: United Kingdom – Executive Government & Departments

    Around 11,000 Scottish homes and businesses to gain access to lightning-fast broadband.

    • First Project Gigabit contract signed to bring fastest broadband networks on the market to rural Scotland 

    • Around 11,000 homes and businesses in the Scottish Borders and East Lothian will be the first to benefit from the Scotland-wide rollout, with further contracts planned for other parts of Scotland this year

    • Supports UK Government plans to raise living standards and grow the economy across the country, including in isolated rural areas, as part of the Plan for Change

    Around 11,000 Scottish homes and businesses will gain access to lightning-fast broadband, as joint efforts by the UK and Scottish governments to supercharge internet access in rural areas across the nation get underway and power the UK Government’s Plan for Change.  

    Rural areas in the Scottish Borders and East Lothian will benefit from gigabit-capable internet upgrades, allowing residents to fulfil day-to-day tasks, from rapid access to health advice through remote hospital consultations to interviewing for jobs and working more flexibly.    

    The upgrades will benefit some of the most remote areas of Scotland and the UK, including Athelstaneford and Innerwick in East Lothian and St Abbs, Broughton and Ettrickbridge in the Scottish Borders.  

    These areas will be among the first in Scotland to benefit from a £26 million contract awarded under Project Gigabit – the UK Government-funded rollout to areas unlikely to receive upgrades through commercial plans due to their challenging location. The contract was awarded to independent Scottish provider GoFibre by the Scottish Government.  

    UK Government Minister for Telecoms and Data Chris Bryant said:

    As technological advancements race ahead and revolutionise our day-to-day lives, we cannot afford to leave anyone behind.

    It is fantastic to see this UK Government-funded gigabit investment being delivered in Scotland for the first time, not only bringing thousands of people the fastest broadband networks on the market and levelling the playing field but also helping us realise our mission to boost economic growth and improve living standards across the whole country, under the PM’s Plan for Change.

    Scottish Government Business Minister Richard Lochhead said:

    Reliable internet connectivity is a vital part of everyday life – allowing people to work flexibly, engage in education and stay connected with loved ones.

    The Scottish Government has successfully implemented digital infrastructure programmes across Scotland to increase broadband speeds and help grow the economy.

    Expanding upon the achievements of the Digital Scotland Superfast Broadband and Reaching 100% programmes, we will deliver Project Gigabit in Scotland to provide resilient connections that meet the needs of people and businesses now and into the future.

    One of Scotland’s leading amateur rugby clubs, Melrose Rugby Club, based in the Scottish Borders, has previously been connected to full fibre network by provider GoFibre.  

    Having reliable and fast connection meant the club could stream across the world their annual tournament, the Melrose Sevens. The event, which is held every April in Melrose, is the oldest rugby sevens competition in the world and is watched by tens of thousands of fans across the globe, with teams coming from as far afield as Japan, Hong Kong, Uruguay and South Africa. 

    Malcolm Changleng, Melrose Rugby Club Director, said:

    Getting full fibre connection has been a game changer for our club.

    As well as the 10,000 fans attending the event on the day of the tournament, we got about 60,000 people watching games on YouTube and other online platforms, which is why it’s so important to have good WiFi.

    It’s not just rugby fans watching, but people that have left the Borders to go all over the world. Lots of families from the Borders connect back to the area through the Melrose Rugby Sevens, and we’re proud that we allow people to get a little taste of the Borders on an annual basis.

    This weekend, rugby fans in Melrose will be able to support their national team in the Six Nations, with the club streaming Scotland taking on England at Twickenham on Saturday.  

    Local restaurant, The Hoebridge, is set to grow as a business thanks to the programme – contributing to plans to kickstart economic growth. 

    Kyle Tidd, Co-Owner of The Hoebridge said: 

    This investment in faster broadband would improve our operations. It would enable us to streamline our ordering, payment and online booking systems, enhancing efficiency and customer satisfaction.

    Now the £26 million contract is signed, detailed planning and surveying work will begin immediately with the first connections expected in the Autumn.  

    Further contracts to be signed this year will see faster broadband delivered to tens of thousands more premises across Scotland, including Aberdeenshire and the Morayshire Coast, Fife, Perth and Kinross, Orkney and Shetland.    

    For households, gigabit-capable broadband delivers faster speeds and fewer dropouts, providing a gateway to remote working and online education. Unlike traditional copper-based networks, gigabit connections won’t slow down at peak times, meaning no more battling for bandwidth with neighbours. Gigabit networks can easily handle over a hundred devices all at once with no buffering, meaning the whole family can seamlessly surf, stream and download at the same time.       

    Project Gigabit will support the UK Government’s plans to kickstart economic growth, creating and supporting thousands of high-paid, high-skilled jobs, empowering industries of all kinds to innovate and increasing productivity by taking up digital technology.    

    It will also ensure people can access vital services they need now and, in the future, from giving patients improved access to healthcare through virtual appointments and remote health monitoring to helping pensioners combat loneliness by catching up with loved ones over higher quality video calls.    

    Scotland Office Minister, Kirsty McNeill, said: 

    This landmark contract marks a crucial step forward in our mission to end digital inequality across Scotland. By bringing the fastest possible broadband to our rural communities, we’re not just laying cables – we’re opening up new opportunities for local businesses, improving access to education and healthcare. The UK Government, through our Plan for Change, is working to ensure Scotland’s rural communities can benefit from the digital economy and economic growth is seen across the country.

    Neil Conaghan, CEO of GoFibre, said:

    As a Scottish company, born in the Borders, GoFibre is proud to be named as the delivery partner for the first Project Gigabit contract in Scotland, bringing transformative full fibre connectivity to thousands more homes and businesses across the region. This contract award marks a step-change in our ambition and footprint as a major Scottish telecommunications company.

    We have a sterling track record of connecting communities across Scotland to our ultra-fast broadband network. Delivering this project will build on our successful delivery of Project Gigabit contracts in North Northumberland and Teesdale where we are delivering much-needed broadband in rural areas, ahead of schedule. We will bring all that expertise and GoFibre experience to this essential project for people in the Borders and East Lothian.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 300

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom

  • MIL-OSI: CarGurus Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Q4’24 Marketplace revenue grew 15% YoY

    Q4’24 International revenue grew 26% YoY and OEM Advertising revenue grew double-digit YoY

    Q4’24 Consolidated GAAP Net Income of $45.9 million; Q4’24 Non-GAAP Consolidated Adjusted EBITDA of $76.4 million, up 25% YoY

    BOSTON, Feb. 20, 2025 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles*, today announced financial results for the fourth quarter and year ended December 31, 2024.

    “We delivered exceptional results in 2024, with sustained revenue acceleration and significant margin expansion across geographies. Our Marketplace business achieved double-digit growth, driven by continued migration to premium tiers, strong OEM advertising demand, and growing adoption of our value-added products and services,” said Jason Trevisan, Chief Executive Officer at CarGurus. “Our relentless focus on product innovation and our ability to enhance dealers’ ROI throughout their workflow resulted in higher engagement and increased wallet share as dealers consolidate their investment with the highest-yielding online marketplaces. Looking ahead to 2025, we are excited about the opportunity to further consolidate our leadership position, leveraging our data-driven actionable insights and our unique ability to deliver dealer-specific competitive intelligence.”

    Fourth Quarter and Full Year Financial Highlights

        Three Months Ended     Year Ended  
        December 31, 2024     December 31, 2024  
        Results
    (in millions)
        Variance from Prior Year     Results
    (in millions)
        Variance from Prior Year  
    Revenue                        
    Marketplace Revenue   $ 210.2       15 %   $ 796.6       14 %
    Wholesale Revenue     9.9       (55 )%     51.2       (49 )%
    Product Revenue     8.5       (55 )%     46.6       (60 )%
    Total Revenue   $ 228.5       2 %   $ 894.4       (2 )%
                             
    Gross Profit (1)   $ 199.0       18 %   $ 738.9       13 %
    % Margin     87 %   1,176 bps       83 %   1,136 bps  
                             
    Operating Expenses (2)   $ 145.7       (23 )%   $ 725.5       17 %
                             
    GAAP Consolidated Net Income (3)   $ 45.9     NM(5)     $ 21.0       (5 )%
    % Margin     20 %   NM(5)       2 %   (7) bps  
                             
    Non-GAAP Consolidated Adjusted EBITDA (4)   $ 76.4       25 %   $ 247.2       26 %
    % Margin (4)     33 %   602 bps       28 %   623 bps  
                             
    Cash, Cash Equivalents, and Short-Term Investments   $ 304.2       (3 )%   $ 304.2       (3 )%

    (1)  During the three months ended December 31, 2024, no impairment was recorded. During the year ended December 31, 2024, we recorded a $9.9 million impairment-related charge in cost of revenue.
    (2)  During the three months ended December 31, 2024, no impairment was recorded. During the year ended December 31, 2024, we recorded a $134.5 million impairment-related charge in operating expenses.
    (3)  During the three months ended December 31, 2024, no impairment was recorded. During the year ended December 31, 2024, we recorded a $144.4 million impairment-related charge.
    (4)  For more information regarding our use of non-GAAP Consolidated Adjusted EBITDA and other non-GAAP financial measures, please see the reconciliations of GAAP financial measures to non-GAAP financial measures and the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.
    (5)  Not meaningful.

        Three Months Ended     Year Ended  
        December 31, 2024     December 31, 2024  
        Results     Variance from Prior Year     Results     Variance from Prior Year  
    Key Performance Indicators (1)                        
    U.S. Paying Dealers (2)     24,692       2 %     24,692       2 %
    International Paying Dealers (2)     7,318       11 %     7,318       11 %
    Total Paying Dealers (2)     32,010       3 %     32,010       3 %
                             
    U.S. QARSD (2)   $ 7,337       12 %   $ 7,337       12 %
    International QARSD (2)   $ 2,072       17 %   $ 2,072       17 %
    Consolidated QARSD (2)   $ 6,144       12 %   $ 6,144       12 %
                             
    Transactions     7,066       (48 )%     34,395       (47 )%
                             
    U.S. Average Monthly Unique Users (in millions) (3)     29.3     N/A(5)     N/A(5)     N/A(5)  
    U.S. Average Monthly Sessions (in millions) (3)     74.6     N/A(5)     N/A(5)     N/A(5)  
                             
    International Average Monthly Unique Users (in millions) (3)     9.1     N/A(5)     N/A(5)     N/A(5)  
    International Average Monthly Sessions (in millions) (3)     19.2     N/A(5)     N/A(5)     N/A(5)  
                             
    Segment Reporting (in millions)                        
    U.S. Marketplace Segment Revenue   $ 193.4       15 %   $ 733.7       13 %
    U.S. Marketplace Segment Operating Income   $ 56.1       30 %   $ 182.7       43 %
    Digital Wholesale Segment Revenue   $ 18.3       (55 )%   $ 97.8       (55 )%
    Digital Wholesale Segment Operating Loss (4)   $ (5.5 )   NM(6)     $ (179.3 )   NM(6)  

    (1)  For more information regarding our use of Key Performance Indicators, please see the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.
    (2)  Metrics presented as of December 31, 2024.
    (3)  CarOffer website is excluded from the metrics presented for users and sessions.
    (4)  During the three months ended December 31, 2024, no impairment was recorded. During the year ended December 31, 2024, we recorded a $144.4 million impairment-related charge.
    (5)  As a result of the change from Google Universal Analytics (“Google Analytics”) to Google Analytics 4 (“GA4”) on July 1, 2024, we are unable to provide comparable monthly unique users or monthly sessions information for this period. For more information regarding the change in methodology for monthly unique users or monthly sessions, please see the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.
    (6)  Not meaningful.

    First Quarter 2025 Guidance

    The table below provides CarGurus’ guidance, which is based on recent market trends, industry conditions, and management’s expectations and assumptions as of today.

      Guidance Metrics Range
      Total revenue $216 million to $236 million
      Marketplace revenue $209 million to $214 million
      Non-GAAP Consolidated Adjusted EBITDA $60 million to $68 million
      Non-GAAP EPS $0.41 to $0.47

    The first quarter 2025 non-GAAP EPS calculation assumes 107.0 million diluted weighted-average common shares outstanding.

    The assumptions that are built into guidance for the first quarter 2025 regarding our pace of paid dealer acquisition, churn, and expansion activity for the relevant period are based on recent market trends and industry conditions. Guidance for the first quarter 2025 excludes macro-level industry issues that result in dealers and consumers materially changing their recent market trends or that cause us to enact measures to assist dealers. Guidance also excludes any potential impact of future foreign currency exchange gains or losses.

    CarGurus has not reconciled its guidance of non-GAAP consolidated adjusted EBITDA to GAAP consolidated net income or non-GAAP EPS to GAAP EPS because reconciling items between such GAAP and non-GAAP financial measures, which include, as applicable, stock-based compensation, amortization of intangible assets, impairment, depreciation expenses, non-intangible amortization, transaction-related expenses, other income, net, the provision for income taxes, and income tax effects, cannot be reasonably predicted due to, as applicable, the timing, amount, valuation, and number of future employee equity awards and the uncertainty relating to the timing, frequency, and effect of acquisitions and the significance of the resulting transaction-related expenses, and therefore cannot be determined without unreasonable effort.

    Conference Call and Webcast Information

    CarGurus will host a conference call and live webcast to discuss its fourth quarter and full year 2024 financial results and business outlook at 5:00 p.m. Eastern Time today, February 20, 2025. To access the conference call, dial (877) 451-6152 for callers in the U.S. or Canada, or (201) 389-0879 for international callers. The webcast will be available live on the Investors section of CarGurus’ website at https://investors.cargurus.com.

    An audio replay of the call will also be available to investors beginning at approximately 8:00 p.m. Eastern Time today, February 20, 2025, until 11:59 p.m. Eastern Time on March 6, 2025, by dialing (844) 512-2921 for callers in the U.S. or Canada, or (412) 317-6671 for international callers, and entering passcode 13750508. In addition, an archived webcast will be available on the Investors section of CarGurus’ website at https://investors.cargurus.com.

    About CarGurus

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

    CarGurus also operates online marketplaces under the CarGurus brand in Canada and the U.K. In the U.S. and the U.K., CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.

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

    *Source: Similarweb, Traffic Report (Cars.com, Autotrader, TrueCar, CARFAX Listings
    (defined as CARFAX Total visits minus Vehicle History Reports traffic), Q4 2024, U.S.

    CarGurus® and Autolist® are each a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. PistonHeads® is a registered trademark of CarGurus Ireland Limited in the United Kingdom and the European Union. All other product names, trademarks, and registered trademarks are property of their respective owners.

    © 2025 CarGurus, Inc., All Rights Reserved.

    Cautionary Language Concerning Forward-Looking Statements

    This press release includes forward-looking statements. Other than statements of historical facts, all statements contained in this press release, including statements regarding our future financial and operating results; our first quarter 2025 financial and business performance, including guidance; our business and growth strategy and our plans to execute on our growth strategy; our ability to grow our business profitably and efficiently; our capital allocation and investment strategy; the attractiveness and value proposition of our current offerings and other product opportunities; our ability to maintain existing and acquire new customers; addressable opportunities; our expectation that we will continue to invest in growth initiatives; our ability to quickly make transformations necessary for our business to achieve long-term goals; and the impact of macro-level issues on our industry, business, and financial results, are forward-looking statements. The words “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “guide,” “guidance,” “intend,” “may,” “might,” “plan,” “potential,” “predicts,” “projects,” “seeks,” “should,” “strive,” “target,” “will,” “would,” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. You should not rely upon forward-looking statements as predictions of future events.

    These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including risks related to our growth and our ability to grow our revenue; our relationships with dealers; competition in the markets in which we operate; market growth; our ability to innovate; our ability to realize benefits from our acquisitions and successfully implement the integration strategies in connection therewith; impairment of the carrying value of our goodwill, intangible assets, right-of-use assets, or other assets; increased inflation and interest rates, global supply chain challenges, and other macroeconomic issues; changes in our key personnel; natural disasters, epidemics, or pandemics; and our ability to operate in compliance with applicable laws as well as other risks and uncertainties as may be detailed from time to time in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other reports we file with the U.S. Securities and Exchange Commission. Moreover, we operate in very competitive and rapidly changing environments. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, we cannot guarantee that future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

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

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

    Unaudited Condensed Consolidated Balance Sheets
    (in thousands, except share and per share data)

        As of December 31,  
        2024     2023  
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 304,193     $ 291,363  
    Short-term investments           20,724  
    Accounts receivable, net of allowance for doubtful accounts of $788 and $610, respectively     44,248       39,963  
    Inventory     338       331  
    Prepaid expenses, prepaid income taxes and other current assets     27,868       25,152  
    Deferred contract costs     12,523       11,095  
    Restricted cash     2,036       2,563  
    Total current assets     391,206       391,191  
    Property and equipment, net     130,010       83,370  
    Intangible assets, net     11,767       23,056  
    Goodwill     46,167       157,898  
    Operating lease right-of-use assets     121,484       169,682  
    Deferred tax assets     106,672       73,356  
    Deferred contract costs, net of current portion     13,196       12,998  
    Other non-current assets     4,034       7,376  
    Total assets   $ 824,536     $ 918,927  
    Liabilities, redeemable noncontrolling interest and stockholders’ equity            
    Current liabilities:            
    Accounts payable   $ 26,410     $ 47,854  
    Accrued expenses, accrued income taxes and other current liabilities     35,975       33,718  
    Deferred revenue     21,661       21,322  
    Operating lease liabilities     9,005       12,284  
    Total current liabilities     93,051       115,178  
    Operating lease liabilities     183,739       182,106  
    Deferred tax liabilities     26       58  
    Other non–current liabilities     6,031       4,733  
    Total liabilities     282,847       302,075  
    Stockholders’ equity:            
    Preferred stock, $0.001 par value per share; 10,000,000 shares authorized;
    no shares issued and outstanding
               
    Class A common stock, $0.001 par value per share; 500,000,000 shares
    authorized; 89,002,571 and 92,175,243 shares issued and outstanding at
    December 31, 2024 and 2023, respectively
        89       92  
    Class B common stock, $0.001 par value per share; 100,000,000 shares
    authorized; 14,986,745 and 15,999,173 shares issued and outstanding at
    December 31, 2024 and 2023, respectively
        15       16  
    Additional paid–in capital     169,013       263,498  
    Retained earnings     375,119       354,147  
    Accumulated other comprehensive loss     (2,547 )     (901 )
    Total stockholders’ equity     541,689       616,852  
    Total liabilities, redeemable noncontrolling interest and stockholders’ equity   $ 824,536     $ 918,927  

    Unaudited Condensed Consolidated Income Statements
    (in thousands, except share and per share data)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    Revenue                        
    Marketplace   $ 210,194     $ 182,250     $ 796,599     $ 698,236  
    Wholesale     9,850       22,035       51,201       100,908  
    Product     8,494       18,838       46,584       115,098  
    Total revenue     228,538       223,123       894,384       914,242  
    Cost of revenue(1)                        
    Marketplace     13,899       14,190       54,950       60,020  
    Wholesale(2)     7,068       22,286       54,340       90,066  
    Product     8,582       18,612       46,149       112,702  
    Total cost of revenue     29,549       55,088       155,439       262,788  
    Gross profit     198,989       168,035       738,945       651,454  
    Operating expenses:                        
    Sales and marketing     76,448       73,827       322,249       304,070  
    Product, technology, and development     35,948       36,737       144,432       146,169  
    General and administrative     28,384       75,667       112,066       152,757  
    Impairment                 134,501        
    Depreciation and amortization     4,931       4,069       12,285       15,831  
    Total operating expenses     145,711       190,300       725,533       618,827  
    Income (loss) from operations     53,278       (22,265 )     13,412       32,627  
    Other income, net:                        
    Interest income     3,126       5,093       12,189       18,430  
    Other (expense) income, net     (1,066 )     782       (944 )     630  
    Total other income, net     2,060       5,875       11,245       19,060  
    Income (loss) before income taxes     55,338       (16,390 )     24,657       51,687  
    Provision for income taxes     9,457       6,213       3,685       29,634  
    Consolidated net income (loss)     45,881       (22,603 )     20,972       22,053  
    Net loss attributable to redeemable noncontrolling interest           (4,698 )           (14,889 )
    Net income (loss) attributable to CarGurus, Inc.   $ 45,881     $ (17,905 )   $ 20,972     $ 36,942  
    Deemed dividend on redemption of noncontrolling interest           5,838             5,838  
    Net income (loss) attributable to common stockholders   $ 45,881     $ (23,743 )   $ 20,972     $ 31,104  
    Net income (loss) per share attributable to common stockholders:                        
    Basic   $ 0.44     $ (0.21 )   $ 0.20     $ 0.27  
    Diluted   $ 0.43     $ (0.21 )   $ 0.20     $ 0.19  
    Weighted–average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders:                        
    Basic     103,838,821       110,988,515       104,535,572       113,240,139  
    Diluted     106,116,888       110,988,515       106,263,886       114,188,834  

    (1)  For the three months ended December 31, 2024 and 2023 and for the years ended December 31, 2024 and 2023, there was depreciation and amortization of $2,107, $8,692, $13,075, and $32,643, respectively, in cost of revenue.
    (2)  For the three months ended December 31, 2024 and 2023, no impairment was recorded in cost of revenue. For the years ended December 31, 2024 and 2023, we recorded impairment of $9,930 and $184, respectively in cost of revenue.

    Unaudited Segment Revenue
    (in thousands)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    Segment Revenue:                        
    U.S. Marketplace   $ 193,395     $ 168,897     $ 733,688     $ 647,284  
    Digital Wholesale     18,344       40,872       97,785       216,005  
    Other     16,799       13,354       62,911       50,953  
    Total   $ 228,538     $ 223,123     $ 894,384     $ 914,242  

    Unaudited Segment Income (Loss) from Operations
    (in thousands)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    Segment Income (Loss) from Operations:                        
    U.S. Marketplace   $ 56,068     $ 43,281     $ 182,738     $ 127,724  
    Digital Wholesale     (5,500 )     (67,199 )     (179,315 )     (96,383 )
    Other     2,710       1,653       9,989       1,286  
    Total   $ 53,278     $ (22,265 )   $ 13,412     $ 32,627  

    Unaudited Condensed Consolidated Statements of Cash Flows
    (in thousands)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    Operating Activities                        
    Consolidated net income (loss)   $ 45,881     $ (22,603 )   $ 20,972     $ 22,053  
    Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities:                        
    Depreciation and amortization     7,038       12,761       25,360       48,474  
    Gain on sale of property and equipment                       (460 )
    Currency loss (gain) on foreign denominated transactions     1,205       (532 )     971       (283 )
    Other non-cash (income) expense, net           (80 )     (816 )     88  
    Deferred taxes     13,996       (5,735 )     (33,348 )     (37,864 )
    Provision for doubtful accounts     517       131       2,051       378  
    Stock-based compensation expense     15,658       19,968       62,272       63,737  
    Amortization of deferred financing costs     128       128       515       515  
    Amortization of deferred contract costs     3,734       3,188       13,975       11,817  
    Impairment                 144,431       184  
    Changes in operating assets and liabilities:                        
    Accounts receivable     527       10,638       (4,866 )     10,975  
    Inventory     (261 )     (3,001 )     (112 )     1,958  
    Prepaid expenses, prepaid income taxes, and other assets     (8,720 )     (7,525 )     (1,627 )     (1,498 )
    Deferred contract costs     (4,394 )     (4,752 )     (15,701 )     (18,440 )
    Accounts payable     (15,433 )     903       (4,663 )     2,080  
    Accrued expenses, accrued income taxes, and other liabilities     6,465       (4,435 )     3,897       (3,419 )
    Deferred revenue     (193 )     270       362       9,067  
    Lease obligations     9,589       3,172       41,821       15,165  
    Net cash provided by operating activities     75,737       2,496       255,494       124,527  
    Investing Activities                        
    Purchases of property and equipment     (10,236 )     (15,515 )     (75,173 )     (24,563 )
    Proceeds from sale of property and equipment                       460  
    Capitalization of website development costs     (3,462 )     (4,875 )     (18,776 )     (16,648 )
    Purchases of short-term investments           (1,268 )     (494 )     (98,016 )
    Sale of short-term investments           72,462       21,218       77,462  
    Advance payments to customers, net of collections           2,649       259       (259 )
    Net cash (used in) provided by investing activities     (13,698 )     53,453       (72,966 )     (61,564 )
    Financing Activities                        
    Proceeds from issuance of common stock upon exercise of stock options     4,848             4,923       74  
    Payment of withholding taxes on net share settlements of restricted stock units     (7,500 )     (3,859 )     (24,891 )     (15,597 )
    Repurchases of common stock           (101,115 )     (146,180 )     (208,524 )
    Payment of excise taxes on repurchases of common stock     (1,584 )           (1,584 )      
    Payment of finance lease obligations     (19 )     (18 )     (75 )     (70 )
    Payment of tax distributions to redeemable noncontrolling interest holders                       (38 )
    Acquisition of remaining interest in CarOffer, LLC           (25,014 )           (25,014 )
    Change in gross advance payments received from third-party transaction processor     (118 )     48       (822 )     (4,475 )
    Net cash used in financing activities     (4,373 )     (129,958 )     (168,629 )     (253,644 )
    Impact of foreign currency on cash, cash equivalents, and restricted cash     (2,178 )     981       (1,596 )     475  
    Net increase (decrease) in cash, cash equivalents, and restricted cash     55,488       (73,028 )     12,303       (190,206 )
    Cash, cash equivalents, and restricted cash at beginning of period     250,741       366,954       293,926       484,132  
    Cash, cash equivalents, and restricted cash at end of period   $ 306,229     $ 293,926     $ 306,229     $ 293,926  

    Unaudited Reconciliation of GAAP Consolidated Net Income (Loss) to Non-GAAP Consolidated Net Income and Non-GAAP Net Income Attributable to Common Stockholders and GAAP Net Income (Loss) Per Share Attributable to Common Stockholders to Non-GAAP Net Income Per Share Attributable to Common Stockholders:
    (in thousands, except per share data)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    GAAP consolidated net income (loss)   $ 45,881     $ (22,603 )   $ 20,972     $ 22,053  
    Stock-based compensation expense     15,658       14,071       62,492       57,913  
    Stock-based compensation expense for CarOffer, LLC Units(1)           55,543             55,543  
    Amortization of intangible assets     507       7,513       3,655       30,062  
    Impairment(2)                 144,431       184  
    Transaction-related expenses     421       1,044       1,536       1,044  
    Income tax effects and adjustments     (3,767 )     (16,807 )     (49,798 )     (27,489 )
    Non-GAAP consolidated net income   $ 58,700     $ 38,761     $ 183,288     $ 139,310  
    Non-GAAP net loss attributable to redeemable noncontrolling interest           (456 )           (1,686 )
    Non-GAAP net income attributable to common stockholders   $ 58,700     $ 39,217     $ 183,288     $ 140,996  
    GAAP net income (loss) per share attributable to common stockholders:                        
    Basic   $ 0.44     $ (0.21 )   $ 0.20     $ 0.27  
    Diluted   $ 0.43     $ (0.21 )   $ 0.20     $ 0.19  
    Non-GAAP net income per share attributable to common stockholders:                        
    Basic   $ 0.57     $ 0.35     $ 1.75     $ 1.25  
    Diluted   $ 0.55     $ 0.35     $ 1.72     $ 1.23  
    Shares used in GAAP and Non-GAAP per share calculations                        
    Basic     103,839       110,989       104,536       113,240  
    Diluted     106,117       110,989       106,264       114,189  

    (1)  CarOffer, LLC Units consist of CO Incentive Units, Subject Units (each as defined in the Company’s Annual Report on Form 10-K as of December 31, 2024, filed with the U.S. Securities and Exchange Commission on February 20, 2025), and payments made to noncontrolling interest holders. 
    (2)  During the three months ended June 30, 2024, we updated the table to disclose impairment in Non-GAAP Consolidated Net Income and Non-GAAP Net Income Attributable to Common Stockholders; the three months and year ended December 31, 2023 have been updated for comparison purposes.

    Unaudited Reconciliation of GAAP Net Loss Attributable to Redeemable Noncontrolling Interest to Non-GAAP Net Loss Attributable to Redeemable Noncontrolling Interest
    (in thousands)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    GAAP net loss attributable to redeemable noncontrolling interest   $     $ (4,698 )   $     $ (14,889 )
    Stock-based compensation expense(1)           144             783  
    Stock-based compensation expense for CarOffer, LLC Units (1)           2,249             2,249  
    Amortization of intangible assets(1)           1,849             10,171  
    Non-GAAP net loss attributable to redeemable noncontrolling interest   $     $ (456 )   $     $ (1,686 )

    (1)  These exclusions are adjusted to reflect the noncontrolling interest of 38% for the period prior to our acquisition of the remaining minority equity interests in CarOffer, LLC in December 2023 (the “2023 CarOffer Transaction”).

    Unaudited Reconciliation of GAAP Consolidated Net Income (Loss) to Non-GAAP Consolidated Adjusted EBITDA and Non-GAAP Adjusted EBITDA and GAAP Consolidated Net Income (Loss) Margin to Non-GAAP Consolidated Adjusted EBITDA Margin
    (in thousands)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    GAAP consolidated net income (loss)   $ 45,881     $ (22,603 )   $ 20,972     $ 22,053  
    Depreciation and amortization     7,038       12,761       25,360       48,474  
    Impairment                 144,431       184  
    Stock-based compensation expense     15,658       14,071       62,492       57,913  
    Stock-based compensation expense for CarOffer, LLC Units           55,543             55,543  
    Transaction-related expenses     421       1,044       1,536       1,044  
    Other income, net     (2,060 )     (5,875 )     (11,245 )     (19,060 )
    Provision for income taxes     9,457       6,213       3,685       29,634  
    Non-GAAP consolidated adjusted EBITDA     76,395       61,154       247,231       195,785  
    Non-GAAP adjusted EBITDA attributable to redeemable noncontrolling interest           (303 )           83  
    Non-GAAP adjusted EBITDA   $ 76,395     $ 61,457     $ 247,231     $ 195,702  
                             
    GAAP consolidated net income (loss) margin     20 %     (10 )%     2 %     2 %
    Non-GAAP consolidated adjusted EBITDA margin     33 %     27 %     28 %     21 %

    Unaudited Reconciliation of GAAP Net Loss Attributable to Redeemable Noncontrolling Interest to Non-GAAP Adjusted EBITDA Attributable to Redeemable Noncontrolling Interest
    (in thousands)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    GAAP net loss attributable to redeemable noncontrolling interest   $     $ (4,698 )   $     $ (14,889 )
    Depreciation and amortization (1)           1,989             10,863  
    Impairment (1)                       67  
    Stock-based compensation expense (1)           144             783  
    Stock-based compensation expense for CarOffer, LLC Units (1)           2,249             2,249  
    Other expense, net (1)           13             985  
    Provision for income taxes (1)                       25  
    Adjusted EBITDA attributable to redeemable noncontrolling interest   $     $ (303 )   $     $ 83  

    (1)  These exclusions are adjusted to reflect the noncontrolling interest of 38% for the period prior to the 2023 CarOffer Transaction.


    Unaudited Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit and GAAP Gross Profit Margin to Non-GAAP Gross Profit Margin

    (in thousands, except percentages)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    Revenue   $ 228,538     $ 223,123     $ 894,384     $ 914,242  
    Cost of revenue     29,549       55,088       155,439       262,788  
    GAAP gross profit     198,989       168,035       738,945       651,454  
    Stock-based compensation expense included in Cost of revenue     105       186       492       699  
    Stock-based compensation expense for CarOffer, LLC Units included in Cost of revenue           1,671             1,671  
    Amortization of intangible assets included in Cost of revenue           5,250       875       21,016  
    Transaction-related expenses included in Cost of revenue                 92        
    Impairment included in Cost of revenue (1)                 9,930       184  
    Non-GAAP gross profit   $ 199,094     $ 175,142     $ 750,334     $ 675,024  
                             
    GAAP gross profit margin     87 %     75 %     83 %     71 %
    Non-GAAP gross profit margin     87 %     78 %     84 %     74 %

    (1)  During the three months ended June 30, 2024, we updated the table to disclose impairment in Non-GAAP Gross Profit and Non-GAAP Gross Profit Margin; the three months and year ended December 31, 2023 have been updated for comparison purposes.


    Unaudited Reconciliation of GAAP Expense to Non-GAAP Expense

    (in thousands)

        Three Months Ended December 31, 2024  
        GAAP expense     Stock-based
    compensation
    expense
        Stock-Based compensation expense for CarOffer, LLC Units     Amortization of
    intangible assets
        Impairment (2)     Transaction-related expenses     Non-GAAP
    expense
     
    Cost of revenue   $ 29,549     $ (105 )   $     $     $     $     $ 29,444  
    Sales and marketing     76,448       (3,035 )                       (3 )     73,410  
    Product, technology, and development     35,948       (6,278 )                       (283 )     29,387  
    General and administrative     28,384       (6,240 )                       (135 )     22,009  
    Impairment                                          
    Depreciation & amortization     4,931                   (507 )                 4,424  
    Operating expenses(1)   $ 145,711     $ (15,553 )   $     $ (507 )   $     $ (421 )   $ 129,230  
    Total cost of revenue and operating expenses   $ 175,260     $ (15,658 )   $     $ (507 )   $     $ (421 )   $ 158,674  
                                               
        Three Months Ended December 31, 2023  
        GAAP expense     Stock-based
    compensation
    expense
        Stock-Based compensation expense for CarOffer, LLC Units     Amortization of
    intangible assets
        Impairment (2)     Transaction-related expenses     Non-GAAP
    expense
     
    Cost of revenue   $ 55,088     $ (186 )   $ (1,671 )   $ (5,250 )   $     $     $ 47,981  
    Sales and marketing     73,827       (2,701 )     (2,273 )                 (1 )     68,852  
    Product, technology, and development     36,737       (5,408 )     (2,458 )                 (3 )     28,868  
    General and administrative     75,667       (5,776 )     (49,141 )                 (1,040 )     19,710  
    Impairment                                          
    Depreciation & amortization     4,069                   (2,263 )                 1,806  
    Operating expenses(1)   $ 190,300     $ (13,885 )   $ (53,872 )   $ (2,263 )   $     $ (1,044 )   $ 119,236  
    Total cost of revenue and operating expenses   $ 245,388     $ (14,071 )   $ (55,543 )   $ (7,513 )   $     $ (1,044 )   $ 167,217  
                                               
        Year Ended December 31, 2024  
        GAAP expense     Stock-based
    compensation
    expense
        Stock-Based compensation expense for CarOffer, LLC Units     Amortization of
    intangible assets
        Impairment (2)     Transaction-related expenses     Non-GAAP
    expense
     
    Cost of revenue   $ 155,439     $ (492 )   $     $ (875 )   $ (9,930 )   $ (92 )   $ 144,050  
    Sales and marketing     322,249       (12,176 )                       (573 )     309,500  
    Product, technology, and development     144,432       (24,443 )                       (346 )     119,643  
    General and administrative     112,066       (25,381 )                       (525 )     86,160  
    Impairment     134,501                         (134,501 )            
    Depreciation & amortization     12,285                   (2,780 )                 9,505  
    Operating expenses(1)   $ 725,533     $ (62,000 )   $     $ (2,780 )   $ (134,501 )   $ (1,444 )   $ 524,808  
    Total cost of revenue and operating expenses   $ 880,972     $ (62,492 )   $     $ (3,655 )   $ (144,431 )   $ (1,536 )   $ 668,858  
                                               
        Year Ended December 31, 2023  
        GAAP expense     Stock-based
    compensation
    expense
        Stock-Based compensation expense for CarOffer, LLC Units     Amortization of
    intangible assets
        Impairment (2)     Transaction-related expenses     Non-GAAP
    expense
     
    Cost of revenue   $ 262,788     $ (699 )   $ (1,671 )   $ (21,016 )   $ (184 )   $     $ 239,218  
    Sales and marketing     304,070       (11,437 )     (2,273 )                 (1 )     290,359  
    Product, technology, and development     146,169       (23,476 )     (2,458 )                 (3 )     120,232  
    General and administrative     152,757       (22,301 )     (49,141 )                 (1,040 )     80,275  
    Impairment                                          
    Depreciation & amortization     15,831                   (9,046 )                 6,785  
    Operating expenses(1)   $ 618,827     $ (57,214 )   $ (53,872 )   $ (9,046 )   $     $ (1,044 )   $ 497,651  
    Total cost of revenue and operating expenses   $ 881,615     $ (57,913 )   $ (55,543 )   $ (30,062 )   $ (184 )   $ (1,044 )   $ 736,869  

    (1)  Operating expenses include sales and marketing, product, technology, and development, general and administrative, impairment, and depreciation & amortization. 
    (2)  During the three months ended June 30, 2024, we updated the table above to disclose impairment in Non-GAAP Expense; the three months and year ended December 31, 2023 have been updated for comparison purposes.


    Unaudited Reconciliation of GAAP Net Cash and Cash Equivalents Provided by Operating Activities to Non-GAAP Free Cash Flow

    (in thousands)

        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    GAAP net cash and cash equivalents provided by operating activities   $ 75,737     $ 2,496     $ 255,494     $ 124,527  
    Purchases of property and equipment     (10,236 )     (15,515 )     (75,173 )     (24,563 )
    Capitalization of website development costs     (3,462 )     (4,875 )     (18,776 )     (16,648 )
    Non-GAAP free cash flow   $ 62,039     $ (17,894 )   $ 161,545     $ 83,316  

    Non-GAAP Financial Measures and Other Business Metrics

    To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”), we provide investors with certain non-GAAP financial measures and other business metrics, which we believe are helpful to our investors. We use these non-GAAP financial measures and other business metrics for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

    The presentation of non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included above, and not to rely on any single financial measure to evaluate our business.

    While a reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to, as applicable, the timing, amount, valuation, and number of future employee equity awards and the uncertainty relating to the timing, frequency, and effect of acquisitions and the significance of the resulting transaction-related expenses, we have provided a reconciliation of non-GAAP financial measures and other business metrics to the nearest comparable GAAP measures in the accompanying financial statement tables included in this press release.

    We monitor operating measures of certain non-GAAP items including non-GAAP gross profit, non-GAAP gross margin, non-GAAP expense, non-GAAP consolidated net income, non-GAAP net income attributable to common stockholders, and non-GAAP net income per share attributable to common stockholders. These non-GAAP financial measures exclude the effect of stock-based compensation expense, stock-based compensation expense for CarOffer, LLC Units, amortization of intangible assets, impairments, and transaction related-expenses. Non-GAAP consolidated net income, non-GAAP net income attributable to common stockholders, and non-GAAP net income per share attributable to common stockholders also exclude certain income tax effects and adjustments. Non-GAAP net income attributable to common stockholders and non-GAAP net income per share attributable to common stockholders also exclude non-GAAP net loss attributable to redeemable noncontrolling interest. We define non-GAAP net loss attributable to redeemable noncontrolling interest as net loss attributable to redeemable noncontrolling interest, adjusted to exclude: stock-based compensation expense, stock-based compensation expense for CarOffer, LLC Units, and amortization of intangible assets. These exclusions are adjusted for redeemable noncontrolling interest, as applicable. Our calculations of non-GAAP net income per share attributable to common stockholders utilize applicable GAAP share counts as included in the accompanying financial statement tables included in this press release. In addition, we evaluate our non-GAAP gross profit in relation to our revenue. We refer to this as non-GAAP gross profit margin and define it as non-GAAP gross profit divided by total revenue. We believe that these non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

    We define Consolidated Adjusted EBITDA as consolidated net income (loss), adjusted to exclude: depreciation and amortization, impairments, stock-based compensation expense, stock-based compensation expense for CarOffer, LLC Units, transaction-related expenses, other income, net, and provision for income taxes.

    We define Adjusted EBITDA as Consolidated Adjusted EBITDA adjusted to exclude: Adjusted EBITDA attributable to redeemable noncontrolling interest.

    We define Adjusted EBITDA attributable to redeemable noncontrolling interest as net loss attributable to redeemable noncontrolling interest, adjusted to exclude: depreciation and amortization, impairments, stock-based compensation expense, stock-based compensation expense for CarOffer, LLC Units, other expense, net, and provision for income taxes. These exclusions are adjusted for redeemable noncontrolling interest of 38% by taking the noncontrolling interest’s full financial results and multiplying each line item in the reconciliation by 38%. We note that we use 38%, versus 49%, to allocate the share of loss because it represents the portion attributable to the redeemable noncontrolling interest. The 38% is exclusive of CO Incentive Units, Subject Units, and 2021 Incentive Units (as each term is defined in Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission on February 20, 2025), which are liability-classified awards that do not participate in the share of loss. Adjusted EBITDA attributable to redeemable noncontrolling interest is reflective of the 2023 CarOffer Transaction. Following the 2023 CarOffer Transaction there was no redeemable noncontrolling interest as of December 1, 2023, and as a result, Consolidated Adjusted EBITDA is equivalent to Adjusted EBITDA for the three months and year ended December 31, 2024.

    In addition, we evaluate our Non-GAAP consolidated Adjusted EBITDA in relation to our revenue. We refer to this as Non-GAAP consolidated Adjusted EBITDA margin and define it as Non-GAAP consolidated Adjusted EBITDA divided by total revenue.

    We have presented Consolidated Adjusted EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin because they are key measures used by our management and Board of Directors to understand and evaluate our operating performance, generate future operating plans, and make strategic decisions regarding the allocation of capital. We believe Consolidated Adjusted EBITDA and Adjusted EBITDA help identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude. Accordingly, we believe that Consolidated Adjusted EBITDA and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by our management in its financial and operational decision making. We have presented Adjusted EBITDA attributable to redeemable noncontrolling interest because it is used by our management to reconcile Consolidated Adjusted EBITDA to Adjusted EBITDA. It represents the portion of Consolidated Adjusted EBITDA that is attributable to our redeemable noncontrolling interest and enables an investor to gain a clearer understanding of the portion of Consolidated Adjusted EBITDA that is attributable to our redeemable noncontrolling interest. Adjusted EBITDA attributable to redeemable noncontrolling interest is not intended to be reviewed on its own.

    We define Free Cash Flow as cash flow from operations adjusted to include: purchases of property and equipment and capitalization of website development costs. We have presented Free Cash Flow because it is a measure of our financial performance that represents the cash that we are able to generate after expenditures required to maintain or expand our asset base.

    We define a paying dealer as a dealer account with an active, paid marketplace subscription at the end of a defined period. The number of paying dealers we have is important to us and we believe it provides valuable information to investors because it is indicative of the value proposition of our marketplace products, as well as our sales and marketing success and opportunity, including our ability to retain paying dealers and develop new dealer relationships.

    We define Quarterly Average Revenue per Subscribing Dealer (“QARSD”), which is measured at the end of a fiscal quarter, as the marketplace revenue primarily from subscriptions to our Listings packages and Real-time Performance Marketing, our digital advertising suite, and other digital add-on products during that trailing quarter divided by the average number of paying dealers in that marketplace during the quarter. We calculate the average number of paying dealers for a period by adding the number of paying dealers at the end of such period and the end of the prior period and dividing by two. This information is important to us, and we believe it provides useful information to investors, because we believe that our ability to grow QARSD is an indicator of the value proposition of our products and the return on investment that our paying dealers realize from our products. In addition, increases in QARSD, which we believe reflect the value of exposure to our engaged audience in relation to subscription cost, are driven in part by our ability to grow the volume of connections to our users and the quality of those connections, which result in increased opportunity to upsell package levels and cross-sell additional products to our paying dealers.

    We define Transactions within the Digital Wholesale segment as the number of vehicles processed from car dealers, consumers, and other marketplaces through the CarOffer website within the defined period. Transactions consists of each unique vehicle (based on vehicle identification number) that reaches “sold and invoiced” status on the CarOffer website within the defined period, including vehicles sold to car dealers, vehicles sold at third-party auctions, vehicles ultimately sold to a different buyer, and vehicles that are returned to their owners without completion of a sale transaction. We exclude vehicles processed within CarOffer’s intra-group trading solution (Group Trade) from the definition of Transactions, and we only count any unique vehicle once even if it reaches sold status multiple times. The Digital Wholesale segment includes the purchase and sale of vehicles between dealers, or Dealer-to-Dealer transactions, and Sell My Car – Instant Max Cash Offer transactions. We view Transactions as a key business metric, and we believe it provides useful information to investors, because it provides insight into growth and revenue for the Digital Wholesale segment. Transactions drive a significant portion of Digital Wholesale segment revenue. We believe growth in Transactions demonstrates consumer and dealer utilization and our market share penetration in the Digital Wholesale segment.

    Historically, we have used data from Google Analytics to measure two of our key business metrics: monthly unique users and monthly sessions. Effective July 1, 2024, GA4 replaced Google Analytics. The methodologies used in GA4 are different and not comparable to the methodologies used in Google Analytics. As discussed below, we also make certain adjustments to the GA4 data in order to improve the accuracy of the reported monthly unique users and monthly sessions. Due to the change in methodology, we are unable to provide comparable monthly unique user and monthly session information for prior periods, including any periods prior to June 30, 2024.

    For each of our websites (excluding the CarOffer website), we define a monthly unique user as an individual who has visited any such website and taken a Visitor Action (as defined below) within a calendar month, based on data as measured by GA4. We calculate average monthly unique users as the sum of the monthly unique users of each of our websites in a defined period, divided by the number of months in that period. Effective July 1, 2024, we count a unique user the first time a computer or mobile device with a unique device identifier accesses any of our websites or application during a calendar month and takes an action on such website or in such application, such as performing a search, visiting vehicle detail pages, and connecting with a dealer, which we refer to as a Visitor Action. If an individual accesses a website or application using a different device within a given month, the first Visitor Action taken by each such device is counted as a separate unique user. If an individual uses multiple browsers on a single device and/or clears their cookies and returns to our website or application and takes a Visitor Action within a calendar month, each such Visitor Action is counted as a separate unique user. We eliminate any duplicate unique users that may arise when users visit a webview within our native application. We view our average monthly unique users as a key indicator of the quality of our user experience, the effectiveness of our advertising and traffic acquisition, and the strength of our brand awareness. Measuring unique users is important to us and we believe it provides useful information to our investors because our marketplace revenue depends, in part, on our ability to provide dealers with connections to our users and exposure to our marketplace audience. We define connections as interactions between consumers and dealers on our marketplace through phone calls, email, managed text and chat, and clicks to access the dealer’s website or map directions to the dealership.

    We define monthly sessions as the number of distinct visits to our websites (excluding the CarOffer website) that include a Visitor Action that take place each month within a given time frame, as measured and defined by GA4. We calculate average monthly sessions as the sum of the monthly sessions in a defined period, divided by the number of months in that period. Effective July 1, 2024, a session is defined as beginning with the first Visitor Action from a computer or mobile device and ending at the earliest of when a user closes their browser window or after 30 minutes of inactivity. We eliminate any duplicate monthly sessions that may arise when users visit a webview within our native application. We believe that measuring the volume of sessions in a time period, when considered in conjunction with the number of unique users in that time period, is an important indicator to us of consumer satisfaction and engagement with our marketplace, and we believe it provides useful information to our investors because the more satisfied and engaged consumers we have, the more valuable our service is to dealers.

    The MIL Network

  • MIL-OSI: Diginex Limited Announces Secondary Listing on the Frankfurt Stock Exchange and Tradegate Exchange and the Engagement of German-based Kirchhoff Consult GmbH to Broaden Investor Base Across Europe

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 20, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”) (Nasdaq: DGNX), a Cayman Islands-based impact technology company specializing in environmental, social, and governance (ESG) issues, announced today that its shares currently traded on The Nasdaq Capital Market (“Nasdaq”), are now cross-listed on the Frankfurt Stock Exchange (Open Market) and the Tradegate Exchange under the symbol “I0Q” effective February 20, 2025. We expect this cross-listing to expand the Company’s global investor reach, and enhance liquidity and accessibility to European investors while reinforcing its presence in key international financial markets.

    In conjunction with the Frankfurt and Tradegate listings, Diginex Limited has engaged Kirchhoff Consult GmbH, a European affiliate of Lambert by LLYC (Lambert), and a leading German investor relations firm, to spearhead an aggressive European investor engagement effort. This initiative aims to expand and diversify Diginex Limited’s investor base across Europe, which the Company hopes to lead to increased liquidity and resilience in stock trading, solidifying the company’s corporate brand value in these regions, and providing greater access to European capital markets.

    “Our cross-listing on the Frankfurt Stock Exchange and the Tradegate Exchange, coupled with our strategic engagement with Kirchhoff Consult, represents a further step in Diginex Limited’s global growth strategy,” said Miles Pelham, Chairman of Diginex Limited. “Europe is a critical market for us, and we remain committed to deepening our relationships with European investors and partners. By increasing visibility and accessibility, we expect to enhance stock liquidity, strengthen brand awareness, support the growth of our European business operations, and drive long-term value creation for all shareholders.”

    The cross-listing follows Diginex Limited’s successful initial public offering (IPO) on Nasdaq, which closed on January 23, 2025. The Frankfurt Stock Exchange is the largest exchange in Germany and the third largest in Europe based on market capitalization. The Tradegate Exchange is a German Stock Exchange that specializes in the execution of private investor orders. With its shares now trading in both the U.S. and Europe, Diginex Limited believes that it is well-positioned to attract a broader range of institutional and retail investors, fostering sustainable growth and financial strength for the Company in global capital markets.

    The engagement with Kirchhoff Consult GmbH builds on the Company’s recent partnership with Lambert and its Hong Kong partner, Strategic Public Relations Group Ltd, reinforcing Diginex Limited’s strategic focus on enhancing visibility and bolstering investor engagement across key global markets.

    About Diginex Limited

    Diginex Limited is a Cayman Islands exempted company incorporated under the laws of the Cayman Islands in 2024, with subsidiaries located in Hong Kong, United Kingdom and United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, is headquartered in Hong Kong, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations to address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

    Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software For more information, please visit the Company’s website: https://www.diginex.com/.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s filings with the SEC.

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email:ir@diginex.com

    European IR Contract
    Jens Hecht
    Phone: +49.40.609186.82
    Email: jens.hecht@kirchhoff.de

    US IR Contract
    Jackson Lin
    Lambert by LLYC
    Phone: +1 (646) 717-4593
    Email: jian.lin@llyc.global

    The MIL Network

  • MIL-OSI: Intermex Launches Wire Transfers via WhatsApp, Making Money Transfers Easier Than Ever

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Feb. 20, 2025 (GLOBE NEWSWIRE) — International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), a leading omnichannel money remittance and financial services provider, is making it easier than ever to send money by launching wire transfers through WhatsApp, the messaging app of choice for millions of Latinos. With 95% of U.S. Hispanics using WhatsApp on their smartphones, this new feature brings fast, secure, and convenient money transfers right into the app they already trust and love.

    “This launch is all about meeting our customers where they are,” said Marcelo Theodoro, Chief Digital, Product & Marketing Officer at Intermex. “By integrating money transfers into WhatsApp, we’re making sending money as easy as sending a message—secure, seamless, and available anytime.”

    With WhatsApp being the most widely used messaging platform among Latinos, Intermex is embracing conversational payments, a growing trend in fintech that simplifies transactions through familiar communication channels. This feature aligns with the company’s mission to provide real-time access to financial services, reinforcing its commitment to making remittances more convenient and accessible. By eliminating unnecessary steps and integrating transfers into an app customers already use daily, Intermex is breaking down barriers to financial inclusion.

    Beyond transactions, the WhatsApp-powered channel will serve as a direct communication line between customers and Intermex’s support teams, allowing users to track transfers, receive updates, and access customer service quickly. Whether sending money through a retail location or a digital platform, customers can now reach Intermex directly through WhatsApp for assistance, making the overall experience smoother and more efficient.

    “This service combines the trust and reliability of the Intermex brand with our powerhouse technology to bring a secure, user-friendly, and convenient experience to WhatsApp,” Theodoro added. “With 95% of U.S. Hispanics who own smartphones using WhatsApp, this integration allows us to connect with our core customers in the most natural way possible.”

    The WhatsApp wire transfer feature will initially launch in key markets, with expansion plans set to follow as part of Intermex’s broader digital strategy. By integrating with widely used messaging platforms, Intermex is meeting customers where they are, providing greater flexibility, and strengthening its position as a leader in digital-first cross-border payments.

    For more information, visit www.intermexonline.com.

    About International Money Express, Inc. (Intermex): Founded in 1994, Intermex applies proprietary technology enabling consumers to send money from the United States, Canada, Spain, Italy, the United Kingdom, and Germany to more than 60 countries. The Company provides the digital movement of money through the Company’s website and mobile app, as well as through its network of agent retailers in the United States, Canada, Spain, Italy, the United Kingdom, and Germany, and its Company-operated stores. Transactions are fulfilled and paid through thousands of retail locations and banks around the world. Intermex is headquartered in Miami, Florida, with international offices in Puebla, Mexico, Guatemala City, Guatemala, London, England, and Madrid, Spain. For more information about Intermex, please visit www.intermexonline.com.

    Investor Relations Contact:
    Alex Sadowski
    Investor Relations Coordinator
    ir@intermexusa.com
    Tel: 305-671-8000

    The MIL Network

  • MIL-OSI United Nations: Signs of ‘Historic Progress’ towards Peace Emerge, Central African Republic’s Delegate Tells Security Council, Requesting Donor Support for 2025 Elections

    Source: United Nations General Assembly and Security Council

    UN Official Notes Fragility in Border Areas despite Overall Security Improvement

    The Central African Republic has made significant progress towards the 2025 elections, the head of the United Nations peacekeeping mission in the country told the Security Council today, while also noting overall security improvements and persistent fragility in border areas.

    Valentine Rugwabiza, Secretary-General’s Special Representative and Head of the United Nations Multidimensional Integrated Stabilization Mission in the Central African Republic (MINUSCA), emphasized that the upcoming electoral cycle represents a historic opportunity to lay the foundation for decentralized governance.  Recently, national authorities along with MINUSCA’s support were able to register 570,000 new voters and had opened the first-ever multiservice post at the country’s border with Chad.

    However, despite this important progress, serious pockets of insecurity persist, particularly in areas where armed groups try to control mining sites and transhumance corridors, she continued.  Implementation of the national border-management policy requires additional support as the conflict in Sudan also threatens to spill over.  While welcoming the dissolution of 9 out of 14 armed groups who signed the Political Agreement for Peace and Reconciliation six years ago, she also said that more needs to be done — in collaboration with regional partners — to facilitate the return of armed group leaders and ensure their disarmament.

    On the human rights front, she urged the Government to launch the Truth, Justice, Reparation and Reconciliation Commission, through the appointment of its new commissioners.  “If left unaddressed, [human rights] crimes could undermine the hard-earned security gains and further erode social cohesion,” she warned. Paying tribute to a 29-year-old Tunisian peacekeeper recently killed in an ambush in Bamingui-Bangoran, she urged the authorities to bring the perpetrators to justice.

    “We need your support to build a stronger and more inclusive economy in the Central African Republic,” said Portia Deya Abazene, President of the Federation of Women Entrepreneurs of the Central African Republic, via video link.  Despite the adoption of international conventions and a constitution guaranteeing equal rights, “harmful practices continue to hinder the progress of women in [Central African Republic]”, she said, highlighting the low representation of women in leadership positions.  Women represent only 15.52 per cent of business owners in certain sectors and face constraints in accessing land, means of production, education, financing, markets and decent employment.

    Women Key to Economic Development

    Ms. Abazene’s organization provides a space for experience-sharing among women entrepreneurs at the local level, as well as training programmes in leadership, management, financial education and digital marketing.  “The achievements of Central African women in entrepreneurship are the result of their determination and political will,” she underscored, calling for policies promoting female entrepreneurship and easier access to financing.  “The Central African Republic will not reach its potential as long as more than 51 per cent of its population” —  women —  continue to be marginalized, she said. 

    Council members emphasized the need to address human rights violations in the country, urged its authorities to seize the opportunity to hold credible elections, and highlighted MINUSCA’s vital role in helping to expand State authority.  Several speakers, however, offered differing views on the root causes of Bangui’s instability.

    United States, United Kingdom, Russian Federation Trade Barbs 

    “It is clear that Kremlin-backed actors, purporting to be security partners, are undercutting Central African Republic’s authorities and undermining peace with the primary goal of stealing [Central African Republic] resources without contributing to its development,” said the representative of the United States. . “It is unacceptable that a member of this Council continues to disseminate disinformation that diminishes the credibility and effectiveness of MINUSCA,” he added, expressing serious concern over the violation of the Status of Forces Agreement, namely the blocking of MINUSCA fuel trucks.

    The United Kingdom’s delegate said his country has information “that proxies directed by the Russian State have plans to interfere with [Central African Republic] elections, including through suppressing political voices and conducting disinformation campaigns to interfere in political debate”.  They are acting without regard for the country’s sovereignty and jeopardizing the dedicated UN role, he said.  Also highlighting reports of Wagner Ti Azande and other armed groups committing atrocities against civilians, he called on all actors to the conflict to uphold their obligations under international law.

    The representative of the Russian Federation said that, given the considerable security improvements in the Central African Republic, it is “surprising” that the United States and United Kingdom continue “whipping the dead horse of their campaign to smear” her country.  This campaign has run out of steam.  Moscow remains committed to cooperating with Bangui to achieve lasting peace and security.  As far as the security situation, she expressed concerns for the area bordering Sudan, which has become an “additional burden” of human rights concerns.  Successful municipal elections in July will be a “milestone on the road to peaceful life” in the Central African Republic.

    The representative of China, Council President for February, speaking in his national capacity, said the situation in the country “is good, in general”, with progress in enhancing governance capacity and consolidating political gains.  MINUSCA must prioritize support for election preparations, he said, adding that the international community should avoid undue external interference.

    Democratic, Inclusive, Fair Elections

    The representative of Somalia, also speaking for Algeria, Guyana and Sierra Leone, welcomed the inauguration of “the first-ever multiservice border post in the Central African Republic” built with MINUSCA’s support. Despite security, logistical and financial challenges — preparations towards local, legislative and presidential elections are progressing.  Emphasizing the need for open and constructive dialogue between the Government and opposition parties, he also called for “concerted” efforts to ensure that all eligible citizens are registered to vote.  “We wish to underline that the success of the local election process is essential for the strengthening of direct democracy, legitimacy, local development and the extension of State authority throughout the national territory,” he added.

    Other speakers also said that the upcoming elections were a unique opportunity for the Central African Republic, with Panama’s delegate emphasizing that 2025 is a “pivotal year” for Bangui.  “These will be the first local elections in more than three decades,” he said, urging the Government to guarantee that “these elections will be carried out in a peaceful environment”.  Slovenia’s delegate said that, while local elections can signify a major step in the further decentralization of the country, they “will only be considered credible and democratic, if all eligible voters are able to register and cast their vote, including women, youth, minorities, internally displaced persons, returnees and refugees”.

    Fear of Sudan Conflict Spillover

    Joining others in expressing concern over the spillover of the conflict in Sudan, the representative of the Republic of Korea said that the presence of the Rapid Support Forces — a paramilitary group in Sudan — in the Central African Republic “only brings more risk to the already-fragile landscape”.  Similarly, Greece’s representative said that recent gains in border-management policy “are undermined by the transiting of armed groups across the porous north-eastern region”.

    Pakistan’s delegate noted that his country had contributed 1,300 troops to MINUSCA and expressed concern over the shortfall in funding.  “As of 4 February, unpaid assessed contributions to the Special Account for MINUSCA amounted to $570.7 million,” he said.  Other Council members also stressed the need to provide financial and material support for the Central African Republic, with France’s delegate noting that Paris has allocated €2 million to the United Nations Development Programme (UNDP) for Bangui’s upcoming elections, and €200,000 to enable the country’s Special Criminal Court to function.  Peacebuilding “depends on progress achieved in combating impunity”, he stressed.

    The representative of the Central African Republic, detailing his country’s “considerable progress in pursuing peace” since the signing of the 2019 peace agreement, reported that 9 of 14 armed groups have dissolved, 7,000 combatants have disarmed and demobilized, and 20,000 weapons of various calibres have been collected.  “This is a sign of historic progress,” he stressed, while noting the “one major challenge” remaining — “the complete eradication of isolated armed groups, which continue to carry out atrocities against civilians”.  To the armed groups that remain, he underscored:  “The door for dialogue remains wide open.”

    He went on to stress:  “Insecurity directly threatens the democratic process that we intend to consolidate.” Noting that the crisis is Sudan is seriously impacting his own, he called on the international community to support Bangui’s forces; provide training, logistical and intelligence support; and strengthen MINUSCA’s mandate so the Mission can be more proactive in addressing security threats.  And for the ongoing electoral process — “a fundamental pillar for stability and lasting peace” — he appealed for financial support amounting to $7 million. “By supporting this process, the international community will be directly contributing to peace and development in our country,” he said.

    MIL OSI United Nations News

  • MIL-OSI USA: In Memoriam: Pierre Morel [1933–2024]

    Source: NASA

    Pierre Morel, the first director of the World Climate Research Programme (WCRP) and founding member of WCRP’s Global Energy and Water Exchanges (GEWEX) Core project, died on December 10, 2024.
    Pierre began his research as a theoretical physicist. His doctoral thesis examined the existence and properties of a condensed superfluid state of liquid Helium 3 at very low temperature. He lectured on basic physics, geophysical fluid dynamics, and climate science. As his career progressed, he focused his research on studying the circulation of the atmosphere. He was devoted to the development of numerical modelling of atmospheric flow that laid the groundwork for the study of climatology.
    Pierre’s work played an integral role in the development of tools used to study the atmosphere, many of which are still active today. Examples include Project Éole – an experimental wind energy plant conceived in the 1980s and created in Quebec, Canada that closed down in 1993; the ARGOS satellite, a collaboration between the Centre National d’Études Spatiale (CNES) [French Space Agency], National Oceanic and Atmospheric Administration (NOAA), and NASA, to collect and relay meteorological and oceanographic data around the world that launched in 1978; the Search and Rescue Satellite Aided Tracking (SARSAT) system, which was developed by the U.S. – specifically NOAA, NASA, and the U.S. Coast Guard and Air Force – Canada, and France, with the first satellite launch in 1982; and the European Organization for the Exploitation of Meteorological Satellites’ METEOSAT series of geostationary satellites, which launched in 1977 and remain active today. The launch of Meteosat–12 in 2022 was the first METEOSAT Third Generation (MTG) launch.
    Early in his career, Pierre was the director of the French Laboratoire de Météorologie Dynamique (LMD) before he became the director of the Centre National d’Études Spatiales (CNES). In 1980 he became the first chairman of the WCRP, where he steered a broad interdisciplinary research program in global climate and Earth system science that involved the participation of atmospheric, oceanic, hydrological, and polar scientists worldwide. Pierre was later in charge of planetary programs at NASA and was involved in discussions about the future of NASA’s Earth Observing System (EOS) in the mid-to-late 1990s. As an example, the Earth Observer article, “Minutes Of The Fourteenth Earth Science Enterprise/Earth Observing System (ESE/EOS) Investigators Working Group Meeting,” includes a summary of a presentation Pierre gave that focused on flight mission planning for the EOS “second series,” which was NASA’s plan at the time although ultimately not pursued, with the “first series” (i.e., Terra, Aqua, Aura) enduring much longer than anticipated.
    Pierre was the recipient of the 2008 Alfred Wegener Medal & Honorary Membership for his outstanding contributions to geophysical fluid dynamics, his leadership in the development of climate research, and the applications of space observation to meteorology and the Earth system science.

    MIL OSI USA News

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 20.02.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    20 February 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 20.02.2025

    Espoo, Finland – On 20 February 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 1,256,122 4.77
    CEUX
    BATE
    AQEU
    TQEX
    Total 1,256,122 4.77

    * 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 20 February 2025 was EUR 5,989,818. After the disclosed transactions, Nokia Corporation holds 254,445,785 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 which is celebrating 100 years of innovation.

    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

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network

  • MIL-OSI Asia-Pac: Speech by SJ at 8th IBA Asia Pacific Regional Forum Biennial Conference (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Justice, Mr Paul Lam, SC, at the 8th IBA Asia Pacific Regional Forum Biennial Conference today (February 20): Mr Menzer (Vice-President of the International Bar Association (IBA), Mr Jorg Menzer), Mr Dhillon (Co-Chair of the IBA Asia Pacific Regional Forum Mr Dinesh Dhillon), Mr Liu (Co-Chair of the IBA Asia Pacific Regional Forum Mr David Liu), Winnie (Secretary of the IBA Asia Pacific Regional Forum and co-chair of the conference, Ms Winnie Tam, SC), other friends from the IBA, distinguished guests, ladies and gentlemen,      Good evening. I wish to begin by thanking the organiser, in particular, my good friend Winnie, for inviting me to this dinner. I also wish to congratulate the conference co-chairs and the conference organising committee for hosting this eighth edition of the International Bar Association Asia Pacific Regional Forum Biennial Conference. I was told that more than 360 persons coming from 36 jurisdictions have signed up for the conference. Apart from 20 jurisdictions in the Asia Pacific region (including the Mainland and Hong Kong), we have friends coming from South Asia, Central Asia, Europe, North and South America, as well as Africa.      In 2008, Hong Kong hosted the IBA Asia Pacific Forum with the theme “New focus of international business: Asia, the centre stage”. Time flies. As at today (February 20, 2025), what had been described as the “new focus” back in 2008, 17 years ago has become the “main focus”.      In these circumstances, the theme of this conference is most pertinent, namely “Vibrant Asia – Land of opportunity and promise”. This theme, of course, applies to Hong Kong, being one of the major international cities in Asia. But I wish to be more specific tonight by spending the next 15 minutes or so to convince you why, from the legal perspective, Hong Kong is a land of opportunity and promise.      The short answer is that, as we always say, Hong Kong serves as the “super connector” and “super value-adder” between China and the rest of the world. We perform such roles by making use of our unique strengths and advantages under the principle of “one country, two systems”. One of these unique strengths and advantages is that we have very strong rule of law based on our common law system. You may wonder: there are many jurisdictions in the world including Asia, which practise the common law; what is so special about Hong Kong’s common law system? My answer is that there are at least six key characteristics of our common law system which, when combined together, have rendered our legal system unparalleled.     First, our legal system is very stable. Hong Kong is the only common law jurisdiction in China. The continuation of the common law system is guaranteed by various provisions in the Basic Law which implements the fundamental national policy of “one country, two systems”. It is most significant to note that, in his speech delivered on July 1, 2022, at the celebration of the 25th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR), President Xi Jinping made it crystal clear that the principle of “one country, two systems” is a good policy that must be adhered to in the long run. Equally important is that he mentioned the common law twice in his speech. Apart from acknowledging the contribution of the common law to the success of Hong Kong since China’s resumption of sovereignty over Hong Kong on July 1, 1997, he said that “The Central Government fully supports Hong Kong in its effort … to maintain the common law …”. More recently, on December 20, 2024, at the celebration of the 25th anniversary of Macao’s return to the motherland, President Xi repeated that “one country, two systems” is a good system that sustains the long-term prosperity and stability of Hong Kong and Macao. He also pointed out that the values embodied in the principle of “one country, two systems”, namely, peace, inclusiveness, openness and sharing are relevant to not only China but also the whole world.     Second, our legal system is very credible and reliable. In particular, we have an utmost reputable and independent judiciary. The Basic Law provides that our courts shall enjoy the independent power of adjudication and also that our Court of Final Appeal (CFA) shall enjoy the power of final adjudication. There are also express provisions which guarantee judicial independence. For example, judges in Hong Kong are appointed on the recommendation of an independent commission, with the only criteria considered being their judicial and professional quality. Non-permanent judges from other common law jurisdictions of the highest calibre have been invited to sit on our CFA. The most recent appointee, former Chief Justice of the Federal Court of Australia, Mr Justice Allsop, came to Hong Kong last week to hear his first case. The judgments of our courts, in particular those of the CFA, are often cited in other common law jurisdictions. All court hearings, subject to very few exceptions, are conducted openly; and court judgments are always published. These measures enable people to see that judges have in fact discharged their duties independently without any improper interference. A strong piece of evidence, which I will mention with great reluctance, is that in litigation involving the Government, the Secretary for Justice was, on some occasions, not the successful party. The integrity and quality of our judiciary is never in doubt.      Third, our legal system provides a very safe and secure environment. Fundamental human rights and freedoms based on international standards set by the International Covenant on Civil and Political Rights and the International Covenant on Economic, Social and Cultural Rights, as well as private property rights, are fully protected by Hong Kong law. Our law enforcement agencies and regulatory bodies, such as the Police, the ICAC (Independent Commission Against Corruption), the SFC (Securities and Futures Commission), always enforce the relevant laws strictly and fairly. In this respect, it is very important to note that we have consistently been ranked as one of the least corrupt places in the world. According to the Corruption Perceptions Index 2024 released by Transparency International very recently on February 11, 2025, Hong Kong ranks 17 out of 180 jurisdictions, well ahead of many Western developed countries such as the United States and the United Kingdom.      Fourth, our legal system is very user-friendly. It is the only bilingual common law system using both English and Chinese. This is important because English is the linqua franca of the international business community. Our laws (both substantive and procedural) are aligned with prevailing international practices, and hence are familiar to the international community. For example, our Arbitration Ordinance is based on the United Nations Commission on International Trade Law Model Law. In the latest World Competitiveness Yearbook 2024 published by the International Institute for Management Development in June 2024, Hong Kong ranked first in “Business legislation”.      Furthermore, we strive to update our laws continuously to ensure that they will meet the demand of the latest developments and trends around the world. Let me give two examples. We have just completed a consultation in relation to the proposed amendments to the Copyright Ordinance to cater for the fast development of AI generated works. Second, a draft legislation is now being considered by our Legislative Council which aims at creating a regulatory regime for the issuance and offers of stablecoins.      Fifth, our legal system is well connected to both the Mainland and other parts of the world. With the strong support of the Central Government, Hong Kong has signed nine mutual legal assistance arrangements in civil and commercial matters with the Mainland covering three main areas: first, procedural assistance on, for example, service of judicial documents and taking of evidence; second, arbitration-related assistance; and third, reciprocal recognition and enforcement of civil and commercial judgments. These MLA (mutual legal assistance) arrangements give Hong Kong an advantage that is unavailable in other jurisdictions.      In this respect, it is necessary to mention the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), which consist of nine cities in the Guangdong Province, the HKSAR and the Macao SAR. The population of the GBA has exceeded 86 million; its size is similar to Croatia; its total GDP has already exceeded Australia and is among the top 10 in the world. It is the home of giant tech companies such as Tencent and BYD. Great efforts have been made to harmonise the rules and regulations in the three different legal territories in the GBA. For example, to promote and facilitate the use of mediation to resolve civil and commercial disputes in the GBA, there is now a uniform set of rules on mediation and also a consolidated panel of GBA mediators. Furthermore, important measures have been introduced to give business entities the option to use Hong Kong law in their contracts, and choose Hong Kong as the place for arbitration when they set up their businesses in the GBA. Just last Friday (February 14), the Supreme People’s Court and the Ministry of Justice of the People’s Republic of China announced that Hong Kong-invested enterprises registered in any of the nine Mainland cities in the GBA may choose Hong Kong as the seat of arbitration. And for enterprises registered in Shenzhen or Zhuhai, they may also choose to use Hong Kong law as the governing law of their commercial contracts. These additional options will certainly create more demands and, hence, opportunities for legal practitioners in Hong Kong.      Sixth and lastly, we have very strong legal professionals and dispute resolution institutions with high expertise and vast experience in providing legal and dispute resolution services involving Mainland and international elements. A very important point is that, while most of our lawyers are very good at handling international legal issues, at the same time, they are also proficient in both Chinese and English, and have intimate knowledge of the Chinese culture and business practices. According to the latest statistics updated to February 20, 2025, published by the Law Society of Hong Kong, 299 law firms have overseas offices, and 86 have representative offices in the Mainland. Because of these strong Mainland and international connections, by engaging a Hong Kong lawyer or law firm, the client would in effect be able to obtain a one-stop legal service regarding different jurisdictions.      Our dispute resolution bodies are of course very popular and well regarded worldwide. According to the statistics published by the Hong Kong International Arbitration Centre (HKIAC) (the main arbitral institution in Hong Kong), in 2024, 352 new arbitration cases were submitted to the HKIAC, with the total amount in dispute reaching approximately US$13.6 billion. Both figures represent a record high for the HKIAC. Parties from 53 jurisdictions participated in these arbitrations. In 86 per cent of these cases, at least one of the parties was not from Hong Kong; and in 14.5 per cent of these cases, neither party came from Asia. These figures demonstrate and reinforce Hong Kong’s status as a world class leading and popular international arbitration centre.      As there are many friends from the Mainland and other countries here tonight, I wish to stress that we adopt a very open policy and welcome lawyers from other jurisdictions to practise here in appropriate circumstances. As a matter of fact, there are already 83 foreign law firms and 1 571 foreign registered lawyers practising in Hong Kong. On the other hand, King’s Counsel from England come to Hong Kong from time to time on an ad hoc basis to appear in difficult and complex litigations.      Turning to arbitration, we place no restriction at all on the nationalities or professional qualifications of the parties, legal advisers or arbitrators to participate in arbitral proceedings in Hong Kong. As a further step to facilitate people from other places to take part in arbitrations in Hong Kong, starting from next month, individuals participating in arbitrations in Hong Kong may do so without the need to obtain any employment visa. These individuals include not only to parties to the arbitration, arbitrators and counsel, but also expert and factual witnesses, tribunal secretaries, and tribunal-appointed experts. And it does not matter that the seat of arbitration is indeed somewhere else so long as the arbitral proceedings take place physically in Hong Kong.      While I am very confident that Hong Kong’s legal system is unparalleled, and provides abundant opportunities to legal practitioners from not just Hong Kong but also the Mainland and other parts of the world, we recognise that there is no room for complacency. Therefore, we will spare no effort to further promote Hong Kong as an international legal and dispute resolution services centre as well as a capacity building centre. I am excited to say that the signing ceremony of the international treaty regarding the establishment of the International Organization for Mediation (IoMED) will take place in Hong Kong later this year. The establishment of the IoMED is the result of successful negotiations between China and a number of friendly states. Its headquarters will be located in Hong Kong, and it will be the world’s first intergovernmental international legal organisation dedicated to resolving international disputes of different natures through mediation.      In addition, the Department of Justice established the Hong Kong International Legal Talents Training Academy last November which aims at providing capacity building programmes, organising practical training courses, and international exchange programmes to promote sharing of knowledge and experience among legal talents in the region and beyond.      I think I have said enough, and it is time for you to enjoy your well-deserved dinner. To my dear friends coming from overseas, I do hope that, apart from taking part in this conference, you will have some spare time to explore our wonderful city. Seeing is believing. I am very confident that you will be convinced that Hong Kong has remained to be a very open and vibrant society full of energy, hopes and opportunities, as is always the case.       I wish you all a very pleasant evening. Thank you.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: DDG Ellard urges support for multilateral trading system amid geopolitical challenges

    Source: World Trade Organization

    Good morning, Chairman Lange, esteemed Members of the European Parliament, and the Steering Committee of the Interparliamentary Union.

    It is a privilege to be here with you today. I have a deep appreciation for the complexities of your work and the pivotal position you occupy in bringing together international institutions with the public you represent.

    As Parliamentarians, your engagement on WTO matters is essential — not only for shaping trade policy but for ensuring that our work delivers real and meaningful benefits to the public. Parliaments serve as the voice of the people in global trade discussions, and your leadership is crucial in making multilateralism both effective and responsive to the needs of your citizens.

    Today, as the WTO marks its 30th anniversary, and its 80th beginning as the GATT, I will focus on two pressing topics. First, I will describe the negotiating priorities outlined by the WTO’s Members as we gear up for the 14th Ministerial Conference, scheduled to take place in March next year in Cameroon. Second, I will touch upon the broader geopolitical context — a subject that I know is front and center.

    Fish

    Let me begin with a subject that is especially important to showing the success of the multilateral trading system for economic and environmental sustainability:  fisheries subsidies. One of our Members’ most pressing priorities is to ensure the entry into force of the Agreement on Fisheries Subsidies, while also advancing and completing the negotiations on the second phase, to achieve even deeper disciplines. These efforts are vital to protecting our oceans and promoting sustainable fishing practices worldwide.

    The landmark WTO Agreement on Fisheries Subsidies concluded at MC12 in 2022 brought WTO Members a major step closer to fulfilling the SDG 14.6 mandate by prohibiting subsidies to fishing activities considered to be among the most harmful to the sustainability of our oceans. It is estimated that USD 22 billion of harmful fisheries subsidies are provided each year. Through this Agreement, WTO Members have banned such subsidies provided to vessels involved in illegal, unreported, and unregulated (IUU) fishing, fishing of overfished stocks, and fishing in the unregulated high seas.

    IUU fishing accounts for approximately 20% of the world’s catch, depleting global fish stocks. Moreover, the FAO estimates that almost 38% of global fish stocks are overfished, and by some measures, the devastation is even higher. The AFS can help to reverse this significant and worsening loss of natural resources.

    However, the full potential of the Agreement will be realized only once it enters into force, which requires the acceptance of two-thirds (or 111) of WTO Members. To date, 90 Members have deposited their instruments of acceptance, bringing us within striking distance of our goal — we need just 21 more.

    I would like to sincerely thank the European Union for being among the first to accept the Agreement. In addition, generous contributions by the EU and its member States to the Fish Fund will support developing and least-developed Members with the implementation of the Agreement if they have deposited their acceptances. We are so close to entry into force but not quite there yet.  I strongly urge you to continue your leadership by encouraging and helping those who have not yet formally accepted the Agreement to do so as soon as possible. And for those here today from the IPU Steering Committee who have not deposited, please count on the WTO Secretariat to help you any way we can. We are aiming for the entry into force of the Agreement before the Third UN Ocean Conference (UNOC3), taking place in June in Nice, co-hosted by France and Costa Rica. The need to get this done is urgent, and we are counting on everyone to work to meet the goal.

    The second priority related to fisheries subsidies is concluding the second wave of negotiations on additional disciplines.

    At the WTO General Council meeting last December, it was clear that nearly all Members, with the exception of just a few, were ready to conclude the negotiations based on the most recent draft text circulated last November (TN/RL/W/285). While some Members have noted that the disciplines are not perfect, they still acknowledge the substantial value of the current package in curbing subsidies that contribute to overcapacity and overfishing. However, those Members that do not support the text have expressed fundamental differences.

    While no agreement is perfect and every Member may have aspects they wish to modify, it is in everyone’s interest to achieve an outcome. If Members fail to do so, the absence of disciplines on overcapacity and overfishing will mean continued deterioration of fish stocks for everyone. We are at a tipping point. 

    We remain committed to bringing this second wave of negotiations across the finish line and will continue to rely on the  constructive engagement of those present here today to make this a reality. Urgent action is needed for both economic and environmental sustainability.

    Dispute Settlement

    The second priority is reforming the WTO’s dispute settlement system to ensure that WTO rules remain meaningful for the benefit of all Members.

    At MC12 in 2022, WTO Members committed to having “a fully and well-functioning dispute settlement system accessible to all Members by 2024” and reiterated this objective at MC13 last year. This deadline has passed, and Members are currently working to establish a path forward. I wish to thank the European Union and others in this room for their constructive stance and continued engagement in the reform process.

    Following MC13, the reform of the DS system was formally advanced under the leadership of the Permanent Representative of Mauritius, who, together with six co-convenors at the expert level, worked to address outstanding issues. These included the topics of appeal/review, accessibility, and “works done thus far”. Since the departure of Mauritius’ Ambassador in last November, the General Council (GC) Chair continued to directly oversee the reform process, engaging with Members to gather perspectives on how to build upon the progress and further advance the reform.

    The reform process has already resulted in several draft texts different areas. Notably, Members have developed an advanced substantive draft on “Capacity Building” and “Technical Assistance”. This is crucial for enhancing the technical support we provide to developing Members. While Members made strides in the discussions surrounding appeal/review, this remains one of the more challenging aspects of the reform, and further efforts are needed to resolve the outstanding issues.

    I know that our Members are awaiting word from the United States as to its position. I remain hopeful that we will continue to make progress on this crucial work.

    In the meantime, the WTO continues to serve as the primary forum for resolving international trade disputes. Eight disputes are currently ongoing, along with eleven active consultations. We have also observed an increase in negotiated solutions among Members, with the panel process often serving as a catalyst for these agreements. The dispute settlement work at the WTO remains robust.

    Agriculture

    Third, it is vital that WTO Members make progress on agriculture.

    Agriculture is expected to be a central element on the MC14 agenda, especially because of its fundamental role in supporting food security and driving socio-economic development, particularly across the African continent. Consensus has remained out of reach as to the process and timeline for these negotiations. As the outgoing Chair of the negotiations outlined in his recent report (JOB/AG/265), rebuilding trust and setting credible targets is essential to progressively restoring an effective negotiating process and achieving an agricultural outcome in March 2025 in Yaoundé.

    Plurilateral initiatives

    The fourth priority is for Members to find a way to incorporate the results of plurilateral joint initiatives — the Investment Facilitation for Development (IFD) Agreement and the Agreement on E-commerce — into the WTO rulebook.

    These plurilateral initiatives represent the opportunity for like-minded Members to establish new and ambitious rules among themselves and break new ground within the WTO framework. They co-exist with the concept of multilateralism and do not reduce any WTO rights for non-participants.

    The IFD Agreement currently has 126 WTO Members as parties, including 90 developing and 27 LDC Members, as well as the EU. It aims to foster sustainable development by improving the investment climate through greater transparency and predictability and to facilitate investment flows, particularly to developing and LDC Members. The proponents of the Agreement seek to incorporate it into Annex IV of the WTO Agreement as a plurilateral agreement, with its benefits applied on an MFN basis to all WTO Members. Doing so requires consensus among our Members. However, a few Members have expressed opposition to its incorporation, citing systemic concerns and the impact on multilateralism. The proponents continue work to chart a path to integrate these important disciplines into the WTO rulebook.

    Ninety-one WTO Members, including the EU, have concluded negotiations on the text of the Agreement on Electronic Commerce and presented it to the General Council the day before yesterday for incorporation into the WTO rulebook. The Agreement aims at enabling electronic transactions and promoting digital trade facilitation, ensuring an open environment for digital trade, and promoting trust in e-commerce. It also has provisions on cooperation and development. As with IFD, a few Members oppose on systemic grounds.

    Multilateral work on e-commerce

    In terms of multilateral work on e-commerce, engagement continues under the multilateral Work Programme on Electronic Commerce, as outlined in the MC13 Decision, to be completed by MC14. In January, we held a Dedicated Discussion on bridging the digital divide, focusing on infrastructure, connectivity, and internet access. Another session in February will explore legal and regulatory frameworks, including consumer protection, privacy, and cybersecurity. These sessions aim to share national experiences, delve deeper into key themes, and reflect on actionable ideas. The goal is to identify concrete steps and recommendations for Ministers’ consideration at MC14.

    Another critical decision point is whether to extend the moratorium on the collection of duties on digital transmissions, set to expire on 31 March 2026 or at MC14, whichever comes first. In December, we convened a dedicated information session featuring input from the WTO Secretariat, IMF, UNCTAD, OECD, and South Centre. The session aimed to review existing studies on the moratorium’s impact, foster discussions on its scope and definition, and explore alternative taxation approaches. I encourage you to engage in an open dialogue and explore elements that could help establish a common ground to advance on this important issue.

    Development

    Each of these workstreams carries a strong development dimension, which remains a top priority for many of our Members, as developing countries make up two-thirds of our membership. Just a few weeks ago, WTO Members held a forward-looking retreat focused on leveraging trade as a tool for development and charting a path forward. We will build on this successful engagement in the lead up to MC14. 

    Geopolitical context

    Members of Parliaments, I would be remiss not to say anything about the current geopolitical situation and its impact on trade. We live in tumultuous times — times when trade measures and also countermeasures are announced and implemented within mere days, sometimes hours. The climate of uncertainty affects businesses that operate internationally and rely on supply chains spread across different corners of the world. Such volatility can disrupt economic stability, affect investment plans, and upset supply chains not only within Europe but across the globe.

    It is in times like these that a stable and predictable trading environment, anchored by the multilateral trading system and the World Trade Organization, is more necessary than ever. We were established and designed to promote transparency, stability, and predictability in global trade. Over the past 30 years, the WTO — which an entity composed of its Members — has been working diligently to uphold these principles, to secure a business environment that fosters growth and cooperation. The WTO continues to cover 80% of global trade, which remains unchanged despite recent developments. No single Member dominates the system — not even the United States, which accounts for 15.9% of global trade.

    Europe, with its commitment to open markets and a rules-based trading order, has been a cornerstone of the multilateral system and has long championed the cause of multilateralism and of a predictable trading environment.

    However, let us remember that the multilateral system cannot be taken for granted. Its strength and effectiveness is not automatic; it depends on you, its Members. Our estimates indicate that a collapse of the trading order could result in a staggering double-digit loss in global GDP. And even the mere presence of uncertainty chips away at our collective prosperity, eroding welfare bit by bit.

    That is why today, I appeal to you with an important reminder: the future of the multilateral trading system, and the WTO’s role as a guardian of security and predictability in global commerce, is in your hands.

    If you value the WTO, please help us deliver on the negotiating agenda I have just laid out.

    If you consider WTO rules inadequate or imperfect, I encourage you to collaborate with other Members to strengthen and improve them.

    If you think that your interests are being harmed by measures taken by other Members, I urge you to make full use of the WTO’s platform — whether through our committees, bilateral consultations, or the dispute settlement system — to address and resolve these issues constructively.

    And as you consider the application of your own trade measures, particularly in response to those taken by others, I urge you to remain level-headed and consider not just the immediate effects, but also the broader, long-term consequences, on consumers, industries, and the global trading system. And let us not forget the impact on developing countries — when elephants fight, the grass gets trampled. And that hurts the elephants too.

    In a time when trade is increasingly disrupted by unpredictable and destabilizing actions, your support is crucial in ensuring that the rules-based system we’ve worked so hard to build endures, ultimately benefiting all.  

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    MIL OSI Economics

  • MIL-Evening Report: I looked at 35 years of data to see how Australians vote. Here’s what it tells us about the next election

    Source: The Conversation (Au and NZ) – By Intifar Chowdhury, Lecturer in Government, Flinders University

    In the 2022 federal election, two demographics were key to the final outcome: women and young people.

    With another election fast approaching, will they swing the result again?

    To answer this question, I turned to the Australian Election Study (AES) data spanning the period from 1987 to 2022, to investigate how different demographics have voted over time.

    I found that, generally, Australian women and young people tend to favour left-of-centre parties.

    However, specific election issues can have a substantial impact, making the political context of each election crucial. So what can we expect this time around?

    Leaning to the left

    Last year highlighted a growing gulf in political leanings between the sexes worldwide.

    Young women are increasingly progressive. Young men – particularly Gen Z (born after 1994) – are leaning more conservative in many countries, including the United States, China, South Korea and Germany.

    My analysis of the Australian data mirrors global trends, but with a twist.

    Young Australian women are moving sharply to the left. But unlike in many other countries, young Australian men are also shifting left, just at a slower pace.

    Australia’s leftward move across generations is reflected in both self-placement on a left-right ideological scale, and in the vote in federal elections.

    In the 2022 Australian election, the Coalition received its lowest-ever share of the women’s vote at just 32%.

    Only 24.3% of Millennials (21.9% of men and 25.7% of women) voted for the Coalition in 2022.

    These are the lowest levels of support for either major party among younger people in the history of the survey.

    Among Gen Z, a slightly higher proportion of 24.6% voted for the Coalition (34.0% of men and 19.8% of women).

    What’s driving this?

    In theory, women’s leftward shift is driven by several factors. These include higher education levels, greater participation in professional work, and exposure to feminist values. Despite Australia’s post-industrial, egalitarian image, persistent gendered inequalities and discrimination also play a role.

    Meanwhile, young men’s move to the left can be attributed to progressive and egalitarian socialisation. Plus, unlike in other countries, Australia lacks Donald Trump-like figures who could mobilise anti-feminist or hardline conservative sentiments. This limits the expression of such views at an aggregate level.

    This leftward shift is, in part, a generational effect – or at least a reflection of the times.

    The generational angle is crucial, as the 2025 federal election will be the first in which Millennials and Gen Z together will outnumber Baby Boomers as the dominant voting bloc in Australia.

    This shift should shape how political parties campaign, whom they target, and which issues take centre stage.

    Policies are voter priorities

    My analysis highlights another important angle. Over the study period, voting decisions have increasingly been driven by policy issues, with 48% of Australians citing them as the primary factor. This is followed by party affiliation (29%), party leaders (14%) and local candidates (9%).

    In 2022, 54% of voters reported policy issues as the main factor influencing their choice.

    Across election years, I identified the most prominent and recurrent election issues that voters identified as influential. I added these issues to my model to see how people who care about these issues lean (left-right) and whether men and women differ in their political leanings (progressive-conservative). I also considered other factors known to impact voting, including:

    • sociodemographic factors (education, marital status, social class, home ownership and rural/urban residency)

    • familial socialisation (what their parents’ political preferences were)

    • social network factors (whether they’re religious or a member of a union)

    • electoral context (what each respondent said were the most important voting issues)

    Overall, women tend to be slightly more left-leaning on policy issues than men, and while this difference is statistically significant, it is small and the general trend holds across both sexes.

    Compared with Boomers, each successive generation is more likely to vote for a left party. Gen Z is the most left-leaning (though their smaller sample size warrants some caution in interpretation).

    So who votes for whom?

    Unsurprisingly, people vote according to who they think will best address the policy areas they care about most.

    Those prioritising interest rates, taxation or economic management favour right-wing parties. Voters most concerned with health, Medicare and climate change are more likely to vote for the left.

    Education, class and social networks matter, too. Highly educated, working-class, non-religious and union-affiliated voters tend to support left parties. So, too, do those raised in left-leaning households.

    While the size of these effects varies slightly between men and women, the overall direction remains the same.

    How might this play out in 2025?

    The thing about election issues is that they are highly time-sensitive. Take the GST: it was one of the defining issues of the 1998 election, yet was largely irrelevant after 2004.

    In recent years, left-leaning issues — the environment, health and Medicare — were more likely to be front-of-mind when Australians all of ages headed to the polls. This gives Labor and the Greens an issue-owner advantage.

    Cost of living (spanning day-to-day expenses, interest rates and housing affordability) has now become the defining issue of this election cycle. At first thought, among the two major parties, the Coalition is traditionally seen as a better economic manager.

    However, my analysis from 2022 election data shows that, compared with the 2019 election, fewer people considered the Coalition the best manager of the economy among those who considered it the most important election issue.

    Further, for the first time in the past five elections, a majority of the voters perceived Labor as more aligned with their own views on immigration, refugees and asylum seekers. These issues, historically seen as Coalition strongholds, are also likely to be key this time around.

    For the Coalition, this is bad news. But for Labor, the challenge is twofold: retaining younger, progressive voters while addressing broader economic anxieties.

    With growing voter volatility and a diminished sense of party loyalty, neither major party can rely on a stable base.

    Australians are increasingly willing to shift allegiances, including to the increasing supply of independent alternatives. Both Prime Minister Anthony Albanese and Opposition Leader Peter Dutton will have to convince voters they have the best solutions for the key issues.

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

    ref. I looked at 35 years of data to see how Australians vote. Here’s what it tells us about the next election – https://theconversation.com/i-looked-at-35-years-of-data-to-see-how-australians-vote-heres-what-it-tells-us-about-the-next-election-249368

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Europe: President von der Leyen at the CARICOM Leaders’ Summit to strengthen partnership between the European Union and the Caribbean

    Source: European Commission

    European Commission Press release Brussels, 20 Feb 2025 During the first-ever visit of a European Commission President to the Caribbean, European Commission President Ursula von der Leyen reaffirmed Europe’s commitment to deepening its relations and partnership with the region.

    At the invitation of Caribbean Community (CARICOM) Chair, Barbados Prime Minister Mia Mottley, President von der Leyen met the 15 leaders of the Caribbean Community during the 48th Regular Meeting of the CARICOM.  The visit aims at further strengthening the EU’s presence in the region and lay the groundwork for the EU-CELAC Summit, planned for later this year.  

    In a new era of harsh geostrategic competition, Europe stands for openness, partnership and outreach. The visit took place in the context of the Commission’s effort to build new partnerships and strengthen old ones, which includes recent agreements with Mercosur, Mexico and Malaysia.

    President von der Leyen said: “Europe and the Caribbean may be an ocean apart, but we are close allies. We share so many interests and values, including our mutual support for Ukraine. Europe stands with the Caribbean countries in the fight against climate change, protecting nature and biodiversity, strengthening trade, and boosting investments through Global Gateway. Europe wants to be a fair and trusted partner for all regions of the world that want to work with us.”

    President von der Leyen also discussed with Caribbean partners the situation in Haiti. She underlined the EU’s commitment to Haiti’s recovery and security and its support to CARICOM efforts in this regard. In this context, a package of €19.5 million EU support was announced during the visit. This new financial support will complement ongoing efforts to deliver essential services to Haitians as well as support the country’s macroeconomic stability.

    President von der Leyen highlighted the EU’s commitment to supporting Caribbean partners in fighting climate change and its devastating impact on the islands. As the leading provider of climate finance, the EU is determined to work together on innovative financing, while promoting private sector investments.

    At global level, the EU and the Caribbean are stepping up their energy partnership following the launch of the Global Energy Transition Forum by President von der Leyen in Davos last month. She welcomed the 8 countries (Barbados, Guyana, Grenada, Haiti, Jamaica, Saint Kitts and Nevis, Saint Vincent and the Grenadines, Dominica)* that joined the forum during the summit, committing to action to meet the global targets of tripling renewable energy capacity and doubling energy efficiency by 2030.

    During the visit, President von der Leyen underscored the reliability of the EU as a trade and investment partner to the region working together on mutually beneficial projects. President von der Leyen launched several projects under Europe’s Global Gateway strategy on renewable energy, digital transformation, pharmaceutical production and economic resilience. The projects will invest in a stronger, greener and better connected Caribbean.

    Key Global Gateway projects in the Caribbean

    Expanding Renewable Energy: Global Gateway energy projects are underway in 13 Caribbean countries, leveraging European expertise, technology, and financing tools. In this context, President von der Leyen and Prime Minister Mottley announced a €160 million green hydrogen storage project by the French company HDF Energy, the first of its kind in the Caribbean.

    Advancing the Digital Agenda: The EU and the Caribbean are strengthening their digital partnership with the signing of a Memorandum of Understanding (MoU) between the Caribbean and the European satellite company Hispasat during the CARICOM meeting. It will improve the Caribbean’s satellite internet connectivity and sovereignty within the framework of the EU–LAC Digital Alliance. As part of this initiative, the EU and Spain will provide a €10 million grant to support satellite broadband expansion and promote digital inclusion across the region.

    Developing Local Pharmaceutical Production: The EU’s €8.9 million investment to promote local production and regulatory alignment with European standards was also taken forward in the framework of the CARICOM meeting. A joint declaration to cooperate on twinning Caribbean and EU regulatory agencies, capacity-building initiatives, and research collaborations was signed during the meeting. Additionally, the first investment from a European pharmaceutical company, Biomed X in Barbados, will support research and manufacturing, further reinforcing the region’s health resilience.

    Supporting Post-Hurricane Reconstruction: As part of the assistance given to Grenada in rebuilding Carriacou and Petite Martinique after Hurricane Beryl, the EU is supporting the islands to become 100% powered by renewable energy. This initiative will serve as a global model for small islands striving for climate resilience.

    Combating the Sargassum Challenge: The EU, in collaboration with regional partners, is transforming the environmental and economic challenge of sargassum seaweed into an opportunity for sustainable development. Through an ongoing €386 million Global Gateway initiative, the EU is working with financial institutions such as the European Investment Bank and the private sector to develop sustainable value chains for sargassum, particularly in Grenada.

    For More Information

    Opening remarks by President von der Leyen at the opening ceremony of the 48th Regular Session of the Conference of CARICOM

    Statement by President von der Leyen at the joint press conference with Barbadian Prime Minister Mottley

    * Updated on 20/02/2025 at 14:55

     Europe and the Caribbean may be an ocean apart, but we are close allies. We share so many interests and values, including our mutual support for Ukraine. Europe stands with the Caribbean countries in the fight against climate change, protecting nature and biodiversity, strengthening trade, and boosting investments through Global Gateway. Europe wants to be a fair and trusted partner for all regions of the world that want to work with us.

    Ursula von der Leyen, President of the European Commission

    MIL OSI Europe News

  • MIL-OSI United Nations: From suits to social justice: World’s top human rights forum turns stage over

    Source: United Nations 2

    Trading suits, ties and debates for DJ turntables, bright traditional Indigenous garb and ancient instruments, three performers – an anthropologist, an R&B singer and a genre-defying artist – showcased their music and messages at the Stand Up for Social Justice event to celebrate the World Day of Social Justice, marked annually on 20 February.

    It took place in front of hundreds of people in the emblematic Human Rights and Alliance of Civilizations Room, where high-stakes diplomacy happens throughout the year.

    The world needs more diverse platforms like the UN “so that transculturality can exist”, said Brisa Flow, a Chilean-born Mapuche artist who got her first break in rap battles in Brazil, following her intense musical performance.

    “We need more empathy and to listen more to Indigenous Peoples in order to better understand how to take care of our territories that need care, not just in terms of water, food and land, but also our children and our elders,” said the São Paulo-based singer, rocking a green marble-printed manicure.

    “We need to be in spaces where everything we speak about is not just a utopia, where hope, which exists, can be heard and considered.”

    Calls for change around the world

    Ms. Flow joined French-speaking Geneva-born R&B revelation Ocevne (pronounced Océane) and anthropologist-cum-poet Idjahure Terena in delivering powerful music and personal messages inspired by social justice while helping to link local realities to issues of a global scale.

    Echoing the Day’s 2025 theme Strengthening a Just Transition for a Sustainable Future, the event was co-organised by UNRISD, an independent UN research institute focusing on development issues, and Antigel, a Geneva-based music festival designed to make culture more accessible.

    The messages from the young people on stage did just that, with electrifying performances and calls for change around the world.

    For Ocevne, 28, the message was about equality.

    “The simplest way I could define it is simply the right to equal opportunities,” she said. “No matter your background, where you come from, who you are, your gender, everything, we all have the right to that opportunity.”

    © City of Geneva/ANTIGEL/Giona

    Ocevne warming up the room at the Stand Up for Social Justice event.

    ‘No climate justice without social justice’

    Climate justice was another recurring theme throughout the event, an issue highlighted by Mr. Terena, a doctoral student in social anthropology at the University of São Paulo and poet who spends much of his time defending the rights of his community and others.

    “There is no climate justice without social justice,” he told the audience. “We know that standing forests are the simplest and most efficient solution for fighting global warming.”

    The young researcher slammed the impact of mining companies and agribusinesses on his ancestral land that belongs to the Terena people of Brazil in the Pantanal region of Mato Grosso do Sul.

    “This is not just a territorial issue, but a matter of physical and cultural survival for our peoples and for humanity as indigenous lands represent the most important areas of biodiversity,” he said, inviting the audience to fight for a “common, diverse living world”.

    © Courtesy of Idjahure Terena

    Idjahure Terena playing the japurutu flute with his father-in-law Francisco Baniwa in Brazil.

    ‘The future is going to be very hot’

    Indeed, “the future is going to be very hot,” said Ms. Flow, adding that “it is already very hot in Brazil, and this is urgent for us because without water, we cannot live, and without food, [we cannot] either.”

    Advocating for issues affecting indigenous communities, including the burning impacts of climate change on the natural resources of her home country, she said collectively not enough is getting done.

    “We need more communication and more exchanges. By exchanges, I mean listening, speaking, listening, speaking and thinking about new ways of living well so that we can keep heading into the future.”

    © Giselle Dietze

    Brazilian federal deputy Célia Xakriabá (right) performs with artist Brisa Flow at the Stand Up for Social Justice concert.

    Amplifying marginalised voices

    The event is the brainchild of the UN Research Institute for Social Development (UNRISD) Head of communications chief Karima Cherif, who wanted to bridge art and research through the initiative.

    She says her institute works with scholars from the global South to ensure that the voices and expertise of minorities are heard.

    “We’re giving voices to the marginalised and the youth,” explained Ms. Cherif, who sees art as a way to “translate what we do in a language that can touch hearts”.

    ‘Never give up’

    Thuy-San Dinh, who heads Antigel, echoed her vision and encouraged the young audience to pursue their goals, recalling when she co-created the annual event 15 years ago.

    “You have to believe in your ideas and never give up,” Ms. Dinh said.

    Melanie Rouquier, who created SHAP SHAP, a non-profit that fights global inequality and discrimination through cultural projects, told several activists in the room that each of their actions showed citizen engagement was not a lost cause.

    “To resist, we have to get together,” she said.

    © City of Geneva/ANTIGEL/Giona

    Brisa Flow playing a traditional instrument at the Stand Up for Social Justice concert in Geneva in February 2025.

    Connecting generations

    For Aryan Yasin, a designer from Geneva who founded a cultural non-profit supporting disadvantaged youth, the show was an opportunity for cross-pollination and broadening his network by connecting with UN staff.

    The exceptional venue “is not a place where you would necessarily see young people”, he said. “But, that actually allows us to create an intergenerational connection, with people who are more experienced, more established,” he added.

    After the show, management student Ludivine said she was mesmerised by the experience. Putting on a concert with one of her favourite artists there to denounce inequalities “makes sense… because at the UN, people get together to talk about inequalities around the world.”

    © Courtesy of Brisa Flow

    Ms. Flow (right) at a protest by the Guarani people of Brazil.

    What is social justice?

    After the event ended, doctoral students Beatrice and Thomas shared what the concept of social justice, which can seem quite abstract, meant to them.

    “It’s about recognising and taking differences into account while ensuring that everyone has the same access” to the same opportunities, said Beatrice, from Italy, who studies at École Polytechnique Fédérale de Lausanne.

    “That may mean that some people will need more support, while others may not need as much, but have different needs.”

    Thomas offered a more societal vision of the idea.

    “For me, it’s something that is both individual and collective – something that must be built as a society. It is entirely dependent on the structures we have put in place, but it also relies on everything that is local.”

    Read our social justice explainer here.

    ‘We need to be united’

    Ahead of the concert, Tatiana Valovaya, Director-General of the UN Office at Geneva set the tone in her opening remarks in the Human Rights and Civilisation Room.

    “This room sees a lot of very important and challenging negotiations,” she told the audience. “But, today we open this room to everyone.”

    Geneva Mayor Christina Kitsos, whose term is guided by the motto “what connects us”, reminded the youthful audience of the UN’s fundamental role despite the worrying rise of “desire to undermine all the work [that has been done] around humanitarian aid and human rights”.

    “We need to be united, strong and truly hopeful and courageous to ensure that we stay the course, that we remain a beacon in this world in turmoil,” she said.

    MIL OSI United Nations News

  • MIL-OSI Europe: Written question – DSA enforcement on harmful content, including suicide, on TikTok – E-000641/2025

    Source: European Parliament

    Question for written answer  E-000641/2025
    to the Commission
    Rule 144
    Axel Voss (PPE)

    Several mental health specialists in Germany have alerted me to the fact that illegal and harmful content is still available on TikTok, despite the implementation of the Digital Services Act. In fact, content including graphic content of suicide and self-harm can still be found easily on TikTok, as well as other depressing content, e.g. of children expressing their wish to commit suicide. No trigger warnings are in place, nor are these videos taken down, even after being flagged as illegal content. Instead, the algorithm produces even more of this type of content on the ‘For You’ page.

    • 1.How does the Commission respond to the fact that not only harmful but also illegal content is still easily accessible on one of the most widely used social media platforms in the EU?
    • 2.When is such content taken down?
    • 3.And how can the Commission ensure that it is not possible to upload such content?

    Submitted: 12.2.2025

    Last updated: 20 February 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Is there really a plan to merge the European Health Emergency Preparedness and Response Authority (HERA)? – E-000664/2025

    Source: European Parliament

    Question for written answer  E-000664/2025
    to the Commission
    Rule 144
    Dimitris Tsiodras (PPE)

    Report 12/2024[1] of the European Court of Auditors assessing the preparedness for and policies to deal with the COVID-19 pandemic shows that the EU cannot yet be considered fully prepared to manage serious cross-border threats and public health emergencies, underlining the importance of coordinated action.

    However, in the last few days, there has been an increase in the number of publications talking about the possibility of a merger of the European Authority for Preparedness and Response to Emergency Health Situations with the European Commission’s Directorate-General for Civil Protection and Humanitarian Aid Operations. To date, 11 Member States, including Greece, have expressed grave concerns regarding the above possibility, pointing out the risk of undermining the EU’s ability to respond adequately to health emergencies.

    In light of this:

    • 1.Does the Commission really intend to proceed with the aforementioned merger plan?
    • 2.If so, what will be the implications for the provision of financial support for actions aimed at strengthening the EU’s health security framework?
    • 3.How does the Commission intend to ensure that there are adequate coordination mechanisms to help the EU respond quickly and effectively to future major public health emergencies?

    Submitted: 12.2.2025

    • [1] https://www.eca.europa.eu/ECAPublications/SR-2024-12/SR-2024-12_en.pdf
    Last updated: 20 February 2025

    MIL OSI Europe News

  • MIL-OSI Europe: EIB supports Bratislava in modernizing its water supply and wastewater management infrastructure

    Source: European Investment Bank

    • Investments ensures safe and reliable water supply and wastewater management, addressing climate change challenges, while also improving the protection of the Danube
    • EIB financing will improve efficiency of city’s water company Bratislavská vodárenská spoločnosť (BVS) by reducing its energy costs with further utilization of green fuel sources.
    • This is the first direct cooperation between EIB and a municipal company in Bratislava to boost investments in the water sector.

    European Investment Bank (EIB), one of the world’s largest multilateral investors in the water sector, is providing EUR 50 million in Bratislava municipal water utility company Bratislavská vodárenská spoločnosť (BVS) for necessary upgrades and extensions of its water supply and wastewater infrastructure. The financing will help aligning Bratislava water and wastewater management with EU regulations, ensuring the highest quality of drinking water in the city and also allow the BVS to increase utilization of green, biomass energy sources. 

    The modernization programme aims to increase the reliability of water supply for nearly half a million residents and businesses in Bratislava, Slovakia`s main business hub. It also fosters environmental responsibility, by making the city more resilient to adverse effects of climate change and allows BVS to further increase its efficiency and reduce its energy costs.

    “EIB cooperation with BVS means people and businesses in Bratislava can look forward to cleaner water, efficient wastewater management and eco-friendly practices that enhance the city’s quality of life,” said EIB Vice-President Kyriacos Kakouris. “Modern water management is crucial to ensuring the strength and sustainability of urban centres across the EU including Bratislava.”

    “The cooperation approval followed thorough preparation and extensive communication with the EIB. This financing is significantly more cost-effective for us compared to commercial banks. This partnership with BVS is expected to play a crucial role in achieving our ambitious goals of improving our customer services and supporting the environment in our operational area,” said CEO of BVS Ladislav Kizak.
     

    A modern water and wastewater infrastructure for Bratislava

    The modernization project financed by EIB will include the replacement of aging infrastructure with advanced, efficient technologies designed to minimize water loss and improve distribution efficiency as well as expansion of the BVS` network to accommodate the needs from the steadily expanding city.  Expansion of the water supply network will also increase protection of surface and underground waters in metropolitan Bratislava as well as improve protection of the Danube.

    Additionally, the adoption of biomass energy sources will significantly reduce the utility’s carbon footprint, aligning with the city’s commitment to climate action.

    Background information 

    European Investment Bank: The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.

    The EIB is one of the largest lenders to the global water sector, with over €88 billion invested in more than 1 700 projects improving sanitation, providing access to safe drinking water and reducing the risk of flooding.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security. 

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment. 

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers

    Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    Bratislavská vodárenská spoločnosť (BVS): Bratislavská vodárenská spoločnosť, a.s. (BVS) supplies drinking water to approximately 740 000 regular customers in 118 municipalities across western Slovakia. It draws water primarily from exceptionally high-quality underground sources. Thanks to its advantageous location near the Danube River and the unique gravel-sand subsoil, these water sources are both high-quality and abundant. The 60 water sources that BVS currently operates could technically cover the consumption of more than half of Slovakia. The network of more than 3 200 kilometers of water pipes transports water in 130 water reservoirs and to its customers.

    The second key task of BVS is disposing of wastewater in municipalities connected to the public sewage network. For this purpose, more than 1 800 kilometers of sewer pipes are used, which transport wastewater to 23 wastewater treatment plants. One is the Central Wastewater Treatment Plant in Vrakuňa, the most significant Slovak wastewater treatment plant, with a capacity of 172 800 m3 per day, or 2 000 l per second.

    BVS controls the quality of drinking and treated wastewater in its accredited laboratories.

    BVS’s shares are owned by 89 shareholders, that are cities and municipalities from the region where BVS operates. The City of Bratislava is the majority shareholder, with a share of 59,29 percent. BVS itself holds more than 8 percent of its shares.

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Deluge of SLAPPs and absurd claims against independent media in Greece – E-002138/2024(ASW)

    Source: European Parliament

    The Anti-SLAPP ( Strategic lawsuits against public participation) Directive[1] and Recommendation[2] provide together a solid toolbox of safeguards and measures to fight against SLAPPs in the EU and to protect persons who engage in public participation. The implementation of these two instruments is an important priority for the Commission.

    The directive entered into force on 6 May 2024 and Member States are expected to transpose it into their national law by 7 May 2026 . In accordance with the EU legal basis allowing the EU to take measures in this area, the directive covers SLAPPs with cross-border implications.

    With a view to expand protection to other cases of SLAPP, the Commission has called on all Member States to ensure that their applicable framework provides for the necessary safeguards also in domestic cases .

    Measures to follow up on the implementation of the recommendation started immediately after its adoption and the Commission is working with all Member States, including Greece, to this end[3].

    The Commission also monitors the situation on the ground in the framework of its annual Rule of Law Reports. In the 2024 Rule of Law Report[4], the Commission recommended to Greece to further advance with the process of adopting legislative and non-legislative safeguards to improve the protection of journalists, in particular as regards abusive lawsuits against journalists and their safety, in line with the adopted Memorandum of Understanding and taking into account European standards on the protection of journalists.

    The Commission closely follows developments in this area and will provide an up-to-date assessment in its 2025 Report.

    • [1] Directive (EU) 2024/1069 of the European Parliament and of the Council of 11 April 2024 on protecting persons who engage in public participation from manifestly unfounded claims or abusive court proceedings (Strategic lawsuits against public participation).
    • [2] C/2022/2428.
    • [3] A first overview of the information received by the Commission from Member States has been issued at the end of 2024, see SWD(2024)292.
    • [4] COM(2024) 800 final.
    Last updated: 20 February 2025

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  • MIL-OSI Europe: Answer to a written question – Worrying statements regarding national courts by the Commissioner for Democracy, Justice and the Rule of Law – E-002917/2024(ASW)

    Source: European Parliament

    In line with the provisions of Article 19(1) of the Treaty on European Union and Article 267 of the Treaty on the Functioning of the EU, national courts and tribunals, in collaboration with the Court of Justice of the European Union, are entrusted with the interpretation and application of EU law[1].

    As such, national courts and tribunals act in a double capacity, as national and as EU courts. The national and EU legal systems form a common legal order[2], providing EU citizens with complete and effective legal protection.

    • [1] See, inter alia, Court of Justice of the European Union, judgment of 24 June 2019, Case C-619/18, ECLI:EU:C:2019:531, Commission v Poland, para. 71.
    • [2] Court of Justice of the European Union, judgment of 16 February 2022, Case C-156/21, Hungary v Parliament and Council, ECLI:EU:C:2022:97, para. 127.
    Last updated: 20 February 2025

    MIL OSI Europe News