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  • MIL-OSI: Greystone Housing Impact Investors Reports Fourth Quarter 2024 and Annual 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., Feb. 20, 2025 (GLOBE NEWSWIRE) — On February 20, 2025, Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced financial results for the three months and year ended December 31, 2024.

    Financial Highlights

    The Partnership reported the following results as of and for the three months ended December 31, 2024:

    • Net income of $0.39 per Beneficial Unit Certificate (“BUC”), basic and diluted
    • Cash Available for Distribution (“CAD”) of $0.18 per BUC
    • Total assets of $1.58 billion
    • Total Mortgage Revenue Bond (“MRB”) and Governmental Issuer Loan (“GIL”) investments of $1.25 billion

    The difference between reported net income per BUC and CAD per BUC is primarily due to the treatment of unrealized gains on the Partnership’s interest rate derivative positions. Unrealized gains of approximately $7.0 million are included in net income for the three months ended December 31, 2024. Unrealized gains are a result of the impact of increased market interest rates on the calculated fair value of the Partnership’s interest rate derivative positions. Unrealized gains and losses do not affect our cash earnings and are added back to net income when calculating the Partnership’s CAD. The Partnership received net cash from its interest rate derivative positions totaling approximately $1.3 million during the fourth quarter.

    The Partnership reported the following results for the year ended December 31, 2024:

    • Net income of $0.76 per BUC, basic and diluted
    • CAD of $0.95 per BUC

    In December 2024, the Partnership announced that the Board of Managers of Greystone AF Manager LLC declared a regular quarterly distribution to the Partnership’s BUC holders of $0.37 per BUC. The distribution was paid on January 31, 2025, to BUC holders of record as of the close of trading on December 31, 2024.

    Management Remarks

    “2024 was a challenging year from a number of different perspectives,” said Kenneth C. Rogozinski, the Partnership’s Chief Executive Officer. “The conditions in the multifamily markets, both higher interest rates and operating expenses, presented challenges to our joint venture equity investments. Interest rate volatility also impacted the efficiency of some of our securitization transactions. However, we are encouraged by the opportunities that we are starting to see in 2025. The dedicated pool of capital that we have from the new BlackRock construction lending joint venture is a powerful new tool for us to serve our affordable housing developer relationship base.”

    Recent Investment and Financing Activity

    The Partnership reported the following updates for the fourth quarter of 2024:

    • Advanced funds on MRB and taxable MRB investments totaling $36.8 million.
    • Advanced funds on GIL, taxable GIL and property loan investments totaling $32.0 million.
    • Advanced funds to joint venture equity investments totaling $11.2 million.
    • Received proceeds from the sale of an MRB totaling $11.5 million.
    • Entered into the 2024 PFA Securitization Transaction representing fixed rate, matched term, non-recourse and non-mark to market debt financing totaling $75.4 million.

    In January 2025, the Partnership received proceeds from the sale of Vantage at Tomball located in Tomball, Texas, totaling $14.2 million, inclusive of the Partnership’s initial investment commitment made in August 2020. The Partnership estimates it will not recognize any gain, loss, or CAD upon sale.

    Investment Portfolio Updates

    The Partnership announced the following updates regarding its investment portfolio:

    • All MRB and GIL investments are current on contractual principal and interest payments and the Partnership has received no requests for forbearance of contractual principal and interest payments from borrowers as of December 31, 2024.
    • The Partnership continues to execute its hedging strategy, primarily through interest rate swaps, to reduce the impact of changing market interest rates. The Partnership received net payments under its interest rate swap portfolio of approximately $1.3 million and $6.5 million during the three months and year ended December 31, 2024, respectively. From January 1, 2023 through December 31, 2024, the Partnership received net swap payments totaling $12.3 million or approximately $0.53 per BUC.
    • Six joint venture equity investment properties have completed construction, with three properties having previously achieved 90% occupancy. Four of the Partnership’s joint venture equity investments are currently under construction or in development, with none having experienced material supply chain disruptions for either construction materials or labor to date.

    Earnings Webcast & Conference Call

    The Partnership will host a conference call for investors on Thursday, February 20, 2025 at 4:30 p.m. Eastern Time to discuss the Partnership’s Fourth Quarter and full-year 2024 results.

    For those interested in participating in the question-and-answer session, participants may dial-in toll free at (877) 407-8813. International participants may dial-in at +1 (201) 689-8521. No pin or code number is needed.

    The call is also being webcast live in listen-only mode. The webcast can be accessed via the Partnership’s website under “Events & Presentations” or via the following link:
    https://event.choruscall.com/mediaframe/webcast.html?webcastid=T0wdPGmd

    It is recommended that you join 15 minutes before the conference call begins (although you may register, dial-in or access the webcast at any time during the call).

    A recorded replay of the webcast will be made available on the Partnership’s Investor Relations website at http://www.ghiinvestors.com.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022 (the “Partnership Agreement”), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

    Safe Harbor Statement

    Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and the Israel-Hamas war) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the aggregate effect of elevated inflation levels over the past several years, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in continued elevated interest rate levels and increased market volatility; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.

    If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

    GREYSTONE HOUSING IMPACT INVESTORS LP
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)
     
        For the Three Months Ended
    December 31,    		     For the Years Ended December 31,
        2024     2023     2024     2023    
    Revenues:                                
      Investment income $ 20,056,000     $ 20,010,343     $ 80,976,706     $ 82,266,198    
      Other interest income   2,199,643       1,034,638       9,509,307       17,756,044    
      Property revenues   –               –       4,567,506    
      Other income   330,381       60,702       785,386       310,916    
    Total revenues   22,586,024       25,184,617       91,271,399       104,900,664    
    Expenses:                                
      Real estate operating (exclusive of items shown below)   –       573,255       –       2,663,868    
      Provision for credit losses (Note 10)   (24,000 )     (466,000 )     (1,036,308 )     (2,347,000 )  
      Depreciation and amortization   5,967       313,626       23,867       1,537,448    
      Interest expense   15,840,620       16,849,384       60,032,007       69,066,763    
      Net result from derivative transactions (Note 15)   (8,239,844 )     7,168,413       (8,495,426 )     (7,371,584 )  
      General and administrative   4,787,849       4,889,014       19,652,622       20,399,489    
    Total expenses   12,370,592       29,327,692       70,176,762       83,948,984    
    Other income:                                
      Gain on sale of real estate assets   –       10,363,363       63,739       10,363,363    
      Gain on sale of mortgage revenue bond   1,207,673       –       2,220,254       –    
      Gain on sale of investments in unconsolidated entities   60,858       –       117,844       22,725,398    
      Earnings (losses) from investments in unconsolidated entities   (1,315,042 )     (17,879 )     (2,140,694 )     (17,879 )  
    Income before income taxes   10,168,921       6,202,409       21,355,780       54,022,562    
      Income tax expense (benefit)   36,398       (1,515 )     32,447       10,866    
    Net income   10,132,523       6,203,924       21,323,333       54,011,696    
      Redeemable Preferred Unit distributions and accretion   (741,477 )     (622,590 )     (2,991,671 )     (2,868,578 )  
    Net income available to Partners $ 9,391,046     $ 5,581,334     $ 18,331,662     $ 51,143,118    
                                       
    Net income available to Partners allocated to:                                
      General Partner $ 390,766     $ 75,252     $ 479,602     $ 3,589,447    
      Limited Partners – BUCs   8,937,983       5,472,230       17,587,205       47,209,260    
      Limited Partners – Restricted units   62,297       33,852       264,855       344,411    
        $ 9,391,046     $ 5,581,334     $ 18,331,662     $ 51,143,118    
    BUC holders’ interest in net income per BUC, basic and diluted $ 0.39     $ 0.24   ** $ 0.76   * $ 2.06   **
    Weighted average number of BUCs outstanding, basic   23,115,162       22,947,795   **   23,071,141   *   22,929,966   **
    Weighted average number of BUCs outstanding, diluted   23,115,162       22,947,795   **   23,071,141   *   22,929,966   **
       
    * The amounts indicated above have been adjusted to reflect the distribution completed on April 30, 2024 in the form of additional BUCs at a ratio of 0.00417 BUCs for each BUC outstanding as of March 28, 2024 on a retroactive basis.
       
    ** On July 31, 2023, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00448 BUCs for each BUC outstanding as of June 30, 2023 (the “Second Quarter 2023 BUCs Distribution”). On October 31, 2023, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00418 BUCs for each BUC outstanding as of September 29, 2023 (the “Third Quarter 2023 BUCs Distribution”). On January 31, 2024, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00415 BUCs for each BUC outstanding as of December 29, 2023 (the “Fourth Quarter 2023 BUCs Distribution”, collectively with the Second Quarter 2023 BUCs Distribution and the Third Quarter BUCs Distribution the “2023 BUCs Distributions”). The amounts indicated above have been adjusted to reflect the 2023 BUCs Distributions on a retroactive basis.
       

    Disclosure Regarding Non-GAAP Measures – Cash Available for Distribution

    The Partnership believes that CAD provides relevant information about the Partnership’s operations and is necessary, along with net income, for understanding its operating results. To calculate CAD, the Partnership begins with net income as computed in accordance with GAAP and adjusts for non-cash expenses or income consisting of depreciation expense, amortization expense related to deferred financing costs, amortization of premiums and discounts, fair value adjustments to derivative instruments, provisions for credit and loan losses, impairments on MRBs, GILs, real estate assets and property loans, deferred income tax expense (benefit), and restricted unit compensation expense. The Partnership also adjusts net income for the Partnership’s share of (earnings) losses of investments in unconsolidated entities as such amounts are primarily depreciation expenses and development costs that are expected to be recovered upon an exit event. The Partnership also deducts Tier 2 income (see Note 23 to the Partnership’s consolidated financial statements) distributable to the General Partner as defined in the Partnership Agreement and distributions and accretion for the Preferred Units. Net income is the GAAP measure most comparable to CAD. There is no generally accepted methodology for computing CAD, and the Partnership’s computation of CAD may not be comparable to CAD reported by other companies. Although the Partnership considers CAD to be a useful measure of the Partnership’s operating performance, CAD is a non-GAAP measure that should not be considered as an alternative to net income calculated in accordance with GAAP, or any other measures of financial performance presented in accordance with GAAP.

    The following table shows the calculation of CAD (and a reconciliation of the Partnership’s net income, as determined in accordance with GAAP, to CAD) for the three months and years ended December 31, 2024 and 2023 (all per BUC amounts are presented giving effect to the BUCs Distributions described in Note 23 of the consolidated financial statements on a retroactive basis for all periods presented):

        For the Three Months Ended
    December 31,    		     For the Years Ended December 31,
        2024     2023     2024     2023    
    Net income $ 10,132,523     $ 6,203,924     $ 21,323,333     $ 54,011,696    
    Unrealized (gains) losses on derivatives, net   (6,978,561 )     9,994,292       (2,097,900 )     3,173,398    
    Depreciation and amortization expense   5,967       313,626       23,867       1,537,448    
    Provision for credit losses (1)   (24,000 )     (466,000 )     (867,000 )     (2,347,000 )  
    Reversal of gain on sale of real estate assets (2)   –       (10,363,363 )     –       (10,363,363 )  
    Amortization of deferred financing costs   466,105       710,271       1,653,805       2,461,713    
    Restricted unit compensation expense   436,052       473,127       1,891,633       2,013,736    
    Deferred income taxes   1,164       2,796       2,435       (362 )  
    Redeemable Preferred Unit distributions and accretion   (741,477 )     (622,590 )     (2,991,671 )     (2,868,578 )  
    Tier 2 income allocable to the General Partner (3)   (309,858 )     (19,439 )     (309,858 )     (3,248,148 )  
    Recovery of prior credit loss (4)   (17,156 )     (17,156 )     (69,000 )     (68,812 )  
    Bond premium, discount and acquisition fee amortization, net
       of cash received    		   (90,310 )     (42,900 )     1,247,066       (182,284 )  
    (Earnings) losses from investments in unconsolidated entities   1,315,042       17,879       2,140,694       17,879    
    Total CAD $ 4,195,491     $ 6,184,467     $ 21,947,404     $ 44,137,323    
                                       
    Weighted average number of BUCs outstanding, basic   23,115,162       22,947,795       23,071,141       22,929,966    
    Net income per BUC, basic $ 0.39     $ 0.24     $ 0.76     $ 2.06    
    Total CAD per BUC, basic $ 0.18     $ 0.27     $ 0.95     $ 1.92    
    Cash Distributions declared, per BUC $ 0.37     $ 0.367     $ 1.478     $ 1.46    
    BUCs Distributions declared, per BUC (5) $ –     $ 0.07     $ 0.07     $ 0.21    
       
    (1) The adjustments reflect the change in allowances for credit losses which requires the Partnership to update estimates of expected credit losses for its investment portfolio at each reporting date. In connection with the final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB in July 2024, the Partnership recovered approximately $169,000 of its previously recognized allowance credit loss which is not included as an adjustment to net income in the calculation of CAD.
       
    (2) The gain on sale of real estate assets from the sale of the Suites on Paseo MF Property represented a recovery of prior depreciation expense that was not reflected in the Partnership’s previously reported CAD, so the gain on sale was deducted from net income in determining CAD for 2023.
       
    (3) As described in Note 23 to the Partnership’s consolidated financial statements, Net Interest Income representing contingent interest and Net Residual Proceeds representing contingent interest (Tier 2 income) will be distributed 75% to the limited partners and BUC holders, as a class, and 25% to the General Partner. This adjustment represents 25% of Tier 2 income due to the General Partner.
       
      For the year ended December 31, 2024, Tier 2 income allocable to the General Partner consisted of approximately $310,000 related to the gain on sale of the Arbors at Hickory Ridge MRB in November 2024.
       
      For the year ended December 31, 2023, Tier 2 income allocable to the General Partner consisted of approximately $3.8 million related to the gains on sale of Vantage at Stone Creek and Vantage at Coventry in January 2023 and approximately $813,000 related to the gain on sale of Vantage at Conroe in June 2023, offset by a $1.4 million Tier 2 loss allocable to the General Partner related to the Provision Center 2014-1 MRB realized in January 2023 upon receipt of the majority of expected bankruptcy liquidation proceeds.
       
    (4) The Partnership determined there was a recovery of previously recognized impairment recorded for the Live 929 Apartments Series 2022A MRB prior to January 1, 2023. The Partnership is accreting the recovery of prior credit loss for this MRB into investment income over the term of the MRB consistent with applicable guidance. The accretion of recovery of value is presented as a reduction to current CAD as the original provision for credit loss was an addback for CAD calculation purposes in the period recognized.
       
    (5) The Partnership declared a distribution payable in the form of additional BUCs equal to $0.07 per BUC for outstanding BUCs as of the record date of March 28, 2024.
       
      The Partnership declared three separate distributions during 2023 each payable in the form of additional BUCs equal to $0.07 per BUC for outstanding BUCs as of the record dates of June 30, September 29, and December 29, 2023.
       

    MEDIA CONTACT:
    Karen Marotta
    Greystone
    212-896-9149
    Karen.Marotta@greyco.com

    INVESTOR CONTACT:
    Andy Grier
    Investors Relations
    402-952-1235

    The MIL Network –

  • MIL-OSI Global: Your dog may be wilder than you think, according to canine sleep research

    Source: The Conversation – UK – By Deborah Wells, Reader, School of Psychology, Queen’s University Belfast

    Rasulov/Shutterstock

    Dogs may look adorable when they snooze, but their sleeping habits actually hold fascinating clues on how living with humans has shaped canine behaviour. The sleep-wake patterns of the dog can also serve as a useful model for human sleep and wellbeing research.

    Domestic dogs have largely diurnal sleeping habits (awake during the day, asleep at night), aligning themselves to the lifestyle of their owners. Most of their sleep happens during the night, between the hours of 9pm and 6am. Unlike humans, however, dogs have frequent bouts of sleeping during the daytime, particularly in the afternoon.

    A 2020 study estimated that the average pet dog sleeps for roughly ten hours a day. In reality, it is difficult to determine how much dogs sleep during a 24-hour period because drowsiness (resting with eyes closed) accounts for a considerable proportion of their daily activity. This has led to a large range of estimation (seven to 16 hours) in the amount of time that dogs devote to sleep.

    The dog’s ancestor, the grey wolf, tends to show nocturnal (night-time active) or crepuscular (dawn and dusk active) sleep patterns in the wild. That said, wolves can show high variability in their activity, with human disturbance, food availability and weather conditions all influencing their sleep-wake cycles.

    Captive wolves, like dogs, typically have a diurnal circadian rhythm, adapting their sleep-wake cycle to the feeding regimes and human activity in their environment. Free-ranging domestic dogs are more inclined to resemble wild canids in their sleep cycles, showing a greater propensity towards crepuscular or nocturnal activity. In urban areas feral dogs may, again, align their sleeping habits with human activity.

    These cross-species studies suggest that domestication may not necessarily have changed the sleeping habits of dogs per se. Rather, sleep in dogs appears to be determined by human lifestyle and situational factors. Left to their own devices, however, dogs may be more likely to assume the sleeping habits of their wild ancestors.

    The nature of sleep in dogs

    Dogs have a number of sleep stages, including drowsiness, lighter non-rapid eye movement (NREM) sleep and deeper rapid eye movement (REM) sleep, where most, although not all, dreaming happens. Dogs devote more of their total sleep time to REM (roughly 2.9 hours a day) than humans (1.9 hours a day).

    However, a 2022 study that involved researchers cuddling dogs and socialised wolves to sleep, found that dogs spent less time in REM sleep than the wolves.

    Both species, however, spent a similar amount of time in the other stages of sleep. This raises questions about whether REM sleep is related to domestication. Species which are at high risk of being attacked while asleep typically spend less time in REM sleep than animals who live in safer environments, so the findings from this study are intriguing.

    Dogs nap during the day more than people or wolves.
    manushot/Shutterstock

    Dogs engage in their deepest sleep during the night, and their daytime naps are relatively light. Like other animals, including rats and hedgehogs, dogs often wake up after a period of REM sleep, perhaps an evolutionary adaptation designed to force them out of their slumber to check for dangers in the environment.

    These frequent and relatively brief sleep-wake cycles allow dogs to adjust to changes in their routine more readily than humans. Drug detection dogs, for example, have been found to cope remarkably well with changes to their working schedule, showing little disruption to their sleeping patterns.

    As with humans, the duration and quality of sleep in dogs fluctuates, both day to day and over their lifespan. As dogs get older, their sleep becomes more fragmented, accompanied by decreased bouts of REM sleep at night and increased NREM sleep during the day.

    Other factors, including canine sex, daytime activity, welfare, environmental conditions, and even social interactions, can affect sleep quality. Deprivations in daytime napping typically lead to quicker sleep onset and longer REM sleep at night, both for dogs and other animals.

    Why do dogs sleep?

    Scientists still don’t agree why dogs, or indeed other animals, sleep, although we do know that the process is heavily involved in physical restoration.

    Memory consolidation (the conversion of short-term memory to long-term memory), closely linked to REM sleep, is perhaps the most studied function of sleep. Most of this work points to sleep’s important role in facilitating learning.

    For example, in 2017 researchers in Hungary found that dogs’ memory recall significantly improved when the animals were taught unfamiliar words and then allowed to take a three hour period of sleep and rest.

    The nature of sleep in dogs, as in humans, may be influenced by emotional processing. The 2017 Hungarian study found negative experiences, such as owner separation and approach from a threatening stranger, resulted in increased REM sleep and decreased drowsiness in the dogs. Further work on this aspect of sleep is much needed, particularly considering there are close parallels in cognitive functioning between humans and dogs.

    Scientists already use dogs as a model for studying a range of sleep-related issues in humans, including sleep disorders, such as narcolepsy and REM behaviour disorder, and age-related changes similar to dementia in humans (cognitive dysfunction syndrome). Although still in its foetal stages, work in this area is starting to yield data that may be useful in helping us decipher early mechanisms for Alzeimher’s disease and treatment for age-related health problems.

    It is clear that our dogs are not wasting their time slumbering on the sofa. There is still much to be learned from exploring the biological rhythms of the animals we share our lives with, so let those sleeping dogs lie.

    Deborah Wells 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. Your dog may be wilder than you think, according to canine sleep research – https://theconversation.com/your-dog-may-be-wilder-than-you-think-according-to-canine-sleep-research-241981

    MIL OSI – Global Reports –

  • MIL-OSI Global: Switching to electric vehicles will push the power grid to the brink

    Source: The Conversation – UK – By Florimond Gueniat, Associate Professor in Mechanical Engineering, Birmingham City University

    AdamEdwards / shutterstock

    The UK’s pledge to reach net-zero emissions by 2050 hinges on replacing millions of petrol and diesel vehicles with cleaner alternatives. But transitioning to electric transport isn’t just about manufacturing new cars, installing chargers and so on. It’s a gargantuan energy generation challenge that could push the power grid to its limits.

    In 2023, UK transport consumed about 46 million litres of petrol and diesel. If we convert that into electricity, it would be equivalent to 49.5 gigawatts (GW) of continuous power throughout a whole year. For perspective, this is about one-third more than the UK’s entire current electricity generation capacity.

    In other words, every single power station in the UK could be devoted entirely to powering electric vehicles and it still wouldn’t be enough. But one might say we didn’t consider the efficiency of electric vehicles. Petrol and diesel engines waste about three quarters of their energy as heat, with only a small portion used to propel the car. Electric vehicles meanwhile waste only about one quarter.

    Adjusting for this, the actual power needed if the UK went entirely electric drops to around 20 GW. It would still mean increasing today’s grid capacity by almost half (46%), corresponding to building 17 nuclear plants (1.2 GW each) or 5,800 skyscraper-sized wind turbines (3.5 MW each). Those wind farms would cost around £22 billion, while the nuclear plants would cost significantly more.

    At the moment, less than 1% of vehicles in the UK are electric, which explains why there are no specific power issues – yet. But if the country did have a fully carbon-free fleet of vehicles, the associated surge in demand would strain infrastructure and risk large blackouts. California’s grid, for example, already faces stress during electric vehicle charging peaks, prompting warnings and forcing the state to put “managed charging” policies in place.

    ‘A gargantuan energy challenge’.
    Supamotionstock.com / shutterstock

    Massive upgrade needed

    Most countries looking to switch to zero-carbon transport will need to massively upgrade their electricity grid and power plants. Renewable energy complicates matters as wind and solar can’t always meet demand spikes (you can burn more gas or coal when needed, but you can’t choose when the wind blows or the sun shines). Nuclear offers stable and massive output, but new plants can take decades to build and the public is often hostile.

    Certain “smart” solutions could help things even if the grid itself isn’t overhauled. Electric vehicle batteries could be linked to the grid for instance, and used to store and supply power. Overnight, millions of cars will soak up electricity before releasing it when demand spikes again in the morning. Price discounts would encourage people to charge their cars at night, when demand for electricity is at its lowest.

    This can help mitigate many of the issues related to wind and solar being intermittent. But it will cause batteries to deteriorate faster, and still won’t solve the problem of having to generate more electricity.

    Electricity stored overnight can be very useful in the morning when millions of lights and kettles are switched on.
    Smile Fight / shutterstock

    One underappreciated strategy is empowering households and businesses that generate their own electricity via solar panels, small wind turbines, or even micro-hydro systems. By 2035, with vigorous policies, these “prosumers” could supply up to 15% of the UK’s electricity, easing grid strain and reducing reliance on centralised funding. Such policies in Germany have lead its prosumer networks to already offset 10% of the national demand.

    Without such decentralised efforts, the financial burden of grid upgrades will fall entirely on taxpayers, at staggering costs. The alternative is a huge rise in price of electricity, felt by all, and a stalled transition.

    No time to delay

    Generating more power remains the core issue. Without urgent action, the transition to low-carbon transport could stall – or worse, overload the energy system. The governments of France, the UK and some other countries have recently begun to discuss increasing energy production, but the focus is on meeting AI-related demands rather than electricity for the next generation of vehicles.

    Critically, net-zero will only happen with strong transport and energy policies in place. Governments must increase grid capacity and incentivise small-scale renewable generation through tax breaks and specially-designed payments. The alternative – delaying and relying solely on public funds – is economically unviable and politically risky.

    Florimond Gueniat 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. Switching to electric vehicles will push the power grid to the brink – https://theconversation.com/switching-to-electric-vehicles-will-push-the-power-grid-to-the-brink-248814

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Birmingham City Council – Notice of Public Interest Report

    Source: City of Birmingham

    Published: Thursday, 20th February 2025

    Local Audit and Accountability Act 2014, Council House, Victoria Square Birmingham B1 1BB

    Notice is hereby given that pursuant to Section 24 and Schedule 7 of the Local Audit and Accountability Act 2014 (“the Act”), Grant Thornton UK LLP, the local auditor of the accounts for Birmingham City Council has made a report in the public interest relating to the implementation of Enterprise Resource Planning System (ERP) and a copy can be downloaded here.

    In accordance with the requirements of the Act, commencing from Monday 24 February 2025 between 10am and 4pm on weekdays any person may inspect the report and make a copy of it, or any part of it, at the Council’s offices at Victoria Square, Birmingham B1 1BB. Alternatively, the report is available using the link above.

    Notice is also given that pursuant to Section 24 and Schedule 7 of the Local Audit and Accountability Act 2014 that a meeting of the Council will be held on Tuesday 11 March 2025 commencing at 2.00pm in order to consider the above report in the public interest. The Report makes a series of recommended learning points which the Council will consider at this upcoming meeting.

    Dated :  20 February 2025.

    Joanne Roney Managing Director

    Birmingham City Council, Council House, Victoria Square, Birmingham

    MIL OSI United Kingdom –

  • MIL-OSI USA: NASA Associate Administrator Jim Free to Retire After 30 Years Service

    Source: NASA

    NASA Associate Administrator Jim Free announced Wednesday his retirement, effective Saturday, Feb. 22. As associate administrator, Free has been the senior advisor to NASA Acting Administrator Janet Petro and leads NASA’s 10 center directors, as well as the mission directorate associate administrators at NASA Headquarters in Washington. He is the agency’s chief operating officer for more than 18,000 employees and oversaw an annual budget of more than $25 billion.  
    During his tenure as associate administrator since January 2024, NASA added nearly two dozen new signatories of the Artemis Accords, enabled the first Moon landing through the agency’s CLPS (Commercial Lunar Payload Services) initiative to deliver NASA science to the lunar surface, launched the Europa Clipper mission to study Jupiter’s icy ocean moon, and found molecules containing the ingredients for life in samples from asteroid Bennu delivered to Earth by NASA’s OSIRIS-REx (Origins, Spectral Interpretation, Resource Identification and Security–Regolith Explorer) spacecraft.
    “Throughout his career, Jim has been the ultimate servant leader – always putting the mission and the people of NASA first,” said Petro. “A remarkable engineer and a decisive leader, he combines deep technical expertise with an unwavering commitment to this agency’s mission. Jim’s legacy is one of selfless service, steadfast leadership, and a belief in the power of people.”
    Among the notable contributions to the nation during his NASA career, Free also championed a new path forward to return samples from Mars ahead of human missions to the Red Planet, supported the crews living and working aboard the International Space Station as they conduct hundreds of experiments and technology demonstrations, and engaged industry in new ways to secure a public/private partnership for NASA’s VIPER (Volatiles Investigating Polar Exploration Rover) mission on the Moon. 
    “It has been an honor to serve NASA and walk alongside the workforce that tackles the most difficult engineering challenges, pursues new scientific knowledge in our universe and beyond, develops technologies for future exploration endeavors, all while prioritizing safety every day for people on the ground, in the air, and in space,” Free said. “I am grateful for the opportunity to be part of the NASA family and contribute to the agency’s mission for the benefit of humanity.”
    During his more than three decades of service, Free has held several leadership roles at the agency. Before being named NASA associate administrator, Free served as associate administrator of the Exploration Systems Development Mission Directorate, where he oversaw the successful Artemis I mission and the development of NASA’s Moon to Mars architecture, defining and managing the systems development for the agency’s Artemis missions and planning for NASA’s integrated deep space exploration approach. 
    Free began his NASA career in 1990 as an engineer, working on Tracking and Data Relay Satellites at NASA’s Goddard Space Flight Center in Greenbelt, Maryland. He later transferred to the agency’s Glenn Research Center in Cleveland and served in a variety of roles supporting the International Space Station and the development of the Orion spacecraft before transferring to NASA’s Johnson Space Center in Houston in 2008. Free returned to NASA Glenn in 2009 and was promoted to chief of the Space Flight Systems Directorate, where he oversaw the center’s space work. Free was named deputy center director in November 2010 and then served as center director from January 2013 until March 2016, when he was appointed to the NASA Headquarters position of deputy associate administrator for Technical [sic] in the Human Exploration and Operations Mission Directorate.
    A native of Northeast Ohio, Free earned his bachelor’s degree in aeronautics from Miami University in Oxford, Ohio, and his master’s degree in space systems engineering from Delft University of Technology in the Netherlands. 
    Free is the recipient of the Presidential Rank Award, NASA Distinguished Service Medal, NASA Outstanding Leadership Medal, NASA Exceptional Service Medal, NASA Significant Achievement Medal, and numerous other awards.
    For more information about NASA, visit:

    Home Page

    -end-
    Kathryn Hambleton / Cheryl WarnerHeadquarters, Washington202-358-1600kathryn.hambleton@nasa.gov / cheryl.m.warner@nasa.gov

    MIL OSI USA News –

  • MIL-OSI USA: River of Fire on Mount Etna

    Source: NASA

    On February 8, 2025, Italy’s National Institute of Geophysics and Volcanology (INGV) reported that Mount Etna had begun exhibiting “signs of unrest above its background level.” That’s unsurprising for the frequently unruly Sicilian peak, one of the most active stratovolcanoes in the world. But the fiery explosions, disruptive ash clouds, and long lava flows that ensued stood out as being unusually spectacular to many Etna watchers.
    The OLI (Operational Land Imager) on the Landsat 8 satellite acquired this image of an ongoing eruption on February 13. The natural-color scene is overlaid with an infrared signal to distinguish the lava’s heat signature on Etna’s snowy slopes.
    On the day the image was acquired, INGV reported that Etna’s explosive activity was decreasing but that weak ash emissions were ongoing. A lava flow extended approximately 3 kilometers (2 miles) from the Bocca Nuova crater down the mountain’s southwestern flank. A volcanic plume was also visible drifting to the northeast, away from the 3,357-meter (11,014-foot) peak.
    The presence of ash prompted authorities to raise the aviation color code to orange on February 13. On other days during this eruption, it was elevated to red, the highest level of concern. The airport in nearby Catania diverted flights amid hazardous conditions, according to news reports.
    Since Etna stirred to life this time around, crowds of hikers and even some skiers flocked to its slopes to witness the fiery displays and lava flows melting through snow. The eruption was ongoing as of February 18, with weak ash emissions and decreasing explosive activity.
    NASA Earth Observatory image by Wanmei Liang, using Landsat data from the U.S. Geological Survey. Story by Lindsey Doermann.

    MIL OSI USA News –

  • MIL-OSI Security: Eighth man charged in ongoing National Security Act related investigation

    Source: United Kingdom London Metropolitan Police

    Counter Terrorism Policing detectives have charged an eighth person in relation to an ongoing investigation linked to offences under the National Security Act.

    Ashton Evans [K], 20 (11.01.2005) of Newport, Gwent, was charged on Wednesday 19 February with possession with intent to supply class A drugs, contrary to section 5(3) of the Misuse of Drugs Act, 1971 and with failing to report information about acts of terrorism, contrary to section 38B of the Terrorism Act, 2000.

    In addition, Dylan Earl [A] was also further charged via postal requisition in February with possession with intent to supply class A drugs, contrary to section 5 (3) of the Misuse of Drugs Act, 1971 and possession of criminal property, contrary to section 329 of the Proceeds of Crime Act, 2002.

    The charges were authorised by the Crown Prosecution Service following ongoing liaison with the investigation team and Evans is due to appear at Westminster Magistrates’ Court from 14:00hrs on Thursday, 20 February.

    Earl is due to appear at the same court on 26 February.

    MIL Security OSI –

  • MIL-OSI: XBP Europe Selected for AGIRC-ARRCO’s Digital Transformation Framework

    Source: GlobeNewswire (MIL-OSI)

    PARIS, Feb. 20, 2025 (GLOBE NEWSWIRE) — XBP Europe Holdings, Inc. (“XBP Europe” or “the Company”) (NASDAQ: XBP), a pan-European integrator of bills, payments, and related solutions and services seeking to enable the digital transformation of its clients, announced today that its French subsidiary has been selected as a supplier on a large-scale framework for sourcing data processing and payments services. The AGIRC-ARRCO framework is estimated to be in excess of a cumulative total of €25 million for all suppliers.

    AGIRC-ARRCO manages a compulsory supplementary pension scheme for private-sector employees in France. This is achieved via a confederation structure involving multiple member pension funds. The fund collects contributions from 27 million employees and 1.8 million companies, paying out €90 billion each year, making AGIRC-ARRCO a crucial service provider in the French pension system.

    AGIRC-ARRCO has selected XBP Europe France, along with three other suppliers, to support pension applications and administrative services relating to pension contributions. XBP Europe intends to compete for multiple projects within the framework, aiming to deploy its state-of-the-art IDP/TTY, workflow solutions, and Digital Mailroom platforms.

    “Our participation in the AGIRC-ARRCO framework reinforces XBP Europe’s position as a trusted partner for digital transformations. We are proud to support AGIRC-ARRCO and its members with our expertise in data digitisation and workflow automation, ensuring efficiency, accuracy, and operational excellence,” said Vitalie Robu, President at XBP Europe.

    About XBP Europe

    XBP Europe is a pan-European integrator of bills, payments and related solutions and services seeking to enable digital transformation of its more than 2,000 clients. The Company’s name – ‘XBP’ – stands for ‘exchange for bills and payments’ and reflects the Company’s strategy to connect buyers and suppliers, across industries, including banking, healthcare, insurance, utilities and the public sector, to optimize clients’ bills and payments and related digitization processes. The Company provides business process management solutions with proprietary software suites and deep domain expertise, serving as a technology and services partner for its clients. Its cloud-based structure enables it to deploy its solutions across the European market, along with the Middle East and Africa. The physical footprint of XBP Europe spans 15 countries and 32 locations and a team of approximately 1,500 individuals. XBP Europe believes its business ultimately advances digital transformation, improves market wide liquidity by expediting payments, and encourages sustainable business practices. For more information, please visit: www.xbpeurope.com.

    Forward-Looking Statements
    This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act, including certain financial forecasts and projections. All statements other than statements of historical fact contained in this press release, including statements as to future results of operations and financial position, revenue and other metrics planned products and services, business strategy and plans, objectives of management for future operations of XBP Europe, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by XBP Europe and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against XBP Europe or others and any definitive agreements with respect thereto; (2) the inability to meet the continued listing standards of Nasdaq or another securities exchange; (3) the risk that the business combination disrupts current plans and operations of XBP Europe and its subsidiaries; (4) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of XBP Europe and its subsidiaries to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (5) costs related to the business combination; (6) changes in applicable laws or regulations; (7) the possibility that XBP Europe or any of its subsidiaries may be adversely affected by other economic, business and/or competitive factors; (8) risks related to XBP Europe’s potential inability to achieve or maintain profitability and generate cash; (9) the impact of the COVID-19 pandemic, including any mutations or variants thereof, and its effect on business and financial conditions; (10) volatility in the markets caused by geopolitical and economic factors; (11) the ability of XBP Europe to retain existing clients; (12) the potential inability of XBP Europe to manage growth effectively; (13) the ability to recruit, train and retain qualified personnel, and (14) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Annual Reports on Form 10-K filed on April 1, 2024 and, our subsequent quarterly reports on Form 10-Q and our current reports on Form 8-K as filed with the Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. Readers should not place undue reliance on forward-looking statements, which speak only as of the date they are made. XBP Europe gives no assurance that either XBP Europe or any of its subsidiaries will achieve its expected results. XBP Europe undertakes no duty to update these forward-looking statements, except as otherwise required by law.

    For more XBP Europe news, commentary, and industry perspectives, visit: https://www.xbpeurope.com/
    And please follow us on social:
    X: https://X.com/XBPEurope
    LinkedIn: https://www.linkedin.com/company/xbp-europe/

    The information posted on XBP Europe’s website and/or via its social media accounts may be deemed material to investors. Accordingly, investors, media and others interested in XBP Europe should monitor XBP Europe’s website and its social media accounts in addition to XBP Europe’s press releases, SEC filings and public conference calls and webcasts.

    Investor and/or Media Contacts:
    investors@xbpeurope.com

    The MIL Network –

  • MIL-OSI China: China doubles down on boosting appeal to foreign investment

    Source: People’s Republic of China – State Council News

    A policy briefing on expanding high-standard opening up and ensuring foreign investment stability in 2025 is held by the State Council Information Office in Beijing, capital of China, Feb. 20, 2025. [Photo/Xinhua]

    BEIJING, Feb. 20 — Amid simmering global trade tensions and a surge in protectionism, China is ramping up efforts to expand high-standard opening up and reinforce its appeal to foreign investment, providing the much-needed certainty and opportunity to global businesses.

    From unveiling a comprehensive action plan to attract foreign investment to further easing market access restrictions for investment, China is leveraging its vast domestic market, dynamic innovation and long-term economic resilience to cement its status as a magnet for foreign investment.

    GREATER APPEAL

    “Foreign investment has been a witness and contributor to, as well as beneficiary of China’s reform and opening up,” Ling Ji, vice minister of commerce and deputy China international trade representative, said Thursday at a press conference.

    According to Ling, foreign-invested enterprises now contribute nearly 7 percent of China’s employment, one-seventh of tax revenue and about one-third of its imports and exports.

    Multinationals are optimistic about the long-term prospects of investing in China and have a strong willingness to expand their presence in the country, Zhu Bing, an official with the Ministry of Commerce, said at the press conference.

    Although the foreign direct investment (FDI) in the Chinese mainland remained subdued amid a global downturn, signs of improvement have started to emerge. FDI in the Chinese mainland in actual use totaled 97.59 billion yuan (about 13.61 billion U.S. dollars) in January, up 27.5 percent from the previous month.

    In terms of source countries, FDI from the United Kingdom, the Republic of Korea, the Netherlands and Japan surged 324.4 percent, 104.3 percent, 76.1 percent and 40.7 percent, respectively, last month.

    With vast business opportunities and dynamic innovation, the Chinese market has always been a top priority for multinationals, Zhu said, adding that China, as always, welcomes businesses from all countries to continue increasing investment in China and sharing its development opportunities.

    STRONGER SUPPORT

    Despite rising trade protectionism and geopolitical tensions, China has stayed committed to expanding high-standard opening up and fostering a business environment that is market-oriented, law-based and internationalized.

    Amid the country’s latest efforts to encourage foreign investment, a new action plan was unveiled Wednesday to stabilize foreign investment, with 20 specific measures in four aspects, including further expanding market access in various sectors and increasing efforts to promote investment.

    Among the measures, the plan will encourage foreign equity investment in China to attract more high-quality FDI in the country’s listed companies.

    The country will continue expanding its pilot programs to open up fields such as telecommunication and medical services in a timely manner. It will also lift restrictions on domestic loans for foreign-invested enterprises, allowing these firms to use domestic financing for equity investments, according to the plan.

    Since 2024, the country has introduced measures to expand opening up in sectors such as value-added telecommunications and healthcare, completely removed foreign investment access restrictions in manufacturing, and reduced nationwide foreign investment access restrictions from 31 to 29 items.

    Looking forward, Hua Zhong, an official with the National Development and Reform Commission, said the country would align with high-standard international economic and trade rules in areas including property rights protection, industrial subsidies, environmental standards and government procurement.

    The country is working on expanding the catalog of encouraged industries for foreign investment, and will release the 2025 edition as soon as possible, Hua said. He noted that the new catalog will include sectors such as advanced manufacturing, modern services, high-tech as well as energy saving and environmental protection.

    Zhu said China would further broaden market access by shortening the negative list for investment this year, a move set to benefit all market entities, including foreign companies.

    “With these newly-introduced foreign investment policies taking effect, the ‘magnetic appeal’ of the Chinese market to foreign investment will only grow stronger,” he said.

    MIL OSI China News –

  • MIL-OSI United Kingdom: Museum secures funding for repairs to iconic Winter Gardens

    Source: City of Sunderland

    Sunderland Museum & Winter Gardens has secured £488,000 grant funding towards vital repairs to its iconic Winter Gardens.

    The MEND4 funding from the Arts Council England Cultural Investment Fund – Museum Estates and Investment Fund will be used to address issues with corrosion, glazing failure and mechanical systems within the Winter Gardens, protecting its tropical plant collections.

    Sunderland City Council is planning to match fund this latest Arts Council funding with £171,000 from its own funds, bringing the total investment in repairs to the Winter Gardens to £660,000.

    The much-loved Winter Gardens houses more than 2,000 species of plants below its glazed dome, with a curving staircase leading up to its treetop walkway. It also features a pond with Koi Carp and an impressive water sculpture.

    Welcoming the funding, Councillor Beth Jones, Cabinet Member for Communities, Culture and Tourism at Sunderland City Council, said: “We’re delighted to have secured £488,000 funding from the Arts Council England to carry out repairs to this very special part of our much-loved museum. 

    “The funding will help safeguard the future of this immensely popular green/tropical oasis in the heart of our city centre, which plays a major role in helping make Sunderland Museum and Winter Gardens one of the most popular tourist attractions in the North East.

    “It’s all about ensuring the vitality of one of our most loved venues for future generations to enjoy at the same time as retaining and enhancing its significance as a landmark building within the city. So it’s brilliant to see it supported using funding by Arts Council England.”

    Today’s funding announcement comes as work nears completion on repairs to the roof and masonry of the original Grade II listed 1879 Museum & Winter Gardens. This was carried out with the support of a £349,000 MEND2 grant from an earlier round of Arts Council funding in 2023, with the remaining £151,000 coming from the City Council. 

    This latest funding forms part of a package of funding that Sunderland City Council is pulling together for the museum, including plans to submit a bid to the National Lottery Heritage Fund in May 2025 for a multi-million pound redevelopment of Sunderland Museum & Winter Gardens.  The project will transform and rejuvenate the museum, better connecting it with Mowbray Park and introducing new ground floor galleries to take advantage of the space vacated by the library once it moves to the new Culture House currently under development in Keel Square.

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Import of poultry meat and products from Oost-Vlaanderen Province in Belgium suspended

    Source: Hong Kong Government special administrative region

    Import of poultry meat and products from Oost-Vlaanderen Province in Belgium suspended
    Import of poultry meat and products from Oost-Vlaanderen Province in Belgium suspended
    **************************************************************************************

         ​The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (February 20) that in view of a notification from the World Organisation for Animal Health (WOAH) about an outbreak of highly pathogenic H5N1 avian influenza in Oost-Vlaanderen Province in Belgium, the CFS has instructed the trade to suspend the import of poultry meat and products (including poultry eggs) from the area with immediate effect to protect public health in Hong Kong.     A CFS spokesman said that according to the Census and Statistics Department, no poultry meat and eggs were imported into Hong Kong from Belgium last year.     “The CFS has contacted the Belgian authority over the issue and will closely monitor information issued by the WOAH and the relevant authorities on the avian influenza outbreak. Appropriate action will be taken in response to the development of the situation,” the spokesman said.

     
    Ends/Thursday, February 20, 2025Issued at HKT 17:25

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Correctional Services Department Annual Review 2024 (with photos)

    Source: Hong Kong Government special administrative region

    Correctional Services Department Annual Review 2024 (with photos)
    Correctional Services Department Annual Review 2024 (with photos)
    *****************************************************************

         The following is the translation of the speech given by the Commissioner of Correctional Services, Mr Wong Kwok-hing, at the annual press conference today (February 20): Foreword      The Safeguarding National Security Ordinance officially came into effect upon gazettal in 2024, reflecting the determination of the Hong Kong Special Administrative Region Government to safeguard national security and building momentum for stable social development. Shouldering the missions of safeguarding national security and maintaining social stability, the Correctional Services Department (CSD) was committed to ensuring the effective delivery of its custodial and rehabilitation work in the past year. At the same time, the CSD has been actively extending its reach beyond the prison walls to proactively promote support for offender rehabilitation and conduct crime prevention education in the community through utilising the CSD’s unique resources, with a view to nurturing young people into law-abiding social leaders. (1) Overview of penal population      In 2024, the number of admissions to correctional institutions (including convicted persons, remands and detainees) increased 7 per cent to 18 438 as compared with 2023. In addition, the average daily penal population at correctional institutions also increased significantly to 9 550 persons in 2024 from 8 498 persons in 2023, representing an increase of 12 per cent. The average daily occupancy rate also rose from 75 per cent to 85 per cent.      The year-on-year rate of increase in the average daily number of remands has been over 15 per cent since 2021. The respective number of persons stood high at 3 650 in 2024, representing an increase of 18 per cent as compared with 3 096 persons in 2023, which hit a new record high since 2000.       On the other hand, since 2021, the CSD has assisted to detain adult detainees who are non-Hong Kong residents detained under the Immigration Ordinance. The number of detainees increased by 36 per cent, from 580 in 2023 to 787 in 2024, while the average daily number of detainees substantially increased by 72 per cent from 185 in 2023 to 318 in 2024.       In 2024, the number of admissions to correctional institutions owing to their involvement in offences relating to the black-clad violence (including riots, unlawful assembly) and their contravention of the Hong Kong National Security Law/Safeguarding National Security Ordinance was 410 (64 of them were involved in the contravention of the Hong Kong National Security Law/Safeguarding National Security Ordinance). Compared to 950 in 2023, the number of such admissions dropped by 540, representing a decrease of 57 per cent. As at December 31, 2024, the number of persons in custody involved in offences relating to the black-clad violence and those contravening the Hong Kong National Security Law/Safeguarding National Security Ordinance was 591, representing a decrease of 24 per cent as compared to 776 in 2023.      In response to the ever-changing penal population, especially the increasing population of remands, the CSD has deployed part of the capacity of individual correctional institutions to admit remands in order to alleviate the overcrowding situation of the reception centre. Moreover, the Department has already commenced the in-situ partial redevelopment of Lai Chi Kok Reception Centre, which will increase its capacity for admitting adult male remands in the long run. The Department will continue to closely monitor the changes in penal population and flexibly redeploy resources having regard to the actual operational needs to adjust the capacity for persons on remand in a timely manner. (2) Custodial work      Despite the increasing number of admissions and the growing penal population in the past year, which posed formidable challenges to both the governance and security of correctional institutions, correctional officers continued to stay united and stand fast to their posts. With the continued adoption of the nip-in-the-bud strategy, under which intelligence collection and search operations were stepped up, coupled with the application of technology and the upgrading of facilities and equipment, we strived to combat illicit activities and acts of indiscipline, thereby maintaining the good order and discipline of correctional institutions.      With regard to intercepting the smuggling of dangerous drugs into institutions, under the intensive measures by the Department, there were only six seizure cases of suspected dangerous drugs last year, representing a significant decrease of over 60 per cent as compared with 16 cases in 2023. Five of the cases were found in body-cavity concealment of newly admitted persons in custody; and the remaining one case was found in the mail sent to a person in custody. In addition, the Department continued to take a proactive approach by conducting a total of 12 547 joint search/special search/night raid operations in correctional institutions last year, covering 20 589 locations. Mobile X-ray scanners were also introduced to enhance the efficacy of search operations and strengthen the deterrent effect.          In 2024, as the number of admissions to and the penal population of correctional institutions kept increasing, the number of cases involving acts of indiscipline and violent acts among persons in custody also rose. In 2024, the number of disciplinary charges against persons in custody was 6 393. Counted against the penal population, there were 669 disciplinary cases per 1 000 persons in custody, representing an increase of 7 per cent as compared with 628 cases in 2023. The top three charges were “offending good order and discipline”, “possession of any unauthorised article” and “disobeying the orders of correctional officers”, which accounted for 35 per cent, 28 per cent and 18 per cent of the total number of disciplinary charges respectively. In 2024, a total of 3 412 persons in custody were subject to disciplinary charges, representing an increase of 401 persons or 13 per cent as compared with 3 011 persons in 2023. Among them, 618 committed disciplinary offences three or more times, involving 2 837 disciplinary charges, which accounted for 44 per cent of the total number of disciplinary charges.      In 2024, a total of 382 cases involving violent acts were recorded, representing an increase of 9 per cent as compared with 351 cases in 2023. These cases mainly involved fighting among persons in custody and assaulting others. Among these cases, 26 cases of a more serious nature were referred to the Police for follow-up, representing an increase of 18 per cent as compared to 22 cases in 2023. The number of correctional officers who were injured after being attacked or while stopping violent acts was 20, representing an increase of 33 per cent as compared to 15 in 2023.       In 2024, five cases of concerted acts of indiscipline among persons in custody were recorded, representing an increase of one case over 2023. The number of participants involved in the above incidents was 49 in total.      To maintain the good order and discipline of correctional institutions, apart from combating various kinds of acts of indiscipline through strict law enforcement by institutional staff, the Regional Response Team carried out a total of four operations in 2024 to support the security work of correctional institutions, which involved the handling of incidents like collective actions against the institutional management and group fights among persons in custody.       Apart from combating illicit activities and acts of indiscipline among persons in custody, correctional officers must stay vigilant at all times to detect and prevent any self-harm acts by persons in custody. Under the concerted efforts of correctional officers, a total of 18 self-harm cases were recorded in 2024, representing a significant decrease of 40 per cent as compared with 30 cases in 2023. (3) Rehabilitation      In 2024, the Department enhanced its rehabilitation work on all fronts by fully implementing various measures, including strengthening the determination of persons in custody to rehabilitate, extending the reach of rehabilitation programmes beyond the prison walls, and making an all-out effort to seek participation in and support for rehabilitation work from all sectors of the community, with a view to assisting persons in custody to turn over a new leaf and reintegrate into society.      To address the special rehabilitation needs of persons in custody involved in the black-clad violence and contravening the Hong Kong National Security Law/ Safeguarding National Security Ordinance, the Department continued to launch a number of diversified rehabilitation programmes under the Project PATH to enhance their knowledge of the Chinese traditional culture, foster good character and moral education, and teach them to appreciate and pass down Chinese culture. A flag-raising and foot drill competition was held for the first time with an aim to enhance their sense of national identity.      Furthermore, to enable persons in custody to obtain more opportunities for upward mobility, the CSD launched “Project JET” in October 2022 to provide one-stop training and career development opportunities for persons in custody, encouraging them to make life planning early, make full use of their talents and contribute to society. The project includes life planning, in-centre training, post-release internship, formal employment and a mentoring scheme. “Project JET” was awarded the Community Corrections Award, an excellence award by the International Corrections and Prisons Association last year.      The CSD launched the Rehabilitation Dog Services in early 2024 at Lo Wu Correctional Institution and Phoenix House to provide animal-assisted therapies to persons in custody in need, with a view to improving their depression and anxiety and reducing their violent tendencies. Moreover, the Rehabilitation Dog Services Internship Programme implemented at Phoenix House helps halfway house trainees build self-confidence and develop a sense of responsibility through caring for rehabilitation dogs. Trainees and rehabilitation dogs were arranged to visit elderly service centres to conduct caring visits, thereby giving back to society.      In 2024, the Department also set up two family therapy centres at the Multi-purpose Family and Rehabilitation Service Centres in Tuen Mun and Sheung Shui to organise different kinds of treatment programmes for rehabilitated drug addicts under statutory supervision and rehabilitated persons with violent tendencies or radical thoughts. By extending the in-prison psychological and family counselling services to the community, the Department aims to help them resolve family problems so that they can rebuild family relationships smoothly.      In 2024, the Department set up the Correctional Rehabilitation Research Unit to envision evidence-informed rehabilitation services through promoting research and making reference to the latest international research findings. Last year, the Unit published two issues of “Insight”, a research bulletin, with contents covering “the effect of education programmes on the psychological conditions and rehabilitation motives of persons in custody”, “how rehabilitation dogs enhance psychological health”, and “the application of sports activities on male persons in custody”. Moreover, the Unit has also endeavoured to enhance professional exchanges and its network with overseas, Mainland and local research consultants and practitioners, so that they can consider collaborative research issues on rehabilitation services.      On education, to further enable the inaugural graduates of the Ethics College who have obtained the Diploma of Applied Education to pursue higher qualifications, a two-year full-time Associate of General Studies distance programme was organised in the Ethics College in September 2024 to provide persons in custody with an option for further studies. Meanwhile, the CSD has also extended the Ethics College to Pik Uk Prison to provide a half-day Associate of General Studies programme and half-day vocational training for graduates of the Ethics College who are unable to complete the associate degree programme during the remainder of their sentences. This allows them to receive short-term educational and vocational training and continuously equip themselves in preparation for reintegration into society for academic and career pursuits upon their imminent release.      The overall passing rate of public examinations taken by persons in custody was 88.4 per cent last year (85.3 per cent and 90.6 per cent for adult and young persons in custody respectively), representing an increase of 5.7 percentage points over 2023. One person in custody obtained a total of 25 marks in six papers under the Hong Kong Diploma of Secondary Education Examination. Four additional persons met the general entrance requirements for local universities. Moreover, one person in custody was awarded a doctoral degree, and 11 others were awarded bachelor’s degrees.      On vocational training, the Department provides 13 market-oriented vocational training courses to young persons in custody, and 43 vocational training courses with more than 1 700 training places, an increase of 300 places as compared with 2023, for lawfully residing adult persons in custody who are due for discharge within 24 months and eligible for employment to enrol on a voluntary basis.       Last year, the overall passing rate of vocational training examinations taken by persons in custody was 99.5 per cent (99.3 per cent and 100 per cent for adult and young persons in custody respectively). Their employment rates after six months of employment follow-up period upon release were 87.3 per cent and 78.4 per cent respectively.　　      Moreover, the Department has endeavoured to establish close partnerships with organisations and individuals from different sectors of the community, with a view to providing comprehensive rehabilitation services. The Department held in June last year the first Rehabilitation Partners Award Scheme Presentation Ceremony to honour 120 non-governmental organisations (NGOs), charitable institutions, commercial organisations, post-secondary institutions, etc, in recognition of their active support for persons in custody and rehabilitated persons over the past two years, as well as to encourage different sectors of the community to become Rehabilitation Partners and support rehabilitation work.　　     Over the past 20 years and so, based on the year of discharge, Hong Kong’s recidivism rate (the percentage of readmission of local persons in custody to correctional institutions following conviction for a new offence within two years after discharge) has recorded a significant decrease from 39.9 per cent in 2000 to 21.8 per cent in 2022. The hard-earned result reflects the perseverance and hard work of correctional officers, the firm determination of persons in custody and rehabilitated offenders to turn over a new leaf, as well as the support for offender rehabilitation from all sectors of the community. (4) Community education      The CSD’s Rehabilitation Pioneer Project (RPP) provides a series of community education activities to disseminate to young people the four key messages of safeguarding our country and home, leading a law-abiding and drug-free life as well as supporting offender rehabilitation. Last year, the Department strengthened its patriotic education for young people to enhance their sense of national identity and raise their understanding of our country. A total of 45 133 participants joined various RPP activities last year, representing an increase of 2.5 per cent as compared with 44 015 in 2023.      To further promote the coverage of the Rehabilitation Pioneer Leaders (RPL) in the community, the Department continued a school-based programme to provide on-campus training. Currently, a total of six schools have joined the school-based programme, and the total number of RPL trainees has exceeded 600, representing an increase of 49 per cent as compared to that at the end of 2023. The Department also continued to enhance the diverse training programmes for RPL to help them develop their potential, including organising two certificate courses in 2024, namely Foundation Certificate in Correctional Studies and Criminal Legal Studies and Foundation Certificate in Moral and Personal Management, both pitched at Level 2 under the Hong Kong Qualifications Framework for Secondary One to Three RPL trainees to strengthen their awareness of making joint effort to build a society underpinned by the rule of law, foster positive thinking and establish good virtues.      Upholding the principle of sustainable development, the Department launched an initiative called “Captain Gor Union” and its mobile application last December, establishing a membership system for the RPP to recruit primary and secondary students as members. The members will then be arranged to join different activities promoting national security, national education, crime prevention, anti-drug and support for offender rehabilitation messages, as well as cultural exchange activities. The new membership system not only makes youth development work more systematic and sustainable but also helps recruit young people with great potential to join the RPL, with a view to continuously bringing in new blood to the Department’s youth uniformed group.      The Department organised different types of exchange activities under the theme “exploring our country ･ caring the community” last year. RPL trainees were arranged to visit different places on the Mainland, such as Wuhan, Beijing, Tianjin and Urumqi, and participate in volunteer activities. In addition, at the end of last year, the Department implemented a comprehensive co-operation programme with the charitable organisation, Long Caring, and arranged for RPL trainees to be the first uniformed youth group to join a tour to the Hong’an Hope Town in Hubei to enable them to learn about our country’s poverty alleviation work and the road to great rejuvenation of the Chinese nation.      Furthermore, in celebration of the 75th anniversary of the founding of the People’s Republic of China, the Department organised the first 3×3 Basketball Invitation Game for Hong Kong Uniformed Youth Groups in celebration of National Day last October to unite different uniformed youth groups in Hong Kong, aiming to promote patriotism through positive sport games, enhance young people’s sense of national identity and nurture them into a new generation with an affection for our country and Hong Kong and a positive mindset. (5) Human resources      In 2024, a total of 30 Officers and 344 Assistant Officers II were recruited. As at December 31, 2024, there were 674 vacancies for disciplined staff, accounting for 10.3 per cent of the overall establishment of the Department. The Department continued to implement the Post-retirement Service Contract Scheme last year to relieve the manpower strain. As at December 31, 2024, a total of 127 retirees were recruited. About 45 Officers are expected to be recruited this year, and the year-round recruitment for the post of Assistant Officer II will continue to fill the relevant vacancies.      Multipronged recruitment strategies were adopted last year to attract more talents who aspire to serve the community to join the Department, which achieved remarkable overall results. The total number of Assistant Officers II recruited in 2024 saw an increase of 18.6 per cent as compared with 290 in 2023.      In addition, the Department continued to work closely with different support service centres for ethnic minorities and schools last year. A variety of activities were organised to attract non-ethnic Chinese to apply for the vacancies of the CSD. In 2024, an additional 13 non-ethnic Chinese correctional officers were appointed. As at December 31, 2024, a total of 66 non-ethnic Chinese correctional officers were employed by the Department.      On staff training, to enhance patriotism and national security awareness among correctional officers, the Department continued to include training elements of national security, national education and patriotic education in the recruit training and training courses for serving staff, including inviting legal professionals and renowned scholars to host talks and sharing sessions, and arranging for correctional officers to visit the National Security Exhibition Gallery, the Patriotic Education Centre and the Chinese People’s Liberation Army Hong Kong Garrison Exhibition Center at Ngong Shuen Chau Barracks, as well as organising study and exchange visits to the Mainland for correctional staff. In 2024, 130 related activities were organised by the Department with over 2 600 staff members participating in the activities. (6) Application of innovation and technology      Last year, the Department continued to introduce innovation and technology projects to correctional facilities to assist the institutional management in enhancing management and operational efficiency and raising the security level of facilities. For example, the Department introduced the Second Generation Automatic Drone Patrol and Monitoring System to Tong Fuk Correctional Institution and implemented the Artificial Intelligence Coastal Surveillance System on Hei Ling Chau.      In addition, the Department continued its efforts to tie in with the Government’s Smart City Blueprint by digitising its public services. The Approved Hand-in Articles e-Ordering Service was implemented in all correctional institutions last December, enabling relatives and friends of persons in custody to purchase approved hand-in articles for them via an online platform. The articles are directly delivered to the correctional institutions concerned by the supplier. The service not only reduces the time visitors spend sourcing the articles in the market and the inconvenience of carrying them to the correctional institutions, but also shortens the time for correctional officers to conduct security checks and handle the articles, thereby enhancing the operational efficiency of correctional institutions.      Meanwhile, the CSD launched two new technology projects, namely Digital Incarceration Proof and Chatbot Service, at the end of last year to bring convenience to the public. Members of the public may apply for the Digital Incarceration Proof through the “iAM Smart” mobile application, instead of having to visit the CSD Headquarters in person as in the past. Furthermore, the Chatbot Service is provided on the CSD website and its mobile application. Through the use of chatbot “Ching Ching” to handle public enquiries, the efficiency of the public enquiry service can be raised. (7) Deepening collaboration with the Mainland and international partners      The CSD has been fostering professional collaboration with the Mainland and overseas correctional institutions to establish close partnerships and create opportunities for co-operation on issues of mutual concern, making its best endeavours to tell good correctional stories and to tell good stories of Hong Kong.      The Department held the first Greater Bay Area Correctional Services Tactical Skills Competition in January this year, with the participation of seven teams from correctional organisations in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The event effectively facilitated the exchange of experiences in crisis management between the CSD and correctional organisations in the GBA, with a view to enhancing the tactical skills of the response teams and their emergency response capabilities.      Apart from fostering exchanges and connections within the GBA, the Department has also actively integrated into our country’s Belt and Road Initiative. In March last year, the Department and the Hungarian Prison Service (with Hungary being the first European country to sign the Belt and Road co-operation agreement) signed a Memorandum of Understanding. Through formulating and promoting co-operation programmes including experience sharing in correctional services, personnel exchanges and joint research, the development of the two correctional authorities could be enhanced, and long-term co-operation relationship could be established, thereby deepening professional exchanges about international correctional services.      In November last year, the Department further enhanced its role as an international link by hosting the 42nd Asian and Pacific Conference of Correctional Administrators. About 140 correctional chiefs and representatives from 30 Asia-Pacific countries and regions (including 16 Belt and Road countries) attended the Conference, themed “Collaboration for Sustainable and High-quality Development”, to conduct professional exchanges about correctional services and the future development, with a view to strengthening and facilitating regional co-operation and further enabling counterparts from different places to gain a better understanding of the unique advantages and latest developments of Hong Kong’s correctional system. (8) Priorities in the coming year      Concluding its efforts made in 2024, the CSD achieved significant progress in various areas of its work. Looking forward, the Department will build on its success and seek changes while maintaining stability. We will continue to make innovations with professionalism in the three major areas of work, namely custodial work, rehabilitation and community education, with a view to making the CSD an internationally acclaimed correctional services institution.      On custodial work, following the successful organisation of the Greater Bay Area Correctional Services Tactical Skills Competition early this year, the CSD plans to set up the Hong Kong Correctional Services Response Tactics Training Base at Cape Collinson Correctional Institution to provide professional tactical skills training courses for officers of correctional institutions on the Mainland and overseas as well as local law enforcement officers to facilitate in-depth exchanges of response tactics and related skills between correctional institutions and professional law enforcement agencies in different jurisdictions and the CSD’s response teams, thereby enhancing their professionalism and response capabilities to deal with prison emergencies.      The Department will continue to introduce elements of innovation and technology into correctional facilities to raise operational efficiency, enhance institutional security and strengthen the self-management ability of persons in custody. These include the installation of the Persons in Custody Integrated Intelligent Communication System, the Electric Locks Security System, the Movement and Location Monitoring System, the Smart Visitor Management System, etc, in different institutions progressively. Moreover, the Department plans to set up a Penal Lab at Cape Collinson Correctional Institution jointly with the Hong Kong Science and Technology Parks Corporation in the first half of this year, where tailor-made innovative solutions can be tested, so that more smart initiatives tailored for penal settings can be introduced to enhance operational efficacy and service quality of the Department.      Following the launch of the Social Visit e-Booking Service, the Department plans to introduce a new e-booking option for video social visits to enable relatives and friends of persons in custody to make appointments via the Department’s webpage or its mobile application for video visits at the five Multi-purpose Family and Rehabilitation Service Centres located in the urban area. The new service can not only enhance the operational efficiency of the Department but also bring convenience to relatives and friends of persons in custody.      As for rehabilitation work, the Correctional Rehabilitation Research Unit will continue to carry out research studies in collaboration with local universities to promote evidence-informed rehabilitation services. The Unit plans to share its research findings with stakeholders and the public this year, including rehabilitated persons’ desistance from re-offending, and the use of social media of young persons in custody before incarceration and its impact on their mental health, in the hope of providing guidance on the formulation of future strategies for rehabilitation and crime prevention work.      Moreover, to address the rehabilitation needs of persons in custody serving short-term prison sentences, the Department is in discussion with an NGO to provide with them one-stop rehabilitation support services during imprisonment and after release, which include assessments made by professional social workers, participation in personal growth sessions, and the establishment of a positive social network after release. Such services can help rehabilitated persons establish positive values, develop law-abiding awareness, explore personal strengths, build self-confidence and set life goals, thereby reducing their recidivism risk. Under the collaborative project, the Correctional Rehabilitation Research Unit will carry out a three-year research project in collaboration with a local university and an NGO to track the rehabilitation situation of service users after release.      Furthermore, in view of the remarkable results of the Rehabilitation Dog Services Programme launched last year, the Department plans to conduct further studies with local universities and extend the programme to institutions for adult male persons in custody, with a view to benefitting more persons in custody in need.                  As regards community education, the Department will strengthen youth education in terms of its breadth and depth to nurture young people into a new generation with law-abiding awareness and affection for our country and Hong Kong.      With regard to expanding the breadth of youth education, the Department will make greater effort to enhance its connection with schools in various districts to further increase the number of schools joining the school-based RPL programme to recruit more RPL trainees.      The Department will extend its collaboration with other departments to jointly organise more publicity activities to promote crime prevention and anti-drug messages. For example, in view of an escalating trend of taking “space oil drug”, the Department will join hands with the Narcotics Division to organise the Creation and Rehabilitation Programme under the theme of “space oil drug” at Stanley Prison next month to disseminate anti-drug messages to participating students.       With regard to expanding the depth of youth education, to encourage young people to obtain an in-depth understanding of our country’s overall development trend, the Department will provide RPL trainees with job tasting opportunities on the Mainland to enable them to establish Mainland networking and raise their understanding of the Mainland market to assist them in realising their life planning and seizing national development opportunities.      A microfilm premiere on national security will be held this April to deepen the dissemination of messages about national security and the importance of the rule of law among participating secondary students and members of youth uniformed groups.      Lastly, in order to enhance the promotion of correctional work and the dissemination of the message of support for offender rehabilitation to the general public, since January this year, the Correctional Services Department Sports Association (CSDSA) has operated an online gift sales platform for charity named “Made in Prison” (MIP), which aims to foster a caring heart in the community through the sale of handcraft products made by persons in custody to the public. The charity online gift sales platform is operated by the charity fund under the CSDSA. All proceeds from the sale, after deducting necessary costs, will be donated to various local registered charities, thereby promoting the development of the local charity industry as well as providing persons in custody with opportunities to contribute to society.      In its future development, the MIP will introduce more innovative green elements. The Department and the Hong Kong Polytechnic University (PolyU) signed a Memorandum of Understanding in early February this year, under which PolyU’s patented technology for making 3D printing material with spent coffee grounds will be applied to the industrial production work performed by persons in custody. PolyU will also provide vocational training in product design for persons in custody to assist them in designing more environmentally friendly spent coffee grounds products, which will be available for sale on the MIP platform. The development of the platform signifies the CSD’s sheer determination to care for the underprivileged, the environment and the community in an innovative way.

     
    Ends/Thursday, February 20, 2025Issued at HKT 15:40

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    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Thales, Milrem Robotics, and EM&E Group sign a MoU for strategic cooperation in the United Arab Emirates

    Source: Thales Group

    Headline: Thales, Milrem Robotics, and EM&E Group sign a MoU for strategic cooperation in the United Arab Emirates

    February 18, 2025 — Abu Dhabi, UAE: Milrem Robotics, the world’s leading robotics and autonomous systems developer, EM&E Group, a prominent defence technology provider, and Thales in Belgium, a subsidiary of Thales a global tech leader in defence, aerospace and cyber have signed a Memorandum of Understanding (MoU) to jointly address commercial cooperation in the United Arab Emirates.

    This MoU provides a framework that focuses on joint innovation and robotics capability integration projects. One of the main goals of this partnership is to integrate EM&E Group’s SECUTOR Remote Weapon Station together with Thales in Belgium’s 70mm rocket systems into Milrem Robotics’ THeMIS modular unmanned ground vehicle. This integration will enhance the operational capabilities of this platform, making it more versatile and suited to meet the specific needs of the UAE, particularly in terms of drones countermeasures (C-UAS).

    This system will be displayed by the EDGE Group at IDEX 2025, which will be held in Abu Dhabi from 17-21 February.

    The agreement also outlines opportunities for further collaborative development projects that combine the expertise of all three parties to advance cutting-edge defence solutions.

    “Milrem Robotics, EM&E Group, and Thales in Belgium share a vision of leveraging our combined technological strengths to address the evolving needs for robotic systems and to build efficient defence capabilities. Through this partnership, we aim to drive innovation, strengthen regional security, and contribute to the UAE’s defence and technological capabilities,” said Kuldar Väärsi, CEO of Milrem Robotics.

    “We are excited to enter into this strategic partnership, bringing together cutting-edge technologies to meet defence needs in a rapidly evolving landscape. This collaboration reflects our shared commitment to advancing security and technological excellence, in keeping with the UAE’s vision for innovation in defence,” said Alain Quevrin, CEO of Thales in Belgium

    “It is an honour to participate in this strategic project, which will bring together the capabilities and technologies necessary for the development of a cutting-edge system such as the Secutor Rocket. This agreement reflects our shared commitment to respond to the needs of the ever-changing Defence sector”, said Javier Escribano, President of EM&E Group.

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence, Aerospace and Cyber & Digital. It develops products and solutions that help make the world safer, greener and more inclusive.

    The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.

    Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.

    About Thales in Belgium

    Thales Belgium, a subsidiary of the Thales Group, has operated in Belgium for over 50 years, serving three core markets — Defence & Security, Aeronautics & Space and Digital Identity & Security — and developing products and solutions that help make the world safer, greener and more inclusive.

    Thales employs over 1,200 people in Belgium at nine sites (Herstal, Tubize, Brussels, Charleroi, Hasselt, Leuven, Zaventem and Hasselt). Thales Belgium consistently contributes to the country’s research and development programmes, in particular in key sectors of innovation such as quantum technologies, edge computing, 6G and cybersecurity.

    About Milrem

    milremrobotics.com

    About EM&E Group

    www.eme-es.com

    Media contacts

    Thales in Belgium

    Lou Uniak – lou.uniack@thalesgroup.com

    Thales Group

    Camille Heck – Camille.heck@thalesgroup.com

    MIL OSI Economics –

  • MIL-OSI NGOs: UK: Police forces ‘supercharging racism’ with crime predicting tech – new report

    Source: Amnesty International –

    Amnesty’s new report ‘Automated Racism’ reveals dangerous discrimination in police prediction tools

    Almost three-quarters of police forces attempt to predict crime by racially profiling communities across the UK

    ‘These systems have been built with discriminatory data and serve only to supercharge racism’ – Sacha Deshmukh

    A new 120 – page report from Amnesty International UK ‘Automated Racism – How police data and algorithms code discrimination into policing’ has exposed the grave dangers to society from ‘predictive policing’ systems and technology used across almost three quarters of the UK’s police forces.

    This is the first report to demonstrate how these systems are in flagrant breach of the UK’s national and international human rights obligations

    Amnesty found that at least 33 police forces – including the Met Police, West Midlands, Avon and Somerset, Manchester and Essex police – across the UK have used predictive profiling or risk prediction systems. Of these forces, 32 have used geographic crime prediction, profiling, or risk prediction tools, and 11 forces have used individual prediction, profiling, or risk prediction tools. 

    Sacha Deshmukh, Chief Executive at Amnesty International UK, said:

    “No matter our postcode or the colour of our skin, we all want our families and communities to live safely and thrive. 

    “The use of predictive policing tools violates human rights. The evidence that this technology keeps us safe just isn’t there, the evidence that it violates our fundamental rights is clear as day. We are all much more than computer-generated risk scores.

    “These technologies have consequences. The future they are creating is one where technology decides that our neighbours are criminals, purely based on the colour of their skin or their socio-economic background.

    “These tools to “predict crime” harm us all by treating entire communities as potential criminals, making society more racist and unfair.

    “The UK Government must prohibit the use of these technologies across England and Wales as should the devolved governments in Scotland and Northern Ireland. Right now, they can demand transparency on how these systems are being used.  People and communities subjected to these systems must have the right to know about them and have meaningful routes to challenge policing decisions made using them.

    “These systems have been built with discriminatory data and only serve to supercharge racism.”

     There are two main types of racist predictive policing systems that raise several human rights concerns: 

    Location: make predictions about the likelihood of crimes being committed in geographic locations in the future. The systems in all locations specifically targeted racialised communities. The chair of the National Police Chiefs Council has publicly admitted that policing is ‘institutionally racist’. In the year ending March 2023 there were 24.5 stops and searches for every 1,000 Black people, 9.9 stops and searches for every 1,000 people with mixed ethnicity, 8.5 for every 1,000 Asian people – and 5.9 for every 1,000 white people. Racialised people are over-represented in stop and search compared to both their representation in the population and even their involvement in police records of crime.

    The vast majority of stops and searches in the UK – 69 per cent – lead to no further action

    Profiling: individuals placed in a secret database and profiled as someone at risk of committing certain crimes, in the future. 

    Areas such as London, West Midlands, and Manchester with high populations of Black and racialised people are repeatedly targeted by police and therefore crop up in those same police records. Black people and racialised people are also repeatedly targeted and therefore over-represented in police intelligence, stop-and-search or other police records.  

    Forces using racist and failing systems

    The Metropolitan Police Service’s Violence Harm Assessment profiles people based on intelligence reports and about people who are ‘suspects’ and an individual can be profiled without ever having offended or committed a crime.  

    An initial period of Risk Terrain Monitoring-influenced policing targeted the north of the boroughs of Lambeth and Southwark from September 2020 onwards. Between December 2020 and October 2021 Lambeth had the second highest volume of stop and search of all London boroughs. In the same period, people of ‘black ethnic appearance’ (as defined by the Metropolitan Police Service) had the highest rate of stop and search encounters per 1,000 population of any ethnic group: they were stopped and searched more than four times, than people of white ethnic appearance. 80 per cent of these stops and searches resulted in no further action. In the same period, Lambeth had the second highest volume of police uses of force in all London boroughs, and police used force most against people recorded as ‘black or black British’. 

    In Southwark in the year ending March 2021, Black people were stopped and searched 3.3 times more than white people. Police used force against people in Southwark at least 8,924 times between September 2020 and September 2021, and 45 per cent of those times it was against ‘black or black British’ people.  (p67)

    West Midlands Police has deployed predictive crime mapping tools to predict knife crime and serious violence since 2021 and 2022, respectively. These tools have been funded by the Home Office Grip ‘hotspot’ policing programme and are part of West Midlands Police’s ’Project Guardian’ team, which focuses on youth violence and knife crime. 8 times out of 10  the system got it wrong.

    Influenced by the knife crime and prediction tool, West Midlands Police continues to conduct racial profiling and discriminatory policing. In the force area in 2024 white people were stopped and searched 2.3 times out of every 1,000, while Black or Black British people were stopped and searched 10.3 times out of every 1,000, almost five times as much.  (p44)

    Essex Police’s Knife Crime and Violence Model’s use of data on criminal associates criminalises people by association, without any evidence of criminality. The use of data on people’s mental health and drug use is another way in which health issues are taken to be markers of criminality. In other words, people are being criminalised for health issues. In the Essex Police force area in 2024 Black people were on average almost three times more likely to be stopped than white people, and in some areas of Essex as much as six and seven times more likely.

    There is no conclusive evidence from the Essex Police pilot or subsequent studies of the implementation that the use of so-called hotspot mapping had any impact on crime. There is, however, evidence that the use of the system reinforced and contributed to racial profiling and racist policing. (p38)

    Greater Manchester Police’s gang profiling is based on suspicion or even ‘perception’ without objective evidence of offending, or even any evidence of offending.

    The disproportionate representation of Black and racialised people on the ‘gang profiling’ XCalibre database is discriminatory and evidences the racial profiling that XCalibre conducts. This police tactic is also clear infringement of these young people’s right to freedom of association. It continues the targeting of black cultural and music events, as with the Metropolitan Police’s Form, which required events spaces to provide details to the police about the type of music played and the ethnic background of attendees.

    The Greater Manchester Police tactic of banning people from events in Manchester because they were perceived to be linked with gangs is one element of their so-called gang profiling. The XCalibre Task Force sought to exclude people from a cultural event based on its data-based profiling of their alleged involvement in gangs. (p91)

    Human rights violations exposed

    Racial profiling: The use of these systems by police results in, directly and indirectly, racial profiling, and the disproportionate targeting of Black and racialised people and people from lower socio-economic backgrounds. This in turn leads to their increased criminalisation, punishment, and exposure to violent policing. 

    There’s no right to a fair trial: Predictive systems target people and groups before they have actually offended, which risks infringing on the presumption of innocence and the right to a fair trial.

    Mass surveillance:  This is indiscriminate and can never be proportionate interference with the rights to privacy, freedom of expression, freedom of association and of peaceful assembly.

    Zara Manoehoetoe, Kids of Colour and Northern Police Monitoring Project3, said:

    “The way in which these systems work is that you’re guilty until you can prove yourself innocent. Criminalisation is a justification for their existence. There is the presumption that people need to be surveilled and that they need to be policed.” 

    Chilling effect 

    People who live and reside in areas targeted by predictive policing will seek to avoid those areas as a result, leading to a chilling effect. Participants in the Essex discussion group said that if police were targeting certain areas, they would avoid those areas.

    Recommendations

    • A prohibition on predictive policing systems
    • Transparency obligations on data-based and data-driven systems being used by authorities, including a publicly accessible register with details of systems used. 
    • Accountability obligations including a right and a clear forum to challenge a predictive, profiling, or similar decision or consequences leading from such a decision. 

    Secrecy, scare tactics and surveillance – the view from those affected

    Anon contributor to the report said:

    “It’s not fair to over-police areas that have these challenges because of intentional underfunding, and to now [be] adding police to a situation that you’ve created as a part of the state system, is just adding to the problems of the community that you claim you want to protect.”

    John Pegram, Bristol Copwatch, said:

    “It doesn’t matter if you offended 13 or 14 years ago for something, you’re known to us for this, and therefore we’re going to assign a score to you. It’s risk scoring, it’s profiling, often racist profiling.”

    Hope Chilokoa-Mullen from the 4Front Project, said:

    “We’ve had members who have been stopped and told: ‘You’ve been stopped because you’re on a database.’ They don’t know what database it is. I suppose that’s the point of it, you’re not really meant to know how it’s used.”

    Anon contributor said:

    “It targets and profiles entire areas. It targets you based on the community you live in. It’s a clear example of how racism structures policing.”

    See full report here

    MIL OSI NGO –

  • MIL-OSI: Codere Online Reports Financial Results for the Fourth Quarter and Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    • Total revenue was €50.0 mm in Q4 2024, while net gaming revenue1 was €52.6 mm in the period, 5% above Q4 2023.
    • Net income excluding the non-cash variation in fair value of public warrants2 was €6.8 mm in 2024 versus a net loss of €4.0 mm in 2023.
    • Total cash position of €40.5 mm as of December 31, 2024.
    • Providing full year 2025 net gaming revenue outlook of €220-230 mm and Adj. EBITDA3 outlook of €10-15 mm.
    • The Company’s Board of Directors has authorized a share buyback plan of up to $5.0 mm, subject to shareholder approval.

    Madrid, Spain and Tel Aviv, Israel, February 20, 2025 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited4 financial results for the quarter and year ended December 31, 2024.

    Below are the main financial and operating metrics of the period.

      Quarter ended December 31   Year ended December 31
      2023 2024 Chg. %   2023 2024 Chg. %
                   
    Net Gaming Revenue (EUR mm)1              
    Spain 20.8 22.8 10%   75.7 87.7 16%
    Mexico 25.1 25.1 –   81.7 106.6 30%
    Other 4.2 4.6 10%   14.5 17.3 19%
    Total 50.1 52.6 5%   171.9 211.6 23%
                   
    Avg. Monthly Active Players (000s)5              
    Spain 47.4 48.7 3%   42.3 49.7 17%
    Mexico 59.1 68.9 17%   52.5 64.4 23%
    Other 32.6 29.8 (9%)   33.5 30.8 (8%)
    Total 139.2 147.5 6%   128.3 144.9 13%

    Aviv Sher, CEO of Codere Online, stated, “We delivered another solid quarter, with net gaming revenue reaching €52.6 million, a 5% increase compared to the fourth quarter of 2023. In Mexico, net gaming revenue was flat at €25.1 million, driven by the significant devaluation of the Mexican peso. On a constant currency basis, our growth in Mexico would have been 14%. Meanwhile, Spain continued to perform well, with net gaming revenue rising 10% to €22.8 million.”

    Oscar Iglesias, CFO of Codere Online, commented, “Our strong fourth-quarter performance brought our full-year net gaming revenue to nearly €212 million, 10% above the midpoint of our initial €185-200 million outlook from early 2024. More importantly, we delivered a fourth consecutive quarter of positive Adjusted EBITDA, allowing us to reach €6.4 million for the full year, at the higher end of our outlook of €2.5-7.5 million.”

    Mr. Iglesias added, “We are very encouraged by our 2024 results and our ability to meet our commitment to investors despite the headwinds faced, mostly on the currency front. For 2025, we anticipate net gaming revenue of €220-230 million and Adj. EBITDA of €10-15 million. Also, we are pleased to announce an up to $5.0 million share buyback plan, subject to shareholder approval, which reflects our confidence in the business and future cash flow generation.”

    Recent Events

    Listing Extension from Nasdaq

    • Following a hearing on January 16, 2025, at which the Company presented its plan to regain compliance, the Nasdaq Hearings Panel granted the Company’s request to continue its listing on Nasdaq on February 12, 2025;
    • The extension is subject to the Company filing its 2023 annual report on or before May 12, 2025;
    • The Company continues to work diligently to complete and file its 2023 annual report as soon as possible and expects to do so within the extension period it has been granted.

    Implementation of a Share Buyback Plan

    • The Board of Directors of the Company has authorized (subject to obtaining shareholder approval) the repurchase of up to $5.0 million of the Company’s ordinary shares over a one-year period;
    • A general meeting of shareholders will be convened today and held on March 3, 2025 to approve the plan and the conditions under which it may be executed;
    • The share buyback plan does not require the Company to acquire any specific number of shares and may be terminated at any time. Repurchases of shares pursuant to the share buyback plan will be conducted in accordance with applicable law, including U.S. securities laws.

    New Tax in Colombia

    • On February 14, 2025, Colombia’s Ministry of Finance introduced, through executive decree, a value added (i.e. indirect) tax of 19% on all online deposits;
    • The tax will be effective on February 21, 2025, and will remain in effect through December 31, 2025, though we expect legal challenges from the industry with respect to its constitutionality;
    • The Company is currently assessing how it will respond from a legal and operating perspective to this tax and potential impacts on its business in Colombia.

    Conference Call Information

    Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, February 20, 2025. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.

    Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)

      Quarter ended December 31   Year ended December 31
    Figures in EUR mm 2023 2024 Chg. %   2023 2024 Chg. %
                   
    Total              
                   
    Revenue 46.9 50.0 7%   162.6 201.4 24%
    (+) Accounting Adjustments6 3.1 2.6 (16%)   9.2 10.2 11%
    Net Gaming Revenue 50.1 52.6 5%   171.9 211.6 23%
                   
    Spain              
                   
    Revenue 20.8 22.8 10%   75.7 87.7 16%
    (+) Accounting Adjustments6 – – n.m.   – – n.m.
    Net Gaming Revenue 20.8 22.8 10%   75.7 87.7 16%
                   
    Mexico              
                   
    Revenue 22.6 22.3 (1%)   73.3 95.7 31%
    (+) Accounting Adjustments6 2.5 2.8 12%   8.4 10.9 30%
    Net Gaming Revenue 25.1 25.1 –   81.7 106.6 30%
                   
    Other              
                   
    Revenue 3.6 4.9 36%   13.7 17.9 31%
    (+) Accounting Adjustments6 0.6 (0.2) (133%)   0.8 (0.7) n.m.
    Net Gaming Revenue 4.2 4.6 10%   14.5 17.3 19%

    Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)7

      Quarter ended December 31   Year ended December 31
    Figures in EUR mm 2023 2024 Chg.   2023 2024 Chg.
                   
    Net Income (Loss) (1.0) 6.7 7.7   (3.1) 3.7 6.8
    (+/-) Provision for Corporate Income Tax (4.5) (1.0) 3.5   (7.2) 2.0 9.2
    (+/-) Interest Expense / (Income) 5.0 (1.6) (6.6)   (4.9) (4.4) 0.5
    (+/-) Var. In Fair Value of Public Warrants (0.2) (2.7) (2.5)   (0.9) 3.1 4.0
    (+) D&A 0.0 0.3 0.2   0.1 0.4 0.3
    EBITDA (0.7) 1.7 2.4   (16.0) 4.8 20.8
    (+) Employee LTIP Expense 0.9 0.1 (0.8)   3.5 1.7 (1.8)
    (+/-) Other Accounting Adjustments (4.3) 0.0 4.4   0.4 (0.1) (0.4)
    Adj. EBITDA (Pre Non-Recurring Items) (4.1) 1.9 6.0   (12.2) 6.4 18.6
    (+) Non-Recurring Items 0.0 0.0 0.0   0.5 0.0 (0.5)
    Adj. EBITDA (4.1) 1.9 6.0   (11.7) 6.4 18.1

    About Codere Online

    Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, launched in 2014 as part of the renowned casino operator Codere Group, offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere Online currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina; this online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

    About Codere Group
    Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).

    Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures.

    Forward-Looking Statements
    Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans as well as he Company’s expectations about the timing of completion and filing of the Form 20-F for the year ended December 31, 2023 (the “2023 Annual Report”), and statements related to the Company’s plan, timing and actions taken to regain compliance with the Listing Rule 5250(c)(1).

    These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

    As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, (xii) the risk that Codere Online’s securities may be delisted from Nasdaq and (xiii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

    Financial Information and Non-GAAP Financial Measures
    Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”).

    This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue, Adjusted EBITDA and constant currency information. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material.

    Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein.

    This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

    Use of Projections
    This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

    For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC.

    Preliminary Information
    This document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period.

    No Offer or Solicitation
    This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

    Trademarks
    This document may contain trademarks, service marks, trade names and copyrights of Codere Online or other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this document may be listed without the TM, SM, © or ® symbols, but Codere Online will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.

    Industry and Market Data
    In this document, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third-party sources, which it believes to be reliable. Codere Online has not independently verified the accuracy or completeness of any such publicly-available and third-party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this document. You are cautioned not to give undue weight to such industry and market data.

    Contacts:

    Investors and Media
    Guillermo Lancha
    Director, Investor Relations and Communications
    Guillermo.Lancha@codere.com
    (+34) 628.928.152

    1 Net Gaming Revenue is a non-IFRS measure; please see reconciliation of Net Gaming Revenue to Revenue at the end of the report.

    2 Net income excluding the non-cash variation in fair value of public warrants is a non-IFRS measure and reflects a net income of €3.7 mm (€3.1 mm net loss in 2023) excluding a €3.1 mm loss (€0.9 mm gain in 2023) from the variation in fair value of public warrants. Figures presented for illustrative purposes and do not include any potential impacts on the provision for corporate income taxes.

    3 Adjusted EBITDA is a non-IFRS measure; please see reconciliation of Adjusted EBITDA to Net Income at the end of the report. Net gaming revenue and Adjusted EBITDA outlooks are forward-looking non-IFRS measures; please see important disclaimers at the end of the report.

    4 See “Preliminary Information” below.        

    5 Average Monthly Active Players include real money (i.e. exclude free bets) sports betting and casino actives.

    6 Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia, VAT impact from entry fees in Mexico and the impact from the application of inflation accounting (IAS 29) in Argentina.

    7 Please refer to page 26 of our Q4 2024 Earnings Presentation for further details regarding this reconciliation.

    The MIL Network –

  • MIL-OSI Europe: Opening remarks by Commissioner Jørgensen at the ITRE Committee Structured Dialogue

    Source: EuroStat – European Statistics

    European Commission Statement Brussels, 20 Feb 2025 Thank you Mr Chairman!
    This is the first time I am back in a big Plenary room since the hearing. Thank you for being nice to me! People ask me if I could sleep at night in the preparation phase, and I always answered, ‘yes I sleep like a baby’. I sleep for a few hours, I wake up and cry a little bit, then I sleep for a few more hours and then I wake up and cry a little bit.

    Thank you so much and thank you for the collaboration, both before and after the hearing.

    Now of course, we have started the actual work and I really cherish, both the bilateral collaboration I have with many of you, but also with the groups and with the Committee.

    I am looking forward for the exchange of views today. Obviously, it’s also a possibility for me to highlight some of the things that are coming up and that we are presenting from the Commission’s side in the weeks and months to come, just as it is an opportunity for you to ask me questions, but obviously also give me some input.

    A lot has happened since December, there is an old, I think it’s a Chinese curse, that goes ‘may you live in interesting times’. I think it’s pretty fair to say we are living in interesting times.

    I think it’s also fair to say that this is for me a very, very clear sign that we should all be happy that we have the European Union. No country, not even the biggest ones of us, have a chance of solving the challenges that we face right now alone.

    We need to really stand by each other’s shoulders and we need to work with each other closer, together. And therefore, I think it is also extremely important that we send a very clear signal to our own citizens, our own companies but also of course to the world, that in the European Union, the way that we face challenges like the ones we face right now, is not by polarising but standing together.

    This certainly also goes for the energy part of our collaboration. We  already working very closely together on this, compared to any other region of the planet, we are better interconnected and more rational and greener than any other region.

    This is obviously not to say that we don’t have many challenges, we have a lot. But I just think it’s worth reminding each other, when standing in challenging times, it’s also necessary to remember what are our strengths and to build on our strengths. And when facing challenges you have to be very careful, when you find the solutions, that you don’t undermine the position of strength that you actually have, by choosing to go in completely different directions.

    For me that means, looking at our Energy Union, we need to make that stronger.

    It really is a little bit of a paradox, when walking around this building and looking at all the historic photos, the buildings and rooms named after great personalities that helped shape the European Union, that it all started as a Coal and Steel Community. So coal, basically energy.

    Yet today, there is many other issues we are much more integrated than we are on the energy side.

    So, we have a lot of potential. I will also say that we need to do better in that part of our integration.

    Now, if we look at our electricity infrastructure and how it is connected in Europe. Again, I would find it difficult to point to any other places in the world that are doing as well as we are. But at the same time, we are not at all where we need to be and we are not even exploiting the possibilities that we have of doing better right now.

    An analogy that you could use, if you thought about our more traditional physical transport infrastructure and, let’s just take an arbitrary number, say that what we needed was 100 big highways to connect Europe and we would be perfectly connected, it’s just an arbitrary number but let’s say it’s 100. Then say, that those highways are energy, electricity, then right now we are at a stage where we have 100 highways but we need 200. What makes it even more challenging, but also gives us possibilities, is that out of the 100 we are only using 50. So out of the infrastructure that we already have, the interconnectedness and maintenance that we already have, we are only utilising a part of it. And we have a lot of potential for utilising it better. And even if we did that 100 per cent, that still would not be enough.

    So, what does that mean? It means we need to be better connected, both physically, so physical infrastructure, but also in a more regulatory sense.

    Countries need to implement better legislation that we already have, this means exploiting the possibilities of having the benefits of having neighbours that produce energy at certain times and also being solidaire, providing them the energy to them, when they don’t.

    If all countries fulfilled our obligation of the 70% transmission  target, then already there, we would be much better off that we are today.

    If we were better at exploiting the grid we have, and we can be, via digitalization and AI, and better planning and better coordination of maintenance, small things they might seem like, but they can really make a difference. Then we could avoid a lot of curtailment. In Germany alone, the curtailment every year equals the lost revenue of 4 billion euros.

    When we have the big crisis last Summer, in many of the Southern European countries because of the heat wave, one of the reasons why the crisis became so big was because there was a lot of maintenance going on and it wasn’t being coordinated. This is not to blame anybody, because there were probably good reasons why it had to happen there, but had we coordinated better, we could have avoided these things.

    So this is just to say there are actually quite a few low hanging fruits, quite a few things that can work, even in the short term. But I will also be honest with you and say there are also some fruits at the top of the tree, that we need to pick. There is also a lot of things that we need to do that are more structural, long-term decisions.

    Something that lies in between there, I would say, is our ability to move swiftly with the deployment of more renewables.

    We need to, in my opinion, take a good and hard look at our rules for permitting. Now, during the crisis we had some change in the rules that we have and emergency measures, that were also implemented and that meant that in some countries things were actually speeding up.

    But still, as a general rule, it is going way too slow and I think that is probably the message that I am getting most often from industry, from local communities, from green NGOs from people that are more concerned about prices. It’s not going fast enough.

    And this is even in a period of time when we are actually deploying more renewables faster than ever, so last year it was 78 new Gw of renewables, this is a huge number. Last year for the first time ever, we produced more electricity by solar than by coal. This is fantastic, it’s going in the right direction, it’s going fast. But not fast enough.

    This will be at the core also of the Affordable Energy Action Plan that I will be presenting, the Commission will be presenting, next week as a part of the Clean Industrial Deal.

    We will look at every issue separately, that is right now hindering  us from becoming more independent of fossil fuels and thereby also Russian energy imports, decarbonising our economy and of course first and foremost, which the title also reflects, bringing down the prices.

    Renewable energy is not something that is making our competitiveness worse as some will have you believe. I am sure probably not many in this room but sometimes outside of this room you will hear this.

    It is the opposite. From 2021 to 2023, the International Energy Agency, [IEA Executive Director] doctor Fatih Birol, has calculated that we in Europe saved 100 billion euro because of the deployment of new renewable energy.  100 billion euro that we would have bad to pay more, had we not been on the transition path that we are in.

    We are working hard to rectify where there is barriers, and the plan that I will be presenting will not be a plan with one big silver bullet that will solve all the problems. But it will be a lot of very targeted things, of course interconnected, but targeted things that we can do, that when you add them all up, will make a lot of difference both on the short term and on longer and more structural term.

    I will also say that the question of Russian energy, in my opinion, has not become smaller, I think you will agree.

    When the war escalated and Russia attacked Ukraine in 2022 we were at 45% of our gas coming from Russia. Last year we brought that down to 15%, but then the LNG imports went up, so we ended up at 19%. Now we are at approximately 13% because the transit via Ukraine ended the 1 January.  

    So on the one hand, I guess you can argue that this is a huge success of Europe. I would like you to point to any other region of the world that could that fast, fundamentally change such as important part of the energy system. It is actually a tremendous accomplishment on one hand. On the other hand, we are still importing 13% from our gas from Russia. This is billions of euros  filling up Putin’s war chest. So, we need to do more.

    Some of the things that I have already talked about, that will be a part of the Action Plan on Affordable Energy will obviously also help us in that regard. But we will need to, in my opinion, take even further steps and, therefore, next month, the Commission will propose a Roadmap for independence on Russian fuel.

    Obviously we have a lot of other things planned, but my time is already more than up, so I hope I’ll get an opportunity to speak about them in connection with your questions. They are all  interrelated obviously, so the Electrification Action Plan is also connected to the Affordable Energy Action Plan and so forth.

    On housing, which I know is also important for many in this Committee, we will be presenting the Affordable Housing Action Plan next year. The reason why I decided and we decided in the Commission to not do it before, was also to make sure that we have a process that is parallel to yours, here in the Parliament, the Committee on Housing. I would not feel comfortable putting forward my plan without having also taken into account the result of your work and your recommendations.

    But this does not mean that I will not act before that. We are already acting. So you could put it all together in one fine plan in a year, but since it’s probably wiser to wait with that plan, I will start doing some of the things already now. That is probably not the way we normally or actually often work, but I think it’s the smart way of doing it so.

    On the State aid rules, we are working on them, [Executive Vice President for a Clean, Just and Competitive Transition] Teresa Ribera and myself, on making, creating a pan-European investment platform, I am working with the EiB on that. On making sure we spend more money from the cohesion funds on housing, going from 7.5 billion euros to 15 billion euro, I am working with Vice-President [for Cohesion and Reforms, Raffaele], Fitto on that and of course also on other issues.

    But I would be interested to hear your comments and answer any questions also!

    Thank you!

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Special Children Act (SCA) case outcomes reporting changes

    Source: United Kingdom – Executive Government & Departments

    We are making changes to the Client and Cost Management System (CCMS) to automatically lodge Case Outcomes on Associated Cases in SCA matters.

    Changes are being made to automatically lodge outcomes on linked cases where the lead matter is reported. This removes the requirement for solicitors to lodge the case outcome on any associated case with a zero cost limit.

    Why is this happening?

    We want to remove the labour intensive requirement to report outcomes on every linked associated case.

    Given the details entered are the same on the associated cases as the lead case it is purely an administrative process which solicitors are often not paid for.

    What does this mean for providers?

    This will remove the requirement under Phase 1 of the changes to report case outcomes on any associated case with a zero cost limit.

    The option to report outcomes on associated cases will be greyed out and triggered automatically when the lead outcome is reported.

    Historic matters where outcomes have not been reported on associated cases will be shut down by a script. This will happen where a Lead case has been reported but the associated cases remain unreported.

    A ‘nill bill’ is still required on all these cases under Phase 1 of the changes.

    When are the changes being made?

    We intend making the changes on the evening of 24 February 2025. There will be downtime to CCMS on the evening.

    Further information

    https://legalaidlearning.justice.gov.uk/improvements-to-special-cases-act-sca-multiple-client-process/

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: TUV urge public to have their say on planned MLA pay rise

    Source: Traditional Unionist Voice – Northern Ireland

    Statement by TUV North Antrim MLA Timothy Gaston:

    “While I am not aware of any announcement from the committee established to look at the Assembly Members (Remuneration Board) Bill that they are seeking views of the public, I noticed this morning that a call for evidence opened on Tuesday.

    “The TUV response to the call for evidence is reproduced below.

    “Members of the public can let MLAs on the committee know what they think of the proposals which would see them awarded a massive pay rise by completing the survey at the following link .”

    Submitted to Assembly Members (Remuneration Board) Bill – Call for Evidence

    If you are providing a submission on behalf of an organisation please state its name
    TUV

    If you are providing a submission on behalf of an organisation please select its type.
    Political Party

    If you are providing a submission on behalf of an organisation please state its purpose.
    The defence and strengthening of Northern Ireland’s place within the United Kingdom.

    Do you consent to your submission being published on the Committee’s website and included in the Committee’s report?
    Yes. Publish in full.

    Questions Relating to Relevant Clauses in the Bill

    Clause 1
    The “Remuneration Board” better reflects the purpose of the body
    Strongly Agree

    Clause 2
    It is appropriate for the determination of Assembly members’ salaries and pensions to be determined by an independent panel/board rather
    than by the Assembly Commission.
    Strongly Agree

    It is appropriate for the determination of adequate resources required by Members for the exercise of their functions to be determined by the
    Assembly Commission rather than by an independent panel/board.

    Strongly Agree

    The independent financial review panel got it wrong on a number of issues. The ridiculous rule about not having a phone number or an email address on an MLA office sign is an obvious example so we support this suggestion.

    Clause 3
    The independent panel/board should have regard to the salaries payable to members of other legislatures when making determinations as to the salaries payable to Members of the Assembly
    Strongly Disagree

    MLAs do not deserve a pay rise to put them in line with Members of other Parliaments and assemblies because, uniquely, the Northern Ireland Assembly decided that there are vast areas of law and policy that it does not want to have any say over. If the Assembly is so pompous as to believe that it is just as important and competent as the legislatures listed in clause 3 of the Bill, why did the majority of Members vote to give away lawmaking powers to Brussels, where no one from Northern Ireland has any say in the laws that govern two thirds of our economy? Unless or until MLAs have the self-respect to reclaim those laws, they should not be treated like members of any other legislature.

    The legislatures listed above are the appropriate legislatures to consider when making such determinations
    Strongly Disagree

    Quite apart from the points made above why would a legislature in Northern Ireland concern itself with what members of foreign legislatures in the Irish Republic are paid?

    Clause 4
    The temporary filling of vacant positions on the board/panel should be permitted, pending the appointment of replacements.
    Agree

    Clause 5
    Former Members of the Assembly should be permitted to sit on the panel/board.
    Strongly Disagree

    This represents a clear conflict of interest on two fronts. First, one would assume that a former Member will have maintained some sort of relationship with Members, who would stand to benefit financially from the decisions of the board. Secondly, as a former Member, he or she would benefit from pension determinations. Such a situation cannot be allowed to go unchallenged. There were good reasons why former MLAs were excluded from the original panel. Those reasons remain valid. It is noteworthy that the previous independent financial review panel had just three members. If, as the Bill anticipates, one of those members is a former MLA, that is a sizeable chunk of its membership.

    Clause 6
    It is appropriate for determinations to be made at least 6 months before the date of the poll for the Assembly elections.
    Agree

    Provision should be made to require determinations to be published in draft and made the subject of consultation.
    Agree

    Consultation should be undertaken before the Board issues determinations more than once in respect of an Assembly, or otherwise than in accordance with the timing rules set out in subsection (2).

    Agree

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Written question – Impact of Greece’s golden visa scheme on the housing market – E-000613/2025

    Source: European Parliament

    Question for written answer  E-000613/2025
    to the Commission
    Rule 144
    Afroditi Latinopoulou (PfE)

    According to recent data, Greece’s golden visa scheme has played a significant role in the increase in property and rental prices in the country’s urban centres and popular islands. Although the scheme generated around EUR 4.3 billion for the Greek economy between 2021 and 2023, there has been a sharp decline in the availability of long-term rental housing, forcing local residents to move away.

    In view of the above:

    • 1.Given the European Parliament’s 2022 decision to phase out golden visa schemes by 2025, what specific measures does the Commission intend to take to ensure a smooth transition for Member States that implement such schemes?
    • 2.How does it intend to address the social impact on the housing market resulting from these schemes, especially in areas where prices have risen considerably?

    Submitted: 11.2.2025

    Last updated: 20 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – H4 expressway works in Slovenia: ensuring smooth flows to protect logistics and territory – E-003052/2024(ASW)

    Source: European Parliament

    Maintenance works and structural works are needed in particular to ensure sufficient road safety levels on the road infrastructure. Those works can have an impact on traffic which requires the imposition of road traffic restrictions.

    Road safety may be considered an overriding reason of public interest that can justify the restriction of free movement as set out in Articles 34 and 35 of the Treaty on the Functioning of the European Union.

    The Commission does not have any information at this stage indicating that road traffic restrictions related to Slovenia’s H4 expressway are manifestly discriminatory or inappropriate to the purpose of ensuring the necessary road safety level.

    Last updated: 20 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Slovakia receives €240 million EIB loan to co-finance green and digital projects supported by the EU

    Source: European Investment Bank

    • EIB provides €240 million loan to Slovakia to advance green and digital projects
    • Slovak government will use EIB long-term financing as national contribution mandatory for EU-financed development projects
    • Credit is first part of €800 million EIB facility approved to strengthen environmental sustainability and economic competitiveness of Slovakia

    The European Investment Bank (EIB) is providing a €240 million loan to Slovakia for co-funding of EU-supported green and digital projects across the country. The credit is the first part of an €800 million EIB loan approved to Slovakia for national contributions mandatory for European Union-supported project which bring billions of euros to member states annually.

    “We are increasing the country’s ability to tap EU grants, enabling Slovak citizens and businesses to benefit from accelerated economic growth and social development,” said EIB Vice-President Kyriacos Kakouris. “Our financing will strengthen cohesion and improve public services, the business environment and living standards in Slovakia.”

    Slovakia will use EIB funding for projects designed to improve research and innovation, digitization of economy, growth and competitiveness of SMEs, work skills for smart specialization, transition and digital connectivity, energy efficiency and renewable energy, climate change adaptation, sustainable water, circular economy and nature protection and biodiversity.

    In addition to helping green Slovakia’s economy, such projects will enhance the country’s living standards and strengthen its competitiveness on global markets.

     “This EIB loan will enable us to support projects that drive digital innovation, expand renewable energy, and enhance climate resilience. Our partnership with the EIB ensures that Slovakia remains at the forefront of the EU’s sustainability goals while fostering job creation and economic resilience in our regions. We are dedicated to using these funds wisely to build a smarter, cleaner, and more competitive economy,” said the Slovak Minister of Finance Ladislav Kamenický.

     EIB annual results in Slovakia for 2024

    In 2024, the EIB Group increased its financing in Slovakia by 21% to €355 million. Key initiatives last year included €50 million to support eco-friendly water and wastewater management in Bratislava and €65 million to help Slovak small and medium enterprises (SMEs) and Mid-Caps drive job creation, enhance competitiveness and advance climate action goals.

    “Our 2024 results are good news for Slovakia and the EU,” said EIB Vice- President Kakouris. “We financed projects of vital importance for a sustainable, green and prosperous future for Slovakia. Our commitment to Slovakia remains strong and, as the country pursues its development goals, it can continue to rely on the EIB for support.”

    EIB advisory activities in the country last year included addressing affordable-housing challenges in Bratislava. Expanding affordable housing across the EU is one of eight operational priorities for the EIB.

     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 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.

    MIL OSI Europe News –

  • MIL-OSI Europe: Briefing – Czechia’s National Recovery and Resilience Plan: Latest state of play – 20-02-2025

    Source: European Parliament

    Under the Recovery and Resilience Facility (RRF), Czechia’s national recovery and resilience plan (NRRP) had an initial value of €7 036 million in grants only. In June 2022, its initial RRF grant allocation was revised upwards to €7 673.7 million (+ 9.1 %). In June 2023, Czechia submitted a request to modify its NRRP. The amended plan totals €9 231.3 million and now includes a REPowerEU chapter with an additional grant allocation of €680.5 million. Czechia also requested to transfer its remaining share of the Brexit Adjustment Reserve to its plan (€54.9 million). The total EU contribution is €9 227.3 million, i.e. 4.1 % of the country’s 2019 gross domestic product (GDP), with €8 409.2 million in grants and €818.1 million in loans. Czechia’s NRRP comprises reforms and investment to help the Czech economy recover, while advancing the green and digital transition and addressing structural weaknesses. Measures under the plan are to be completed by 2026. In the 2024 country report, the European Commission assessed the implementation of the plan as being under way, albeit with a risk of some delays. In this context, the Council recommended accelerating investment, maintaining reform momentum and addressing emerging delays. In December 2024, a third payment, consisting of a fourth and fifth instalment of €1 482.5 million (net of pre-financing) in grants and a first instalment of €190.9 million in loans, was disbursed to Czechia. However, a payment of €162.7 million from the fourth instalment and of €97.6 million from the fifth instalment of the grant support was suspended, pending full implementation of the two remaining milestones. So far, Czechia has received €4 365.4 million (47.3 % of the modified plan), of which €1 061.7 million is in pre-financing, €3 112.8 million in grant payments, and €190.9 million in loans. This briefing is one in a series covering all EU Member States. Fourth edition. The previous edition was drafted by Marketa Pape. The ‘NGEU delivery’ briefings are updated at key stages throughout the lifecycle of the plans.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Radio Televisión Española and the Recovery and Resilience Facility – E-000573/2025

    Source: European Parliament

    Question for written answer  E-000573/2025
    to the Commission
    Rule 144
    Isabel Benjumea Benjumea (PPE), Dolors Montserrat (PPE)

    The Spanish Government has allocated over EUR 20.5 million in Recovery and Resilience Facility funding to Generación D, a project run by the Spanish broadcasting company Radio Televisión Española (RTVE). One of the TV series made as part of the project was Brigada Big Tech, which had thirteen 45-minute episodes and cost EUR 4 565 353. The cost per episode was EUR 351 181 and the production cost per minute was EUR 7 804. This is dearer than the top-level football matches – such as European Championship ties – that RTVE broadcasts.

    The host of Brigada Big Tech, Luján Argüelles, took home EUR 15 000 per episode, the third‑highest salary at Televisión Española at the time, and the highest on the ‘La 2’ channel. For comparison, star presenters like those on Spain’s MasterChef earn EUR 10 000 per episode. However, Brigada Big Tech was a catastrophic flop in terms of viewing figures.

    In light of the above:

    • 1.Has the Commission asked for data on the Generación D project, including data on the final implementation of the project, the list of subcontractors and the amount of money each subcontractor received?
    • 2.How does it view EU funds being used for projects like this one, with salaries well above the market average and a budget that is at odds with the quality of the programme?

    Submitted: 7.2.2025

    Last updated: 20 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – EU funding and state-sponsored human trafficking in Tunisia – E-000583/2025

    Source: European Parliament

    Question for written answer  E-000583/2025
    to the Commission
    Rule 144
    Ilaria Salis (The Left), Cecilia Strada (S&D), Leoluca Orlando (Verts/ALE), Pernando Barrena Arza (The Left), Damien Carême (The Left), Estrella Galán (The Left), Isabel Serra Sánchez (The Left), Tineke Strik (Verts/ALE)

    Recent reports, including the RRX State Trafficking Report[1] (presented at Parliament on 29 January 2025) and a communication from the Office of the United Nations High Commissioner for Human Rights (OHCHR) (AL TUN 6/2024)[2], suggest that Tunisian state authorities may be involved in human trafficking. Findings indicate that Tunisian security forces have allegedly expelled sub-Saharan migrants to the Libyan border, where they may have been handed over to armed groups in exchange for money. The OHCHR has informed Italy, Libya, Algeria and EU representatives[3], yet the EU is continuing to fund Tunisia’s border enforcement and ‘search-and-rescue’ efforts. Reports suggest EU-backed units may be involved in illegal pushbacks at sea, raising concerns about potential state-sponsored trafficking.

    • 1.What safeguards are in place to prevent EU funds from supporting Tunisian authorities involved in human trafficking and rights abuses?
    • 2.Is the Commission investigating Tunisia’s role in state-sponsored trafficking, and will it consider suspending funding or reassessing the EU-Tunisia agreement?
    • 3.Given the vulnerability of the witnesses in the State Trafficking Report in Tunisia and Libya who are willing to testify before EU institutions and courts, does the Commission support establishing a legal-humanitarian corridor for the investigation?

    Submitted: 7.2.2025

    • [1] https://statetrafficking.net/.
    • [2] https://spcommreports.ohchr.org/TMResultsBase/DownLoadPublicCommunicationFile?gId=29320.
    • [3] https://statetrafficking.net/StateTrafficking_EN_21012025_light.pdf.
    Last updated: 20 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – EU’s position on Italy’s role in the release of Osama Almasri Najim – E-000568/2025

    Source: European Parliament

    Question for written answer  E-000568/2025
    to the Commission
    Rule 144
    Ilaria Salis (The Left), Mimmo Lucano (The Left), Benedetta Scuderi (Verts/ALE), Cristina Guarda (Verts/ALE), Leoluca Orlando (Verts/ALE), Ignazio Roberto Marino (Verts/ALE)

    Reports indicate that Italian authorities facilitated the release of Osama Almasri Najim, a Libyan commander allegedly implicated in grave human rights violations and sought by the International Criminal Court (ICC). Given the EU’s commitment to justice, human rights and the principles of the Rome Statute, such actions could undermine the EU’s credibility in supporting accountability efforts in Libya. Italian Prime Minister Giorgia Meloni is now reportedly under investigation for this incident.

    • 1.How does the Commission assess Italy’s involvement in securing the release of Osama Almasri Najim, and does it consider this action compatible with EU values and legal commitments?
    • 2.What measures is the Commission taking to ensure that the Member States do not act in ways that undermine the ICC’s work and broader EU policies on accountability for human rights violations?
    • 3.How will the Commission strengthen its engagement in Libya to support justice and prevent further impunity for crimes under international law?

    Submitted: 7.2.2025

    Last updated: 20 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Chipping in with €1 billion

    Source: European Investment Bank

    With a background in physics and fluid mechanics, Dirkzwager spent almost a decade in central engineering at Philips in the Netherlands, before moving to Hong Kong, where he was inspired by the city’s entrepreneurial energy and eagerness to grow.

    “The approach was all about trial and error,” he says. “Trying things quickly, seeing what worked and moving on to the next idea.” NXP Semiconductors was born with this mindset, as a spinoff from Philips’s semiconductor division in 2006. “That’s when we shifted our focus to customers beyond Philips, serving the global market,” says Dirkzwager. “It was an exciting, hectic time.”

    According to a McKinsey study, the global market for semiconductors could reach more than $1 trillion by 2030, up from $600 billion in 2021.

    Today, more than half of NXP’s chip design, manufacturing and distribution serves the automotive market. About 25% goes to industrial and Internet of Things customers, and 17% to the mobile sector, including smartphones and tablets.

    NXP’s research and development in chips for the automotive sector will be ready to be used in the market in about five years, and the work on post-quantum encryption will be ready for the market in 10 to 20 years. The semiconductor industry’s focus on the future ties in well with the long-term investment preference of the European Investment Bank, making the loan a good fit for both parties.

    “The Bank was fast, efficient and competitive,” Dirkzwager says. “It’s a good feeling.”

    MIL OSI Europe News –

  • MIL-OSI Europe: SEK 22 billion in EIB financing provided for Swedish firms and municipalities in 2024

    Source: European Investment Bank

    • The city of Stockholm, SKF, Ericsson, Tele2 and Chromafora were some of the actors in Sweden granted EU financing in 2024 through the EIB Group.
    • This financing amounted to around SEK 22 billion (€1.9 billion) and more than 65% of this went to initiatives supporting the green transition.
    • Just over 32 000 jobs are estimated to have been saved thanks to this financing.

    Over the course of 2024, the European Investment Bank (EIB) and the European Investment Fund (EIF) continued to support Sweden’s economic development and climate initiatives through substantial investments.

    The EIB Group’s financing during the year amounted to around SEK 22 billion, of which more than 60% went to climate measures and environmental sustainability. This money supported wind power, energy-efficient housing and industrial electrification, among other projects.

    These investments are estimated to have kept 32 000 jobs in Sweden.

    “Sweden has come a long way in the green transition, but the work is far from complete. As the EU climate bank, we are proud to be accelerating efforts within renewable energy, electrification and other climate-promoting initiatives, and we will continue to support investments that make a real difference for the climate and society as a whole. We are also proud to contribute to jobs and strong infrastructure, which creates long-term value for Swedish society,” said EIB Vice-President Thomas Östros.

    Over the course of 2024, the EIB Group signed more than 20 agreements to provide financing in Sweden. Here are a few examples:

    SKF: €430 million for research and innovation in fields such as renewable energy and electromobility.

    Chromafora: €22.5 million to combat PFAS (“forever chemicals”).

    Tele2: €140 million to expand the 5G network in order to reach 99% of the Swedish population.

    City of Stockholm: €368 million to redevelop the Slussen area and reduce the risk of flooding.

    City of Malmö: €225 million to build more than 1 500 energy-efficient apartments.

    These investments reflect the EIB Group’s extensive involvement in Sweden’s green transition, digitalisation and social development.

    The European Investment Fund (EIF) – which is part of the EIB – allocated €320 million to capital investments and guarantees in Sweden in 2024. This in turn is expected to mobilise around SEK 3.8 billion in investment for the Swedish economy, with more than 5 300 companies expected to benefit from this financing in different ways.

    Several of the initiatives are supported by the European Commission’s InvestEU programme.

    In addition to investing in funds such as Course Corrected and the Swedish Impact Lending Fund, the EIF also issued guarantees for businesses such as the corporate lender Froda.

    Please note: The figures provided in this press release are approximate and subject to exchange rates.

     Background information

    EIB

    The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. The EIB finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    All projects financed by the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 billion in climate and environmental sustainability investment in the decade to 2030 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.

    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. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

    MIL OSI Europe News –

  • MIL-OSI Europe: Statement by President von der Leyen at the joint press conference with Barbadian Prime Minister Mottley

    Source: European Commission

    European Commission Statement Bridgetown, 19 Feb 2025 Prime Minister, dear Mia,
    Thank you for hosting me here in Barbados. It is indeed the first time that I am here, it is fantastic. It is a big pleasure to join you and our partners at this CARICOM Summit. I have crossed the Atlantic to share with you how much Europe values its partnership with the Caribbean. We live in an unpredictable world. In these times, it is more important than ever to stick together; to stand up for our values; and to deepen ties with friends.

    Despite being an ocean apart, Europe and the Caribbean are very close at heart. We are strong and vibrant democracies; we are convinced that it is of big importance to defend multilateralism and the rule of law; we believe in freedom and the right of people to choose their own future. This is why you have been standing with Ukraine since the very beginning of the war. Ukraine is a future member of the European family. So supporting them means also supporting us. And it is important to also call for a just peace not only in Ukraine but also in the Middle East, in Sudan and Haiti, which is what you have always done.

    While sharing our values, we also face some of the same challenges. When devastating hurricanes sweep through your islands, like hurricane Beryl last July, Europe wants to be by your side: We provide emergency support to those who have lost everything, we are rebuilding together. Actually, we are currently supporting Grenada to rebuild Carriacou and Petite Martinique with the goal of making the islands 100% powered by renewable energy. And we have just discussed how to strengthen our cooperation in resilience and preparedness, so to work closer together to have a foresight when these natural disasters and extreme weather events, which are often related to climate change, hit.

    We know that the fight against climate change is truly existential. In the face of hardship, the Caribbean are showing incredible leadership. Especially you, my dear Mia. You have amplified the voice of small island nations on the global stage, for the benefit of all humanity. This was key, for example, to the launch of the Loss and Damage Fund together at COP29. It amounts to almost USD 750 million in pledge, half of it covered by Europe and its Member States. Because climate financing is another very important challenge. Europe is the leading provider. We contribute well beyond our fair share of the USD 100 billion annual target.

    But we know that given the scale of the transition and its urgency, we need new and innovative financing tools – in addition – like green bonds and carbon and nature credits, for example, which is what we are working on. And we need to bring the private sector fully on board, with a smarter use of private and public funds. With your Bridgetown Initiative, dear Mia, you are leading the way to making green and development financing fairer, more accessible and more affordable so that the climate targets can be met.

    Another initiative you mentioned is renewable energy. At COP28 we agreed on global targets for renewables and energy efficiency. We want to triple renewable energy and double energy efficiency by 2030. To implement these goals, we created the Global Energy Transition Forum, because only what gets measured gets done, and we really need that the goals on paper are achieved on the ground. And this year, Barbados joined the Global Energy Transition Forum, I am very glad about that, that is great. It will allow us to deliver concrete projects on the ground and unlock more investment for the transition. And I hope that many Caribbean nations will follow your example.

    This brings me to our bilateral work. The starting point for us is our investment programme Global Gateway. That is the investment programme abroad for partners. It is already at work – here in Barbados and across the Caribbean. Together with Hydrogen de France we have just signed the first green hydrogen storage project in Barbados. What is important is that renewable energy is homegrown, and therefore it is cheaper: It gives you energy independence and it gives you energy security, and it is the energy of the future, because it is clean energy.

    We are, as you said, also working on the health sector. I think both of us have learnt our bitter lessons during COVID-19 and how vulnerable we are. And therefore, we support your pharmaceutical sovereignty. It means vaccines and medication produced in the Caribbean, for the Caribbean, but also to be a hub for the rest of the world. We have just signed a biomedical partnership between BioMedX, a European biotech company, and Barbados. And tomorrow, we will launch ‘PharmaNext’, a project that really boosts innovation and investments across the Atlantic. Because it also aligns the regulatory environment that is so important to move forward.

    We have other great projects in the Caribbean. One has really caught my attention: In Barbados and Grenada, we are turning the sargassum threat into an opportunity, and I think it is really smart. We are working to transform this harmful alga into fertiliser, biomass and even cosmetics.This project has, and this is phenomenal, the potential to leverage almost EUR 400 million in investments. And actually, we are bringing thus a harmful alga, fighting a harmful alga but turning it into an opportunity that brings revenue. So it could not be better. Finally, we are bringing the Caribbean closer together and closer to us – with digital connectivity. Tomorrow, we will commit with Spain to deliver high-speed internet via satellite to even the most remote communities here. So the last kilometre that is always so difficult, we are going to manage that now via satellite.

    To me, the spirit of Global Gateway is needed more than ever. We are investing in value chains, skills and jobs. We are sharing knowledge and technology for the benefit of both sides. We are looking into a long-term and trusted partnership. And we are convinced that a win-win situation is the most beneficial for our people and our economy.

    Thank you very much again for having me here.

    MIL OSI Europe News –

  • MIL-OSI Security: Witness appeal after woman was struck by a van in SE14

    Source: United Kingdom London Metropolitan Police

    Police are appealing for witnesses and any road users with footage after a collision in New Cross left a woman seriously injured.

    The incident happened on Monday, 10 February shortly after 14:00hrs in Milton Court Road, SE14. A female pedestrian in her 30s was struck by a van.

    Officers and London Ambulance Service attended the scene and the woman was rushed for hospital for treatment. Her condition is not life-threatening but she is likely to suffer lasting injuries.

    The vehicle involved did not stop at the scene but has since been recovered.

    Officers are appealing for any witnesses or footage of the incident that could assist them in building a clear picture of what happened.

    Detective Sergeant Jack Mounstephen, of the South East Command Unit, said: “At this stage, we are treating this incident as a deliberate act and need to understand exactly what happened in the build-up and aftermath.

    “Were you in the area of Milton Court Road between 14.00hrs and 14.25hrs on Monday, 10 February? Did you witness this incident which resulted in a woman being seriously injured? No matter how insignificant you think the information you have is, I would urge you to contact us immediately.

    “If you were driving in the area, please check any dashcam or camera footage to see if you have captured what happened.”

    Anyone with information is asked to call 101 or ‘X’ @MetCC and quote 01/7148469/25.

    = One man has appeared in court charged with grievous bodily harm and causing serious injury due to dangerous driving. A second man, 46, has been arrested on suspicion of attempted murder and bailed pending further enquiries.

    MIL Security OSI –

  • MIL-OSI United Kingdom: Chair and two Trustees reappointed to Theatres Trust board

    Source: United Kingdom – Executive Government & Departments

    The Secretary of State has reappointed Dave Moutrey as Chair, and James Dacre and Stephanie Hall as Trustees of Theatres Trust for a second term of 3 years.

    Dave Moutrey

    Appointed from 21 February 2025 to February 2028

    Dave is responsible for leading the creation and delivery of Manchester City Council’s cultural and creative industries policy and strategy, working closely with the city’s cultural and creative sectors on joint initiatives. He was appointed to this role after a 6-year part-time secondment to the Council as Director of Culture. 

    Until March 2024, he was Director and Chief Executive of HOME, a purpose-built multi-art venue that opened in May 2015. He conceived and led the merger of Cornerhouse and Library Theatre Company to create HOME, along with the £25m capital project for the building, which has attracted almost 1 million visits per year since opening. HOME includes 5 cinema screens, education spaces, digital production and broadcast facilities, a 500-seat theatre, 150-seat flexible theatre, a large gallery, café bar, restaurant, offices, and other spaces consistent with a production centre. It provides opportunities for artists and audiences to create work together, as well as a social and cultural hub. Before HOME, Dave was Director and CEO of Cornerhouse from 1998, having established and led the regional arts marketing agency Arts About Manchester. 

    Dave was awarded an OBE for services to culture in 2022 and a Doctor of Arts honoris causa by the University of Salford in 2018. He is a member of the Chartered Management Institute and the British Academy of Film and Television Arts. He was previously an advisor to the British Council and still holds several non-executive roles on not-for-profit boards.

    James Dacre

    Appointed from 21 February 2025 to 20 February 2028

    James Dacre is a Director and Creative Producer who has directed, produced and toured work to several hundred theatres, opera houses and festivals across the UK and abroad, with his productions winning Olivier, The Stage and UK Theatre Awards. He recently founded Living Productions which produces theatre, film, concerts and festivals. James was Artistic Director of Royal & Derngate Theatres from 2013-2023 and previously held roles as Associate Director at the New Vic Theatre, Theatre503 and the National Youth Theatre. He is Chair of the Board of Theatre503, a Board Director of Spirit of 2012, a Trustee for Talawa Theatre Company and a Franco-British Young Leader. James Dacre became a Trustee of The Theatres Trust on 21 February 2022. 

    Stephanie Hall

    Appointed from 21 February 2025 to 20 February 2028

    Stephanie Hall is a barrister specialising in town and country planning at Kings Chambers. She lives with her family near Leeds but works across England and Wales. Stephanie represents both local authorities and developers at planning appeals and in the Courts. She has particular experience of large schemes and major infrastructure projects, sometimes involving theatres and very often involving works to or in the setting of listed buildings. Stephanie appears in the list of top-rated planning junior barristers, is a member of the Planning and Environment Bar Association, the Compulsory Purchase Association, the Parliamentary Bar Mess and the National Infrastructure Planning Association. Stephanie Hall became a Trustee on 21 February 2022.

    Remuneration and Governance Code

    The Chair and Trustees of the Theatres Trust are not remunerated. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments. The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. Dave Moutrey, James Dacre and Stephanie Hall have not declared any significant political activity.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom –