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Category: Finance

  • MIL-OSI: Bitget Wallet Unveils $80K BERA Airdrop for Berachain Ecosystem Users

    Source: GlobeNewswire (MIL-OSI)

    SAN SALVADOR, El Salvador, March 26, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, a leading Web3 non-custodial wallet, has launched a Berachain ecosystem campaign featuring a $80,000 BERA airdrop. Running from March 20 at 16:00 to April 2 at 16:00 (UTC+8), the initiative is designed to reward users who actively engage with Berachain’s rapidly expanding ecosystem through a series of interactive on-chain tasks.

    The campaign spotlights six emerging projects within the Berachain network: Dolomite, Kodiak Finance, Infrared, Wasabee (Honeypot Finance), Ramen Finance, and ZooFinance. Participants who engage with these decentralized applications (DApps) through Bitget Wallet—completing tasks such as staking, swapping, and wallet interactions—will become eligible for a share of the $80,000 BERA airdrop pool. The goal is to encourage user exploration of the Berachain ecosystem and support the growth of its early-stage protocols.

    As the first wallet to fully integrate Berachain, Bitget Wallet offers users direct access to the Berachain mainnet, along with built-in features like token swaps, cross-chain transactions, and DApp connectivity—eliminating the need for manual configuration or third-party tools. This initiative is part of a broader effort by Bitget Wallet and Berachain to lower the barrier to ecosystem adoption while supporting builders and early participants, reinforcing both teams’ commitment to making onchain participation more accessible and rewarding.

    “Berachain represents a new wave of DeFi infrastructure, and we’re excited to work closely with its ecosystem to bring users deeper on-chain experiences,” said Alvin Kan, COO of Bitget Wallet. “Through this campaign, we aim to lower the barrier to participation and reward users who help grow the next generation of decentralized protocols.”

    For more details, please visit Bitget Wallet X.

    About Bitget Wallet
    Bitget Wallet is the home of Web3, uniting endless possibilities in one non-custodial wallet. With over 60 million users, it offers comprehensive onchain services, including asset management, instant swaps, rewards, staking, trading tools, live market data, a DApp browser and crypto payment solutions. Supporting over 130 blockchains, 20,000+ DApps, and millions of tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges, along with a $300+ million protection fund to ensure safety of users’ assets. Experience Bitget Wallet Lite to start a Web3 journey.
    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook
    For media inquiries, please contact media.web3@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fa873586-8915-44f0-af6e-24c774b0bed7

    The MIL Network –

    March 26, 2025
  • MIL-OSI United Kingdom: Major £1.6 billion equipment contract to support British Defence jobs and boost Army readiness

    Source: United Kingdom – Executive Government & Departments

    Press release

    Major £1.6 billion equipment contract to support British Defence jobs and boost Army readiness

    British Army equipment, including tanks and armoured vehicles, will receive world-class maintenance and spare parts under a contract which supports 1,600 UK jobs. 

    • Significant contract update to provide kit maintenance and increased vehicle availability.   

    • Directly supports 1,600 defence jobs across the country, supporting a 6,000-strong business supply chain.   

    • Investment in British firm Babcock boosts defence as an engine for UK economic growth.    

    British Army equipment, including tanks and armoured vehicles, will receive world-class maintenance and spare parts under a contract which supports 1,600 UK jobs.    

    The five-year £1.6 billion contract extension with British defence firm Babcock will cover vital military assets including Challenger 2 tanks, 105mm artillery guns and Trojan armoured vehicles, ensuring they remain combat-ready to meet emerging threats.   

    The Service Provision and Transformation Contract will sustain 1,600 highly skilled jobs in locations across the UK, including over 400 in Telford and over 250 in Dorset. The investment follows the Prime Minister’s historic commitment to increase defence spending to 2.5% of GDP, recognising the critical importance of military readiness in an era of heightened global uncertainty.   

    Maintenance services will cover preventative maintenance, emergency repairs and spare parts management. It will also include digital transformation to improve fleet management efficiency, keeping more vehicles and equipment primed for soldiers to use – boosting national security and renewing Britain’s economy as we deliver on our Plan for Change.  

    The move to boost the readiness of British Army combat vehicles comes as the UK continues to lead planning efforts for a Coalition of Willing nations to help secure a just and lasting peace in Ukraine. Following the planning meeting attended by approximately 30 nations last week, further operational planning meetings will be led by UK Commander Joint Operations, General Nick Perry.   

    Defence Secretary John Healey MP said:  

    Tanks, armoured vehicles and kit are the backbone of the British Army. We are taking action to ensure the outstanding service men and women of our Armed Forces are properly equipped and ready to respond to ever-changing global threats.    

    Supported by largest sustained increase in defence spending since the Cold War, this substantial investment with Babcock demonstrates how defence is an engine for growth: supporting businesses of all sizes and sustaining more than 1,600 good, well-paid jobs across Britain.

    National security is the bedrock of a successful economy and our Government’s Plan for Change.

    Babcock’s Chief Executive Officer, David Lockwood said: 

    In a period of increased global instability, more is being expected of our armed forces. This contract extension ensures that Babcock continues to provide the British Army with the tools to do its job, when and wherever they are needed. Our know-how, application of technology and extensive experience in the land domain help ensure that the British Army is ready to fight and win wars.

    While the Land Integrated Operating Services programme places future contracts, this deal will also support approximately 6,000 UK businesses throughout the wider supply chain, as well as 200 apprentices. These apprenticeships will offer valuable training and development opportunities in fields such as HGV maintenance and automotive refinishing, providing career paths in the defence sector for the next generation of skilled workers.   

    MOD Director Land Environment, Major General Lizzie Faithfull-Davies CBE said:    

    It has taken a lot of hard work to collaboratively deliver this SPTC Reframe contract amendment. I am delighted to renew our relationship with Babcock. With this amended contract, DE&S, the Army, and Babcock will now provide even better support to the in-Service platforms of our Armed forces; ensuring that the vehicles the Army will fight from are repaired, maintained, and ready whenever the Army need them.

    The work comes ahead of the Defence Industrial Strategy, which will bolster UK industry and provide more opportunities for defence to be an engine for economic growth. It follows a recent commitment to launch a new hub to provide small and medium enterprises (SMEs) with better access to the defence supply chain, and a commitment to set direct SME spending targets for the Ministry of Defence by June this year.

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    Published 26 March 2025

    MIL OSI United Kingdom –

    March 26, 2025
  • MIL-OSI: Admission to trading of AB Šiaulių bankas Notes on Euronext Dublin

    Source: GlobeNewswire (MIL-OSI)

    THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER, INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF AB ŠIAULIŲ BANKAS.

    On 25 March 2025 the EUR 300,000,000 4.597 per cent. Fixed Rate Reset Callable Senior Preferred Notes (ISIN XS3025213102) of AB Šiaulių bankas were admitted to the official list of Euronext Dublin and to trading on the regulated market of Euronext Dublin administered by the Irish Stock Exchange plc.

    This communication is not an offer of securities or investments for sale nor a solicitation of an offer to buy securities or investments in any jurisdiction where such offer or solicitation would be unlawful. No action has been taken that would permit an offering of securities or possession or distribution of this announcement in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.

    Additional information:
    Tomas Varenbergas 
    Head of Investment Management Division
    tomas.varenbergas@sb.lt

    The MIL Network –

    March 26, 2025
  • MIL-OSI Russia: A new pedestrian crossing will appear near the Tyutchevskaya metro station

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    An overground pedestrian crossing will be built near the Tyutchevskaya station of the Troitskaya metro line. The corresponding territory planning project (PPT) was approved by the capital Committee on Architecture and Urban Development (Moskomarkhitektura), said the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    The facility will be built within the framework of the Targeted Investment Program.

    “The land use planning project was approved for a site with an area of over 20 hectares. As part of the PPT, an off-street pedestrian crossing with ramps and tactile signs will be connected to the exit from the Tyutchevskaya metro station. An access road and two parking spaces for 100 spaces each are planned to be equipped nearby. The latter will be intended, among other things, for people with limited mobility. The implementation of the project will create safer conditions for the movement of people in the active transport logistics zone,” said Vladimir Efimov.

    Tyutchevskaya station is located in the Kommunarka district of the Novomoskovsky administrative district, along the 42nd kilometer of the Moscow Ring Road (MKAD).

    “Currently, when exiting a metro station, the journey to the opposite side of the Moscow Ring Road takes 12 minutes. After the new facility appears, people will have a safer route to General Tyuleneva Street, and the time spent crossing will be reduced to three minutes,” she added.

    Juliana Knyazhevskaya, Chairman of the capital’s Committee for Architecture and Urban Development.

    Earlier, Sergei Sobyanin announced the opening of the longest overpass on the Moscow Ring Road.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

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

    https: //vv.mos.ru/nevs/ite/151777073/

    MIL OSI Russia News –

    March 26, 2025
  • MIL-OSI Russia: A resident of the Technopolis Moscow SEZ, together with the capital’s ambulance service, has developed a device for performing indirect cardiac massage

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    A resident of the special economic zone (SEZ) Technopolis Moscow has developed a device for performing cardiopulmonary resuscitation.

    The team of the A.S. Puchkov Emergency and Urgent Medical Care Station took part in the creation of the device. As a result, the invention surpasses its Western counterparts in many ways in its technical characteristics. In particular, it is equipped with an optical target designator for positioning on the patient’s body and two batteries, which allows it to work twice as long as other similar devices. Unique design solutions are patented in accordance with the legislation of the Russian Federation. Among the authors of the patent, among others, are leading resuscitators of the Moscow emergency medical care station.

    A registration certificate from Roszdravnadzor has already been received, confirming the safety and effectiveness of the medical device. This was reported by the Deputy Mayor of Moscow for Transport and Industry Maxim Liksutov.

    “On behalf of Sergei Sobyanin, we support the development of the medical industry. In the Technopolis Moscow special economic zone, more than 15 enterprises are engaged in the production of equipment for emergency care, artificial lung ventilation devices, ultrasound diagnostics, innovative prostheses and much more. During their activities in the capital’s SEZ, companies in the industry have manufactured products worth over seven billion rubles. The new product from Medplant is designed for automatic indirect cardiac massage. The device was developed in three years, and the investment volume in the project amounted to about 60 million rubles,” said Maxim Liksutov.

    Obtaining a registration certificate gives the developer the right to bring the Arka cardiopulmonary resuscitation device to the mass market for use in the healthcare sector.

    “The enterprise’s development is a robotic device that replaces a doctor or rescuer when performing indirect cardiac massage and allows hands to be freed for other necessary manipulations, such as administering injections. The device can function continuously for 92 minutes, and the battery can be replaced without stopping resuscitation measures,” said the Minister of the Moscow Government, head of the capital’s Department of Investment and Industrial Policy

    Anatoly Garbuzov.

    The new medical product can be used by ambulance teams, emergency medical teams, and hospitals. The company plans to produce more than 100 devices in the first year. To do this, it has undergone technological re-equipment: a surface mounting line for assembling electronic modules has been opened. In addition, the number of assembly engineers has been expanded to ensure uninterrupted production.

    The device for indirect cardiac massage is manufactured at the Pechatniki site. According to Gennady Degtyarev, General Director of the Technopolis Moscow special economic zone, enterprises whose facilities are located in the SEZ can obtain resident status and take advantage of state support in the form of tax breaks and other preferences. The companies invest the saved funds in expanding production and product range, as well as in developments and obtaining patents for them.

    The Technopolis Moscow Special Economic Zone is a territory with a special legal status, where a preferential regime for investors operates. The area of land where high-tech enterprises are located exceeds 390 hectares. The SEZ has been a leader in international and national industry ratings for several years.

    New residents, inventions and technologies. What 2024 was like for the Technopolis Moscow SEZ

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

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

    https: //vv.mos.ru/nevs/ite/151762073/

    MIL OSI Russia News –

    March 26, 2025
  • MIL-OSI: DNO Bags Kjøttkake with a Bang

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 26 March 2025 – DNO ASA, the Norwegian oil and gas operator, today announced an important oil and gas discovery in Northern North Sea license PL1182 S in which the Company holds a 40 percent operated interest.   

    The discovery was made in Paleocene injectite sandstones of excellent reservoir quality with preliminary estimates of gross recoverable resources in the range of 39 to 75 million barrels of oil equivalent (MMboe), with a mean of 55 MMboe.

    The Kjøttkake exploration well encountered a 41-meter oil column and a 9-meter gas column. A sidetrack drilled horizontally 1,350 meters westwards along the reservoir in the Sotra Formation confirmed the presence of the oil column throughout the discovery.

    “We are on a hot streak in Norway,” said Executive Chairman Bijan Mossavar-Rahmani. “Our latest and most exciting discovery this year, Kjøttkake, is close to existing infrastructure in the Troll-Gjøa area, and we will be relentless in pursuing its commercialization.”

    Located 27 kilometers northwest of the Troll C platform and 44 kilometers southwest of the Gjøa platform, Kjøttkake is DNO’s tenth discovery since 2021 in the Troll-Gjøa exploration and development hotspot, following Røver Nord, Kveikje, Ofelia, Røver Sør, Heisenberg, Carmen, Kyrre, Cuvette and Ringand.

    The Company has also racked up discoveries in other parts of the Norwegian Continental Shelf, including Norma (2023) and Othello (2024), both play-opening finds and both operated by DNO.  

    Partners in license PL1182 S include Aker BP ASA (30 percent), Concedo AS (15 percent) and Japex Norge AS (15 percent). The wells were drilled using the Deepsea Yantai rig.

    Following its exploration success, the Company has stepped up purchases of producing assets to balance its Norwegian portfolio and help fund coming developments. In early March, DNO announced the transformative acquisition of Sval Energi Group AS, which will increase North Sea 2P reserves from 48 million barrels of oil equivalent (boe) to 189 million boe post-closing and 2C resources from 144 million boe to 246 million boe (pro forma figures as of yearend 2024).

    The acquisition, which is expected to close by mid-year, will turn the North Sea into the biggest contributor to Company’s net production with some 60 percent of the total, with the balance coming predominantly from two operated fields, Tawke and Peshkabir, in the Kurdistan region of Iraq.

    –

    For further information, please contact:
    Media: media@dno.no
    Investors: investor.relations@dno.no

    –

    DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen. More information is available at www.dno.no

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    The MIL Network –

    March 26, 2025
  • MIL-OSI Russia: Residential buildings and infrastructure within walking distance: what is being built within the framework of the KRT for the purposes of the renovation program

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    New neighborhoods will be created in the capital under the program of integrated development of territories (IDT). Investors and city operators plan to build 6.7 million square meters of housing for the purposes of the renovation program. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “The integrated territorial development program has been in effect in the capital since 2020. It currently includes 302 KRT projects at various stages of development and implementation. Various real estate objects will be built under them. In particular, the area of residential development will be 37 million square meters, of which 6.7 million are intended for the purposes of the renovation program. This will also speed up the renovation program in 78 districts of the capital,” said Vladimir Efimov.

    For the purposes of the renovation program, the necessary infrastructure will be created within walking distance.

    “The KRT projects, which provide for the construction of housing for the purposes of the renovation program and other city needs, also provide for the construction of social facilities. Thus, along with residential buildings in the new microdistricts, it is planned to build 48 kindergartens, 39 schools and 11 medical facilities. The adjacent territories will be landscaped and improved, children’s and sports playgrounds will be installed, and new roads will be laid,” noted the Minister of the Moscow Government, Head of the Department of City Property

    Maxim Gaman.

    Thanks to the comprehensive transformation of the capital’s neighborhoods, Muscovites will receive not only modern housing, but also a high-quality urban environment.

    According to the Minister of the Moscow Government, Head of the Department of Urban Development Policy Vladislav Ovchinsky, within the framework of the KRT, residential complexes with a total area of about 4.3 million square meters will be built for the purposes of the renovation program. This will provide new housing for about 150 thousand Muscovites. Elevators will be installed in the entrances of the new buildings, rooms for concierges, rooms for strollers and bicycles will be equipped. The first floors will be made non-residential – in the future, social and household facilities will open there.

    According to the program of integrated development of territories, multifunctional city blocks are created, where roads, comfortable housing and all necessary infrastructure are designed on the site of former industrial zones and inefficiently used areas. Currently, 302 KRT projects with a total area of about 4.2 thousand hectares are at various stages of development and implementation in Moscow. This work is carried out on behalf of Sergei Sobyanin.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

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

    https: //vv.mos.ru/nevs/ite/151787073/

    MIL OSI Russia News –

    March 26, 2025
  • MIL-OSI Australia: Investigations ongoing into death at Christie Downs

    Source: New South Wales – News

    Police are investigating a death at Christie Downs this morning.

    About 10am on Wednesday 26 March, police and paramedics were called to a unit at Rufus Crescent, Christie Downs after a woman was found collapsed at the property.

    Police and paramedics located the woman at one of the units.   Sadly, the 43-year-old Christie Downs woman was pronounced deceased at the scene.

    A 54-year-old Christie Downs man at the scene was arrested after allegedly assaulting officers. He is currently in hospital undergoing treatment and will appear in court at a later date.

    Southern District CIB detectives and forensic officers attended and examined the scene and are conducting further investigations.

    Investigations into the circumstances surrounding the woman’s death are ongoing.

    Anyone who saw or heard any suspicious activity or has any information, dashcam or CCTV footage that may assist the investigation into the woman’s death is asked to speak to police at the scene or contact Crime Stoppers on 1800 333 000 or online at www.crimestopperssa.com.au

    Further information will be provided when known.

    MIL OSI News –

    March 26, 2025
  • MIL-OSI Australia: Interview with Peter Fegan, 4BC, Brisbance

    Source: Australian Parliamentary Secretary to the Minister for Industry

    Peter Fegan:

    It’s Labor’s $17 billion pledge. But is it enough to save the election? The Labor Party or the government has delivered its fourth Budget last night. Plenty of savings, but given the cost‑of‑living crisis, we’re in no position to bite the hand that could potentially feed us for the next 3 years, at least. Joining me on the line is the Treasurer, Jim Chalmers. Treasurer, it is always great to have your time on the programme.

    Jim Chalmers:

    Thanks for having me back on your show, Pete. Good morning.

    Fegan:

    $268 in tax cuts in the first year, which is 2026. That’s $538 in the second. You’ve conceded, Treasurer, that that is modest cuts. It equates to about $5 a week. You add in the Stage 3 tax cuts, that will be around $56 bucks a week. So, when you consider how much groceries, fuel, beer, health, childcare, aged care is; most Australians would say that $50 bucks doesn’t go very far at all.

    Chalmers:

    I understand that, Pete. I understand that there’s always an appetite to do more. My job is to make sure that we’re providing this cost‑of‑living relief in the most responsible way that we can. The tax cuts are an important part of that, that $50 a week in income taxes is all about helping people but so is strengthening Medicare because more bulk billing means less pressure on families.

    So are the energy rebates, the cheaper medicines, cutting student debt. There are a number of ways that we’re providing cost‑of‑living help in the Budget, but we’ve got to do that in the most responsible way. We know that there will always be calls to do more. We’re doing the most that we can afford to do for the time being.

    Fegan:

    Treasurer, I would argue what is missing from this Budget are tough decisions, serious structural reforms and addressing the elephant in the room. We know what that is, Treasurer. It’s spending. Now, there’s $40 billion set aside for decisions not yet announced. That means that the Prime Minister has another $40 billion up his sleeve to throw around during the election campaign. So, let’s just call this Budget what it is. It’s a Budget to win the election. Surely.

    Chalmers:

    I don’t agree with you, Pete. It’s a Budget to build the future and to help people with the cost of living and strengthen Medicare. Those are the 3 primary objectives of the Budget. It’s all about making our economy more resilient in the face of all this global economic uncertainty. That’s what’s motivated us here when it comes to this Budget.

    Now, when it comes to spending, about half of the new spending in the Budget is the tax cuts. A big proportion of the rest of it was already provisioned for in the mid‑year Budget update. We’ve been responsible, we’ve gone for what’s affordable and we’ve done that in the context where we have taken difficult decisions. There are billions of dollars in savings.

    There is much less debt this year in the Budget than when we came to office 3 years ago in terms of the $177 billion less debt this year. We are making good progress in the budget. We’re making especially good progress in the economy more broadly. We know that that doesn’t always immediately translate into how people are feeling and faring in the economy. That’s why the cost‑of‑living help is so important.

    Fegan:

    Migration. 260,000 new migrants will flood into Australia by the end of July, the majority of which will come into Australia. Now Treasurer, historically yes, migration does help fuel economy, we know that. But unfortunately, here in Australia we have a living crisis, we have a housing crisis.

    We have a major supply issue here in Queensland. You know that, you live in Logan. You know how bad supply is at the moment. Are you putting them up? Because I don’t know where 260,000 new migrants will go. I know that they’ll work. But we’re in a housing crisis. It doesn’t make sense to me.

    Chalmers:

    Two important things about that, Pete. Firstly, we’re investing $33 billion in building more homes.

    Fegan:

    But you haven’t built any yet though, Treasurer. That’s the issue. You haven’t built any new homes yet. That’s the big issue here. You can invest all your money, all the money you want. You can’t put them in camps until they’re built.

    Chalmers:

    We are building new homes. We’re making a very substantial investment in making sure that’s the case. Secondly, you refer to those migration numbers. Those migration numbers have actually been very substantially managed down from their peak after COVID. When Australia more or less shut down during COVID in the year or 2 after that, couple of years after that, there was a big rebound in the net overseas migration number spanning 2 governments.

    We’ve been able to manage that down to more normal levels. That is what you’re seeing in the budget. That number that you refer to is right, but it is much lower, very, very substantially lower than it was a couple of years ago.

    Fegan:

    Okay, Treasurer, this is an interesting one and I think all eyes will be on this when it comes to the election.

    Let’s talk energy.

    Okay, Treasurer, the Prime Minister and yourself and all your Ministers all maintain that energy prices are lower under a Labor government. So, why has the government, if that’s the case – if we are paying less for energy, why has the government spent $6.8 billion on energy subsidies to date? Is that not an abject failure of the last 3 years? And your energy policy, why give Australians another $150 bucks if, according to Labor, energy is affordable? I don’t understand it. I mean, if it is affordable, I don’t need the $150 bucks.

    Chalmers:

    This is another important way that we’re helping people with the cost of living. We know that in the last year in the official inflation data, we were able to get electricity prices down. That’s a good thing. That’s been a combination of rebates, but also the efforts that we’re making to introduce more cleaner and cheaper energy into the system.

    If you think about the independent experts from a body called AEMO, what they talk about is what’s pushing electricity prices up is actually the old parts of the system, the traditional parts of the system, becoming less and less reliable.

    We’re providing these energy rebates in the near term to take some of the sting out of these electricity bills while people are under cost‑of‑living pressure. At the same time, we’re introducing more cleaner and cheaper, more reliable energy into the system because that’s the best way to put downward pressure on energy prices over the medium and long term.

    Fegan:

    Yeah, there’s no. But there’s no funding for green energy. There’s no funding for net zero.

    Chalmers:

    That’s not true, Pete.

    Fegan:

    Well, there’s no extra funding. Is there, in this Budget? Is there extra investment in –

    Chalmers:

    Yeah, there’s some extra investment out of an innovation.

    Fegan:

    How much?

    Chalmers:

    For about one and a half billion, I think from memory.

    Fegan:

    But it’s not in Budget. Is it in Budget papers released?

    Chalmers:

    Yeah, it’s in the Budget papers. We’ve also recapitalised the Clean Energy Finance Corporation because that’s playing an important role as well, financing cleaner and cheaper energy.

    I accept your broader point. Electricity prices are a pressure on family budgets we’re seeing around the world. We’re not immune from that. The energy bill rebates are an important, responsible way that we take some of the edge off that while we introduce more cleaner and cheaper, and more reliable energy into the system.

    Fegan:

    Treasurer, why should Australians trust Anthony Albanese and Jim Chalmers for another 3 years?

    Chalmers:

    I think after the Coalition’s brain explosion on tax last night, the choice at the election is becoming absolutely crystal clear now. We’re helping people as a Labor government with the cost of living by cutting their taxes. Peter Dutton has an agenda of secret cuts which will make people worse off. Now, Peter Dutton wants to cut everything except people’s taxes, and that’s really the contest which was set up last night when Angus Taylor, quite bizarrely, said that he would oppose our cost‑of‑living help.

    What we’ve seen over the course of the last 3 years is every time we’ve tried to help people with the cost of living, our opponents have opposed that. Peter Dutton and Angus Taylor have both said the best predictor of future performance is past performance. They have opposed cost‑of‑living help; they’re opposing these cost‑of‑living tax cuts in the Budget last night.

    I think that sets up a very clear choice. If people want a Labor government helping with the cost of living, managing the budget responsibly, investing in building Australia’s future, they can choose that over Peter Dutton, who has secret cuts which will make people worse off, and that’s because he wants to cut everything except taxes.

    Fegan:

    Do you accept that Australians don’t trust you?

    Chalmers:

    I don’t necessarily accept that, Pete. I mean, that’s a judgement for people to make. I understand that, and it’s something that journalists and commentators can speculate about. What we did last night was keep faith with the Australian people and do justice to the progress and the sacrifices that they have made. Together as Australians, we’ve made a lot of progress in our economy. We’ve got –

    Fegan:

    But a trillion dollars in debt. A trillion dollars, though, Treasurer?

    Chalmers:

    It’s $177 billion this year lower than what it was when we came to office for this year. That’s a really important thing. You will read a lot of stuff in the papers about debt and deficits. Don’t forget, we delivered 2 surpluses, we shrunk the deficit, we got the debt down, we’re saving on interest costs.

    Fegan:

    But it’s still a trillion dollars. You grilled the former government on this. It’s still a trillion dollars. And I know it’s not all your fault, but it’s a trillion dollars. We’ve got kids that need to buy homes in 20 years’ time.

    Chalmers:

    That’s why we’re investing substantially in housing, $33 billion program. On the debt, don’t forget, we would have already had a trillion dollars of debt under our opponents. It’s $177 billion lower this year. I think that’s too easily dismissed and diminished the progress we’ve made in the budget. Same goes for the progress we made in the economy together as Australians.

    As I was saying a moment ago, we’ve got growth rebounding solidly in our economy: inflation down, real wages up, unemployment is low, interest rates have started to be cut, we’ve got the debt down. This is good progress, and we would be crazy to interrupt that progress with Peter Dutton’s secret cuts which would make Australians worse off.

    Fegan:

    What’s happening with the Coalition at the moment, Treasurer? Seems to be some rumblings. I hear or see reports yesterday that Peter Dutton had to lay down the law, that David Littleproud got pretty fired up.

    Chalmers:

    Yeah, they got fired up because basically the Coalition members and senators are forming an orderly queue to say that Angus Taylor’s not up to the job. It’s quite bizarre that Angus Taylor’s asking Australians to take him seriously when his own colleagues don’t. He’s been found out and he’s been found wanting.

    I think genuinely, it was a proper brain explosion we saw last night when he said, at a time when people are under cost‑of‑living pressures, they won’t support our tax cuts to help people meet the cost of living. I think that was a bizarre decision. I think it will come back to haunt him, and I think his colleagues will have a view about it behind the scenes.

    Fegan:

    Treasurer, you’re on the front page of every paper today, but can I just say congratulations to you because you are drinking out of a Brisbane Broncos mug. How good is that?

    Chalmers:

    I get a bit of feedback about that. Mostly from Dolphins, mostly from people –

    Fegan:

    Well, do you know what? You’re still a staunch. You’re still a staunch Bronco supporter. Right?

    Chalmers:

    Pick and stick. Absolutely.

    Fegan:

    Thank you.

    Chalmers:

    Broncos until I die, Pete.

    Fegan:

    Because I see that Peter Dutton has changed his tune a little bit. He’s now, well, Dolphins is in his electorate. A little bit of his electorate. Well, I don’t know.

    Chalmers:

    Right. I’m not sure about that. In fairness to him, I’m not sure about that. I’m certainly, I will always be a very enthusiastic supporter of the Brisbane Broncos. I still remember their first game in the comp in 1988 as a little tacker. I’m looking forward to watching the Battle of Brisbane on Friday night. Always a good contest.

    Fegan:

    Go the Broncos. Yeah, exactly. Go the Broncos. Good on you, Treasurer. Great to have your company this morning.

    Chalmers:

    Nice to talk to you again, Pete. All the best.

    Fegan:

    There he is, the Treasurer, Jim Chalmers.

    MIL OSI News –

    March 26, 2025
  • MIL-OSI Australia: Regional Ministerial Budget Statement 2025-26

    Source: Workplace Gender Equality Agency

    On behalf of the Albanese Labor Government, I’m proud to deliver our fourth Regional Ministerial Budget Statement.

    I’d like to acknowledge the traditional custodians of where we are today, and pay my respects to their Elders past, present and emerging.

    Mr Speaker, across our first term in Government, our message to regional Australians has been loud and clear – your postcode shouldn’t be a barrier.

    Just because you grow up in Bega on the NSW Far South Coast, or in Gladstone in Central Queensland, and just because you live at Mount Gambier in regional South Australia, or in the Pilbara Region in outback WA – doesn’t mean that the services, and the opportunities available to you should be second best.

    I say this as a proud regional Member of this place, and on behalf of my fantastic regional colleagues here with me today. 

    I say this as someone that’s always lived in our regions – from Traralgon in regional Victoria, to Merimbula on the NSW Far South Coast – where I watched my parents work hard every day to build a small business, and to provide our family with a better life.

    A regional community where I myself now run a small business with my husband, and where we’re raising our kids.

    And I say this as someone that’s had the privilege of spending a lot of time talking to regional people across Australia – both as the Member for the Mighty Eden-Monaro, and as Minister for Regional Development, Local Government and Territories.

    From the Hunter region in NSW, Caboolture in regional Queensland, Devonport in Tasmania – to communities across the 42,000 square kilometres in my electorate.

    Regional Australia is a great place to live, work, study, visit and invest – and I wouldn’t live anywhere else.

    Our regions generate a third of the nation’s economic output, and there’s so many opportunities that our Government wants to take advantage of.

    But you’d be living under a rock if you said life outside of our big cities doesn’t come without its unique challenges – it absolutely does. 

    Unlike those opposite though, on this side of the House we’re not shying away from that.

    I’m proud to be part of a Government that across its first term, has delivered record investments to improve the reliability and the accessibility of critical services that regional people rely on.

    To support more regional people to work and train closer to home – because you shouldn’t have to pack your bags to build your career. 

    To build more things in our own backyard, investing in the hard-work and know-how of regional people.

    To give regional Australians more support to buy or rent a home.

    To support local businesses and local economies to grow – with small businesses in particular the backbone of our regions.

    To ensure the local roads we drive every day to drop the kids off at school and to get to work, are safe, and keep pace with growing communities.

    To improve our major highways linking our cities to our regions, so more visitors support our local businesses, and experience everything we have to offer.

    To keep our regions connected and better prepared for natural disasters – something many regional communities, including across Eden-Monaro, have needed to rebuild from.

    And most importantly, to relieve immediate pressures on regional families and businesses.

    Which let’s not forget, those opposite talk a big game on – despite opposing every single cost of living measure to date, and committing to tearing apart every measure that’ll support regional Australians into the future.

    Because while we’re delivering record investments to Build Regional Australia’s Future, the wreckers opposite are determined to leave regional communities which aren’t the right colour on their spreadsheets behind.

    The Albanese Government is delivering better outcomes for every regional community – because we’re addressing the challenges, harnessing the opportunities, and taking the needs of our regions seriously. 

    Through our Regional Investment Framework, we’re ensuring targeted investments support regional people, the places they live, the services they need, and the industries that stimulate local economies.

    With investments through the 2025-26 Budget building on everything we’ve delivered across our first term. 

    Our number one priority has been easing pressures faced by regional families and businesses today, while supporting more work, training and economic opportunities outside of our big cites. 

    We’ve delivered tax cuts for every regional taxpayer – a huge impact for taxpayers in my own electorate of Eden-Monaro, putting an average of $1,633 back into their pockets, with another two tax cuts on the way – something those opposite just voted against.

    We’ve delivered $300 in Energy Bill Relief to millions of households and $325 to small businesses, along with cheaper childcare and cheaper medicines.

    We’ve cut $3 billion in student debt, with a further 20 per cent to be cut if we’re re-elected.

    And we’ve supported over 127,000 free TAFE places in our regions – from construction courses to childcare.

    We’re getting more people into industries screaming out for workers, after those opposite gutted the vocational education system during their failed decade.

    We’ve introduced legislation to make free TAFE permanent – something those opposite have said they’ll repeal, because as the Deputy Leader of the Opposition said in this very chamber – “if you don’t pay for it, you don’t value it.”

    But I want my kids and every regional person to know – your postcode and your bank balance shouldn’t limit your potential.

    Through this Budget we’ll provide additional cost-of-living relief, along with increased investments to remove study barriers.

    $1.8 billion to provide all households, and around one million small businesses, with an additional $150 in Energy Bill Relief.

    $800 million to expand our Help to Buy scheme to support more people get into their own home – including in our regions.

    This builds on the 32,000 regional Australians we’ve already helped into home ownership, through the Regional Home Guarantee.

    $626.9 million to support $10,000 incentive payments for construction sector apprentices – with $7.0 million to increase the Living Away from Home Allowance for apprentices.

    As an operator of a small plumbing business that hires apprentices, and having recently spent time with bricklaying apprentices at Queanbeyan – I know that every cent counts when you’re starting out, especially when you’re living away from home.

    That’s why we’re boosting apprentice wages and easing cost-of-living pressures – because we value their hard work, and we know that building this workforce is essential to delivering more regional homes.

    My mum, dad, brother, sister and husband all went to TAFE, which is why I’m incredibly proud to be part of a Government that’s strengthening the sector – and ensuring more regional people can build a better future. 

    Through this Budget, we’re delivering $407.5 million to states and territories, as part of the Better and Fairer Schools Agreement.

    Record funding to give our teachers, including in our regional schools, more support – to lift education standards, and to better support students from kindergarten through to year 12. 

    And if you want to go onto further study, existing investments like the 56 Regional University Study Hubs we’re delivering – from Port Augusta in South Australia, to Goulburn in my own electorate – will mean you don’t have to leave the region you love.

    A further $33.6 million will also flow to the Clontarf Foundation to support up to 12,500 First Nations boys and young men access better education support.

    We’re delivering record investments to continue improving the affordability and accessibility of regional healthcare – because when you need to see the doctor, and when you need to buy your script, your street address and wallet shouldn’t stop you. 

    We’ve already delivered $3.5 billion to triple the bulk billing incentive, supporting over 2.4 million additional claims across regional Australia.

    Through this Budget, we’re investing an additional $7.9 billion to deliver more bulk billing to all Australians, including in our regions.

    Having delivered the largest cut to the cost of medicines in the history of the Pharmaceutical Benefits Scheme, we’re now making cheaper medicines even cheaper.

    $689 million to bring a PBS script down to $25, keeping more money in the hip pockets of regional Australians – with our pensioners and concession cardholders to continue paying $7.70 for PBS medicines until 2030.

    $792.9 million to deliver more choice, lower costs and better health care for women – including the first PBS listing for new oral contraceptive pills in more than 30 years.

    Along with more bulk billing for long-term contraceptives, more endometriosis and pelvic pain clinics to treat more conditions, and more Medicare support for women experiencing menopause. 

    Regional health and aged care were left in crisis under those opposite – a mess the Albanese Government has been cleaning up from day one.

    We’ve delivered $17.7 billion to fund increases to the minimum award wage for aged care workers – to not only support and retain these critical workers – but to ensure that our loved ones get the care they need, as they get older.

    We’re delivering an additional $1.8 billion to strengthen our public hospitals and to reduce waiting times across Australia, bringing our hospital funding to a record $33.9 billion in 2025-26.

    We’ve also increased the number of regional GP training places, along with waiving HECS for doctors and nurses that work in our regions – getting more skilled workers where we need them most.

    Through this Budget, we’re investing $662.6 million to grow our health workforce.

    There will be hundreds more GP and rural generalist training places to grow the pipeline of future GPs – with fairer salary incentives for junior doctors who choose general practice as their specialty.

    100 more Commonwealth Supported Places for medical students a year from 2026, increasing to 150 more a year by 2028 – with a focus on encouraging students to pursue general practice in our regions.

    And hundreds of scholarships for nurses and midwives, to help meet our current and future demands.

    A re-elected Albanese Government will deliver another 50 Medicare Urgent Care Clinics across Australia, from Burnie in Tasmania, to Bega in my own electorate – with our $644.3 million investment.

    This builds on the 87 Medicare Urgent Care Clinics we’ve already delivered, which are making a huge difference.

    With 48 of these 137 clinics to be in our regions– from Broome in Western Australia, Townsville in Queensland, to Tamworth in New South Wales.

    The Urgent Care Clinic we delivered in Queanbeyan has already supported over 7,000 fully bulk billed presentations.

    Rusty, a local constituent of mine told me about the huge difference it made for him, when he had an infection.

    He walked right into the clinic and received the help he needed, for free – a service that’s also supported his children and grandchildren.

    As Rusty said, this type of clinic is critical to taking pressure off our hospitals – as we continue to rebuild the health sector.

    But regional services like this will cease to exist under those opposite, because you only have to look at the billions cut from Medicare by the Leader of the Opposition when he was Health Minister, to know their only plan for Medicare is cuts.

    No government has done more for regional services than the Albanese Government – but healthcare wasn’t the only service completely abandoned during the wasted decade by those opposite.

    We’re already investing $2.2 billion to strengthen regional communications, particularly in disaster-prone areas – after programs like the Mobile Black Spot Program were pork-barrelled by those opposite.

    Through our record investments in the NBN, we’ve fixed half of some streets being stuck on the unreliable copper network they rolled out, including just 15 minutes down the road at Jerrabomberra.

    Because it actually takes a little bit more than a string and a can to run a small business, and to work and study from home.

    In this Budget, we’re providing an additional $3.0 billion in equity funding to NBN Co to complete upgrades for all remaining Fibre to the Node premises, including connecting an additional 334,000 regional premises to high speed internet.

    A service that we can’t forget, would be sold off to the highest bidder under those opposite.

    We’re also introducing a Universal Outdoor Mobile Obligation – requiring telcos to provide access to mobile voice and SMS almost everywhere across Australia – which will have huge benefits for regional and remote communities, particularly during emergencies and disasters. 

    Natural disasters are something my own electorate of Eden-Monaro has felt deeply, which is why I’m proud the National Emergency Management Agency that we launched continues to support regional communities – most recently in Queensland and NSW during Ex-Tropical Cyclone Alfred.

    That’s on top of our $1 billion Disaster Ready Fund continuing to support regional communities to be better prepared.

    And our additional $35 million investment to boost our national aerial fleet – giving regional communities more emergency support when they need it most.

    But it’s not just during disasters when our regions need reliable aviation.

    Despite the Leader of the Nationals in the Senate telling Sky News just last week that the Opposition had been fighting for a more competitive aviation sector – the reality is they’ve sat idle at the departure gate. 

    Those opposite did nothing with the Sydney Airports Slot Review handed to them in 2021 – something we’ve responded to with our Aviation White Paper.

    And they’ve said that keeping Rex Airlines’ regional routes operating during the voluntary administration process is sabotaging the sale process.

    I’m proud the Albanese Government has kept Rex’s regional flights in the air, with an $80 million loan facility to Rex Administrators, and additional support to reduce the debt Rex owes.

    Because for regional communities like mine, these flights are critical to our local economy, accessing important health services, and for getting around.

    The reality of living in our regions is we need to travel longer for some services, which is why we’ll continue standing up for a strong regional aviation sector.

    But travelling by car is generally how we get around, which is why we’ve already increased local road funding for every council.

    Roads to Recovery funding is going up from $500 million to $1 billion per year, road Black Spot funding increasing to $150 million per year, we’ve launched our $200 million per year Safer Local Roads and Infrastructure Program – and we’ve continued investing in major transport projects.

    Because every local community should have confidence in the roads they’re driving on.

    In his Budget reply last year, the Leader of the Nationals said those opposite would deliver the strong infrastructure funding pipeline that our regional communities need. 

    But let’s not forget, they were responsible for an infrastructure pipeline that below out from 150 projects to 800 projects, without a single dollar extra being added to the Budget, and without the delivery. 

    Regional communities deserve better than promises in press release with no follow through, which is why we continue to deliver critical projects to Build Regional Australia’s Future.

    Funding through this Budget includes $7.2 billion for Bruce Highway safety upgrades in Queensland, $200 million towards duplicating the Stuart Highway from Darwin to Katherine.

    $40 million for the Main South Road Upgrade in South Australia, and $1.1 billion towards upgrades along the Western Freeway in Victoria.

    After colour-coded spreadsheets from those opposite, we’ve delivered on our commitment to establish transparent grant programs that every postcode can apply for.

    Our $600 million Growing Regions Program is already supporting 112 projects, with 29 projects supported under our $400 million Regional Precincts and Partnerships Program so far. 

    I had the pleasure of visiting Wagga’s Lake Albert – one of this region’s most popular recreational sites, which will be completely transformed thanks to $4.4 million in Growing Regions Funding.

    Projects like this are making our regions better places to live, to work and to invest – but having more housing to attract and retain workers is something every community tells me they need.

    We’ve already committed $32 billion in housing measures, including over 13,000 homes nationally under the first round of our Housing Australia Future Fund – many of these in our regions.

    That’s more than those opposite delivered in an entire decade – when they had no plan for building, and their only idea for turning more keys was letting people raid their super for a deposit. 

    To their credit, they’ve now said they’ll fund enabling infrastructure – labelling this a fantastic idea.

    So fantastic, we’re already doing it – through our $1.5 billion Housing Support Program.

    Including $27.2 million to support upgrading Marulan’s sewage treatment in the Mighty Eden-Monaro – laying the foundations for more housing.

    Through this Budget, we’re delivering $54 million to turbocharge advanced manufacturing of prefabricated and modular homes, getting more homes into our regions where we need them most – lifting our total housing commitments to $33 billion. 

    More housing is a key part of how we’re Building Regional Australia’s Future, as is supporting our regional businesses and regional economies to grow.

    Under those opposite, car manufacturers left our shores, leaving our regional people behind. 

    But Labor has always had the back of regional manufacturing, and we’ve shown that again with our new investment of $2.4 billion with the South Australian Government to save the Whyalla Steelworks.

    Supporting 1,100 direct workers, and encouraging more investment into Australian made steel. 

    This builds on our existing $22.7 billion Future Made in Australia agenda, ensuring we build more in our own backyard – which includes over $500 million to boost Australia’s battery manufacturing capabilities, and $1 billion to supercharge the production of solar panels in our regions.

    Our investments are putting regional communities at the centre of industries of the future – unlocking more secure and well-paid regional jobs, and ensuring that we train and retrain regional workforces.

    This includes $38.2 million to boost the diversity of our STEM workforce, with a focus on supporting more women secure jobs in these critical industries.

    Through this Budget, we’re delivering further investments to Build Regional Australia’s Future – by leveraging the competitive advantages that come with our vast energy resources, world-leading agricultural sector, and regional innovation.

    $250.0 million to accelerate the pace of Australia’s growing domestic Low Carbon Liquid Fuels industry – helping to drive economic growth and jobs in regional areas.

    $1.0 billion under our Green Iron Investment Fund to boost green iron manufacturing in our regions.

    This builds on our existing commitment of $2.0 billion to support aluminium smelters transition to renewables – in places like Portland in Victoria, Tomago in NSW, and in Queensland’s Gladstone region.

    From our factories to our fields, we’re backing our regions – with $11.0 million to tackle established pests and weeds in our agriculture and forestry sectors – keeping them productive

    An additional $20 million for a new round of the On Farm Connectivity Program so farmers can use the latest technology to make their work more efficient.  

    And $20.0 million to encourage more Australians to buy Australian-made products, which will have huge benefits for regional economies – because so much of what we love and rely on comes from our regions.

    In his Budget reply last year, the Leader of the Nationals said the Opposition will take decisive action to give regional Australians a fair go.

    But all we’ve seen since then is those opposite continue to vote against every single cost of living measure, while petrifying regional communities with their Nuclear thought bubble.

    An idea that was announced with zero consultation, and most importantly – one that will deliver zero savings for regional Australians and their power bills. 

    Since my last Regional Budget Statement, the Albanese Government has continued to relieve pressures on regional families and businesses, while improving access to the services and support regional people rely on – regardless of their postcode.

    Through our 2025-26 Budget we’re delivering more energy bill relief, making cheaper medicines even cheaper, and providing extra support to get more regional Australians into their own home.

    We’re strengthening Medicare and expanding regional health services, delivering further investments to boost regional connectivity, and investing in more support to help build workforces in our in-demand sectors.

    That’s because only the Albanese Government is serious about Building Regional Australia’s Future.

    MIL OSI News –

    March 26, 2025
  • MIL-OSI: GAM announces 2024 full year results

    Source: GlobeNewswire (MIL-OSI)

    26 March 2025

    PRESS RELEASE

    Ad hoc announcement pursuant to Art. 53 Listing Rules:

    GAM announces 2024 full year results

    Strong progress in implementing turnaround strategy. GAM continues to target profitability in fiscal year 2026.

    Financial Highlights for Full Year 2024

    • IFRS net loss of CHF 70.9 million compared to CHF 82.1 million for FY 2023.
    • Underlying loss before tax of CHF 66.8 million compared to CHF 49.5 million for FY 2023.
    • AuM at CHF 16.3 billion compared to CHF 19.3 billion as at 31 December 2023.
    • Cost optimisation initiatives across the business resulted in a 20% decrease in underlying expenses compared to FY 2023. The full impact of these cost optimisation initiatives will be reflected in FY 2025 and beyond.
    • Successful CHF 100 million rights issue completed in November 2024, which resulted in our anchor shareholder, NJJ Holding SAS (through its holding in Rock Investment SAS (“Rock”)) becoming our majority shareholder.
    • The maturity of the existing CHF 100 million Rock loan facility has been extended until 31 December 2027.
    • GAM is now a highly scalable pure investment platform with strong global distribution capabilities focusing on three core areas to drive sustainable growth and profitability: Specialist Active Investing, Alternative Investing and Wealth Management.
    • GAM continues to target profitability in fiscal year 2026.

    Strategic Highlights

    • Launched GAM Alternatives, providing access to in-house and third-party alternative managers focusing on absolute return strategies and best-in-class talent.
    • A new, high performing and successful European Equity team joins GAM in 2025.
    • Partnering with Sun Hung Kai & Co. Ltd to drive growth and enhance our distribution capabilities across Greater China including Hong Kong, mainland China, Taiwan, and Macau.
    • In 2025, GAM will continue to partner with best-in-class external managers, to include the development of new products and the distribution of their own existing products to GAM clients.

    Elmar Zumbuehl, Group CEO at GAM said: “We have made strong progress in implementing GAM’s turnaround strategy and have now evolved into being a pure play investment management firm, but we are not finished yet. The cost optimisation initiatives implemented in 2024 will yield their full benefit in 2025 and beyond. While we stay focused on further cost optimisation, our main emphasis is growing our AuM and revenues as we continue our turnaround. With an unwavering commitment to our clients, and an expanding suite of innovative and distinctive products, we continue to build positive momentum and strengthen our market position. Backed by our majority shareholder, we continue to target profitability in fiscal year 2026 and remain focussed on delivering for our clients and all our stakeholders.”

    Summary Financials

    In 2024, we reported IFRS net loss after tax of CHF 70.9 million, compared with an IFRS net loss after tax of CHF 82.1 million in 2023. The loss in 2024 was mainly driven by the underlying net loss after tax of CHF 66.9 million.

    Please refer to the ‘Financial Results for FY 2024’ section later in this press release for full information.

    Financial Strength

    In November 2024, GAM completed its CHF 100 million fully underwritten ordinary capital increase by way of a rights issue to support the implementation of GAM’s strategy and provide long-term financial stability. Given Rock’s underwriting commitment, NJJ Holding SA (indirectly) is now the majority shareholder of GAM following the rights issue.

    The existing CHF 100 million Rock loan facility remains in place with its maturity extended to 31 December 2027.

    Strategy Update

    GAM’s strategy is designed to achieve sustainable growth and profitability by delivering best possible investment performance and exemplary service for our clients by focusing on our Investment and Wealth Management capabilities. The four pillars of our strategy remain:

    • Focusing on clients in existing core markets;
    • Amplifying and growing core active equity, fixed income and multi-asset strategies by investing in talent and product ideas;
    • Diversifying into new investment product areas and our Wealth Management offering by leveraging GAM’s heritage in active management, building strategic partnerships, and its alternatives and hedge funds platform; and
    • Enhancing effectiveness by reducing complexity.

    GAM is now focusing exclusively on its Investment (Specialist Active and Alternatives) and Wealth Management businesses, expanding its distribution reach and capabilities, amplifying its core active strategies, and diversifying into new product areas, including building out our higher margin alternatives capabilities.

    We have made strong progress throughout 2024 on our four-pillar strategy to transform GAM into a focused, client-centric, and profitable business.

    Focusing on clients

    Focusing on our clients in our existing core markets has been the most important way to rebuild GAM. In key markets where we have clients, but lack scalable distribution, we have, and will continue to, add partnerships to support our growth strategy and provide a broader range of client’s access to unparalleled investment expertise, opportunities, and exceptional outcomes across specialist active and alternative investment strategies.

    We established a strategic alliance with Sun Hung Kai & Co. Ltd. to grow our client base, distribute our products, and innovate our alternatives offering across the Greater China region, including Hong Kong, mainland China, Taiwan, and Macau.

    We have also enhanced our regional presence and client coverage by hiring new Heads of Distribution across Switzerland, Germany, Austria, Iberia, the UK, Australia, New Zealand, and France to drive our local market presence. This significant investment into our client facing teams will enable GAM to provide clients with excellent local contacts, strong relationship management and access to unparalleled investment expertise targeting exceptional outcomes.

    We additionally expanded our client reach through opening a second US office in Miami to cover the US international and Latin American markets and we are close to gaining customary approvals to open our planned branches in Paris and Milan.

    Amplifying and growing core active equity, fixed income, and multi-asset strategies by investing in talent and product ideas

    We are enhancing our capabilities by recruiting first-class investment talent in alternatives, systematic and equities teams.

    We have established a multi-asset centre of excellence in a global team to optimise all our multi-asset investment capabilities, enhance client outcomes, and align with evolving market dynamics and client needs. The high quality and excellent performance of this team will allow GAM to grow its wealth management business.

    In February 2025, we announced the hiring of three high performing and successful European Equity team members from Janus Henderson Investors. These strategic hires underscore GAM’s steadfast dedication to providing clients with access to unparalleled investment expertise and exceptional outcomes. The team brings extensive experience, having managed over EUR 6.5 billion in European Equity funds on behalf of institutional and retail clients globally.

    In addition, we have strengthened our sustainability and stewardship practices, meeting the principles of the UK and Swiss Stewardship Codes. Today GAM released its 2024 Sustainability Report which is available at www.gam.com

    Diversifying into new investment products while expanding the wealth management offering by leveraging GAM’s heritage in active management, strategic partnerships, and its alternatives and hedge funds platform

    Randel Freeman joined GAM in 2024 as Co-head / Co-CIO of GAM Alternatives to build out our alternative investments platform to meet growing investor demand with differentiated offerings. In addition, in 2025, we hired two senior sales specialists with deep experience in Alternatives distribution.

    In 2024, we launched GAM funds to introduce and distribute Avenue Capital’s Sports Opportunities fund, plus partnered with Arcus Investment to distribute their Japanese long/short equities fund. GAM also partnered with world leading Trafigura Group’s subsidiary Galena Asset Management to manage the GAM Commodities fund providing best-in-class sector expertise. This provides our clients access to exclusive and attractive commodity investment opportunities.

    We are launching the GAM LSA Private Shares strategy in Europe to provide access for European clients to this award-winning evergreen, late-stage private equity fund.

    Throughout 2025, GAM will be assessing M&A opportunities to enhance existing offerings, attracting best-in-class long-term strategic partnerships, and recruiting top talent to our core business areas globally.

    Enhancing effectiveness by reducing complexity

    Following the transfer of our fund services business for third-party funds we also successfully transitioned our Luxembourg, Irish and Swiss fund management company (ManCo) activities to Apex Group and 1741 Group in Q4 2024. In addition, we consolidated our operations onto our cloud based SimCorp investment management platform. GAM now operates on a global platform that delivers operational efficiencies.

    These implementations pave the way to a much less complex operating model underpinning and delivering best outcomes for our clients.

    GAM is now a highly scalable global investment platform with strong global distribution capabilities focusing on three core areas to drive sustainable growth and profitability: Specialist Active Investing, Alternative Investing and Wealth Management.

    Business Areas

    GAM Investments is focused on three core business areas to drive sustainable growth and profitability:

    • GAM Specialist Active: Deep expertise, experience and specialisms unlocking core and niche returns in equities, fixed income, and multi-asset investing;
    • GAM Alternatives: Access to in-house and third-party alternative investment managers focusing on absolute return strategies and best-in-class talent; and
    • GAM Wealth Management: Multi-asset solutions with tailored portfolios for high-net-worth individuals, charities and trusts, utilising best-of-breed GAM and third-party products.

    These three core business areas share and benefit from GAM’s global platform and agile operating model and modern technology.

    Investment Performance

    GAM has continued to deliver strong overall investment performance across our diverse and distinctive products, with 64% of assets under management (AuM) outperforming their three-year benchmark and 89% outperforming their five-year benchmark, as at 31 December 2024. Despite some weaker short-term performance in equities, the longer-term 5-year performance remains strong.

    Percentage of GAM Fund AuM Outperforming Benchmark

        3 years 3 years 5 years 5 years
    Business Area Asset Class 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023
    Specialist Active Fixed income 94% 98% 95% 91%
    Specialist Active Equity 1% 39% 79% 59%
    Alternatives Alternatives 60% 73% 75% 96%
    Total   64% 78% 89% 81%

    % of AuM in funds outperforming their benchmark (excluding mandates and segregated accounts) across our business areas. Three- and five-year investment performance based on applicable AuM of CHF 9.0 billion and CHF 9.0 billion, respectively.

    Compared to our peer group performance remained strong, 66% of AuM outperformed their three-year Morningstar peer group and 82% outperformed their five-year Morningstar peer group, as at 31 December 2024.

    Percentage of GAM Fund AuM Outperforming Morningstar Peer Group

        3 years 3 years 5 years 5 years
    Business Area Asset Class 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023
    Specialist Active Fixed income 61% 53% 60% 50%
    Specialist Active Equity 20% 51% 89% 89%
    Alternatives Alternatives 91% 89% 95% 96%
    Total   66% 66% 82% 76%

    GAM continues to be recognised for its investment performance, including having been awarded the overall best European small group 2025 by Lipper. Four GAM funds (including two funds of our Swiss Equity strategy) won Lipper’s 2025 top performance awards across multiple countries. For the second time, at the Citywire Investment Performance Awards, GAM Multi-asset won the Best Large Firm Award. GAM won the Wealth Management PAM 2024 award for its growth portfolios. GAM’s Sustainable Climate Bond strategy won and was chosen as the best ESG Investment Fund in the Green, Social and Sustainability Bonds category at the ESG Investing Awards 2024. For further details on these and other awards please visit http://www.gam.com/awards.

    Assets Under Management and Net Flows by Business Area

    Total AuM were CHF 16.3 billion as at 31 December 2024, compared to CHF 19.3 billion as at 31 December 2023. Net outflows of CHF 4.4 billion were partially offset by positive market and foreign exchange movements of CHF 2.0 billion.

    Business Area Opening AuM
    1 Jan 2024
    Net
    flows
    Disposal(1) Market/FX
    movements
    Closing AuM
    31 Dec 2024
    Specialist Active 17.5 (3.9) (0.6) 1.9 14.9
    Alternatives 0.9 (0.4)   – 0.5
    Wealth Management 0.9 (0.1)   0.1 0.9
    Total 19.3 (4.4) (0.6) 2.0 16.3
    (1) In the second half of 2024, the sale of the UK Equity Income Fund to Jupiter Asset Management completed and subsequently is reflected as a disposal. Therefore, net outflows of CHF 0.6 billion in 2024 have been reflected as a disposal.

    Financial Results for FY 2024

    The average management fee margin earned on investment management AuM in 2024 was 40.4 basis points, compared with the average margin for the financial year 2023 of 49.7 basis points. The change in average management fee margin primarily reflects the mix of assets under management across products and sub-advisory agreements with existing and new partners.

    Net management fees and commissions in 2024 totalled CHF 75.9 million, down from CHF 124.4 million in 2023 due primarily to the sale of the third-party fund services business in January 2024, lower average AuM and reduced average management fee margin in investment management.

    Underlying net performance fees totalled CHF 1.9 million, down from CHF 4.8 million in 2023.

    Underlying net other income/expenses includes net interest income and expenses, the impact of foreign exchange movements, net gains and losses on seed capital investments and hedging, as well as fund-related fees and service charges. In 2024, a net loss of CHF 2.3 million was recognised, compared with a CHF 0.4 million net loss in 2023. The 2024 net loss was mainly driven by the interest expenses incurred on the Rock Investment SAS loan facility and the impact of foreign exchange movements. The IFRS net other expense in 2024 amounts to CHF 4.4 million. The difference between the underlying and the IFRS net other expense of CHF 2.1 million mainly relates to a net foreign exchange loss on pension loan note offset by other income driven by the assignment of the UK property lease to a third party.

    Underlying personnel expenses decreased by 26% to CHF 76.6 million in 2024, compared with CHF 96.8 million in 2023. Fixed personnel costs decreased by 28%, driven by lower headcount. Headcount stood at 294 FTEs as at 31 December 2024, compared to 478 FTEs as at 31 December 2023. Variable compensation in 2024 fell to CHF 11.2 million from CHF 13.1 million in 2023, mainly driven by lower management and performance fees which impacted variable compensation arrangements. The underlying personnel expenses compares to IFRS personnel expenses of CHF 81.0 million. The difference between the underlying and the IFRS personnel expenses of CHF 4.4 million primarily relates to a reorganisation charge. (For further information, see note 6 of the condensed consolidated interim financial statements).

    Underlying general expenses in 2024 were CHF 52.1 million, down from CHF 65.0 million in 2023 due to cost optimisations initiatives across the business. This compares to IFRS general expenses of CHF 54.0 million. The difference between the underlying and the IFRS general expenses of CHF 1.9 million mainly relates to the Group’s reorganisation initiatives.

    Underlying depreciation and amortisation charges were CHF 13.8 million in 2024 compared to CHF 16.5 million in 2023. There is no difference between underlying and IFRS amounts.

    The underlying pre-tax loss in 2024 was CHF 66.8 million, compared to a CHF 49.5 million underlying pre-tax loss in 2023. The higher loss was driven mainly by lower net fee and commission income being only partially offset by lower personnel and general expenses. The underlying loss compares to an IFRS net loss before tax of CHF 69.6 million. The difference of CHF 2.8 million mainly relates to the remeasurement of the brand intangible, strategic initiative expenses and foreign exchange loss on pension loan note. (For further information, see note 6 of the condensed consolidated interim financial statements).

    The underlying income taxes in 2024 was a tax expense of CHF 0.1 million compared to a tax expense of CHF 0.3 million in 2023.

    Diluted underlying losses per share in 2024 was a negative CHF 0.25, compared to a negative of CHF 0.32 in 2023. This compares to a diluted IFRS earnings per share of negative CHF 0.27 in 2024. The difference between the diluted underlying and the diluted IFRS earnings per share of CHF 0.02 relates to the lower underlying net loss.

    Cash and cash equivalents as at 31 December 2024 were CHF 65.1 million, down from CHF 87.2 million as at 31 December 2023.This reduction was driven by the losses made by the Group partially offset by the proceeds received from the ordinary capital increase made by way of a rights offering in November 2024.

    Adjusted tangible equity as at 31 December 2024 was CHF 58.5 million, up from CHF 20.9 million as at 31 December 2023.The main contributor to this increase was ordinary capital increase by way of a rights issue that took place in November 2024. See page 17 of our Annual Report 2024 for full definition of adjusted tangible equity.

    The Board of Directors proposes to shareholders that no dividend will be paid for financial year 2024 given the underlying net loss in 2024.

    Outlook

    GAM continues to focus on implementing its strategy. Our priority is to achieve sustainable overall positive net inflows by rebuilding GAM’s distribution capabilities with a focus on our existing products and new product launches. The timeline for achieving these net inflows will be driven by our success in delivering our strategy, subject to market conditions. GAM continues to target profitability in fiscal year 2026.

    Additional information

    Results Centre | [FY2024 year report] | [FY2024 Investor presentation] | [FY2024 Investor workbook] | [2024 Sustainability Report] | [GAM corporate calendar]

    Investor Relations        
    Magdalena Czyzowska        
    T +44 (0) 207 917 2508        
    Media Relations        
    Colin Bennett        
    T +44 (0) 207 393 8544

    Visit us: www.gam.com
    Follow us: X and LinkedIn

    About GAM Investments

    GAM Investments is a highly scalable global investment platform with strong global distribution capabilities focusing on three core areas, Specialist Active Investing, Alternative Investing and Wealth Management, that is listed in Switzerland. It delivers distinctive and differentiated investment solutions across its Investment and Wealth Management businesses. Its purpose is to protect and enhance clients’ financial future. It attracts and empowers brightest minds to provide investment leadership, innovation and a positive impact on society and the environment. Total assets under management were CHF 16.3 billion as of 31 December 2024. GAM Investments has global distribution with offices in 14 countries and is geographically diverse with clients in almost every continent. Headquartered in Zurich, GAM Investments was founded in 1983 and its registered office is at Hardstrasse 201 Zurich, 8037 Switzerland. For more information about GAM Investments, please visit www.gam.com

    Other Important Information

    This release contains or may contain statements that constitute forward-looking statements. Words such as “anticipate”, “believe”, “expect”, “estimate”, “aim”, “project”, “forecast”, “risk”, “likely”, “intend”, “outlook”, “should”, “could”, “would”, “may”, “might”, “will”, “continue”, “plan”, “probability”, “indicative”, “seek”, “target”, “plan” and other similar expressions are intended to or may identify forward-looking statements.

    Any such statements in this release speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance, and estimates. Any forward-looking statements in this release are not indications, guarantees, assurances or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the person making such statements, its affiliates and its and their directors, officers, employees, agents and advisors and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct and may cause actual results to differ materially from those expressed or implied in any such statements. You are strongly cautioned not to place undue reliance on forward-looking statements and no person accepts or assumes any liability in connection therewith.

    This release is not a financial product or investment advice, a recommendation to acquire, exchange or dispose of securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, legal, financial or tax situation and needs of individuals. Before making an investment decision, individuals should consider the appropriateness of the information having regard to their own objectives, legal, financial and tax situation and needs and seek legal, tax and other advice as appropriate for their individual needs and jurisdiction.

    Attachment

    • GAM announces FY 2024 results_EN_adhoc

    The MIL Network –

    March 26, 2025
  • MIL-OSI China: High-level dialogue held during Boao Forum for Asia

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

    High-level dialogue held during Boao Forum for Asia

    Updated: March 26, 2025 13:38 Xinhua
    This photo taken on March 25, 2025 shows a scene at a high-level dialogue themed “China’s Reform and Economic Prospect” during the Boao Forum for Asia (BFA) Annual Conference 2025 in Boao, south China’s Hainan Province. [Photo/Xinhua]
    Wu Xiaoqiu, president of China Capital Market Research Institute and dean of the National Finance Research Institute of Renmin University of China, speaks at a high-level dialogue themed “China’s Reform and Economic Prospect” during the Boao Forum for Asia (BFA) Annual Conference 2025 in Boao, south China’s Hainan Province on March 25, 2025. [Photo/Xinhua]
    Peng Sen, president of the China Society of Economic Reform, speaks at a high-level dialogue themed “China’s Reform and Economic Prospect” during the Boao Forum for Asia (BFA) Annual Conference 2025 in Boao, south China’s Hainan Province on March 25, 2025. [Photo/Xinhua]
    Huang Qifan, academic advisor of the China Finance 40 Forum, speaks at a high-level dialogue themed “China’s Reform and Economic Prospect” during the Boao Forum for Asia (BFA) Annual Conference 2025 in Boao, south China’s Hainan Province on March 25, 2025. [Photo/Xinhua]
    Guests attend a high-level dialogue themed “China’s Reform and Economic Prospect” during the Boao Forum for Asia (BFA) Annual Conference 2025 in Boao, south China’s Hainan Province on March 25, 2025. [Photo/Xinhua]

    MIL OSI China News –

    March 26, 2025
  • MIL-OSI United Nations: Can renewable energy survive climate change?

    Source: United Nations MIL OSI b

    The race towards renewable energy is accelerating, and for all the looming challenges of the climate crisis, signs of progress are there: Solar panels are beginning to blanket deserts, wind turbines dot coastlines, and hydropower dams are harnessing powerful rivers to churn out clean electricity.

    Yet, even as the push for renewables gains momentum – driven by cheaper technology and an urgent need to slash carbon emissions – experts are waving cautionary flags: Because renewable energy sources depend on weather conditions, climate change is increasingly dictating, and jeopardizing, renewable energy production.

    This trend became more pronounced in 2023, marked by a volatility that disrupted renewable energy generation globally. Temperatures soared 1.45°C above pre-industrial levels, and the shift from La Niña to El Niño altered rainfall, wind patterns, and solar radiation.

    Hamid Bastani, a climate and energy expert with the World Meteorological Organization (WMO), provided a stark example of this impact. “In Sudan and Namibia, hydropower output dropped by more than 50 per cent due to unusually low rainfall,” he said in an interview with UN News.

    In Sudan, rainfall totaled just 100 millimeters (less than four inches) in 2023—less than half the national long-term average.

    “This is a country where hydropower makes up around 60 per cent of the electricity mix. These reductions could have significant implications,” Mr. Bastani explained, noting that the power system supports a large and rapidly growing population of about 48 million.

    These shifts were not limited to hydropower. Wind energy, too, showed signs of stress under changing climate conditions.

    China, which accounts for 40 per cent of global onshore wind capacity, saw only a modest 4 to 8 per cent increase in output in 2023, as wind anomalies disrupted generation. In India, production declined amid weaker monsoon winds, while some regions in Africa experienced even sharper losses, with wind output falling by as much as 20 to 30 per cent.

    South America, meanwhile, saw the scale tip in the other direction. Clear skies and elevated solar radiation boosted solar panel performance, particularly in countries like Brazil, Colombia, and Bolivia.

    As such, the region saw a four to six per cent increase in solar generation – a climate-driven bump that translated to roughly three terawatt-hours of additional electricity, enough to power over two million homes for a year at average consumption rates.

    “This is a good example of how climate variability can sometimes create opportunity,” explains Roberta Boscolo, who leads WMO’s New York Office and formerly the agency’s climate and energy work. “In Europe, too, we are seeing more days with high solar radiation, meaning solar power is becoming more efficient over time.”

    Ms. Boscolo and Mr. Bastani are among the contributors to a recent WMO–IRENA study examining how climate conditions in 2023, shaped by El Niño, global warming, and regional extremes, affected both renewable energy generation and energy demand worldwide.

    ADB/Patarapol Tularak

    Solar power accounted for over 73 percent of all new renewable capacity added globally in 2023, making it the fastest-growing source of energy worldwide.​

    Systems built on stability, in a world that is anything but

    Ms. Boscolo, who has spent years working at the intersection of climate science and energy policy, is quick to point out the vulnerability of renewable energy infrastructure. Dams, solar farms, and wind turbines are all designed based on past climate patterns, making them susceptible to the changing climate.

    Take hydropower. Dams rely on predictable seasonal flows, often fed by snowmelt or glacial runoff. “There will be a short-term boost in hydropower as glaciers melt,” she said. “But once those glaciers are gone, so is the water. And that is irreversible – at least on human timescales.”

    This pattern is already unfolding in regions like the Andes and the Himalayas. If the meltwater disappears, countries will need to replace the way they generate power or face long-term energy deficits.

    A recent report from the UN Environment Programme (UNEP), for example, pointed out that rising sea levels and stronger storms pose growing risks to energy production facilities, including solar farms located near coastlines.

    Similarly, increasingly intense and frequent wildfires can also take down power lines and black out entire regions, while extreme heat can reduce the efficiency of solar panels and strain grid infrastructure—just as demand for cooling peaks.

    Nuclear power plants are also at risk in the changing climate.

    “We have seen nuclear power plants that could not operate because of the lack of water… for cooling,” Ms. Boscolo said. As heatwaves become more frequent and river levels drop, some older nuclear facilities may no longer be viable in their current locations.

    “This is another thing that should be looked at with different eyes in the future . When we design, when we build, when we project power generation infrastructure, we really need to think about what the climate of the future will be, not what was the climate of the past”.

    IMF/Crispin Rodwell

    Global renewable electricity capacity grew by nearly 50 percent in 2023—the largest annual increase in two decades—with most additions coming from solar and wind.​

    Adapting to the future through data, AI and technology

    The expert underscores that one thing is certain: Our planet is heading towards a future in which electricity, especially from renewable sources, will be central.

    “Our transport is going to be electric; our cooking is going to be electric; our heating is going to be electric. So, if we do not have a reliable electricity system, everything is going to collapse. We will need to have this climate intelligence when we think about how to change our energy systems and the reliability and the resilience of our energy system in the future.”

    Indeed, to adapt, both experts emphasized a need to embrace what they call climate intelligence – the integration of climate forecasts, data, and science into every level of energy planning.

    “In the past, energy planners worked with historical averages,” Mr. Bastani explained. “But the past is no longer a reliable guide. We need to know what the wind will be doing next season, what rainfall will look like next year – not just what it looked like a decade ago.”

    In Chile, for instance, hydropower generation surged by as much as 80 per cent in November 2023, due to unusually high rainfall. While this increase was climate-driven, experts say advanced seasonal forecasting could help dam operators better anticipate such events in the future and manage reservoirs to store water more effectively.

    Similarly, wind farm workers can use forecasts to schedule maintenance during low-wind periods – minimizing downtime and avoiding losses. Grid operators, too, can plan for energy spikes during heatwaves or droughts.

    “We now have forecasts that span from a few seconds ahead to several months,” Mr. Bastani said. “Each one has a specific application – from immediate grid balancing to long-term investment decisions.”

    WMO/Sandro Puncet

    Improved climate forecasting can help energy systems plan days to seasons ahead.

    Artificial intelligence (AI) is lending a hand: Machine learning models trained on climate and energy data can now predict resource fluctuations with higher resolution and accuracy. These tools could help optimize when to deploy battery storage or shift energy between regions, making the system more flexible and responsive.

    “These models can help operators better anticipate fluctuations in wind, rainfall, or solar radiation”, Mr. Bastain explained.

    For example, two recent WMO energy mini projects illustrated how artificial intelligence can be applied in real-world renewable energy planning. In Costa Rica, the agency worked with national energy authorities to develop and implement an AI-based model for short-term wind speed forecasting. The tool is now integrated into the Costa Rican Electricity Institute’s internal energy forecasting platform, helping optimize operations at selected wind farms.

    In Chile, another project focused on floating solar technology, using AI to estimate evaporation rates on reservoirs. The results, now incorporated into Chile’s official Solar Energy Explorer platform, showed that floating solar panels can reduce water evaporation by up to 85 per cent in summer, with a national average of 77 per cent.

    Indeed, the promise and challenge of climate-smart renewable planning are most evident in the Global South. Africa, for instance, boasts some of the best solar potential on the planet, yet only two per cent of the world’s installed renewable capacity is found on the continent.

    Why the gap? Ms. Boscolo points to a lack of data and investment.

    “In many parts of the Global South, there just is not enough observational data to create accurate forecasts or make energy projects bankable,” she said. “Investors need to see reliable long-term projections. Without that, the risk is too high.”

    WMO is working to improve weather and energy monitoring in underserved regions, but progress is uneven. The agency is calling for more funding for local data networks, cross-border energy planning, and climate services tailored to regional needs.

    “This is not just about climate mitigation,” Ms. Boscolo added. “It is a development opportunity. Renewable energy can bring electricity to communities, drive industrial growth, and create jobs if the systems are designed right.”

    Mr. Bastani sees a need for global data sharing between energy companies and climate scientists.

    “There is a huge untapped potential in the data collected by the private sector… integrating historical and real-time observations from power plants – solar, wind, hydropower, even nuclear – can significantly improve weather and climate models. This is a win-win.”

    IMF/Lisa Marie David

    Climate forecasting helps energy companies anticipate weather-driven changes in supply and demand, improving reliability and reducing risk.

    Diversifying the energy portfolio to adapt

    Another key action to guarantee clean energy in the near future is diversification. Relying too heavily on only one renewable source can expose countries to seasonal or long-term shifts in climate, Mr. Bastani explains.

    In Europe, for example, energy planners are increasingly concerned about something called “dunkelflaute”— a period of cloudy, windless weather in winter that undermines both solar power and wind generation. This phenomenon, linked to high-pressure systems known as anticyclonic gloom, has prompted calls for more energy storage and backup power.

    “A diversified mix that includes solar, wind, hydro, battery storage, and even low-carbon sources (like geothermal) is essential,” Mr. Bastani said. “Especially as extreme weather becomes more frequent.”

    Into the future

    As the world races towards a future powered by renewable energy, addressing the challenges posed by climate change is imperative. The volatility experienced in 2023 underscores the need for climate-smart planning and infrastructure that can withstand unpredictable shifts in weather patterns.

    For renewable energy to truly fulfill its promise, the world must invest not only in expanding capacity but also in building a system that is resilient, adaptable, and informed by the best available climate science.

    WMO experts Hamid Bastani and Roberta Boscolo emphasize the importance of integrating climate intelligence into energy systems to ensure their reliability and resilience. By leveraging advanced forecasting and artificial intelligence, we can better anticipate and adapt to these changes, optimizing renewable energy production and safeguarding our future.

    The future of energy is not just about more wind turbines and solar panels, but also about ensuring they can withstand the very forces they are meant to mitigate.

    MIL OSI United Nations News –

    March 26, 2025
  • MIL-OSI: Capital, Strategy, and Governance: Market Implications of a DFC-Managed Sovereign Wealth Fund

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 25, 2025 (GLOBE NEWSWIRE) — Global Policy Advisors LLC, recognized for devising the first governance and policy roadmap for a U.S. sovereign wealth fund, has released a new report titled Capital, Strategy, and Governance: Market Implications of a DFC-Managed Sovereign Wealth Fund. The analysis explores the Development Finance Corporation (DFC) as a potential institutional home for a prospective U.S. sovereign wealth vehicle.

    The report outlines how a DFC-based sovereign wealth fund could be structured to balance fiduciary objectives with national strategic priorities, while drawing on DFC’s existing investment infrastructure, global networks, and interagency governance model. With ex officio board members including the Secretaries of State, Treasury, and Commerce, the DFC offers a unique governance environment where investment strategy can be evaluated from diverse national interest perspectives, the report says.

    GPA’s president Salar Ghahramani, who has advised clients across finance, policy, and law on sovereign wealth fund developments, stated: “Institutional design will shape the direction, legitimacy, and market impact of any future U.S. sovereign wealth fund. This report underscores the practical and strategic advantages of anchoring the fund within the DFC.”

    GPA’s latest SWF 2050™ report further examines how such a fund could engage with private equity and external asset managers while preserving transparency and avoiding conflicts of interest. The report offers detailed considerations on portfolio allocation strategies, public-private investment models, and the legislative implications of housing the fund within a federal agency.

    As highlighted in recent interviews with Barron’s and Bloomberg, Salar Ghahramani emphasized the importance of transparent governance and multi-perspective oversight in building long-term trust among both market participants and the American public.

    To learn more, contact Global Policy Advisors at:
    Email: inquiries@globalpolicyadvisors.com
    Website: https://www.globalpolicyadvisors.com/

    About Global Policy Advisors

    Global Policy Advisors® LLC is a boutique sovereign wealth fund advisory to corporations, boards of directors, and institutional investors—including hedge funds, private equity firms, pension funds, and SWFs. GPA’s ​expertise is delivering actionable insights, strategy sessions, and executive briefings on the governance, operations, and investment strategies of sovereign wealth funds.

    The MIL Network –

    March 26, 2025
  • MIL-OSI Australia: Southern suburbs man charged after child exploitation material found

    Source: New South Wales – News

    A southern suburbs man was arrested today charged with two counts of disseminating child exploitation material and two counts of possessing child exploitation material.

    On Wednesday 26 March, Investigators from the South Australian JACET, a joint taskforce between South Australia Police and Australian Federal Police, attended a southern suburbs address as a result of an online conversation between the accused and a covert online police officer.

    Investigators and Digital Evidence Specialists arrested a 43-year-old man from the address.

    Initial forensic digital examinations allegedly located child exploitation material on the man’s two mobile phones.

    Further forensic examination will be conducted, and additional charges may be laid.

    The arrested man was refused police bail and will appear in the Adelaide Magistrates Court today.

    Detective Senior Sergeant Graham Tomkins, Investigations Manager of JACET, stated, “Alongside our partner agencies, we are absolutely committed to prosecuting anyone who goes after our community’s most vulnerable.

    “We maintain our online presence with an unwavering dedication to identify those who would prey on our children, who quite innocently are utilising the internet for a variety of reasons.

    “It is confronting and challenging for the investigators to engage with such persons however the officers are relentless in their pursuit of those who believe they can operate on the internet and prey on our children.”

    Members of the public who have information about people involved in child abuse and exploitation are urged to call Crime Stoppers on 1800 333 000 or www.accce.gov.au/report

    If you know abuse is happening right now or a child is at risk, call police immediately on Triple Zero (000).

    CO2500012584

    MIL OSI News –

    March 26, 2025
  • MIL-OSI: Capital, Strategy, and Governance: Market Implications of a DFC-Managed SWF

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 25, 2025 (GLOBE NEWSWIRE) — Global Policy Advisors LLC, recognized for devising the first governance and policy roadmap for a U.S. sovereign wealth fund, has released a new report titled Capital, Strategy, and Governance: Market Implications of a DFC-Managed SWF. The analysis explores the Development Finance Corporation (DFC) as a potential institutional home for a prospective U.S. sovereign wealth vehicle.

    The report outlines how a DFC-based sovereign wealth fund could be structured to balance fiduciary objectives with national strategic priorities, while drawing on DFC’s existing investment infrastructure, global networks, and interagency governance model. With ex officio board members including the Secretaries of State, Treasury, and Commerce, the DFC offers a unique governance environment where investment strategy can be evaluated from diverse national interest perspectives, the report says.

    GPA’s president Salar Ghahramani, who has advised clients across finance, policy, and law on sovereign wealth fund developments, stated: “Institutional design will shape the direction, legitimacy, and market impact of any future U.S. sovereign wealth fund. This report underscores the practical and strategic advantages of anchoring the fund within the DFC.”

    GPA’s latest SWF 2050™ report further examines how such a fund could engage with private equity and external asset managers while preserving transparency and avoiding conflicts of interest. The report offers detailed considerations on portfolio allocation strategies, public-private investment models, and the legislative implications of housing the fund within a federal agency.

    As highlighted in recent interviews with Barron’s and Bloomberg, Salar Ghahramani emphasized the importance of transparent governance and multi-perspective oversight in building long-term trust among both market participants and the American public.

    To learn more, contact Global Policy Advisors at:
    Email: inquiries@globalpolicyadvisors.com
    Website: https://www.globalpolicyadvisors.com/

    About Global Policy Advisors

    Global Policy Advisors® LLC is a boutique sovereign wealth fund advisory to corporations, boards of directors, and institutional investors—including hedge funds, private equity firms, pension funds, and SWFs. GPA’s ​expertise is delivering actionable insights, strategy sessions, and executive briefings on the governance, operations, and investment strategies of sovereign wealth funds.

    The MIL Network –

    March 26, 2025
  • MIL-OSI Australia: Statement – Commonwealth Budget

    Source: Northern Territory Police and Fire Services

    As part of ACT Government’s ‘One Government, One Voice’ program, we are transitioning this website across to our . You can access everything you need through this website while it’s happening.

    Released 25/03/2025

    The ACT Government welcomes the wide range of initiatives in the 2025-26 Commonwealth Budget that will benefit Canberrans and our city.

    Continued cost of living relief for all Canberrans

    The ACT Government welcomes new relief for Canberrans who need it most, with tax cuts across the board including a further exemption for low-income earners with increases to the Medicare levy low-income thresholds.

    We also know that Canberra households have faced significantly rising costs over the past two years, which thankfully have started to moderate. The $150 Energy Bill Relief for every household in the ACT will provide much needed relief for nearly two hundred thousand Canberra households as well as small businesses.

    Across the five jurisdictions in the National Electricity Market, the ACT is expected to have the lowest standing offers in 2025-26 – the future is renewable.

    Additionally, the Commonwealth Government’s largest investment in Medicare since its inception will help take some of the pressure off our hospital system and continue to ensure Canberrans get the care they need when they need it.

    Canberrans deserve to be able to access bulk-billed GPs and appropriately funding primary care is critical to address the complexities of demand in our health system.

    Funding for an additional urgent care clinic in Woden is delivered through the budget, as is a boost to the Pharmaceutical Benefits Scheme that will benefit all Canberrans.

    Canberrans are more likely than any other Australians to have a tertiary qualification and so will disproportionately benefit from further reductions in HECS-HELP debts; we want more Canberrans to attain tertiary qualifications for the jobs of the future and for more Australians to choose our great universities as their preferred place of study.

    Housing

    The ACT Government remains committed to delivering on the targets set out in the National Housing Accord and we are working to deliver above our per capita share of the national target of 1.2 million homes. We know that increasing housing supply will improve housing affordability, access and choice for Canberrans.

    The ACT Government welcomes the increased income and property price caps under the Government’s Help to Buy scheme which will support more Canberrans to enter the housing market with lower deposits and smaller mortgages. Purchase of homes of up to $1 million in Canberra will now be supported under the scheme, up from $750,000.

    The ACT’s apprentices in residential construction will benefit from $10,000 in cost of living completion payments, which will support the construction industry to build more homes.

    National Capital Investment Framework

    The ACT Government welcomes this additional investment into major transport infrastructure across our city.

    We will continue to work in partnership with the Commonwealth Government to deliver projects that create local jobs and strengthen our economy.

    This pipeline of investment supports our broader strategic objectives for transport planning including unlocking land for more housing, new public transport routes and improving connections with our surrounding region.

    The Budget commits another $53.5 million as part of the 2025-26 to support the next stage of growth and ensure projects across the territory can actually be delivered. This includes:

    • $30 million to complete the Monaro Highway Upgrade
    • $20 million to complete for the Monaro Highway Upgrade Stage 2 Upgrades
    • $3.5 million to complete the duplication of Gundaroo Drive

    The Budget also provides a $30 million boost over five years for the ACT under the Roads to Recovery program, which will go directly to maintaining the ACT’s existing road network. This includes $8.6 million for resurfacing the Kings Highway near Kowen.

    Under the previous Commonwealth Government, Commonwealth infrastructure investment for Canberra lagged behind the rest of the country.

    Public Service

    A strong Australian Public Service is crucial to Canberra’s economy and local businesses. The ACT Government welcomes the continued strong support for the Public Service by the Commonwealth Government which has supported continued low unemployment and strong wage growth across the broader economy.

    Over this term of government, the Commonwealth Government has supported this growth in the APS across every part of our city. The ACT Government welcomes the continued investment in the National Security Office Precinct which started construction earlier this year.

    An alternative approach of severe and prolonged cuts to the Australian Public Service would be an attack on Canberra’s economy and local businesses.

    National Broadband Network

    The ACT will be the largest proportionate beneficiary from a $3 billion investment the National Broadband Network. This investment will see 100,000 more Canberrans connected with faster and more reliable internet by upgrading remaining fibre-to-the node (FTTN) network.

    – Statement ends –

    Chris Steel, MLA | Media Releases

    «ACT Government Media Releases | «Minister Media Releases

    MIL OSI News –

    March 26, 2025
  • MIL-OSI China: US stocks inch higher despite lower consumer confidence

    Source: China State Council Information Office 3

    U.S. stocks ended higher on Tuesday, extending gains from the previous session as optimism over a potential narrowing of U.S. tariffs continued to support investor sentiment.

    The Dow Jones Industrial Average inched up 4.18 points or 0.01 percent to 42,587.5, while the S&P 500 rose 9.08 points or 0.16 percent to 5,776.65. The Nasdaq Composite gained 83.26 points or 0.46 percent to 18,271.85, marking its third consecutive day of gains.

    Among the 11 primary S&P 500 sectors, seven closed higher, with communication services up 1.43 percent and consumer discretionary rising 0.98 percent leading the advances. Utilities fell 1.61 percent and healthcare declined 1.29 percent, making them the biggest laggards.

    Investors largely brushed off March’s weak consumer confidence report, which showed a sharp decline in U.S. consumers’ short-term outlook on income, business conditions, and employment. The Conference Board’s consumer confidence index dropped to 92.9, missing expectations of 93.5. The measure of future expectations fell to 65.2, the lowest in 12 years, signaling potential recession risks.

    Tuesday’s action follows the prior session’s sharp gains for all three major averages after U.S. President Donald Trump said he would give “a lot of countries breaks” when it comes to reciprocal tariffs expected on April 2.

    “Sentiment continues to wane among investors, consumers and businesses as economic concerns and economic policy uncertainty takes its toll,” said Bret Kenwell, U.S. investment analyst at eToro. “Until there’s more certainty on the tariff and macro front, sentiment and confidence remain vulnerable.”

    David Rubenstein, co-founder and co-chairman of the Carlyle Group, said tariffs could slow down the economy, but it wouldn’t trigger recession. “Tariffs have done a pretty good job of getting people’s attention around the world, getting people’s attention in the business community as a negotiating technique,” he said Tuesday. “Whether you implement them across the board, all kinds of tariffs everywhere … that might be more complicated to do and might have some inflationary impact.”

    In the bond market, the 10-year Treasury yield slipped to 4.315 percent as of 4:18 p.m. EDT, down from 4.33 percent at Monday’s close and an intraday peak of 4.37 percent, its highest in over a month.

    Mega-cap tech stocks extended Monday’s gains, with Tesla climbing another 3.45 percent despite continued weakness in European sales. Apple, Microsoft, Alphabet, Amazon, and Meta Platforms also advanced, while chipmakers Nvidia and Broadcom saw slight declines.

    Looking ahead, investors are awaiting earnings reports from Lululemon, GameStop, and Dollar Tree later this week. 

    MIL OSI China News –

    March 26, 2025
  • MIL-OSI China: Europe urged to unite amid US tariffs, rising debt, and big tech challenges

    Source: China State Council Information Office

    European unity is vital to tackling economic challenges ranging from new U.S. tariffs and rising public debt to the expanding influence of big tech firms, Italian political figures and analysts have said at a conference in Rome.

    The conference, titled “Governing Europe and Italy in the Age of Donald Trump,” was hosted by LUISS University on Monday evening and featured prominent speakers, including former Italian Prime Ministers Mario Monti and Giuliano Amato, Finance Minister Giancarlo Giorgetti, European Commission Vice-President Raffaele Fitto, and LUISS professors.

    “What we are seeing today is not the only time Europe has faced big challenges,” said Monti, who served as Italy’s prime minister between 2011 and 2013 during the global sovereign debt crisis. “But we must act together to confront the current challenges.”

    Earlier this month, U.S. President Donald Trump announced a 25-percent tariff on aluminum, steel, and related imports, with another round set to take effect on April 2, though details remain unclear. In response, the European Union initially planned retaliatory tariffs for April 1 but postponed them by at least two weeks following a European Council meeting to allow more time for negotiations.

    On the sidelines of the conference, economics professor Pietro Reichlin told Xinhua that the Trump administration’s unpredictable tariff policies complicate the EU’s response strategies.

    Reichlin stressed the importance of understanding U.S. trade goals to reach an agreement, pointing to the EU’s surplus in goods and the U.S. strengths in services and energy as potential negotiation points.

    Italy’s Finance Minister Giorgetti warned that mounting debt and the growing influence of big tech firms – particularly U.S. giants such as Google and leading players in artificial intelligence, are increasingly limiting the policymakers’ options.

    According to Eurostat, the EU’s average debt stood at 81.6 percent of GDP at the end of the third quarter of 2024 while the eurozone recorded an average ratio of 88.1 percent. Italy’s debt-to-GDP ratio reached 136.3 percent, second only to Greece.

    Speakers stressed the need for greater cohesion within Europe to address external trade pressures, the Ukraine conflict, and internal disputes within the bloc. Amato emphasized that cooperation, not conflict, drives prosperity.

    Reichlin also stressed the importance of adapting to evolving trade dynamics with China. “Adjusting trade relations is crucial, as both sides stand to benefit from deeper engagement,” he said. 

    MIL OSI China News –

    March 26, 2025
  • MIL-OSI USA: After Pressure From Warren, Social Security Nominee Commits To Meet Staffing Needs and Protect Social Security Benefits

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    March 25, 2025
    Following Musk’s cuts to the social security workforce, seniors face longer wait times, planned office closures, and more benefit interruptions.
    Video of Exchange (YouTube)
    Washington, D.C. – At a hearing of the Senate Finance Committee, U.S. Senator Elizabeth Warren (D-Mass.) got Mr. Frank Bisignano, President Trump’s nominee for Social Security Commissioner, to commit to meeting the staffing needs necessary to protect social security benefits amidst the Trump administration’s efforts to gut the Social Security Administration (SSA).
    In the last month, SSA announced plans to cut over 7,000 employees and close regional offices across the country. Weeks later, it implemented a policy forcing seniors to verify their identity online or in-person, creating accessibility concerns. And last week, Acting Commissioner Dudek publicly threatened to shut down the agency after a judge blocked DOGE’s efforts to access seniors’ sensitive information. All of these actions raise serious concerns about the potential interruption of benefits.
    Public reports indicate that SSA may reduce its workforce by 50 percent and is considering ending the leases of 45 field offices—effectively shutting them down. When questioned if he would reverse these layoffs if confirmed, Mr. Bisignano committed to “hav[ing] the right staffing to get the job done.” Senator Warren responded, “I’m going to hold you to that.”
    Senator Warren sent two letters to Mr. Bisignano ahead of his confirmation hearing, one with concerns over how staff layoffs and office closures are impacting seniors’ benefits and another pressing him on if DOGE’s cuts are a “prelude to privatization” of SSA. 
    Transcript: Hearings to examine the nomination of Frank Bisignano, of New Jersey, to be Commissioner of Social Security Administration for the term expiring January 19, 2031.
    Senate Finance Committee
    March 25, 2025
    Senator Elizabeth Warren: Thank you, Mr. Chairman. 90 years ago, Congress passed the Social Security Act, and the deal was simple: you work hard, you pay into Social Security across all your earnings years, and then when you retire, you can count on having those social security benefits that you paid for. 
    And now co-presidents Trump and Musk want to renege on that deal, so DOGE has taken a sledgehammer to the Social Security Administration, firing staff, closing field offices, and pulling the plug on phone services. 
    Last week, the acting commissioner of Social Security, who is openly working with Elon Musk, actually threatened to shut down the entire agency. Now this isn’t about efficiency. Elon said the quiet part, about his plans, right out loud. Musk said we should, quote, “eliminate Social Security.” The richest man in the world said that Social Security for 73 million Americans should be destroyed. 
    Mr. Bisignano, you have been nominated to be in charge of Social Security, and seniors need to have a right to know if you’re going to protect their benefits. 
    So, let’s start simple. Say a 66-year-old man qualifies for Social Security. Mr. Bisignano, could the Social Security Administration, or Elon Musk, or Donald Trump decide to cut his benefits by $5,000 for no reason, without a new law passed by Congress?
    Mr. Frank Bisignano, nominee for Social Security Commissioner: Is that a question? 
    Senator Warren: Yeah, that’s a question. 
    Mr. Bisignano: I don’t see that happening.
    Senator Warren: I didn’t ask if you see it happening. Could they, by law, cut those benefits without coming to Congress? 
    Mr. Bisignano: No. 
    Senator Warren: No? All right, so let’s dig deeper. Suppose the same 65-year-old calls the helpline to apply for Social Security, but he’s told about the new DOGE rule, so he has to go online or in person. He can’t drive. He has trouble with the website, so he waits until his niece can get a day off to take him to the local Social Security office, but DOGE closed that office, so they have to drive two hours to get to the next closest office. When they get there, there are only two people who are staffing a fifty-person line, so he doesn’t even make it to the front of the line before the office closes and he has to come back. 
    Now let’s assume it takes our fellow three months to straighten this out, and he misses a total of $5,000 in benefits checks, which, by law, he will never get back. So, Mr. Bisignano, is that a benefit cut?
    Mr. Bisignano: Well, first of all, Senator—
    Senator Warren: Is that a benefit cut? I’m sorry, my time is limited here. That’s an easy question. Yes or no, is it a benefit cut?
    Mr. Bisignano: I have no intent to have anything like that happen under my watch, ma’am. 
    Senator Warren: I understand that. Is it a benefit cut?
    Mr. Bisignano: I’m not sure what to call it. It sounds like a horrible situation. 
    Senator Warren: Is the person getting the $5,000 they were legally entitled to?
    Mr. Bisignano: That was your scenario. 
    Senator Warren: So, are they getting $5,000 they were legally entitled to?
    Mr. Bisignano: I don’t know. I mean—You just told me—
    Senator Warren: You don’t know? 
    Mr. Bisignano: Yeah, I mean—
    Senator Warren: Look, let’s be clear: that you keep $5,000 from them, by announcing a policy, it’s illegal, but there are backdoor ways to accomplish the same thing. DOGE is considering slashing up to 50% of the Social Security Administration’s workforce. That means longer lines, more errors, and for everyone who gives up or who dies before they get their benefits sorted out, those delays and errors also turn into benefit cuts. 
    Elon Musk is the richest man in the world, so he doesn’t need social security. He’d be glad to get rid of it, but only Congress can cut Social Security benefits, and Elon is trying a backdoor way. 
    So, Mr. Bisignano, if you are confirmed in this job, will you commit to reversing these cuts so that seniors get the money that the law says they are entitled to?
    Mr. Bisignano: What I will commit to is that I will run the agency, and I will be in charge of the agency, and I will look at every item you want me to look at.
    Senator Warren: That’s not what I’m asking you. I’m asking—you just answered the previous questions by saying you would follow the law. The law is to deliver the benefits that people are legally entitled to. If you don’t have the staff, if you don’t answer the phones, if you don’t fix the mistakes, people don’t get what they’re legally entitled to. So, I want to know, are you willing to commit, right now, that you will put enough people back to work so they can do the job of delivering the benefits that Americans earned? Yes or no?
    Mr. Bisignano: I will commit to have the right staffing to get the job done.
    Senator Warren: To get the job done? Meaning delivering the benefits people are entitled to?
    Mr. Bisignano: Yes. 
    Senator Warren: I’m going to hold you to that.
    Mr. Bisignano: I appreciate that. 

    MIL OSI USA News –

    March 26, 2025
  • MIL-Evening Report: What makes a good search engine? These 4 models can help you use search in the age of AI

    Source: The Conversation (Au and NZ) – By Simon Coghlan, Senior Lecturer in Digital Ethics, Centre for AI and Digital Ethics, School of Computing and Information Systems, The University of Melbourne

    beast01/Shutterstock

    Every day, users ask search engines millions of questions. The information we receive can shape our opinions and behaviour.

    We are often not aware of their influence, but internet search tools sort and rank web content when responding to our queries. This can certainly help us learn more things. But search tools can also return low-quality information and even misinformation.

    Recently, large language models (LLMs) have entered the search scene. While LLMs are not search engines, commercial web search engines have started to include LLM-based artificial intelligence (AI) features into their products. Microsoft’s Copilot and Google’s Overviews are examples of this trend.

    AI-enhanced search is marketed as convenient. But, together with other changes in the nature of search over the last decades, it raises the question: what is a good search engine?

    Our new paper, published in AI and Ethics, explores this. To make the possibilities clearer, we imagine four search tool models: Customer Servant, Librarian, Journalist and Teacher. These models reflect design elements in search tools and are loosely based on matching human roles.

    The four models of search tools

    Customer Servant

    Workers in customer service give people the things they request. If someone asks for a “burger and fries”, they don’t query whether the request is good for the person, or whether they might really be after something else.

    The search model we call Customer Servant is somewhat like the first computer-aided information retrieval systems introduced in the 1950s. These returned sets of unranked documents matching a Boolean query – using simple logical rules to define relationships between keywords (e.g. “cats NOT dogs”).

    Librarian

    As the name suggests, this model somewhat resembles human librarians. Librarian also provides content that people request, but it doesn’t always take queries at face value.

    Instead, it aims for “relevance” by inferring user intentions from contextual information such as location, time or the history of user interactions. Classic web search engines of the late 1990s and early 2000s that rank results and provide a list of resources – think early Google – sit in this category.

    Librarians don’t just retrieve information, they strive for relevance.
    Tyler Olson/Shutterstock

    Journalist

    Journalists go beyond librarians. While often responding to what people want to know, journalists carefully curate that information, at times weeding out falsehoods and canvassing various public viewpoints.

    Journalists aim to make people better informed. The Journalist search model does something similar. It may customise the presentation of results by providing additional information, or by diversifying search results to give a more balanced list of viewpoints or perspectives.

    Teacher

    Human teachers, like journalists, aim at giving accurate information. However, they may exercise even more control: teachers may strenuously debunk erroneous information, while pointing learners to the very best expert sources, including lesser-known ones. They may even refuse to expand on claims they deem false or superficial.

    LLM-based conversational search systems such as Copilot or Gemini may play a roughly similar role. By providing a synthesised response to a prompt, they exercise more control over presented information than classic web search engines.

    They may also try to explicitly discredit problematic views on topics such as health, politics, the environment or history. They might reply with “I can’t promote misinformation” or “This topic requires nuance”. Some LLMs convey a strong “opinion” on what is genuine knowledge and what is unedifying.

    No search model is best

    We argue each search tool model has strengths and drawbacks.

    The Customer Servant is highly explainable: every result can be directly tied to keywords in your query. But this precision also limits the system, as it can’t grasp broader or deeper information needs beyond the exact terms used.

    The Librarian model uses additional signals like data about clicks to return content more aligned with what users are really looking for. The catch is these systems may introduce bias. Even with the best intentions, choices about relevance and data sources can reflect underlying value judgements.

    The Journalist model shifts the focus toward helping users understand topics, from science to world events, more fully. It aims to present factual information and various perspectives in balanced ways.

    This approach is especially useful in moments of crisis – like a global pandemic – where countering misinformation is critical. But there’s a trade-off: tweaking search results for social good raises concerns about user autonomy. It may feel paternalistic, and could open the door to broader content interventions.

    The Teacher model is even more interventionist. It guides users towards what it “judges” to be good information, while criticising or discouraging access to content it deems harmful or false. This can promote learning and critical thinking.

    But filtering or downranking content can also limit choice, and raises red flags if the “teacher” – whether algorithm or AI – is biased or simply wrong. Current language models often have built-in “guardrails” to align with human values, but these are imperfect. LLMs can also hallucinate plausible-sounding nonsense, or avoid offering perspectives we might actually want to hear.

    Staying vigilant is key

    We might prefer different models for different purposes. For example, since teacher-like LLMs synthesise and analyse vast amounts of web material, we may sometimes want their more opinionated perspective on a topic, such as on good books, world events or nutrition.

    Yet sometimes we may wish to explore specific and verifiable sources about a topic for ourselves. We may also prefer search tools to downrank some content – conspiracy theories, for example.

    LLMs make mistakes and can mislead with confidence. As these models become more central to search, we need to stay aware of their drawbacks, and demand transparency and accountability from tech companies on how information is delivered.

    Striking the right balance with search engine design and selection is no easy task. Too much control risks eroding individual choice and autonomy, while too little could leave harms unchecked.

    Our four ethical models offer a starting point for robust discussion. Further interdisciplinary research is crucial to define when and how search engines can be used ethically and responsibly.

    Damiano Spina has received funding from the Australian Research Council and is an Associate Investigator of the ARC Centre of Excellence for Automated Decision-Making and Society (ADM+S).

    Falk Scholer has received funding from the Australian Research Council and is an Associate Investigator of the ARC Centre of Excellence for Automated Decision-Making and Society (ADM+S).

    Hui Chia and Simon Coghlan do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. What makes a good search engine? These 4 models can help you use search in the age of AI – https://theconversation.com/what-makes-a-good-search-engine-these-4-models-can-help-you-use-search-in-the-age-of-ai-252927

    MIL OSI Analysis – EveningReport.nz –

    March 26, 2025
  • MIL-OSI Australia: Shareholder activism: reflections on the current, and future, landscape

    Source: Allens Insights (legal sector)

    Campaigns keep evolving, with more high stakes ahead 11 min read

    Last year was another big one for shareholder activists globally, with investor sentiment in 2024 taking its cues from disruption across the broader economic and geopolitical landscape. Closer to home, activity was more stable in Australia—as it typically is, owing to our smaller footprint, more stringent company laws and stable markets—but campaigns continue to evolve, with activists refining their strategies to both capitalise on financial opportunities and seek redress for governance concerns.

    We expect high stakes for the rest of the year as the Trump administration’s policies upend commercial and regulatory settings and potentially tip the scales in favour of activists. While shareholder activism is now a standard part of the investment landscape in the US, the practice is reverberating around Australia and the rest of the world.

    In this Insight, we bring together the key takeaways from 2024 and provide our thoughts on what we see ahead.

    A snapshot of the numbers

    Activist activity has well and truly bounced back from the subdued levels brought about by the pandemic.

    Over 1000 companies were targeted by activist campaigns worldwide for the second consecutive year.1 The US continues to be the epicentre of activity, with nearly 600 US-listed companies facing activist demands, marking a 7% increase from 2023 and 16% from 2022. There was a strong showing from non-traditional and first-time activists—a record-breaking 160 different investors launched campaigns in the US in 2024, which included 45 first-time activists, also a record.

    Activity in Asia was similarly strong (particularly in Japan and South Korea), though Europe trended down, owing to ongoing disruption brought about by the conflict in Ukraine and generally subdued economic activity. There, the United Kingdom hosts the lion’s share of activity, with 42% of campaigns targeting British companies.

    Australia saw a modest rise in activity year on year, with 56 companies targeted, up nominally from the 54 campaigns recorded in 2023. While the volume of campaigns remained steady, the effectiveness of Australian activists improved—activists were assessed as having achieved their objectives in 25% of resolved campaigns, up from 16% in 2023.

    Despite this, Australian activists struggled to secure board representation in target companies, with only seven board seats gained in 2024, down significantly from 26 in 2023. This divergence suggests that although activism remains a powerful force for corporate engagement, the dominant institutional investors and influential proxy advisors remain selective and largely hesitant in delivering changes at the board level.

    All up, campaign volumes continue to be strong, though success is trickier to measure. Whether the public demands of activists are met is one tangible way of assessing effectiveness, but the overall impact of a campaign can often manifest in less direct ways. For example, the opportunity cost of management in responding to a campaign, the inherent value derived from the ensuing publicity and any derivative or other trading in the target securities—and, of course, the concessions that play out behind closed doors—often contribute to the effectiveness of shareholder activism.

    Stories from the front line

    These are some of the headline-grabbing campaigns that played out in the last year or so that have set the tone for activist causes.

    One of the most closely watched activist campaigns was Glenview Capital’s attempt to gain board representation at CVS Health. Glenview increased its stake in CVS in the third quarter of 2024 by 31%, making its US$635 million holding (equivalent to 1% of the stock) the largest of all three activist hedge funds with an interest in the company. The intervention came following a 27% drop in share price since the beginning of 2024, a market reaction reportedly attributed to higher medical costs in CVS’s insurance segment caused by an influx of medical procedures delayed by the COVID-19 pandemic. Glenview secured four board seats in November 2024, including Glenview CEO Larry Robbins. It was reported that the board appointments were made amid the prospect of Glenview initiating a public and more aggressive proxy fight. This case highlights the increasing sophistication of activist investors targeting high-profile global companies, and underscores the importance of clear, proactive shareholder engagement strategies—a strategy that Australian boards should observe as activism intensifies.

    The activist campaign led by Elliott Investment Management resulted in a change of CEO at Starbucks and a correspondent increase in share value by 24%, equating to US$26 billion in value and marking the company’s most successful day since its initial public offering in 1992.

    In July 2024, it was reported that Elliott had become one of the largest investors in Starbucks, and sought to leverage its position by presenting a proposal to the board for an overhaul of domestic and international strategy. The move followed the stock price having declined by 24% since the former CEO, Laxman Narasimhan, was appointed in March 2023. While Elliott approached the board in private and did not publicly advocate for a replacement CEO, there were persistent leaks to the media, which commentators assessed as likely prompting the decision. On 13 August 2024, the board announced the appointment of Brian Niccol, former CEO of restaurant chain Chipotle, who is credited with Chipotle’s modernisation and an increase in its stock price by 770% since 2018.

    The campaign illustrates that one response strategy in dealing with activists, particularly high-profile investors, can be to move pre-emptively to instigate change before the issues are forced.

    In June 2024, Elliott also disclosed an 11% economic stake in Southwest Airlines worth US$1.9 billion, and converted enough of its derivate holdings in September to amass a 10% common stock holding that enabled Elliott to call a special meeting. Conversely to its approach for Starbucks, it engaged in a more public campaign, by proposing that ‘enhancing the board, upgrading leadership and a comprehensive business review’ were necessary to increase Southwest’s stock price. In October 2024, it was announced that Southwest would appoint five independent directors nominated by Elliott in addition to another board member, and that the former chief executive and then chairman would accelerate his retirement. Following the announcement of the personnel changes, Elliott withdrew its demand for a special shareholder meeting intended to replace 10 members of Southwest’s 15-person board. Elliott’s influence has continued to grow since then, with Southwest disclosing on 19 February 2025 that the company’s agreement with Elliott has been amended to increase the maximum aggregate economic exposure that Elliott may acquire, from 14.9% to 19.9%, but limit it from acquiring more than 12.49% of outstanding common stock until 1 April 2026. When Elliott disclosed its position in June 2024, the Southwest stock price was US$29.70, and as at 14 March 2025, it was US$31.73.

    Consistent with the sentiments of the Trump administration’s focus on rolling back diversity, equity and inclusion (DEI) programs, a group of Apple shareholders submitted on 25 February 2025 a proposal titled ‘Request to Cease DEI Efforts’. This was rejected at Apple’s shareholder meeting in February 2025, with 97.67% of the vote being against the proposal. The campaign against Apple is one of several anti-DEI proposals that have been levied against prominent companies, including Costco, where the proposal was defeated by 98% of votes, and farm equipment maker John Deere, where the proposal was defeated by 98.7%. These proposals have attracted significant attention, by harnessing viral social media campaigns advocating for customer boycotts, inundating company social media accounts with negative comments, and lobbing the threat of lawsuits alleging that DEI initiatives constitute a breach of fiduciary duty. Despite the spotlight (or perhaps because of it?), shareholders of the world’s most valuable listed company voted overwhelmingly not to abandon its DEI initiatives.

    Activist themes

    We see two broad themes that motivate activists at the moment. For the reasons set out in the next section, we think the global economic and geopolitical settings provide an opportunity to shape activist behaviours.

    First, there is the more traditional activist strategy where professional investors identify companies that they perceive could optimise their performance or enhance their governance structures, and then seek to exert influence to encourage the company to focus on increasing shareholder returns. They do this by pushing for one or a combination of:

    • a realignment in strategy—eg when Tanarra Capital applied pressure on Lendlease, leading to a radical shift in its business strategy by forcing the company to exit its international property development ventures and refocus on Australian operations;
    • a different approach to M&A activity—such as Bell Rock’s public campaign against Whitehaven in 2023, where the hedge fund contacted shareholders with letters advocating against the company’s acquisition of metallurgical assets from BHP, which it also did via a website. Bell Rock’s public tactics sat alongside its undisclosed 13.041% long position in Whitehaven, prompting intervention from the Takeovers Panel; and
    • leadership change—as was achieved by Elliott in the Starbucks and Southwest Airlines campaigns discussed above.

    Second, there is the rising influence of public sentiment and political undercurrents playing out in the theatre of public markets, and the volatility that comes with it. Activist campaigns are increasingly becoming a proxy for broader societal dissatisfaction.

    In Australia, this dual-track activism—balancing financial imperatives with political and social influences—reinforces the heightened investor expectations for action and accountability for these issues at the board level.

    For instance, shareholder dissent on pay has markedly increased in Australia recently, seeing over 40 strikes among ASX 300 companies in 2023 and 2024, compared with 22–26 strikes recorded between 2018 and 2022.2 Among those receiving a strike was the Australian Securities Exchange itself, with 26.15% of votes against the adoption of the remuneration report. Commentators assessed that the vote was an expression of shareholder dissatisfaction with the $250 million write-down and anticipated cost of a further $300 million to replace the CHESS technology system. Although 13 companies in the ASX 300 received a second strike in 2024, not a single board spill proposal came close to succeeding, with none receiving more than 20% of votes in favour.3 This demonstrates that while strikes are increasing, this is not being accompanied by momentum to trigger broader change to leadership structures—it would appear that shareholders are looking to use their vote to send a shot across the bow as an appropriate warning, rather than achieve a fundamental governance reset.

    Shareholders and special interest groups have also used the proxy forum to express dissatisfaction regarding climate action, reflecting broader societal concerns around environmental sustainability and climate change. Last year, Market Forces led an activist campaign against Woodside Energy, advocating for an overhaul to its climate transition action plan and encouraging other shareholders to push for further board renewal at the 2025 AGM. At the AGM in April 2024, 58.4% of proxies cast were against the transition strategy, following three hours of questions. Earlier this month, another activist shareholder group, the Australasian Centre for Corporate Responsibility, advised investors to vote against the re-election of all three directors standing at the 2025 AGM and continues to integrate climate concerns into its analysis of shareholder returns.

    There is a similar experience in the UK, where Shell shareholders are still asked to vote on resolutions brought by activists to align the company’s medium-term emissions reduction targets with the 2015 Paris Climate Agreement and to factor ‘Scope 3’ emissions from fuels burnt by consumers into such calculations. Although the resolution received just 18.6% support from shareholders in 2024 (down 1.4% from 2023), the sustained pressure and media exposure may have contributed to the environmental, social and governance (ESG) proposals instead advanced by Shell’s board.

    For a more detailed analysis of the specific tactics that activists deploy pursuing these issues and how companies can prepare, see our earlier Insight.

    Our expectations for the road ahead

    Economic and geopolitical disruption to fuel activity

    The global economy is currently experiencing disruption. The focal point is, of course, the US, where the combination of (promised) tax cuts and deregulation will free up capital for investors to pursue short-term opportunities. As the Australian Prudential Regulation Authority Chair, John Lonsdale, remarked in his recent address at the Australian Financial Review Banking Summit, ‘what happens in the world’s biggest economy has implications for the world, and therefore for Australia’. We thus expect the positive conditions for activists will spill across borders, and perhaps the momentum will too—the Australian Securities and Investments Commission recently outlined its first steps towards easing compliance obligations for directors.

    The hoped-for spike in M&A activity creates the opportunity for shareholder activism, so we anticipate elevated volumes of activity in the near term. At the same time, the imposition of tariffs and other protectionist policies—and the market volatility and trade war they may set off—will create winners and losers, with companies that struggle in the turbulence becoming targets for activists.

    A reckoning on ESG and DEI initiatives

    There has been mounting pushback on ESG and, more recently, DEI policies of corporations, with activists querying their necessity and appropriateness. Critics, who may not be shareholders, will be even more emboldened by the priorities and tone of the Trump administration.

    We expect that activists will continue to seek out opportunities to make high-profile examples of some companies. However, while proponents of these initiatives have attracted significant attention, we haven’t yet seen this noise translate into strong shareholder support for campaigns, as the recent experience with Apple demonstrates.

    The anti-anti-ESG and DEI cause

    While some activists are seeking to challenge ESG and DEI initiatives as a corporate priority, we anticipate others that may already be frustrated with perceived slow progress on sustainability, diversity and broader governance issues will look to double down and push for companies to stay the course.

    This sentiment will be particularly emboldened if governments consider rolling back regulations or shifting priorities. If it is perceived that lawmakers and regulators aren’t creating the framework to manage these issues, then we expect activists to take matters into their own hands by using shareholder meetings as forums or otherwise turning to the courts.

    Scrutiny of board composition and director accountability

    We are seeing investors pay closer attention to the fitness for office of individual board members, by using their vote to signal dissatisfaction and impose accountability for governance missteps when directors stand for election or re-election. This can be in relation to a company that has experienced an issue, or could follow individual directors to unrelated companies.

    Expect to see closer scrutiny of board composition and more protest votes against director elections. Even if candidates still easily obtain the ordinary majority needed to carry the resolution, this is a far cry from the near 100% backing candidates would typically receive, and, particularly for larger companies, shows at least some institutional investors (whose holding may have previously been seen as more passive) are sending a message.

    Leveraging technology and AI in activist strategies

    Artificial intelligence (AI) has transformed a number of different fields, and has a role to play in the shareholder activism space as well, by making campaigns data driven and, as a consequence, more cost effective.

    AI can be deployed by activists to monitor and analyse tremendous amounts of data associated with corporate disclosures and financial performance, and to recognise the vulnerabilities and patterns in would-be candidates for a campaign. As these tools grow in sophistication, we expect to see activists be able to penetrate the market more deeply, and move with greater efficiency and precision in identifying opportunities.

    Activism has never been a simple strategy. We anticipate a continued evolution of the activist playbook in light of the above.

    MIL OSI News –

    March 26, 2025
  • MIL-OSI Security: Pittsford father and son facing multiple fraud and ID theft charges in Rochester area credit card scam

    Source: Office of United States Attorneys

    ROCHESTER, NY—U.S. Attorney Michael DiGiacomo announced today that Talib Hussain, 74, and Mirza Khan, 46, both of Pittsford, NY, were charged by criminal complaint with bank fraud, wire fraud, conspiracy to commit bank and wire fraud and aggravated identity theft. The charges carry a maximum penalty of 30 years in prison and a $1,000,000 fine.

    Assistant U.S. Attorney Meghan K. McGuire, who is handling the case, stated that according to the complaint, since January 2015, JP Morgan Chase, Discover Financial Services, Pentagon Federal Credit Union, Bank of America, Barclay Bank, US Bank, Capital One and American Express have identified fraudulent credit card activity in the Rochester area. A high number of newly issued credit cards were charged to their maximum credit limit and almost all the cards had no valid payments applied to the accounts.

    The investigation determined that several of the credit cards were connected. The credit cards were applied for using an actual social security number but a fabricated name and date of birth to create a new, or “synthetic” identity, which was then used to acquire lines-of-credit used by the creator and/or his co-conspirators to make fraudulent purchases until the credit limit was reached. Some of them were used to pay property taxes to the City of Rochester and the Rochester Gas & Electric Corporation bills for properties in Rochester, including Lucky Beverage on Norton Street, Chili Express on Chili Avenue, and Easy (EZ) Food Market on Plymouth Avenue. A total of 32 different fraudulent credit cards were used to make periodic online property tax payments for the three properties between 2016 and 2022, totaling approximately $163,000. Further investigation determined that Lucky Beverage and Chili Express are owned by Mirza Khan, while Easy Food Market is owned by Khan’s father and co-defendant Talib Hussain.

    The complaint is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia, Internal Revenue Service Criminal Investigation New York, under the direction of Harry Chavis, Acting Executive Special Agent in Charge, the U.S. Postal Inspection Service Boston Division, under the direction of Inspector in Charge Ketty Larco-Ward, and the Social Security Administration Office of Inspector General, under the direction of Acting Special Agent-in-Charge Amy Connelly.

    The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.

    # # # # 

    MIL Security OSI –

    March 26, 2025
  • MIL-OSI Security: Rensselaer County Man Admits to Distributing Methamphetamine

    Source: Office of United States Attorneys

    ALBANY, NEW YORK – Justin Zimmer, age 45, of Wynantskill, New York, pled guilty today to distributing methamphetamine.  United States Attorney John A. Sarcone III and Bryan Miller, Special Agent in Charge of the New York Field Division of the United States Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), made the announcement.

    Zimmer admitted to distributing over 5 grams of pure methamphetamine in Albany County, on or about January 14, 2022.  Zimmer is scheduled to be sentenced by United States District Judge Mae A. D’Agostino on July 28, 2025.  He faces at least 5 years and up to 40 years in prison, and a term of supervised release of at least 4 years and up to life.  A defendant’s sentence is imposed by a judge based on the particular statute the defendant is charged with violating, the U.S. Sentencing Guidelines, and other factors.

    ATF investigated the case with the assistance of the New York Police Department High Intensity Drug Trafficking Area Group, Homeland Security Investigations, and the Troy Police Department.  Assistant U.S. Attorney Allen J. Vickey is prosecuting the case.

    MIL Security OSI –

    March 26, 2025
  • MIL-OSI USA: Sen. Scott Questions Dr. Mehmet Oz at Confirmation Hearing

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott
    WASHINGTON — Recently, U.S. Senator Tim Scott (R-S.C.), member of the Senate Finance Committee, questioned Dr. Mehmet Oz, President Trump’s nominee to lead the Centers for Medicare and Medicaid Services. Senator Scott and Dr. Oz discussed a range of topics, including drug pricing, CRISPR technology, and telemedicine. 
    Excerpts from Senator Scott’s questioning can be found below:
    Watch the full video here.
    On prescription drug pricing…
    “We need to have a long conversation about how expensive drugs are these days, but at the same time, we should have a similar conversation about how when drugs hit that generic market, they dropped precipitously in price … I would hate to, for the lack of a better way of saying, shortchange the American people by focusing on the original sticker price without having the value proposition long-term over the ultimate cost of a drug, when it’s in the generic forms.”
    On CRISPR technology and innovation…
    “I do think that CRISPR technology as we know it today, is going to transform medicine as we know it tomorrow … I hope that you have a commitment, in your new position, to move forward with some of the cell and gene therapy access models that we’re talking about, making it affordable for people … on Medicare and Medicaid.”
    On telemedicine…
    “There’s a silver lining in Covid … It was the development and the acceleration of telemedicine. And I think it’s going to save millions, if not trillions of dollars over time. I hope that you are committed to doing as much investigation as necessary to make sure that telemedicine is not just here to stay, but that it is embraced, adopted throughout our country, wherever it is practical to be used.”

    MIL OSI USA News –

    March 26, 2025
  • MIL-OSI Australia: Three youths charged over series of Launceston burglaries

    Source: New South Wales Community and Justice

    Three youths charged over series of Launceston burglaries

    Wednesday, 26 March 2025 – 10:22 am.

    Three youths have been charged over a series of burglaries and stealings in Launceston between 22 March and 24 March following an investigation by Taskforce Raven and Northern CIB.
    Two 17 year old boys were charged by Northern CIB on 22 March and 23 March in relation to burglaries at a number of commercial businesses and a private residence.
    They are each facing charges of stealing, aggravated burglary, burglary, and motor vehicle stealing and will appear in the Youth Justice Division of the Launceston Magistrates Court at a later date.
    During a subsequent search of a private residence at West Launceston yesterday, members of Taskforce Raven and Northern CIB located and seized approximately $8000 worth of the stolen property and arrested a third youth.
    The 14 year old boy was charged with aggravated burglary, stealing, burglary, attempt to unlawfully set fire to property, and motor vehicle stealing.
    He was detained to appear in the Youth Justice Division of the Launceston Magistrates Court.
    During the five burglaries more than $15,000 worth of damage was caused and more than $30,000 worth of property stolen.
    Investigations into the burglaries are ongoing and anyone with information should contact Taskforce Raven on 131 444 or Crime Stoppers anonymously on 1800 333 000 or online at crimestopperstas.com.au

    MIL OSI News –

    March 26, 2025
  • MIL-OSI Security: Court Sentences Felons for Illegally Possessing Firearms and Ammunition in Project Safe Neighborhoods Cases

    Source: Office of United States Attorneys

    FRESNO, Calif. — The Project Safe Neighborhoods (PSN) initiative brings together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence. At the core of PSN is setting focused and strategic enforcement priorities that help prevent violence from occurring in the first place. Acting U.S. Attorney Michele Beckwith announces the following PSN prosecutions that resulted in sentences in the beginning of 2025.

    Arturo Talamantes, 31, of Fresno, was sentenced today to four years in prison for being a felon in possession of a firearm. According to court documents, on Dec. 16, 2023, police responded to a 911 call from a crowded bar in Fresno reporting a man with a gun. When officers arrived, Talamantes had a loaded black Kahr P40 handgun that he carried through the crowded bar, ignoring officer commands to stop. Once inside, he hid the gun in a hallway storage area where officers found and seized it. Talamantes is prohibited from possessing firearms due to prior felony convictions for manufacturing a short-barreled rifle and inflicting corporal injury on a spouse or cohabitant. This case was the product of an investigation by the Fresno Police Department and the Federal Bureau of Investigation.

    ****

    David Diaz, 48, of Bakersfield, was sentenced on March 3, 2025, to eight years and eight months in prison for being a felon in possession of ammunition. According to court documents, on Sept. 20, 2023, Diaz and co-defendant Jesus Alejandro Lopez, 47, of Bakersfield, drove to Fresno after agreeing to sell 35 pounds of methamphetamine. Both men were armed when they arrived. Shortly after arriving, police arrested the men and seized a stolen Rock Island Armory .45 caliber handgun loaded with seven rounds from Diaz. Diaz is prohibited from possessing ammunition due to three prior felony convictions involving possession and transportation of a controlled substance and inflicting corporal injury on a spouse or cohabitant.

    On March 10, 2025, Lopez pleaded guilty to being a felon in possession of a firearm and ammunition and is scheduled to be sentenced by U.S. District Judge Jennifer L. Thurston on June 23, 2025. Lopez faces a maximum statutory penalty of 15 years in prison and $250,000 fine. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. This case was the product of an investigation by the Fresno Police Department and the Bureau of Alcohol, Tobacco, Firearms and Explosives.

    ****

    Tionte Beard, 25, of Fresno, was sentenced on March 3, 2025, to three years and 10 months in prison for being a felon in possession of firearms and ammunition. According to court documents, on Oct. 28, 2023, police conducted a probation compliance check at Beard’s apartment after Beard posted pictures of guns on his social media. Police seized an Anderson Manufacturing model AM-15 .223-caliber rifle, a Sig Saur model P320 9 mm handgun, and several rounds of ammunition hidden in a laundry basket in a closet. Beard is prohibited from possessing firearms and ammunition due to prior felony convictions for carjacking, illegally possessing a firearm, and inflicting corporal injury to a spouse or cohabitant. This case was the product of an investigation by the Fresno Police Department and the Federal Bureau of Investigation.

    ****

    Amed Taylor Muhammad, 24, of Fresno, was sentenced on Jan. 13, 2025, to two years and six months in prison for being a felon in possession of a firearm. According to court documents, on Sept. 26, 2023, police responded to reports of a shooting in southwest Fresno near a high school and middle school. Officers stopped Muhammad near the location of the shooting after eyewitnesses spotted him from the location with others while holding something in his waistband. After a brief struggle, officers detained Muhammad and seized a loaded black Taurus PT140 G2, .40 caliber pistol from his front waistband. Muhammad is prohibited from possessing firearms due to prior felony convictions for assault by means likely to produce great bodily injury, vehicular theft, and illegally possessing a firearm. This case was the product of an investigation by the Fresno Police Department, and Homeland Security Investigations.

    The above cases were prosecuted by Assistant U.S. Attorney Cody S. Chapple.

    ****

    Felix Alejandro, 38, of Delano, was sentenced on Jan. 6, 2025, to four years and three months in prison for being a felon in possession of ammunition. According to court documents, on Aug. 2, 2023, police pulled Alejandro over for violating traffic laws. Alejandro consented to a search of his car and police found a 0.40 caliber semi-automatic Polymer 80 pistol wedged between the driver’s seat and center console. The handgun was loaded with 10 rounds of .40 caliber ammunition. Alejandro was on federal supervised release for a prior drug trafficking felony conviction and was prohibited from possessing firearms or ammunition. This case was the product of an investigation by the Delano Police Department and the Federal Bureau of Investigation. Assistant U.S. Attorneys Cody S. Chapple and Jeffrey A. Spivak prosecuted the case.

    These cases are part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the U.S. Department of Justice launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI –

    March 26, 2025
  • MIL-OSI: Dundee Corporation Delivers on Strategic Goals and Reports 2024 Profit

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 25, 2025 (GLOBE NEWSWIRE) — “2024 marked a transformative year for Dundee with broad positive performance in our core strategy and key initiatives that further align our capital structure with our long-term growth objectives,” said Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation. “During the third quarter, we sold 11 million shares of our position in G Mining Ventures Corp. (“G Mining”) for proceeds of $95.9 million, which was partially used to redeem both classes of our preferred shares and substantially pay down our outstanding loan balance. The redemption of the preferred shares and repayment of our corporate loan is a significant milestone, reducing our cash outflows, enhancing our financial flexibility and positioning Dundee for continued, sustainable growth for the long-term. As we move into 2025, our focus is increasingly on broadening Dundee’s sources of cash flow. Development of the Borborema Project, where we hold an attractive royalty, is progressing well, according to its operator, Aura Minerals Inc., with ramp-up scheduled for early 2025 and commercial production expected in the latter half of the year. This key milestone marks a pivotal step in reinforcing Dundee’s financial position and highlights our ongoing efforts to establish income streams that support our long-term growth objectives.”

    “In addition, we continue to make considerable progress in simplifying Dundee as we shed non-core businesses and investments and free up our capital and talent which can be deployed more strategically. In September, we announced our exit from the investment management business with the divestiture of our flow-through funds which will position us to operate with greater agility in the mining sector. Post year-end, we announced that the ownership group of Android, of which we are 20%, has agreed to sell its interest in the company which demonstrates continued rationalization of the non-core legacy assets and enables us to recycle capital into our core mining business.

    Mr. Goodman concluded: “The entire team at Dundee continues to work diligently to implement and execute our strategy across all fronts. I am encouraged by our ability to sustain and grow our momentum into 2025 as we look forward to the opportunities ahead of us. Our team remains committed to growing the core business, and positioning Dundee to deliver long-term, sustainable value for our stakeholders, shareholders and partners. I would like to thank the entire team for their hard work in navigating a time of continued evolution.”

    SOLID YEAR-END 2024 RESULTS

    • In August 2024, the Corporation sold 11.0 million shares of G Mining Ventures Corp. (“G Mining”) for net proceeds to the Corporation of $95.9 million. Subsequent to year-end, the Corporation sold its remaining 2.9 million shares of G Mining for net proceeds of $45.3 million.
    • Upon the partial sale of G Mining in August of 2024, the Corporation partially repaid $14.0 million of its outstanding loan with Earlston Investments Corp. in 2024 and paid the remaining $5.0 million of loan principal in 2025.
    • In September 2024, the Corporation paid an aggregate of $46.7 million to exercise its option to redeem all its outstanding Preference Shares Series 2 and Preference Shares Series 3 at a price of $25.00 per share and pay the final associated dividends.
    • Subsequent to year-end, Dundee announced the sale of its interest in Android Industries, L.L.C. (“Android”) for cash proceeds of approximately $24.5 million at closing, with additional proceeds payable contingent upon the release of all escrows.
    • In December 2024, the Corporation announced its exit from the investment management business with the divesture of its flow-through related investment management contracts for nominal consideration, aligning internal resources to our long-term strategic priorities.
    • In the third quarter of 2024, Dundee backstopped an $8.0 million rights offering for Maritime Resources Corp. (“Maritime”) and made purchases pursuant to private agreements to acquire approximately 253.0 million common shares of the company and increase our undiluted ownership interest to 43%. The Corporation earned 33.2 million compensation warrants for backstopping the rights offering. Subsequent to year-end, Dundee exercised warrants to acquire 11.8 million additional common shares of Maritime, increasing Dundee’s undiluted ownership interest to 44%.
    • Reported net loss from all portfolio investments for the fourth quarter of 2024 of $2.1 million (2023 – loss of $0.8 million). The key drivers during the quarter included a $4.3 million and $2.9 million market depreciation in the Corporation’s investments in Saturn Metals Limited (“Saturn Metals”) and Ausgold Limited (“Ausgold”), respectively, offset by a $3.7 million investment gain in G Mining. For 2024, the Corporation reported net income from portfolio investments of $65.9 million (2023 – loss of $23.0 million). The top performer of 2024 was the $53.6 million fair value gain in Reunion Gold Corporation.
    • In October 2024, the Corporation announced the completion of the sale of 8,000 shares of TauRx Pharmaceuticals Ltd. to a private investor at a price of US$125.00 per share for proceeds of US$1.0 million (Cdn$1.4 million).
    • Reported consolidated general and administrative expenses for the fourth quarter of $3.8 million (2023 – $2.5 million). For 2024, the Corporation reported consolidated general and administrative expenses of $16.3 million (2023 – $16.1 million).
    • Reported net loss attributable to owners of the Corporation for the fourth quarter of 2024 of $8.2 million (2023 – $2.8 million). For 2024, the Corporation reported net earnings attributable to owners of the Corporation of $59.1 million (2023 – loss of $38.8 million), or earnings of $0.64 per share (2023 – a loss of $0.43 per share).

    SEGMENTED FINANCIAL RESULTS

    Mining Investments

    In the fourth quarter of 2024, the Corporation reported a net loss before taxes from the mining investments segment of $4.2 million (2023 – $1.6 million). Performance from the mining portfolio investments incurred a total loss of $2.6 million (2023 – $1.3 million), which is included in net earnings or loss from this segment. Key drivers during the quarter included a $4.3 million and $2.9 million market depreciation in the Corporation’s investments in Saturn Metals and Ausgold, respectively, offset by a $3.7 million investment gain in G Mining Ventures Corp. (“G Mining”). The share of losses from equity accounted mining investments during the fourth quarter of 2024 was $1.6 million (2023 – $0.3 million).

    During 2024, the Corporation reported net earnings before taxes from the mining investments segment of $61.6 million (2023 – loss of $24.0 million). Performance from the mining investments portfolio contributed $62.5 million (2023 – loss of $24.0 million) to net earnings or loss before taxes in this segment. The key driver of performance during the current year was a $53.6 million market appreciation in the Corporation’s investment in Reunion Gold Corporation, prior to the business combination with G Mining. The share of losses from equity accounting mining investments during 2024 was $1.7 million (2023 – $2.2 million).

    Corporate and others

    The Corporation reported a pre-tax loss from the corporate and others segment, including non-core subsidiaries, of $0.5 million (2023 – $0.3 million) during the three months ended December 31, 2024. During 2024, the corporate and others segment reported pre-tax earnings of $5.5 million (2023 – loss of $12.0 million).

    The fair value of non-mining portfolio investments in the corporate and others segment increased by $0.5 million (2023 – $0.5 million) during the fourth quarter of the current year. The fair value of portfolio investments in this segment increased by $3.4 million (2023 – $1.1 million) during 2024.

    In the fourth quarter, the segment’s non-mining equity accounted investments reported pre-tax earnings of $1.9 million (2023 – $0.3 million). During the same period, the segment’s subsidiaries reported pre-tax losses of $0.1 million (2023 – $0.1 million). During 2024, the segment’s non-mining equity accounted investments reported pre-tax earnings of $1.5 million (2023 – loss of $1.9 million), while subsidiaries reported pre-tax losses of $1.3 million (2023 – $3.2 million).

    Mining Services

    During the three months ended December 31, 2024, the mining services segment, comprised of the Corporation’s 78%-owned subsidiary, Dundee Sustainable Technologies Inc. (“Dundee Technologies”), reported a pre-tax loss of $4.5 million (2023 – $1.2 million), which included a $2.9 million impairment charge to intangible assets and receivables. During 2024, Dundee Technologies incurred a pre-tax loss of $7.9 million (2023 – $4.3 million).

    SHAREHOLDERS’ EQUITY ON A PER SHARE BASIS

           
    Carrying value as at December 31,   2024       2023  
    Mining Investments      
    Portfolio investments $ 95,490     $ 126,671  
    Equity accounted investments   30,013       15,731  
    Royalty   18,921       18,921  
        144,424       161,323  
    Corporate and Others      
    Corporate   32,976       18,342  
    Portfolio investments ‒ other   70,495       68,482  
    Equity accounted investments ‒ other   30,240       28,874  
    Real estate joint ventures   2,364       2,852  
    Subsidiaries   3,403       7,738  
        139,478       126,288  
    Mining Services      
    Subsidiaries   (208 )     2,439  
    Equity accounted investment   –       98  
        (208 )     2,537  
           
    SHAREHOLDERS’ EQUITY $ 283,694     $ 290,148  
    Less: Shareholders’ equity attributable to holders of:      
    Preference Shares, series 2   –       (27,667 )
    Preference Shares, series 3   –       (18,125 )
    SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO CLASS A SUBORDINATE SHARES AND CLASS B SHARES OF THE CORPORATION $ 283,694     $ 244,356  
           
    Number of shares of the Corporation issued and outstanding:      
    Class A Subordinate Shares   86,269,735       85,832,805  
    Class B Shares   3,114,491       3,114,491  
    Total number of shares issued and outstanding   89,384,226       88,947,296  
           
    SHAREHOLDERS’ EQUITY ON A PER SHARE BASIS * $ 3.17     $ 2.75  

    * Shareholders’ Equity on a per share basis is calculated as total shareholders’ equity per the financial statements, less the carrying amount of Preference shares, series 2 and series 3, and divided by the total number of Class A and Class B shares issued and outstanding.

    The Corporation’s audited consolidated financial statements as at and for years ended December 31, 2024 and 2023, along with the accompanying management’s discussion and analysis, as well as the Annual Information Form, have been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may be viewed by interested parties under the Corporation’s profile at www.sedarplus.ca or the Corporation’s website at www.dundeecorporation.com.

    ABOUT DUNDEE CORPORATION:

    Dundee Corporation is a public Canadian independent mining-focused holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. The Corporation is primarily engaged in acquiring mineral resource assets. The Corporation operates with the objective of unlocking value through strategic investments in mining projects globally. Our team conducts due diligence in order to assess the geological, technical, environmental, and financial merits and risks of each project and looks to deploy capital where it can either seek to generate investment returns or where the Corporation can collaborate with operating partners and take strategic partnerships through direct interests in mining operations.

    FORWARD-LOOKING STATEMENTS:

    This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Investor and Media Relations
    T: (416) 864-3584
    E: ir@dundeecorporation.com

    The MIL Network –

    March 26, 2025
  • MIL-Evening Report: A $33 billion vote-grabber or real relief? Examining the Albanese government’s big housing pledge

    Source: The Conversation (Au and NZ) – By Ehsan Noroozinejad, Senior Researcher, Urban Transformations Research Centre, Western Sydney University

    Man As Thep/Shutterstock

    The Australian housing market is in crisis: soaring prices, increasing rental stress, declining home ownership rates and a growing number of people experiencing homelessness.

    In response, Prime Minister Anthony Albanese has announced a $33 billion housing investment plan as part of his government’s latest budget.




    Read more:
    At a glance: the 2025 federal budget


    This is a central plank of Labor’s re-election pitch, aimed at showing housing commitment by:

    Making it easier to buy, better to rent, and building more homes faster.

    What are the key features of the plan?

    The plan includes two headline measures aimed at boosting housing supply and helping buyers:

    1-Expanding ‘Help to Buy’ for first-home buyers:

    The Help to Buy program provides shared-equity loans to first-time homebuyers so they can purchase properties with smaller deposits. Under this program, the government buys a portion of the property to lower the required mortgage amount for buyers.

    Under the initial terms of the scheme, the Commonwealth offered up to 30% of the price for existing homes and 40% for new constructions, while restricting eligibility to households within specific income and property value ranges.

    Now, the Albanese government has raised cap levels to enable more people to become eligible. The income ceiling for single buyers will increase from $90,000 to $100,000, while the maximum income limit for couples and single parents will rise from $120,000 to $160,000.

    These higher caps mean more than five million Australian properties would fall under the scheme’s scope, significantly expanding buyers’ choice.

    2-Investing in prefabricated and modular homes:

    In November 2024, the Albanese government announced a $900 million productivity fund to reward states and territories that boost housing supply by removing barriers to prefab and modular construction.

    And now, the Albanese government is budgeting another $54 million for the advanced manufacturing of prefab and modular housing industry. This includes $5 million to create a national certification system to streamline approvals and eliminate red tape.

    This aims to speed up home construction through off-site manufacturing technologies, which produce components in factories before assembling them on-site.

    Minister for Industry and Science Ed Husic claims these homes can be finished in half the time of conventional construction. Even a 20–30% time saving would be significant.

    These buildings are also more energy efficient, more resilient and cheaper.

    A crane lifts part of a modular home into place.
    benik.at/Shutterstock

    Can these measures fix the problem?

    The big picture problem is, Australia has simply not been building enough homes for its growing population.

    According to the Urban Development Institute of Australia’s State of the Land Report 2025, the federal government will fail (by 400,000 dwellings) to meet its target of constructing 1.2 million new homes by 2029.

    Prefab building methods make up just 8% of new housing developments in Australia.

    Some countries use it much more: Sweden boasts more than 100 years of prefab construction experience, where more than 80% of homes are produced in factories and then assembled at their destinations.

    Modular housing can be described as a promising step forward. But while they offer potential improvements in speed and cost efficiency, it cannot solve the massive housing deficit on its own without structural policy reforms in the near future.

    What about the Help to Buy scheme?

    Shared-equity loans tackle a different side of the problem: affordability for buyers.

    Experts describe Help to Buy as a “modest” but useful “piece of the puzzle” in solving the housing crisis.

    While its impact on general house prices and universal housing affordability is minimal, policymakers worry that programs like these unintentionally push up prices by boosting demand.

    Federal v state roles

    Housing policy in Australia is a shared responsibility.

    State governments control planning, zoning and most of the levers that determine how quickly homes can be approved and built (such as releasing land for development or approving apartment projects).

    The federal government mainly controls funding and high-level programs, so the success of the Albanese government’s plan will depend a lot on cooperation with the states and territories.

    However, there’s some inherent tension here: Canberra can set targets and provide incentives (funding), but it can’t directly build houses or force local councils to approve projects faster.

    That’s one reason behind the prefab certification idea: it removes one potential regulatory hurdle at a national level.

    Political timing

    The timing of this housing plan announcement is no coincidence.

    Australia will have a federal election by May 2025. Most voters will likely consider housing costs and cost-of-living to be primary issues.

    The expansion of Help to Buy enables Labor to target first-home buyers, which may be important in the election.

    The new housing plan is ambitious in scope and certainly a welcome effort to turn the tide on housing affordability.

    However, renters and prospective buyers are unlikely to experience quick benefits from these housing initiatives, as it will require sustained action and cooperation well beyond the upcoming election cycle.

    The Help to Buy program will begin later in 2025, and the positive effects of investing in prefabricated/modular housing will require a period of time before they become apparent.

    It is unclear whether these measures will effectively persuade voters and produce substantial improvements.

    Dr. Ehsan Noroozinejad has received funding from both national and international organisations to support research addressing housing and climate crises. His most recent funding on integrated housing and climate policy comes from the James Martin Institute for Public Policy.

    – ref. A $33 billion vote-grabber or real relief? Examining the Albanese government’s big housing pledge – https://theconversation.com/a-33-billion-vote-grabber-or-real-relief-examining-the-albanese-governments-big-housing-pledge-252915

    MIL OSI Analysis – EveningReport.nz –

    March 26, 2025
  • MIL-OSI United Nations: Guterres urges Caribbean leaders to keep pushing for peace, climate action

    Source: United Nations 2-b

    19 February 2025 Peace and Security

    In an address on Wednesday to Caribbean leaders meeting in Barbados, UN Secretary-General António Guterres announced a potential plan to support an “effective force” in Haiti as armed gangs continue to terrorize the population. 

    Mr. Guterres was speaking during the opening of the Caribbean Community (CARICOM) Heads of Government Meeting in the capital Bridgetown, where he called for unity to achieve progress in peace and security, climate and sustainable development.

    “A unified Caribbean is an unstoppable force,” he said. “I urge you to keep using that power to push the world to deliver on its promises.”

    ‘Trouble in paradise’

    The Secretary-General noted that the region’s “exquisite beauty is famed the world over, but there is trouble in paradise.”

    He told leaders that “wave after wave of crisis is pounding your people and your islands – with no time to catch your breath before the next disaster strikes.”

    Caribbean countries are experiencing uncertainty fuelled by geopolitical tensions, along with the socio-economic impact of the COVID-19 pandemic, soaring debt and interest rates, and a surge in the cost of living. 

    Global solutions exist

    These are all happening “amidst a deadly swell of climate disasters – ripping development gains to shreds, and blowing holes through your national budgets,” and as countries “remain locked-out of many international institutions – one of the many legacies of colonialism today.”

    The UN chief insisted that “the cure for these ills is global,” and the world needs to deliver on hard-won global commitments to address the immense challenges the international community is facing.

    He listed three key areas “where, together, we must drive progress.” 

    Peace in Haiti

    Mr. Guterres called for unity for peace and security, “particularly to address the appalling situation in Haiti – where gangs are inflicting intolerable suffering on a desperate and frightened people.”

    He said CARICOM and its Eminent Persons Group have provided invaluable support in this regard. 

    “We must keep working for a political process – owned and led by the Haitians – that restores democratic institutions through elections,” he said.

    Security and stability

    A Security Council-backed Multinational Security Support Mission is currently on the ground to assist the Haitian National Police.

    The Secretary-General said he will soon report to the Council on the situation in the country, including proposals on the role the UN can play to both support stability and security, and address the root causes of the crisis.

    He intends to present a proposal similar to the one for Somalia, in which the UN assumes responsibility for the structural and logistical expenditures necessary to put the force in place. Salaries are paid through a trust fund that already exists.

    “If the Security Council will accept this proposal, we will have the conditions to finally have an effective force to defeat the gangs in Haiti and create the conditions for democracy to thrive,” he said, drawing applause.

    © WFP/Fedel Mansour

    Hurricane Beryl last July caused devastation on Union Island in Saint Vincent and the Grenadines.

    Climate crisis opportunity

    His second point – unity on the climate crisis – underlined “a deplorable injustice” as Caribbean countries “have done next to nothing” to create it. Moreover, they have “fought tooth and nail for the global commitment to limit global temperature rise to 1.5 degrees.”

    Mr. Guterres said countries must deliver new national climate plans ahead of the COP30 UN climate conference later this year.  The plans must align with the 1.5 goal, with the G20 group of industrial nations leading the way.

    “This is a chance for the world to get a grip on emissions,” he said. “And it’s a chance for the Caribbean to seize the benefits of clean power, to tap your vast renewables potential, and to turn your back on costly fossil fuel imports.”

    As finance is required, he underscored the need for confidence that the $1.3 trillion agreed at the previous COP will be mobilized. Developed countries also must honour their promises on adaptation finance and make meaningful contributions to the new Loss and Damage Fund.

    “When the Fund was created, the pledges made were equivalent to the new contract for just one baseball player in New York City,” he remarked.

    Finance for sustainable development

    Meanwhile, the Sustainable Development Goals (SDGs) “are starved of adequate finance, as debt servicing soaks-up funds, and international financial institutions remain underpowered.”

    The Secretary-General said Caribbean countries have been at the forefront of the fight for change, pioneering bold and creative solutions.  He said the Pact for the Future, together with the Bridgetown Initiative, marks significant progress.

    Mr. Guterres thanked Caribbean leaders for supporting the Pact, which UN Member States adopted last year. 

    Key deliverables include support for an SDG Stimulus of $500 billion annually and commitment to reform international financial institutions to allow greater participation by developing countries. 

    MIL OSI United Nations News –

    March 26, 2025
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