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Company Name: Ai-gruppe Email Address:media@ai-gruppe.com Company Address: Grosse Gallussstrasse 16-18/1st floor, 60312 Frankfurt am Main, Germany. Company Website:https://ai-gruppe.com/ Disclaimer: This content is provided by Ai-gruppe. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before investing in or trading cryptocurrency and securities .Please conduct your own research and invest at your own risk.
Source: United States Senator Pete Ricketts (Nebraska)
WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) announced legislation that would urge our European allies to initiate the snapback of U.N. sanctions on Iran. Ricketts made the following comments while on a conference call with Nebraska media:
“Recently, President Trump took executive action to restore maximum pressure against Iran. He directed the Treasury and State Departments to try and drive Iran’s oil exports to zero – which will stop their ability to fund terrorism,” Ricketts said. “He also directed our UN Ambassador to pressure our allies to ‘complete the snapback of sanctions and restrictions on Iran.’ President Trump’s actions will make our country safer. But he can’t do it alone. Our allies, including the United Kingdom, France, and Germany, also known as the E3, will need to do the same.
“That’s why I will soon introduce legislation pushing our European allies to initiate a snapback of U.N. sanctions on Iran. These snapback sanctions would include export controls, travel bans, asset freezes, and other restrictions on those involved in Iranian nuclear and missile activities,” Ricketts continued. “My legislation would deliver a strong message to our European allies: they need to step up. Iran’s possession of a nuclear weapon would threaten our security and the security of our allies. Snapback sanctions are key to ensuring that President Trump’s maximum pressure policy is successful.”
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Watch the video HERE.
The geometric representation of the positioning of political parties and individuals according to different dimensions, a standard feature of comparative political studies, has only recently emerged in the analysis of digital data.
The visualisations presented here by Pedro Ramaciotti, Researcher at Sciences Po médialab and the Centre national de la recherche scientifique, Head of the European Polarisation Observatory, Jean-Philippe Cointet, Professor at the médialab and Director of Sciences Po Open Institute for Digital Transformations, and Tim Faverjon, PhD student at the médialab, are based on analyses carried out on the digital traces of X/Twitter accounts. This research opens up avenues for regulators to prevent the risk of political profiling of platform users without their knowledge.
The proliferation of exchanges via social networks and the democratisation of automatic learning algorithms, which ‘calculate’ individuals on the basis of their behavioural traces, are giving rise to growing mistrust.
These technologies, which define the form and rules of interaction within the digital public space, are accused of increasing the polarisation of debates, encouraging the proliferation of hate speech and spreading disinformation (fake news), among other issues. Such fears underscore the need to focus on existing regulatory mechanisms to guarantee democratic principles.
Since the mid-2010s, Europe has created an innovative regulatory framework through a series of legal instruments such as the Artificial Intelligence Act, the Digital Services Act (DSA), the Digital Markets Act (DMA) and the General Data Protection Regulation (GDPR). Two of these – the GDPR and the DSA – seek to protect European Union (EU) citizens from intrusive data collection and advertising that uses personal information such as ethnic origin, sexual preference, religion and political opinion (Article 26.3 of the DSA, which refers to the list of sensitive categories from Article 9.1 of the GDPR).
On 14 March 2024, less than a month after the DSA came into force, LinkedIn was censured by the European Commission, which suspected the platform of using sensitive data (including political preferences) from users to expose them to targeted advertising. Article 34 of the DSA also requires platform operators to assess the risk that their services, including recommendation and moderation systems, pose to ‘freedom of expression and information, including freedom and pluralism of the media’. Europe’s leading role in protecting democratic principles online is laudable.
It is nonetheless legitimate to question the effectiveness of these legal tools. The DSA prohibits platforms from engaging in political profiling for advertising purposes, but what tools does the regulator have to detect this type of profiling? Similarly, social networks are given real responsibility for the variety of opinions visible online. However, the amplification systems that make the algorithms so addictive are also likely to produce an incomplete or biased view of opinions.
So how to identify and quantify this deviation from the pluralist ideal? How to measure the diversity of opinions expressed on a given subject? The problem is twopronged. First, the information space to which users are exposed through the prism of the platforms needs to be observable. Second, the space in which respect for political diversity is desirable needs to be clarified. How should this diversity be measured? Should the ideological indicator be based on the right-left spectrum? Or should it be gauged in other attitudinal dimensions linked to sometimes emerging issues such as immigration, globalisation, cultural and environmental issues?
Data collection at the Global Centre for Combating Extremist Ideology during an official visit by US President Donald Trump to Riyadh, Saudi Arabia, May 2017. (credits: Reuters/Jonathan Ernst)
Measuring the opinions of large populations using their digital footprints
While it is common practice in comparative politics to use geometric representation to position parties or politicians along predefined axes, this type of practice has only recently emerged in the analysis of digital data. The nature of this data, generally resulting from behavioural traces left by individuals, depends on each platform; it typically includes information on what users share, write or ‘like’. They are of particular interest when they are produced by large populations of users, enabling conclusions to be drawn about national political systems on a large scale with greater robustness.
Using behavioural traces to estimate the positions of individuals according to ideological dimensions or spectrums (opposing right and left, for example) or positions (for or against) on various public policies is a relatively old practice. In the 1980s, pioneering work used parliamentary voting data to position legislators on ideological spectrums. The intuition was that legislators voting for the same laws were probably very close ideologically. Conversely, if their votes were rarely in agreement, then they were very far apart. Gradually, all these patterns of behaviour created a political space that enabled each player to be finely positioned in a one-, two- or even multi-dimensional space. The same is true today of digital traces, which can betray the political preferences of users when we collect the media they retweet or the accounts of politicians they follow (to mention only the case of X/Twitter).
The European Polarisation Observatory (EPO), led by Sciences Po, is tackling the measurement of the public opinion of large populations (from hundreds of thousands to several million users per country) based on their digital traces. While the first studies using social network traces, mainly sought to position individuals and content on spectrums opposing liberals and conservatives (particularly for political analysis in the United States), the research carried out within EPO seeks to extrapolate these studies for the different national contexts in the EU.
Statistical inference methods are developed using various databases that have been used to characterise the political space defined by the parties in each country. For example, data from the Chapel Hill Expert Survey are used to position the political parties on dozens of ideological dimensions or public policy issues that structure each national context: right-left, European Union, immigration, confidence in institutions and elites, etc. This expert data enables validation and calibration of the results obtained by analysing digital traces and, above all, expansion of this classification to the party level across very large populations.
Measuring online behaviour and exposure according to political preferences
Because their political positioning has been estimated along dimensions specific to their national contexts, and because these estimates are linked to digital traces (unlike, for example, traditional survey data), these populations could become a primary source of metrics for the regulator to assess political profiling. This is illustrated by two studies published in 2023 and 2024, respectively: one on the relationship between polarisation and disinformation online, and the other on algorithmic content recommendations on social media.
Online misinformation is one of the central issues in moderating and regulating platforms. Understanding the determinants of fake news sharing is key to fighting disinformation better. Research carried out in the United States has shown that disinformation is mainly spread by a small share of the population on the fringes of the political spectrum, and particularly on the far right. The populations produced by EPO at an EU level enable an extension of the results obtained in the United States to other countries, accounting for the specific political dimensions that structure their digital space.
The best illustration of these results is the aforementioned 2023 study, which analysed misinformation circulating on X/Twitter. It shows that in France fake news-sharing behaviour is largely determined by the position of accounts along two independent dimensions: on the one hand, the right-left axis, and on the other (and perhaps above all), the anti-elite sentiment and distrust of institutions harboured by certain accounts.
Analysis of algorithmic content recommendations further illustrates the challenge facing regulators. To comply with Article 34 of the DSA, platforms must assess the impact of algorithmic recommendations on plurality and freedom of access to information. In countries where X/ Twitter is the platform of choice for journalists and political figures – as is the case in almost all of Western Europe and on the other side of the Atlantic – it is easy to imagine the consequences of targeted algorithmic amplification that would favour or penalise messages and content emanating from a single party or reflecting the perspective of a single political camp.
To analyse these issues, researchers, who are explicitly given this role by article 40 of the DSA, need to have access to both the data on platform recommendations and a political characterisation of the content recommended and the users to whom it is offered. This is the purpose of the 2024 study on algorithmic recommendations, based on digital populations produced by EPO, in collaboration with the CNRS (the ‘Horus’ project). By jointly assessing the political positions of the authors and recipients of recommended messages, this study provides the first quantitative assessment of the political diversity of recommendations to which players in the French Twittersphere are exposed.
It clearly shows (see figure above) that recommendations obey a logic of ideological segregation: users from the left, centre and right are overexposed to messages from their respective political camps, though to a lesser extent for centrists. In other words, messages published by friends who share the same opinions are systematically amplified by the algorithm.
The only exception to this boost for ideological proximity is that the algorithm also amplifies messages from far-left-wing users among right-wing users, to the detriment of content published by moderates. It is also interesting to note that the reverse is not true, and that left-wing users appear to be underexposed to content from the right (in almost the same way as content from moderates).
Can artificial intelligence inadvertently generate political profiles?
The digital traces of platforms enable building unprecedented bridges between computer science and comparative politics. A question that must be considered is whether the artificial intelligence (AI) algorithms used to recommend content on platforms might inadvertently build political profiles of users in their deep layers.
AI technologies exploit massive quantities of data and produce complex statistical models to calculate, for example, predictions or information rankings (which feed into algorithmic recommendations). However, these models are not always comprehensible or explainable, which is why they are often referred to as black boxes. Hence the risk that recommendation algorithms may unwittingly internalise political user profiles in their calculations. If so, how can this phenomenon be detected, measured and, if necessary, protected against? These questions are justified for two reasons.
First, the creation of profiles within AI models would constitute a breach of Article 26 of the DSA and would, in practice, mean an unwanted shift in the responsibility of platforms, which are hiding behind the opacity of the models. Detecting these profiles in AI models could also prevent intentional but stealthy breaches of Article 26.
For example, if the operator of a platform is convinced that its AI model will provide relevant political advertising to its users (by anticipating what content will be shown to users of a particular political persuasion), without having to make this explicit in the design of its AI model, it will be able to offer targeted political advertising as a service while claiming that the users’ political profile remains unknown to the machine.
Second, efforts to moderate the negative phenomena caused by the political diversity of the content consumed (such as exacerbated polarisation) raise complex normativity issues: what degree of content diversity should be imposed on users? Who should measure it and who should impose it?
In addition to revealing the political profiles of users, it is conceivable that these models could be used to selectively delete information that might betray an individual’s political preferences. Is it possible to design recommendation systems that are blind to politics, that comply with legislation, but that remain relevant to the user? Developing the ability to map the political space suggested by digital traces is key to answering this question. And it is crucial in this respect that digital platform data be widely auditable by research.
Reforms to apprenticeship training provider payment system and End Point Assessments will cut bureaucracy and enable focus on high quality training.
The government is slashing more red tape to ensure businesses and apprenticeship training providers are able to focus even more of their time on apprentices, the Skills Minister announced today, unlocking opportunity and driving growth under the government’s Plan for Change.
Reforms to the payment system have long been called for by training providers. They will cut red tape by stopping the need for providers to log the same data multiple times, saving valuable time currently wasted on duplicating records, ensuring consistency across systems.
The move comes during National Apprenticeship Week and will mean training providers can focus on what matters most – breaking down barriers to opportunity through helping apprentices to develop their skills to enter well-paid careers and drive economic growth in key sectors.
Today the government also announced changes to End Point Assessments (EPAs), making the system simpler and more flexible while ensuring apprentices prove their competence for skilled work.
Where appropriate, apprentices will be assessed on some things during their apprenticeship rather than all at the end, and training providers may be able to deliver elements of the assessment, rather than having to rely on external assessors.
The government is also ensuring apprentices don’t have to be re-tested on the same skills they have already demonstrated, such as by taking a mandatory industry exam, to avoid wasting apprentices’ time.
This will deliver more timely assessments while retaining rigour, and ensure that apprentices are assessed on what matters most to employers, removing unnecessary burdens to career opportunities and getting skilled workers into key industries to support growth.
Skills Minister, Baroness Jacqui Smith, said:
Employers and providers are burdened with needless red tape which makes it harder to train and recruit apprentices.
We have heard time and again from training providers, apprentices and employers that this needs to change, and we are determined to deliver this so they can focus on what they do best – creating jobs and driving growth.
Businesses should rest assured this National Apprenticeship Week that this government is determined to work with them to make apprenticeships work better, helping to grow the economy.
Mike Blakeley, Executive Director of Partnerships & Apprenticeships at Exeter College, said:
Employer voice is very important to us here at Exeter College, and being invited to contribute to shaping some of these changes has allowed us to share concepts and ideas to make the learner and employer journey easier to navigate.
We thank DfE for not only listening but actioning a range of simplifications to the system that will ease the burden on employers and providers alike. These measures will be welcomed across the sector and will be a significant boost to an already brilliant National Apprenticeship Week.
Rob Nitsch, CEO of the Federation of Awarding Bodies (FAB), said:
Seven years into apprenticeship standards, it is right and natural that we should be stepping back to see how end-point assessment can be optimised for the benefit of apprentices, employers and those involved in delivery.
The Federation welcomes the principles-based methodology that the Department has proposed and the inclusive approach that has been adopted; FAB and its members are pleased to have contributed to the refinement of the principles already and look forward to working with DfE and other stakeholders to take them forward to the next stage and moving to implement the Review at pace.
This builds on reforms announced earlier in National Apprenticeship Week by the DfE. These included shorter apprenticeships with the minimum time for completion reduced to eight months, and making English and Maths requirements for completing an apprenticeship more flexible to boost recruitment in sectors like construction and healthcare.
Existing assessment plans will be rewritten on a standard-by-standard basis to reflect these changes, with the first plans being revised from April 2025.
New assessment principles for apprenticeships will be published this week, and will be available here.
Works to repair and protect the historic Council House building are starting this week.
The works will stabilise precast cladding panels on the Grade 2 listed building, which surveys show are deteriorating due to age and weather exposure.
Additional fixings will be installed on the panels and the joints between them sealed to help prevent water getting in.
A decision to allocate funding from the Council’s capital programme for the works will also allow further investigations and regular inspection of the panels.
Further scaffolding is being erected and the works are likely to take 18 weeks to complete. The building will remain open to the public throughout and meetings and events will not be affected. However, parking will not be available at the front of the building during the works.
Councillor Chris Penberthy, Cabinet member with responsible for assets, said: “We need to care for public assets and these works are essential to protect both this important public building and the people using it. The listed status means the works will be carried out carefully and sensitively.
“We’ll be making sure disruption to the many users of the building is kept to an absolute minimum.”
Tickets selling fast for the magical Beauty and the Beast
13 February 2025
Much Ado Stage School are preparing to take to the stage at the Alley Theatre for a spellbinding performance of Beauty and the Beast. The local group will perform the timeless classic from 20th-22nd February. From the enchanted castle to the charming village, this magical production promises to transport audiences of all ages to a world filled with love, bravery, and enchantment. Beauty and the Beast tells the story of Belle, a young woman who finds herself trapped in an enchanted castle, and the Beast, a prince cursed to live in his monstrous form. Together, they embark on a journey that will change their lives forever. Featuring memorable songs, dazzling choreography, and a talented cast, Much Ado Stage School’s performance is a delightful experience for families, theatre lovers, and fans of the classic fairytale. Under the direction of Rois Kelly, Much Ado Stage School’s talented cast, featuring local performers, will bring to life this enchanting story with stunning costumes, set designs, and powerful performances. Playing ‘The Beast’ is Kevin Connor and playing the beautiful ‘Belle’ is Lucy Harper. Rois explained: “We are really excited to see the months of work come together to produce a showstopper with such a stellar cast, with heart-warming moments, humorous twists, and spectacular musical numbers, Beauty and the Beast will certainly captivate audiences in Strabane”. Beauty and the Beast is showing from Thursday 20th- Saturday 22nd February at 7.30pm each evening and a matinee performance on Saturday 22nd February at 2.30pm. Tickets are £15 each. Tickets are selling fast, with limited availability for some performances so make sure to get yours now at www.alley-theatre.com or call the Alley Theatre Box Office on 028 71 384444.
Manchester has been allocated £1.5m by the Government to support the next phase of regeneration in Collyhurst in north Manchester – part of the major Victoria North regeneration programme.
Leader of the Council Cllr Bev Craig said:
“We welcome the news that the new Government wants to work with us to help us build more homes and create more jobs for Manchester residents.
“Victoria North represents one of the most ambitious urban regeneration programmes in Europe and will see more than 15,000 homes built in the next decade, along with a range of employment, social, community, cultural and neighbourhood uses. Its delivery will transform 390 acres of brownfield and underutilised land in some of the most deprived wards of Manchester, creating a new town in Manchester, interconnected by quality green spaces which will open up and celebrate the River Irk.
“Already, hundreds of homes have been built as part of the regeneration programme, including 130 new council homes in Collyhurst that will be available to residents very soon, alongside a new community park.
“This £1.5m Government funding will help to unlock a key element of the vision for Collyhurst by supporting the development of a business case for a new Metrolink stop at Sandhills, that will better connect the Collyhurst neighbourhood to the wider city and region, linking our residents to employment and other services and opportunities.
“Investment in a new Metrolink stop in this community would be an important driver to deliver the ambitious next phase of the Collyhurst regeneration story, which looks build more than 2,500 new homes – including significant council and social housing – new shops, and further education and medical facilities.
“We look forward to working closely with this Government in the coming months to realise the potential of Collyhurst, Victoria North and the wider area of North Manchester. Together with the news around the North Manchester General Hospital green light, this shows that Manchester is a priority for the new Government.”
A PROPOSAL to return Leicester Market to its original site and create a major new event space around it is to proceed to the next stage.
City Mayor Peter Soulsby met with market trader representatives this morning (Thursday 13 February) to advise them that he intends to move forward with the scheme, creating a food-focused market next to the existing Food Hall, together with a versatile space that would become a focal point for outdoor events in the city.
Final designs, new planning applications and detailed costs will now be drawn up, prior to a formal decision being taken. Subject to planning permission, work could start on site this summer – and market traders could be operating from the new market building by the end of 2026.
“This proposal would give Leicester Market a fresh start and a sustainable future – and would give the traders what they wanted: a return to the site where they’ve stood for generations,” said the City Mayor.
“But it’s also a once-in-a-generation opportunity to reopen the market place as a wonderful flexible space – as it was for hundreds of years.
“The scale of the space, and the quality of the surrounding architecture, make it a very special site and my hope is that our investment in this scheme will act as a catalyst for the regeneration of the wider area.”
The proposal to create a new market building, housing 48 stalls that could be fully dismantled if necessary, and a new event space for Leicester was welcomed by most of those who took part in a formal consultation last year.
More than 1,600 (1,667) people gave their views in the online consultation, which was launched in October and ran for six weeks.
Of those responding, 60% (1,008) supported the proposal, 38% (639) did not, and a further 20 respondents (1%) did not express a preference.
“I’m grateful to everyone who took part in the consultation, as their views showed there’s support for the proposal,” said the City Mayor.
“My focus now is on progressing this scheme, ahead of a formal decision. Our project team will now be developing the designs and preparing the planning applications, with a view to getting this important site redeveloped and open for business as quickly as possible.”
A planning application for the new square is due to be submitted next month (March), with plans for the new building expected to be submitted in July.
As part of National Apprenticeship Week 2025, the Apprenticeship Team at Coventry City Council hosted more than 25 employers for a School Apprenticeship Show.
The event held this week at Coventry Rugby Club brought together over 300 students.
Severn Trent, Coventry University, BUUK infrastructure, Land Rover and West Midlands Police were just a few of the organisations promoting the wealth of apprenticeship opportunities available.
The show provided an invaluable platform for young people to explore career pathways, engage with employers, and gain insights into how apprenticeships can be a direct route into skilled employment.
Employers from sectors such as construction, healthcare, digital, engineering, and the public sector were on hand to share information, answer questions, and inspire the next generation of apprentices.
Cllr Richard Brown, Cabinet Member for Finance and Resources at the Council, said: “I’m really pleased that our own apprenticeship team is helping to bring together so many great organisations and so many young people.
“Events like this are such a great way to highlight the different career options that apprenticeships can be the springboard to.”
Zak Bhana, Apprenticeship and Career Pathways Advisor, at Coventry City Council, said: “The event was a real success. It was great to see so many Coventry-based employers getting involved and informing students about the different apprenticeship career pathways they have available.
“Apprenticeships provide fantastic opportunities for young people to earn while they learn, and this event highlighted just how many options there are locally.”
The Apprenticeship Show aligns with the Council’s commitment to supporting young people into meaningful careers and ensuring local businesses can connect with the talent they need.
A huge thank you to all the employers, students, and schools who took part in making this event such a success. If you’d like to find out more about apprenticeships in Coventry, please visit our Apprenticeships Hub or contact the team at coventry.gov.uk/apprenticeships
William Blake, author of ‘Jerusalem’, regarded as the unofficial national anthem, is internationally revered as a Poet, Artist, and Visionary. He lived at 17 South Molton Street in London for 17 years in two humble rooms in which he produced his most famous and influential illustrated works.
Today, the London Assembly has called for the site to become a cultural and educational hub and visitor centre, boosting the local and London economy.
Marina Ahmad AM, who proposed the motion, said:
“Preserving our heritage is vital to our cultural identity, well-being, and economic growth. William Blake—renowned poet, artist, and visionary—lived and created some of his most influential works at 17 South Molton Street. Yet, this historic home is at risk of being lost.
“We have a unique opportunity to transform Blake’s last remaining London residence into a world-class cultural and educational hub, honouring his legacy while boosting the local economy. The homes of Mozart, Rembrandt, and Burns are thriving visitor attractions – let’s do the same with William Blake’s house.
“I ask the mayor to meet with the William Blake Fellowship, engage with the Grosvenor Group, and rally key stakeholders to support this vision. If action is not taken now, we risk losing this opportunity forever. Let’s secure Blake’s legacy for generations to come.”
The full text of the motion is:
This Assembly recognises that preserving our heritage is important to the cultural, well-being and economic growth of our country.
William Blake, author of ‘Jerusalem’, regarded as the unofficial national anthem and sung at the 2012 Olympics and by all main political parties, is internationally revered as a Poet, Artist and Visionary.
Last year international Blake exhibitions in Los Angeles, the Fitzwilliam Museum, Cambridge and in Europe attracted thousands of visitors. Blake is on the National Curriculum taught in UK Primary and Secondary schools.
William Blake lived in 17 South Molton Street in London for 17 years in two humble rooms in which he produced his most famous and influential illustrated works, now in 56 galleries and private collections around the world. The home is a Georgian townhouse similar to Handel House or Charles Dickens’ houses and has been cherished as The House of William Blake even when Blake still lived there in 1803, all the way up to present day.
The building is listed with English Heritage as ‘more than of special interest’ to the nation and since the 1970’s has had a City of London blue plaque. Blake’s unique contribution to the arts and humanity should be proudly celebrated by his home city with this site becoming a cultural and educational hub and visitor centre which would boost the local and London economy.
The William Blake Fellowship has been liaising for many months with the company who owns the property. The company’s plan is to renovate it as a private residence sold on the commercial market. It is instead now the time for this property to become a cultural hub, honouring and celebrating the life and works of William Blake.
This would draw from the success of long standing historic houses in other European cities such as Mozart’s House in Vienna, Rembrandt’s House in Amsterdam, Dante’s House in Florence, nearby Handel House in London and Robert Burns’s House in Scotland, the legacy of which generates £200 million a year to the Scottish economy. The Fellowship has produced ample evidence of the social, cultural and economic value of this property being repurposed as a world class cultural visitor centre.
The House of William Blake’s proposal is supported by the Deputy Mayor for Culture and the Creative Industries Justine Simons OBE, Lord Vaizey of Didcot, Rachel Blake, MP for Cities of London and Westminster, Westminster Council, Dee Corsi, Chief Executive Officer of New West End Company, a business partnership of 600 UK and international retailers, Mayfair residents and English Heritage.
The Fellowship has submitted an application for Neighbourhood Community Infrastructure Levy funding and are soon meeting with Westminster Council to discuss its pre-app planning submission for the process of changing the use of the building from a private residence to a cultural centre.
However, the current owners of the building, although also supportive of the proposal in principle, are continuing with their planned renovation and marketing of Blake’s home as a private residence.
The Fellowship retains the ambition to open a centre in 2027, which would mark both 200 years since Blake’s death and 270 years since his birth. If the property is continued to be developed as a luxury apartment, the opportunity to create a dedicated centre to William Blake at his last remaining London home will be lost for good.
This Assembly resolves to:
Call on the Mayor to meet with the William Blake Fellowship to be updated on the current status of plans for the House of William Blake.
Convey the importance and need for this venture to the Grosvenor Group and board, as well as their Chair, the Duke of Westminster, and request the pausing of the ongoing commercial renovation work so that the House of William Blake proposal can continue to the next stages of development.
Call for Grosvenor Group to develop and work with the relevant public and private partnerships to enable the creation of the centre to go forward.
Call a meeting with key stakeholders (listed above) to discuss working together in the same way that the Government, councils and institutions of other major European cities have partnered to create the houses of Rembrandt, Mozart and Robert Burns as international cultural visitor attractions.
Write to the Secretary of State for Culture, Media and Sport, Lisa Nandy MP, and the Minister for Creative Industries, Arts and Tourism, Sir Chris Bryant MP, to convey the importance of the House of William Blake being preserved as a national cultural centre.
The London Assembly has today called on the Mayor of London to lobby the Chancellor to re-evaluate the current increase in employer’s National Insurance contributions and the additional £7bn in costs on employers arising from the Government’s Budget.
This follows concerns raised by industry bodies including the London Chamber of Commerce and Industry, as well as major retailers including Sainsbury’s, Tesco and Morrisons.
Alessandro Georgiou AM, who proposed the motion, said:
“The impact of the raise in employer’s National Insurance Contributions on Londoners could not be clearer in the threatened job-losses in the capital.
“I am pleased that the Assembly has backed my motion calling on the Mayor to lobby the Chancellor to review this, and I hope that the Mayor will share in our concerns about the impact on businesses and Londoners by extension.
“£7bn is a large bill for businesses to swallow – now is the time for the Mayor to come out and oppose it.”
The full text of the motion is:
This Assembly wishes to express its concern regarding the impact of the Government’s Autumn Budget, including the decision to increase employer’s National Insurance contributions. Decisions taken by this Government have let to economic uncertainty, market turmoil, additional business costs and higher borrowing costs.
This Assembly regrets that costs have risen significantly for employers, and many have been forced to reduce their workforce as a result of the Budget, with Londoners bearing the brunt of redundancies and higher prices.
This Assembly notes the concerns of industry bodies such as the London Chamber of Commerce and Industry who found only 1 in 4 business leaders are confident that the Government will deliver growth.
This Assembly also notes recent job cuts announced by major retailers including: Sainsbury’s (3000 cuts), Tesco (400 cuts), Morrisons (200 cuts), WH Smith, River Island, Schuh, Currys and Next, as well as the comments made by Simon Roberts, Sainsbury’s Chief Executive, who just days after the Budget announcement said, “There will be difficult decisions to take as a result”.
This Assembly calls on the Mayor to lobby the Chancellor to re-evaluate the current increase in employer’s National Insurance contributions and the additional £7bn in costs on employers arising from the Budget, to better support Londoners and their job security.
The London Assembly has called on the Mayor of London to launch an independent investigation into temporary speed limits put in place on the A20 at the Sidcup bypass between October 2023 and October 2024.
In a motion agreed today, the Assembly noted campaign groups’ concerns that:
Signage was insufficient and followed the wrong chapter of the signage manual
The signage installed was potentially hazardous with the top of the mounting post not fully covered by the sign
There are allegations that the traffic order (0622) was not published on the Transport for London (TfL) website or in compliance with statutory instruments
Thomas Turrell AM, who proposed the motion, said:
“There are serious questions to be raised about whether TfL have followed due procedure, and for that reason they cannot be allowed to mark their own homework in investigating what has happened.
“The Assembly has spoken clearly: the Mayor should call an independent investigation, so that we might learn lessons from this and avoid the mistakes made with the A20.
“This has affected drivers who say that they couldn’t possibly have known they were breaking the rules, and we owe it to them to thoroughly investigate this issue.”
The full text of the motion is:
This Assembly calls on the Mayor of London to launch an independent investigation into the implementation of the temporary speed limits on the A20 at the Sidcup by-pass, which were in place between October 2023 and October 2024.
This Assembly notes the concerns raised by campaign groups which include:
Allegations that the traffic order (0622) was not published on the Transport for London (TfL) website or in compliance with statutory instruments, and that the Officer named on the order does not appear on the Audit record, and concerns at the possibility that the wrong Officer signed off on the order altogether.
Signage being insufficient and following the wrong chapter of the signage manual.
Concerns that the signage installed was potentially hazardous with the top of the mounting post not fully covered by the sign.
This Assembly believes that TfL cannot be allowed to mark their own homework on this issue and therefore calls on the Mayor to launch an independent investigation into these concerns so that lessons can be learnt and the mistakes seen with the A20 are not repeated.
The Mayor of London has been urged to work with the government to ensure that London’s Green Belt is not put at risk to meet the new housing targets.
A London Assembly motion, agreed today, expresses concerns that the target of 87,992 new homes per year in the capital may not be achievable on brownfield sites alone, and notes that the Greater London Authority has said that Green Belt land release “appears unavoidable given the changes to national policy”.
The motion also notes that the Government’s top-down targets do not take into account the type of housing Londoners need, especially family-sized homes in many areas, focusing instead on overall unit numbers.
The Assembly has therefore called on Sir Sadiq Khan to lobby the Government to:
Ensure that London’s housing targets are deliverable on brownfield land
Replace blanket unit-based targets for each area with housing-type targets, such as habitable room targets
Bring forward measures to incentivise, and remove obstacles from, schemes with planning permission being built out in a timely manner.
Thomas Turrell AM, who proposed the motion, said:
“London’s lungs, our greenbelt, is at risk from the implications of the NPPF, despite us having a wealth of brownfield sites in the city to utilise to meet housing targets.
“There are also concerns about meeting the need for family housing in our city, rather than just dozens of high-rise flats.
“The Assembly has backed this motion now calling on the Mayor to lobby for an amended NPPF to reflect these concerns which we share.”
The full text of the motion is:
The Assembly notes the publication of the Government’s new National Planning Policy Framework (NPPF) in December 2024, and the housing need figures published alongside it, including a total of 87,992 homes per year in London. The Assembly is concerned about the significant increases imposed on many London boroughs, and whether these are deliverable, in view of the availability of land, material and labour.
The Assembly is concerned as to whether such high targets would be achievable on brownfield sites alone, and notes that the Greater London Authority (GLA) has already started contacting London boroughs about undertaking reviews of the Green Belt. Whereas the current and previous Mayors have been strongly supportive of protecting London’s Green Belt through the London Plan and in planning decisions, it is notable that in a recent submission to a planning inspector on a local plan, the GLA has said that Green Belt land release “appears unavoidable given the changes to national policy”.
In addition, such top-down targets do not take into account the type of housing Londoners need, especially family-sized homes in many areas, focusing instead on overall unit numbers. The Assembly also notes that, according to the Planning London Datahub, there are over 800,000 homes in London with planning approval that have not yet been completed, including over 500,000 that have not yet been started.
The Assembly therefore calls on the Mayor to lobby the Government to:
Ensure that London’s housing targets are deliverable on brownfield land and do not put the Green Belt at risk.
Replace blanket unit-based targets for each area with housing-type targets, such as habitable room targets.
Bring forward measures to incentivise, and remove obstacles from, schemes with planning permission being built out in a timely manner, including social, accessible and affordable housing schemes.
The London Assembly has called on the Mayor to introduce a commonhold pilot project on Greater London Authority (GLA) land, to help provide Londoners with an alternative to leasehold homes.
In a motion agreed today, the Assembly also urged the Mayor to lobby the Government to introduce legislation to develop commonhold as an alternative to leasehold “as soon as possible”.
The motion notes that commonhold is a better alternative to leasehold, with each unit-holder owning the freehold of their home, along with a share of the commonhold association which owns and manages the common parts of the property.
Andrew Boff AM, who proposed the motion, said:
“The Mayor’s manifesto commitments included support for commonhold as an alternative to leasehold, and now the Assembly has iterated that he should be lobbying for changes in the law to provide this.
“This is the better alternative to leasehold, and would bring us into line with international standards – now the onus is on the Mayor to ensure this happens.”
The full text of the motion is:
The Assembly notes that London has the highest proportion of leaseholders in the country. In 2022/23, 36% of London’s homes were leasehold, more than double the proportion in the rest of England. 62% of London’s flats are leasehold, comprising just over 1.3 million. London leaseholders typically pay higher service charges, with the median annual service charge £1,450 in 2022/23, compared with £1,222 across England. In 2023, 20% of London leaseholders paid more than £4,000 per year in service charges.
The Assembly notes that commonhold offers a better alternative to leasehold, with each unit-holder owning the freehold of their home, along with a share of the commonhold association which owns and manages the common parts of the property. Similar forms of flat ownership are used around the world, with England being one of the only countries still to use the leasehold system.
The Assembly also notes that the Mayor’s 2021 and 2024 election manifestos both gave strong support for commonhold as an alternative to leasehold, with the Mayor pledging in 2021 to “pilot a commonhold scheme to show how this form of ownership can become the new national standard for new flats” and in 2024 to “continue to campaign for an end to the feudal leasehold system and its replacement with commonhold”.
The Assembly resolves to strongly support the development of commonhold as an alternative tenure to leasehold, and calls on the Mayor to lobby the Government to legislate for this as soon as possible.
The Assembly also calls on the Mayor to introduce a pilot commonhold project on Greater London Authority (GLA) Group land, to ensure that new flats developed for sale on GLA Group land are either commonhold or freehold, and to use GLA housing funds to promote commonhold or freehold schemes where possible, rather than leasehold.
An “inspiring” community event took place at Akaal Primary School recently which brought together key local partners to support young people and families to identify employment and education options for young people.
Led by Derby City Council’s Neighbourhood Team, this initiative was a direct response to ideas raised at the recent Normanton Partnership; a collaboration of residents, community groups, schools and councillors.
The event gave residents the opportunity to ask local organisations about the work taking place in their neighbourhood, and also gave young people and their families the chance to talk about apprenticeship and educational opportunities available to them.
With the involvement of organisations such as Aspire2Succeed, Derby College, DWP Job Centre, Derbyshire Constabulary, Supporting Communities and many others, the event provided a vital space for engagement, support, and collaboration. Over 60 residents attended, highlighting the community’s desire for accessible, local support.
A key takeaway from the evening was that young people expressed the importance of having a dedicated space within their community where they feel safe, valued, and represented. The success of this event has laid the foundation for further events in the future at other locations around Derby, so residents learn more about their neighbourhood team and education and employment opportunities available to them.
Councillor Paul Hezelgrave, Cabinet Member for Children, Young People and Skills, said:
It was truly inspiring to see people of all ages, along with their families, come together to discuss their futures and explore the opportunities available to them. I would encourage any young people who would like more information about what opportunities are available to get in touch with the Derby City Council Employment and Skills team who will be able to let you know about all the latest employment opportunities in Derby.
A huge thank you to all the incredible organisations that played a role in making this happen. Your collaboration and commitment to supporting our young people and communities is what makes events like this so impactful.”
This event is one of many employment and skills events that have been put on by The Employment Hub. The Hub has been created to help you gain the confidence, support and skills to move into employment. The Hub, is based at the Council House and is open from 10am to 4pm Monday to Friday. You can find one to one employment and careers advice as well as opportunities to get in touch with local employers. If you can’t make it into the council house, you can email employmentandskills@derby.gov.uk or telephone: 01332 956989 for a discussion.
More information about local opportunities is also available in Derby Jobs Weekly. This free newsletter features all of the latest employment opportunities as well as information about apprenticeships, upskilling courses, and training into employment opportunities.
Luxembourg, Grand Duchy of Luxembourg, February 13, 2025 (GLOBE NEWSWIRE) – Codere Online Luxembourg, S.A. (Nasdaq: CDRO / CDROW) (the “Company” or “Codere Online”), a leading online gaming operator in Spain and Latin America, today announced that, by letter received on February 12, 2025, the Nasdaq Hearings Panel (the “Panel”) of The Nasdaq Stock Market LLC (“Nasdaq”) has determined to grant the Company’s request to continue its listing on Nasdaq, subject to the Company filing its annual report on Form 20-F for the year ended December 31, 2023 (the “2023 Annual Report”) on or before May 12, 2025.
The Panel’s determination follows a hearing on January 16, 2025, at which the Panel considered the Company’s plan to regain compliance with Listing Rule 5250(c)(1) (the “Rule”). The Company has and continues to work diligently with its new auditor to complete and file with the Securities and Exchange Commission (“SEC”) its 2023 Annual Report and expects to do so within the extension period granted by the Panel, thereby regaining compliance with the Rule.
Following this positive development, the Company will release its fourth quarter 2024 results prior to 8:30AM US Eastern Time on Thursday, February 20, 2025. At 8:30AM US Eastern Time on the same day, Codere Online’s management will host a conference call to discuss the results and provide a business update.
The Company’s earnings press release and presentation will be available on Codere Online’s website at www.codereonline.com. Dial-in details for the conference call as well as the audio webcast registration link are accessible on the Events & Presentations section of the website. A recording of the webcast will be available following the conference call.
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.
Forward-Looking Statements Certain statements in this press release 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 the Company or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, including the Company’s expectations about the timing of completion and filing of the 2023 Annual Report, statements related to the Company’s plan, timing and actions taken to regain compliance with the Rule.
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 the Company’s or its management team’s views as of any subsequent date, and the Company 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, the Company’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 the Company does not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the SEC. All subsequent written and oral forward-looking statements concerning Codere Online or other matters attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
Contacts:
Investors and Media Guillermo Lancha Director, Investor Relations and Communications Guillermo.Lancha@codereonline.com (+34) 628.928.152
ATHENS, Greece, Feb. 13, 2025 (GLOBE NEWSWIRE) — IMPERIAL PETROLEUM INC. (NASDAQ: IMPP, the “Company”), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2024.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
Fleet operational utilization of 86.0% in Q4 24’ versus 68.5% in Q4 23’.
Almost 180% increase in Q4 24’ time charter days compared to Q4 23’, as two of our product tankers and one newly acquired bulk carrier were under time charter (“TC”) employment for the whole period.
For the 12M 24’ period our operational utilization was 78.3%. 69% of our fleet calendar days were dedicated to spot activity, while 29% to time charter activity.
Delivery of the product tanker, Clean Imperial on January 10, 2025. With this vessel addition, our tanker fleet totals nine ships.
Revenues of $26.2 million in Q4 24’ compared to $29.9 million in Q4 23’, representing a 12.4% decline due primarily to decreased spot market rates.
Net income of $3.9 million in Q4 24’ compared to $6.5 million in Q4 23’. In Q4 24’ we incurred a $3.3 million foreign exchange loss.
Cash and cash equivalents including time deposits of $206.7 million as of December 31, 2024, compared to $124.0 million as of December 31, 2023, representing a 66.7% increase.
For the 12M 24’ period our net income was $50.2 million, while our operating cash flow amounted to $77.7 million.
Recurring profitability and a debt-free capital structure facilitate robust cash flow generation and low breakeven points.
Fourth Quarter 2024 Results:
Revenues for the three months ended December 31, 2024 amounted to $26.2 million, a decrease of $3.7 million, or 12.4%, compared to revenues of $29.9 million for the three months ended December 31, 2023, primarily due to a decrease in the spot market rates.
Voyage expenses and vessels’ operating expenses fo r the three months ended December 31, 2024 were $8.5 million and $6.7 million, respectively, compared to $13.8 million and $5.7 million, respectively, for the three months ended December 31, 2023. The $5.3 million decrease in voyage expenses is mainly attributed to increased time charter activity leading to a decline of spot days by 10.3%. The decline in spot days along with the decrease in the Suez Canal transits compared to the same period of last year, led to decreased bunker consumption by 15.6% and lower port expenses by 44.9%. The $1.0 million increase in vessels’ operating expenses is primarily due to the increased size of our fleet by an average of 2.0 vessels between the two periods.
Drydocking costs for the three months ended December 31, 2024 and 2023 were $0.2 million and $2.5 million, respectively. This decrease is due to the fact that during the three months ended December 31, 2024, no vessel underwent drydocking and charges related only to a drydocking which took place at the end of the third quarter of 2024, while one of our suezmax tankers and one of our handysize dry vessels underwent drydocking in the fourth quarter of last year.
General and administrative costs for the three months ended December 31, 2024 and 2023 were $1.0 million and $1.2 million, respectively. This change is mainly attributed to the decrease in stock-based compensation costs.
Depreciation for the three months ended December 31, 2024 and 2023 was $4.5 million and $3.5 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
Management fees for each of the three months ended December 31, 2024 and 2023 were $0.4 million.
Interest and finance costs for the three months ended December 31, 2024 and 2023 were $0.3 million and $0.01 million, respectively. The $0.3 million of costs for the three months ended December 31, 2024 relate mainly to accrued interest expense – related party in connection with the $14.0 million, part of the acquisition price of our bulk carrier, Neptulus, which is payable by May 2025.
Interest income for the three months ended December 31, 2024 was $2.3 million as compared to $2.0 million for the three months ended December 31, 2023. The $0.3 million increase is mainly attributed to a higher amount of funds placed under time deposits.
Foreign exchange gain/(loss) for the three months ended December 31, 2024 was a loss of $3.3 million as compared to a gain of $1.4 million for the three months ended December 31, 2023. The $3.3 million foreign exchange loss for the three months ended December 31, 2024, is mainly attributed to the decline in the euro/dollar exchange rate and to the higher amount of funds placed under time deposits in euro.
As a result of the above, for the three months ended December 31, 2024, the Company reported net income of $3.9 million, compared to net income of $6.5 million for the three months ended December 31, 2023. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended December 31, 2024. The weighted average number of shares of common stock outstanding, basic, for the three months ended December 31, 2024 was 32.7 million. Earnings per share, basic and diluted, for the three months ended December 31, 2024 amounted to $0.10 and $0.10, respectively, compared to loss per share, basic and diluted, of $0.02 and $0.02, respectively, for the three months ended December 31, 2023.
Adjusted net income1 was $4.6 million corresponding to an Adjusted EPS1, basic of $0.12 for the three months ended December 31, 2024 compared to an Adjusted net income of $7.2 million corresponding to an Adjusted EPS, basic, of $0.01 for the same period of last year.
EBITDA1 for the three months ended December 31, 2024 amounted to $6.4 million, while Adjusted EBITDA1 for the three months ended December 31, 2024 amounted to $7.1 million.
An average of 11.0 vessels were owned by the Company during the three months ended December 31, 2024 compared to 9.0 vessels for the same period of 2023.
Twelve months 2024 Results:
Revenues for the twelve months ended December 31, 2024 amounted to $147.5 million, representing a decrease of $36.2 million, or 19.7%, compared to revenues of $183.7 million for the twelve months ended December 31, 2023, primarily due to softer market spot rates. As of the end of 2024, daily spot market rates were about $22,000 for standard product tankers versus $33,000 as of the end of the same period of 2023 and $30,000 for standard suezmax tankers as opposed to $60,000 as of the end of the same period of 2023.
Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2024 were $52.0 million and $26.4 million, respectively, compared to $62.5 million and $25.6 million, respectively, for the twelve months ended December 31, 2023. The $10.5 million decrease in voyage expenses is mainly attributed to a reduction in port expenses due to decreased transits through the Suez Canal and a decrease in voyage commissions resulting from lower market rates and consequently softer revenue generation. The $0.8 million increase in vessels’ operating expenses was primarily due to the increase in the average number of vessels.
Drydocking costs for the twelve months ended December 31, 2024 and 2023 were $1.7 million and $6.6 million, respectively. This decrease is due to the fact that during the twelve months ended December 31, 2024 two tanker vessels underwent drydocking, while in the same period of last year three of our product tankers, one of our suezmax tankers and two of our drybulk carriers underwent drydocking.
General and administrative costs for each of the twelve months ended December 31, 2024 and 2023 were $4.9 million.
Depreciation for the twelve months ended December 31, 2024 was $17.0 million, a $1.4 million increase from $15.6 million for the same period of last year, mainly due to the depreciation of the vessels added in the fleet during 2024.
Management fees for the twelve months ended December 31, 2024 and 2023 were $1.7 million and $1.6 million, respectively. The increase of $0.1 million is attributable to the slight increase in the average number of vessels in our fleet.
Other operating income for the twelve months ended December 31, 2024 was $1.9 million and related to the collection of a claim in connection with repairs undertaken in prior years.
Net loss on sale of vessel/ Net gain on sale of vessel – related party for the twelve months ended December 31, 2024 was a loss of $1.6 million and related to the sale of the Aframax tanker Gstaad Grace II to a third party whereas net gain on sale of vessel for the twelve months ended December 31, 2023 was $8.2 million and related to the sale of the Aframax tanker Afrapearl II (ex. Stealth Berana) to C3is Inc., a related party.
Impairment loss for the twelve months period ended December 31, 2024 and 2023 stood at nil and $9.0 million, and related to the spin-off of two drybulk carriers to C3is Inc. in 2023. The decline of drybulk vessels’ fair values, at the time of the spin off, compared to one year before when these vessels were acquired resulted in the incurrence of impairment loss.
Interest and finance costs for the twelve months ended December 31, 2024 and 2023 were $0.4 million and $1.8 million, respectively. The $0.4 million of costs for the twelve months ended December 31, 2024 relate mainly to accrued interest expense – related party in connection with the $14.0 million, part of the acquisition price of our bulk carrier, Neptulus, which is payable by May 2025. The $1.8 million of costs for the twelve months ended December 31, 2023 related mainly to $1.3 million of interest charges incurred up to the full repayment of all outstanding loans concluded in April 2023 along with the full amortization of $0.5 million of loan related charges following the repayment of the Company’s outstanding debt.
Interest income for the twelve months ended December 31, 2024 and 2023 was $8.3 million and $5.8 million, respectively. The increase is mainly attributed to the interest earned from the time deposits held by the Company as well as the interest income – related party for the twelve months ended December 31, 2024 in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana) which was received in July 2024.
As a result of the above, the Company reported net income for the twelve months ended December 31, 2024 of $50.2 million, compared to a net income of $71.1 million for the twelve months ended December 31, 2023. The weighted average number of shares outstanding, basic, for the twelve months ended December 31, 2024 was 29.9 million. Earnings per share, basic and diluted, for the twelve months ended December 31, 2024 amounted to $1.54 and $1.40, respectively, compared to earnings per share, basic and diluted, of $3.22 and $2.93 for the twelve months ended December 31, 2023.
Adjusted Net Income was $55.1 million corresponding to an Adjusted EPS, basic of $1.70 for the twelve months ended December 31, 2024 compared to adjusted net income of $74.4 million, corresponding to an Adjusted EPS, basic of $3.39 for the same period of last year.
EBITDA for the twelve months ended December 31, 2024 amounted to $59.2 million while Adjusted EBITDA for the twelve months ended December 31, 2024 amounted to $64.2 million.
An average of 10.4 vessels were owned by the Company during the twelve months ended December 31, 2024 compared to 10.0 vessels for the same period of 2023.
As of December 31, 2024, cash and cash equivalents including time deposits amounted to $206.7 million and total bank debt amounted to nil.
1 EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
Fleet Employment Table
As of February 13, 2025, the profile and deployment of our fleet is the following:
Name
Year Built
Country Built
Vessel Size (dwt)
Vessel Type
Employment Status
Expiration of Charter(1)
Tankers
Magic Wand
2008
Korea
47,000
MR product tanker
Spot
Clean Thrasher
2008
Korea
47,000
MR product tanker
Time Charter
May 2025
Clean Sanctuary (ex. Falcon Maryam)
2009
Korea
46,000
MR product tanker
Spot
Clean Nirvana
2008
Korea
50,000
MR product tanker
Spot
Clean Justice
2011
Japan
46,000
MR product tanker
Time Charter
August 2027
Aquadisiac
2008
Korea
51,000
MR product tanker
Spot
Clean Imperial
2009
Korea
40,000
MR product tanker
Time Charter
January 2026
Suez Enchanted
2007
Korea
160,000
Suezmax tanker
Spot
Suez Protopia
2008
Korea
160,000
Suezmax tanker
Spot
Drybulk Carriers(2)
Eco Wildfire
2013
Japan
33,000
Handysize drybulk
Time Charter
February 2025
Glorieuse
2012
Japan
38,000
Handysize drybulk
Time Charter
February 2025
Neptulus
2012
Japan
33,000
Handysize drybulk
Time Charter
March 2025
Fleet Total
751,000 dwt
(1) Earliest date charters could expire. (2) We have contracted to acquire seven Japanese built drybulk carriers, aggregating approximately 443,000 dwt, which are expected to be delivered to us between February 2025 and May 2025.
CEOHarry Vafias Commented
For yet another year Imperial Petroleum demonstrated exceptional results; we continued to be consistent with profitability, cash flow generation and fleet growth across the quarters. Market conditions in 2024 were somewhat softer than 2023 when tanker rates oscillated around all time high levels. Nevertheless, our debt free fleet of eleven vessels managed to generate $50 million of profit and maintain an enviable cash base of $207 million. In the period ahead our key focus is to materialize our already announced fleet growth plans, sustain our profitable momentum and as always, seek opportunities to enhance the value of our Company.
Conference Call details:
On February 13, 2025 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.
Online Registration:
Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.
There will also be a live and then archived webcast of the conference call, through the IMPERIAL PETROLEUM INC. website (www.ImperialPetro.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About IMPERIAL PETROLEUM INC.
IMPERIAL PETROLEUM INC. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of twelve vessels on the water – seven M.R. product tankers, two suezmax tankers and three handysize drybulk carriers – with a total capacity of 751,000 deadweight tons (dwt), and has contracted to acquire an additional seven drybulk carriers of 443,000 dwt aggregate capacity. Following these deliveries, the Company’s fleet will count a total of 19 vessels. IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively.
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflicts in the Middle East, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission.
Fleet List and Fleet Deployment For information on our fleet and further information: Visit our website at www.ImperialPetro.com
Company Contact: Fenia Sakellaris IMPERIAL PETROLEUM INC. E-mail: info@ImperialPetro.com
Fleet Data: The following key indicators highlight the Company’s operating performance during the periods ended December 31, 2023 and 2024.
FLEET DATA
Q4 2023
Q4 2024
12M 2023
12M 2024
Average number of vessels (1)
9.00
11.00
10.00
10.39
Period end number of owned vessels in fleet
9
11
9
11
Total calendar days for fleet (2)
828
1,012
3,650
3,801
Total voyage days for fleet (3)
789
1,010
3,481
3,700
Fleet utilization (4)
95.3
%
99.8
%
95.4
%
97.3
%
Total charter days for fleet (5)
160
446
1,058
1,092
Total spot market days for fleet (6)
629
564
2,423
2,608
Fleet operational utilization (7)
68.5
%
86.0
%
75.1
%
78.3
%
1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period. 2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys. 3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys. 4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period. 5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period. 6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period. 7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.
Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net income before impairment loss, net (gain)/loss on sale of vessel and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, net (gain)/loss on sale of vessel and share based compensation. Adjusted EPS represents Adjusted net income attributable to common shareholders divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.
EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.
(Expressed in United States Dollars, except number of shares)
Third Quarter Ended December 31st,
Twelve Months Period Ended December 31st,
2023
2024
2023
2024
Net Income – Adjusted Net Income
Net income
6,463,943
3,917,661
71,134,002
50,157,772
Less/Plus net (gain)/loss on sale of vessel
—
—
(8,182,777
)
1,589,702
Plus impairment loss
—
—
8,996,023
—
Plus share based compensation
752,407
665,062
2,434,855
3,397,082
Adjusted Net Income
7,216,350
4,582,723
74,382,103
55,144,556
Net income – EBITDA
Net income
6,463,943
3,917,661
71,134,002
50,157,772
Plus interest and finance costs
11,139
276,622
1,821,908
398,320
Less interest income
(2,004,611
)
(2,268,975
)
(5,833,756
)
(8,305,517
)
Plus depreciation
3,485,073
4,466,447
15,629,116
16,991,900
EBITDA
7,955,544
6,391,755
82,751,270
59,242,475
Net income – Adjusted EBITDA
Net income
6,463,943
3,917,661
71,134,002
50,157,772
Less/Plus net (gain)/loss on sale of vessel
—
—
(8,182,777
)
1,589,702
Plus impairment loss
—
—
8,996,023
—
Plus share based compensation
752,407
665,062
2,434,855
3,397,082
Plus interest and finance costs
11,139
276,622
1,821,908
398,320
Less interest income
(2,004,611
)
(2,268,975
)
(5,833,756
)
(8,305,517
)
Plus depreciation
3,485,073
4,466,447
15,629,116
16,991,900
Adjusted EBITDA
8,707,951
7,056,817
85,999,371
64,229,259
EPS
Numerator
Net income
6,463,943
3,917,661
71,134,002
50,157,772
Less: Cumulative dividends on preferred shares
(462,225
)
(435,246
)
(2,130,254
)
(1,740,983
)
Less: Undistributed earnings allocated to non-vested shares
—
(122,899
)
(2,508,399
)
(2,311,172
)
Less: Deemed dividend from the conversion of the Series C Preferred Shares
(6,507,789
)
—
(6,507,789
)
—
Net (loss)/ income attributable to common shareholders, basic
(506,071
)
3,359,516
59,987,560
46,105,617
Denominator
Weighted average number of shares
23,566,153
32,729,505
18,601,539
29,933,920
EPS – Basic
(0.02
)
0.10
3.22
1.54
Adjusted EPS
Numerator
Adjusted net income
7,216,350
4,582,723
74,382,103
55,144,556
Less: Cumulative dividends on preferred shares
(462,225
)
(435,246
)
(2,130,254
)
(1,740,983
)
Less: Undistributed earnings allocated to non-vested shares
(12,908
)
(146,370
)
(2,638,768
)
(2,549,216
)
Less: Deemed dividend from the conversion of the Series C Preferred Shares
(6,507,789
)
—
(6,507,789
)
—
Adjusted net income attributable to common shareholders, basic
233,428
4,001,107
63,105,292
50,854,357
Denominator
Weighted average number of shares
23,566,153
32,729,505
18,601,539
29,933,920
Adjusted EPS, Basic
0.01
0.12
3.39
1.70
Imperial Petroleum Inc. Unaudited Consolidated Statements of Income (Expressed in United States Dollars, except for number of shares)
Quarters Ended December 31,
Twelve Month Periods Ended December 31,
2023
2024
2023
2024
Revenues
Revenues
29,881,814
26,211,665
183,725,820
147,479,980
Expenses
Voyage expenses
13,470,678
8,122,190
60,276,962
50,168,529
Voyage expenses – related party
348,535
338,262
2,253,979
1,856,361
Vessels’ operating expenses
5,541,258
6,561,878
25,295,851
26,044,734
Vessels’ operating expenses – related party
117,500
89,500
346,583
328,000
Drydocking costs
2,454,960
195,418
6,551,534
1,691,361
Management fees – related party
364,320
445,280
1,606,440
1,672,440
General and administrative expenses
1,173,120
994,777
4,934,468
4,894,070
Depreciation
3,485,073
4,466,447
15,629,116
16,991,900
Other operating income
—
—
—
(1,900,000
)
Impairment loss
—
—
8,996,023
—
Net gain on sale of vessel – related party
—
—
(8,182,777
)
—
Net loss on sale of vessel
—
—
—
1,589,702
Total expenses
26,955,444
21,213,752
117,708,179
103,337,097
Income from operations
2,926,370
4,997,913
66,017,641
44,142,883
Other (expenses)/income
Interest and finance costs
(11,139
)
(3,508
)
(1,821,908
)
(16,269
)
Interest expense – related party
—
(273,114
)
—
(382,051
)
Interest income
1,260,971
2,268,975
4,470,396
6,668,877
Interest income – related party
743,640
—
1,363,360
1,636,640
Dividend income from related party
191,667
191,667
404,167
762,500
Foreign exchange gain/(loss)
1,352,434
(3,264,272
)
700,346
(2,654,808
)
Other income/(expenses), net
3,537,573
(1,080,252
)
5,116,361
6,014,889
Net Income
6,463,943
3,917,661
71,134,002
50,157,772
Earnings per share
– Basic
(0.02
)
0.10
3.22
1.54
– Diluted
(0.02
)
0.10
2.93
1.40
Weighted average number of shares
-Basic
23,566,153
32,729,505
18,601,539
29,933,920
-Diluted
23,566,153
34,704,542
22,933,671
33,008,816
Imperial Petroleum Inc. Unaudited Consolidated Balance Sheets (Expressed in United States Dollars)
December 31,
December 31,
2023
2024
Assets
Current assets
Cash and cash equivalents
91,927,512
79,783,531
Time deposits
32,099,810
126,948,481
Receivables from related parties
37,906,821
—
Trade and other receivables
13,498,813
13,456,083
Other current assets
302,773
652,769
Inventories
7,291,123
7,306,356
Advances and prepayments
161,937
250,562
Total current assets
183,188,789
228,397,782
Non current assets
Operating lease right-of-use asset
—
78,761
Vessels, net
180,847,252
208,230,018
Investment in related party
12,798,500
12,798,500
Total non current assets
193,645,752
221,107,279
Total assets
376,834,541
449,505,061
Liabilities and Stockholders’ Equity
Current liabilities
Trade accounts payable
8,277,118
5,243,872
Payable to related parties
2,324,334
18,725,514
Accrued liabilities
3,008,500
3,370,020
Operating lease liability, current portion
—
78,761
Deferred income
919,116
1,419,226
Total current liabilities
14,529,068
28,837,393
Total liabilities
14,529,068
28,837,393
Commitments and contingencies
Stockholders’ equity
Common stock
332,573
382,755
Preferred Stock, Series A
7,959
7,959
Preferred Stock, Series B
160
160
Treasury stock
(5,885,727
)
(8,390,225
)
Additional paid-in capital
270,242,635
282,642,357
Retained earnings
97,607,873
146,024,662
Total stockholders’ equity
362,305,473
420,667,668
Total liabilities and stockholders’ equity
376,834,541
449,505,061
Imperial Petroleum Inc. Unaudited Consolidated Statements of Cash Flows (Expressed in United States Dollars
Twelve Month Periods Ended December 31,
2023
2024
Cash flows from operating activities
Net income for the year
71,134,002
50,157,772
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation
15,629,116
16,991,900
Amortization of deferred finance charges
474,039
—
Non – cash lease expense
62,609
71,237
Share based compensation
2,434,855
3,397,082
Impairment loss
8,996,023
—
Net gain on sale of vessel – related party
(8,182,777
)
—
Net loss on sale of vessel
—
1,589,702
Unrealized foreign exchange (gain)/loss on time deposits
(426,040
)
1,983,810
Dividend income from related party
(404,167
)
—
Changes in operating assets and liabilities:
(Increase)/decrease in
Trade and other receivables
(6,477,912
)
42,730
Other current assets
(62,771
)
(349,996
)
Inventories
(1,908,513
)
(15,233
)
Changes in operating lease liabilities
(62,609
)
(71,237
)
Advances and prepayments
(181,990
)
(88,625
)
Due from related parties
(2,940,967
)
2,206,821
Increase/(decrease) in
Trade accounts payable
118,523
(2,173,926
)
Due to related parties
—
3,091,759
Accrued liabilities
1,383,841
361,520
Deferred income
(54,903
)
500,110
Net cash provided by operating activities
79,530,359
77,695,426
Cash flows from investing activities
Dividends income received
241,667
—
Proceeds from sale of vessel, net
3,865,890
41,153,578
Acquisition and improvement of vessels
(28,145,103
)
(74,672,266
)
Increase in bank time deposits
(167,501,480
)
(247,603,451
)
Maturity of bank time deposits
203,827,710
150,770,970
Proceeds from seller financing
—
35,700,000
Net cash provided by/(used in) investing activities
12,288,684
(94,651,169
)
Cash flows from financing activities
Proceeds from exercise of stock options
—
475,000
Proceeds from equity offerings
29,070,586
—
Proceeds from warrants exercise
—
8,600,000
Stock issuance costs
(1,492,817
)
—
Issuance costs on warrants exercise
—
(22,178
)
Stock repurchase
(5,885,727
)
(2,504,498
)
Warrants repurchase
(1,521,738
)
—
Dividends paid on preferred shares
(2,130,254
)
(1,736,562
)
Loan repayments
(70,438,500
)
—
Cash retained by C3is Inc. at spin-off
(5,000,000
)
—
Net cash (used in)/provided by financing activities
(57,398,450
)
4,811,762
Net increase/(decrease) in cash and cash equivalents
34,420,593
(12,143,981
)
Cash and cash equivalents at beginning of year
57,506,919
91,927,512
Cash and cash equivalents at end of year
91,927,512
79,783,531
Cash breakdown
Cash and cash equivalents
91,927,512
79,783,531
Total cash and cash equivalents shown in the statements of cash flows
Source: United Kingdom – Executive Government & Departments
Opportunity for veterinary students to apply to attend a one-week extramural studies (EMS) placement in July 2025.
The VMD invites veterinary students who are in their clinical years of study to apply to attend a one-week extramural studies (EMS) placement in July 2025, at the VMD’s offices in Addlestone, Surrey.
The placement is an exciting opportunity to discover how veterinary medicines and vaccines are authorised. Students will also explore other important aspects of the VMD’s work and will learn about a range of career opportunities in the veterinary profession.
The placement will be run from 7 to 11 July 2025. The week will be structured with lectures and workshops. Some of the topics that will be covered include:
Medicine use in clinical practice
Assessing new medicine applications, including Quality, Safety and Efficacy of medicines
Generic medicines; bioequivalence and biowaivers
Pharmacovigilance and the importance of reporting adverse events
Due to the nature of the works and available road space, these works will be carried out under a restricted hours road closure between 9.15am and 3pm Monday to Friday, with no weekend working planned, to minimise disruption. On street parking and loading will also be suspended in the works area.
During the road closure hours, the official diversion route will be via the A822, A85, A9, A823 and A822, and vice versa. The works area and official diversion route are both shown on the location plan(PDF,1 MB).
Outside the closure hours, temporary traffic signals may be used to protect road users and the work site.
During the works, vehicle access to properties within the works area will be limited and immediate entry/exit cannot be guaranteed. Our contractor will grant access when it is safe to do so, however we would advise residents and motorists to expect some delays. Access for emergency services vehicles will be maintained throughout, and on waste collection days bins should be presented as normal.
Some changes to bus services during the working hours will be necessary – arrangements for these will be detailed on our Public Transport pages.
We apologise for any inconvenience these essential works may cause and would thank residents and motorists for their patience while the resurfacing is carried out.
Source: The Conversation – USA – By Stefan Schmitt, Project Lead for International Technical Forensic Services Global Forensic Justice Center, Florida International University
As an expert in forensic anthropology and mass casualties in conflict, I was asked to evaluate what became known as the “Caesar photographs.” What was clear to me then, and is even more so now, is that those photos represented a systematic approach to torturing, killing and disappearing massive numbers of people by the Assad regime.
With Assad now gone, the newly formed government of the Islamist group Hayat Tahrir al-Sham has vowed to seek justice for the crimes Syrians suffered under Assad. Doing so will be difficult, even with the civil war in Syria being one of the better monitored conflicts in recent history. Yet it is a task that is imperative for the sake of pursuing justice in a shattered country and reducing the likelihood of violence returning to Syria.
Estimates of those killed since the start of civil conflict in 2011 range anywhere from 100,000 to over 600,000, with civilian deaths accounting for at least 160,000.
Many of these deaths have been at the hands of the Assad regime. But different armed groups, including the al-Nusra Front and Islamic State group, have also been accused of atrocities.
From the perspective of holding perpetrators accountable, that could complicate matters. The leader of now ruling Hayat Tahrir al-Sham is the founder of the al-Nusra Front and might not be willing to hold his group or others accountable or acknowledge the crimes of that group.
An uncovered mass grave believed to contain the remains of civilians killed by the ousted Assad regime in Daraa, Syria. Bekir Kasim/Anadolu via Getty Images
Who investigates?
There are three dimensions of accounting for the missing following conflict. First, there is the task of identifying and repatriating the remains of those in mass graves to allow family and friends to grieve. Second, the rights of victims to know the truth about what happened to their loved ones needs to be addressed. And finally, the process needs to provide justice, accountability and reconciliation, regardless of who was responsible.
But before this can take place, the question of who is responsible for the accounting needs to be addressed.
Countries coming out of civil conflict have turned to different mechanisms, from truth commissions to criminal tribunals. In the former Yugoslavia and Rwanda, special U.N. courts were set up to investigate and prosecute perpetrators of grievous crimes. These tribunals were created as independent judicial bodies dedicated to investigating and prosecuting those most responsible for the crimes that had been committed during conflict.
The nongovernmental Forensic Anthropology Foundation of Guatemala, or FAFG, has since 1993 formed a fundamental part of searching, identifying and repatriating the missing. FAFG collects personal information, DNA profiles and witness statements and is responsible for protecting the rights of victims’ families in Guatemala’s judicial system.
Its work continues to this day.
What crimes to include
As to the Syrian civil war, a decision over the scope of any investigation into the disappeared and dead will likewise have to be made.
Will it include all those missing and in mass graves in areas held by al-Nusra, the Islamic State group and other armed groups, as well as those killed by Assad? The fact that groups and individuals that now form the government could have been involved in human rights violations may risk future investigations being skewed toward just the victims of Assad.
Even if the scope was narrowed to Assad’s crimes, it’s unclear how far back one should go. Assad rule in Syria began more than 50 years ago under Assad’s father, Hafez al Assad. And killings and disappearances date back to the elder’s time in power, including the 1982 massacre in the city of Hama in which an estimated 20,000 to 40,000 were killed.
The role of the state
Another fact-finding question concerns the sharing of information between civil society groups and the state.
The information gathered on the war by various NGOs so far is technically held or “owned” by such groups, not the Syrian state. This is for a good reason, as victims trust these organizations to protect information from the perpetrators, some of whom might form part of the new government.
The International Commission on Missing Persons, an NGO with its seat in the Netherlands, gained its reputation while identifying the dead from the conflict in the former Yugoslavia in the 1990s and early 2000s. It has already collected and stored testimonies from over 76,200 Syrian relatives of more than 28,000 missing persons and has identified 66 mass grave locations. Other organizations have similar testimonies.
At some point, the state of Syria will need to be involved in the process. Legally and in practice, the state issues a citizen’s “civil identity” through things such as a birth certificate that establish a person with rights and responsibilities. In the same manner, the state issues death certificates in which the manner of death determines any judicial reactions – such as a criminal investigation in cases where the death is due to homicide.
The state is also important in resolving issues such as inheritance and widower status.
Identifying the remains from the mass graves is therefore not just a “technical” issue dependent on cutting-edge DNA laboratories and missing-persons databases. It is also something that any future Syrian state should work toward, and then own and take responsibility for.
Shifting responsibility away from the state to an international body would not really help Syria develop its own accountability mechanisms or hold the government to delivering justice for the victims and their families.
In my view, empowering victims in this transitional justice process needs to be a priority for the Syrian state. This includes the establishment of a transparent forensic and investigative effort to address the concerns of families searching for loved ones.
It should not, I believe, be outsourced. From my experience with similar processes elsewhere, it is important that Syrians become “experts” in all aspects of this process. No doubt, the task will take time and searching for the truth about what happened, and will involve perpetrators and victims alike.
It might well be a painful and painstaking process. But it is a necessary one if postconflict Syrian is to hold to account those who attempted to “erase” the identity of victims by disappearing them, burying them in mass graves, or leaving them under the bombed rubble of their neighborhoods.
Stefan Schmitt does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: United Kingdom – Executive Government & Departments
Foresea Limited is connected to three other hospitality package scams which were wound up by the Insolvency Service in the past six months.
Foresea Limited targeted businesses with hospitality tickets for the British Grand Prix
The company is connected to three similar scam businesses shut down following Insolvency Service investigations.
Foresea Ltd was wound-up at the High Court in Manchester on 12 February 2025.
A company which offered businesses British Grand Prix hospitality packages they never actually had has been shut down after customers failed to receive tickets they had paid for.
Foresea Limited – originally based in Kent but thought to have changed business address several times – claimed to be a large-scale provider of corporate hospitality, despite never having the tickets to sell.
An Insolvency Service investigation found that clients would be contacted through cold calls and would then pay for the hospitality packages which were later cancelled by Foresea Limited with no refunds being paid.
The Insolvency Service understands that Foresea Limited is connected to at least three other scam hospitality businesses which have been shut down by the agency since August 2024: Informa Expo Ltd, Prive Global Sports Ltd and Darcella Ltd.
David Usher, Chief Investigator at the Insolvency Service, said:
We have worked hard to root out these companies and attempt to end this cycle of scam hospitality packages.
Foresea Limited existed for the sole purpose of continuing to cause harm to unsuspecting members of the public, with the promise of tickets to high-profile sporting event.
Our investigations into these types of scams continue, and we will do all we can to put a stop to them.
Warnings about the company were also published by the FIA, the governing body of motorsport.
Clients of Foresea Limited also made complaints to Action Fraud.
Foresea Ltd charged 20% VAT on each sale, collecting around £12,000 in tax, when it was not registered to do so.
Attempts to contact current and previous directors of Foresea Ltd were unsuccessful and the company failed to provide its books and records as it was required to do.
The Official Receiver has been appointed as liquidator of the company.
All enquiries concerning the affairs of the Foresea Ltd should be made to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Email: piu.or@insolvency.gov.uk.
Information about the other companies related to this case can be found here:
The Insolvency Service can investigate complaints about corporate abuse by live companies. This may include serious misconduct, fraud, scams or dishonest practice in the way the company operates. Further information on our live investigations can be found here
Press release from the Cabinet Office published Thursday 13th February.
Today (Thursday 13 February) the UK Government is introducing legislation to remove the legal barrier to Roman Catholics holding the office of Lord High Commissioner to the General Assembly of the Church of Scotland.
The Lord High Commissioner is appointed to attend the proceedings on The King’s behalf as the Sovereign’s representative to the General Assembly of the Church of Scotland – the governing body of the Church of Scotland, which meets each May in Edinburgh.
The Lord High Commissioner makes opening and closing addresses and carries out a number of official functions. The Assembly meets annually to hear reports from the councils and committees, makes laws and sets the agenda for the Church of Scotland.
Currently, Roman Catholics are legally restricted from holding the office of Lord High Commissioner due to historic legislation, including the Roman Catholic Relief Act 1829. The Government will introduce a short and narrowly-focused Bill – the Church of Scotland (Lord High Commissioner) Bill – to remove this restriction. Individuals of other faiths and none can currently hold the office.
The Bill will facilitate the upcoming appointment of Lady Elish Angiolini as the Lord High Commissioner for 2025. Lady Elish would be the first Roman Catholic to hold this office.
Lady Elish Angiolini is a practising Roman Catholic and has a distinguished background in law and academia. Her appointment will be a significant gesture of unity, goodwill and collaboration between the Church of Scotland and the Catholic Church in Scotland, following the St Margaret Declaration signed in 2022.
During First Minister’s Questions today (Tuesday 4th February 2025), Plaid leader Rhun ap Iorwerth MS challenged the Labour Welsh Government for presiding over crises facing the education and culture sectors.
Last week, Cardiff announced plans to cut 400 jobs to merge departments and axe courses – including music and nursing.
This announcement came after months of warning from the Higher Education sector over possible job cuts.
Wales’ cultural institutions are also struggling. Wales’ National Museum has closed temporarily due to safety concerns over the deteriorating condition of the building.
Plaid Cymru leader Rhun ap Iorwerth MS said:
“As each day goes by, institutions of cultural, educational and national importance are being dismantled one by one – proving that Labour knows the price of everything but the value of nothing.
“Wales’ National Museum has closed temporarily and 400 jobs are on the line at Cardiff University.
“We see cuts to Arts Council, and the loss of the National Theatre. Now a world renowned music department within Wales’ largest university is being closed – the land of song being silenced on Labour’s watch.
“And at the height of an NHS nursing crisis – Labour’s message is that it doesn’t care about those who want to make a career out of caring for others.
“After almost 26 years, Labour are lurching from one crisis to another and their lack of vision and ambition for Wales is plain for all to see. Only Plaid Cymru offers Wales the fresh start it desperately needs.”
The Government of Jersey has published its first ‘Collision and Casualty Reduction Plan’, which sets out plans to support a reduction in number of people seriously injured or killed on roads reduced.
This is the first time Jersey has adopted a plan focused on the reduction of collisions and casualties. It aligns Jesey with best practice from countries such as Sweden and the Netherlands who have successfully reduced road casualties through implementing the ‘Safe System Approach’.
Initial targets of the plan aim for a 50% reduction of people being seriously injured or killed on roads over the next decade, while working towards the long-term goal of ‘Vision Zero’ where no one is seriously injured or killed on roads.
The plan acknowledges that while human error is inevitable, the severity of collisions can be significantly reduced through forgiving road design, safer vehicles, appropriate speeds, better driver behaviour and effective post-collision care and response, and learning lessons from collisions to try and prevent similar collisions occurring in the future.
The Minister for Infrastructure, Connétable Andy Jehan, said: “I am very pleased to see this plan, the first of its kind in Jersey, being published. Of course, no loss of life on our roads is acceptable and this plan is a commitment to every Islander that we are taking decisive, coordinated action to reduce road harm and protect our community.
“We all have a role to play in making our roads safer. Whether you drive a car, ride a bike, or walk, your decisions matter. Together, we can build a road system where safety is prioritised, and lives are saved.:
A new report has been published by Oxford City Council, providing a breakdown of the key sources of air pollution in the city.
The Oxford Source Apportionment report, which was conducted by Ricardo Group, highlights that road transport remains the highest contributor to NOx emissions, while domestic wood burning is the largest contributor to particulate pollution (PM2.5) in the city.
The report examines the contributions of different sectors to air pollution in Oxford (transport, domestic combustion, point sources, other transport, and other emissions), focusing on nitrogen oxides (NOX – a combination of nitric oxide (NO) and nitrogen dioxide (NO2)) and fine particulate matter (PM2.5 and PM10).
The report is based on air pollution data measured in 2022, as well as modelling on the impact of the introduction of 159 electric buses in Oxford through the Government’s ZEBRA scheme.
The report found that while road transport remains the largest source of NOX pollution (32%), domestic combustion—particularly wood burning—is the leading cause of harmful PM2.5 emissions (24%).
Key findings of the report:
Road transport remains the largest contributor to NOX pollution – accounting for 32% of total NOX emissions.
Domestic combustion accounts for 26% of total NOX emissions.
Point sources (emissions from sources at a known location that can be directly mapped such as industry or commercial buildings) contribute 20% of total NOX emissions.
Other road transport (including boats, and military aircraft) accounts for 9% of total NOX emissions.
Other emissions (including rail and aircrafts, non-road mobile machinery, industry, waste, solvents, agriculture, and production processes) accounts for 13% of total NOX emissions.
Domestic wood burning is the highest contributor to PM2.5 pollution, accounting for 24% of total PM2.5 emissions.
Buses contribute 4% to total NOX emissions, reflecting a significant (28%) reduction since the previous source apportionment study, due to Oxford’s transition to electric buses.
Road Transport
Road transport remains the largest single contributor to NOX pollution, with diesel vehicles dominating emissions:
Cars (petrol and diesel) account for 48% of total NOX emissions.
Heavy Goods Vehicles (HGVs) account for 19%.
Light Goods Vehicles (LGVs) account for 26%.
Buses contribute 4% to total NOX emissions, reflecting a significant (28%) reduction since the previous source apportionment study, due to Oxford’s transition to electric buses.
Private hire and Hackney taxis account for 2%.
Since the previous Source Apportionment Study, road transport NOX emissions have dropped from 40% to 32%, primarily due to the introduction of electric buses under the government’s ZEBRA scheme. Buses now contribute to 4% to total NOX emissions in the city.
Since the previous Source Apportionment Study, road transport NOX emissions have dropped from 40% to 32%, primarily due to the introduction of electric buses under the government’s ZEBRA scheme. Buses now contribute to 4% to total NOX emissions in the city.
Hotspot Locations
In addition to transport emissions across the whole city, the report also looked at pollution in three ‘hotspot’ locations – St Clement’s, Botley road and Worcester Street – which have historically seen high levels of air pollution and are key roads for vehicles to travel into and across the city.
The findings show:
Cars are the biggest contributors to NOX across all three locations.
LGVs and HGVs follow as the next most significant contributors.
Buses have seen a reduction in their contribution to NOX emissions, following the transition to electric in 2024.
Private hire taxis contribute more to NOX emissions than Hackney Carriages – with both sources combined accounting for 2% of NOX.
Domestic Combustion
The report highlights that the domestic combustion sector (which includes emissions from burning wood, coal, and gas to heat homes) is responsible for 35% of total PM2.5 emissions citywide – with wood burning alone accounting for 25%.
When looking at the specific sources of PM2.5 within the domestic combustion sector:
Wood burning accounts for 70% of all PM2.5 emissions relating to domestic combustion.
Commercial heating (in businesses and institutions) contributes 15%.
Gas and coal (domestic others) burning contributes 14%.
Smokeless fuels account for just 1%.
Other sources of emissions
Other sources of NOX emissions in Oxford includes:
Point sources (such as industry and commercial buildings) contribute 20% of total NOX emissions.
Other road transport (including boats, and military aircraft) accounts for 9% of total NOX emissions.
Other emissions (including rail and aircrafts, non-road mobile machinery, industry, waste, solvents, agriculture, and production processes) account for 13% of total NOX emissions.
There is no safe level of air pollution
In Oxford, the main pollutant of concern is nitrogen dioxide (NO2). Over the past few years, Oxford’s air quality has improved significantly, and since the introduction of the city’s current Air Quality Action Plan in 2021, NO2 levels across Oxford have seen a 18% average reduction.
Oxford is currently in compliance with the UK’s legal limit for NO2 in all areas of ‘relevant exposure’ within the city (40 µg/m³). However, there is ultimately no safe level of NO2 exposure.
In September 2021 the World Health Organization (WHO) recommended a much ‘safer’ annual mean level of NO2 of 10 µg/m³. Under its current Air Quality Action Plan, which was established in January 2021, Oxford has set its own voluntary annual mean target for NO2 of 30 µg/m³) to be achieved across the city by 2025.
Next Steps
The report will inform the Council’s upcoming Air Quality Action Plan, which will be updated in 2026 following public consultation later this year.
An Air Quality Action Plan (AQAP) outlines the actions that the Council and its partners will take to improve air quality in Oxford within a certain period of time.The Council’s current Air Quality Action Plan can be read here.
“This latest source apportionment study shows us to the key sources of toxic air pollution in Oxford, and what areas we need to focus on to improve air pollution across the city.
“We can see that there has been a significant reduction in the contribution of buses to NOX levels following the introduction of the 159 electric bus fleet. However, cars remain the largest contributor to this pollution.
“The report also highlights that we must address the growing issue of domestic wood burning, which is now the largest source of harmful PM2.5 pollution in Oxford. Many people may not realise that even modern wood stoves produce dangerous emissions. By reducing wood burning and supporting zero-emission transport, we can continue to improve Oxford’s air quality for everyone.”
Councillor Anna Railton,Deputy Leader and Cabinet Member for Zero Carbon Oxford, Oxford City Council
“The modelled impact that the new fleet of electric buses is having on air quality in Oxford in such as short space of time is remarkable. We are incredibly proud to have put together the successful bid alongside the bus companies to bring them to the city, and this new report shows why it was such an important initiative in creating a cleaner, greener county.”
Councillor Andrew Gant, Oxfordshire County Council’s Cabinet Member for Transport Management
“We’re proud of the massive step change in emissions buses have delivered in Oxford over the last decade to help provide radically cleaner air for the communities we serve.
“This has been sustained over several years with the move to ultra-low emission vehicles and more recently zero emission vehicles, following significant investment by both companies.
“However, overall Oxford’s air is not benefitting as much as it could be due to the steadily increasing proportion of car and van emissions. The data clearly demonstrates that it’s vital for Oxford’s health that suitable measures are introduced to help reduce the volume of private vehicles on the city’s roads to achieve even greater improvements in air quality.”
Luke Marion, Managing Director of Oxford Bus Company
Three projects including an event to boost to city centre footfall, further targeting of the Love Local Card, and trips for cruise ship visitors including a seabird safari with potential dolphin spotting are to take place in the next few months.
Aberdeen City Council’s Finance and Resources Committee yesterday agreed to spend £135,700 on the projects – Freebie Fortnight, Love Local Card, and the development of the travel trade tours offered by the Council’s Countryside Ranger Service.
Co-Leader Councillor Ian Yuill said: “The Council is committed to working with city centre businesses and others to drive up occupancy levels on Union Street and make our city centre an even better place to visit, work, shop, live , invest and do business.”
Committee convener Councillor Alex McLellan said: Aberdeen City Council is continuing to support business in the city centre and increase footfall through these initiatives which have been developed in partnership with the business community.”
A report to committee said £115,000 is to be allocated to Freebie Fortnight, which is aimed at strengthening local entrepreneurial ecosystems and supporting the development of SMEs.
Freebie Fortnight proposal will be run in co-ordination with local retail and hospitality businesses to boost city centre footfall, visitor numbers, and local spend.
The aim is to have about 20 local retailers participating in Freebie Fortnight. Each will be asked to select an in-store offering of value up to either £5 or £10, to be made available to a set number of customers per day over the period, for free. Customers will need to use a verbal code to access the offering. The funding from UKSPF would meet the cost of this offering, reimbursing each participating business.
There will be a particular emphasis on targeting businesses adjacent to current city centre works and disruption on Union Street Central and the new market building. It is expected that funding will support about 20 businesses to take part, and criteria will be set around these being local SMEs with fewer than three stores, rather than national chains.
The report said a total of £10,000 is to be spent on Love Local Card online development and promotion. There are more than 300 businesses in the city signed up to the Aberdeen Gift Card which is the most successful in the UK for the second year running.
Aberdeen Gift Cards can be used in both local independents as well as national chains and offer the opportunity of aggregate spend, in person in the city, and not online. The Gift Card is therefore a major boost to the local economy, local spend and visitor numbers.
To continue this momentum, a key area for growth for the Aberdeen Gift Card is corporate sales. Where organisations and businesses adopt the Gift Card for use as staff gifts, staff benefits and staff rewards, there is opportunity for increased spend and awareness of the Gift Card. The grant money will be used to support Aberdeen Inspired to target corporate sales growth of the Gift Card by developing and launching a webpage including video and case study content and increase engagement.
The travel tour fairs by the Countryside Rangers Service was awarded £10,700. Last year, the service began working with the Council’s Tourism Officer to introduce new tours targeted at the travel trade, with cruise tourism being a catalyst for the activity. The initial offer is focused on a seabird safari with potential dolphin spotting, a minibeast safari looking at insects and woodland areas, and a night-time moth-spotting trail.
The grant funds will be used to purchase equipment and kit to support the existing programme, expand the offer to include a wider area, and enhance the night-time tour with telescopes. The tours align to the Destination Strategy developed with VisitAberdeenshire which includes a focus on outdoor and adventure tourism experiences distinct to the region.
The grants were from the UK Shared Prosperity Fund managed by Aberdeen City Council.
A SHISHA lounge that breached smoke-free regulations has been ordered to pay a total of £8,500 in fines and costs after being convicted of a series of offences.
Environmental health officers from the public safety team at Leicester City Council made visits to Amoura Lounge – a restaurant on two floors at 25 Royal East Street, Leicester, which also offers shisha for smoking. Officers visited in April and June last year as part of work to check its compliance with smoke-free regulations.
Premises legally have to be more than 50 per cent open to the air for smoking to be permitted. Inspectors found the premises to fall short of that, but on both occasions they witnessed groups of people smoking on the premises.
On both occasions, officers left a report with staff stating that smoking must cease with immediate effect until such time as the premises were less than 50% enclosed.
Inspectors also served an improvement notice, ordering the bar to supply details of its health and safety risk assessment by 22 May 2024. This was not provided.
Representatives from Amoura Lounge attended the court hearing on 5th February.
Leicester magistrates fined the business a total of £2,500, plus a victim surcharge of £1,000 and ordered that they contribute £5,000 towards costs.
Leicester City Council’s head of regulatory services, Rachel Hall, said: “Smoke-free legislation is designed to protect the public and employees from the inhalation of second-hand smoke, which is known to cause serious health issues, including forms of cancer. It’s also very important that businesses comply with health and safety laws that are there to keep everyone safe.
“The message is clear: all shisha café owners in Leicester must operate within the law and their premises will be visited regularly. If they don’t comply then they can expect robust and appropriate enforcement action to protect employees and customers alike.”
Government consultation on electronic invoicing launched
Government launches 12-week e-invoicing consultation on plans to cut paperwork for businesses and help improve productivity.
Proposals expected to save businesses time and money and speed up payments, creating the conditions to grow the economy, part of the Prime Minister’s Plan for Change.
Will help businesses get tax right first time with fewer invoicing and VAT return errors.
UK stakeholders and businesses urged to comment.
UK businesses are, for the first time, being invited to have their say on the government’s electronic invoicing (e-invoicing) proposals.
E-invoicing is the digital exchange of invoice information directly between buyers and suppliers. It could help businesses get their tax right first time, reduce invoicing and data errors, improve the accuracy of VAT returns, help close the tax gap and save time and money. It usually results in faster business to business payments, leading to improved cash flow and less paperwork.
This will help cut down time and resources businesses spend managing their tax affairs so they can be more productive. It forms part of the Prime Minister’s Plan for Change for a tax system that supports economic growth.
Examples of where e-invoicing has improved cash flow include:
Australian Government agencies who are paying their suppliers within 5 days compared to 20 days for other forms of invoices.
a UK NHS trust where e-invoices are ready for processing within 24 hours, compared to 10 days under paper invoicing. Their e-invoices are typically paid almost twice as quickly than paper invoices, with supplier queries reduced by an average of 15%.
Examples of the wider benefits to business of e-invoicing are highlighted by software providers:
Xero see e-invoicing as the next digital revolution for small firms, simplifying how businesses invoice customers and get paid faster. Firms will save money on chasing payments, improve cash flow and reduce fraud risks.
a published business research report from Sage* shows that e-invoicing streamlines routine tasks like data entry and tax filing, driving annual productivity gains of around 3% in the UK, supporting the government’s broader growth agenda.
James Murray, Exchequer Secretary to the Treasury said:
As part of the Prime Minister’s Plan for Change, we have begun our work to transform the UK’s tax system into one that is focused on helping businesses and the economy to grow.
E-invoicing simplifies processes, reduces errors and helps businesses to get paid faster. By cutting paperwork and freeing up valuable time and money, it will help improve firms’ productivity and their ability to grow and succeed.
Gareth Thomas, Minister for Services, Small Business and Exports, said:
Small businesses are at the heart of our economy and vital to our growth mission. The potential of digitising taxes, speeding up payments and streamlining administrative tasks will provide real benefits to the economy, supporting smaller firms and boosting growth.
This is why we want to make sure e-invoicing works for SMEs, because cash flow can make all the difference between staying afloat or going under.
The consultation applies to business invoicing. It will gather views on standardising e-invoicing and how to increase its adoption across UK businesses and the public sector. It also explores how different e-invoicing models could align a business with their customers’ businesses. People can take part whether or not they currently use e-invoicing.
HMRC and the DBT want to hear the opinions of self-employed people, businesses of all sizes, representative and industry bodies, charities and public sector organisations.
Topics that the government is interested in exploring include:
different models of e-invoicing
whether to take a mandated or voluntary approach to e-invoicing, and what scope of mandate might be most appropriate in the UK and for businesses
whether e-invoicing should be complemented by real time digital reporting.
The government will also engage with a broad range of businesses and interested stakeholders to secure their views at various events, including face-to-face discussions.
Exchequer Secretary to the Treasury, James Murray, will host a business round table at the Darlington Economic Campus and Government Hub this afternoon (13 February 2025), where he and Business and Trade Minister, Gareth Thomas, will discuss the consultation and listen to the opinions of industry bodies, regional stakeholders and local businesses in the North East.
It follows a visit earlier in the day by James Murray MP to software developer Sage’s Newcastle headquarters, where he met with accountants to discuss government support for small businesses and how HMRC is working to deliver its priorities. Sage is one of the providers of software for HMRC’s Making Tax Digital (MTD) programme. A full list of software providers for MTD can be found on GOV.UK.
The consultation will run for 12 weeks from Thursday 13 February to Wednesday 7 May 2025.
E-invoicing technology has been in use for more than 20 years and an increasing number of countries require businesses to use e-invoices for at least some transactions. There is global recognition for standards in enabling e-invoicing, particularly in international trade. Around 130 countries have or are in the process of implementing e-invoicing structures and standards (including data they should include and their format).
‘Failure to take reasonable care’ and ‘error’ accounted for 22% of the VAT tax gap in the 2022 to 2023 tax year. Industry research** shows that 80% of businesses globally manually enter their supplier invoice data into their accounting system, typically around 10% of entered data has some form of error. Adopting e-invoicing can automate this data entry and reduce opportunities for error.
HMRC and the DBT want to understand how differing approaches may integrate with current business systems. This will support development of a UK approach to e-invoicing that improves business productivity by reducing admin burdens and helping businesses to get their tax right. There will be no immediate change in response to this consultation and responses will be used to inform future decision-making.
Enquiries about the consultation and responses to it should be sent to: einvoicingconsultation@hmrc.gov.uk or by clicking a link in the consultation document.
People interested in joining business round tables and other events to contribute to future e-invoicing policy development can contact: einvoicingengagement@hmrc.gov.uk
A future e-invoicing consultation was announced by the Chancellor of the Exchequer, Rachel Reeves, on 23 September 2024 in a package of reforms to improve the UK’s tax system.
This was confirmed for ‘early 2025’ in the Autumn Budget on 30 October 2024.
Visitors travelling to the UK on a European passport will need an ETA from 2 April 2025. Travellers can apply for an ETA from 5 March 2025 onwards.
Electronic Travel Authorisations (ETAs) are being introduced worldwide for visitors to the UK who do not currently need a visa for short stays, or who do not already have a UK immigration status.
Eligible Europeans can apply for an ETA from 5 March 2025 and will need an ETA to travel from 2 April 2025.
An ETA is a digital permission to travel. Applying for an ETA is quick and simple. The fastest way to apply is using the UK ETA app.
An ETA permits multiple journeys to the UK for stays of up to six months at a time over two years or until the holder’s passport expires – whichever is sooner.
The introduction of ETAs is in line with the approach many other countries have taken to border security, including the US and Australia.
How do I apply for an ETA?
Information on who can get an ETA and how to apply before coming to the UK is available on GOV.UK.
Please use the official UK ETA app or the GOV.UK site to apply for your ETA to avoid scam sites.
How long does it take?
Most applicants get an automatic decision in minutes when applying through the UK ETA app, which means spontaneous trips to the UK are still possible.
Visitors are advised to allow three working days for a decision on their application, but this is to take account of the small number of cases which need further review. It is always better to apply for your ETA well in advance.
Pentagon Press Secretary John Ullyot provided the following readout:
On February 12, Secretary of Defense Pete Hegseth met with his United Kingdom counterpart, Secretary of State for Defence John Healey at NATO Headquarters in Brussels, Belgium. The two Secretaries discussed the UK-hosted Ukraine Defense Contact Group that followed their meeting that day and the need to set the stage for negotiations to stop the fighting and reach an enduring peace. Ahead of Thursday’s NATO Defense Ministerial, the two leaders also highlighted the need for increased Allied defense investments and greater burden-sharing by European Allies.