NewzIntel.com

Category: Finance

  • MIL-OSI Europe: Croatia’s investment momentum remains strong in 2024, but competitiveness challenges persist

    Source: European Investment Bank

    • Croatia’s economy grew steadily in 2024, supported by EU funds, the euro adoption, and financial instruments like EFSI and InvestEU
    • Key barriers: 84% of Croatian exporters face differing EU regulations, digital adoption lags behind (62% vs. EU’s 74%), and energy costs remain high.
    • A conference jointly organised with the Croatian National Bank explored the EIB Investment Survey 2024 for Croatia and the EIB Investment Report 2024/2025, highlighting solutions such as market integration, green investments, and mobilizing private co-investors.

    The Croatian economy kept the strong dynamic during 2024 after the rebound in 2022-2023. This was possible thanks to collective efforts by European Union Member States, the Recovery and Resilience Facility, EU funds and financial instruments like EFSI and InvestEU. Moreover, the euro adoption in Croatia represented a strategic shift and new business opportunities, driving the good investment momentum.

    Nevertheless, in the new geopolitical context, in order to increase competitiveness, the urgency of further action is enhanced both for the EU as a whole and for Croatia. According to the new EIB Investment Report 2024/2025, the solution toolkit comprises: (1) unlocking business opportunities via market integration and simplification (2) leveraging European strengths such as green leadership and an inclusive social model (3) maximising the impact of public-sector intervention through targeted support, EU coordination and focus on incentives that mobilise private co-investors.

    According to the latest EIBIS for Croatia, the business environment remains a concern. The availability of skilled staff, uncertainty about the future and energy costs remain the top three investment barriers while more than eight in 10 Croatian exporters (84%) report having to comply with different standards and consumer-protection rules across EU countries, above the EU average (60%). Moreover, there is a continued need of transformative investments as adoption of advanced digital technologies in Croatia is below EU peers (62% versus 74% respectively). Moreover, although most of Croatian firms (87%) have taken measures to reduce greenhouse gas emissions, in line with EU firms, there is still more to do for all EU countries. Croatian firms are also less likely than EU firms to have invested in sustainable transport options and energy efficiency.

    At an event in Zagreb organised jointly with the Croatian National Bank (CNB), the European Investment Bank (EIB) today discussed the  EIB Investment Survey 2024 for Croatia  and key policy messages of the EIB Investment Report 2024/2025: Innovation, integration and simplification in Europe, focusing on the new insights on Croatian companies’ challenges and opportunities.

    Opening remarks were made by EIB Vice-President Teresa Czerwińska, Croatian National Bank Governor Boris Vujčić and Deputy Prime Minister and Minister of Finance Marko Primorac. A presentation by Debora Revoltella, the EIB’s chief economist, assessed the state of the EU and Croatian economies through the EIBIS lens to understand their current performance, business prospects, concerns and enablers for a coordinated policy response.

    Croatian National Bank Governor Boris Vujčić said: “Croatia and the whole of Europe have been facing major challenges in preserving competitiveness in an unstable global environment. In order for Croatian companies to be able to leverage growth opportunities, it is necessary to provide them with access to venture capital and alternative financing sources as well as to strengthen links between European capital markets. This conference provides us with an opportunity to jointly discuss present obstacles and new solutions for the financing of growth and innovations in order to ensure that the Croatian economy remains competitive in a rapidly changing world.”

    EIB Vice-President Teresa Czerwińska said: “The EIB Investment Survey, conducted across all EU member states, provides a powerful policy tool to better understand the challenges and barriers, helping to create our strategy and to respond to the identified market gaps with targeted policy response. To address the gap of scale-up financing, the EIB Group provides a diversified type of financing for corporates: loans, guarantees, venture debt and private equity. For Croatia in particular, we reinforced during 2024 the innovation ecosystem with investments in equity funds through the Croatian Venture Capital Initiative 2 (CVCi 2) and the Croatian Growth Investment Programme II (CROGIP II), benefiting hundreds of startups and high-growth enterprises.”

    “In the context of mounting pressure from international competition, Europe could reinforce its position as a global technology leader by focusing on three areas: market integration, simplification and large-scale investment in innovation,” said EIB Chief Economist Debora Revoltella “For large-scale investments for innovation and transformation, European firms need market scale to remain globally competitive. Larger and deeper capital markets are instrumental to mobilising higher-risk finance for innovation and the green transformation.”

    The panel discussion in the second session of the conference, composed of representatives of the EIB Group and players in the local financial market such as the Zagreb Stock Exchange, the Croatian Financial Services Supervisory Agency (HANFA) and co-founders of innovative startups, discussed the availability of growth finance for Croatian firms, the role of the stock market, private equity funds and financial market integration and depth. Both the Croatian and the EU financial systems are still ill-suited to properly finance the green and digital transformations and the high-growth innovative segment, especially on the scale-up face. The European financial system depends heavily on banking and this focus continues to constrain specific investment as firms do not have many alternative funding sources to support risky investments, especially in the early stage of growth. Nevertheless, recent initiatives for alternative financing of Croatian firms are encouraging. Moreover, reducing the fragmentation of EU capital markets and simplifying regulation may offer a better and more productive use of Europe’s substantial savings.

    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.  

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

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

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

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB Group’s New Financing in Croatia Reaches Record €1.24 Billion in 2024

    Source: European Investment Bank

    • EIB Group financing in Croatia rose to €1.24 billion last year from €464 million in 2023.
    • Focus on Croatian railways, cities and businesses in record year for commitments.
    • Climate action in Croatia received €721 million in support last year.

    The European Investment Bank (EIB) Group’s new financing in Croatia has reached a record level of €1.24 billion last year, with major support aimed at greening transport, cities and businesses. The total financing for 2024 included €937 million from the EIB and €303,2 million from the European Investment Fund (EIF), which focuses on small and medium-sized enterprises (SMEs) as well as Mid-Caps in Europe.

    EIB Group financing in Croatia last year amounted to 1.4% of its gross domestic product (GDP), whereof a third dedicated to the support of  Croatian SMEs and Midcaps throughout the intermediation of the Croatian banking system. The level of support rose 167% from €464 million in 2023.

    The largest EIB loan signed last year was a €400 million financing to the Croatian government to upgrade and expand rail infrastructure and services throughout the country – part of a €900 million agreement that marks the EIB’s largest-ever financing operation in Croatia. Other key initiatives included EIB loans of €207 million to the city of Zagreb to promote renewable energy, affordable housing and public transport, €200 million to the Croatian Bank for Reconstruction and Development, or HBOR, to expand green and other financing for a range of companies and €30 million financing for the increase of renewable energy production (Kiepach/ Go Green project) implemented by HEP.

    “Our record investments in Croatia in 2024 are a testament to our unwavering commitment to the country’s sustainable growth,” said EIB Vice-President Teresa Czerwińska. “We are deepening our engagement, unlocking new financing for businesses, modernising critical infrastructure and promoting innovation. Working closely with national and local authorities as well as with private-sector partners, we are helping to build a greener, more competitive and resilient Croatia.”

    The latest annual results bring total EIB Group financing in Croatia over the past five years to almost €3.1 billion. The annual average in the country since 2020 has been €613 million.

    Green gains, social support and firm financing

    Last year, projects to advance climate action and environmental sustainability in Croatia received EIB Group support totalling €721 million.

    The €400 million loan to the Croatian government in 2024 is meant to improve rail travel for 22 million passengers annually, accelerate regional development, encourage a shift away from road transport and reduce emissions that cause climate change.

    The €207 million loan to Zagreb reflects increased EIB Group support for Croatian cities to promote cleaner energy, urban mobility and essential cultural and social infrastructure such as schools, kindergartens and affordable housing. Such financing also helps cities absorb faster the grants from the European Union.

    In response to a rising need for affordable homes, the EIB last year also agreed to provide advisory services to five major Croatian cities: Zagreb, Split, Rijeka, Osijek and Varaždin. The goal is to help expand social housing and promote inclusive urban development.

    In the area of business financing, the €200 million loan to HBOR is part of a €500 million approved commitment to help Croatian companies lower their carbon footprint and become more sustainable. The EIB is also advising HBOR and other key financial institutions in Croatia on enhancing their green-funding capacity.

    The EIF teamed up with the EIB to offer €169 million to Privredna Banka Zagreb and €160 million to Erste Croatia to expand financing for businesses. The EIF further reinforced Croatia’s innovation ecosystem with investments in equity funds through the Croatian Venture Capital Initiative 2 (CVCi 2)  and the Croatian Growth Investment Programme II (CROGIP II), benefiting hundreds of start-ups and high-growth enterprises. EIF’s equity fund investments in the country also included one of its first commitments to a CEE-based infrastructure fund and, additionally, €40 million was pledged to the Vesna Deep Tech Venture Fund, supporting Croatia’s first technology transfer fund that also represents a cross-border initiative with Slovenia, fostering innovation and collaboration between academia and businesses. Altogether, the EIF experienced a record year in Croatia in terms of investments in funds managed by local teams, which now cover a broad range of strategies, from early-stage venture capital, technology transfer, growth investments and social impact to investments in infrastructure projects.

    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.  

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

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

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

    MIL OSI Europe News –

  • MIL-OSI Europe: Team Europe provides nearly €60 million for digital connectivity in rural Central Asia

    Source: European Investment Bank

    EIB

    • A €34.4 million EU grant and a €25.45 million EIB Global loan will support access to broadband services through satellite connectivity in approximately 1 600 villages in Central Asia.
    • The financial package will enable the deployment of satellite terminal antennas connected to SES’ medium earth orbit satellite network.
    • This Team Europe initiative aims to empower approximately three million people in remote areas by providing fast and reliable internet access.

    EIB Global – the European Investment Bank’s global arm – and the European Commission have signed a financial package worth almost €60 million with SES, a Europe-based provider of satellite-enabled content and connectivity solutions.This initiative aims to deliver satellite connectivity to remote rural areas in Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan.

    Nearly half of the population in Central Asia does not have access to the internet. The project aims to reduce this figure by bringing broadband internet services to approximately 1 600 underserved villages across rural areas in the region. These communities currently have no access to broadband services, leaving millions without connection to the digital world. Through satellite technology, high-speed internet can be deployed in these remote areas, transforming the lives of an estimated three million people. This initiative will help to bridge the digital gap and also support Central Asia’s broader transition to a digital economy.

    “Beyond simply connecting people, connectivity infrastructures are pathways to education, healthcare and economic opportunities. This initiative is helping to address the digital divide and promoting global connectivity, which is a priority for EIB Global. This is an excellent example of cooperation under Team Europe for digital inclusion and human empowerment, and will also provide the European Union’s partners in Central Asia with know-how and expertise on secure and trusted digital connections,” said EIB Vice-President Kyriacos Kakouris, who oversees the Bank’s operations in Central Asia.

    This project is fully aligned with the European Union’s Global Gateway initiative, which promotes investment in secure and sustainable infrastructure to connect people and improve lives across the world. It serves as a key driver of the Team Europe initiative for digital connectivity in Central Asia.

    “The European Union and Central Asia are working together to improve the internet connection in the whole region. European technology and our Central Asian partners’ expertise can ensure that more people have access to fast and secure internet, supporting business growth, creating new jobs and improving living conditions in local communities. By investing in digital connectivity, we are bridging gaps, creating opportunities, and ensuring that Central Asia has the necessary resources to benefit fully from the digital economy,” said European Commissioner for International Partnerships Jozef Síkela.

    The project will leverage SES’s O3b mPOWER medium earth orbit satellite network expansion, which is partially financed by the EIB through a €125 million loan provided earlier this year. The satellite network expansion will facilitate the delivery of high-speed broadband services to these remote areas, ensuring reliable and scalable digital infrastructure.

    “Securing this combined EU grant and EIB Global loan demonstrates that SES’ financial foundation is solid and that it is trusted by European institutions to provide reliable satellite services. SES has already done great work on large-scale digital inclusion projects by investing in satellite systems that deliver seamless connectivity in the most remote parts of the world. We are looking forward to reaping the benefits of O3b mPOWER in Central Asia, accelerated by the European Investment Bank’s partial funding to expand our MEO satellites,” said Global Head of Enterprise and Cloud at SES Nadine Allen.

    Background information

    About EIB Global

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.

    EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027 — around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through our offices across the world. High-quality, up-to-date photos of our headquarters for media use are available here.

    About SES

    SES has a bold vision to deliver amazing experiences everywhere on Earth by distributing the highest quality video content and providing seamless data connectivity services around the world. As a provider of global content and connectivity solutions, SES owns and operates a geosynchronous orbit fleet and medium earth orbit (GEO-MEO) constellation of satellites, offering a combination of global coverage and high-performance services. Using its intelligent, cloud-enabled network, SES delivers high-quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners around the world. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). 

    Team Europe provides nearly €60 million for digital connectivity in rural Central Asia
    Team Europe provides nearly €60 million for digital connectivity in rural Central Asia
    ©EIB
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    Team Europe provides nearly €60 million for digital connectivity in rural Central Asia
    Team Europe provides nearly €60 million for digital connectivity in rural Central Asia
    ©EIB
    Download original
    Team Europe provides nearly €60 million for digital connectivity in rural Central Asia
    Team Europe provides nearly €60 million for digital connectivity in rural Central Asia
    ©EIB
    Download original
    Team Europe provides nearly €60 million for digital connectivity in rural Central Asia
    Team Europe provides nearly €60 million for digital connectivity in rural Central Asia
    ©EIB
    Download original

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB Global helps improve air traffic control system in Serbia and Montenegro

    Source: European Investment Bank

    • The EU bank is investing €25 million to make the air navigation system in Serbia and Montenegro safer and more efficient.
    • The loan will help to develop and implement cutting-edge software in line with the highest standards of the Single European Sky initiative.
    • As one of its leading supporters, EIB Global has invested €6.6 billion so far in the transport sector in the Western Balkans, helping to make transport networks in the region safer and more sustainable.

    The European Investment Bank (EIB Global) will provide a €25 million loan to upgrade the air navigation control system in Serbia and Montenegro. State-of-the-art equipment and software will enable SMATSA, the air navigation service provider in both countries, to implement the highest operational and safety standards, ensuring interoperability and optimising flight routes. The project aims to make air traffic management over Serbia and Montenegro more efficient, improving safety and delivering environmental benefits to European air travel.

    The investment will be used to develop a new software solution for air traffic management in line with the requirements set out by Eurocontrol (the European Organisation for the Safety of Air Navigation) and the Digital European Sky strategy, contributing to digitalisation and automation. This initiative will enable SMATSA – which currently manages around 9% of all European flights – to keep abreast of the latest technologies, while also improving the connections between its control centers in Belgrade, Podgorica, Tivat, Batajnica, Kraljevo and Niš. In this way, the project will help reduce operational costs, shorten flight times, minimise delays and CO2 emissions, while improving connectivity within the Western Balkans and with the EU.

    Co-financed by the European Bank for Reconstruction and Development (EBRD), this project is part of the European Commission’s Economic and Investment Plan aimed at fostering connectivity and regional integration. As one of its leading supporters, EIB Global has invested €6.6 billion in total in the transport sector in the Western Balkans, helping to create safer and more sustainable transport networks in the region.

    MIL OSI Europe News –

  • MIL-OSI Security: U.S. Files Civil Forfeiture Complaint Against Aircraft Used by Nicolás Maduro Moros in Violation of U.S. Sanctions and Export Control Laws

    Source: United States Attorneys General

    Note: View the forfeiture complaint.

    The United States today filed a civil forfeiture complaint in the Southern District of Florida against a Dassault Falcon 900 EX aircraft, bearing tail number T7-ESPRT, which was smuggled from the United States under false pretenses and operated for the benefit of Nicolás Maduro Moros (Maduro) and his representatives in the Bolivarian Republic of Venezuela (the Maduro Regime) in violation of U.S. sanctions and export control laws. The aircraft was seized last year in the Dominican Republic at the request of the United States.

    Today’s filing alleges that the Dassault Falcon 900 EX aircraft was purchased and maintained in violation of U.S. sanctions against Maduro and the Maduro Regime. According to the complaint, the aircraft is forfeitable based on violations of U.S. law, including the International Emergency Economic Powers Act (IEEPA) and money laundering violations.

    Since 2014, the United States has imposed sanctions against targeted individuals, entities, and sectors in Venezuela to address the increasing political oppression and corruption in Venezuela by the Maduro Regime. On March 8, 2015, the President found that the situation in Venezuela constituted an unusual and extraordinary threat to the national security, foreign policy, and economy of the United States and declared a national emergency pursuant to IEEPA to deal with that threat. See Executive Order (E.O.) 13692.

    In 2017, 2018, and 2019, President Trump took additional steps regarding the national emergency declared in E.O. 13692. On Aug. 5, 2019, the President issued E.O. 13884 “in light of the continued usurpation of power by Nicolás Maduro and persons affiliated with him, as well as human rights abuses, including arbitrary or unlawful arrest and detention of Venezuelan citizens, interference with freedom of expression, including for members of the media, and ongoing attempts to undermine Interim President Juan Guaidó and the Venezuelan National Assembly’s exercise of legitimate authority in Venezuela.”

    E.O. 13884 prohibits the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any person whose property and interests in property are blocked pursuant to the order, including the Government of Venezuela and the Maduro Regime; the receipt of any contribution or provision of funds, goods, or services from any such person; and, any transaction that evades or avoids, has the purpose of evading or avoiding, causes a violation of, or attempts to violate any of the prohibitions set forth in the order.

    The complaint alleges that on or about Jan. 23, 2023, a company purportedly based in the Caribbean island country of St. Vincent and the Grenadines (Foreign Company 1) entered into a contract to purchase the Dassault Falcon 900 EX aircraft from a company in Florida for $13,250,000. The complaint further alleges that the individual in charge of purchasing the aircraft purportedly on behalf of Foreign Company 1 was a Venezuelan national (Foreign Principal 1), who concealed the fact that he was representing or associated with the Maduro Regime.

    The complaint further alleges that Foreign Company 1 merely acted as a nominee owner of the Dassault Falcon 900 EX aircraft as it was formed shortly before the purchase, in June 2022, and was struck from the register of St. Vincent companies for failure to pay annual fees two years later, in May 2024.

    The complaint further alleges that funds used to purchase the Dassault Falcon 900EX aircraft were sent via multiple wire transfers from different countries, including Malaysia, using both U.S. dollars and euros, and that Foreign Company 1 used an email address with a “.ae” domain from the United Arab Emirates to correspond with the Florida-based seller even though Foreign Company 1’s representatives allegedly had Spanish names and some of the emails contained the phrase “Enviado desde mi iPhone,” or Spanish for “Sent from my iPhone.”

    The complaint further alleges that the Dassault Falcon 900 EX aircraft was flown from the United States to St. Vincent on or about April 3, 2023, and approximately five hours later, it departed for Caracas, Venezuela, piloted by two members of the Venezuelan Presidential Honor Guard, and accompanied by a second aircraft that operates out of a Venezuelan military base.

    The complaint further alleges that, since May 2023, the Dassault Falcon 900 EX aircraft has flown to and from Venezuela at least 21 times and Maduro has been seen traveling with the aircraft on official visits to other countries, including for a December 2023 prisoner exchange with the United States.

    As alleged, in March 2024, the Dassault Falcon 900 EX aircraft was flown to the Dominican Republic for service and maintenance where Foreign Company 1 held itself out to be the owner, concealing from the Dominican-based jet maintenance company that the aircraft had been purchased and operated for benefit of the Maduro Regime.

    The complaint further alleges that on at least two occasions in May 2024, Foreign Principal 1, purportedly acting on behalf of Foreign Company 1, and other Venezuelan individuals, including military personnel, attempted to retrieve the Dassault Falcon aircraft from the Dominican Republic.

    Following the attempts by the Venezuelan individuals to retrieve the Dassault Falcon 900 EX aircraft, the U.S. government obtained a seizure warrant and requested that the Dominican Republic seize, detain, and transfer the Dassault Falcon aircraft. Pursuant to U.S. request, the aircraft was transported back to the United States on Sept. 2, 2024. That same day, the Maduro Regime issued a statement admitting the Dassault Falcon aircraft “has been used by” Maduro.

    A second Dassault Falcon aircraft identified by the Treasury Department’s Office of Foreign Assets Control (OFAC) as blocked property of Petroleos de Venezuela, S.A. (PdVSA), the sanctioned Venezuelan state-owned oil and natural-gas company, and illegally serviced and maintained in violation of U.S. sanctions, also was seized in the Dominican Republic at the request of the United States government on Feb. 6, 2025.

    The Department of Commerce Bureau of Industry and Security Miami Field Office is investigating the case, along with the Department of Homeland Security, Homeland Security Investigations (HSI) Santo Domingo.

    Assistant U.S. Attorneys Joshua Paster and Jorge Delgado for the Southern District of Florida and Trial Attorney Ahmed Almudallal of the National Security Division’s Counterintelligence and Export Control Section are handling the matter.

    The Justice Department’s Office of International Affairs and HSI El Dorado Task Force Miami provided significant assistance in working with authorities in the Dominican Republic. The United States thanks the Dominican Republic for its assistance in this matter.

    MIL Security OSI –

  • MIL-OSI Security: High-Ranking Member of “Black Rain” Drug Crew Sentenced to 30 Years in Prison for His Involvement in Three Cold Case Murders

    Source: Office of United States Attorneys

    Earlier today, in federal court in Brooklyn, Jerome Jones, also known as “Sha,” was sentenced by United States District Judge Nicholas G. Garaufis to 30 years’ imprisonment for his role in the 1991 murder of Oscar Flow and the 1992 murders of Robert Arroyo and Dorothy Taylor—all related to Jones’ narcotics trafficking operation.  Jones pleaded guilty in August 2024. 

    John J. Durham, United States Attorney for the Eastern District of New York, Leslie R. Backschies, Acting Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI) and Jessica S. Tisch, Commissioner, New York City Police Department (NYPD), announced the sentence.

    “Jones now faces decades in prison for his role in a violent drug organization and for several vicious killings committed within less than one year.  His sentence is a reminder that no matter how much time has passed, my Office and our law enforcement partners will not rest until murderers like the defendant are held accountable and justice is served for their victims,” stated United States Attorney Durham.   

    Mr. Durham expressed his thanks to the FBI and the NYPD for their outstanding investigative work and the Queens District Attorney’s Office for its assistance.

    Jones was a high-ranking member of “Black Rain,” a Queen-based drug trafficking organization that sold narcotics at several locations on Rockaway Boulevard in the late 1980s and early 1990s.  The organization was responsible for poisoning the community with massive quantities of various drugs: heroin sold as “Black Rain,” cocaine sold as “White Lightning,” and crack sold as “Thunder.”  In the early 1990s, a single Black Rain drug spot brought in more than $10,000 per day in drug sales. To protect its profitable operation and to punish those who crossed its leaders, Black Rain members committed multiple acts of violence, including murders.

    In December 1991, Jones murdered Oscar Flow in Springfield Gardens, Queens, after he learned that Flow had stolen from one of Black Rain’s drug spots and that the victim’s sneaker matched a muddy footprint on the roof of the location that had been robbed.  Jones and a co-conspirator shot Flow multiple times.  Jones later boasted to an underling that Flow got “six in the head” for stealing from Black Rain.

    In September 1992, Robert Arroyo was murdered in the vicinity of 128th Street and Rockaway Boulevard in South Ozone Park, Queens, where Jones managed a drug spot.  Jones recruited and paid two co-conspirators to kill Arroyo, who Jones suspected was a drug trafficking competitor and a police informant.  In their first attempt, the recruits mistakenly shot and seriously wounded another man they incorrectly believed to be Arroyo.  That victim survived.  The hit team finally located Arroyo on a crowded street and shot him repeatedly, killing him.

    In November 1992, Jones again paid a co-conspirator to murder Dorothy Taylor, who the defendant blamed for having a Black Rain drug spot shut down by law enforcement when she failed to pay the rent and city marshals padlocked the apartment.  Taylor was shot to the death in the driveway of her home by the co-conspirator.

    The government’s case is being handled by the Office’s Organized Crime and Gangs Section.  Assistant United States Attorneys Tanya Hajjar, Emily J. Dean, Lindsey R. Oken, and Raffaela S. Belizaire are in charge of the prosecution with the assistance of Paralegal Specialist Theodore Rader.

    The Defendant:

    JEROME JONES (also known as “Sha”)
    Age: 60
    West Virginia

    E.D.N.Y. Docket No. 19-CR-54 (NGG)

    MIL Security OSI –

  • MIL-OSI Security: Armed Mexican national guilty of federal immigration and firearms violations in the Eastern District of Texas

    Source: Office of United States Attorneys

    BEAUMONT, Texas – A Mexican national, illegally living in Nacogdoches, has pleaded guilty to federal immigration and firearms violations in the Eastern District of Texas, announced Acting U.S. Attorney Abe McGlothin, Jr.

    Joel Bustamante Moreno, 25, pleaded guilty to unlawful reentry by a deported alien and unlawful possession of a machine gun before U.S. Magistrate Judge Zack Hawthorn on March 18, 2025.

    According to information presented in court, on February 1, 2024, Moreno was arrested after selling multiple firearms, including a 9mm pistol equipped with a machine gun conversion device, also known as a Glock switch.  Machine gun conversion devices are devices that once affixed to a pistol make the pistol capable of firing automatically by a single trigger pull. These devices allow a pistol to operate as a machine gun. After the purchase, law enforcement attempted to arrest Moreno as he fled the scene in his vehicle.  Moreno wrecked the vehicle and fled on foot to a residence where he was arrested.  Moreno had been previously deported in 2019 and 2020 and did not have permission to be in the United States.

    Moreno was indicted by a federal grand jury on November 20, 2024.  Moreno faces up to 10 years in federal prison at sentencing. The maximum sentence prescribed by Congress is provided here for information purposes, as the sentencing will be determined by the court based on the advisory sentencing guidelines and other statutory factors.  A sentencing hearing will be scheduled after the completion of a presentence investigation by the U.S. Probation Office.

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

    This case is being investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives, Homeland Security Investigations, and the Nacogdoches Police Department and is being prosecuted by Assistant U.S. Attorney Donald S. Carter.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Federal Inmate Convicted of Committing Sexual Assault in Federal Transfer Center

    Source: Office of United States Attorneys

    OKLAHOMA CITY – A federal jury has convicted JOSEPH FRANCIS BUTLER, 34, of Illinois, of committing aggravated sexual abuse at the Federal Transfer Center (FTC) in Oklahoma City, announced U.S. Attorney Robert J. Troester.

    On July 17, 2024, a federal Grand Jury charged Butler with aggravated sexual abuse. On March 14, 2025, after a 4 day-trial, a federal Jury found Butler guilty of the charge. According to evidence presented at trial, on June 4, 2023, Butler, an inmate at the FTC, entered the cell of another inmate and sexually assaulted him. During the sexual assault, Butler held a shank to the victim’s neck and side. The victim soon after reported the assault to a corrections officer.

    At sentencing, Butler faces up to life in federal prison, and a fine of up to $250,000.

    This case is the result of an investigation by the Federal Bureau of Prisons’ Special Investigative Service. Assistant U.S. Attorneys Tiffany Edgmon and Brandon Hale are prosecuting the case.

    Reference is made to public filings for additional information. 

    MIL Security OSI –

  • MIL-OSI Security: Road Rage Shooting Lands Oklahoma County Man in Federal Prison for More Than Seven Years for Illegal Firearm Possession

    Source: Office of United States Attorneys

    OKLAHOMA CITY – JESUS FLORES, 42, of Oklahoma County, has been sentenced to serve 92 months in federal prison for illegal possession of a firearm after a previous felony conviction, announced U.S. Attorney Robert J. Troester.

    According to public record, on May 30, 2024, officers with the Oklahoma City Police Department responded to a reported assault. Officers learned a driver, later identified as Flores, had been cut off on the highway while driving. Flores chased down the car that cut him off and shot the driver in the head, though the victim recovered from their injuries. Officers later recovered two firearms in Flores’s child’s diaper bag. On September 5, 2024, a federal Grand Jury charged Flores with being a felon in possession of a firearm.

    Public record further reflects that Flores has a lengthy criminal history, with previous felony charges in the California Superior Court that include carrying a concealed weapon in a vehicle, being a felon in possession of a firearm, and inflicting corporal injury on an intimate partner.

    On December 17, 2024, Flores pleaded guilty and admitted he knowingly possessed two firearms despite his criminal record.

    At the sentencing hearing on March 17, 2025, U.S. District Judge David L. Russell sentenced Flores to serve 92 months in federal prison, followed by three years of supervised release. In announcing his sentence, Judge Russell noted the need to protect the public from further crimes by Flores.

    This case is the result of an investigation by Homeland Security Investigations and the Oklahoma City Police Department. Assistant U.S. Attorney Jacquelyn M. Hutzell prosecuted the case.

    This case is part of “Operation 922” and Operation “Shots Fired,” the Western District of Oklahoma’s implementation of Project Safe Neighborhoods, the Department of Justice’s signature initiative to reduce gun violence and enforce federal firearms laws. “Operation 922” prioritizes prosecution of federal firearms violations connected to domestic violence. “Shots Fired” targets cases involving individuals who discharge firearms as part of their criminal activity, such as drive-by shootings or when shots are fired during robberies, domestic disputes, or other incidents. For more information about Project Safe Neighborhoods, please visit https://justice.gov/psn and https://justice.gov/usao-wdok.

    Reference is made to public filings for additional information. 

    MIL Security OSI –

  • MIL-OSI: Jaynie Studenmund to Retire From EXL Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 18, 2025 (GLOBE NEWSWIRE) — ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, today announced that Jaynie Studenmund has notified EXL’s board of directors that she will not stand for re-election at EXL’s 2025 annual meeting of stockholders and will serve out her current term on the board through June 2025.

    “On behalf of EXL and its board of directors, we are grateful for the valuable contributions Jaynie has made to the company,” said Rohit Kapoor, chairman and chief executive officer. “Jaynie’s extensive experience with early adopters of digital technology and business model disruption was extremely valuable as we transformed EXL to a leading data and AI company, growing stockholder value over 350% during her tenure on the board.”

    Vikram Pandit, lead director of the board of EXL said, “For seven years, Jaynie’s leadership and guidance as a member of both the Audit and the Compensation and Talent Management Committees, serving as chair of the latter, have greatly benefited the company, and we thank her for her wisdom and dedication. We wish her and her family all the best.”

    “It has been a privilege to serve on EXL’s board,” said Studenmund. “I have truly enjoyed being part of an incredible transformation journey over the last seven years. Today, EXL is winning in the quickly evolving data and AI arena, and I look forward to following its continued success as I refocus my professional activities to the West Coast.”

    About ExlService Holdings

    EXL (NASDAQ: EXLS) is a global data and artificial intelligence (“AI”) company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 59,000 employees spanning six continents. For more information, visit www.exlservice.com.

    Contacts
    Media
    Keith Little
    +1 703-598-0980
    media.relations@exlservice.com

    Investor Relations
    John Kristoff
    +1 212 209 4613
    IR@exlservice.com

    The MIL Network –

  • MIL-OSI: PIMCO Canada Corp. Announces Special Reinvested Distribution for PIMCO Global Income Opportunities Fund for 2024 Year-End

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to United States newswire services or for dissemination in the United States

    TORONTO, March 18, 2025 (GLOBE NEWSWIRE) — PIMCO Canada Corp. (“PIMCO Canada”) announced today that a special reinvested income distribution on the Class A Units (the “Units”) of PIMCO Global Income Opportunities Fund (TSX: PGI.UN) (the “Fund”) in the amount of $0.25496 per Unit was paid on January 15, 2025, to the holders of record at the close of business on December 31, 2024. This amount is for the reinvested distribution only, and does not include the ongoing monthly cash distribution amount, which was announced in a separate press release on December 18, 2024.

    The reinvested distribution was reinvested in Units of the Fund and the resulting Units were immediately consolidated, so that the number of Units held by each unitholder did not change. Unitholders holding their Units outside registered plans will have taxable amounts to report and an increase in the adjusted cost base of their Units.

    The Manager, PIMCO Canada, retains Pacific Investment Management Company LLC (“PIMCO”), to provide investment management services to the Fund.

    About PIMCO

    PIMCO was founded in 1971 in Newport Beach, California and is one of the world’s premier fixed income investment managers. Today we have offices across the globe and 3,000+ professionals united by a single purpose: creating opportunities for investors in every environment. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider.

    This is not an offer to sell Units and not a solicitation of an offer to buy Units in any region where the offer or sale is not permitted. Before you invest, you should carefully read the Fund’s disclosure documents and consider carefully the risks you assume when you invest in the Units. There can be no assurance that the Fund will achieve its investment objectives or be able to structure its investment portfolio as anticipated. Copies of the Fund’s disclosure documents may be obtained from your financial advisor.

    Forward-Looking Statements

    Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect the Fund, PIMCO Canada and/or PIMCO’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, market factors. Although the Fund, PIMCO Canada and/or PIMCO believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Fund, PIMCO Canada and/or PIMCO undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other factors which affect this information, except as required by law.

    You will usually pay brokerage fees to your dealer if you purchase or sell Units on the Toronto Stock Exchange (the “TSX”). If the Units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying Units and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning Units. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Fund in these documents. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    The Fund is a closed end exchange traded investment fund. Closed end funds, unlike open end funds, are not continuously offered. After the initial public offering, shares of closed end funds are sold on the open market through a stock exchange. For additional information, contact your financial advisor.

    For a summary of the risks of an investment in the Fund, please see the Principal Risks of the Fund section of the prospectus. Units of closed end funds frequently trade at a discount to their net asset value, which may increase risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.

    PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager, and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2025, PIMCO

    The products and services provided by PIMCO Canada Corp. may only be available in certain provinces or territories of Canada and only through dealers authorized for that purpose.

    PIMCO Canada has retained PIMCO LLC as sub-adviser. PIMCO Canada will remain responsible for any loss that arises out of the failure of its sub-adviser.

    PIMCO Canada Corp. 199 Bay Street, Suite 2050, Commerce Court Station, P.O. Box 363, Toronto, ON, M5L 1G2, 416-368-3350

    Contact:
    Agnes Crane
    PIMCO – Media Relations
    Phone: +212 597.1054

    The MIL Network –

  • MIL-OSI: Canadian Net REIT Announces 2024 Fourth-Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    MONTRÉAL, March 18, 2025 (GLOBE NEWSWIRE) — Canadian Net Real Estate Investment Trust (“Canadian Net” or the “REIT”) (TSX-V: NET.UN) today reported its results for the quarter ended December 31st, 2024 (“Q4 2024”). The REIT also announced distributions for the months of April, May and June 2025.

    “We are very pleased with the achievements we made with our capital recycling initiatives during the year, which will materialize in 2025″ said Kevin Henley, President and CEO of the REIT. “As we close the year, we can clearly state that 2024 was a pivot year for CNET. The proceeds from the sale of five gas station properties in 2024 were successfully reinvested into four high-quality, necessity-based retail properties leased to national triple-A tenants. Three of these acquisitions were completed shortly after year-end, and all are immediately accretive to FFO per unit1 while enhancing the quality and resilience of our portfolio. As we move into 2025, our portfolio remains at 100% occupancy and is well positioned to weather today’s macroeconomic environment.”

    RESULTS FOR Q4 2024

    Canadian Net reported Funds from operations1 (“FFO”) of $3.25 million, or $0.158 per unit compared to $3.34 million, or $0.162 per unit for the quarter ended December 31, 2023 (“Q3 2023”). Normalized FFO1 for the quarter was in line with FFO and FFO per unit.

    Rental income was $6.8 million in Q4 2024, a decrease of 6.4% from Q4 2023. Net Operating Income (“NOI”)1 in Q4 2024 was $4.8 million, a decrease of 2.8% from Q4 2023, reflecting a decline in rental income due to property dispositions as part of our capital recycling initiative.

    The REIT generated a net income attributable to unitholders of $1.8 million in Q4 2024 compared to net income of $4.3 million in Q4 2023.

    RESULTS FOR THE TWELVE-MONTH PERIOD ENDED DECEMBER 31, 2024

    Canadian Net reported FFO1 of $12.36 million, or $0.601 per unit compared to $13.06 million, or $0.635 per unit for the 12-month period ended December 31, 2023. Normalized FFO1 was $12.56 million, or $0.611 per unit compared to $13.06 million, or $0.635 per unit for the same period in 2023.

    Rental income was $26.1 million for the 12-month period ended December 31, 2024, a decrease of 1.6% from the same period in 2023. NOI1 over the 12-month period ended December 31, 2024 was $18.9 million, a decrease of 2.6% from the same period in 2023, reflecting a decline in rental income due to property dispositions as part of our capital recycling initiative.

    The REIT generated a net income attributable to unitholders of $7.1 million for the 12-month period ended December 31, 2024 compared to net income of $18.2 million for the same period last year.

    The decrease in FFO1 and Normalized FFO1 is derived from higher interest charges on mortgage renewals, decreases in rental income due to property dispositions and straight-line rent adjustments associated with the property dispositions. The decrease is partially offset by lower interest charges on credit facilities, convertible debentures, mortgages associated with the dispositions, and rental income from a property acquisition in Q4. The decrease in NOI1 primarily reflects the sale of properties in 2023 and 2024. Finally, the variance in net income attributable to unitholders is primarily attributable to the change in the fair value of investment properties.

    DISTRIBUTIONS

    Canadian Net announced that it will make monthly cash distributions of $0.02875 per unit, representing $0.345 per unit on an annualized basis, on April 30th, May 29th and June 30th, 2025, to unitholders of record on April 15th, May 15th and June 15th, 2025, respectively.

    The tables below represent other financial highlights and the reconciliations of certain non-IFRS measures for Q4 2024 and Q4 2023. This information should be read in conjunction with the Audited Consolidated Financial Statements and Management’s Discussion & Analysis (“MD&A”) for the quarters ended December 31st, 2024 and December 31st, 2023.

    SUMMARY OF SELECTED FINANCIAL INFORMATION

      12 months
    		     
    Periods ended December 31 2024   2023   Δ %
    Financial info            
    Property rental income 26,123,869   26,550,527   (426,658 ) (2 %)
    Net income and comprehensive income 7,103,541   18,221,826   (11,118,285 ) (61 %)
    NOI (1) 18,917,202   19,431,563   (514,361 ) (3 %)
    FFO (1) 12,355,243   13,059,460   (704,217 ) (5 %)
    Normalized FFO (1) 12,563,157   13,059,460   (496,303 ) (4 %)
    AFFO (1) 11,593,473   11,723,180   (129,707 ) (1 %)
    EBITDA (1) 13,939,769   25,493,840   (11,554,071 ) (45 %)
    Adjusted EBITDA (1) 18,519,338   19,764,765   (1,245,427 ) (6 %)
    Investment properties 275,478,504   277,842,384   (2,363,880 ) (1 %)
    Adjusted investment properties (1) 325,032,772   331,142,874   (6,110,102 ) (2 %)
    Total assets 301,321,985   308,350,346   (7,028,361 ) (2 %)
    Mortgages 132,194,629   134,689,255   (2,494,626 ) (2 %)
    Long-term debt –   30,000   (30,000 ) (100 %)
    Current portion of mortgages, long term-debt and convertible debentures 16,179,507   13,804,643   2,374,864   17 %
    Mortgages on investment properties held for sale –   2,780,439   (2,780,439 ) (100 %)
    Credit facilities 13,240,000   15,965,362   (2,725,362 ) (17 %)
    Total convertible debentures 5,898,927   7,436,529   (1,537,602 ) (21 %)
    Total equity 129,440,950   129,487,381   (46,431 ) –  
    Weighted average units o/s – basic 20,553,943   20,566,316   (12,373 ) –  
    Amounts on a per unit basis            
    FFO(1) 0.601   0.635   (0.034 ) (5 %)
    Normalized FFO(1) 0.611   0.635   (0.024 ) (4 %)
    AFFO(1) 0.564   0.570   (0.006 ) (1 %)
    Distributions 0.345   0.345   –   –  
    (1) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the sections “Non-IFRS financial measures”.
     

    NON-IFRS FINANCIAL MEASURES

    The Trust’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-IFRS financial measures: FFO, Normalized FFO, FFO per unit, Normalized FFO per unit, AFFO, AFFO per unit, NOI, and Adjusted Investment Properties. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning, and may not be comparable with similar measures presented by other issuers. Canadian Net has presented such non-IFRS measures as management of the Trust believes they are relevant measures of Canadian Net’s underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to net income, cash generated from (utilized in) operating activities, or comparable metrics determined in accordance with IFRS as indicators of the Trust’s performance, liquidity, cash flow, and profitability. Information appearing in this news release is a select summary of results. This news release should be read in conjunction with the condensed consolidated financial statements and MD&A for the Trust. Please refer to the “Non IFRS Financial Measures” section in Canadian Net’s management’s discussion and analysis for the period ended December 31, 2024, available under Canadian Net’s profile on SEDAR+ at www.sedarplus.ca for a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS. Such explanation is incorporated by reference herein.

    In addition, below are the reconciling tables for the non-IFRS measures used in this press release.

    Reconciliation of Investment Properties to Adjusted Investment Properties                

    As at December 31 2024   2023   Δ
    Investment Properties          
    Developed properties 275,478,504   277,842,384   (1 %)
    Investment properties held for sale –   5,035,094   (100 %)
    Joint Venture Ownership(1)          
    Developed properties 47,909,829   45,765,604   5 %
    Properties under development 1,644,439   2,499,792   (34 %)
    Adjusted Investment Properties(2) 325,032,772   331,142,874   (2 %)
    (1) Represents Canadian Net’s proportionate share
    (2) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section “Non-IFRS financial measures”
     

    Results of Operations

      3 months
    		       12 months  
    Periods ended December 31 2024  2023  Δ   2024  2023  Δ
    Rental Income 6,786,773   7,249,338   (462,565)     26,123,869   26,550,527   (426,658)  
    Operating expenses (2,035,883)   (2,360,559)   324,676     (7,206,667)   (7,118,964)   (87,703)  
    Net Operating Income(1) 4,750,890   4,888,779   (137,889)     18,917,202   19,431,563   (514,361)  
    Share of net income from investments in joint ventures 284,362   1,187,923   (903,561)     1,862,241   3,077,438   (1,215,197)  
    Change in fair values of investment properties (1,342,261)   437,292   (1,779,553)     (4,755,298)   4,319,072   (9,074,370)  
    Unit-based compensation (53,920)   (114,500)   60,580     (769,457)   (541,875)   (227,582)  
    Administrative expenses (285,448)   (258,971)   (26,477)     (1,245,935)   (1,020,738)   (225,197)  
    Financial expenses (1,662,745)   (1,790,431)   127,686     (7,002,536)   (7,037,539)   35,003  
    Income taxes 97,324   (6,095)   103,419     97,324   (6,095)   103,419  
    Net income attributable to unitholders 1,788,202   4,343,997   (2,555,795)     7,103,541   18,221,826   (11,118,285)  
    FFO(1) 3,252,599   3,335,581   (3%)     12,355,243   13,059,460   (5%)  
    FFO per unit(1) 0.158   0.162   (3%)     0.601   0.635   (5%)  
    Normalized FFO(1) 3,252,599   3,335,581   (3%)     12,563,157   13,059,460   (4%)  
    Normalized FFO per unit(1) 0.158   0.162   (3%)     0.611   0.635   (4%)  
    Weighted avg. units o/s              
    Basic 20,561,060   20,528,502   32,558     20,553,943   20,566,316   (12,373)  
    (1) This is a non-IFRS financial measure that does not have any standardized IFRS meaning and as such may not be comparable to other issuers. Refer to section “Non-IFRS financial measures”
     

    Reconciliation of Net Income to Funds from Operations

      3 months     12 months  
    Periods ended December 31 2024 2023 Δ   2024 2023 Δ
    Net income attributable to unitholders 1,788,202   4,343,997   (2,555,795)     7,103,541   18,221,826   (11,118,285)  
    Δ in value of investment properties 1,342,261   (437,292)   1,779,553     4,755,298   (4,319,072)   9,074,370  
    Δ in value of investment properties in joint ventures 180,446   (684,851)   865,297     (145,151)   (1,185,278)   1,040,127  
    Unit-based compensation 53,920   114,500   (60,580)     769,457   541,875   227,582  
    Δ fair value adjustments on derivative financial instruments (12,278)   (21,168)   8,890     (30,578)   (224,725)   194,147  
    Income taxes (99,952)   20,395   (120,347)     (97,324)   24,834   (122,158)  
    FFO(1) 3,252,599   3,335,581   (3%)     12,355,243   13,059,460   (5%)  
    Sales tax expense(2) –   –   –     117,150   –   117,150  
    Mortgage early repayment fee –   –   –     90,764   –   90,764  
    Normalized FFO(1) 3,252,599   3,335,581   (3%)     12,563,157   13,059,460   (4%)  
    FFO per unit(1) 0.158   0.162   (3%)     0.601   0.635   (5%)  
    Normalized FFO per unit(1) 0.158   0.162   (3%)     0.611   0.635   (4%)  
    Distributions 1,773,436   1,770,629   2,807     7,091,138   7,095,010   (3,872)  
    Distributions per unit 0.086   0.086   –     0.345   0.345   –  
    FFO per unit(1) – after distributions 0.072   0.076   (5%)     0.256   0.290   (12%)  
    Normalized FFO per unit(1) – after distributions 0.072   0.076   (5%)     0.266   0.290   (8%)  
    Distributions as a % of FFO(1) 54%   53%   1%     57%   54%   3%  
    Distributions as a % of Normalized FFO(1) 54%   53%   1%     56%   54%   2%  
    Weighted avg. units o/s              
    Basic 20,561,060   20,528,502   32,558     20,553,943   20,566,316   (12,373)  
    (1) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section “Non-IFRS financial measures”
    (2) Sales tax expense related to input tax credits previously claimed on certain payments as well as related interest and penalties. Refer to Risks related to certain tax matters section.
     

    Adjusted Funds from Operations

      3 months     12 months  
    Periods ended December 31 2024 2023 Δ   2024 2023 Δ
    FFO (1) 3,252,599   3,335,581   (82,982)     12,355,243   13,059,460   (704,217)  
    Straight-line rent adjustment(2) (35,414)   (53,466)   18,052     (123,278)   (347,316)   224,038  
    Maintenance/cap-ex on existing properties(3) (282,562)   (164,469)   (118,093)     (638,492)   (988,964)   350,472  
    AFFO(1) 2,934,623   3,117,646   (6%)     11,593,473   11,723,180   (1%)  
    AFFO per unit(1) 0.143   0.152   (6%)     0.564   0.570   (1%)  
    Distributions per unit 0.086   0.086   –     0.345   0.345   –  
    AFFO per unit(1) – after distributions 0.057   0.066   (14%)     0.219   0.225   (3%)  
    Distributions as a % of AFFO(1) 60%   57%   3%     61%   61%   –  
    Weighted avg. units o/s              
    Basic 20,561,060   20,528,502   32,558     20,553,943   20,566,316   (12,373)  
    (1) This is a non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section “Non-IFRS financial measures”
    (2) Adjusted for the proportionate share of equity-accounted investments
    (3) The maintenance/cap-ex on existing properties for 2024 includes a charge of $118,890 (2023: $805,000) that will generate additional income for the Trust
     

    Reconciliation of Net Income to EBITDA

      3 months
    		       12 months  
    Periods ended December 31 2024 2023 Δ   2024 2023 Δ
    Net income attributable to unitholders 1,788,202   4,343,997   (2,555,795)     7,103,541   18,221,826   (11,118,285)  
    Net interest expense 1,671,806   1,807,805   (135,999)     6,933,552   7,247,180   (313,628)  
    Income taxes (99,952)   20,395   (120,347)     (97,324)   24,834   (122,158)  
    EBITDA(1) 3,360,056   6,172,197   (2,812,141)     13,939,769   25,493,840   (11,554,071)  
    Δ in value of investment properties 1,342,261   (437,292)   1,779,553     4,755,298   (4,319,072)   9,074,370  
    Δ in value of investment properties in joint ventures 180,446   (684,851)   865,297     (145,151)   (1,185,278)   1,040,127  
    Δ in value of convertible debentures (12,278)   (21,168)   8,890     (30,578)   (224,725)   194,147  
    Adjusted EBITDA(1) 4,870,485   5,028,886   (3%)     18,519,338   19,764,765   (6%)  
    Interest expense 1,753,732   1,897,508   (143,776)     7,322,675   7,640,203   (317,528)  
    Principal repayments 1,157,941   1,176,301   (18,360)     4,664,354   4,602,073   62,281  
    Debt service requirements 2,911,673   3,073,809   (5%)     11,987,029   12,242,276   (2%)  
    Interest coverage ratio based on adjusted EBITDA(1) 2.8x   2.7x   0.1x     2.5x   2.6x   (0.1x)  
    Debt service coverage based on adjusted EBITDA(1) 1.7x   1.6x   0.1x     1.5x   1.6x   (0.1x)  
    (1) This is a non-IFRS financial measure that does not have any standardized IFRS meaning and as such may not be comparable to other issuers. Refer to section “Non-IFRS financial measures”
     

    EARNINGS WEBCAST
    Canadian Net will host a webcast on March 19, at 9:00 a.m. (EST) to discuss the results.

    The link to join the webcast is the following: https://edge.media-server.com/mmc/p/pvftp69n

    About Canadian Net – Canadian Net Real Estate Investment Trust is an open-ended trust that acquires and owns high-quality triple net and management-free commercial real estate properties.

    Forward-Looking Statements – This press release contains forward-looking statements and information as defined by applicable securities laws. Canadian Net warns the reader that actual events may differ materially from current expectations due to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such statements. Among these include the risks related to economic conditions, the risks associated with the local real estate market, the dependence on the financial condition of tenants, the uncertainties related to real estate activities, the changes in interest rates, the availability of financing in the form of debt or equity, the effects related to the adoption of new IFRS standards, as well as other risks and factors described from time to time in the documents filed by Canadian Net with securities regulators, including the management report. Canadian Net does not update or modify its forward-looking statements even if future events occur or for any other reason unless required by law or any regulatory authority.

    Neither the TSX Venture Exchange Inc. nor its Regulatory Services Provider (as that term is defined in the Policy of the TSX Venture Exchange and its Regulatory Services Provider) accepts any responsibility for the adequacy or accuracy of this release.

    The December 31, 2024, financial statements and management discussion & analysis of Canadian Net may be viewed on SEDAR+ at www.sedarplus.ca.

    For further information please contact Kevin Henley at (450) 536-5328.

    1 Non-IFRS financial measure with no standardized IFRS meaning and may not be comparable to other issuers. Refer to the section “Non-IFRS financial measures”.

    The MIL Network –

  • MIL-OSI New Zealand: Rātā Foundation appoints Megan Glen to Investment Committee

    Source: Rata Foundation

    Rātā Foundation is pleased to announce the appointment of Megan Glen to its Investment Committee.
    Rātā Foundation is the South Island’s most significant community investment fund, managing a $700 million pūtea (fund) that generates around $26 million per annum to invest in its funding regions of Canterbury, Nelson, Marlborough, and the Chatham Islands. They invest sustainably, with goals linked to people and the community.
    Megan is a director in Forsyth Barr’s investment banking team, based in Auckland, advising large private and public entities on capital raisings and M&A transactions.
    Rātā Foundation’s Chief Executive says, “Megan brings significant investment asset management experience from her time in the direct investments team at the NZ Superannuation Fund, where she was responsible for managing and transacting a portfolio of private direct investments and had the opportunity to sit on the Boards of a number of NZ Super’s investee companies.”
    She also brings over 14 years of corporate finance experience, having worked as an investment banker in New Zealand and New York, advising on capital raisings, M&A, and refinancing transactions. Megan is also currently a member of the New Zealand Takeovers Panel, the Government’s regulator of the corporate takeover market. 
    “I am thrilled to have the opportunity to contribute my experience and perspectives working with the Rātā team to help guide their investment decisions, aligned with a common, motivating purpose,” says Ms Glen.”The Rātā investment strategy and beliefs differentiate it as a capital partner, and I believe that differentiation will allow Rātā to access valuable opportunities to deliver superior risk-adjusted returns while providing sustainable value to support the communities Rātā invests in.”
    Alignment of investors and objectives is critical to de-risking and driving investment performance. Generating investment returns always carries a degree of risk and the alignment of stakeholders is one of the best defenses to navigating turbulent times,” she says.
    Mr Evans says that Megan’s appointment is exciting and her experience will be hugely beneficial as Rātā focuses on its direct investment strategy.
    “Megan will strengthen the investment capability of the Committee by bringing both institutional investment knowledge and supporting informed decision-making, particularly around our direct investment strategy.”
    Megan has replaced Andrew Johnson who was on the Investment Committee since March 2019.
    “I would like to thank Andrew for his valuable insights over the past few years, particularly around the shift from a defensive to a more growth-orientated portfolio, which has set Rātā up for a bright and positive future,” says Mr Evans. 
    About Rātā Foundation
    Rātā Foundation is South Island’s most significant community investment fund, managing a $700 million pūtea that generates around $26 million per annum to invest in its funding regions of Canterbury, Nelson, Marlborough, and the Chatham Islands. The long-term strategic objective of Rātā is to invest in communities to enable a higher standard of community well-being. We intend to grow our investment portfolio so that we can increase our long-term funding distribution
    For more information about the investment approach of Rātā please visit https://ratainvest.org.nz/
    For more information on the social impact provided through community investment please visit https://ratafoundation.org.nz/

    MIL OSI New Zealand News –

  • MIL-OSI Canada: Changes to Canada’s Debt Distribution Framework

    Source: Bank of Canada

    Following a review of the Government of Canada’s Debt Distribution Framework (DDF) in 2024, the Bank of Canada and the Government of Canada (GoC) are announcing upcoming adjustments to the DDF. These changes will take effect in fiscal year 2025–26. A subsequent market notice will announce the effective implementation date, which will reflect a three-month period to allow market participants time to review and adapt to these changes.

    • All government securities distributors (GSDs) will be required to each achieve one winning competitive or non-competitive bid each month on behalf of either itself or its customers. Further, all GSDs must each achieve allocations of at least $50 million of GoC securities, on behalf of itself or its customers, every calendar quarter.
    • GSDs that are not primary dealers (PDs) will no longer be required to have their core Canadian fixed-income operations located within Canada or to be members of the Canadian Investment Regulatory Organization (CIRO). However, prospective GSDs will need to demonstrate that they are regulated to a standard equivalent to CIRO and to submit reports on their Canadian fixed-income trading to CIRO.
    • The use of calculated values for the purposes of determining bidding limits and PD minimum bidding requirements (MBRs) will be discontinued. PDs may submit competitive bids for up to 25% of the total auctioned amount for their own account and customer accounts for both bond and treasury bill auctions; the remaining GSDs will have a maximum competitive bidding limit of 10% for their own account and customer accounts for both bond and treasury bill auctions. PD MBRs will be calculated on a pro rata basis, where each PD must bid competitively for its equivalent share of an auction’s amount (e.g., 10 PDs for bonds would each have a MBR for 10% of a bond auction; 8 PDs for treasury bills would each have a MBR of 12.5% of a treasury bill auction).
    • Each PD’s aggregate bidding limit, meaning the cumulative amount of bids a PD can submit for its own account and on behalf of its customers, will be increased to 50% of the auction amount for both bond and treasury bill auctions, from the current 40%.
    • Non-competitive bidding limits will be changed to 0.5% of the auction amount per auction bidder. All bidders may submit only one non-competitive bid per auction. Customers may not submit competitive bids at an auction if they submit a non-competitive bid, and vice versa.
    • The Bank of Canada Auction System (BCAS) has been upgraded, and once the DDF changes are effective, BCAS users will be divided into either those who can see and enter bids for only the GSD’s own account or those who can see and enter bids for only the GSD’s customers.
    • A new facility will be created for reopening off-the-run GoC securities which the Bank of Canada and the Government of Canada view as requiring additional supply for markets to function well. This facility will be operationalized by the Bank of Canada, have publicly available Terms and Conditions, and be implemented with the same auction rules as nominal bond auctions. Details of the facility will be announced in a subsequent market notice that will also announce the facility’s effective date.
    • PDs will be subject to MBRs for non-fungible as well as fungible Cash Management Bill auctions.
    • Individual persons will not be eligible to apply for Bidder Identification Numbers.
    • New information for the results of the auctions of GoC securities will be made available on the Bank of Canada’s website following every auction. Namely, the percentage of the auctioned amount allocated between customers and GSDs, as well as between Canadian accounts and foreign accounts, will be included in auction result data.

    The Bank of Canada and the Government of Canada will coordinate with the GSDs over the coming months to implement these updates to the DDF in an orderly manner.

    For further information, please contact:

    Director
    Financial Markets Department
    Bank of Canada
    343‑573‑4846

    Director
    Funds Management Division
    Department of Finance Canada
    343‑549‑3651

    MIL OSI Canada News –

  • MIL-OSI Canada: New call for proposals to invest in skilled trades apprenticeships

    Source: Government of Canada News (2)

    March 18, 2025                    Gatineau, Quebec             Employment and Social Development Canada

    Skilled trades jobs are essential to ensure our homes, businesses and public spaces are safe, functional and well maintained. The Government of Canada is investing in apprenticeship training to grow a larger, certified, diverse and inclusive trades workforce.

    That is why the Minister of Jobs and Families, Steven MacKinnon, today announced that the Canadian Apprenticeship Strategy’s Investments in the Training Equipment stream will open for proposals on March 19, for Canadian organizations to submit applications.

    Through funded projects, the Government of Canada will be supporting the purchase of modern, up-to-date training equipment and materials that meet industry standards, and will help improve the quality of training for apprenticeships in Red Seal trades.  Eligible organizations include unions representing Red Seal trades workers, organizations managing their own training funds, and training providers that provide technical training to apprentices as part of a recognized apprenticeship program or a Red Seal trade.

    Organizations interested in applying can submit their applications electronically on the Grants and Contributions Online Services (GCOS) portal starting on March 19. Creating a GCOS account is a one-time process that allows organizations to apply for various funding opportunities with Employment and Social Development Canada in a secure web environment.

    MIL OSI Canada News –

  • MIL-OSI Canada: Backgrounder: Canadian Apprenticeship Strategy (Investments in Training Equipment) 

    Source: Government of Canada News

    Canadian Apprenticeship Strategy

    The Canadian Apprenticeship Strategy (CAS) aims to support a trades workforce that is skilled, inclusive, certified and productive. The CAS funds projects that aim to:

    • promote the skilled trades as a good career option;
    • develop initiatives that help Canadians explore, prepare for, participate and succeed in apprenticeship;
    • facilitate the participation of employers and unions in apprenticeship; and
    • encourage innovative tools and approaches to better prepare pre-apprentices, apprentices and journeypersons for the jobs of tomorrow.

    CAS Investments in Training Equipment

    The CAS Investments in Training Equipment funding stream helps eligible organizations improve the quality of training through the purchase of equipment and materials that meet the latest industry standards or through investments in new technology needed to train workers in the Red Seal trades.

    Eligible organizations include unions representing Red Seal trades workers, organizations managing their own training funds, and training providers that deliver technical training to apprentices as part of a recognized curriculum for a Red Seal trade.

    This funding stream helps training providers improve the quality of training through investments in equipment and materials. It provides recipients with up to 50% of the cost of new, up-to-date equipment and materials, to train pre-apprentices and apprentices in the Red Seal trades. The 50% leveraging requirement reflects the benefit to the recipient of a capital purchase.

    This year, the Government is implementing a continuous intake to receive and assess project applications. This will allow for faster application assessment and allocation of funding. There is no application end date to this call for proposals.

    Organizations in Quebec are not eligible for the proposed Investments in Training Equipment continuous intake.  In Quebec apprenticeship training happens in the education system prior to registering with an employer as an apprentice. The Government of Canada supports the important goals of training apprentices through a separate funding agreement.  

    MIL OSI Canada News –

  • MIL-OSI Europe: Answer to a written question – EU funds and plans for housing – E-000038/2025(ASW)

    Source: European Parliament

    The Commission shares the Honourable Member’s concerns about the housing situation in the EU. To tackle the housing crisis, the Commission has appointed for a Commissioner for Energy and Housing.

    It has also established a Task Force for Housing that will support him coordinate the different strands of work across the Commission and put forward the first-ever European Affordable Housing Plan to address structural drivers of the housing crisis and to help unlock the public and private investment needed.

    The Commission will work closely with all relevant stakeholders, such as the European Investment Bank, national promotional banks and international financial institutions on this matter[1].

    In addition, the Commission is examining how state aid rules for housing could be revised, notably for energy efficiency and social housing .

    To assist Member States, the Commission has published a toolkit[2] that provides an overview of available EU funding[3] opportunities in housing.

    These funds and programmes have different management modes: i) direct management by the Commission; ii) shared management between the Commission and the Member State; iii) indirect management by partner organisations or other authorities inside or outside the EU.

    The Social Climate Fund will also be soon rolled-out[4], which will notably help with renovations and access to affordable and energy-efficient housing.

    The Commission is also working on a proposal to inject liquidity into the market by allowing Member States to double the planned cohesion policy investments in affordable housing.

    The strategic choice of priorities on the use of the available cohesion policy funding (including reallocation into affordable housing) will depend on their specific needs.

    • [1] As a first step, the Commission and EIB group has announced the foundations for a new pan-European investment platform for affordable and sustainable housing on 6 March 2025
      https://ec.europa.eu/commission/presscorner/detail/en/ip_25_671
    • [2] Social Housing and beyond. https://european-social-fund-plus.ec.europa.eu/en/news/commission-launches-toolkit-support-social-housing-member-states
    • [3] The Recovery and Resilience Facility; the European Regional Development Fund; the European Social Fund Plus; the InvestEU; the Horizon Europe; the Technical Support Instrument; the Single Market Programme; the Asylum, Migration and Integration Fund; the Social Climate Fund (see the Commission toolkit for further details for each programme). In addition, the Cohesion Fund and the Just Transition Fund also support investments in the energy efficiency of housing stock. Details are available in the data story ‘how cohesion policy supports housing’ (Cohesion open data platform): https://cohesiondata.ec.europa.eu/stories/s/2021-2027-cohesion-policy-support-to-housing/4dey-9iax
    • [4] The Member States’ plans to be sent to the Commission by June 2025; the Commission will assess the plans and disburse payments to the Member States only if the milestones and targets set in the plans are achieved.
    Last updated: 18 March 2025

    MIL OSI Europe News –

  • MIL-OSI New Zealand: Procurement underway for Northland Corridor Section 1, Ara Tūhono – Warkworth to Te Hana

    Source: New Zealand Transport Agency

    NZ Transport Agency Waka Kotahi (NZTA) is inviting interested parties to express their interest in delivering the first section of the Northland Corridor Ara Tūhono – Warkworth to Te Hana, a major transport project designed to improve safety, resilience and efficiency between Auckland and Northland.

    Following extensive market engagement, Registrations of Interest (ROI) for the project opened on Friday:

    Invitation for Registrations of Interest (ROI) – Northland Corridor – Section 1 (Warkworth to Te Hana) Public Private Partnership(external link) 

    The ROI, which marks the start of the procurement process, was announced by Transport Minister, Hon. Chris Bishop, last week, in the lead up to the NZ Infrastructure Investment Summit. 

    “This is a major milestone for the development of Northland’s transport network,” says NZTA Northland Corridor Programme Director, Derek Robertson. 

    “The three Roads of National Significance that make up the Northland Corridor will support economic growth and productivity, reduce congestion, improve safety, support housing development, and improve freight connections to the wider Upper North Island.” 

    “The Ara Tūhono – Warkworth to Te Hana section is the most advanced part of the corridor in terms of consents, property acquisition and design, meaning we can start construction sooner than the other sections.” 

    The indicative design for the 26km four-lane highway includes an 850m tunnel in the Dome valley and three interchanges at Warkworth, Wellsford and Te Hana. These improvements will address the known safety and resilience challenges in the Dome valley, a critical freight and passenger route. 

    The project will be delivered under a Public Private Partnership (PPP), with the current Registration of Interest process marking the first stage of procurement. This will be followed by formal Expression of Interest (EOI) process that will get underway before the end of the month, and a Request for Proposal (RFP) in mid-2025 for up to three shortlisted bidders, with a preferred bidder expected to be announced in early 2026 and contract finalised by the middle of next year. 

    “We would like to thank both the New Zealand based and international contractors, investors and maintenance and operations for their contributions during the market engagement process. 

    “We have heard a lot about how things can be done more collaboratively, quickly and with great outcomes for partners and the community. Their valuable insights have helped us shape up the PPP procurement approach.” 

    Detailed design and construction are expected to start in late 2026. 

    NZTA is also advancing plans for the remaining sections, including an alternative route to the Brynderwyn Hills. Decisions on section 2 Te Hana to Port Marsden Highway and section 3 Port Marsden Highway to Whangārei will be announced soon. Taking a corridor approach will enable NZTA to take advantage of scale and leverage efficiencies, improve innovation and deliver outcomes faster.   

    “This project is an important investment in Northland’s future and will deliver long-term benefits for both the region and New Zealand’s wider transport network.” says Mr Robertson.

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Members agree on topics for experience-sharing sessions on services trade

    Source: WTO

    Headline: Members agree on topics for experience-sharing sessions on services trade

    Members also explored the linkages between services trade and environmental sustainability at an event organized by the WTO Secretariat on 12 March.
    Giving effect to ministerial mandate
    The agreement to organize informal experience-sharing sessions on good regulatory practices and recognition of professional qualifications stems from the February 2024 ministerial mandate to  reinvigorate work on trade in services and to facilitate the increased participation of developing members in services trade. Members will also continue discussions on the possibility of organizing sessions on the green transition and digitalization.
    Several members reiterated their call for not duplicating the work carried out in the Council’s subsidiary bodies and for having balanced deliberations.
    Participation of least-developed countries (LDCs) in services trade
    Members responded favourably – pending final discussions on technical issues – to a request by the WTO LDC group to collect information through a survey hosted on the WTO website on how their service suppliers are engaging with consumers and enterprises in other economies. Particular attention will be paid to the 51 WTO members that have notified preferences for LDC services and service suppliers. Members reiterated their commitment to support the participation of LDCs in services trade.
    Members have notified preferences for LDC service suppliers in line with a ministerial mandate to operationalize the “LDC Services Waiver”, which was adopted at the 8th Ministerial Conference in 2011.
    A total of 37 WTO members are classified as LDCs. More information on the waiver can be found here.
    Services trade concerns
    Members discussed three previously addressed specific trade concerns involving cybersecurity measures and mobile applications, among other services-related topics.
    Japan and the United States, supported by several other members, reiterated concerns about the cybersecurity measures of China and Viet Nam. China repeated concerns with certain services measures of the United States. China also reiterated its concerns regarding India’s measures in relation to mobile applications.
    Trade in financial services
    Members continued discussing how to reinvigorate work on trade in services in the Committee on Trade in Financial Services. A new proposal, bringing together three earlier submissions from China, the Philippines and India, calls for information-sharing sessions on digital payments, interoperability of payment systems and cost of remittance services. The proposal also refers to crisis preparedness as advocated by Pakistan. Details of previous discussions can be found here.
    The Committee is one of the Services Council’s subsidiary bodies.
    Classification of environmental services
    At a meeting of the Committee on Specific Commitments held on 11 March, members heard from Costa Rica and Switzerland about how the Agreement on Climate Change, Trade and Sustainability is helping its parties define, classify and make commitments in environmental services.
    In the Agreement, Costa Rica, Iceland, New Zealand and Switzerland set out the commitments they have made on 114 services ranging from environmental protection to resource management and climate change adaptation and mitigation.
    Members welcomed the presentation and agreed to engage further on this topic.
    The Committee is one of the Services Council’s subsidiary bodies.
    Recent developments in services trade policy
    An event held on 12 March entitled “Nexus between Trade in Services and Environmental Sustainability:  Evidence from Recent Research” looked at the role of services trade in promoting environmental sustainability and the impact of environmental policy on services trade.
    Introducing a forthcoming research paper titled “Services Trade and Environmental Sustainability: Conceptual Linkages and Empirical Patterns”, the Organisation for Economic Co-operation and Development highlighted the important role that services trade can play in tackling environmental challenges. This is particularly important as services represent two-thirds of global output and are among the most dynamic sectors in international trade.
    The value that services trade adds to supply chains can support greener production functions and consumption patterns, the OECD noted. For example, engineering services can be used in the green hydrogen production supply chain and financial services can support carbon mitigation projects.
    The OECD paper makes the case for removing restrictions to services imports and for examining synergies with environmental policymaking. Countries at all levels of development stand to benefit from increased openness and participation in services trade as a result of increased domestic productivity, the OECD noted.
    This event was organized by the WTO’s Trade in Services and Investment Division as part of the “Simply Services” speaker series, an informal platform for sharing the latest information on trends in services trade. The webcast of the event can be watched here.

    Share

    MIL OSI Economics –

  • MIL-OSI Economics: Verizon & Santander Bank partner to bring Openbank’s digital banking experience to Verizon customers

    Source: Verizon

    Headline: Verizon & Santander Bank partner to bring Openbank’s digital banking experience to Verizon customers

    • Partnership brings together industry leaders in mobility and banking to provide a secure, seamless digital banking experience to Verizon customers with no fees, low minimum deposits and 24/7 access to funds.
    • Relationship significantly expands Santander’s national scale and reach as part of its strategy to become a leading digital bank with branches and enhances Verizon’s financial service portfolio with added benefits for customers.

    Verizon and Santander Bank, N.A., part of the global banking leader Santander1, today announced a multi-year U.S. partnership to bring a new, competitive high yield savings account to millions of Verizon mobile and 5G Home customers. Introducing Verizon + Openbank Savings: a digital high yield savings account with a rate 10 times the national average and the ability to save up to $180 a year on your Verizon bill. Verizon + Openbank Savings joins Verizon’s portfolio of financial services offerings, yet another example of outstanding value and benefits on top of mobile and home connectivity.

    “Verizon has long been committed to delivering value and savings beyond wireless services,” said Hans Vestberg, Chairman and CEO of Verizon. “Our scale enables the creation of exclusive financial services solutions and savings accessible only to Verizon customers. Adding the power of Openbank’s secure, simple high yield savings account to our financial offerings provides Verizon customers with unique and differentiated value in the telco and financial services category. This collaboration reinforces our dedication to delivering meaningful and exclusive benefits that support how our customers live, work, play AND save.”

    Ana Botín, Banco Santander Executive Chair, added, “By partnering with Verizon, the nation’s leading mobile provider, Openbank can offer a differentiated savings opportunity and digital experience to millions of consumers across the U.S. The Verizon partnership is a significant milestone for Santander as we scale our U.S. business further by bringing Openbank’s secure and simple banking experience and compelling rewards to Verizon’s customers nationwide — backed by a leading global bank that has earned the trust of more than 173 million customers. This is an important step in our growth strategy, and I am excited for what’s ahead.”

    Incredible savings with Verizon + Openbank

    In addition to maximizing savings with Verizon + Openbank’s competitive interest rate at 10 times the national average, customers can also save on their Verizon wireless bill, starting with a minimum average daily balance of $1,000. The higher the average daily balance, the higher the wireless bill savings — up to $180 per year.

    Signing up is simple

    Starting in April, Verizon customers can easily sign up for an Openbank high yield savings account via verizon.com or the MyVerizon app. Customers will then be directed to the Openbank site to complete the account registration process. After opening their account, customers can use the Openbank app to deposit and withdraw funds, check their monthly interest rate and manage their accounts. To learn more, you can visit verizon.com/startsaving.

    Unlocking a savings growth opportunity

    Santander US research reveals that while interest rates have been at their highest levels in nearly two decades, many consumers have not taken advantage of high-rate products, such as high yield savings accounts, to grow their savings. The research also found consumers’ top consideration for selecting a banking partner are safety, stability, and 24/7 digital access. Openbank’s digital platform provides a secure, seamless banking experience with no fees, low minimum deposits and 24/7 access to funds and customer support.

    The Openbank digital banking platform launched in the U.S. market in late 2024 with a high yield savings account offering that quickly reached more than $3 billion (USD) in deposits. The digital platform is now available nationwide, and will begin offering additional products, such as Certificates of Deposit (CDs) and Checking Accounts, later in 2025. Openbank in the U.S. is a division of Santander Bank, N.A., which is a Member of the FDIC. For more information about Openbank by Santander, including eligibility, please visit openbank.us.

    With exclusive savings, top-tier perks, the flexibility to customize your plan with myPlan and myHome, and now the incredible Verizon + Openbank Savings account, it’s never been a better time to be a Verizon customer.

    1 Banco Santander is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of 2024, Banco Santander had €1.3 trillion in total funds, 173 million customers, 8,000 branches and 207,000 employees.

    Verizon + Openbank Savings is offered exclusively by Openbank, a division of Santander Bank, N.A., and is not managed, housed, or controlled by Verizon. Santander Bank, N.A., offering your account through its Openbank division, is a Federal Deposit Insurance Corporation (“FDIC”) insured institution. Deposits at Santander Bank, N.A. and its Openbank division are combined for FDIC insurance purposes (FDIC Cert. 29950) and are not separately

    insured. There is a maximum of $250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Please visit fdic.gov for details. Verizon is not a chartered banking institution and is not insured by FDIC.

    MIL OSI Economics –

  • MIL-OSI USA: Cortez Masto, Cornyn Introduce Outbound Investment Legislation to Counter China

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – U.S. Senators Catherine Cortez Masto (D-Nev.) and John Cornyn (R-Texas) introduced the Foreign Investment Guardrails to Help Thwart (FIGHT) China Act, which would safeguard the United States’ national security against the growing threat posed by the communist People’s Republic of China (PRC) by prohibiting and requiring notification of U.S. investment in certain technologies in China.
    “When it comes to cutting-edge technologies – such as AI and semiconductors – the United States must remain ahead of China,” said Senator Cortez Masto. “I’m proud to stand with my colleagues across the aisle to introduce this bill that is critical for our national security. We can and must make sure no American investments are giving the Chinese Communist Party a leg up in developing these vitally important technologies.”
    The Foreign Investment Guardrails to Help Thwart (FIGHT) China Act would permit the Secretary of the Treasury to prohibit U.S. investments in certain technologies in the People’s Republic of China (PRC), including certain Artificial Intelligence (AI) models, quantum computers, materials used in hypersonic systems, and other military technologies. It would also require U.S. entities to notify the U.S. Department of the Treasury of investments in certain AI models in the PRC. Lastly, the legislation would permit the Secretary of the Treasury to impose sanctions under the International Emergency Economic Powers Act (IEEPA) against PRC entities that engage with the PRC military and intelligence sectors.
    Senator Cortez Masto has led efforts in Congress to strengthen our national security and supply chains.Senators Cortez Masto and Rounds (R-S.D.) introduced the PASS Act to ban individuals and entities controlled by China, Russia, Iran, and North Korea from purchasing agricultural land and businesses located near U.S. military installations or sensitive sites and the Strengthening Exports Against China Act,which would incentivize economic growth by eliminating barriers for American businesses competing directly with China in emerging industries like artificial intelligence and semiconductors. She’s also introduced bipartisan legislation to strengthen the domestic supply chain for rare-earth magnets, which are critical components of cell phones, computers, defense systems, and electric vehicles, but are almost exclusively made in China.

    MIL OSI USA News –

  • MIL-OSI USA: Cortez Masto Secures $10 Million Investment in Affordable Housing in Nevada

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Reno, Nev. – For years, U.S. Senator Catherine Cortez Masto demanded the nation’s 11 Federal Home Loan Banks – and the Federal Home Loan Bank of San Francisco which serves Nevada – use their resources to invest in housing and community development. This week, the Federal Home Loan Bank of San Francisco (FHLBank-SF) provided the first investment into the Nevada Housing Division’s (NHD) single-family bond program. The $10 million dollar investment will support the Housing Finance Agency’s down payment assistance program that helps Nevadans buy homes they can afford.
    “I’ve been pushing the FHLBank of San Francisco for years to do more with all their resources, and I’m glad to see them working with the Nevada Housing Division to support families buying homes in Nevada,” said Senator Cortez Masto. “The FHLBank system was created to support housing, and I expect to see much more investment in Nevada and around the nation in the future.”
    Following Senator Cortez Masto’s push, state housing finance agencies, community development financial institutions and other institutions have sought opportunities to benefit from the FHLBs’ $467 billion investment portfolio. Thanks to the Senator’s work to bring attention to this critical housing funding source, Nevada Housing Division and the FHLBank-SF were able to work together and finalize this critical investment – the first of its kind in Nevada.  
    Senator Cortez Masto has been a leader working to push the FHLBanks to help lower costs and build more housing supply. Last year she secured $9.4 million from the Federal Home Loan Bank (FHLB) of San Francisco’s targeted competitive affordable housing fund — almost twice as much as Nevada received the year before — to build more middle-class homes, and she’s pushing to reform the FHLB system.

    MIL OSI USA News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 18.03.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    18 March 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 18.03.2025

    Espoo, Finland – On 18 March 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 2,536,936 4.94
    CEUX 1,127,528 4.95
    BATE – –
    AQEU – –
    TQEX 169,978 4.95
    Total 3,834,442 4.94

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 18 March 2025 was EUR 18,943,677. After the disclosed transactions, Nokia Corporation holds 179,424,434 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

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

    Attachment

    The MIL Network –

  • MIL-OSI: J’JO’s findings shed light on need and value for more crypto index investing

    Source: GlobeNewswire (MIL-OSI)

    The J’JO35 crypto index offers a seamless onboarding process for new and retail investors, as well as institutional players, by enabling them to invest in the top 35 tokens by market capitalization

    SINGAPORE, March 18, 2025 (GLOBE NEWSWIRE) — J’JO Finance, a crypto index solution that prioritizes risk mitigation and is available to everyone with only a few clicks, reveals several key insights from an internal document highlighting how index investing can help retail crypto investors. The document also includes the benefits its solution offers, and its competitive advantage. As a platform prioritizing user satisfaction, J’JO shares its insights to promote transparency and awareness around the value crypto indexing provides, including its own J’JO35 index of the top 35 cryptocurrencies.

    In traditional finance, index investing has proven its effectiveness over the past decades while being widely recognized by economists as the most accessible and efficient investing tool. In fact, according to The Economist, these funds have grown around six times faster than those handled by fund managers. However, the crypto ecosystem hasn’t seen that level of income generation nor the same degree of interest from digital asset investors. This is largely due to the industry not prioritizing the importance of risk management, diversified portfolios, and user experience.

    Despite at least three-quarters of users losing on their long-term investments, the overall market has grown by over 27,000 percent between January 2014 and December 2024. And since its launch in 2020, J’JO’s J’JO35 index has returned more than 1,100 percent earnings. The following is a summary of some of J’JO’s key findings on why crypto indexes are a valuable resource for retail investors:

    • Simplicity: Index investing is incredibly simple and requires no specialized knowledge, company (or project) analysis, expert involvement, or investor actions.
    • Accessibility: In theory, crypto indexes are available for everyone because they remove many of the industry’s investing barriers such as middlemen and a minimum deposit. This also frees investors from following the news, monitoring the market, or worrying about their positions. Whatever happens, one’s investments always remain in top-performing projects or currencies, regardless of the amount invested.
    • Reliability: In traditional finance, indexes have consistently demonstrated proven long-term effectiveness with the S&P 500 index, for example, nearly quadrupling the ROI of five top funds.
    • Risk management: Indexes provide portfolio diversification which helps mitigate risk by spreading it across several assets. This reduces volatility and insulates investors from unsystematic risks.

    J’JO’s report also outlines the customer benefits and competitive advantages of its index. A few of these advantages include:

    • Purchasing real assets: J’JO doesn’t offer synthetic products or tokens that “include” or “reflect” other assets, wrapped coins, or altered tokens. The company’s clients own real coins that are part of the index and can easily access them in their exchange accounts.
    • J’JO doesn’t handle users’ funds: Users aren’t required to transfer their funds to J’JO as all investments and assets remain secure on their personal exchange accounts. Investors’ money stays with them, yet it is fully invested in the index, allowing for capital growth without transferring funds.
    • Low entry threshold: J’JO doesn’t impose a minimum investment amount, making the solution accessible to everyone, even those without significant capital.
    • Compatibility with all major exchanges: Users can choose their preferred exchange and even connect multiple exchanges simultaneously, allowing for seamless management of their crypto investment portfolio from a single platform.
    • No Commissions: J’JO operates on a fixed subscription model, costing $140 per year, with no additional fees, meaning no commissions on the invested amount or income generated. The platform is free for investments up to $500.

    “Despite the slight instability in the current economic climate, today’s investor sees crypto as a worthy asset but doesn’t have the time to deal with blockchain’s complex and confusing technical aspects,” says Andrei Ponomarev, co-founder and CEO of J’JO. “Both traditional investors and crypto natives have seen the consistent growth of the digital asset market over the last decade and are starting to wonder if there is a straightforward mechanism to gain exposure within a safe and diversified framework. This is where J’JO steps in to provide convenient access to a risk-managed basket of digital assets that account for 80 percent of the sector’s market capitalization.”

    About J’JO:
    Founded in 2020 and based in Singapore, J’JO offers the J’JO35, an index of the top 35 cryptocurrencies in the market. The service connects users to their exchange of choice and balances their portfolios according to the index. As the S&P 500 of the decentralized economy, J’JO is a service for investing in a market index of cryptocurrencies that allows users to maintain full control over their assets. Since 2020, J’JO35 has outperformed Bitcoin and Ethereum and has an APY of 67 percent. For more information, visit: https://jjo.finance/en

    Contact:
    Ari Karp
    pr@jjoapp.io

    Disclaimer: This press release is provided by J’JO.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.

    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/338fd359-aa12-4c5c-9321-6285fab4509d

    The MIL Network –

  • MIL-OSI Asia-Pac: Various measures have been taken by the government to strengthen cyber security in the financial sector

    Source: Government of India (2)

    Various measures have been taken by the government to strengthen  cyber security in the financial sector

    Artificial Intelligence (AI) based tool ‘MuleHunter’ for identification of money mule has been launched by RBI

    Posted On: 18 MAR 2025 4:55PM by PIB Delhi

    The Government has been constantly engaging with the financial sector regulators and other concerned stakeholders to strengthen the cyber security. The Ministry of Home Affairs (MHA) has established the Indian Cyber Crime Coordination Centre (l4C) as an attached office to provide a framework and eco-system for Law Enforcement Agencies (LEAs) to deal with cybercrimes in a comprehensive and coordinated manner. The MHA has also launched the National Cyber Crime Reporting portal(https://cybercrime.gov.in) to enable the public to report all types of cyber crimes. Cyber crime incidents reported on this portal are routed automatically to the respective State/UT LEAs for further handling as per the provisions of law. The ‘Citizen Financial Cyber Fraud Reporting and Management System’ has been launched for immediate reporting of financial frauds and to stop siphoning off fund by the fraudsters. So far, an amount of Rs. 4386 Crore (approx..) has been saved involving 13.36 lakh complaints. Further suspect registry of identifiers of cyber criminals has been launched by MHA in collaboration with Banks/Financial institutions.

    In order to reinforce the security of digital transactions, various initiatives have been taken by the Government, Reserve Bank of India (RBI) and National Payments Corporation of India (NPCI) from time to time. RBI has issued Master Directions on Digital Payment Security Controls in February, 2021 to combat web and mobile app threats. These guidelines mandate the banks to implement a common minimum standards of security controls for various payment channels like internet, mobile banking, card payment etc. RBI has also launched an Artificial Intelligence (AI) based tool ‘MuleHunter’ for identification of money mule and advised the banks and financial institutions for its uses.

    Similarly, NPCI has also implemented device binding between customer mobile number and the device, two factor authentication through PIN, daily transaction limit, limits and curbs on use cases etc to secure UPI transactions. NPCI also provides a fraud monitoring solution to all the banks to generate alerts and decline transactions by using AI/ML based models. RBI and Banks have also been taking up awareness campaigns through short SMS, radio campaign, publicity on prevention of ‘cyber-crime’ etc.

    This information was given by Minister of State For Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha  today.

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Mutual Credit Guarantee Scheme for MSMEs (MCGS- MSME) provides 60% guarantee for credit facility up to Rs.100 crore

    Source: Government of India (2)

    Mutual Credit Guarantee Scheme for MSMEs (MCGS- MSME) provides 60% guarantee for credit facility up to Rs.100 crore

    Measures pertaining to direct taxes taken by the government for reducing the compliance burden for smaller businesses and individual tax payers

    Posted On: 18 MAR 2025 4:54PM by PIB Delhi

    The Mutual Credit Guarantee Scheme for MSMEs (MCGS- MSME) has been launched for providing 60% guarantee coverage by National Credit Guarantee Trustee Company Limited (NCGTC) to Member Lending Institutions (MLIs) for credit facility up to Rs.100 crore sanctioned to eligible MSMEs under MCGS-MSME for purchase of equipment/ machinery.

    The eligibility criteria for borrowers under Mutual Credit Guarantee Scheme for MSMEs (MCGS-MSME) is as below:

    i. It should be an MSME with valid Udyam Registration Number;

    ii. It should not be an NPA with any lender;

    iii. Minimum cost of equipment /machinery is 75% of project cost;

    The Scheme is being implemented by National Credit Guarantee Trustee Company Limited (NCGTC), a wholly owned company of Department of Financial Services, Ministry of Finance, Government of India. The MLI shall sanction loans to eligible borrowers and then submit details of the loan account on the portal of NCGTC along with payment of fees, whereupon the MLI shall get a confirmation of loan being guaranteed under the Scheme.

    The Scheduled Commercial Banks (SCBs) / All India Financial Institutions (AIFIs) and Non-Banking Finance Companies (NBFCs), shall be the eligible MLIs under the Scheme, subject to execution of an agreement by them with NCGTC.

    Further, various measures pertaining to direct taxes have been undertaken recently by the government for reducing the compliance burden for smaller businesses and individual tax payers: –

    i. Provisions for presumptive taxation for businesses under Section 44 AD and Section 44 AE of the Income-tax Act, 1961 (the Act).

    ii. Provisions for tax audit for businesses under Section 44 AB of the Act.

    iii. Provision for reduction in compliance burden by omission of TCS on sale of specified goods under Section 206C of the Act.

    iv. Rationalization of tax deducted at source (TDS) rates under various provisions of the Act.

    v. Simplification of the Income-tax Act is proposed.

    The new Income-tax Bill 2025 proposes to make the direct tax provisions concise, lucid, easy to read and understand. Redundant provisions have been eliminated and the drafting style of the new Bill is straightforward and clear.

    This information was given by Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today.

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: A total of 55.02 crore Jan-Dhan accounts have been opened till 7th March 2025, out of which 36.63 crore accounts are in rural and semi-urban areas

    Source: Government of India (2)

    A total of 55.02 crore Jan-Dhan accounts have been opened till 7th March 2025, out of which 36.63 crore accounts are in rural and semi-urban areas

    Cumulative enrolment under Pradhan Mantri Suraksha Bima Yojana (PMSBY) is 50.30 crore till 7th March 2025

    Atal Pension Yojana, Pradhan Mantri Mudra Yojana, Stand Up India Scheme and other financial inclusion schemes have also witnessed remarkable progress

    Posted On: 18 MAR 2025 4:52PM by PIB Delhi

    The Government initiated the National Mission for Financial Inclusion (NMFI), namely the Pradhan Mantri Jan Dhan Yojana (PMJDY) in August, 2014 to provide universal banking services for every unbanked adult based on the guiding principles of banking the unbanked, securing the unsecured, funding the unfunded and serving unserved and underserved areas. A total of 55.02 crore Jan-Dhan accounts have been opened till 07.03.2025, out of which, 36.63 crore accounts are in rural and semi-urban areas.

    In addition to the PMJDY, the following schemes have also been launched to provide affordable financial services for all, especially marginalized and underserved populations:

    i. Pradhan Mantri Suraksha Bima Yojana (PMSBY): The Scheme is a one-year personal accident insurance scheme, renewable from year to year, offering coverage of Rs. 2 lakh for death or permanent total disability and Rs. 1 lakh for permanent partial disability due to an accident at a premium of Rs. 20/- per annum. It is available to people in the age group of 18 to 70 years having a bank account who give their consent to join the scheme.

    As on 07.03.2025, cumulative enrolment under PMSBY is 50.30 crore.

     ii. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): The Scheme is a one-year life insurance scheme, renewable from year to year, offering coverage of Rs. Two lakh for death due to any reason at a premium of Rs. 436/- per annum and is available to people in the age group of 18 to 50 years having a bank account who give their consent to join the scheme.

    As on 07.03.2025, cumulative enrolment under PMJJBY is 23.21 crore.

    iii. Atal Pension Yojana: The Scheme aims to provide monthly pension to eligible subscribers with age limit of 18 to 40 years not covered under any organized pension Scheme. Under this scheme, the subscribers would receive the fixed minimum pension of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000 and Rs. 5000 per month, at the age of 60 years, depending on the contributions.

    As on 07.03.2025, enrolments under this scheme are 7.49 crore.

    iv. Pradhan Mantri Mudra Yojana (PMMY): The Scheme provides access to institutional finance to micro/small business units up to Rs.20 lakh for income generating activities such as manufacturing, trading, services, activities allied to agriculture.

    As on 28.02.2025, 52.07 crore loans amounting to Rs. 33.19 lakh crore have been sanctioned since inception of the Scheme.

    v. Stand Up India Scheme (SUPI): The Scheme aims to promote entrepreneurship among people from Schedule caste/Schedule tribe and woman. The Scheme facilitates bank loans between Rs.10 lakh and Rs.1 crore to one Scheduled Caste/ Scheduled Tribe borrower and one-woman borrower per bank branch of Scheduled Commercial Banks for setting up greenfield enterprises in trading, manufacturing and services sector.

    As on 07.03.2025, 2.67 lakh loans amounting to Rs. 60,504 crores have been sanctioned since inception of the Scheme.

    vi. PM Vishwakarma Scheme: The Scheme, launched on 17.09.2023, is being administered jointly by Ministry of Small & Medium Enterprises (MSME) and Ministry of Skill Development & Enterprises and Department of Financial Services. It aims to provide end-to end holistic support to traditional artists and craftspeople engaged in 18 identified trades through access to skill training, collateral-free credit, modern tools, market linkage support and incentive for digital transactions.

    vii. Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PMSVANidhi): The Scheme is being administered by Ministry of Housing & Urban Affairs (MoHUA). It was launched on June 01, 2020 with the main objective of providing relief to street vendors affected by Covid-19 lockdown. The Scheme envisages empowering street vendors by not only extending loans to them but also for their holistic economic development.

    Further, from time to time, camps are conducted at village level to promote awareness about various financial inclusion schemes and to enrol more people under these schemes.

    This information was given by Minister of State in the Ministry of Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today.

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  • MIL-OSI Asia-Pac: Under the Nutrient Based Subsidy (NBS) scheme, a fixed amount of subsidy is provided on subsidized P&K fertilizers depending on their nutrient content

    Source: Government of India

    Under the Nutrient Based Subsidy (NBS) scheme, a fixed amount of subsidy is provided on subsidized P&K fertilizers depending on their nutrient content

    The Government has provided special packages on Di-Ammonium Phosphate (DAP) over and above the NBS subsidy rates on need basis to ensure smooth availability of DAP at affordable prices to farmers

    Urea is provided to the farmers at a statutorily notified Maximum Retail Price; MRP of 45 kg bag of urea is Rs. 242 per bag (exclusive of charges towards neem coating and taxes as applicable) which  has remained unchanged since 01.03.2018 to till date

    Posted On: 18 MAR 2025 4:34PM by PIB Delhi

    The Government has implemented Nutrient Based Subsidy (NBS) scheme w.e.f. 01.04.2010 for Phosphatic & Potassic (P&K) fertilizers. Under the NBS scheme, a fixed amount of subsidy, decided on an annual/bi-annual basis, is provided on subsidized P&K fertilizers depending on their nutrient content including Di-Ammonium Phosphate (DAP). Under NBS scheme, The P&K sector is decontrolled, fertilizer companies are allowed to fix MRP at reasonable levels which is monitored by the Government. The fertilizer companies manufacture/import fertilizers as per the market dynamics.

    Further, in order to ensure smooth availability of DAP at affordable prices to farmers, the Government has provided special packages on DAP over and above the NBS subsidy rates on need basis. Recently, in 2024-25, due to geo-political situation, adversely affecting the viability of procurement of DAP by the fertilizer companies, the Government has approved One-time special package on DAP beyond the NBS rates on actual PoS (Point of Sale) sale of DAP for the period from 01.04.2024 till 31.12.2024 @ ₹ 3500 per MT which has now been extended till 31.03.2025 to ensure sustainable availability of DAP at affordable price to the farmers. Further, the guidelines on evaluation of reasonableness of MRPs fixed by the P&K Fertilizer companies also ensure availability of fertilizers at affordable prices to farmers across the country including Odisha.

    Urea, is provided to the farmers at a statutorily notified Maximum Retail Price (MRP). The MRP of 45 kg bag of urea is Rs.242 per bag (exclusive of charges towards neem coating and taxes as applicable) and the MRP has remained unchanged since 01.03.2018 to till date. The difference between the delivered cost of urea at farm gate and net market realization by the urea units is given as a subsidy to the urea manufacturer/importer by the Government of India. Accordingly, all farmers are being supplied urea at subsidized rates.

    The Indian Council of Agricultural Research(ICAR) under the All India Coordinated Research Project on  ‘Long-term Fertilizer Experiments’ has assessed the impact of long-term use of chemical fertilizers in different soil types (fixed locations) under dominant cropping systems. Investigations carried out over five decades at fixed sites have indicated that there is no harmful effect of chemical fertilizers on soil fertility with balanced and judicious use. However, imbalanced use of chemical fertilizers coupled with low addition of organic matter over years may cause multi nutrient deficiencies vis-à-vis decline in soil health. Continuous use of nitrogenous fertilizer alone had deleterious effects on soil health and crop productivity showing deficiencies of other nutrients. The investigation over the last few decades indicated that even in the NPK fertilized system, nutritional disorders in terms of deficiency of micro and secondary nutrients surfaced after a few years affecting soil health and crop productivity. Highest decline in crop yield was observed in plots receiving only urea. In case of drip irrigation (fertigation), comparable crop yield can be obtained with less amount of water and fertilizers due to higher water and nutrient use efficiencies.

    ICAR recommends soil test based balanced and integrated nutrient management through conjunctive use of both inorganic and organic sources (manure, bio-fertilizers etc.) of plant nutrients for judicious use of chemical fertilizers and to improve soil health. The ICAR also imparts training, organizes FLDs etc. to educate farmers on all these aspects. All these measures reduce chemical fertilizer use in the country.

    Further, the Government has approved the Market Development Assistance (MDA) @ Rs. 1500/MT to promote organic fertilizers, i.e. manure produced at plants under GOBARdhan initiative covering different Biogas/CBG support schemes/programmes of stakeholder Ministries/Departments such as Sustainable Alternative Towards Affordable Transportation (SATAT) scheme of Ministry of Petroleum and Natural Gas (MoPNG), ‘Waste to Energy’ programme of Ministry of New & Renewable Energy (MNRE), Swachh Bharat Mission (Rural) of Department of Drinking Water & Sanitation (DDWS), etc. with total outlay of Rs. 1451.84 crore (FY 2023-24 to 2025-26), which includes a corpus of Rs. 360 crore for research gap funding, etc.

    This information was given by the Union Minister of State for Chemicals and Fertilizers Smt Anupriya Patel in Rajya Sabha in written reply to a question today.

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    MIL OSI Asia Pacific News –

  • MIL-OSI: AirNet Granted Additional 180-Day Grace Period to Regain Compliance with Nasdaq Bid Price Requirement

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, March 18, 2025 (GLOBE NEWSWIRE) — AirNet Technology Inc. (“AirNet” or the “Company”) (Nasdaq: ANTE), is pleased to announce that Nasdaq has granted the Company an additional 180-day grace period, until September 15, 2025, to regain compliance with the Nasdaq Capital Market’s minimum $1.00 bid price per share requirement.  

    AirNet remains fully committed to addressing the bid price deficiency during this extended compliance period. If the Company’s closing bid price meets or exceeds $1 per ADS for a minimum of 10 consecutive business days within this timeframe, the Company will be in compliance with that requirement and Nasdaq should close this matter.

    The Company has demonstrated compliance with all other applicable Nasdaq continued listing requirements, including the market value of publicly held shares and shareholder equity thresholds.

    To ensure compliance, AirNet intends to monitor its ADS price closely and will take all necessary steps to maintain its Nasdaq listing, including effecting an ADS ratio change or reverse stock split.

    Forward-Looking Statement

    This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential,” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. None of the outcomes expressed herein are guaranteed. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our product candidates on a commercial scale on our own, or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; and (v) difficulties in securing regulatory approval to proceed to the next level of the clinical trials or to market our product candidates. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 20-F and its Current Reports on Form 6-K. Investors are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

    This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

    Company Contact

    Penny Pei
    Investor Relations
    AirNet Technology Inc.
    Tel: +86-10-8460-8678
    Email: penny@ihangmei.com

    The MIL Network –

  • MIL-OSI: Magnite Successfully Completes Second Term Loan Repricing

    Source: GlobeNewswire (MIL-OSI)

    Reduces Interest Rate by an Additional 75 Basis Points

    Over $2.7 Million in Yearly Interest Payment Savings

    NEW YORK, March 18, 2025 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company, today announced the second successful repricing of its $363 million senior secured term loan facility (Term Loan) due February 2031.

    The repricing reduces the interest rate by 75 basis points to Term SOFR + 3.00% from the previous rate of Term SOFR + 3.75% and will result in yearly interest savings of over $2.7 million. The interest rate improvement represents a cumulative reduction of 200 basis points compared to the rate prior to the refinancing of the Term Loan in February of 2024. There are no changes to the maturity of the Term Loan following this repricing, and all other terms are substantially unchanged.

    About Magnite

    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    Investor Relations Contact
    Nick Kormeluk
    (949) 500-0003
    nkormeluk@magnite.com

    The MIL Network –