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Category: Finance

  • MIL-OSI Asia-Pac: Hong Kong maintains third place globally with higher rating in Global Financial Centres Index

    Source: Hong Kong Government special administrative region

    Hong Kong maintains third place globally with higher rating in Global Financial Centres Index 
         A Government spokesman said, “The report fully recognises Hong Kong’s leading status and strengths as an international financial centre. Hong Kong’s rankings in the areas of ‘human capital’, ‘infrastructure’, and ‘financial sector development’ rose to second in the world, while rankings in ‘business environment’ and ‘reputational and general’ rose to third globally.”
     
         Hong Kong also ranked among the top in various financial industry sectors. Among these, Hong Kong ranked first globally in “investment management”, “insurance” and “finance”, and ranked third globally in “banking”. In addition, the report assessed the financial centres’ fintech offering, and Hong Kong’s ranking leapt further by five places to fourth in the world.
     
         The spokesman added, “With the staunch support of our country, Hong Kong will continue to leverage the advantages under ‘one country, two systems’, actively integrate into national development, and deepen international exchanges and co-operation, with a view to fulfilling our roles as a ‘super connector’ and a ‘super value-adder’. Finance is an important tool to support the development of the real economy. A series of policy initiatives have been announced in the 2025-26 Budget, pressing ahead with the high-quality development of Hong Kong’s international financial market to create more new growth areas.
     
         “On the stock market, various institutional reforms, including enhancing the timeframe for the listing application process and listing requirements for specialist technology companies, coupled with the Government’s active efforts to attract new capital from the Mainland and overseas and expand new markets, have injected new impetus into the Hong Kong market and improved its liquidity. We also endeavour to deepen financial mutual access between the Mainland and Hong Kong and have implemented a number of measures to enrich and support offshore Renminbi (RMB) business, such as enhancing the settlement arrangements of Bond Connect and launching offshore RMB bond repurchase business using Northbound Bond Connect bonds as collateral, further strengthening Hong Kong’s role in connecting the Mainland and international capital markets.
     
         “On asset and wealth management business, the Government has implemented measures to continuously promote its development over the past year, including enhancements to the Cross-boundary Wealth Management Connect Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area, Exchange-traded Fund Connect, and the Mainland-Hong Kong Mutual Recognition of Funds arrangement. On green finance, we launched in December last year a roadmap on sustainability disclosure in Hong Kong, which provides a well-defined pathway for large publicly accountable entities to fully adopt the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) no later than 2028, leading Hong Kong to be among the first jurisdictions to align its local requirements with the ISSB Standards. On fintech, we will soon promulgate a second policy statement on the development of virtual assets to explore the integration of traditional finance and virtual assets. We will also continue to explore new growth areas, including promoting gold market development and creating a commodity trading ecosystem in Hong Kong.”
     
         The GFCI Report has been released every March and September since 2007. In GFCI 37, 119 financial centres were assessed, and Hong Kong ranked third globally with an overall rating of 760.
    Issued at HKT 17:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Press release – European Parliament Press Kit for the European Council of 20 March 2025

    Source: European Parliament

    European Parliament President Roberta Metsola will represent the European Parliament at the summit, where she will address the heads of state or government at 11.00 and hold a press conference after her speech.

    When: Press conference at around 11.45 on 20 March

    Where: European Council press room and via Parliament’s webstreaming or EbS.

    At their meeting in Brussels, the heads of state or government will focus on ways to bolster the EU’s competitiveness. They will also discuss how the EU can continue supporting Kyiv against Russia’s aggression – with Ukrainian President Volodymyr Zelenskyy, how to strengthen the EU’s defence capabilities, and the EU’s response to the situation in the Middle East. Leaders will also have a first exchange of views on the EU’s next long-term budget (multiannual financial framework – MFF) and discuss migration.

    Competitiveness

    On 12 March, MEPs adopted two resolutions outlining their priorities for the next cycle of economic and social coordination between member states.

    On economic policy coordination, MEPs focus on the need to increase public and private investment, to address the investment gap, improve competitiveness and entrepreneurship, and continue fiscal consolidation. They say the EU should pursue these objectives while ensuring social cohesion and a high standard of living. MEPs are worried about slow growth and that more turbulent economic times are on the horizon. They call on member states to reduce excessive government deficits. They also warn about rising house prices.

    In the resolution on the EU’s employment and social priorities, MEPs emphasise the importance of reducing the administrative burden for companies, whilst safeguarding labour and social standards. They believe better support for small and medium-sized enterprises can foster innovation and better-quality jobs, and that stronger social economy enterprises can promote quality employment opportunities and the circular economy. The resolution states that fiscal policies under the European Semester must ensure investments align with sustainable growth and the European Pillar of Social Rights, in particular on affordable housing, healthcare, and education.

    During the 10-13 March plenary session, MEPs held debates on three recent Commission proposals on the clean industrial deal, the action plan for affordable energy and the automotive industry action plan.

    The clean industrial deal, announced by the Commission on 26 February 2025, is about enhancing EU competitiveness and decarbonisation by addressing high energy costs and fostering global cooperation. It includes measures to boost demand for clean products, mobilise funding for clean manufacturing, secure critical raw materials, and strengthen global partnerships. It also focuses on developing skills for a low-carbon economy, creating quality jobs, cutting red tape, and improving EU policy coordination. You can watch the debate here.

    The recently proposed automotive industry action plan, announced on 5 March 2025, is intended to support the European automotive sector as it deals with high manufacturing costs, the low-carbon transition, and increased competition from China. A resolution will be put to a vote during the April plenary session. You can watch the debate here.

    The action plan for affordable energy, which addresses high energy costs experienced by EU citizens and businesses, seeks to make electricity bills more affordable by reducing network charges and taxes, promoting energy efficiency, and improving the functioning of gas markets. You can watch the debate here.

    On 10 March, MEPs reviewed the Commission’s recent proposals to cut red tape and simplify legislation for EU businesses and citizens. The Commission is proposing to ease the administrative burden for all EU businesses, in particular for small and medium-sized companies. The main focus of compliance with EU rules will shift to the EU’s largest companies – those more likely to have a disproportionate impact on the climate and environment – while all businesses will continue to have access to sustainable finance for their clean transition. Areas covered under these ‘omnibus’ proposals include sustainability reporting, due diligence rules, the carbon border adjustment mechanism (CBAM), and InvestEU. You can watch the debate here.

    Further reading

    MEPs call for a more competitive EU that respects social and labour standards

    Russia’s war of aggression against Ukraine

    In a resolution adopted on 12 March, Parliament says the EU is now Ukraine’s primary strategic ally and must help the country uphold its right to self-defence.

    Following an “apparent shift” in the US position on Russia’s war of aggression, “which has included openly blaming Ukraine for the ongoing war”, the EU and its member states are now Ukraine’s primary strategic allies and must maintain their role as its largest donor, according to MEPs. To uphold Ukraine’s right to self-defence, the EU and its member states must ramp up their much-needed assistance to the country.

    The resolution also states there can be no negotiations on European security without the presence of the EU, and MEPs welcome the launch of a ‘coalition of the willing’ for the potential Europe-led enforcement of an eventual peace agreement. MEPs are dismayed by the US administration’s appeasement of Russia and targeting of its allies.

    On 24 February 2025, the President of the European Parliament, the President of the European Council and the President of the European Commission issued a joint statement, saying “Russia and its leadership bear sole responsibility for this war and the atrocities committed against the Ukrainian population. We continue to call for accountability for all war crimes and crimes against humanity committed. We welcome the recent steps made towards the establishment of a Special Tribunal for the Crime of Aggression against Ukraine.”

    The three presidents stressed that “Ukraine is part of our European family” and that “the future of Ukraine and its citizens lies within the European Union.” They emphasised “the need to ensure the international community’s continued focus on supporting Ukraine in achieving a comprehensive, just, and lasting peace based on the Ukrainian peace formula. We stand firm with Ukraine, reaffirming that peace, security, and justice will prevail.”

    Further reading

    The EU must contribute to robust security guarantees for Ukraine

    Joint statement on the third anniversary of Russia’s invasion of Ukraine

    EP Conference of Presidents’ statement on EU support for Ukraine

    How the EU is supporting Ukraine

    EU stands with Ukraine

    European defence and security

    In a resolution adopted on 12 March, Parliament calls on the EU to act urgently and ensure its own security. This will mean, MEPs say, strengthening relationships with like-minded partners, and strongly diminishing reliance on non-EU countries.

    The EU needs “truly ground-breaking efforts” and actions “close to those of wartime”, say MEPs, also welcoming the recently tabled ReArm plan.

    To achieve peace and stability in Europe, the EU must support Ukraine and become more resilient itself, MEPs argue. The resolution states, “Europe is today facing the most profound military threat to its territorial integrity since the end of the Cold War”. It calls on member states, international partners, and NATO allies to lift all restrictions on the use of Western weapons systems delivered to Ukraine against military targets on Russian territory.

    The text says the EU must enable its administration to “move much faster through the procedures”, in the event of war or other large-scale security crises. While stressing the importance of EU-NATO cooperation, MEPs also call for the development of a fully capable European pillar in NATO that is able to act autonomously whenever necessary.

    At the special European Council meeting on 6 March, European Parliament President Roberta Metsola reassured leaders that the EP can move quickly and efficiently to meet today’s unprecedented security challenges. She called on the EU to invest more in defence: “Our ambition must match the unprecedented threat, the boldness of our proposals, and the speed at which they are put into action.” She reassured leaders that the European Parliament can adjust to demanding circumstances by moving quickly, efficiently and effectively. President Metsola highlighted that “our ambition must match the unprecedented threat, the boldness of our proposals, and the speed at which they are put into action.”

    During the 31 March to 3 April plenary session, MEPs will discuss with High Representative Kaja Kallas the EU’s common foreign, defence, and security policy objectives for 2025. MEPs are set to urge the EU to invest more in its defence sector, including an increase of military and political support for Ukraine. They are also expected to call on the EU to expand its presence in the Middle East, foster closer ties with like-minded partners, and support enlargement countries in their efforts to advance towards EU membership. The draft texts on the EU Common Foreign and Security Policy and on EU Common Security and Defence Policy will be voted on by MEPs on 2 April.

    Further reading

    MEPs urge the EU to ensure its own security

    “We cannot afford to depend on others to keep us safe”, Metsola tells EU leaders

    “Europe must be responsible for its own security”, Metsola tells EU leaders

    MEPs call on Europe to strengthen its defence capacity

    Rutte to MEPs: “We are safe now, we might not be safe in five years”

    The EU’s long-term budget and new own resources

    Parliament is working on a draft report outlining its priorities for the next long-term EU budget post-2027, also known as the Multiannual Financial Framework (MFF). The Committee on Budgets is expected to vote on this draft report at a meeting on 23-24 April, and plenary is set to vote on it during the 5-8 May plenary session.

    Parliament’s consent is needed (with an absolute majority) for the adoption of the MFF. MEPs may approve or reject the Council’s position (which is adopted by unanimity) but they may not make amendments to it. Parliament’s two co-rapporteurs, Siegfried Mureşan (EPP, Romania) and Carla Tavares (S&D, Portugal), expect MEPs to be involved from the start of the process, that during the negotiations, in its adoption, and in the implementation phase of the long-term EU budget.

    So-called EU own resources are the main sources of revenue for the EU budget. During the previous long-term budget negotiations, EU institutions agreed on a legally binding roadmap for the introduction of new sources of EU revenue. In 2023, the Commission proposed three new sources, linked to greenhouse gas emissions, company profits, and money generated by the EU’s carbon border adjustment mechanism. However, their adoption has stalled due to the reluctance of EU governments – right when new revenue streams are more important than ever, as debts accrued through the Next Generation EU (NGEU) recovery instrument will have to be repaid by 2058. The total costs for capital and interest repayments of the NGEU are projected to reach around €20-30 billion a year from 2028. The co-rapporteurs have argued that their repayment should come at the expense of existing EU policies.

    The own resources decision also requires a unanimous decision in Council, an opinion of Parliament, and ratification by every member state before it enters into force.

    Further reading

    Parliament’s draft report on the long-term EU budget

    Recording of the presentation of the draft report in the Budgets Committee (19.02.2025.)

    Recording of a press conference by the MFF co-rapporteurs (18.12.2024.)

    EPRS Briefing: Future of EU long-term financing (February 2025)

    Press release: “Own Resources”: Parliament’s position on new EU revenue

    Migration

    On 11 March, MEPs and the Commission debated changes to EU rules on the return of people who have no legal right to remain in Europe. The proposal for a new legal framework on “returns”, announced by President Ursula von der Leyen in July 2024, was formally unveiled by the European Commission on 11 March.

    During the plenary debate, MEPs scrutinised the proposal, which is intended to increase the return rate of third-country nationals not entitled to stay in the EU. Parliament emphasised the importance of cooperation with third countries, including on the readmission of their own nationals, as well innovative measures such as the establishment of return hubs in third countries. You can watch the debate here.

    Middle East

    In a resolution adopted on 12 March, Parliament urges the EU and members states to support Syria’s transitional forces and calls on Damascus to end historical alliances with Tehran and Moscow. Concerned about stability in Syria and in the Middle East, MEPs want the EU to “seize this historic opportunity to support a Syrian-led political transition in order to unite and rebuild the country”. They call on the EU and member states to help Syria’s authorities in the country’s reconstruction. MEPs also want the EU to explore the use of frozen assets of the Assad regime to fund reconstruction, rehabilitation, and the compensation of victims.

    MEPs want Syria’s new authorities in Damascus “to break free from its notorious long-standing alliances with Tehran and Moscow, which “have brought suffering to the Syrian people and destabilisation to the Middle East and beyond”. They appeal to the Syrian authorities to revoke Russia’s military presence in Syria and condemn Moscow for hosting Bashar al-Assad and his family, shielding them from justice.

    Further reading

    The EU must support the political transition and reconstruction of Syria

    MIL OSI Europe News –

  • MIL-OSI Europe: Poland: Electricity grid to get further upgrades with EIB loan payment of over €400 million to Orlen Group

    Source: European Investment Bank

    • EIB set for loan of 1.7 billion Polish zlotys (€405 million) for Orlen to finance investment programme of its electricity supplier Energa Operator and improve and expand Poland’s electricity network
    • Loan to make Polish power grid more reliable and green, bolstering customer service, climate action and energy independence
    • Loan marks third and final tranche of 3.5-billion-zloty EIB loan to Orlen for upgrades to Poland’s power infrastructure

    The European Investment Bank (EIB) signed 1.7 billion Polish zlotys (€405 million) to electricity supplier Energa to improve and expand Poland’s electricity network. This is the third and final tranche of a 3.5- billion-zloty loan to Orlen for upgrades to power distribution grid in northern and central Poland.

    With the latest EIB loan tranche, Orlen subsidiary Energa Operator will upgrade over 4,600 kilometres of existing grid infrastructure, build a further 2,300 km of power lines in Poland to accommodate around 25,000 new customers. Energa Operator will also be able to modernize its electricity network’s metering systems.

    “Our support to Orlen is a strategic investment in the sustainable and long-term growth of the Polish economy,” said EIB Vice-President Teresa Czerwinska. “This underlines our strong commitment to a genuine and fair green transition, development of modern energy infrastructure and energy security for Poland and the European Union.”

    The operation advances EU goals to expand clean power such as wind and solar, become climate neutral by mid-century and reduce reliance on energy imports, outlined in RePowerEU initiative of the European Commission. It also strengthens a Polish aim of accelerating the shift to a net-zero-emissions power grid.

    “This record-high financing from the European Investment Bank is a strong vote of confidence in our growth strategy. We have an ambitious yet well-structured plan that will not only create value for our shareholders but also contribute to the broader economy. The EIB funding will be directed toward investments in our electricity distribution network, such as building new power lines and connecting new customers, including prosumers with their own renewable energy sources. These projects will be carried out by Energa Operator, which, thanks to the financing secured by ORLEN, is well-positioned to reinforce its leadership in Poland’s energy transition,” said Magdalena Bartoś, Vice President of the Management Board and Chief Financial Officer at ORLEN.

    The EIB loan supports Energa Operator long-term plans to expand the Polish national grid by 11,000 kilometres of new power lines and 7,000 kilometres of underground cables, while upgrading nearly 10,000 kilometres of existing infrastructure by the end of 2035. These investments will enable the connection of 350,000 new customers and integration of 9 GW of renewable energy sources, increasing the installed capacity of the national grid by more that 16 percent, and add energy storage facilities to further stabilise the power system.

    Background information

    EIB 

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union. The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

    In 2024, the EIB Group financing in Poland grew to €5.7 billion. This bolstered sustainable development of cities and regions, energy transition and included the group’s largest security defence project last year.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    ORLEN Group is an integrated multi-utility energy company listed in the prestigious global Fortune Global 500. It was the first company in the region to declare achieving total emission neutrality in 2050. Thanks to the recent acquisitions and mergers, it became one of the 150 largest companies in the world. The company operates on 10 home markets: Poland, Czech Republic, Germany, Lithuania, Slovakia, Hungary, Austria, Canada, Norway and Pakistan. Retail sales are carried out using the largest network of 3,500 fuel stations in the region. The ORLEN Group’s offer reaches over 100 countries on 6 continents.

    By the end of this decade, ORLEN will have invested over PLN 320 billion to implement strategic projects, of which approximately 40% will be allocated to green investments, including wind energy at sea and on land, photovoltaics, biogas and biomethane, biofuels, electromobility, green hydrogen and synthetic fuels.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Oxford City Council Approves Redevelopment Plans for 38-40 George Street for New Wilde Aparthotel and Community Space

    Source: City of Oxford

    Thursday, 20 March 2025

    PRESS RELEASE ON BEHALF OF MARICK REAL ESTATE: Oxford City Council Approves Redevelopment Plans for 38-40 George Street for New Wilde Aparthotel and Community Space

    Marick Real Estate is thrilled to announce that Oxford City Council has approved plans to redevelop 38-40 George Street into a stunning 145-room aparthotel operated by Staycity Group under their lifestyle Wilde brand. This major development will not only enhance the city’s hospitality offerings but also bring vital community benefits, making it a landmark project for the Gloucester Green area. 

    In addition to the aparthotel, the development will include a 400m² community space, developed in partnership with Makespace Oxford. This versatile space will serve as a hub for a wide variety of community activities, further enriching the local area and providing a welcoming environment for residents and visitors alike. 

    The project, designed with sustainability at its core, will be awarded a BREEAM “Excellent” rating. It will contribute to Oxford’s green agenda by achieving a 60% Biodiversity Net Gain, enrolling into the City’s “Safe Places” scheme, and reducing carbon emissions by over 40%. This scheme promises to set a new standard for environmentally responsible development in Oxford. 

    Councillor Ed Turner, Cabinet Member for Finance and Asset Management, commented: “This is an exciting milestone for the project and I look forward to seeing more detailed plans emerge as the team moves forward. This regeneration will revitalise the area, provide much-needed accommodation relieving pressure on family homes, and create a dedicated community space. It will also support local jobs, with workers being paid at least the Oxford Living Wage. We look forward to seeing it take shape.”  

    Andrew Heselton, of Marick Real Estate, expressed his enthusiasm for the project: “We are pleased to achieve this important milestone and look forward to developing the design, securing third-party agreements, and procuring our construction partner for this scheme prior to commencing the works in early 2026.” 

    The regeneration of 38-40 George Street promises to be a significant step forward in enhancing Oxford’s urban landscape, supporting its local economy, and improving the overall quality of life for residents. Staycity’s Wilde aparthotel will offer a unique, premium experience, while the new community space will become a valuable asset for people of all ages. 

    Construction is set to begin in early 2026, marking the start of an exciting new chapter for the city’s vibrant Gloucester Green area. 

    For any further information please visit the project website: www.george-street.co.uk 

    MIL OSI United Kingdom –

  • MIL-OSI: MEXC Dominates Token Listings with Highest Success Rate and Speed – TokenInsight Report

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, March 20, 2025 (GLOBE NEWSWIRE) — MEXC, a global cryptocurrency exchange, has reaffirmed its leadership in token listings, surpassing competitors in speed, volume, and market positioning, according to the latest TokenInsight Crypto Exchange report. Covering the period from November 1, 2024, to February 15, 2025, the report provides key insights into how centralized exchanges (CEXs) adapt to shifting market narratives during the latest bull run and how these changes influence their listing strategies.

    Key Takeaways

    • MEXC ranked first in spot listings, with 461 new tokens added.
    • The report recognized MEXC as a “Trend Capturer,” citing the strong performance of its early-listed tokens.
    • MEXC led in the conversion success rate (82.46%) for memecoin listings.
    • The exchange listed TRUMP just 2 hours and 20 minutes after its initial on-chain liquidity injection—far ahead of competitors.
    • MEXC was among the first exchanges to list major trend-driven tokens, including PNUT, CHILLGUY, AIXBT, BIO, RIFSOL, TRUMP, and VINE.

    MEXC Leads in Token Listings and Market Agility

    Over the past three months, MEXC has listed 461 new spot trading pairs—1.5 times more than Gate.io and 4.5 times more than Bitget—demonstrating its superior ability to capture market momentum. The exchange has maintained a consistent two-week listing cycle, ensuring that traders gain early access to promising assets before they reach mainstream markets.

    This agility is particularly evident in key industry trends, as MEXC has emerged as the first major exchange to list tokens tied to the four dominant narratives of the current market: Meme, DeSci, AI Agent, and Celebrity Tokens.

    A Leader in Early Listings

    The TokenInsight report recognizes MEXC as a “Trend Capturer” for positioning its traders ahead of major market moves. By listing tokens early in their lifecycle, the exchange enables traders to capitalize on rapid growth opportunities.

    For example, CHILLGUY was listed when its market cap was below $150 million and surged to $600 million within just ten days. MEXC’s reputation for early-market foresight has been reinforced by its rapid listing of high-performing tokens, including PNUT, CHILLGUY, AIXBT, BIO, RIFSOL, TRUMP, and VINE. Many of these tokens experienced significant price surges post-listing.

    A standout case is TRUMP, which MEXC listed on January 18 at 03:20 UTC, just 2 hours and 20 minutes after its initial on-chain liquidity injection—well ahead of other exchanges, which didn’t follow until after 10:00 UTC. This ultra-fast turnaround underscores MEXC’s sharp market responsiveness, allowing traders to access high-momentum tokens before broader adoption.

    Quality in On-Chain Listings

    Unlike platforms that focus solely on token volume, MEXC takes a selective approach, prioritizing high-potential on-chain assets. TokenInsight’s data reveals that MEXC’s 82.46% conversion rate from on-chain listings to its primary spot market far surpasses Gate.io’s 11.76%, highlighting its ability to identify sustainable projects.

    Largest Market Share and Top 5 CEX Ranking

    With its ability to identify and list emerging trends faster than competitors, MEXC continues to solidify its position among top-tier exchanges. Beyond leading in new listings, CoinDesk data confirms that MEXC captured the largest market share among centralized exchanges in February 2025 and secured a top-five ranking based on overall market share.

    The full report is available on TokenInsight’s official website.

    About MEXC
    Founded in 2018, MEXC is dedicated to being “Your Easiest Way to Crypto.” Known for its extensive selection of trending tokens, airdrop opportunities, and low fees, MEXC serves over 34 million users across 170+ countries. With a focus on accessibility and efficiency, our advanced trading platform appeals to both new traders and seasoned investors alike. MEXC provides a seamless, secure, and rewarding gateway to the world of digital assets.

    For more information, visit: MEXC Website | X | Telegram | How to Sign Up on MEXC
    For media inquiries, please contact MEXC PR Manager Lucia Hu: lucia.hu@mexc.com

    About TokenInsight

    TokenInsight is a leading research and data analytics firm focused on the cryptocurrency and blockchain industry. Through detailed market reports and data-driven insights, TokenInsight provides actionable intelligence to investors, exchanges, and industry participants.

    Disclaimer: This press release is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7fc75310-f85c-45f9-b803-96869eb2c148

    The MIL Network –

  • MIL-OSI Video: How to Invest Smarter with the Savings & Investments Union

    Source: European Commission (video statements)

    The Savings and Investments Union: Enhancing Europe’s Financial Landscape
    Europeans hold significant amounts of savings in bank deposits, yet only 5% of global venture capital is sourced from the EU.

    The Savings and Investments Union seeks to address this imbalance by streamlining investment processes and broadening opportunities, fostering EU economic growth and enhancing household wealth.

    Ultimately, the Savings and Investments Union aims to amplify investment choices, support EU enterprises, and strengthen the regional economy, leading to improved living standards for all Europeans.

    https://www.youtube.com/watch?v=KO6HPfhV3U4

    MIL OSI Video –

  • MIL-OSI: Equinor presents 2024 Annual report

    Source: GlobeNewswire (MIL-OSI)

    Equinor ASA (OSE: EQNR, NYSE: EQNR) publishes annual report for 2024, including financial and sustainability reporting.

    “2024 was marked by continued unpredictability in energy markets, with growing energy demand, political uncertainty and uneven progress in the energy transition. Our focus is on producing the energy the world needs today, and at the same time developing the energy systems needed for the future,” says Anders Opedal, President and CEO of Equinor ASA.

    Safety

    “A systematic approach to safety over time is paying off with the best safety results to date in 2024. However, the year was marked by the fatal search and rescue (SAR) helicopter accident where we lost a dear colleague. We believe close collaboration with suppliers and shared learning in the industry is important for our continued safety improvement effort”, says Opedal.

    The twelve-month average Serious Incident Frequency (SIF) for 2024 was 0.3, down from 0.4 in 2023.

    Strong operational and financial performance

    Equinor delivered adjusted operating income* of USD 29.8 billion, and adjusted net income* of USD 9.18. Net operating income was reported at USD 30.9 billion and net income at USD 8.83 billion.

    “Our operational performance was strong, built on the dedicated efforts from employees across the company. Our role as a major supplier of energy to Europe is important and I am proud of the work we have done to provide energy security”, says Opedal.

    Strong operational performance across the portfolio contributed to an equity production of liquids and gas of 2,067 mboe per day in 2024, on par with the year before. Equity production of renewable power increased by 51% to 2,935 GWh.

    Strong financial result contributed to a return on average capital employed (RoACE)* at 21% for 2024. Capital discipline remained firm with organic capital expenditures* ending at USD 12.1 billion for the year. Equinor maintained a strong balance sheet with net debt to capital employed adjusted* of 11.9% at the end of 2024.

    The strong financial results of 2024 also led to strong contributions to society through taxes. In 2024, Equinor paid USD 20.6 billion in corporate income taxes of which USD 19.7 billion was paid in Norway, where Equinor has the largest share of its operations and earnings.

    Firm strategy and progressing industrial development

    “We have a consistent growth strategy, and our strategic direction remains firm. By adapting to market situation and opportunities, we are positioned for stronger free cash flow and growth, and set to create shareholder value for decades to come”, Opedal continues.

    Through progressing projects and portfolio shaping transactions Equinor spent 2024 high-grading the portfolio and positioning for stronger growth and cash flow.

    On the Norwegian continental shelf, the development of the portfolio continued with 39 new licences and approvals of the PDOs of Eirin, Irpa, Verdande and Andvare projects. The Johan Castberg FPSO arrived at the field and started preparations for startup.

    The international upstream portfolio was focused with the exits from our long-standing positions in Nigeria and Azerbaijan and deepened in core areas with the acquisitions of US Onshore gas assets close to premium markets. In the UK an agreement was signed to establish an incorporated joint venture with Shell UK Ltd., which will become the largest independent oil and gas company on the UK continental shelf.

    Through 2024 Equinor high-graded the renewables portfolio to ensure profitable growth, in a market challenged by cost inflation and regulatory delays. In the UK the world’s largest offshore wind farm, Dogger Bank, continued to progress towards commercial start-up. Production was commenced at the Mendubim solar plants in Brazil.

    The long-term view on the importance of offshore wind remains firm. Through an acquisition of a 10% stake in Ørsted, Equinor got exposure to a premium portfolio of offshore wind projects and assets in operation.

    Value chains for carbon transport and storage progressed notably. In Norway, Northern Lights, the first commercial CO2 transport and storage infrastructure was completed and is expected to receive and store CO2 in 2025. In the UK, execution started for two of UK’s first carbon capture and storage infrastructure projects where Equinor is a partner.

    Progress on the Energy transition plan

    In 2024, Equinor achieved a year-on-year reduction of 5% in operated scope 1+2 greenhouse gas emissions, bringing the total down to 11.0 million tonnes CO2 equivalents. This is a 34% reduction from 2015, which is the reference year for Equinor’s ambition to reduce group-wide operated emissions by 50% on a net basis by 2030. Throughout 2024, actions were taken for further emission reductions with the partial electrification of the Sleipner field center, the Gudrun platform, as well as the Troll B and C fields.

    The average upstream CO2 intensity of Equinor’s operated portfolio was 6.2 kg of CO2 per boe in 2024 (100% basis), an improvement from 6.7kg of CO2/boe in 2023 and well below the industry average. The scope 3 GHG emissions from use of our products were 251 million tonnes in 2024, on par with the level in 2023.

    Equinor improved in the net carbon intensity of energy produced (including scope 1, 2 and 3 emissions) in 2024, which is now 2% below the 2019 baseline. The reduction was mainly driven by increased renewable energy production and lower scope 1+2 emissions.

    Equinor ambition is to to be a leading company in the energy transition. The updated Energy Transition Plan, published on March 20 2025, outlines the approach to deliver on Equinor’s strategy of creating value in the transition, while adjusting to changing external context and market realities.

    ***

    The previously announced decision of the French Energy Regulatory Commission (CRE), includes a requirement for Equinor to publish the following summary language:

    “Les sociétés Danske Commodities A/S et Equinor ASA ont été condamnées, par une décision n° 08-40-23 de la Commission de régulation de l’énergie (CRE) du 20 janvier 2025, au titre de la méconnaissance de l’article 5 du règlement REMIT qui prohibe les manipulations de marché, au paiement de sanctions pécuniaires, dont les montants s’élèvent à huit millions d’euros (8.000.000 €) pour la société Danske Commodities A/S et quatre millions d’euros (4.000.000 €) pour la société Equinor ASA, pour des manipulations commises sur le marché de gros en 2019 et en 2020, en ce qui concerne les capacités de transport de gaz naturel entre la France et l’Espagne.

    Danske Commodities A/S and Equinor ASA were ordered by decision no. 08-40-23 of Commission de régulation de l’énergie (CRE) of 20 January 2025 to pay – for infringement of Article 5 of REMIT Regulation prohibiting market manipulations – financial penalties in the amount of eight million euros (€8,000,000) as regards Danske Commodities A/S and four million euros (€4,000,000) as regards Equinor ASA, for manipulations committed on the wholesale market in 2019 and 2020, with regard to natural gas transmission capacity between France and Spain.”

    The full decision is included in the attached appendix “Full decision text”. Equinor does not agree with the decision from CRE and will appeal the case to the Higher Administrative Court in France.

    * * *

    Our annual report and the subsidiary reports published separately can be downloaded from equinor.com/reports.

    * * *

    In accordance with Section 203.01 of the New York Stock Exchange Listed Company Manual, Equinor ASA announces that on 20 March 2025 it filed with the Securities and Exchange Commission its 2024 Annual Report on Form 20-F that includes audited financial statements for the year ended December 31, 2024.

    The Equinor 2024 Annual Report on Form 20-F may be downloaded from Equinor’s website at www.equinor.com. References to this document or other documents on Equinor’s website are included as an aid to their location and are not incorporated by reference into this document. All SEC filings made available electronically by Equinor may be obtained from the SEC’s website at www.sec.gov.

    Shareholders may also request a hard copy of the annual report free of charge at www.equinor.com.

    * * *

    (*) These are non-GAAP figures. See Use and reconciliation of non-GAAP financial measures in the annual report for more details.

    Further information:

    Investor relations
    Bård Glad Pedersen, senior vice president Investor Relations,
    +47 51 99 00 00

    Press
    Rikke Høistad Sjøberg, media spokesperson financial communication,
    +47 901 01 451(mobile)

    * * *

    Cautionary Note regarding Forward Looking Statements

    This press release contains forward-looking statements. Forward-looking statements reflect current views with respect to future events, are based on the management’s current expectations and assumptions, and are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements, including those discussed under “Risk Factors” in the 2024 Annual report and elsewhere in Equinor’s publications. You should not place undue reliance on forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, Equinor undertakes no obligation to update any of these statements, whether to make them conform to actual results, changes in expectations or otherwise.

    * * *

    This information is subject to disclosure obligations pursuant to the EU Market Abuse Regulation, ref. section 3-1 in the Norwegian Securities Trading Act, and section 5-12 of the Norwegian Securities Trading Act.

    Attachments

    The MIL Network –

  • MIL-OSI Australia: Arrest – Indecent exposure – Zuccoli

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force has arrested a 28-year-old female for indecent exposure at a school in Zuccoli this morning.

    Around 10:40am, police received reports of a female acting in a disorderly manner outside of a school premises on Ginger Road. It is alleged the 28-year-old female was making gestures at students, kicking the school fence, throwing and smashing objects before she indecently exposed herself.

    General duties members attended and arrested the female a short time later.

    Investigations remain ongoing and charges are expected to follow.

    MIL OSI News –

  • MIL-OSI: Announcement of Fixed Income Investor Meetings

    Source: GlobeNewswire (MIL-OSI)

    Diversified Energy Company PLC (LSE: DEC) (NYSE: DEC) (“Diversified” or the “Company”), an independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, today announces that it has mandated DNB Markets, a part of DNB Bank ASA, as Sole Bookrunner to arrange a series of fixed income investor calls commencing March 24, 2025. Following such fixed-income investor calls, the Company intends to commence an offering of four-year US$ denominated senior secured notes, subject inter alia to market conditions (the “Contemplated Bond Offering”).

    The Company intends to use the net proceeds from the Contemplated Bond Offering to repay existing debt and for general corporate purposes.

    The Contemplated Bond Offering, if issued, will be offered in the United States or its territories only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “U.S. Securities Act”). The Contemplated Bond Offering, if issued, will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute or form a part of any offer to sell or the solicitation of an offer to buy any securities of Diversified, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful, and is being issued in the United States pursuant to and in accordance with Rule 135c under the Securities Act.

    For further information, please contact:

    Diversified Energy Company PLC +1 973 856 2757
    Doug Kris dkris@dgoc.com
    Senior Vice President, Investor Relations & Corporate Communications  
       
    FTI Consulting dec@fticonsulting.com
    U.S. & UK Financial Public Relations  
       

    About Diversified
    Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

    Forward-Looking Statements
    This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning Diversified and the Contemplated Bond Offering. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. These forward-looking statements reflect Diversified’s beliefs and expectations, are based on numerous assumptions regarding Diversified’s present and future business strategies and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements will come to pass. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond Diversified’s ability to control or estimate precisely. Factors that may cause actual results to differ materially from the forward-looking statements contained in this announcement include the risk factors described in the “Risk Factors” section in Diversified’s Annual Report and Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of their date and neither Diversified nor any of its directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. You are cautioned not to place undue reliance on such forward-looking statements.

    Important Notice to UK and EU Investors
    This announcement is directed at and is only being distributed to persons: (a) if in member states of the European Economic Area, “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (“Qualified Investors“); or (b) if in the United Kingdom, “qualified investors” within the meaning of Article 2(e) of the UK version of Regulation (EU) 2017/1129 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, who are (i) persons who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order“), or (ii) persons who fall within Article 49(2)(a) to (d) of the Order; or (c) persons to whom they may otherwise lawfully be communicated (each such person above, a “Relevant Person“). No other person should act or rely on this announcement and persons distributing this announcement must satisfy themselves that it is lawful to do so. This announcement must not be acted on or relied on by persons who are not Relevant Persons, if in the United Kingdom, or Qualified Investors, if in a member state of the EEA. Any investment or investment activity to which this announcement or the the Contemplated Bond Offering relates is available only to Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA, and will be engaged in only with Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA.

    The MIL Network –

  • MIL-OSI: IPOPEMA Initiates Coverage of Šiaulių Bankas with a Buy Rating and a Target Price of EUR 1.20

    Source: GlobeNewswire (MIL-OSI)

    On March 19, 2025 IPOPEMA, a leading independent investment bank in Poland, announced the initiation of equity research coverage (sponsored) on Šiaulių Bankas with a “Buy” rating and a target price of EUR 1.20 per share. This target price represents a compelling 28% upside potential over the bank’s current market valuation.

    IPOPEMA’s analysis highlights Šiaulių Bankas’s distinct market position, serving clients across the size spectrum while strategically focusing on the underserved SME segment. This niche is often overlooked by larger, risk-averse institutions. The robust Lithuanian macroeconomic environment is expected to drive strong volume growth across all sectors. While the bank’s ongoing rebranding and implementation of a new software platform may result in a temporary decline in net profit this year due to strategic investments and falling interest rates, these initiatives are expected to fuel long-term growth.

    IPOPEMA is a leading independent investment bank in Poland, providing a wide range of financial services, including investment banking, brokerage and asset management. With a strong track record in capital market transactions and a commitment to delivering value to its clients, IPOPEMA is a trusted partner for international companies accessing Polish investors as well as global Emerging Market investors.

    “We welcome IPOPEMA’s initiation of research coverage and are very excited about it. As we continue to strengthen our investor engagement, we believe their renowned expertise in the CEE Banking sector will provide invaluable insights and analysis, significantly benefiting our existing and potential investors,” says Tomas Varenbergas, Head of Investment Management Division at Šiaulių Bankas.

    Šiaulių Bankas is also covered by Enlight Research, Erste Group, Norne Securities, Swedbank and WOOD & Company. The research reports are available to investors on Šiaulių Bankas’ website.

    If you would like to receive Šiaulių Bankas news for investors directly to your inbox, subscribe to our newsletter.

    Important Notice:

    IPOPEMA reports are prepared on behalf of Šiaulių Bankas and based on publicly available information. Reports are published for informational purposes only and do not constitute, and shall not be deemed to constitute, an investment recommendation to buy, sell or enter into any other transactions in respect of the shares of Šiaulių Bankas. The information provided may not form the basis of any subsequent transaction. Investors themselves are responsible for making investment decisions based on the information published.

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

    The MIL Network –

  • MIL-OSI: New Zscaler AI Security Report Reveals an Over 3,000% Surge in Enterprise Use of AI/ML Tools

    Source: GlobeNewswire (MIL-OSI)

    • ChatGPT is the most popular AI/ML application, accounting for nearly half of all AI/ML transactions (45.2%) and is also the most-blocked AI application, followed by Grammarly, and Microsoft Copilot as the second and third most-blocked applications, respectively
    • Agentic AI and open-source model DeepSeek are creating new opportunities for threat actors to weaponize AI and automate and scale their attack
    • The top five countries generating the most AI/ML transactions are the United States, India, United Kingdom, Germany, and Japan
    • The Finance & Insurance and Manufacturing industries generate the most AI/ML traffic, with 28.4% and 21.6% share of all AI/ML transactions in the Zscaler cloud, respectively, followed by Services (18.5%), Technology (10.1%), Healthcare (9.6%), and Government (4.2%)

    SAN JOSE, Calif., March 20, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (NASDAQ: ZS), the leader in cloud security, today released the ThreatLabz 2025 AI Security Report, based on insights from more than 536 billion AI transactions processed between February 2024 to December 2024 in the Zscaler Zero Trust Exchange™platform, the largest in-line security cloud, which discovered real-world threat scenarios ranging from AI-enhanced phishing to fake AI platforms. This report also explores recent developments in areas that will undoubtedly influence AI in 2025 and beyond, including agentic AI, the emergence of DeepSeek, and the evolving regulatory landscape.

    The report reveals a 3,000+% year-over-year growth in enterprise use of AI/ML tools, highlighting the rapid adoption of AI technologies across industries to unlock new levels of productivity, efficiency, and innovation. Enterprises are sending significant volumes of data to AI tools, totaling 3,624 TB, underscoring the extent to which these technologies are integrated into operations. However, this surge in adoption also brings heightened security concerns. Enterprises blocked 59.9% of all AI/ML transactions, signaling enterprise awareness around the potential risks associated with AI/ML tools, including data leakage, unauthorized access, and compliance violations. Threat actors are also increasingly leveraging AI to amplify the sophistication, speed, and impact of attacks—forcing enterprises to rethink their security strategies.

    “As AI transforms industries, it also creates new and unforeseen security challenges,” said Deepen Desai, Chief Security Officer at Zscaler. “Data is the gold for AI innovation, but it must be handled securely. The Zscaler Zero Trust Exchange platform, powered by AI with over 500 trillion daily signals, provides real-time insights into threats, data, and access patterns—ensuring organizations can harness AI’s transformative capabilities while mitigating its risks. Zero Trust Everywhere is the key to staying ahead in the rapidly evolving threat landscape as cybercriminals look to leverage AI in scaling their attacks.”

    Key Insights from the ThreatLabz 2025 AI Security Report

    ChatGPT Dominates AI/ML Transactions, But Security Concerns Remain
    ChatGPT emerged as the most widely used AI/ML application, driving 45.2% of identified global AI/ML transactions in the Zscaler Zero Trust Exchange. However, it was also the most-blocked tool due to enterprises’ growing concerns over sensitive data exposure and unsanctioned use. Other most-blocked applications include Grammarly, Microsoft Copilot, QuillBot, and Wordtune, showing broad usage patterns for AI-enhanced content creation and productivity improvements.

    “We had no visibility into ChatGPT. Zscaler was our key solution initially to help us understand who was going to it and what they were uploading.”
    —Jason Koler, CISO, Eaton Corporation | See the video case study

    DeepSeek and Agentic AI: Innovation Meets Escalating Threats
    AI is amplifying cyber risks, with usage of agentic AI and China’s open-source DeepSeek enabling threat actors to scale attacks. So far in 2025, we’ve seen DeepSeek challenge American giants like OpenAI, Anthropic, and Meta, disrupting AI development with strong performance, open access, and low costs. However, such advancements also introduce significant security risks.

    Geographies Leading AI Adoption: US and India
    The United States and India generated the highest AI/ML transaction volumes, representing the global shift toward AI-driven innovation. However, these changes aren’t occurring in a vacuum, and organizations in these and other geographies are grappling with increasing challenges like stringent compliance requirements, high implementation costs, and shortage of skilled talent.

    Finance & Insurance Lead Enterprise AI Traffic by Industry
    The Finance & Insurance sector accounted for 28.4% of all enterprise AI/ML activity, reflecting its widespread adoption, and indicative of the critical functions supported by the industry, such as fraud detection, risk modeling, and customer service automation. Manufacturing was second, accounting for 21.6% of transactions, likely driven by innovations in supply chain optimization and robotics automation. Additional sectors, including Services (18.5%), Technology (10.1%), and Healthcare (9.6%), are also increasing their reliance on AI, while each industry also faces unique security and regulatory challenges posing new risks and possibly impacting the overall rate of adoption.

    The Zscaler AI Advantage
    Built on a true zero trust architecture, Zscaler delivers Zero Trust Everywhere, securing user, workload, IoT/OT communication using business policies, not network policies. Zscaler mitigates AI-powered threats by hiding applications and IP addresses from attackers, inspecting all traffic for threats, and ensuring users access only authorized applications—never full networks. This approach minimizes the attack surface, prevents lateral movement, and stops threats before they can cause harm. Zscaler protects its users against today’s most sophisticated AI-driven threats by implementing the following:

    • Zero Trust Foundation: Minimize the external attack surface through continuous verification and least-privilege access.
    • Real-time AI Insights: Employ predictive and generative AI to deliver actionable insights that enhance security operations and digital performance.
    • Data Classification: Leverage AI-driven classification to seamlessly detect and safeguard sensitive data across Zscaler’s Data Fabric.
    • Threat Protection: Block AI-enhanced threats through continuous monitoring and response powered by the Zscaler Zero Trust Exchange.
    • App Segmentation: Restrict lateral movement and reduce the internal attack surface with AI-driven, automatic app segmentation.
    • Breach Prediction: Harness the power of Zscaler Breach Predictor that combines the power of generative AI and multi-dimensional predictive models.
    • Cyber Risk Assessments: Leverages AI-generated security reports to continuously optimize your zero trust implementation.

    Download the Full ThreatLabz 2025 AI Security Report
    Download the full version of the 2025 AI Security Report here for more information about real-world threat scenarios, AI predictions, insights into AI regulations, and AI best practices.

    Methodology
    Analysis of 536.5 billion total AI and ML transactions in the Zscaler cloud from February 2024 to December 2024. The Zscaler global security cloud processes over 500 trillion daily signals and blocks 9 billion threats and policy violations per day, delivering over 250,000 daily security updates.

    About ThreatLabz
    ThreatLabz is the security research arm of Zscaler. This world-class team is responsible for hunting new threats and ensuring that the thousands of organizations using the global Zscaler platform are always protected. In addition to malware research and behavioral analysis, team members are involved in the research and development of new prototype modules for advanced threat protection on the Zscaler platform, and regularly conduct internal security audits to ensure that Zscaler products and infrastructure meet security compliance standards. ThreatLabz regularly publishes in-depth analyses of new and emerging threats on its portal, research.zscaler.com.

    About Zscaler
    Zscaler (NASDAQ: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange™ platform protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 150 data centers globally, the SASE-based Zero Trust Exchange™ is the world’s largest in-line cloud security platform.

    Media Contact
    Natalia Wodecki
    press@zscaler.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9c2bf5d3-5720-4db8-bf1f-a9675f48840e

    The MIL Network –

  • MIL-OSI: Director Shareholdings

    Source: GlobeNewswire (MIL-OSI)

    Diversified Energy Company PLC (LSE: DEC) (NYSE: DEC) announces that on March 18-19, 2025, members of the Company’s Board of Director’s (the “Board”) transacted in ordinary shares of 20p each in the Company (“Ordinary Shares”).

    Members of the Board transacting in Ordinary Shares included:

    • David Johnson, Non-Executive Chair of the Board
    • David J. Turner, Jr., Independent Non-Executive Director

    Details of the Board member transactions in Ordinary Shares and the resulting positions in the Ordinary Shares of the Company are as follows:

    Name Activity
    Date    		 Activity
    Type    		 Number
    of shares    		 Trading
    Venue    		 Average
    Price
    David Johnson 3/18/2025 Buy 1,250 LSE £10.20
    David J. Turner, Jr. 3/19/2025 Buy 15,000 NYSE $13.19

    Following the transactions, the total interest and per cent of the Company’s total issued share capital (“ISC”) of the aforesaid Board members may be found in the table below:

      Name Total
    Shareholdings    		 % of ISC  
      David Johnson 25,000 0.031%  
      David J. Turner, Jr. 48,087 0.059%  

    For further information please contact:

    Diversified Energy Company PLC +1 973 856 2757
    Doug Kris dkris@dgoc.com
    Senior Vice President, Investor Relations & Corporate Communications www.div.energy
       
    FTI Consulting dec@fticonsulting.com
    U.S. & UK Financial Public Relations  


    About Diversified Energy Company PLC

    Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

    NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

    1  Details of the person discharging managerial responsibilities / person closely associated
    a) Name David Johnson
    2  Reason for the notification
    a) Position/status Non-Executive Chair of the Board
    b) Initial notification/Amendment Initial notification
    3  Details of the issuer, emission allowance market participant, auction platform, auctioneer
    or auction monitor
    a) Name Diversified Energy Company PLC
    b) LEI 213800YR9TFRVHPGOS67
    4  Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
    type of transaction; (iii) each date; and (iv) each place where transactions have been
    conducted
    a) Description of the financial
    instrument, type of instrument    		 Ordinary Shares of 20 pence each
      Identification code GB00BQHP5P93
    b) Nature of the transaction Purchase of Ordinary Shares
    c) Price(s) and volumes(s) Price(s) Volume(s)
        £10.20 1,250
    d) Aggregated information  
      Aggregated volume 1,250
      Price £10.20
    e) Date of the transaction March 18, 2025
    f) Place of the transaction London Stock Exchange (XLON)
    1  Details of the person discharging managerial responsibilities / person closely associated
    a) Name David J. Turner, Jr.
    2  Reason for the notification
    a) Position/status Independent Non-Executive Director
    b) Initial notification/Amendment Initial notification
    3  Details of the issuer, emission allowance market participant, auction platform, auctioneer
    or auction monitor
    a) Name Diversified Energy Company PLC
    b) LEI 213800YR9TFRVHPGOS67
    4  Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each
    type of transaction; (iii) each date; and (iv) each place where transactions have been
    conducted
    a) Description of the financial instrument, type of instrument Ordinary Shares of 20 pence each
      Identification code GB00BQHP5P93
    b) Nature of the transaction Purchase of Ordinary Shares
    c) Price(s) and volumes(s) Price(s) Volume(s)
        $13.19 15,000
    d) Aggregated information  
      Aggregated volume 15,000
      Price $13.19
    e) Date of the transaction March 19, 2025
    f) Place of the transaction New York Stock Exchange (XNYS)

    The MIL Network –

  • MIL-OSI: Diversified Energy Announces Details of Share Buyback Program

    Source: GlobeNewswire (MIL-OSI)

    BIRMINGHAM, Ala., March 20, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC) (NYSE: DEC) announces details regarding the parameters of a Share Buyback Program (the “Program”).

    As previously approved at the 2024 Annual General Meeting held on May 10, 2024 (the “2024 AGM”), the Company has the authority to buy back the Company’s ordinary shares of 20p each (the “Shares”). Under the Program, the Company, at its discretion and on occasion, may (subject to applicable law) purchase its Shares in open market transactions depending on market conditions, share price, trading volume, and other factors.

    The Company intends to conduct the Program concurrent with the following parameters:

    • The maximum number of Shares repurchased shall not exceed 4,756,842 Shares
    • The total consideration of Shares repurchased under the Program shall not exceed an aggregate market value of £52.3 million.
    • The Program will expire at the earlier date of the 30 June 2026 or the Company’s 2026 Annual General Meeting of its Shareholders.

    The purpose of the Program is to reduce the issued share capital of the Company. The Board believes that this Program will take advantage of a capital allocation opportunity as the Board is of the view that the shares are trading at a substantial discount to net asset value and is an appropriate use of the Company’s cash resources.

    Diversified will execute the Program on the London Stock Exchange within the limitations of the shareholder authority granted at the 2024 AGM and the 2025 AGM (if approved) and within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU (in each case, as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018) and Chapter 9 of the Financial Conduct Authority’s Listing Rules. The Company will hold as treasury shares any Shares repurchased in accordance with the provisions of the Companies Act 2006 and will cancel the Shares thereafter. Diversified will make appropriate disclosures during the buyback period of the number of Shares that the Company has repurchased.

    To facilitate the Program, Diversified has entered into an engagement with Peel Hunt LLP (“Peel Hunt”) pursuant to an engagement letter under which the Company has issued an irrevocable instruction providing Peel Hunt with the authority to repurchase Shares in the Company subject to certain agreed parameters. Purchases may continue during any closed periods of the Company, and any purchases of shares made during closed periods pursuant to the Program shall be made independently of and uninfluenced by the Company.

    For further information please contact:

    Diversified Energy Company PLC +1 973 856 2757
    Doug Kris dkris@dgoc.com
    Senior Vice President, Investor Relations & Corporate Communications  
       
    FTI Consulting dec@fticonsulting.com
    U.S. & UK Financial Public Relations  
       

    About Diversified
    Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

    Forward-Looking Statements

    This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). These forward-looking statements reflect the Company’s beliefs and expectations and are subject to risks and uncertainties. These risks and uncertainties may relate to factors that are beyond the Company’s ability to control or estimate precisely, including the risk factors described in the “Risk Factors” section in the Company’s Annual Report and Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of their date and neither the Company nor any of its directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. As a result, you are cautioned not to place undue reliance on such forward-looking statements.

    The MIL Network –

  • MIL-OSI: AI-Powered Quality Inspection in Manufacturing with Lenovo & Trifork

    Source: GlobeNewswire (MIL-OSI)

    Press release

    AI-Powered Quality Inspection in Manufacturing with Lenovo & Trifork

    Zurich, Switzerland, 20 March 2025 – Trifork’s AI-Powered Quality Inspection for Manufacturing, one component of our suite of Vision AI offerings, has successfully passed the Lenovo Validated Design (LVD) process.
    By combining Lenovo Edge systems, Nvidia technologies, and Trifork’s Vision AI capabilities, manufacturers gain access to a powerful quality assurance solution that not only automates real-time inspection but also detects defects and classifies objects based on shape, color, size, and other critical attributes.

    This validated solution significantly reduces manual inspection efforts and related costs while enhancing accuracy. It delivers high-value, timely, and detailed insights to manufacturing and quality teams, enabling them to monitor production quality in real-time and assess the impact of quality improvement initiatives.

    Key benefits include:

    • Instant visual capture of manufacturing production output and real-time assessment of product quality
    • Significant reduction in manual QA inspection efforts and costs
    • Minimized waste and rework, improving operational efficiency
    • Higher production effectiveness, leading to increased profitability and customer satisfaction
    • Continuous evaluation of QA investments and their impact

    “AI-powered quality inspection is transforming manufacturing by enabling real-time defect detection, reducing waste, and optimizing production efficiency. Our partnership with Trifork ensures that manufacturers can deploy a validated, scalable, and secure Edge AI solution that seamlessly integrates into their operations.”
    — Allen Holmes Jr., AI Innovation Leader, Lenovo

    “At Trifork, we believe in building intelligent, scalable solutions that drive real business impact. By integrating our Vision AI technology with Lenovo’s powerful Edge systems, we are enabling manufacturers to achieve next-level quality control with automated inspections and real-time insights—setting a new standard for efficiency and precision in the industry.”
    — Jørn Larsen, Founder & CEO, Trifork 

    Designed for manufacturing leaders, quality engineers, and industrial automation experts, this solution helps drive operational excellence with AI-driven precision.

    Learn more: https://lenovopress.lenovo.com/lp2178.pdf

    Investor and media contact

    Frederik Svanholm
    Group Investment Director, Head of IR & PR
    frsv@trifork.com, +41 79 357 7317

    About Trifork

    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,229 professionals across 73 business units in 16 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

    Attachment

    The MIL Network –

  • MIL-OSI Australia: Visit by Foreign Minister, His Excellency Sugiono and high-level Indonesian business delegation to Australia

    Source: Australian Government – Minister of Foreign Affairs

    Australian Foreign Minister Penny Wong, and Indonesian Foreign Minister His Excellency Sugiono, met today in Sydney to discuss cooperation on shared priorities under the Indonesia-Australia Comprehensive Strategic Partnership. This is Minister Sugiono’s first official visit to Australia since his appointment in October 2024.

    The Ministers highlighted the profound strategic trust and strong friendship that characterises the relationship between Indonesia and Australia.

    Australia and Indonesia are working to strengthen economic prosperity for both countries, advancing shared development priorities, enhancing the links between our people, and deepening longstanding cooperation on defence and regional security.

    The Ministers agreed to update the Plan of Action for the Indonesia-Australia Comprehensive Strategic Partnership (2025–2029) ahead of the next Annual Leaders’ meeting. This plan will set key priorities for forward cooperation.

    A high-level Indonesian business delegation is also visiting Sydney this week. This builds on momentum from Australia’s largest ever investor mission to Indonesia last month, an initiative under Invested: Australia’s Southeast Asia Economic Strategy to 2040.

    Indonesia’s strong economic growth represents an enormous opportunity for Australian businesses and investors. There is a great appetite amongst Indonesian consumers for Australian education, healthcare and consumer goods. At the same time, Indonesian investment into Australia has increased.

    Minister Sugiono will attend this evening’s FIFA World Cup 2026 qualifier match between the Australian and Indonesian men’s soccer teams, alongside Indonesian Minister for Youth and Sports Dito Ariotedjo.

    Quotes attributable to Australian Minister for Foreign Affairs Penny Wong:

    “This visit to Australia by Minister Sugiono, Minister Dito Ariotedjo and a high-level Indonesian business delegation demonstrates the breadth of our bilateral relationship across political and strategic cooperation; economic partnership; and the strong links between our people.

    “Deepening our economic engagement with Indonesia is of enormous value to both our countries, and is a key part of Australia’s broader effort to diversify our economy, especially through growing markets in Southeast Asia.”

    Quotes attributable to Indonesian Minister for Foreign Affairs Sugiono:

    “This visit signifies the strong partnership between our two countries which is built on shared values, mutual respect for sovereignty, and our unwavering commitment to take an active part in fostering peace and prosperity in the Indo-Pacific region and at the global stage.

    “We will continue to highlight our Comprehensive Strategic Partnership through mutually beneficial cooperation in key areas such as trade and investment, critical minerals, electric vehicle and battery products, agriculture and food security, education, research, defense and security, and people-to-people contact.”

    Media note: Imagery will be available via the DFAT Multimedia Library

    MIL OSI News –

  • MIL-OSI Asia-Pac: Wealth for Good speakers unveiled

    Source: Hong Kong Information Services

    The Government today announced the line-up of speakers for the third edition of the Wealth for Good in Hong Kong Summit, due to take place on March 26.

    This year’s summit, co-organised by the Financial Services & the Treasury Bureau and Invest Hong Kong, has “Hong Kong of the World, for the World” as its theme. The event will strive to forge new connections and leverage Hong Kong’s distinctive advantages under “one country, two systems” to drive innovation, investment and sustainable growth.

    Participants from Europe, the Americas, the Middle East, Africa and elsewhere in Asia will join Mainland and Hong Kong attendees at the event to exchange insights on art and culture, philanthropy, technology, and investments in artificial intelligence.

    Secretary for Financial Services & the Treasury Christopher Hui said world-class speakers, and decision-makers from family offices, will gather in Hong Kong to explore how the city’s strategic advantages can shape a bright future and legacy.

    He added that attendees will get a feel for the unparalleled opportunities Hong Kong has to offer as a global family office hub that can drive sustainable growth and touch lives far beyond its own shores courtesy of its strong financial and legal infrastructure, global connectivity, and thriving professional and philanthropic ecosystem.

    Distinguished international speakers at the summit will include the World Economic Forum’s Head of GAEA Luis Alvarado, ADLEGACY Founder Horst Bente, Swarovski International Holding Vice Chairman Robert Buchbauer, Hong Kong Academy for Wealth Legacy Board Chairman Adrian Cheng, Gates Foundation Senior Advisor and Director Steve Davis, and Clinique La Prairie Chief Executive Officer Simone Gibertoni.

    The line-up of speakers also includes BDT & MSD Partners Co-Chief Executive Officer Gregg Lemkau, Pony.ai Co-founder and Chief Executive Officer James Peng, Danantara Indonesia Chief Investment Officer Pandu Patria Sjahrir, Alibaba Group Co-founder and Chairman Joe Tsai, University of Oxford Vice-Chancellor Prof Irene Tracey, The Mall Group Chairwoman Supaluck Umpujh, and MiniMax Co-founder and Chief Operating Officer Yeyi Yun.

    Part of Hong Kong Super March, the summit is the flagship event of Hong Kong’s Wealth & Investment Mega Event Week, which also includes the Milken Institute Global Investors’ Symposium and the HSBC Global Investment Summit. 

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China to issue RMB-denominated green sovereign bond in London

    Source: China State Council Information Office

    China is set to debut an RMB-denominated sovereign green bond in London, the Ministry of Finance said on Wednesday.

    The value will not exceed 6 billion yuan (833 million U.S. dollars) and specifics will be announced prior to the issuance, the ministry said.

    In February, the ministry released a framework for sovereign green bonds, paving the foundation for the country to issue offshore sovereign green bonds and global capital to invest in its green development.

    The funds raised by green bonds under the framework will be allocated to eligible green projects included in the central fiscal budget. The funds are expected to contribute to achieving environmental goals such as climate change mitigation and adaptation, natural resource protection, pollution control, and biodiversity preservation.

    This initiative aims to diversify the range of high-quality green bond products in the global market and attract international capital to support domestic green and low-carbon development.

    MIL OSI China News –

  • MIL-Evening Report: If NZ wants to decarbonise energy, we need to know which renewables deliver the best payback

    Source: The Conversation (Au and NZ) – By Alan Brent, Professor and Chair in Sustainable Energy Systems, Te Herenga Waka — Victoria University of Wellington

    Getty Images

    A national energy strategy for Aotearoa New Zealand was meant to be ready at the end of last year. As it stands, we’re still waiting for a cohesive, all-encompassing plan to meet the country’s energy demand today and in the future.

    One would expect such a plan to first focus on reducing energy demand through improved energy efficiency across all sectors.

    The next step should be greater renewable electrification of all sectors. However, questions remain about the cradle-to-grave implications of investments in these renewable resources.

    We have conducted life-cycle assessments of several renewable electricity generation technologies, including wind and solar, that the country is investing in now. We found the carbon and energy footprints are quite small and favourably complement our current portfolio of renewable electricity generation assets.

    Meeting future demand

    The latest assessments provided by the Ministry of Business, Employment and Innovation echo earlier work by the grid operator Transpower. Both indicate that overall demand for electricity could nearly double by 2050.

    Many researchers believe these scenarios are an underestimate. One study suggests the power generation capacity will potentially need to increase threefold over this period. Other modelling efforts project current capacity will need to increase 13 times, especially if we want to decarbonise all sectors and export energy carriers such as hydrogen.

    This is, of course, because we want all new generation to come from renewable resources, with much lower capacity factors (the percentage of the year they deliver power) associated with their variability.

    Additional storage requirements will also be enormous. Following the termination of work on a proposed pumped hydro project, other options need investigating.

    Wind and solar are becoming the primary renewable technologies.
    Shutterstock/Kyohei Miyazaki

    Building renewable generation

    The latest World Energy Outlook published by the International Energy Agency (IEA) shows that wind and solar, primarily photovoltaic panels, are quickly taking over as the primary renewable technologies.

    This is also true in Aotearoa New Zealand. An updated version of the generation investment survey, commissioned by the Electricity Authority, shows most of the committed and actively pursued projects (to be commissioned by 2030) are solar photovoltaic and onshore wind farms.

    Offshore wind projects are on the horizon, too, but have been facing challenges such as proposed seabed mining in the same area and a lack of price stabilisation measures typical in other jurisdictions. New legislation aims to address some of these challenges.

    Distributed solar power (small-scale systems to power homes, buildings and communities) has seen near-exponential growth. Our analysis indicates wind (onshore and offshore) and distributed solar will make an almost equal contribution to power generation by 2050, with a slightly larger share by utility-scale solar.

    Cradle-to-grave analyses

    The main goal is to maintain a stable grid with secure and affordable electricity supply. But there are other sustainability considerations associated with what happens at the end of renewable technologies’ use and where their components come from.

    The IEA’s Global Critical Minerals Outlook shows the fast-growing global demand for a suite of materials with complex supply chains. We have also investigated the materials intensity of taking up these technologies in Aotearoa New Zealand, and discussed the greater dependence on those supply chains.

    The challenges in securing these metals in a sustainable manner include environmental and social impacts associated with the mining and processing of the materials and the manufacturing of different components that need to be transported for implementation here. There are also operating and maintenance requirements, including the replacement of components, and the dismantling of the assets in a responsible manner.

    We have undertaken comprehensive life-cycle assessments, based on international standards, of the recently commissioned onshore Harapaki wind farm, a proposed offshore wind farm in the South Taranaki Bight, a utility-scale solar farm in Waikato and distributed solar photovoltaic systems, with and without batteries, across the country.

    The usual metrics are energy inputs and carbon emissions because they describe the efficiency of these technologies. They are considered a first proxy of whether a technology is appropriate for a given context.

    Beyond that, we used the following specific metrics, as summarised in the table below:

    • GWP: global warming potential (carbon emissions during a technology’s life cycle per energy unit delivered).

    • CPBT: carbon payback time (how long a technology needs to be operational before its life cycle emissions equal the avoided emissions, either using the grid and its associated emissions or conventional natural gas turbines).

    • CED: cumulative energy demand over the life cycle of a technology.

    • EPBT: energy payback time (how long a technology needs to be operational before the electricity it generates equals the CED).

    • EROI: energy return on investment (the amount of usable energy delivered from an energy source compared to the energy required to extract, process and distribute that source, essentially quantifying the “profit” from energy production).

    There is much debate about the minimum energy return on investment that makes an energy source acceptable. A value of more than ten is generally viewed as positive.

    Life cycle assessment metrics of wind and solar power in Aotearoa New Zealand.
    Te Herenga Waka Victoria University of Wellington, CC BY-SA

    For all technologies we assessed, the overall greenhouse gas emissions are lower than the grid emissions factor. Because of New Zealand’s already low-emissions grid, the carbon payback time is around three to seven years for utility-scale generation. But for small-scale, distributed generation it can be up to 13 years. If the displacement of gas turbines is considered, the payback is halved.

    Energy return on investment is above ten for all technologies, but utility-scale generation is better than distributed solar, with values of between 30 and 75.

    To put this into perspective, the energy return on investment for hydropower, if operated for 100 years, is reported to be 110. Utility-scale wind and solar being commissioned now have an operational life of 30 years but are typically expected to be refurbished.

    This means their energy return on investment is becoming comparable to hydropower.

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

    – ref. If NZ wants to decarbonise energy, we need to know which renewables deliver the best payback – https://theconversation.com/if-nz-wants-to-decarbonise-energy-we-need-to-know-which-renewables-deliver-the-best-payback-251819

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: Salinas Man Sentenced To Over 22 Years For Conspiracy To Commit Child Sex Trafficking, Child Enticement, And Distribution And Possession Of Child Sexual Abuse Materials

    Source: Office of United States Attorneys

    SAN JOSE – Daniel Philip Aguirre was sentenced yesterday to 270 months (22.5 years) in federal prison and ordered to pay $19,100 in restitution for child sex trafficking, child enticement, and child pornography offenses.  U.S. District Judge Beth L. Freeman handed down the sentence.

    Aguirre, 33, of Salinas, pleaded guilty on Oct. 30, 2024, to conspiracy to commit sex trafficking of a minor in violation of 18 U.S.C. § 1594(c), sex trafficking of a minor in violation of 18 U.S.C. §§ 1591(a)(1), (b)(2), and (c), coercion and enticement of a minor in violation of 18 U.S.C. § 2422(b), distribution of child pornography in violation of 18 U.S.C. § 2252(a)(2), and possession of child pornography in violation of 18 U.S.C. § 2252(a)(4)(B).  

    According to the plea agreement, between 2014 and 2017, Aguirre used Grindr, SnapChat, Craigslist, and other websites to recruit and entice multiple adolescent boys for sexual exploitation and abuse.  In May 2014, he enticed a 14-year-old victim into illegal sexual acts with Aguirre and another man in San Jose, during which amyl nitrates, commonly known as “poppers,” were used to keep the child intoxicated.  Between April and September 2017, Aguirre sex trafficked a second 14-year-old victim while also maintaining an illegal sexual relationship with the child.  He also used the victim to create and distribute child sexual abuse materials.  Aguirre also acknowledged allegations by two other boys that Aguirre subjected them to online and in-person sexual abuse at various times from 2013 to 2015, while they were minors.  Numerous child sexual abuse materials were found on devices seized from Aguirre’s residence during a search in 2022.

    “This defendant preyed on and exploited children, and subjected them to nightmare scenarios.  We are grateful for the courage shown by these victims in coming forward.  Thanks to the work of our federal and state law enforcement partners, Aguirre will spend over 20 years in federal prison for his heinous conduct,” said Acting United States Attorney Patrick D. Robbins.  

    “This individual is the absolute personification of a predator and has cruelly impacted the lives of countless innocent children,”  said Homeland Security Investigations (HSI) San Francisco Special Agent in Charge Tatum King.  “This sentencing is the direct result of dedicated HSI agents, in partnership with state and local law enforcement and the U.S. Attorney’s Office, who prioritize a victim-based approach combined with aggressive investigative work and prosecution to remove threats to the children of our community.”

    At the sentencing hearing, the government and the Court commended the bravery of the victim who first reported his abuse to the Carmel-by-the Sea Police Department in 2020.  Three other victims came forward to report abuse by Aguirre after the initial criminal charges were reported.  

    In addition to the prison term and restitution, Judge Freeman also sentenced the defendant to a 15-year period of supervised release, ordered the forfeiture of devices containing child sexual abuse materials that were seized from Aguirre’s residence, and imposed a $500 special assessment fee.  Aguirre was immediately remanded into custody to begin serving his sentence.

    Assistant U.S. Attorney Marissa Harris prosecuted the case with the assistance of Sahib Kaur.  The prosecution is the result of a three-year investigation by HSI and the Carmel-by-the-Sea Police Department.
     

    MIL Security OSI –

  • MIL-OSI Security: Massachusetts Man Sentenced to 25 Years in Prison for Sexual Exploitation of a Child and Travel with Intent to Engage in Unlawful Sexual Activity

    Source: Office of United States Attorneys

    ALBANY, NEW YORK – Frank Twing, Sr. age 33, of West Stockbridge, Massachusetts, was sentenced yesterday to 25 years in prison, to be followed by 25 years of supervised release, for sexual exploitation of a 15-year-old victim and travel with intent to engage in unlawful sexual conduct with an approximately 12-year-old victim. United States Attorney John A. Sarcone III and Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI), made the announcement.

    Twing admitted that he engaged in a sexual relationship with a 15-year-old child during which he created sexually explicit videos depicting that child. He also admitted to traveling from his home in Massachusetts to New York, planning to have sex with an approximately 12-year-old child.

    Twing will also have to forfeit to the United States the property he used to commit the offenses, pay special assessments, and is required to register as a sex offender upon release from prison.

    This case was investigated by the FBI’s Albany Division Child Exploitation and Human Trafficking Task Force, the New York State Police, the Massachusetts State Police, and the Berkshire County District Attorney’s Office. Assistant U.S. Attorneys Michael D. Gadarian and Benjamin A. Gillis are prosecuting the case as part of Project Safe Childhood.

    Project Safe Childhood is a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse. Les by the U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc.

    MIL Security OSI –

  • MIL-Evening Report: More young people are caring for a loved one with dementia. It takes a unique toll

    Source: The Conversation (Au and NZ) – By Katya Numbers, Postdoctoral Research Fellow & Lecturer, Centre for Healthy Brain Ageing, UNSW Sydney

    Miljan Zivkovic/Shutterstock

    Dementia is a growing health problem, affecting more than 55 million people around the world.

    In Australia, an estimated 433,300 people are living with dementia. This figure is projected to rise to 812,500 by 2054.

    Dementia refers to brain disorders that are not a normal part of ageing. These disorders, including Alzheimer’s disease, cause a decline in cognitive function and changes in mood, memory, thinking and behaviour. Ultimately they affect a person’s ability to carry out everyday tasks.

    In Australia, around 75% of people with dementia live at home.

    While dementia care at home has traditionally been associated with older spouses or middle-aged children, it seems an increasing number of young adults in their 20s and 30s, and even teenagers, are stepping into this role to care for grandparents, parents or other loved ones.

    In Australia, 3 million people (11.9% of the population) are carers. This includes 391,300 under 25 – a sharp rise from 235,300 in 2018.

    How many young carers are specifically caring for a loved one with dementia is unclear, and something we need more data on. Young dementia carers remain largely invisible, with minimal recognition or support.

    Unique challenges and the burden of responsibility

    Unlike older carers, who may have more financial stability and free time, young carers often must balance caregiving with university, early-career pressures, and personal development, including maintaining social relationships, pursuing hobbies, and prioritising mental welling.

    In Australia, where 51% of men and 43% of women aged 20–24 still live with their parents, many young carers will have limited experience in managing a household independently.

    They’re often thrust into complex responsibilities such as cooking, housework, managing the family budget, coordinating medical appointments and administering medications.

    Beyond that, they may need to provide physical care such as lifting or helping their loved one move around, and personal care such as dressing, washing, and helping with toileting.

    Young carers often must balance caregiving with other responsibilities.
    Iris Wang/Unsplash

    All this can leave young carers feeling unprepared, overwhelmed and isolated.

    While general support groups exist for dementia carers and young carers more broadly, few cater specifically to young adults caring for someone with dementia.

    This lack of targeted support is likely to heighten feelings of isolation, as the young person’s friends struggle to relate to the emotional and practical burdens young carers face.

    The demanding nature of caregiving, combined with the difficulty of sharing these experiences with peers, means young dementia carers can become disconnected socially.

    The psychological toll

    These challenges take a profound psychological toll on young carers.

    Research shows young carers are 35% more likely to report mental health issues than their non-caregiving peers. These can include depression, anxiety and burnout.

    Again, we don’t have data on mental health outcomes among young dementia carers specifically. But in Australia, 75% of dementia carers reported being affected physically or emotionally by their caring role. Some 41% felt weary or lacked energy, and 31% felt worried or depressed.

    Also, there are negative stereotypes about ageing – that people turn forgetful, frail, and need constant care. For young carers whose loved ones have dementia, these stereotypes can be reinforced by their experience. This could shape young carers’ perceptions of their own future health and wellbeing and increase anxiety about ageing.

    Caregiving may also affect physical health. Research suggests carers often sacrifice healthy habits such as exercise and a balanced diet. What’s more, carers report symptoms including poor sleep, fatigue, headaches and back pain due to the physical demands of caregiving.

    Caring for a parent – a role reversal

    This emotional burden is particularly acute for those caring for a parent. These young carers are likely to experience the progressive loss of parental support, while simultaneously assuming the demanding role of caregiver.

    A significant portion of young dementia carers support parents with young-onset dementia, a form of dementia diagnosed before age 65. These young carers face the shock of a diagnosis that defies typical expectations of ageing.

    The burden may be compounded by fears of genetic inheritance. Young onset dementia often has a hereditary component.

    This means young carers may have a higher risk of developing the condition themselves – a concern spousal carers don’t have. This fear can fuel health anxiety, alter life planning, and create a pervasive sense of vulnerability.

    A significant portion of young dementia carers support parents with young-onset dementia.
    VisualProduction/Shutterstock

    How we can better support young dementia carers

    Despite their growing numbers, young dementia carers remain largely overlooked in research, policy and support services. This is partly due to the challenges in engaging this demographic in research, as these young people juggle busy lives balancing caregiving with education and work.

    Many young carers also don’t self-identify as carers, hindering their access to support and resources. This could be because of the stigmatising label, or a feeling they’re not doing enough to qualify as a carer. It could even be because of cultural norms which can frame caregiving as a family obligation, rather than a distinct role.

    Nonetheless, young dementia carers require targeted support beyond generic caregiving resources.

    This support might include specialised peer networks, educational programs, and practical skills training. Tailored programs and resources should ideally be co-designed with young dementia carers to ensure they meet their unique needs and preferences.

    With dementia cases in Australia and elsewhere projected to increase, the demand for informal carers – including young adults – will continue to grow.

    Without intervention, these young carers risk burnout, social isolation, and long-term health consequences. We must ensure flexible, age-appropriate support for this often invisible group. Investing in young dementia carers is not just a moral imperative – it’s a crucial step toward a sustainable, compassionate care system for the future.

    Dementia Australia offers a national helpline, information sessions, and a peer-to-peer connection platform for carers.

    The Young Carers Network, run by Carers Australia, offers mental health resources, financial guidance, and respite care information, plus bursaries young carers can apply for to reduce financial pressure.

    Katya is a co-founder of Y-Care of Dementia, a support network for Australians in their 20s and 30s who are caring for someone living with dementia.

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

    – ref. More young people are caring for a loved one with dementia. It takes a unique toll – https://theconversation.com/more-young-people-are-caring-for-a-loved-one-with-dementia-it-takes-a-unique-toll-249361

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Warner, Colleagues Push to Save Task Force Combating Threats to Election Officials

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON—U.S. Sen. Mark R. Warner (D-VA), Vice Chairman of the Senate Select Committee on Intelligence, joined Sens. Alex Padilla (D-CA), Dick Durbin (D-IL) and 28 Democratic colleagues in urging Attorney General Pam Bondi to continue the essential work of the Department of Justice’s (DOJ) Election Threats Task Force, which directs the Department’s efforts to protect election officials from rising threats and acts of violence.
    The senators’ letter comes as the Trump administration has significantly rolled back the federal government’s capacity to fight against foreign and domestic election security threats. On Attorney General Bondi’s first day in office, she disbanded the Federal Bureau of Investigation’s (FBI) Foreign Influence Task Force, hindering efforts to address secret influence campaigns waged by China, Russia, and other foreign adversaries. Additionally, the administration has fired or put on leave dozens of officials responsible for combating foreign election interference at the Cybersecurity and Infrastructure Security Agency (CISA) and has reportedly frozen all of CISA’s ongoing election security work. The administration has also defunded CISA’s nationwide program to train local officials and monitor threats through the Elections Infrastructure Information Sharing and Analysis Center.
    “Given the recent disturbing personnel and policy decisions at the Department and the lack of transparency about the future of the Task Force, we request an immediate update on the status and activities of the Task Force, as well as what resources will be provided to ensure its important work continues so that election officials of both parties can safely administer our elections,” wrote the senators.
    “Recent surveys have found that one in three election officials reported facing threats, harassment, and abuse. Similarly, 48 percent of local election officials know of someone who has left their job because of fear for their safety—a troubling loss of institutional knowledge needed for the smooth running of elections. Election workers continue to fear for their safety, so it is critical that the work of the Task Force continues to deter and counter these threats. In this challenging environment for election officials, it is essential to our democracy that they can continue to rely on the Department to uphold the law,” they continued.
    In addition to Sens. Warner, Padilla, and Durbin, the letter was also signed by Sens. Amy Klobuchar (D-MN), Chuck Schumer (D-NY), Angela Alsobrooks (D-MD), Michael Bennet (D-CO), Richard Blumenthal (D-CT), Lisa Blunt Rochester (D-DE), Cory Booker (D-NJ), Maria Cantwell (D-WA), Chris Coons (D-DE), Ruben Gallego (D-AZ), Mazie Hirono (D-HI), Mark Kelly (D-AZ), Andy Kim (D-NJ), Angus King (I-ME), Ben Ray Luján (D-NM), Edward Markey (D-MA), Jeff Merkley (D-OR), Jon Ossoff (D-GA), Bernie Sanders (I-VT), Brian Schatz (D-HI), Adam Schiff (D-CA), Jeanne Shaheen (D-NH), Chris Van Hollen (D-MD), Raphael Warnock (D-GA), Elizabeth Warren (D-MA), Peter Welch (D-VT), Sheldon Whitehouse (D-RI), and Ron Wyden (D-OR).
    In 2023, Sen. Warner joined his colleagues in sponsoring the Election Worker Protection Act, legislation that would provide states with proper resources to ensure the safety of these workers. Leading up to the 2024 elections, Sen. Warner also repeatedly raised the alarm about the elevated threat environment. As Chairman of the Intelligence Committee, he hosted open hearings to call on representatives from both the U.S. government and large tech companies to testify about their knowledge of and efforts to crack down on foreign malign influence online. He also warned of Russia and Iran’s attempts to influence the 2024 election. Sen. Warner sent a letter to CISA to push for more robust efforts to get ahead of these threats.
    Full text of the letter is available here and below:
    Dear Attorney General Bondi:
    We write to strongly urge you to continue the critical law enforcement work of the Department of Justice’s Election Threats Task Force, which protects election officials from ongoing threats and acts of violence. Given the recent disturbing personnel and policy decisions at the Department and the lack of transparency about the future of the Task Force, we request an immediate update on the status and activities of the Task Force, as well as what resources will be provided to ensure its important work continues so that election officials of both parties can safely administer our elections.
    The Task Force was established in the wake of the 2020 election cycle when election officials across the political spectrum began facing unprecedented threats of violence intended to thwart the peaceful transfer of power that is the hallmark of our democracy. In close collaboration with state and local law enforcement, the Task Force has assessed thousands of complaints of suspected threats of violence and investigated and prosecuted violent offenders. Over the years, these threats have not only continued but escalated.  The Task Force has investigated fentanyl-laced letters, bomb threats, and swatting incidents—serving as a legacy of the 2020 election and impacting the ways election officials interact with voters in their communities.
    Recent surveys have found that one in three election officials reported facing threats, harassment, and abuse. Similarly, 48 percent of local election officials know of someone who has left their job because of fear for their safety—a troubling loss of institutional knowledge needed for the smooth running of elections. Election workers continue to fear for their safety, so it is critical that the work of the Task Force continues to deter and counter these threats. In this challenging environment for election officials, it is essential to our democracy that they can continue to rely on the Department to uphold the law.
    Moreover, the federal government’s ability to fight election interference has been greatly hampered in the early weeks of this Administration. Dozens of officials at the Cybersecurity and Infrastructure Security Agency (CISA), who are responsible for combatting foreign election interference, have been fired or put on leave. CISA has also reportedly frozen all of its ongoing election security work, including defunding its nationwide program to train local officials and monitor threats through the “Elections Infrastructure Information Sharing and Analysis Center.” Additionally, on your first day in office, you signed a directive disbanding the FBI’s Foreign Influence Task Force, which was aimed at responding to secret influence campaigns waged by China, Russia, and other foreign adversaries.
    We request a response on the status and future plans of the Election Threats Task Force, the extent of resources and personnel dedicated to its work, and how it plans to incorporate related work previously led by CISA and the Foreign Influence Task Force by March 31, 2025.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Grassley, Johnson Fight for Unredacted Crossfire Hurricane Interview Transcripts

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Permanent Subcommittee on Investigations Chairman Ron Johnson (R-Wis.) are requesting Attorney General Pam Bondi and Federal Bureau of Investigation (FBI) Director Kash Patel take immediate action to remove all redactions from interview transcripts relating to the Department of Justice Office of Inspector General’s (DOJ OIG) examination of the FBI’s Crossfire Hurricane investigation.
    The senators first requested these unredacted transcripts from the DOJ OIG in April 2023. At the time, the DOJ OIG informed the senators that the redactions in those transcripts were made by other government agencies, such as the FBI and DOJ, and the DOJ OIG lacked the authority to release the information.
    The senators are now calling on DOJ and FBI to work with the DOJ OIG to produce these unredacted versions of the transcripts as soon as possible.
    The full text of their letter can be found HERE.
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Grassley Seeks Transparency and Accountability for DOJ Officials Attempting to Evade Public Scrutiny

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    BUTLER COUNTY, IOWA – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) is shining a light on misconduct by Department of Justice (DOJ) officials and their efforts to evade public scrutiny.
    In a letter to DOJ Inspector General Michael Horowitz, Grassley requested unredacted copies of Office of the Inspector General (OIG) reports that outline specific, substantiated allegations of misconduct by DOJ officials – but previously did not publicize the names of these senior officials.
    “There’s a significant need for public transparency into the names of these and other senior Justice Department officials found to have committed misconduct. In many instances, these senior officials leave public service before the investigation is finalized and appropriate corrective action can be filed and made against them,” Grassley wrote. “Accordingly, there’s no public record identifying these individuals who committed the wrongdoing, and they can continue their patterns of workplace harassment and misconduct in a new line of work free from scrutiny.” 
    Text of Grassley’s letter to Inspector General Horowitz follows:
    March 18, 2025
    VIA ELECTRONIC TRANSMISSION
    The Honorable Michael E. Horowitz
    Inspector General
    Department of Justice
    Dear Inspector General Horowitz:
    I write to you requesting fully unredacted copies of the following Department of Justice Office of the Inspector General (DOJ OIG) reports:
    Findings of Misconduct by a Federal Bureau of Investigation Program Analysis Officer for Sexual Harassment, Unprofessional Conduct, and Lack of Candor to the OIG, and by a then FBI Unit Chief for Failure to Report an Allegation of Sexual Harassment, Investigative Summary 23-081.[1]
    Findings of Misconduct by a Community Relations Service Manager for Misuse of Public Office for Private Gain, Misuse of Government Property, and Lack of Candor to the OIG, Investigative Summary 23-048.[2]
    Findings of Misconduct by a Federal Bureau of Investigation Supervisory Special Agent for Sexual Harassment of a Colleague and Failing to Timely Report an Intimate or Romantic Relationship with Two Subordinates, Investigative Summary 24-069.[3]
    Finding of Misconduct by an Immigration Judge in the Executive Office for Immigration Review for Making Inappropriate, Sexually Oriented Comments to a Department of Justice Employee During an After-hours Social Gathering, Investigative Summary 23-114.[4]
    Findings of Misconduct by a then Bureau of Prisons Warden for Operating a Prohibited Vehicle on Bureau of Prison Grounds and Endangering Others, Making Sexist, Racist, and Obscene Comments to Staff, and False Statements and Lack of Candor to the OIG, Investigative Summary 24-006.[5]
    Findings of Misconduct by a then Federal Bureau of Investigation Senior Level Employee for Solicitation of Prostitutes and Failure to Self-Report Close or Continuous Contacts with a Foreign National, Investigative Summary 24-001.[6]
    Findings of Misconduct by a then FBI Special Agent in Charge and two then FBI Assistant Special Agents in Charge for Their Roles in an Unauthorized $2 Million Purchase of Intellectual Property Related to a Classified Undercover Operation and Related Misconduct, Investigative Summary 21-090.[7]
    In all of these investigations the DOJ OIG substantiated the allegations that the Justice Department officials engaged in misconduct.[8]  However, the DOJ OIG did not include the names of these senior officials in the investigative summary.[9]  
    There’s a significant need for public transparency into the names of these and other senior Justice Department officials found to have committed misconduct.  In many instances these senior officials leave public service before the investigation is finalized and appropriate corrective action can be filed and made against them.[10]  Accordingly, there’s no public record identifying these individuals who committed the wrongdoing, and they can continue their patterns of workplace harassment and misconduct in a new line of work free from scrutiny. 
    I request that you provide the investigative reports referenced above in fully unredacted form no later than March 21, 2025.  Thank you for your attention to this request.  
    Sincerely,Charles E. GrassleyChairmanCommittee on the Judiciary
    -30-

    [1]DOJ OIG, Findings of Misconduct by a Federal Bureau of Investigation Program Analysis Officer for Sexual Harassment, Unprofessional Conduct, and Lack of Candor to the OIG, and by a then FBI Unit Chief for Failure to Report an Allegation of Sexual Harassment, Investigative Summary 23-081 (June 20, 2023) https://oig.justice.gov/sites/default/files/reports/23-081.pdf.
    [2] DOJ OIG, Findings of Misconduct by a Community Relations Service Manager for Misuse of Public Office for Private Gain, Misuse of Government Property, and Lack of Candor to the OIG, Investigative Summary 23-048 (Mar. 14, 2023) https://oig.justice.gov/sites/default/files/reports/23-048.pdf
    [3] DOJ OIG, Findings of Misconduct by a Federal Bureau of Investigation Supervisory Special Agent for Sexual Harassment of a Colleague and Failing to Timely Report an Intimate or Romantic Relationship with Two Subordinates, Investigative Summary 24-069 (May 22, 2024) https://oig.justice.gov/sites/default/files/reports/24-069.pdf.
    [4] DOJ OIG, Finding of Misconduct by an Immigration Judge in the Executive Office for Immigration Review for Making Inappropriate, Sexually Oriented Comments to a Department Of Justice Employee During an After-hours Social Gathering, Investigative Summary 23-114 (Sept. 27, 2023) https://oig.justice.gov/sites/default/files/reports/23-114.pdf.
    [5] DOJ OIG, Findings of Misconduct by a then Bureau of Prisons Warden for Operating a Prohibited Vehicle on Bureau of Prison Grounds and Endangering Others, Making Sexist, Racist, and Obscene Comments to Staff, and False Statements and Lack of Candor to the OIG, Investigative Summary 24-006 (Nov. 7, 2023) https://oig.justice.gov/sites/default/files/reports/24-006.pdf.
    [6] DOJ OIG, Findings of Misconduct by a then Federal Bureau of Investigation Senior Level Employee for Solicitation of Prostitutes and Failure to Self-Report Close or Continuous Contacts with a Foreign National, Investigative Summary 24-001 (Oct. 11, 2023) https://oig.justice.gov/sites/default/files/reports/24-001.pdf.
    [7] DOJ OIG, Findings of Misconduct by a then FBI Special Agent in Charge and two then FBI Assistant Special Agents in Charge for Their Roles in an Unauthorized $2 Million Purchase of Intellectual Property Related to a Classified Undercover Operation and Related Misconduct, Investigative Summary 21-090 (Jul. 6, 2021) https://oig.justice.gov/sites/default/files/reports/21-090.pdf.
    [8] Id.
    [9] Id.
    [10] See letter from Senator Charles E. Grassley to AG Garland and FBI Director Wray, (Oct. 10, 2025) https://www.grassley.senate.gov/imo/media/doc/grassley_to_fbi_and_doj_-_sexual_abuse_data.pdf.

    MIL OSI USA News –

  • MIL-OSI: Crédit Mutuel Alliance Fédérale expands in Germany with the acquisition of OLB, making TARGOBANK a universal bancassurer

    Source: GlobeNewswire (MIL-OSI)

                                                    

    Strasbourg and Düsseldorf, March 20, 2025

    Crédit Mutuel Alliance Fédérale expands in Germany with the acquisition of OLB, making TARGOBANK a universal bancassurer

    Crédit Mutuel Alliance Fédérale has reached a major milestone in the development of its banking and insurance model in Europe with the signature of an agreement to acquire 100% of German bank Oldenburgische Landesbank (OLB) via its subsidiary TARGO Deutschland GmbH (TARGOBANK).

    This transaction, on a scale not seen since the acquisition of Citibank in Germany in 2008 (renamed TARGOBANK), demonstrates the solidity and ambitions of Crédit Mutuel Alliance Fédérale. Already present in Germany, the mutual banking group is strengthening its foothold in Europe’s largest economy.

    This move accelerates TARGOBANK’s path to becoming a universal bancassurance player in Germany, following the model of its parent company. The consolidated group will become the tenth largest bank in Germany in terms of assets, with a comprehensive offering in corporate financing serving Mittelstand companies and in retail banking.

    The estimated impact of the transaction is -115 basis points on Crédit Mutuel Alliance Fédérale’s CET1. This transaction is subject to the approval of the regulatory authorities, in particular the European Central Bank (ECB) and the competition authorities.

    Germany, the mutual banking group’s second-largest domestic market

    Crédit Mutuel Alliance Fédérale aims to become a leading bancassurer in Europe. While it was the fifth largest banking group and tenth largest insurer in France in 2024, the group already generated 20% of its revenues internationally.

    Germany is the group’s second-largest domestic market, where it operates through several of its subsidiaries, in particular TARGOBANK, ACM Deutschland, and CIC. Thanks to its financial solidity, operating performance and technological edge, the group has major advantages to enable it to succeed in this consolidating market.

    OLB, a leading bank in Germany

    Founded in Lower Saxony, one of Germany’s largest states, where it has a strong foothold, OLB is a universal bank with operations throughout Germany. Thanks to an effective strategy of sustained growth over the past ten years, it serves one million customers. With more than €30 billion in assets, it is one of the leading financial institutions in Germany.

    OLB is active in two buoyant markets. It offers strong expertise in private banking and wealth management, providing a full range of banking and insurance services to individuals and professionals. It also stands out for its expertise in corporate financing (corporate, commercial real estate) and business acquisitions (LBO and acquisition finance).

    Togetherness Performance Solidarity: a successfully launched plan in its second year

    After the first year of the Togetherness, Performance, Solidarity strategic plan which closed with very high 2024 results for Crédit Mutuel Alliance Fédérale, 2025 marks a major turning point for the mutual banking group.

    TARGOBANK’s acquisition of OLB will enable it to significantly amplify its transformation as a universal bancassurer in Germany, complementing the launch of ACM Deutschland’s commercial activities in the second half of 2025. In addition to offering rapid growth prospects for its retail mortgage lending business, TARGOBANK will be able to strengthen its position in the SME and mid-cap markets (Mittelstand companies), in wealth management and specialized financing, with the potential for synergies in revenue and cost efficiency for the medium term.

    With this transaction, TARGOBANK becomes the tenth largest bank in Germany. The consolidated group serves 4.8 million customers with total balance sheet of €79 billion.

    “The acquisition of OLB, marks a major milestone for Crédit Mutuel Alliance Fédérale, fully aligned with its strategic plan Togetherness Performance Solidarity. We have the ambition to expand our activities in Europe, and specifically in Germany, largest European economy. With our subsidiaries TARGOBANK, which will integrate OLB, and ACM Deutschland, we are committed to become a bancassurer across the Rhine” said Daniel Baal, Chairman of Crédit Mutuel Alliance Fédérale:

    “Our group’s history shows that it has the ability to successfully complete external growth transactions, in particular those of CIC, and, more recently, TARGOBANK and Cofidis. This strategic investment reflects our determination to become a leading bancassurer in Europe by integrating the resources and values of OLB into TARGOBANK. We are building for the long run.” added Éric Petitgand, Chief Executive Officer of Crédit Mutuel Alliance Fédérale.

    “This acquisition marks a decisive step in Crédit Mutuel Alliance Fédérale’s development in Germany. The respective and complementary expertise of TARGOBANK and OLB’s employees will enable us to significantly speed up our transformation as a universal bancassurer in the strategic German market. There is significant business and customer growth potential among individuals, professionals and businesses,” adds Isabelle Chevelard, Chairwoman of the Executive Board of TARGOBANK and Head of the German market for Crédit Mutuel Alliance Fédérale.

    Stefan Barth, CEO of OLB, welcomes the transaction: “Over the past few years, OLB has pursued a dynamic growth strategy with remarkable results. We are proud to join Crédit Mutuel Alliance Fédérale, with which we share common values, to build together a stronger banking group.”

    Acquisition by Crédit Mutuel Alliance Fédérale,
    via TARGO Deutschland GmbH,of Oldenburgische Landesbank AG (OLB)

    The Crédit Mutuel Alliance Fédérale and TARGOBANK teams, in accordance with the applicable competition laws, will work closely with the OLB teams to facilitate completion of the transaction in the interest of customers, members, elected representatives and employees.

    This project is subject to the usual conditions precedent and in particular the approval of the competent regulatory and competition authorities. The transaction is expected to be completed in the first half of 2026.

    About OLB

    OLB is a universal bank that operates nationwide in Germany, and has over 150 years of experience in Lower Saxony. Under the OLB and Bankhaus Neelmeyer brands, the bank advises more than a million customers, in the retail, business, corporate and diversified lending segments. OLB has a network of 80 branches and nearly 1,700 employees.

    Thanks to a solid acquisition strategy over the last ten years (private banking operator Bankhaus Neelmeyer in 2017; Bremer Kreditbank, formerly KBC Bank Deutschland, in 2018; Wüstenrot Bank AG Pfandbriefbank in 2019 and more recently Degussa Bank in 2024), OLB has diversified its activities (retail banking, corporate banking serving Mittelstand companies, private banking, project finance, Pfandbrief refinancing, etc.) to become a universal bank.

    At December 31, 2024, OLB had net banking income of nearly €750 million, a cost/income ratio of less than 43%, and net income after tax of €270 million. OLB also saw its balance sheet assets surpass the €30 billion threshold, enabling it to become, in early 2025, a major financial institution supervised as such by the European Central Bank.

    Press contacts
    Crédit Mutuel Alliance Fédérale: Aziz Ridouan – +33 (0)6 01 10 31 69 – aziz.ridouan@creditmutuel.fr
    Corporate Communication Department: +33 (0)3 88 14 84 00 – com-alliancefederale@creditmutuel.fr
    TARGOBANK: pressestelle@TARGOBANK.de
    OLB: presse@olb.de

    About Crédit Mutuel Alliance Fédérale

    One of France’s leading bancassurers with 77,000 employees serving 31 million customers, Crédit Mutuel Alliance Fédérale has 4,200 branches which offer a diversified range of services to private individuals, local professionals and companies of all sizes.

    As the first French banking group to adopt the status of a mission-driven company, Crédit Mutuel Alliance Fédérale is made up of the following Crédit Mutuel federations: Centre Est Europe (Strasbourg), Sud-Est (Lyon), Ile-de-France (Paris), Savoie-Mont Blanc (Annecy), Midi-Atlantique (Toulouse), Loire-Atlantique et Centre-Ouest (Nantes), Centre (Orléans), Normandie (Caen), Dauphiné-Vivarais (Valence), Méditerranéen (Marseille), Anjou (Angers), Massif Central (Clermont-Ferrand), Antilles-Guyane (Fort-de-France) and Nord Europe (Lille).

    Crédit Mutuel Alliance Fédérale also includes Caisse Fédérale de Crédit Mutuel, Banque Fédérative du Crédit Mutuel (BFCM) and all its subsidiaries, in particular CIC, Euro-Information, Assurances du Crédit Mutuel (ACM), TARGOBANK, Cofidis, Beobank in Belgium, Banque Européenne du Crédit Mutuel (BECM), Banque Transatlantique, Banque de Luxembourg and Homiris.

    Find out more at creditmutuelalliancefederale.fr

    About TARGOBANK

    TARGOBANK has almost 100 years of experience in the German banking market. It serves 3.8 million private, business and corporate customers.

    TARGOBANK offers simple and attractive banking products with high quality service so as to build a long term relationship with its customers. With a network of 340 branches spread in more than 250 cities in Germany aswell as a service accessible online and by telephone around the clock, TARGOBANK combines the benefits of a digital bank as well as local support whether in the local branch or at the customer’s home.

    TARGOBANK is headquartered in Düsseldorf. It employs 7,400 people throughout Germany, including 2,000 working for its customer center in Germany. There are also administrative buildings in Mainz (Factoring), Düsseldorf (Leasing & Investment Finance) and Frankfurt (Corporate & Institutional Banking).

    As a subsidiary of Crédit Mutuel Alliance Fédérale, one of the strongest banks in Europe, TARGOBANK is a reliable partner for its customers.

    Further information: www.TARGOBANK.de

                                                    

    Strasbourg and Düsseldorf, March 20, 2025

    Crédit Mutuel Alliance Fédérale expands in Germany with the acquisition of OLB, making TARGOBANK a universal bancassurer

    Crédit Mutuel Alliance Fédérale has reached a major milestone in the development of its banking and insurance model in Europe with the signature of an agreement to acquire 100% of German bank Oldenburgische Landesbank (OLB) via its subsidiary TARGO Deutschland GmbH (TARGOBANK).

    This transaction, on a scale not seen since the acquisition of Citibank in Germany in 2008 (renamed TARGOBANK), demonstrates the solidity and ambitions of Crédit Mutuel Alliance Fédérale. Already present in Germany, the mutual banking group is strengthening its foothold in Europe’s largest economy.

    This move accelerates TARGOBANK’s path to becoming a universal bancassurance player in Germany, following the model of its parent company. The consolidated group will become the tenth largest bank in Germany in terms of assets, with a comprehensive offering in corporate financing serving Mittelstand companies and in retail banking.

    The estimated impact of the transaction is -115 basis points on Crédit Mutuel Alliance Fédérale’s CET1. This transaction is subject to the approval of the regulatory authorities, in particular the European Central Bank (ECB) and the competition authorities.

    Germany, the mutual banking group’s second-largest domestic market

    Crédit Mutuel Alliance Fédérale aims to become a leading bancassurer in Europe. While it was the fifth largest banking group and tenth largest insurer in France in 2024, the group already generated 20% of its revenues internationally.

    Germany is the group’s second-largest domestic market, where it operates through several of its subsidiaries, in particular TARGOBANK, ACM Deutschland, and CIC. Thanks to its financial solidity, operating performance and technological edge, the group has major advantages to enable it to succeed in this consolidating market.

    OLB, a leading bank in Germany

    Founded in Lower Saxony, one of Germany’s largest states, where it has a strong foothold, OLB is a universal bank with operations throughout Germany. Thanks to an effective strategy of sustained growth over the past ten years, it serves one million customers. With more than €30 billion in assets, it is one of the leading financial institutions in Germany.

    OLB is active in two buoyant markets. It offers strong expertise in private banking and wealth management, providing a full range of banking and insurance services to individuals and professionals. It also stands out for its expertise in corporate financing (corporate, commercial real estate) and business acquisitions (LBO and acquisition finance).

    Togetherness Performance Solidarity: a successfully launched plan in its second year

    After the first year of the Togetherness, Performance, Solidarity strategic plan which closed with very high 2024 results for Crédit Mutuel Alliance Fédérale, 2025 marks a major turning point for the mutual banking group.

    TARGOBANK’s acquisition of OLB will enable it to significantly amplify its transformation as a universal bancassurer in Germany, complementing the launch of ACM Deutschland’s commercial activities in the second half of 2025. In addition to offering rapid growth prospects for its retail mortgage lending business, TARGOBANK will be able to strengthen its position in the SME and mid-cap markets (Mittelstand companies), in wealth management and specialized financing, with the potential for synergies in revenue and cost efficiency for the medium term.

    With this transaction, TARGOBANK becomes the tenth largest bank in Germany. The consolidated group serves 4.8 million customers with total balance sheet of €79 billion.

    “The acquisition of OLB, marks a major milestone for Crédit Mutuel Alliance Fédérale, fully aligned with its strategic plan Togetherness Performance Solidarity. We have the ambition to expand our activities in Europe, and specifically in Germany, largest European economy. With our subsidiaries TARGOBANK, which will integrate OLB, and ACM Deutschland, we are committed to become a bancassurer across the Rhine” said Daniel Baal, Chairman of Crédit Mutuel Alliance Fédérale:

    “Our group’s history shows that it has the ability to successfully complete external growth transactions, in particular those of CIC, and, more recently, TARGOBANK and Cofidis. This strategic investment reflects our determination to become a leading bancassurer in Europe by integrating the resources and values of OLB into TARGOBANK. We are building for the long run.” added Éric Petitgand, Chief Executive Officer of Crédit Mutuel Alliance Fédérale.

    “This acquisition marks a decisive step in Crédit Mutuel Alliance Fédérale’s development in Germany. The respective and complementary expertise of TARGOBANK and OLB’s employees will enable us to significantly speed up our transformation as a universal bancassurer in the strategic German market. There is significant business and customer growth potential among individuals, professionals and businesses,” adds Isabelle Chevelard, Chairwoman of the Executive Board of TARGOBANK and Head of the German market for Crédit Mutuel Alliance Fédérale.

    Stefan Barth, CEO of OLB, welcomes the transaction: “Over the past few years, OLB has pursued a dynamic growth strategy with remarkable results. We are proud to join Crédit Mutuel Alliance Fédérale, with which we share common values, to build together a stronger banking group.”

    Acquisition by Crédit Mutuel Alliance Fédérale,
    via TARGO Deutschland GmbH,of Oldenburgische Landesbank AG (OLB)

    The Crédit Mutuel Alliance Fédérale and TARGOBANK teams, in accordance with the applicable competition laws, will work closely with the OLB teams to facilitate completion of the transaction in the interest of customers, members, elected representatives and employees.

    This project is subject to the usual conditions precedent and in particular the approval of the competent regulatory and competition authorities. The transaction is expected to be completed in the first half of 2026.

    About OLB

    OLB is a universal bank that operates nationwide in Germany, and has over 150 years of experience in Lower Saxony. Under the OLB and Bankhaus Neelmeyer brands, the bank advises more than a million customers, in the retail, business, corporate and diversified lending segments. OLB has a network of 80 branches and nearly 1,700 employees.

    Thanks to a solid acquisition strategy over the last ten years (private banking operator Bankhaus Neelmeyer in 2017; Bremer Kreditbank, formerly KBC Bank Deutschland, in 2018; Wüstenrot Bank AG Pfandbriefbank in 2019 and more recently Degussa Bank in 2024), OLB has diversified its activities (retail banking, corporate banking serving Mittelstand companies, private banking, project finance, Pfandbrief refinancing, etc.) to become a universal bank.

    At December 31, 2024, OLB had net banking income of nearly €750 million, a cost/income ratio of less than 43%, and net income after tax of €270 million. OLB also saw its balance sheet assets surpass the €30 billion threshold, enabling it to become, in early 2025, a major financial institution supervised as such by the European Central Bank.

    Press contacts
    Crédit Mutuel Alliance Fédérale: Aziz Ridouan – +33 (0)6 01 10 31 69 – aziz.ridouan@creditmutuel.fr
    Corporate Communication Department: +33 (0)3 88 14 84 00 – com-alliancefederale@creditmutuel.fr
    TARGOBANK: pressestelle@TARGOBANK.de
    OLB: presse@olb.de

    About Crédit Mutuel Alliance Fédérale

    One of France’s leading bancassurers with 77,000 employees serving 31 million customers, Crédit Mutuel Alliance Fédérale has 4,200 branches which offer a diversified range of services to private individuals, local professionals and companies of all sizes.

    As the first French banking group to adopt the status of a mission-driven company, Crédit Mutuel Alliance Fédérale is made up of the following Crédit Mutuel federations: Centre Est Europe (Strasbourg), Sud-Est (Lyon), Ile-de-France (Paris), Savoie-Mont Blanc (Annecy), Midi-Atlantique (Toulouse), Loire-Atlantique et Centre-Ouest (Nantes), Centre (Orléans), Normandie (Caen), Dauphiné-Vivarais (Valence), Méditerranéen (Marseille), Anjou (Angers), Massif Central (Clermont-Ferrand), Antilles-Guyane (Fort-de-France) and Nord Europe (Lille).

    Crédit Mutuel Alliance Fédérale also includes Caisse Fédérale de Crédit Mutuel, Banque Fédérative du Crédit Mutuel (BFCM) and all its subsidiaries, in particular CIC, Euro-Information, Assurances du Crédit Mutuel (ACM), TARGOBANK, Cofidis, Beobank in Belgium, Banque Européenne du Crédit Mutuel (BECM), Banque Transatlantique, Banque de Luxembourg and Homiris.

    Find out more at creditmutuelalliancefederale.fr

    About TARGOBANK

    TARGOBANK has almost 100 years of experience in the German banking market. It serves 3.8 million private, business and corporate customers.

    TARGOBANK offers simple and attractive banking products with high quality service so as to build a long term relationship with its customers. With a network of 340 branches spread in more than 250 cities in Germany aswell as a service accessible online and by telephone around the clock, TARGOBANK combines the benefits of a digital bank as well as local support whether in the local branch or at the customer’s home.

    TARGOBANK is headquartered in Düsseldorf. It employs 7,400 people throughout Germany, including 2,000 working for its customer center in Germany. There are also administrative buildings in Mainz (Factoring), Düsseldorf (Leasing & Investment Finance) and Frankfurt (Corporate & Institutional Banking).

    As a subsidiary of Crédit Mutuel Alliance Fédérale, one of the strongest banks in Europe, TARGOBANK is a reliable partner for its customers.

    Further information: www.TARGOBANK.de

    Attachments

    The MIL Network –

  • MIL-OSI Australia: New NSW Privacy Commissioner appointed

    Source: New South Wales Government 2

    Headline: New NSW Privacy Commissioner appointed

    Published: 20 March 2025

    Released by: Attorney General, Minister for Customer Service and Digital Government

    Ms Sonia Minutillo has been appointed as the new NSW Privacy Commissioner to deliver an independent voice on the administration of privacy legislation.

    Ms Minutillo’s appointment allows her to continue promoting, protecting, and enhancing the privacy rights of the people of NSW.

    The NSW Privacy Commissioner investigates and conciliates complaints about breaches of privacy, advises government agencies, businesses, and other organisations on how to ensure the right to privacy is protected.

    The Commissioner also oversees NSW Government agency reviews of reported breaches with a view to developments in policy, law, and technology that may impact privacy.

    Ms Minutillo will continue to provide oversight of and advice to NSW public sector agencies on compliance with the Privacy and Personal Information Protection Act 1998 and the Health Records and Information Privacy Act 2022 and in protecting the personal information of individuals.

    Ms Minutillo was formerly the Director of Investigation and Reporting at the Information and Privacy Commission, leading its regulatory functions including the conduct of reviews, complaints, investigations, and proactive compliance program.

    She has been acting NSW Privacy Commissioner since August 2023.

    Find out more about the Information and Privacy Commission NSW here.

    Minister for Customer Service and Digital Government Jihad Dib said:

    “The Privacy Commissioner plays an important role in ensuring accountability in NSW Government by ensuring the public sector handles personal information responsibly and take steps to prevent and manage any data breaches.

    “Ms Minutillo has demonstrated her expertise in this area while acting as Privacy Commissioner over the past 18 months, drawing on her experience leading programs in the fields of industrial relations and employment rights and obligations under NSW and Commonwealth legislation.

    “I congratulate Ms Minutillo on her appointment and look forward to working with her to uphold the privacy of every NSW resident.”

    Attorney General Michael Daley said:

    “As the NSW Privacy Commissioner, Ms Minutillo will drive integrity and strong accountability in the public sector to underpin robust governance at every level.

    “I welcome Ms Minutillo to this significant role. Her extensive experience and qualifications make her well-placed to continue the important work of promoting and protecting the privacy rights of the NSW community.”

    MIL OSI News –

  • MIL-OSI New Zealand: CCO Reform reaches first major milestone

    Source: Auckland Council

    Auckland Council’s Chief Executive Phil Wilson has today opened consultation with staff on a proposal to integrate the functions of Eke Panuku Development Auckland and the economic development functions within Tātaki Auckland Unlimited into the organisation and consideration of events delivery. 

    Staff at all three organisations will have two weeks to provide their feedback on the proposal, which follows decisions made by the council’s Governing Body on 12 December 2024 on the Mayor’s proposed CCO reform. 

    Mr Wilson says the aim of the proposal is to strengthen the Auckland Council Group by determining how services are best delivered for Aucklanders.  

    “This is not about changing service levels. The proposed changes reflect the council’s commitment to delivering on the aspirations of Aucklanders and the commitments it made through the Long-term Plan.” 

    The proposal includes:  

    • Creation of an Auckland Development Office within Auckland Council – responsible for driving integrated implementation and delivery of quality urban development in the council group’s identified growth priority areas and large-scale projects. It will be commercially focused and would provide the council with commercial development expertise. The proposed Auckland Development Office would include urban regeneration, commercial property management, council place leadership on agreed large-scale projects and property optimisation support for local boards

    • Creation of an Innovation and Investment department within Auckland Council – focused on economic development for the council group and responsible for business attraction, economic transformation and industry/sector development coordination and local economic development with a vision of inclusive, innovative resilient economic growth for a prosperous Auckland. 

    • Improvement to the programming and delivery of events, placemaking and activations across the group – a unified group approach with clearer areas of responsibility for teams. The proposal clarifies that Tātaki Auckland Unlimited would lead a shared regional events calendar for all council events, with a single Auckland Council brand for delivery of council events.

    • Grouping enabling functions – grouping most core support services into council functional teams or Group Shared Services in alignment with the organisational design principles of the council.

    Mr Wilson says the changes being proposed are not about diminishing the great work done in areas like urban regeneration, economic development, property management and events.  

    “Rather, by focusing our collective efforts in these important areas, we will have greater impact and show Aucklanders what we’re capable of achieving when we are set up for success,” he says. 

    “There has been a great deal of collaboration across the council group to feed into the ideas supporting the change proposal and we thank those staff for participating in the workshops.  A key principle is to retain talent and maintain our focus on delivering for Aucklanders while we work through the next phases, including post decision-making implementation. The opening of staff consultation on the proposed changes marks a significant milestone in the process.” 

    The proposal will be open for consultation with staff for a two-week period. Final decisions are likely to be made in early May, with the new structure due to be in place by 30 June 2025. 

    MIL OSI New Zealand News –

  • MIL-OSI Security: Pennsylvania man pleads guilty to receipt of child pornography

    Source: Office of United States Attorneys

    BUFFALO, N.Y. – U.S. Attorney Michael DiGiacomo announced today that Dylan C. Irvin, 26, of Bradford, PA, pleaded guilty before U.S. District Judge Richard J. Arcara to receipt of child pornography, which carries a mandatory minimum penalty of five years in prison and a maximum of 20 years.

    Assistant U.S. Attorney Aaron J. Mango, who is handling the case, stated that sometime in June or July 2023, Irvin engaged in sexual activity with a 13-year-old female (victim). Irvin used his cellular telephone to record the sexual activity and then received the video on a Snapchat account he controlled. On March 5, 2024, Irvin was arrested on state charges related to the sexual contact, at which time his cell phone was seized. A search of the phone recovered the video of Irvin and the victim.

    The plea is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia, the New York State Police, under the direction of Major Amie Feroleto, and the Cattaraugus County Sheriff’s Office, under the direction of Sheriff Eric Butler.

    Sentencing is scheduled for May 28, 2025, at 12:30 p.m. before Judge Arcara.

    # # # #

    MIL Security OSI –

  • MIL-OSI: North American Construction Group Ltd. Announces Results for the Fourth Quarter and Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    ACHESON, Alberta, March 19, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG”) (TSX:NOA/NYSE:NOA) today announced results for the fourth quarter and year ended December 31, 2024. Unless otherwise indicated, figures are expressed in Canadian dollars with comparisons to prior periods ended December 31, 2023.

    Fourth Quarter 2024 Highlights:

    • Combined revenue of $372.7 million, compared to $405.4 million in the same period last year. Reported revenue of $305.6 million, compared to $328.3 million in the same period last year, was generated by our wholly owned subsidiaries as incremental scopes and strong equipment utilization of 82% in Australia were more than offset by lower demand for our Canadian heavy equipment fleet when comparing to 2023 Q4.
    • Our net share of revenue from equity consolidated joint ventures was $67.1 million in 2024 Q4 and compared to $77.1 million in the same period last year as the consistency in the Fargo and MNALP joint ventures were offset by lower scopes being completed within the Nuna Group of Companies.
    • Adjusted EBITDA of $103.7 million and margin of 27.8% compared favorably to the prior period operating metrics of $101.1 million and 24.9%, respectively, as operational excellence in both Australia and Canada drove margin improvements.
    • Combined gross profit for the quarter was $54.3 million and a margin of 14.6%. When adjusting for $10.1 million of integration costs incurred and $8.9 million of claims extinguished to secure long-term contracts, the resulting 19.7% reflects operational performance and compares favorably to 18.3% posted in the same period last year.
    • Cash flows generated from operating activities of $97.0 million were lower than the $168.6 million generated in the prior period as higher cash generation from the strong EBITDA was offset by the temporary impact of changes to working capital in the quarter.
    • Free cash flow generated in the quarter was $50.5 million as operational earnings were offset by routine capital maintenance and cash interest expenses with working capital and capital work in process balances generating positive cash in the quarter.
    • Net debt was $856.2 million at December 31, 2024, a decrease of $26.3 million from September 30, 2024, as free cash flow generation and the impact of a stronger CAD/AUD exchange rate were offset by growth spending, the NCIB program, and the dividend payment .
    • Additional highlights include: i) in November, we were awarded a $125 million heavy civil construction project primarily to construct diversion channels; ii) in December, we announced an extended and amended regional services contract, valued at $500 million, with a major producer in the oil sands region; iii) also in December, we were awarded a $100 million early works contract by a copper producer in the Australian state of New South Wales; iv) by the end of the year, we surpassed the 60% completion mark at the Fargo-Moorhead flood diversion project; and v) completed go-live activities for the ERP system in Australia during the quarter.

    Joe Lambert, President and CEO, stated, “Once again, I would like to thank our operations team for their safe and efficient performance this quarter. The recent contract awards in Australia and Canada speak for themselves but are a testament to the quality and reputation of our operating teams. We’re off to a fast and robust start this year, and we couldn’t be more excited about completing the work our customers have awarded us. We see opportunities and tailwinds in the heavy civil infrastructure and mining industries in Australia and North America and are diligently advancing efforts to win scopes based on the reputation we have in the respective regions.”

    Consolidated Financial Highlights
        Three months ended   Year ended
        December 31,   December 31,
    (dollars in thousands, except per share amounts)     2024       2023       2024       2023  
    Revenue   $ 305,590     $ 328,282     $ 1,165,787     $ 964,680  
    Cost of sales     218,834       220,672       789,056       678,528  
    Depreciation     44,765       41,990       166,683       131,319  
    Gross profit   $ 41,991     $ 65,620     $ 210,048     $ 154,833  
    Gross profit margin     13.7 %     20.0 %     18.0 %     16.1 %
    General and administrative expenses (excluding stock-based compensation)(i)     13,696       18,702       47,245       41,016  
    Stock-based compensation expense     5,625       (496 )     8,706       15,828  
    Operating income     22,544       45,944       153,330       96,330  
    Interest expense, net     14,401       14,007       59,340       36,948  
    Net income     4,808       17,646       44,085       63,141  
                     
    Adjusted EBITDA(i)     103,714       101,136       390,258       296,963  
    Adjusted EBITDA margin(i)(ii)     27.8 %     24.9 %     27.6 %     23.2 %
                     
    Per share information                
    Basic net income per share   $ 0.18     $ 0.66     $ 1.65     $ 2.38  
    Diluted net income per share   $ 0.19     $ 0.58     $ 1.52     $ 2.09  
    Adjusted EPS(i)   $ 1.00     $ 0.87     $ 3.73     $ 2.83  

    (i) See “Non-GAAP Financial Measures”.
    (ii)Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.

        Three months ended   Year ended
        December 31,   December 31,
    (dollars in thousands)     2024       2023       2024       2023  
    Consolidated Statements of Cash Flows                
    Cash provided by operating activities   $ 96,989     $ 168,569     $ 217,607     $ 278,090  
    Cash used in investing activities     (75,764 )     (137,756 )     (274,683 )     (244,879 )
    Effect of exchange rate on changes in cash     1,400       (4,532 )     353       (5,994 )
    Add back of growth and non-cash items included in the above figures:                
    Acquisition of MacKellar(i)     —       51,671       —       51,671  
    Acquisition costs     —       5,934       —       7,095  
    Buyout of BNA Remanufacturing LP     4,210       —       4,210       —  
    Growth capital additions(ii)     23,646       35,941       84,633       40,416  
    Capital additions financed by leases(ii)     —       (931 )     (14,157 )     (28,159 )
    Free cash flow(ii)   $ 50,481     $ 118,896     $ 17,963     $ 98,240  

    (i)Acquisition of MacKellar is the purchase price less cash acquired.
    (ii)See “Non-GAAP Financial Measures”.

    Results for the Three Months Ended December 31, 2024

    Revenue from wholly-owned entities was $305.6 million, down from $328.3 million in the same period last year. The quarter-over-quarter reduction reflects a reduction in overall work scopes in the Heavy Equipment – Canada segment due to a reduction in equipment utilization to 54%, compared to 65% in 2023 Q4, largely offset by improved performance in the Heavy Equipment – Australia segment. Revenue generated in that segment of $160.3 million includes a strong contribution from MacKellar of $155.4 million, up from $122.5 million in Q4 of last year, as the group commences work on new contracts and increases equipment utilization at existing sites. Eliminations in the quarter largely relate to equipment maintenance performed by the Heavy Equipment – Canada segment on MacKellar equipment.

    Gross profit was $42.0 million, representing 13.7% of revenue, compared to $65.6 million and a 20.0% gross margin in the same period last year. The decline was primarily driven by lower contributions from the Heavy Equipment – Canada segment. Cost of sales for the quarter totaled $218.8 million, down from $220.7 million in the prior-period, reflecting lower overall revenue levels. Gross profit in the Heavy Equipment – Canada segment was impacted by the $8.9 million customer claim extinguishment as part of a four-year $500 million contract extension executed in December 2024. Gross profit in the Heavy Equipment – Australia segment was impacted by $10.1 million of integration costs, primarily transportation of haul trucks from North America to Australia.

    General and administrative expenses (excluding stock-based compensation expense) were $13.7 million, or 4.5% of revenue, for the three months ended December 31, 2024, down from $18.7 million, or 5.7% of revenue, in the same period last year. The current year decrease is due to the inclusion of non-recurring MacKellar acquisition costs totaling $5.9 million in the prior year, offset by spend related to increased activity levels in the Heavy Equipment – Australia segment.

    Cash related interest expense of $13.7 million represents an average cost of debt of 6.7% (compared to $13.2 million and 8.8%, respectively, for the three months ended December 31, 2023). The increase in interest expense is primarily attributed to a higher balance on the Credit Facility, along with greater equipment financing—mainly from the addition of MacKellar—partially offset by the elimination of our customer supply chain financing arrangement late in Q3.

    Net income of $4.8 million in Q4 2024, compared to $17.6 million in the same period last year, was lower due to the lower gross profit factors discussed above, partially offset by lower general and administrative expenses and improved results from the equity joint ventures.

    Free cash flow in the quarter was $50.5 million, driven primarily by adjusted EBITDA of $103.7 million less sustaining capital spending of $47.7 million and cash interest paid of $13.7 million.

    Liquidity

    Including equipment financing availability and factoring in the amended Credit Facility agreement, total available capital liquidity of $275.3 million includes total liquidity of $170.6 million, $86.7 million of unused finance lease borrowing availability, and $17.9 million of unused other borrowing availability as at December 31, 2024. Liquidity is primarily provided by the terms of our $522.6 million credit facility which allows for funds availability based on a trailing twelve-month EBITDA as defined in the agreement, and is now scheduled to expire in October 2027.

    Business Updates

    Strategic Focus Areas for 2025

    • Safety – maintain our uncompromising commitment to health and safety while elevating the standard of excellence in the field, particularly with regards to front-line leadership training;
    • Operational excellence – put into action practical and experienced-based protocols to ensure predictable high-quality project execution in Australia;
    • Execution – enhance equipment availability in Canada through improved fleet maintenance, equipment telematics and reliability programs, technical improvements and management systems;
    • Integration – utilize recently implemented ERP at MacKellar Group to optimize business processes to lower overall costs and improve working capital management;
    • Organic growth – based on strong site operating performance, leverage customer satisfaction to earn contract extensions and expansions;
    • Diversification – pursue diversification of customers and resources through strategic partnerships, industry expertise and investment in Indigenous joint ventures; and
    • Sustainability – further develop and deliver into our environmental, social and governance goals.

    Outlook for 2025

    The following table provides projected key measures for 2025 and actual results of 2024 and 2023. The measures for 2025 are predicated on contracts currently in place, including expected renewals and the heavy equipment fleet that we own and operate.

    Key measures   2023 Actual   2024 Actual   2025 Outlook
    Combined revenue(i)   $1.3B   $1.4B   $1.4 – $1.6B
    Adjusted EBITDA(i)   $297M   $390M   $415 – $445M
    Sustaining capital(i)   $169M   $166M   $180 – $200M
    Adjusted EPS(i)   $2.83   $3.73   $3.70 – $4.00
    Free cash flow(i)   $90M   $18M   $130 – $150M
                 
    Capital allocation            
    Growth spending(i)   $40M   $85M   $65 – $75M
    Net debt leverage(i)   1.7x   2.2x   Targeting 1.7x

    (i)See “Non-GAAP Financial Measures”.

    Conference Call and Webcast

    Management will hold a conference call and webcast to discuss our financial results for the three months and year ended December 31, 2024, tomorrow, Thursday, March 20, 2025, at 9:00 am Eastern Time (7:00 am Mountain Time).

    The call can be accessed by dialing:

    Toll free: 1-800-717-1738
    Conference ID: 71653

    A replay will be available through April 20, 2025, by dialing:

    Toll Free: 1-888-660-6264
    Conference ID: 71653
    Playback Passcode: 71653

    A slide deck for the webcast will be available for download the evening prior to the call and will be found on the company’s website at www.nacg.ca/presentations/

    The live presentation and webcast can be accessed at:

    https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=70DEA77D-C2B3-4C4B-80EF-A1303C5C95BF

    A replay will be available until April 20, 2025, using the link provided.

    Basis of Presentation

    We have prepared our consolidated financial statements in conformity with accounting principles generally accepted in the United States (“US GAAP”). Unless otherwise specified, all dollar amounts discussed are in Canadian dollars. Please see the Management’s Discussion and Analysis (“MD&A”) for the three months and year ended December 31, 2024, for further detail on the matters discussed in this release. In addition to the MD&A, please reference the dedicated 2024 Q4 Results Presentation for more information on our results and projections which can be found on our website under Investors – Presentations.

    Change in significant accounting policy – Basis of presentation

    During the first quarter of 2024, we changed our accounting policy for the elimination of its proportionate share of profit from downstream sales to affiliates and joint ventures to record through equity earnings in affiliates and joint ventures on the Consolidated Statements of Operations and Comprehensive Income. Prior to this change, we eliminated our proportionate share of profit on downstream sales to affiliates and joint ventures through revenue and cost of sales. The change in accounting policy simplifies the presentation for downstream profit eliminations and has no cumulative impact on retained earnings. We have accounted for the change retrospectively in accordance with the requirements of US GAAP Accounting Standards Codification (“ASC”) 250 by restating the comparative period. For details of retrospective changes, refer to note 25 in the consolidated financial statements.

    Accounting pronouncements recently adopted

    Segment reporting

    The Company adopted the new standard for segment reporting that is effective for the fiscal year beginning January 1, 2024. In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures. This accounting standard update was issued to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company has updated its disclosures to reflect the additional requirements.

    Recent accounting pronouncements not yet adopted

    Joint venture formations

    In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations. This accounting standard update was issued to create new requirements for valuing contributions made to a joint venture upon formation. This standard is effective January 1, 2025, with early adoption permitted. We are assessing the impact the adoption of this standard may have on its consolidated financial statements.

    Income taxes

    In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures. This accounting standard update was issued to increase transparency by improving income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard is effective for the fiscal year beginning January 1, 2025, with early adoption permitted. We are assessing the impact the adoption of this standard may have on its consolidated financial statements.

    Stock compensation

    In March 2024, the FASB issued ASU 2024-01, Compensation – Stock Compensation. This accounting standard update was issued to reduce complexity in determining if profit interest awards are subject to Topic 718 and to reduce diversity in practice. This standard is effective for annual statements for the fiscal year beginning January 1, 2025. The Company is assessing the impact the adoption of this standard may have on its consolidated financial statements.

    Debt with conversion options

    In November 2024, the FASB issued ASU 2024-04, Debt – Debt with Conversion and Other Options. This accounting standard update was issued to improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20. This standard is effective for annual statements for the fiscal year beginning January 1, 2026. The Company is assessing the impact the adoption of this standard may have on its consolidated financial statements.

    Expense disaggregation

    In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures. This accounting standard update was issued to require public entities to disclose additional information about specific expense categories in the notes to financial statements. This standard is effective for annual statements for the fiscal year beginning January 1, 2027. We are assessing the impact the adoption of this standard may have on its consolidated financial statements.

    Forward-Looking Information

    The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “anticipate”, “believe”, “expect”, “should” or similar expressions and include guidance with respect to financial metrics provided in our outlook for 2025.

    The material factors or assumptions used to develop the above forward-looking statements include, and the risks and uncertainties to which such forward-looking statements are subject, are highlighted in the MD&A for the three months and year ended December 31, 2024. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. Undue reliance should not be placed upon forward-looking statements and NACG undertakes no obligation, other than those required by applicable law, to update or revise those statements. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.ca and on our company website at www.nacg.ca.

    Non-GAAP Financial Measures

    This press release presents certain non-GAAP financial measures, non-GAAP ratios, and supplementary financial measures that may be useful to investors in analyzing our business performance, leverage, and liquidity. A non-GAAP financial measure is defined by relevant regulatory authorities as a numerical measure of an issuer’s historical or future financial performance, financial position or cash flow that is not specified, defined or determined under the issuer’s GAAP and that is not presented in an issuer’s financial statements. A “non-GAAP ratio” is a ratio, fraction, percentage or similar expression that has a non-GAAP financial measure as one or more of its components. Non-GAAP financial measures and ratios do not have standardized meanings under GAAP and therefore may not be comparable to similar measures presented by other issuers. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. A “supplementary financial measure” is a financial measure disclosed, or intended to be disclosed, on a periodic basis to depict historical or future financial performance, financial position or cash flows that does not fall within the definition of a non-GAAP financial measure or non-GAAP ratio. The non-GAAP financial measures and ratios we present include, “adjusted EBIT”, “adjusted EBITDA”, “adjusted EBITDA margin” “adjusted EPS”, “adjusted net earnings”, “backlog”, “capital additions”, “capital expenditures, net”, “capital inventory”, “capital work in progress”, “cash liquidity”, “cash related interest expense”, “cash provided by operating activities prior to change in working capital”, “combined backlog”, “combined gross profit”, “combined gross profit margin”, “equity investment depreciation and amortization”, “equity investment EBIT”, “equity method investment backlog”, “free cash flow”, “general and administrative expenses (excluding stock-based compensation)”, “growth capital”, “growth spending”, “invested capital”, “margin”, “net debt”, “net debt leverage”, “share of affiliate and joint venture capital additions”, “sustaining capital”, “total capital liquidity”, “total combined revenue”, and “total debt”. We also use supplementary financial measures such as “gross profit margin” and “total net working capital (excluding cash and current portion of long-term debt)” in our MD&A. Each non-GAAP financial measure used in this press release is defined under “Financial Measures” in our Management’s Discussion and Analysis filed on EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.ca and on our company website at www.nacg.ca.

    Reconciliation of total reported revenue to total combined revenue
        Three months ended   Year ended
        December 31,   December 31,
    (dollars in thousands)     2024     2023(ii)     2024       2023(ii)  
    Revenue from wholly-owned entities per financial statements   $ 305,590     $ 328,282     $ 1,165,787     $ 964,680  
    Share of revenue from investments in affiliates and joint ventures     134,348       169,662       517,137       686,299  
    Elimination of joint venture subcontract revenue     (67,200 )     (92,522 )     (267,595 )     (369,891 )
    Total combined revenue(i)   $ 372,738     $ 405,422     $ 1,415,329     $ 1,281,088  

    (i) See “Non-GAAP Financial Measures”.
    (ii)The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

    Reconciliation of reported gross profit to combined gross profit
        Three months ended   Year ended
        December 31,   December 31,
    (dollars in thousands)     2024   2023(ii)     2024   2023(ii)
    Gross profit from wholly-owned entities per financial statements   $ 41,991   $ 65,620   $ 210,048   $ 154,833
    Share of gross profit from investments in affiliates and joint ventures     12,283     8,670     49,455     49,638
    Combined gross profit(i)   $ 54,274   $ 74,290   $ 259,503   $ 204,471

    (i) See “Non-GAAP Financial Measures”.
    (ii)The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

    Reconciliation of net income to adjusted net earnings, adjusted EBIT and adjusted EBITDA
        Three months ended   Year ended
        December 31,   December 31,
    (dollars in thousands)     2024       2023       2024       2023  
    Net income   $ 4,808     $ 17,646     $ 44,085     $ 63,141  
    Adjustments:                
    Stock-based compensation expense (benefit)     5,625       (496 )     8,706       15,828  
    Loss on disposal of property, plant and equipment     126       1,470       767       1,659  
    Write-down on assets held for sale     —       —       4,181       —  
    Change in fair value of contingent obligation from adjustments to estimates     9,464       —       36,049       —  
    (Gain) loss on derivative financial instruments     (4,797 )     916       (3,952 )     (6,063 )
    Equity investment (gain) loss on derivative financial instruments     (201 )     (713 )     2,633       (1,362 )
    Equity investment restructuring costs     —       —       4,517       —  
    Loss on equity investment customer bankruptcy claim settlement     —       —       —       759  
    Loss on extinguishment of customer claim     8,866       —       8,866       —  
    Post-acquisition asset relocation and integration costs     10,111       —       10,111       —  
    Acquisition costs     —       5,934       —       7,095  
    Tax effect of the above items     (7,197 )     (1,589 )     (16,169 )     (5,829 )
    Adjusted net earnings(i)   $ 26,805     $ 23,168     $ 99,794     $ 75,228  
    Adjustments:                
    Tax effect of the above items     7,197       1,589       16,169       5,829  
    Interest expense, net     14,401       14,007       59,340       36,948  
    Equity investment EBIT(i)(iii)     5,076       1,622       12,228       24,929  
    Equity earnings in affiliates and joint ventures(iii)     (5,754 )     (2,236 )     (15,299 )     (25,199 )
    Change in fair value of contingent obligations     4,797       4,681       17,157       4,681  
    Income tax expense     (375 )     10,930       15,950       22,822  
    Adjusted EBIT(i)   $ 52,147     $ 53,761     $ 205,339     $ 145,238  
    Adjustments:                
    Depreciation and amortization     45,093       42,277       167,937       132,516  
    Write-down on assets held for sale     —       —       (4,181 )     —  
    Equity investment depreciation and amortization(i)     6,474       5,098       21,163       19,209  
    Adjusted EBITDA(i)   $ 103,714     $ 101,136     $ 390,258     $ 296,963  
    Adjusted EBITDA margin(i)(ii)     27.8 %     24.9 %     27.6 %     23.2 %

    (i) See “Non-GAAP Financial Measures”.
    (ii)Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.
    (iii)The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

    Reconciliation of equity earnings in affiliates and joint ventures to equity investment EBIT
        Three months ended   Year ended
        December 31,   December 31,
    (dollars in thousands)     2024     2023(ii)     2024       2023(ii)  
    Equity earnings in affiliates and joint ventures   $ 5,754     $ 2,236     $ 15,299     $ 25,199  
    Adjustments:                
    Gain on disposal of property, plant and equipment     (237 )     (22 )     (595 )     (57 )
    Interest expense (income), net     460       (268 )     (877 )     (1,183 )
    Income tax (recovery) expense     (901 )     (324 )     (1,599 )     970  
    Equity investment EBIT(i)   $ 5,076     $ 1,622     $ 12,228     $ 24,929  

    (i) See “Non-GAAP Financial Measures”
    (ii)The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

    About the Company

    North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Australia, Canada, and the U.S. For over 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

    For further information contact:

    Jason Veenstra, CPA, CA
    Chief Financial Officer
    North American Construction Group Ltd.
    (780) 960.7171
    ir@nacg.ca
    www.nacg.ca

    Consolidated Balance SheetsAs at December 31
    (Expressed in thousands of Canadian Dollars)
          2024       2023  
    Assets        
    Current assets        
    Cash   $ 77,875     $ 88,614  
    Accounts receivable     166,070       97,855  
    Contract assets     4,135       35,027  
    Inventories     74,081       64,962  
    Prepaid expenses and deposits     7,676       7,402  
    Assets held for sale     683       1,340  
          330,520       295,200  
    Property, plant and equipment     1,246,584       1,142,946  
    Operating lease right-of-use assets     12,722       12,782  
    Investments in affiliates and joint ventures     84,692       81,435  
    Intangible assets     9,901       6,971  
    Other assets     9,845       7,144  
    Total assets   $ 1,694,264     $ 1,546,478  
    Liabilities and shareholders’ equity        
    Current liabilities        
    Accounts payable   $ 110,750     $ 146,190  
    Accrued liabilities     77,908       72,225  
    Contract liabilities     1,944       59  
    Current portion of long-term debt     84,194       81,306  
    Current portion of contingent obligations     39,290       22,501  
    Current portion of operating lease liabilities     1,771       1,742  
          315,857       324,023  
    Long-term debt     719,399       611,313  
    Contingent obligations     88,576       93,356  
    Operating lease liabilities     11,441       11,307  
    Other long-term obligations     44,711       41,001  
    Deferred tax liabilities     125,378       108,824  
          1,305,362       1,189,824  
    Shareholders’ equity        
    Common shares (authorized – unlimited number of voting common shares; issued and outstanding – December 31, 2024 – 27,704,450 (December 31, 2023 – 27,827,282))     228,961       229,455  
    Treasury shares (December 31, 2024 – 1,000,328 (December 31, 2023 – 1,090,187))     (15,913 )     (16,165 )
    Additional paid-in capital     20,819       20,739  
    Retained earnings     156,125       123,032  
    Accumulated other comprehensive loss     (1,090 )     (407 )
    Shareholders’ equity     388,902       356,654  
    Total liabilities and shareholders’ equity   $ 1,694,264     $ 1,546,478  
    Consolidated Statements of Operations and
    Comprehensive Income    For the years ended December 31
    (Expressed in thousands of Canadian Dollars, except per share amounts)
          2024       2023(i)  
    Revenue   $ 1,165,787     $ 964,680  
    Cost of sales     789,056       678,528  
    Depreciation     166,683       131,319  
    Gross profit     210,048       154,833  
    General and administrative expenses     55,951       56,844  
    Loss on disposal of property, plant and equipment     767       1,659  
    Operating income     153,330       96,330  
    Equity earnings in affiliates and joint ventures     (15,299 )     (25,199 )
    Interest expense, net     59,340       36,948  
    Change in fair value of contingent obligations     53,206       4,681  
    Gain on derivative financial instruments     (3,952 )     (6,063 )
    Income before income taxes     60,035       85,963  
    Current income tax (benefit) expense     (3,280 )     6,841  
    Deferred income tax expense     19,230       15,981  
    Net income     44,085       63,141  
    Other comprehensive income        
    Unrealized foreign currency translation loss     683       713  
    Comprehensive income   $ 43,402     $ 62,428  
             
    Per share information        
    Basic net income per share   $ 1.65     $ 2.38  
    Diluted net income per share   $ 1.52     $ 2.09  

    (i)The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

    The MIL Network –

  • MIL-OSI USA: Commerce Committee Passes Two Bipartisan Bills Led by Peters to Bolster Domestic Semiconductor Supply Chains and Strengthen U.S. Manufacturing Policy

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    WASHINGTON, DC – The Senate Commerce, Science, and Transportation Committee passed two bipartisan bills authored by U.S. Senator Gary Peters (MI) that aim to bolster domestic semiconductor supply chains and strengthen U.S. manufacturing policy.    
    “To support manufacturers in Michigan and throughout the United States, we need our industry partners, economic developers, and lawmakers reading from the same playbook,” said Senator Peters. “These bipartisan bills would help build a coordinated effort to attract new investments in our manufacturing sector, create good-paying jobs, and reduce our reliance on foreign adversaries for the semiconductor technologies that help power our economy.” 
    Peters’ Securing Semiconductor Supply Chains Act – which he introduced with U.S. Senators Marsha Blackburn (R-TN) and Rick Scott (R-FL) – would help to strengthen federal efforts to expand domestic manufacturing of semiconductor chips. The bill would direct the U.S. Department of Commerce’s SelectUSA program, in collaboration with other federal agencies and state economic development organizations, to develop strategies that would attract investment in U.S. semiconductor manufacturers and supply chains. Peters’ bill – which previously passed the Senate with unanimous support – would help address the ongoing global shortage of semiconductor technologies that has disrupted a range of industries in recent years including manufacturers and automakers in Michigan.    
    “We appreciate Senator Peters’ continued commitment to strengthening our national security and economic resilience by building up the semiconductor industry and supply chain here in America,” said Quentin Messer, Jr., CEO of the Michigan Economic Development Corporation. “As technology evolves and integrates further into every aspect of our lives, this industry remains poised for growth. Senator Peters’ understands that it is imperative we continue to collaborate in a bipartisan manner at the state, regional, and federal level on behalf of American workers, and especially future generations of innovative Michiganders.”  
    “American Automakers are grateful to Senator Peters for his leadership on this bipartisan legislation, which will boost domestic semiconductor manufacturing and strengthen our nation’s supply chains,” said Governor Matt Blunt, President of the American Automotive Policy Council. “This legislation is vital for U.S. automakers and their supplier partners, helping to foster economic growth throughout the U.S. auto sector.”    
    The committee also passed Peters’ National Manufacturing Advisory Council for the 21st Century Act, which would establish a National Manufacturing Advisory Council within the U.S. Department of Commerce. The Advisory Council would bring together leaders in manufacturing, labor, and education to advise both Congress and the Secretary of Commerce on how best to ensure the United States remains the top destination globally for investment in manufacturing. It would serve as a bridge between the manufacturing sector and federal government to improve communication and collaboration, and better support the industry and its workforce. The bill – which he introduced with U.S. Senator Marsha Blackburn (R-TN) – passed the Senate with unanimous support last Congress.    
    “This initiative, the National Manufacturing Advisory Council Act, is designed to improve the resources and support for our nation’s small and medium-size manufacturers, which are a truly vital driver of our economy. I applaud Senator Peters for his steadfast, unwavering commitment to American manufacturing,” said Ingrid Tighe, President of the Michigan Manufacturing Technology Center, the Michigan representative of the Hollings Manufacturing Extension Partnership (MEP) program, part of the National Institute of Standards and Technology (NIST).   
    “We applaud Senator Gary Peters for introducing this bill to improve the federal government’s planning and coordination of efforts to strengthen domestic manufacturing,” said Scott Paul, President of the Alliance for American Manufacturing. “Recent supply chain disruptions have made clear that it is time for the United States to shore up its critical manufacturing capabilities, which will not only better prepare us for the next crisis but also create jobs and boost the economy. This increased coordination between the many programs designed to support our manufacturers and their workers is an important step towards rebuilding our industrial base. We are grateful to Senator Peters for his efforts to bolster American manufacturing.”   
    “The Association of Equipment Manufacturers applauds Senator Gary Peters and Senator Marsha Blackburn for their continued leadership on behalf of the manufacturing sector and for introducing legislation that will prioritize a national strategy focused on ensuring American manufacturing policy can rapidly respond to changes in the global marketplace,” said Kip Eideberg, AEM Senior Vice President of Government and Industry Relations. “Our economic prosperity and national security depend on a strong manufacturing sector, and establishing a National Manufacturing Advisory Council will help unleash innovation and mobilize a comprehensive, coordinated, and competent national effort in support of the manufacturing sector and its workforce.”     
    “We commend Senator Gary Peters (D-MI) and Senator Marsha Blackburn (R-TN) for introducing legislation to establish a National Manufacturing Advisory Council,” said Ana Meuwissen, Senior Vice President of Government Affairs for MEMA, The Vehicle Suppliers Association. “This council will be a forum for manufacturers and other key stakeholders to provide input to the Department of Commerce (DOC) on important long-range issues such as workforce, supply chain, technology, and defense industrial base. The NMAC legislation would also foster better coordination of federal manufacturing policy in the DOC and across the federal government. When this legislation is enacted, it will be an asset to assist in retaining U.S. competitiveness in critical manufacturing sectors like motor vehicle parts.”     
    Peters has made expanding domestic manufacturing and strengthening U.S. supply chains a top priority. Peters helped craft and pass into law the CHIPS and Science Act, which includes a provision Peters secured funding to support the domestic production of mature semiconductor technologies and ensure that projects supporting critical manufacturing industries, such as the auto industry, are given priority status. This funding was in addition to $50 billion already in the bill to incentivize the production of semiconductors of all kinds in the U.S. – for a total of $52 billion.   
    The CHIPS and Science Act also included Peters’ bipartisan Investing in Domestic Semiconductor Manufacturing Act, which ensures federal incentives to boost domestic semiconductor manufacturing include U.S. suppliers that produce the materials and manufacturing equipment that enable semiconductor manufacturing. Peters’ provision directly supports Michigan manufacturers like Hemlock Semiconductor (HSC) in Hemlock, Michigan which was recently awarded up to $325 million in CHIPS and Science Act funding to build a new, state-of-the-art manufacturing facility. The project will allow the company to expand production of hyper-pure polysilicon needed to manufacture semiconductor chips and is expected to create 180 good-paying manufacturing jobs, as well as thousands of construction jobs, in Michigan.        
    Peters additionally supported and helped pass the Inflation Reduction Act, which will strengthen domestic manufacturing, onshore our supply chains, combat the climate crisis and create millions of American jobs.  

    MIL OSI USA News –