NewzIntel.com

    • Checkout Page
    • Contact Us
    • Default Redirect Page
    • Frontpage
    • Home-2
    • Home-3
    • Lost Password
    • Member Login
    • Member LogOut
    • Member TOS Page
    • My Account
    • NewzIntel Alert Control-Panel
    • NewzIntel Latest Reports
    • Post Views Counter
    • Privacy Policy
    • Public Individual Page
    • Register
    • Subscription Plan
    • Thank You Page

Category: Finance

  • MIL-OSI: Šiaulių Bankas AB plans a Senior Preferred note offering, subject to market conditions

    Source: GlobeNewswire (MIL-OSI)

    THIS NOTICE CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) No 596/2014 (“MAR”). THIS NOTICE DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER, INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF AKCINĖ BENDROVĖ ŠIAULIŲ BANKAS.

     

     

    On 17 March 2025, the Management Board of Šiaulių Bankas AB approved a potential benchmark-size Senior Preferred note offering which would follow subject to market conditions.

     

    Šiaulių Bankas AB has mandated Erste Group, Goldman Sachs Bank Europe SE, Morgan Stanley and Šiaulių Bankas AB as Joint Lead Managers to arrange a series of virtual fixed income investor meetings commencing on 17th March. Relevant stabilisation regulations including FCA/ICMA will apply.

     

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

     

     

    Additional information:

    Tomas Varenbergas

    Head of Investment Management Division

    tomas.varenbergas@sb.lt

     

    The MIL Network –

    March 17, 2025

  • MIL-OSI: Danske Bank share buy-back programme: transactions in week 11

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 12 2025

    Danske Bank

    Bernstorffsgade 40

    DK-1577 København V

    Tel. + 45 33 44 00 00

    17/03/2025

    Page 1 of 1

    Danske Bank share buy-back programme: transactions in week 11

    On 7 February 2025, Danske Bank A/S announced a share buy-back programme for a total of DKK 5 billion, with a maximum of 45,000,000 shares, in the period from 10 February 2025 to 30 January 2026, at the latest, as described in company announcement no. 6 2025.

    The Programme is carried out in accordance with Article 5 of Regulation (EU) No 596/2014 of the European Parliament and Council of 16 April 2014 (the “Market Abuse Regulation”) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (together with the Market Abuse Regulation, the “Safe Harbour Rules”).

    The following transactions on Nasdaq Copenhagen A/S were made under the share buy-back programme in week 11:
      Number of shares VWAP DKK Gross value DKK
    Accumulated, last announcement 100,000 237.0902 23,709,023
    10/03/2025 5,000 236.0465 1,180,233
    11/03/2025 5,000 233.6040 1,168,020
    12/03/2025 5,000 235.6480 1,178,240
    13/03/2025 5,000 237.1577 1,185,789
    14/03/2025 5,000 238.1949 1,190,975
    Total accumulated over week 11 25,000 236.1302 5,903,256
    Total accumulated during the share buyback programme 125,000 236.8982 29,612,278

    With the transactions stated above, the total accumulated number of own shares under the share buy-back programme corresponds to 0.015% of Danske Bank A/S’ share capital.

    Danske Bank

    Contact: Claus Ingar Jensen, Head of Group Investor Relations, tel. +45 25 42 43 70

    Attachment

    • Danske Bank Template Company announcement UK

    The MIL Network –

    March 17, 2025

  • MIL-OSI Africa: Ministry of Digital Transition and Administration Reform, the Digital Development Agency and GITEX Africa Morocco 2025 organiser announce the landmark third edition in Marrakech

    Source: Africa Press Organisation – English (2) – Report:

    RABAT, Morocco, March 17, 2025/APO Group/ —

    Under the High Patronage of His Majesty King Mohammed VI, May God Assist Him, the Ministry of Digital Transition and Administration Reform, in partnership with the Digital Development Agency (ADD) and KAOUN International, has officially announced the much-anticipated third edition of GITEX Africa Morocco (www.GITEXAfrica.com), set to take place from April 14 to 16, 2025, in the vibrant city of Marrakech. As Africa’s largest and most influential technology and startup event, GITEX Africa Morocco stands as a beacon of innovation, fostering investment, technological breakthroughs, and economic transformation across the continent.

    With the resounding success of previous editions, GITEX Africa Morocco 2025 is poised to be bigger, bolder, and more transformative than ever before. This year’s event will feature specialized industry summits, exclusive creative industry activations, and high-impact networking forums, all meticulously designed to connect government officials, industry pioneers, investors, and entrepreneurs in groundbreaking discussions and collaborations. With a reinforced focus on Africa’s digital public infrastructure, emerging AI ecosystems, and cutting-edge technological advancements, this edition will further establish Africa as a key player in the global tech landscape.

    Key features of GITEX Africa Morocco 2025

    Pioneering industry-centric initiatives

    Among the most highly anticipated additions to GITEX Africa Morocco 2025 is the Africa Future Connectivity Summit, an exclusive assembly for leaders in telecommunications, cloud computing, and data centers. This summit will delve into the far-reaching impact of broadband expansion, 5G deployment, and cloud-driven advancements, fostering strategic public-private partnerships that will shape Africa’s digital future.

    Bridging global African innovation

    Another key addition to GITEX Africa Morocco 2025 is the Diaspora Studio, a dedicated hub designed to unite African innovators across the world. This initiative aims to unlock investment opportunities, cross-border partnerships, and knowledge-sharing between the African diaspora and local tech ecosystems. By engaging with venture capitalists, startup incubators, and leading research institutions, this platform will serve as a powerful conduit for advancing Africa’s technological leadership on the world stage.

    Government leadership and global collaboration

    The Moroccan government remains a steadfast advocate for GITEX Africa Morocco’s growth, reinforcing its vision of establishing Morocco as a premier digital hub in Africa, in line with the High Instructions of His Majesty King Mohammed VI who stressed the necessity for Africa to be actively engaged in the digital transformation the world is witnessing today. The event will host high-level government representatives, regulatory bodies, and technology industry leaders, driving pivotal conversations on AI governance, digital regulations, and the policies defining Africa’s innovation landscape.

    H.E. Amal El Fallah Seghrouchni, Minister Delegate in Charge of Digital Transition and Administration Reform, Government of Morocco, emphasized the government’s dedication to this mission, stating: “Following the success of the 2024 edition, Morocco is proud to host the 3rd edition of GITEX AFRICA, reaffirming its role as a key enabler of Africa’s digital transformation. Under the High Patronage of His Majesty King Mohammed VI, may God assist Him, and with the strong commitment of the Moroccan Government, this edition will introduce strategic sectors such as EdTech, AgriTech, HealthTech, and SportsTech, reinforcing Africa’s position as a global hub for innovation. GITEX AFRICA 2025 will bring together industry leaders, innovators, and policymakers to foster high-impact collaborations and accelerate the continent’s integration into the global digital economy. Morocco remains committed to driving Africa’s technological future through innovation, investment, and strategic partnerships.”

    In addition to strong government support, the private sector is also demonstrating its commitment to Africa’s economic growth, with notably the International Finance Corporation (IFC) joining GITEX Africa as the Economic Development Partner. IFC’s involvement underscores its dedication to fostering sustainable investment and driving the continent’s digital transformation.

    The International Finance Corporation (IFC) will make a landmark appearance at GITEX Africa 2025, highlighting the intersection of global investment, technology, and entrepreneurship. A keynote from IFC’s Managing Director, Makhtar Diop, will address Africa’s economic evolution and the role of tech-driven growth. This engagement underscores the continent’s rising digital economy and the drive for scalable innovation in fintech and agribusiness.

    Additionally, SheWins Africa, an IFC initiative will be featured, reinforcing its mission to empower women-led startups and drive inclusive economic growth across the continent.

    Expanding sustainability and digital impact

    As GITEX Impact continues to grow, the 2025 edition will expand beyond its traditional focus on agritech, climate, and water technologies to encompass energy transition, mobility, edutech, and sports technologies. These pivotal sectors are instrumental in shaping Africa’s sustainable economic development, reinforcing GITEX Africa Morocco’s commitment to utilizing technology as a force for social and economic transformation.

    Mr. Mohammed Drissi Melyani, Director General of ADD said “GITEX Africa Morocco has become the continent’s foremost platform for digital transformation, facilitating the exchange of expertise and best practices in technological innovation while strengthening the global competitiveness of Africa’s public and private ecosystems.

    This third edition arrives at a crucial juncture, aligning with the worldwide acceleration of digital transition. GITEX Africa Morocco will address key challenges related to the resilience of the digital economy by showcasing strategic sectors such as Artificial Intelligence, Industry 4.0, IoT, Cloud, Cybersecurity, Fintech, Edutech, Agritech, Health Tech, Smart Cities, and E-Government, all in full alignment with the Sustainable Development Goals. As a global technology gathering, its overarching mission is to explore the boundless potential of digital innovation and its transformative impact, paving the way for a more inclusive and responsible future.”

    With an expanded presence of over 1,400 exhibitors from 130+ countries, GITEX Africa Morocco 2025 is expected to attract thousands of technology professionals, entrepreneurs, and investors, providing unparalleled opportunities for networking, deal-making, and knowledge exchange. The event will serve as the foremost platform for showcasing breakthrough innovations across AI, fintech, cybersecurity, health tech, smart cities, and digital transformation.

    KAOUN International, the overseas events company of Dubai World Trade Centre (DWTC) and organiser of GITEX events globally, is spearheading the event’s evolution as a world-class technology showcase. Trixie LohMirmand, CEO of KAOUN International, underscored the significance of this year’s edition, stating, “GITEX Africa’s momentum is advancing as new partnerships are forged and new industry sectors are explored to broaden the impact on the Africa’s digital landscape.

    To harness the positive outcomes from these initiatives, necessitate commitment and resilience from private and public stakeholders. We are confident GITEX AFRICA shall play a significant role in actuating and fast tracking the leverage of tech and adoption of AI in these vital sectors of economies.”

    Seizing the future of Africa’s digital revolution

    As Africa’s digital economy surges—projected to contribute $712 billion to the continent’s GDP by 2050—GITEX Africa Morocco 2025 presents a historic opportunity to engage with the continent’s brightest innovators, industry leaders, and global stakeholders. With Africa’s startup ecosystem poised to attract over $5 billion in venture capital investments, coupled with an expanding tech-savvy workforce, the continent is primed for rapid technological acceleration.

    GITEX Africa Morocco 2025 is the stage where the future of Africa’s digital economy takes shape. Don’t miss your chance to be part of this transformative event. Register now to attend or exhibit at www.GITEXAfrica.com, and secure your position at the center of Africa’s most influential technology gathering.

    Join us in Marrakech from April 14 to 16, 2025, as we chart the next chapter of Africa’s digital revolution and redefine the continent’s role in the global AI economy.

    MIL OSI Africa –

    March 17, 2025

  • MIL-OSI Global: Many of history’s deadliest building fires have been in nightclubs. Here’s why they’re so dangerous

    Source: The Conversation – Global Perspectives – By Milad Haghani, Associate Professor & Principal Fellow in Urban Risk & Resilience, The University of Melbourne

    A fire at a nightclub in North Macedonia has killed at least 59 people and injured more than 150. The blaze broke out at the Pulse nightclub in Kočani, where around 500 people were attending a concert.

    Witnesses reported that pyrotechnics used during the performance ignited the ceiling, causing flames to spread rapidly.

    Authorities have arrested 20 people so far, including the club’s manager. Investigations continue. The North Macedonian government has declared a seven-day mourning period.

    While building fires are not limited to nightclubs, many of the most devastating building fires in history have happened in nightclubs around the world. So why are nightclubs such a risky place for deadly fires?

    A long history of nightclub fires

    A look at past nightclub fires shows just how common and deadly they’ve been in the past 100 years. We identified at least 24 nightclub fires where ten or more people died since 1940.

    Collectively, these 24 incidents account for at least 2,800 deaths, with nearly 1,300 in the 21st century alone.

    The Cocoanut Grove fire (Boston, 1942) remains the deadliest on record, killing 492 people. The club’s flammable decorations and locked exits turned what should have been an ordinary night out into one of the worst fire disasters in history.

    In Argentina, the República Cromañón fire killed 194 people in 2004, caused by pyrotechnics igniting flammable materials inside the club.

    The Kiss nightclub fire in Brazil in 2013 was even deadlier, claiming 242 lives.

    More recently, Thailand’s Mountain B nightclub fire killed 23 people in 2022.

    And in 2023, 13 people died in a fire at the Fonda Milagros nightclub in Spain.

    Now, North Macedonia’s Pulse nightclub joins this long list.

    Why are nightclubs so risky for fires?

    A review of past nightclub fires we’ve collated in our database reveals common patterns. Two key factors have contributed to the frequency and severity of these fire disasters.

    1. Pyrotechnics, fireworks and flammable materials

    One of the most common causes of nightclub fires has been the use of pyrotechnics in enclosed spaces. Pyrotechnics are controlled chemical reactions designed to produce flames, smoke, or light effects.

    They have been involved in at least six of the deadliest nightclub fires, including the recent Pulse nightclub fire in North Macedonia, as well as The Station (United States, 2003), Kiss (Brazil, 2013), Colectiv (Romania, 2015), Lame Horse (Russia, 2009) and República Cromañón (Argentina, 2004).

    When used indoors, pyrotechnics can easily ignite flammable ceiling materials, acoustic foam, or decorations.

    In some cases, fireworks – which are different from stage pyrotechnics and sometimes illegally used indoors – have played a role. The Lame Horse nightclub fire, which killed 156 people in Russia in 2009, was caused by a spark from fireworks igniting a low ceiling covered in flammable plastic decorations.

    Even when fires don’t start from pyrotechnics or fireworks, the materials used in nightclub interiors can rapidly turn a small fire into a major disaster.

    Foam insulation, wooden panelling, plastic decorations and carpeted walls have all been key factors in past nightclub fires. In Cocoanut Grove (Boston, 1942), artificial palm trees and other flammable decorations accelerated the blaze.

    2. Overcrowding and blocked or insufficient exits

    Evacuation failures have been a factor in nearly every major nightclub fire.

    In some instances, crowds may not immediately recognise the severity of the situation, especially if they mistake alarms for false alarms or special effects (for example, smoke machines, loud music).

    Further, patrons could be intoxicated due alcohol or other drugs. Intoxication combined with potential disorientation due to dim lighting can further reduce judgement during an evacuation.

    Clearly, the best way to protect patrons is to prevent a fire from breaking out in the first place. But in settings where fire risks are inherently high, the ability to evacuate people swiftly is crucial.

    Nightclubs, however, have a poor track record when it comes to evacuation safety measures.

    Nightclubs are among the most crowded indoor spaces. While crowd density is part of a nightclub’s design and atmosphere, overcrowding beyond legal capacity is common.

    A crowd that has gradually gathered over several hours must suddenly evacuate in seconds or minutes to survive a fire. This is made more difficult by narrow hallways and limited exits, which quickly become bottlenecks when hundreds of people attempt to escape at once.

    What’s more, not all exits are always accessible during a fire. In several past nightclub disasters, locked or obstructed emergency exits have significantly worsened the death toll.

    Minimising the risks

    Nightclubs are uniquely vulnerable to fires due to a combination of structural risks, unsafe materials, overcrowding and regulatory failures.

    While human behaviour plays a role in how fires unfold in confined spaces such as nightclubs, people should be able to go for a night out and expect to come home safely.

    Regulatory oversight must ensure strict compliance with fire codes. Venues should have fire suppression systems (such as sprinklers, fire extinguishers and smoke detectors) to control or contain fires before they spread, and adequate exits.

    Nightclubs should ban indoor pyrotechnics and fireworks, as history has repeatedly shown their deadly consequences.

    Capacity limits must be enforced, and emergency exits should always be accessible.

    Australia has strict fire safety regulations for nightclubs, with venues required to have fire suppression systems, emergency exits and trained staff to manage fire risks.

    Public awareness is also key. Patrons need to understand the real risk of fires in nightclubs, and be prepared to evacuate swiftly but calmly if danger arises.

    Ruggiero Lovreglio receives funding from Royal Society Te Apārangi (NZ) and National Institute of Standards and Technology (USA).

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

    – ref. Many of history’s deadliest building fires have been in nightclubs. Here’s why they’re so dangerous – https://theconversation.com/many-of-historys-deadliest-building-fires-have-been-in-nightclubs-heres-why-theyre-so-dangerous-252372

    MIL OSI – Global Reports –

    March 17, 2025

  • MIL-OSI United Kingdom: Radical action plan to cut red tape and kickstart growth

    Source: United Kingdom – Executive Government & Departments

    News story

    Radical action plan to cut red tape and kickstart growth

    The Chancellor will meet top regulator bosses in Downing Street today (Monday 17 March) as she unveils an action plan to deliver on the pledge to cut the administrative cost of regulation on business by a quarter, make Britain the best place to do business and drive economic growth.

    • Chancellor meets regulators in Downing Street as she unveils action plan to cut red tape as part of Plan for Change to kickstart economic growth.

    • Radical shake up will boost infrastructure building by simplifying guidance to protect bat habitats that blocks vital new homes and infrastructure.

    • Business to save billions as more regulators are axed and core legal duties are streamlined.

    • Action plan comes alongside 60 growth-boosting measures from watchdogs designed to make it easier to do business in the UK and delivers on the Prime Minister’s pledge to cut administration costs for businesses by a quarter.

    The radical shake up will cut costly red tape that fails to deliver for local communities, such as hundreds of pages of guidance on protecting bat habitats – which goes far beyond legal requirements, needlessly costs businesses money and slows down planning decisions for major infrastructure projects.  

    A streamlined process for environmental regulations will also be put in place for major projects. This could include Lower Thames Crossing, subject to planning approval, as well as future schemes like Heathrow expansion. The new system will require just one point of contact and will end the merry-go-round of developers seeking planning approvals from multiple authorities who often disagree with each other.  

    This Action Plan will save businesses across the country billions of pounds by cutting the number of regulators, streamlining their core legal duties and cracking down on complexity in the regulatory system. 

    The Plan comes after the Prime Minister set out his vision for a more lean and agile state in a speech last week, abolishing the world’s biggest quango – NHS England – to scrap duplication and give more power and tools to local leaders so they can better deliver for their communities. The Prime Minister and Chancellor are clear that regulators must work for the people of Britain, not get in the way of progress.  

    Following weeks of intense negotiations, watchdogs have signed up to 60 growth boosting measures – including:  

    • Fast-tracking new medicines to market through a new pilot to provide parallel authorisations from key healthcare regulators, so that patients can access the medicine they need quicker;

    • Attracting more investment from international financial services firms by setting up a bespoke ‘concierge service’ to help them get to grips with UK regulations, making it easier to do business in the UK;

    • Paving the way for package deliveries by drone, as the Civil Aviation Authority permits at least two more large drone-flying trials in the coming months – which have already helped cut travel times for blood samples from 30 minutes down to 2 minutes between hospitals – and streamlines the regulatory process for manufacturing drones;

    • Allowing families to manage their spending safely as the Financial Conduct Authority reviews contactless payment limits, including the £100 cap on individual payments, while speeding up queues at checkout.

    • Support for homeownership as the Financial Conduct Authority simplifies mortgage lending rules, including making it easier to re-mortgage with a new lender and reduce mortgage terms.

    • Helping start-ups secure funding to grow through the Financial Conduct Authority issuing more notices where they are likely to approve applications from budding entrepreneurs.

    The government will continue to work closely with regulators to ensure they are regulating for growth, not just risk. Cabinet Ministers will report back to the Chancellor in the summer with further suggestions for streamlining the regulatory landscape and better regulation will be a key part of the upcoming Modern Industrial Strategy.    

    Chancellor of the Exchequer Rachel Reeves said: 

    “The world is changing and that’s why we must go further and faster to deliver on our Plan for Change to kickstart economic growth. Today we are taking further action to free businesses from the shackles of regulation. By cutting red tape and creating a more effective system, we will boost investment, create jobs and put more money into working people’s pockets.”  

    Business and Trade Secretary Jonathan Reynolds said: 

    “Unnecessary regulation chokes competition and stifles business – that’s why we’re taking action to unleash industry right across the UK to go for growth.  

    “With a regulatory system that encourages innovation and economic growth combined with our Industrial Strategy, our Plan for Change can make the UK the best place to startup, invest and thrive.”  

    Further pro-business measures announced today include cutting red tape that blocks new housing and infrastructure.  

    It should not be the case that to convert a garage or outbuilding you need to wade through hundreds of pages of guidance on bats.  Environmental guidance, including on protecting bats, will be looked at afresh. Natural England has agreed to review and update their advice to Local Planning Authorities on bats to ensure there is clear, proportionate and accessible advice available.  

    We will make it simpler and faster for projects to agree environmental permits, in some case removing them altogether for low-risk and temporary projects, putting an end to delays that can slow down decisions needed to get spades in the ground. Combined with the appointment of a single lead environmental regulator, this will speed up approvals and save businesses millions in time and resource.    The government will also consult on allowing regulators to be more agile in making sensible decisions on which low-risk activities should be exempt from environmental permits. This will allow them to focus on high-impact, high-priority areas, such as low-carbon infrastructure – while ensuring nature protections are not weakened.    

    These come alongside action to crack down on complexity in the UK regulatory system, with the Chancellor promising to significantly cut the number of regulators by the end of the Parliament to reduce overlap.    

    Regulators will be summoned for performance reviews twice a year from the relevant Secretary of State and will be judged against a set of targets agreed with the businesses they affect, which could how quickly they make decision on planning applications and new licenses for businesses and products. The regulators will immediately begin discussing these targets with businesses and publish them by June. 

    Following the decision to primarily consolidate the Payment Systems Regulator into the Financial Conduct Authority, the Regulator for Community Interest Companies will be folded into Companies House to avoid duplicative disclosure requirements for companies which provide a benefit to their community. Cabinet ministers will report back to the Chancellor by the summer with further suggestions to cut numbers and create a more effective system.  

    Major regulators will also have their legal duties slimmed down, so that they do not waste time satisfying redundant duties that do not align with their core purpose or the public’s priorities. This work will begin with the financial services regulators, energy watchdog Ofgem, water regulator Ofwat and the Office for Road and Rail.  

    The Treasury will also explore ways to streamline financial services regulators’ ‘have regards’ to improve predictability and business confidence. The role of the Financial Ombudsman Service will also be reviewed to ensure that it is acting as an impartial service that provides quick and predictable resolutions to disputes – not as a quasi-regulator.   

    The new system will also support businesses to innovate instead of putting obstacles in the way, led by Lord Willetts as Chair of the Regulatory Innovation Office (RIO). The RIO works with businesses and regulators to embed a pro-innovation regulatory system that enables ground-breaking new technologies to reach the market quicker.   

    The RIO is focused on ensuring regulation supports transformative applications of emerging technologies, for example using AI to improve the efficiency and accuracy of radiology reporting, and the use of engineering biology by world leading UK companies developing innovative foods like lab grown meats.  

    Stakeholder quotes: 

    Rain Newton-Smith, CEO of the CBI, said:   

    “The UK’s Gordian knot of regulations hinders investment with compliance costs that are too high, leaving us trailing the international competition. Today’s announcement signals a shift towards a more proportionate, outcomes based approach that should deliver more sustainable growth and investment.  

    “Smart, proportionate regulation could be the UK’s international calling card once more, bringing confidence and easing the burden on many sectors.   

    “This announcement builds on the welcome commitment from the Prime Minister to reduce the thicket of regulation, and it is critical that this approach is reflected across the board including finding a landing zone for the Employment Rights Bill that supports growth, investment, and jobs.” 

    Irene Graham OBE, CEO of the ScaleUp Institute, said: 

    “It is excellent to see the Government turning its Plan for Change into real practical action. 

    “Scaling businesses have long cited infrastructure constraints and regulatory hurdles as hampering their growth. The practical initiatives set out in this Action Plan on planning reforms, the fast tracking, simplifying and streamlining of regulatory approvals and processes, and the emergence of concierge services should collectively have a significant impact in propelling the growth of these innovative firms forward across every sector and local economy.  

    “We look forward to continuing to work with the government on the next steps of this pro-growth regulatory agenda.” 

    David Postings, Chief Executive of UK Finance, said: 

    “We need a regulatory environment that supports investment and is internationally competitive. I’ve been delighted to see the progress already made by government and regulators, who are listening to the ideas put forward by UK Finance and industry and taking bold action. Today’s announcement builds on that progress, most notably reviewing how the Financial Ombudsman Service operates. It currently acts as a quasi-regulator, which was not the original intention, and addressing this issue is a key one for our sector. I look forward to continuing to work with the government to ensure financial services helps deliver growth up and down the country.” 

    Debbie Crosbie, CEO of Nationwide, said: 

    “I welcome the government’s decisive action to deliver better regulation. Clear and predictable rules will help firms focus on growth and innovation for the benefit of consumers. The target to reduce the administrative cost of regulation by 25% could make a meaningful difference to the regulatory burden and economic growth.”  

    Craig Beaumont, Executive Director of the Federation of Small Businesses, said: 

    “Today’s announcement shows the Chancellor is willing to put in the hard yards to let businesses do what they do best. Business owners are not bureaucrats. The delays, time wasting and sheer stress from having to handle layers of poorly designed regulation makes it harder and harder for small businesses to grow, generate jobs and provide for their customers. 

    “Every month a project might be delayed makes it harder to go ahead, and every second wasted on unnecessary forms is time away from business, staff and family. We have made clear recommendations to CEOs of the regulators visiting No.10 today, to transform regulation so they help, not hinder, small business growth and investment.  This is a necessary pre-condition for increasing living standards, building a stronger economy and creating new jobs.” 

    Shevaun Haviland, Director General of the British Chambers of Commerce, said: 

    “This is an eye-catching package of measures which has a real potential to speed up decision-making and give businesses more certainty. 

    “Changes that would fast-track major infrastructure projects, such as the Lower Thames Crossing and Heathrow expansion, are especially welcome. 

    “Over half of firms tell us they are planning to raise prices, and with fresh uncertainty around tariffs, a 25 percent cut in the cost of regulation would be very welcome.” 

    Notes to editors 

    • The Action Plan can be found here. This sets out the strategic vision and actions that will be taken to create a regulatory system that drives growth while continuing to protect millions of people.

    • Regulators in attendance at the meeting:

    • Financial Conduct Authority

    • Prudential Regulation Authority

    • Environment Agency

    • Natural England

    • Medicines and Healthcare products Regulatory Agency

    • Health and Safety Executive

    • Information Commissioner’s Office

    • The Regulatory Innovation Office

    Share this page

    The following links open in a new tab

    • Share on Facebook (opens in new tab)
    • Share on Twitter (opens in new tab)

    Updates to this page

    Published 17 March 2025

    MIL OSI United Kingdom –

    March 17, 2025

  • MIL-OSI United Kingdom: Investing in renewables revolution

    Source: Scottish Government

    £10 million planned for Port of Nigg project.

    Public investment is planned for a major redevelopment project at Port of Nigg in the Highlands.

    Highlands and Islands Enterprise (HIE) has approved up to £10 million to support development of the port’s Inner East Quay, which will result in the creation of a new heavy-duty quayside and the introduction of roll-on roll-off capability.

    The project, which is subject to formal approval by Global Energy Nigg Limited, will increase capacity and capabilities at the port, attracting new companies and investment while supporting operations across the country’s growing offshore wind operations.

    HIE’s investment forms part of the Scottish Government’s commitment to strategically invest up to £500m over five years to anchor the nation’s offshore wind supply chain.

    Port of Nigg is recognised by developers as a prime location for the manufacturing and assembly of offshore wind components and has a significant track record within Scotland’s offshore wind industry, having managed over 3.5GW of assets through the facility.

    In 2024, high voltage cable manufacturer Sumitomo Electric Power Cables Ltd chose to establish a £350 million high voltage cable manufacturing facility in the area – with Nigg serving as the primary export facility.

    Deputy First Minister Kate Forbes said:

    “This is a prime example of how we and our enterprise agencies are focused on stimulating investment and targeting projects that will in turn act as a catalyst to further investment, jobs and opportunities.

    “Given its location and being part of Inverness and Cromarty Firth Green Freeport, The Port of Nigg is strategically important to the growth and success of the offshore wind sector. An investment of this nature sends a clear signal to investors that Scotland is open for business, and the Scottish Government and our partners stand ready to help unleash the enormous economic benefits of our offshore wind industry.”

    HIE’s director of strategic projects David Oxley, said:

    “Our support for this project is about keeping the UK and the Highlands and Islands region at the forefront of the energy sector, particularly renewable energy, and strengthening our international competitiveness.

    “There are many obvious benefits for the region’s economy and job creation. I’m delighted we’ve been able to facilitate further Scottish Government funding and look forward to continuing our collaboration with our public sector partners and industry as the project develops.”

    Chairman of Global Energy Group Roy MacGregor, said:

    “We welcome this significant investment from HIE and the Scottish Government, which reinforces their commitment to strengthening Scotland’s offshore wind supply chain. Since acquiring Nigg in 2011, we have invested more than £120 million in transforming the facility into a world-class offshore wind superhub, ensuring it remains at the forefront of the energy transition.

    “Today, renewables account for half of our revenue at both GEG and Nigg, underlining the critical role this sector plays in our business and the wider economy. Strategically positioned to support Scotland’s future offshore wind projects through ScotWind and INTOG, Nigg will drive sustainable job creation and long-term economic prosperity for the Highlands.”

    Background

    This project is being led by Global Energy Nigg Limited, a subsidiary of Global Energy Group (which acquired the Port of Nigg in 2011) and the agreed HIE funding is subject to formal approval by the company.

    The Port of Nigg project is expected to create around five jobs directly while supporting more than a hundred downstream at Nigg in further supply chain activity at the port.

    Sumitomo’s decision to base a facility in Scotland was secured with £24.5 million investment from the Scottish Government, HIE and Scottish Enterprise and is expected to create around 330 jobs over the next 10 year

    Recent investments made as part of the Scottish Government’s commitment of up to £500 million include:

    Scottish Ministers will host a Global Offshore Wind Investment Forum today as part of a Green Industrial Strategy commitment to raise the profile of Scotland as a destination for capital investment.

    MIL OSI United Kingdom –

    March 17, 2025

  • MIL-OSI: GTreasury Pioneers a New Era for CFOs with Adaptable Treasury Solutions

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 17, 2025 (GLOBE NEWSWIRE) — GTreasury, the pioneer and global leader in Digital Treasury Solutions for the Office of the CFO, today announced its uniquely adaptable approach to treasury management software, leading a new era in treasury and finance operations. GTreasury’s vision is to empower CFOs and treasurers to adapt, evolve, and conquer both today’s challenges and tomorrow’s opportunities with solutions that can be used both independently and in concert through shared data and workflows.

    In an increasingly volatile market, achieving strategic financial advantages requires more than just connecting disparate financial data or optimizing individual outcomes—it demands true clarity and decisive action. Yet CFOs and Treasurers often face a daunting choice between costly, monolithic systems that take months or years to implement or limited point solutions that constrain future growth.

    “We’ve heard from countless CFOs about their desire for a balance of best-of-breed solutions and the scalability of a single platform. Many felt trapped in a binary choice between a large, rigid system or deploying multiple fragmented point solutions. What they truly want is an adaptable solution platform that grows with their business,” said Renaat Ver Eecke, Chief Executive Officer, GTreasury. “We have revolutionized the way we build and deliver solutions to provide immediate value with long-term scalability, empowering organizations to move quickly while building for the future.”

    Because each organization faces unique treasury and finance complexities, GTreasury supports every stage of treasury maturity—from cash visibility and forecasting to risk, debt, investments, payments, and netting. Through comprehensive bank and ERP connectivity and agent-driven data insights, GTreasury creates an orchestrated data environment that enables select solution implementations to go live as soon as 90 days, not months or years. Organizations can start with the solutions they need today and seamlessly adapt as their needs evolve.

    “Businesses today need solutions that deliver both immediate impact and flexibility to support future growth—without compromise,” said Jason Baldree, Chief Customer Officer, GTreasury. “Our adaptable platform connects to any bank, any ERP, anytime and provides interoperable workflows—ensuring customers can realize immediate value while maintaining the flexibility to grow with their business.”

    Serving more than 1,000 customers across 30+ industries and 160+ countries, GTreasury combines industry-leading technology with deep treasury expertise to deliver The Clarity to Act. To learn more about GTreasury’s adaptable treasury solutions, visit https://gtreasury.com/

    About GTreasury

    GTreasury provides CFOs and Treasurers with The Clarity to Act on strategic financial decisions with the world’s most adaptable treasury platform, empowering them to face the challenges of today and tomorrow. Our industry leading solutions are purposefully designed to support every stage of treasury complexity, from Cash Visibility and Forecasting to Payments, Risk, Debt, and Investments. With GTreasury, financial leaders gain comprehensive connectivity across all banks and ERPs to build an orchestrated data environment, enabling rapid value realization with implementations up and running in weeks. Plus, our unmatched industry expertise ensures clients’ continued success through dedicated guidance and top-tier support. Trusted by over 1,000 customers across 160 countries, GTreasury provides treasury and finance teams with the ability to connect, compile, and manage mission-critical data to optimize cash flows and capital structures. To learn more, visit GTreasury.com.

    GTreasury is headquartered in Chicago, with locations serving EMEA (Dublin and London) and APAC (Sydney, Singapore, and Manila).

    Contact
    Kyle Peterson
    kyle@clementpeterson.com

    The MIL Network –

    March 17, 2025

  • MIL-OSI: Final Results for the Year-Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    Diversified Achieves Strong Final Year-End 2024 Results, Delivers on Capital Allocation Promises, and Introduces 2025 Combined Company Outlook

    2024 Achievements Position Diversified on a Meaningful Path Forward as a Stronger and Larger Company

    Executed Approximately $2 Billion of Acquisitions in an Advantageous Pricing Environment

    Third year of Consistent Operating Costs Despite Broader Industry and Inflationary Pressures

    Maverick Integration Anticipated to Provide Meaningful Financial and Operational Benefits to Drive Free Cash Flow Acceleration

    Created a PDP Solution for Upstream Peers to Facilitate Operated Acquisitions with an Undeveloped Inventory Focus

    BIRMINGHAM, Ala., March 17, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) is pleased to announce its operational and final audited results for the year ended December 31, 2024.

    Diversified remains a differentiated key player in acquiring and building a portfolio of assets through value-accretive transactions while simultaneously unlocking hidden value through its unique operational framework, strategic development partnerships, and growing adjacent business segments, including coal mine methane (CMM), energy marketing and well-retirement. By completing over $4.0 billion of acquisitions since its public listing in 2017, Diversified has built a large-scale integration and operating company that remains focused on delivering de-risked, reliable cash flow for its shareholders. With the combination of maturing assets and M&A activity leading to growth-oriented E&P’s recycling capital through divestment, there remains an ample opportunity set for Diversified’s continued growth. Additionally, with most upstream acquisitions today focusing on increasing undeveloped inventory, Diversified provides a creative and actionable solution as the PDP purchasing partner for those E&P’s that only value inventory.

    Only Publicly Traded Champion of the PDP Subsector with Unique Strategic Advantages

    • Large Operational Scale: Multiple geographies in core basins including Western Anadarko (largest producer), Permian, Appalachia, Barnett and Ark-La-Tex with commodity product diversification
    • Vertical Integration: In-house marketing, extensive midstream network, wholly-owned processing infrastructure, and a well retirement business segment
    • Leading Technology Platform: 100% cloud architecture, supporting well level data capture, information for actionable production optimization, and real-time monitoring which mitigates production downtime
    • Beneficial Financing Solution: Demonstrated ability to access numerous capital solutions, including investment grade, low-cost Asset Backed Securities, commercial banking facilities and equity investment partners
    • Flexible Capital Allocation: shareholder returns-focused model prioritizing Free Cash Flow for systematic debt reduction, fixed dividend payments, opportunistic share repurchases, and accretive acquisitions
    • Proven Process to Capture Synergies: established integration playbook and sophisticated corporate infrastructure provides considerable expense savings and unlocks sustainable value

    Delivering Consistent and Reliable Results in 2024        

    • Delivered average net daily production: 791 MMcfepd (132 MBoepd)
      • December exit rate of 864 MMcfepd (144 MBoepd)
    • Year end 2024 reserves of 4.5 Tcfe (747 MMBoe; PV10 of $3.3 billion(b))
    • Total Revenue, inclusive of hedges of $946 million(e), net of $151 million in commodity cash hedge receipts that supplemented Total Revenue of $795 million
    • Operating Cash Flow of $346 million; Net loss of $87 million, inclusive of $141 million tax-effected, non-cash unsettled derivative fair value adjustments
    • Adjusted EBITDA of $472 million(c); Adjusted Free Cash Flow of $211 million(d)
      • 2024 Adjusted EBITDA Margin of 51%(c)
      • 2024 Adjusted Operating Cost per unit of $1.70/Mcfe ($10.22/Boe)

    Achieving Expectations

    • Recommend a final quarterly dividend of $0.29 per share
    • Generated $49 million of cash proceeds through land sales and Coal Mine Methane Revenues
    • Retired over $200 million in debt principal through amortizing debt payments
    • Returned $105 million to shareholders, including $21 million in share buybacks(h)
    • Completed $585 million (gross) in strategic and bolt-on acquisitions during 2024
    • Retired 202 Diversified wells in Appalachia, marking third consecutive year to exceed 200 wells
    • OGMP Gold Standard and MSCI AA Rating for third and second consecutive year, respectively
    • Decreased Scope 1 methane intensity to 0.7 MT CO2e per MMcfe, a 13% reduction from 2023

    Powerful Step Forward

    • Closed transformative $1.3 billion acquisition of Maverick Natural Resources (“Maverick”)
      • Largest Producer in the Western Anadarko Basin (WAB)
      • Entry into the Permian basin
      • Expecting to achieve over $50 million in annual synergies by year-end 2025
    • Closed the accretive bolt-on acquisition of assets from Summit Natural Resources
      • Anticipate over 300% increase in cash flow from CMM environmental credit sales in the next 24 months
    • Developed a unique partnership to create an innovative, reliable, net-zero data center power solution
    • Enhancing free cash flow growth in 2025 by advantageously added natural gas hedges (related to ABS & recent acquisitions) and planning approximately $40 million from the divestiture of undeveloped leasehold during the first half of 2025

    CEO Rusty Hutson, Jr. commented:

    “Our over 1,600 women and men of Diversified remain the driving force behind our strong operational and financial performance in 2024. Whether it’s natural gas to power the technology of the future or the everyday needs of families and businesses across our operating region, Diversified provides the reliable and sustainable energy needed, and we continue to invest in growing our business while expanding our opportunity set of cash flow generation through verticals in a variety of end markets.

    We have built a Company that remains highly focused on long-term value creation through the growth of our platform and our ability to leverage vertical integration and scale to operate a structurally and dependably higher-margin business that delivers de-risked, consistent cash flow. Our focused strategy, disciplined leadership team, sound operating practices, and the strong demand for natural gas provide us with momentum as we begin the year and the confidence to achieve our full-year 2025 expectations while executing against our capital allocation strategy. We are starting the year in a position of strength as a bigger, better business, and there has never been a more exciting time for our Company and the energy industry. We feel privileged to be at the heart of the energy renaissance as the Right Company at the Right Time to help provide essential energy needs.”

    Combined Company 2025 Outlook

    Following the recently completed acquisition of Maverick, Diversified expects to realize significant operational synergies associated with a larger, consolidated position in Oklahoma and the ability to improve the overall cost structure of the Maverick Natural Resources assets while continuing to prioritize returns and Free Cash Flow generation.

    The following outlook incorporates a nine-month contribution from the recently acquired Maverick.

      2025 Guidance
    Total Production (Mmcfe/d) 1,050 to 1,100
    % Liquids ~25%
    % Natural Gas ~75%
    Total Capital Expenditures (millions) $165 to $185
    Adj. EBITDA1 (millions) $825 to $875
    Adj. Free Cash Flow1 (millions) ~$420
    Leverage Target 2.0x to 2.5x
    Combined Company Synergies (millions) >$50
    1 Includes the value of anticipated cash proceeds for 2025 land sales
     

    Posting of 2024 Annual Report and Notice of Annual General Meeting

    Diversified has published to the Company’s website its 2024 Annual Report and Notice of AGM, along with the form of proxy for the AGM. These documents can be viewed or downloaded from Diversified’s website at https://ir.div.energy/financial-info.

    The Company has also provided copies of these documents to the National Storage Mechanism that, in accordance with UK Listing Rule 6.4.1R, will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    Annual General Meeting Arrangements

    The Company’s AGM will be held on April 9, 2025 at 1:00pm BST (8:00am EDT) at the offices of FTI Consulting, 200 Aldersgate, Aldersgate Street, London EC1A 4HD.

    Presentation and Webcast

    DEC will host a conference call today at 12:30 pm GMT (8:30am EDT) to discuss these results. The conference call details are as follows:

    A corporate presentation will be posted to the Company’s website before the conference call. The presentation can be found at https://ir.div.energy/presentations.

    Footnotes:

    (a) Corporate decline rate of ~10% calculated as the change in average daily production for the month of December 2023 (775 MMcfepd), adjusted for the impact of acquisitions and divestitures occurring during the 2024 calendar year, to the average daily production for the month of December 2024.
    (b) Based on the Company’s year-end PDP reserves and using 10-year NYMEX strip, as at December 31, 2024.
    (c) Adjusted EBITDA represents earnings before interest, taxes, depletion, and amortization, and includes adjustments for items that are not comparable period-over-period; As presented, Adjusted EBITDA includes the impact of the accounting basis for land sales; Adjusted EBITDA Margin represents Adjusted EBITDA (excluding the adjustment for the accounting basis on land sales) as a percent of Total Revenue, Inclusive of Settled Hedges; For purposes of comparability, Adjusted EBITDA Margin excludes Other Revenue of $16 million and Lease Operating Expense of $19 million in 2024 associated with Diversified’s wholly owned plugging subsidiary, Next LVL Energy. For more information, please refer to Non-IFRS Measures, below.
    (d) Free Cash Flow represents net cash provided by operating activities less expenditures on natural gas and oil properties and equipment and cash paid for interest; As used herein, Adjusted Free Cash Flow represents Free Cash Flow, plus cash proceeds from undeveloped acreage sales; For more information, please refer to Non-IFRS Measures, below.
    (e) Calculated as total revenue recorded for the period, inclusive of the impact of derivatives settled in cash. For more information, please refer to Non-IFRS Measures, below.
    (f) Calculated as the availability on the Company’s Revolving Credit Facility (“SLL”) and cash on hand (unrestricted)of December 31, 2024; Does not include the impact of Letters of Credit.
    (g) Net Debt-to-Adjusted EBITDA, or “Leverage” or “Leverage Ratio,” is measured as Net Debt divided by Pro Forma Adjusted EBITDA; Pro forma adjusted EBITDA includes adjustments for the year ended December 31, 2024 for the annualized impact of acquisitions completed during the year. Net Debt calculated as of December 31, 2024 and includes total debt as recognized on the balance sheet, less cash and restricted cash; Total debt includes the Company’s borrowings under the Company’s Revolving Credit Facility (“SLL”) and borrowings under or issuances of, as applicable, the Company’s subsidiaries’ securitization facilities. For more information, please refer to Non-IFRS Measures, below.
       

    For Company-specific items, refer also to the Glossary of Terms and/or Alternative Performance Measures found in Diversified’s 2024 Annual Report

    For further information, please contact:  
    Diversified Energy Company PLC +1 973 856 2757
    Doug Kris dkris@dgoc.com
    www.div.energy  
       
    FTI Consulting dec@fticonsulting.com
    U.S. & UK Financial Public Relations  
       

    About Diversified Energy Company PLC

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

    Important Notices

    This announcement may contain certain forward-looking statements, beliefs or opinions, with respect to the financial condition, results of operations and business of the Company, and its wholly owned subsidiaries (“the Group”) following the Maverick Acquisition. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “will”, “seek”, “continue”, “aim”, “target”, “projected”, “plan”, “goal”, “achieve”, “outlook” and words of similar meaning, reflect the Company’s beliefs and expectations and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment the Company and the Group will operate in and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company or the Group to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company’s or the Group’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as the Company’s or the Group’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Company or the Group operate or in economic or technological trends or conditions, and the Company’s or Group’s ability to realize expected benefits of the Maverick acquisition. Past performance of the Company cannot be relied on as a guide to future performance. As a result, you are cautioned not to place undue reliance on such forward-looking statements. The list above is not exhaustive and there are other factors that may cause the Company’s or the Group’s actual results to differ materially from the forward-looking statements contained in this announcement, including the risk factors described in the “Risk Factors” section in the Company’s Annual Report and Form 20-F for the year ended December 31, 2024, filed with the United States Securities and Exchange Commission.

    Forward-looking statements speak only as of their date and neither the Company, nor the Group nor any of its respective directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements in this announcement may not occur. No statement in this announcement is intended as a profit forecast or a profit estimate and no statement in this announcement should be interpreted to mean that the financial performance of the Company for the current or future financial years would necessarily match or exceed the historical published for the Company.

    The contents of this announcement are not to be construed as legal, business or tax advice. Each shareholder should consult its own legal adviser, financial adviser or tax adviser for legal, financial or tax advice respectively.

    Percentages in tables have been rounded and accordingly may not add up to 100 per cent. Certain financial data have also been rounded. As a result of this rounding, the totals of data presented in this announcement may vary slightly from the actual arithmetic totals of such data.

    Use of Non-IFRS Measures

    Certain key operating metrics that are not defined under IFRS (alternative performance measures) are included in this announcement. These non-IFRS measures are used by us to monitor the underlying business performance of the Company from period to period and to facilitate comparison with our peers. Since not all companies calculate these or other non-IFRS metrics in the same way, the manner in which we have chosen to calculate the non-IFRS metrics presented herein may not be compatible with similarly defined terms used by other companies. The non-IFRS metrics should not be considered in isolation of, or viewed as substitutes for, the financial information prepared in accordance with IFRS. Certain of the key operating metrics are based on information derived from our regularly maintained records and accounting and operating systems.

    Non-IFRS Disclosures

    Adjusted EBITDA

    As used herein, EBITDA represents earnings before interest, taxes, depletion, depreciation, and amortization. Adjusted EBITDA further adjusts for items that are not comparable period-over-period, including accretion of asset retirement obligations, other (income) expense, loss on joint and working interest owners receivable, (gain) loss on bargain purchases, (gain) loss on fair value adjustments of unsettled financial instruments, (gain) loss on natural gas and oil property and equipment, costs associated with acquisitions, other adjusting costs, non-cash equity compensation, (gain) loss on foreign currency hedge, net (gain) loss on interest rate swaps and other similar items.

    Adjusted EBITDA should not be considered in isolation or as a substitute for operating profit (loss), net income (loss), or cash flows provided by (used in) operating, investing, and financing activities. However, we believe this measure is useful to investors in evaluating our financial performance because it (1) is widely used by investors in the natural gas and oil industry as an indicator of underlying business performance; (2) helps investors more meaningfully evaluate and compare the results of our operations from period to period by removing the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement; (3) is used in the calculation of a key metric in one of our Credit Facility financial covenants; and (4) is used by us as a performance measure in determining executive compensation. When evaluating this measure, we believe investors also commonly find it useful to assess this metric as a percentage of our total revenue, inclusive of settled hedges, which we refer to as adjusted EBITDA margin.

      Year Ended
      December 31,
    2024    		 December 31,
    2023    		 December 31,
    2022
    Net income (loss) $ (87,001 ) $ 759,701   $ (620,598 )
    Finance costs   137,643     134,166     100,799  
    Accretion of asset retirement obligations   30,868     26,926     27,569  
    Other (income) expense(a)   (1,257 )   (385 )   (269 )
    Income tax (benefit) expense   (136,951 )   240,643     (178,904 )
    Depreciation, depletion and amortization   256,484     224,546     222,257  
    (Gain) loss on bargain purchases   —     —     (4,447 )
    (Gain) loss on fair value adjustments of unsettled financial instruments   189,030     (905,695 )   861,457  
    (Gain) loss on natural gas and oil properties and equipment(b)   15,308     4,014     93  
    (Gain) loss on sale of equity interest   7,375     (18,440 )   —  
    Unrealized (gain) loss on investment   4,013     (4,610 )   —  
    Impairment of proved properties(c)   —     41,616     —  
    Costs associated with acquisitions   11,573     16,775     15,545  
    Other adjusting costs(d)   22,375     17,794     69,967  
    Loss on early retirement of debt   14,753     —     —  
    Non-cash equity compensation   8,286     6,494     8,051  
    (Gain) loss on foreign currency hedge   —     521     —  
    (Gain) loss on interest rate swap   (190 )   2,722     1,434  
    Total adjustments $ 559,310   $ (212,913 ) $ 1,123,552  
    Adjusted EBITDA $ 472,309   $ 546,788   $ 502,954  
    Pro forma adjusted EBITDA(e) $ 548,570   $ 553,252   $ 574,414  
    1. Excludes $1 million in dividend distributions received for our investment in DP Lion Equity Holdco during the year ended December 31, 2024.
    2. Excludes $27 million, $24 million and $2 million in cash proceeds received for leasehold sales during the years ended December 31, 2024, 2023 and 2022, respectively, less $14 million and $4 million of basis in leasehold sales for the years ended December 31, 2024 and 2023, respectively.
    3. For the year ended December 31, 2023, the Group determined the carrying amounts of certain proved properties within two fields were not recoverable from future cash flows, and therefore, were impaired.
    4. Other adjusting costs for the year ended December 31, 2024, were primarily associated with legal and professional fees related to the U.S. listing, legal fees for certain litigation, and expenses associated with unused firm transportation agreements. For the year ended December 31, 2023, these costs were primarily related to legal and professional fees for the U.S. listing, legal fees for certain litigation, and expenses for unused firm transportation agreements. For the year ended December 31, 2022, these costs mainly included $28 million in contract terminations, which enabled the Group to secure more favorable future pricing, and $31 million in deal breakage and/or sourcing costs for acquisitions.
    5. Includes adjustments for the year ended December 31, 2024 for the Oaktree, Crescent Pass, and East Texas II acquisitions to pro forma their results for the full twelve months of operations. Similar adjustments were made for the year ended December 31, 2023 for the Tanos II Acquisition, as well as for the year ended December 31, 2022 for the East Texas I and ConocoPhillips acquisitions.

    Total Revenue, Inclusive of Hedges and Adjusted EBITDA Margin

    As used herein, total revenue, inclusive of settled hedges, accounts for the impact of derivatives settled in cash. We believe that total revenue, inclusive of settled hedges, is a useful measure because it enables investors to discern our realized revenue after adjusting for the settlement of derivative contracts.

    As used herein, adjusted EBITDA margin is calculated as adjusted EBITDA expressed as a percentage of total revenue, inclusive of settled hedges. Adjusted EBITDA margin encompasses the direct operating costs and the portion of general and administrative costs required to produce each Mcfe. This metric includes operating expense, employee costs, administrative costs and professional services, and recurring allowance for credit losses, which cover both fixed and variable costs components. We believe that adjusted EBITDA margin is a useful measure of our profitability and efficiency, as well as our earnings quality, because it evaluates the Group on a more comparable basis period-over-period, especially given our frequent involvement in transactions that are not comparable between periods.

      Year Ended
      December 31,
    2024    		 December 31,
    2023    		 December 31,
    2022
    Total revenue $ 794,841   $ 868,263   $ 1,919,349  
    Net gain (loss) on commodity derivative instruments(a)   151,289     178,064     (895,802 )
    Total revenue, inclusive of settled hedges $ 946,130   $ 1,046,327   $ 1,023,547  
    Adjusted EBITDA $ 472,309   $ 546,788   $ 502,954  
    Adjusted EBITDA margin   50 %   52 %   49 %
    Adjusted EBITDA margin, excluding Next LVL Energy   51 %   53 %   50 %
    1. Net gain (loss) on commodity derivative settlements represents the cash paid or received on commodity derivative contracts. This excludes settlements on foreign currency and interest rate derivatives, as well as the gain (loss) on fair value adjustments for unsettled financial instruments for each of the periods presented.

    Free Cash Flow

    As used herein, free cash flow represents net cash provided by operating activities, less expenditures on natural gas and oil properties and equipment, and cash paid for interest. We believe that free cash flow is a useful indicator of our ability to generate cash that is available for activities beyond capital expenditures. The Directors believe that free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments, and pay dividends.

      Year Ended
      December 31,
    2024    		 December 31,
    2023    		 December 31,
    2022
    Net cash provided by operating activities $ 345,663   $ 410,132   $ 387,764  
    LESS: Expenditures on natural gas and oil properties and equipment   (52,100 )   (74,252 )   (86,079 )
    LESS: Cash paid for interest   (123,141 )   (116,784 )   (83,958 )
    Free cash flow $ 170,422   $ 219,096   $ 217,727  
    Cash generated through divestitures of land $ 40,986   $ 28,160   $ 2,472  
    Adjusted free cash flow $ 211,408   $ 247,256   $ 220,199  


    Net Debt and Net Debt-to-Adjusted EBITDA (“Leverage”)

    As used herein, net debt represents total debt as recognized on the balance sheet, minus cash and restricted cash. Total debt includes borrowings under our Credit Facility and borrowings under, or issuances of, our subsidiaries’ securitization facilities. We believe net debt is a useful indicator of our leverage and capital structure.

    As used herein, net debt-to-adjusted EBITDA, also referred to as “leverage” or the “leverage ratio,” is calculated by dividing net debt by adjusted EBITDA. We believe this metric is a crucial measure of our financial liquidity and flexibility, and it is also used in the calculation of a key metric in one of our Credit Facility financial covenants.

      As of
      December 31,
    2024    		 December 31,
    2023    		 December 31,
    2022
    Total debt(a) $ 1,693,242   $ 1,276,627   $ 1,440,329  
    LESS: Cash   5,990     3,753     7,329  
    LESS: Restricted cash(b)   46,269     36,252     55,388  
    Net debt $ 1,640,983   $ 1,236,622   $ 1,377,612  
           
    Adjusted EBITDA $ 472,309,000   $ 546,788,000   $ 502,954,000  
    Pro forma adjusted EBITDA(c) $ 548,570   $ 553,252   $ 574,414  
    Net debt-to-pro forma adjusted EBITDA(d) 2.9x
    		   2.2x
    		   2.4x
    		  
    1. Includes adjustments for deferred financing costs and original issue discounts, consistent with presentation on the Statement of Financial Position.
    2. The increase of restricted cash as of December 31, 2024, is due to the addition of $21 million and $3 million in restricted cash for the ABS VIII Notes and ABS IX Notes, respectively, offset by $7 million and $9 million for the retirement of the ABS III Notes and ABS V Notes, respectively.
    3. Includes adjustments for the year ended December 31, 2024 for the Oaktree, Crescent Pass, and East Texas II acquisitions to pro forma their results for the full twelve months of operations. Similar adjustments were made for the year ended December 31, 2023 for the Tanos II Acquisition, as well as for the year ended December 31, 2022 for the East Texas I and ConocoPhillips acquisitions.
    4. Excludes long-term plant financing of $30 million for the year ended December 31, 2024.

    The MIL Network –

    March 17, 2025

  • MIL-OSI: 12/2025・Trifork Group: Weekly report on share buyback

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 12 / 2025
    Schindellegi, Switzerland – 17 March 2025

    Trifork Group: Weekly report on share buyback

    On 28 Februay 2025, Trifork initiated a share buyback program in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and Commission Delegated Regulation (EU) 2016/1052, (Safe Harbour regulation). The share buyback program runs from 4 March 2025 up to and including no later than 30 June 2025. The buyback program will not be active from 9 to 15 April 2025. For details, please see company announcement no. 7 of 28 February 2025.

    Under the share buyback program, Trifork will purchase shares for up to a total of DKK 14.92 million (approximately EUR 2 million).

    Prior to the launch of the share buyback, Trifork held 256,329 treasury shares, corresponding to 1.3% of the share capital.

    Under the program, the following transactions have been made:

    Date      Number of shares      Average purchase price (DKK)      Transaction value (DKK)
    Total beginning 8,540 81.66 697,337
    10 March 2025 1,468 79.71 117,014
    11 March 2025 2,280 79.62 181,534
    12 March 2025 2,300 79.88 183,724
    13 March 2025 2,300 79.95 183,885
    14 March 2025 2,300 80.80 185,840
    Accumulated 19,188 80.74 1,549,334

    Since the share buyback program was started on 4 March 2025, the total number of repurchased shares is 19,188 at a total amount of DKK 1,549,334.

    With the transactions stated above, Trifork holds a total of 275,517 treasury shares, corresponding to 1.4%.
    The total number of registered shares in Trifork is 19,744,899. Adjusted for treasury shares, the number of outstanding shares is 19,469,382.


    Investor and media contact
    Frederik Svanholm, Group Investment Director & Head of Investor Relations
    frsv@trifork.com, +41 79 357 73 17


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

    Attachment

    • 250317_TH CA 12_Buyback

    The MIL Network –

    March 17, 2025

  • MIL-OSI Security: Citizen from People’s Republic of China Sentenced for Conspiracy to Transport Illegal Aliens

    Source: Office of United States Attorneys

    Saipan – SHAWN N. ANDERSON, United States Attorney for the Districts of Guam and the Northern Mariana Islands, announced that HongJiang Yang, age 68, citizen of the People’s Republic of China (PRC), was sentenced on March 14, 2025 to 30 days imprisonment by the District Court for the Northern Mariana Islands for Conspiracy to Transport Illegal Aliens and Conspiracy and Aiding & Abetting Transportation of Illegal Aliens, in violation of 8 U.S.C. § 1324(a)(1)(A)(ii), (v)(I), and (II).  He was previously found guilty by jury verdict.  The court also ordered one year of supervised release, 50 hours of community service, and a $100 special assessment fee.

    The following co-conspirators have pled guilty and were sentenced for Conspiracy to Transport Illegal Aliens, in violation of 8 U.S.C. §1324(a)(I)(A)(ii) and (v)(I):

    • Xiaohua Li – age 58:  Sentenced on February 22, 2024, to one year probation, 50 hours community service, and a $100 mandatory assessment fee.
    • Kun Gao – age 44:  Sentenced on March 15, 2024, to 30 days in prison, one year of supervised release, and a $100 mandatory assessment fee
    • YongBing Tang – age 55:  Sentenced on July 2, 2024, to 30 days in prison, one year of supervised release, 50 hours community service, and a $100 mandatory assessment fee.
    • ChangCai Dong – age 61:  Sentenced on July 2, 2024, to 30 days in prison, one year of supervised release, 50 hours community service, and a $100 mandatory assessment fee.
    • YingChun Wu – age 45:  Sentenced on May 24, 2024, to 30 days imprisonment; one year of supervised release, 50 hours community service, and a $100 mandatory assessment fee.
    • Yan Juan Hu Taitano – age 61:  Sentenced on September 9, 2024, to 15 months imprisonment one year of supervised release, 80 hours community service, and a $100 mandatory assessment fee.
    • Lee Jesse Omar Reyes – age 37:  Sentenced on September 9, 2024, to time served, two years of supervised release, 80 hours community service, and a $100 mandatory assessment fee.
    • Ramon Jose Quitano Sablan – age 32:  Sentenced on September 9, 2024, to time served, two years of supervised release, 80 hours community service, and a $100 mandatory assessment fee.
    • Maverick Ryan Iguel Marlik – age 31:  Sentenced on September 9, 2024, to time served, one year of supervised release, 80 hours community service, and a $100 mandatory assessment fee.

    On July 11, 2023, Homeland Security Investigations (HSI) Saipan received information that the United States Coast Guard conducted an emergency maritime rescue operation for 11 individuals in distress on a small vessel off the coast of Rota in the Commonwealth of the Northern Mariana Islands (CNMI).  The individuals included nine PRC citizens and two CNMI residents.  HSI Saipan initiated an investigation into violations of Title 8 of the United States Code for bringing in and harboring aliens, in addition to other violations, for attempting to unlawfully bring non-United States citizens to Guam.

    The evidence at trial established that two evenings prior, the boat departed Saipan and headed south. Overloaded and in high seas, it ran out of gas before sunrise and started drifting.  Instead of immediately calling authorities for rescue, those on board made a last-ditch attempt to reach Guam by asking another boat to deliver more fuel. After that effort failed, they at last radioed the United States Coast Guard, triggering a search by military aircraft from the United States and two allied nations.  The individuals were located at dusk and rescued by a Navy helicopter after midnight.  By delaying their call for help, defendant Yang and the others made an already dangerous situation much more so, for themselves and their rescuers.           

    “Attorney General Bondi has made immigration enforcement the highest priority of the Department,” stated United States Attorney Anderson.  “We will fulfil our mission through federal, territorial, and commonwealth partnerships to deter unlawful migration and promote safety at sea. Anyone with information regarding this type of criminal activity should contact Homeland Security Investigations.”

    “The sentencing of Mr. Yang and the co-conspirators highlights ICE-HSI’s commitment to stopping smuggling efforts and preventing the evasion of federal immigration law, said Homeland Security Investigations Special Agent in Charge Lucy Cabral-DeArmas. “Stopping these crimes not only protects our communities, but also targets the inherent dangers present with human smuggling.  ICE-HSI protects our borders through enforcing our immigration authority.”

    This case was investigated by Homeland Security Investigations and prosecuted by Assistant United States Attorney Eric S. O’Malley in the District of the Northern Mariana Islands.

    MIL Security OSI –

    March 17, 2025

  • MIL-Evening Report: Many of history’s deadliest building fires have been in nightclubs. Here’s why they’re so dangerous

    Source: The Conversation (Au and NZ) – By Milad Haghani, Associate Professor & Principal Fellow in Urban Risk & Resilience, The University of Melbourne

    A fire at a nightclub in North Macedonia has killed at least 59 people and injured more than 150. The blaze broke out at the Pulse nightclub in Kočani, where around 500 people were attending a concert.

    Witnesses reported that pyrotechnics used during the performance ignited the ceiling, causing flames to spread rapidly.

    Authorities have arrested 20 people so far, including the club’s manager. Investigations continue. The North Macedonian government has declared a seven-day mourning period.

    While building fires are not limited to nightclubs, many of the most devastating building fires in history have happened in nightclubs around the world. So why are nightclubs such a risky place for deadly fires?

    A long history of nightclub fires

    A look at past nightclub fires shows just how common and deadly they’ve been in the past 100 years. We identified at least 24 nightclub fires where ten or more people died since 1940.

    Collectively, these 24 incidents account for at least 2,800 deaths, with nearly 1,300 in the 21st century alone.

    The Cocoanut Grove fire (Boston, 1942) remains the deadliest on record, killing 492 people. The club’s flammable decorations and locked exits turned what should have been an ordinary night out into one of the worst fire disasters in history.

    In Argentina, the República Cromañón fire killed 194 people in 2004, caused by pyrotechnics igniting flammable materials inside the club.

    The Kiss nightclub fire in Brazil in 2013 was even deadlier, claiming 242 lives.

    More recently, Thailand’s Mountain B nightclub fire killed 23 people in 2022.

    And in 2023, 13 people died in a fire at the Fonda Milagros nightclub in Spain.

    Now, North Macedonia’s Pulse nightclub joins this long list.

    Why are nightclubs so risky for fires?

    A review of past nightclub fires we’ve collated in our database reveals common patterns. Two key factors have contributed to the frequency and severity of these fire disasters.

    1. Pyrotechnics, fireworks and flammable materials

    One of the most common causes of nightclub fires has been the use of pyrotechnics in enclosed spaces. Pyrotechnics are controlled chemical reactions designed to produce flames, smoke, or light effects.

    They have been involved in at least six of the deadliest nightclub fires, including the recent Pulse nightclub fire in North Macedonia, as well as The Station (United States, 2003), Kiss (Brazil, 2013), Colectiv (Romania, 2015), Lame Horse (Russia, 2009) and República Cromañón (Argentina, 2004).

    When used indoors, pyrotechnics can easily ignite flammable ceiling materials, acoustic foam, or decorations.

    In some cases, fireworks – which are different from stage pyrotechnics and sometimes illegally used indoors – have played a role. The Lame Horse nightclub fire, which killed 156 people in Russia in 2009, was caused by a spark from fireworks igniting a low ceiling covered in flammable plastic decorations.

    Even when fires don’t start from pyrotechnics or fireworks, the materials used in nightclub interiors can rapidly turn a small fire into a major disaster.

    Foam insulation, wooden panelling, plastic decorations and carpeted walls have all been key factors in past nightclub fires. In Cocoanut Grove (Boston, 1942), artificial palm trees and other flammable decorations accelerated the blaze.

    2. Overcrowding and blocked or insufficient exits

    Evacuation failures have been a factor in nearly every major nightclub fire.

    In some instances, crowds may not immediately recognise the severity of the situation, especially if they mistake alarms for false alarms or special effects (for example, smoke machines, loud music).

    Further, patrons could be intoxicated due alcohol or other drugs. Intoxication combined with potential disorientation due to dim lighting can further reduce judgement during an evacuation.

    Clearly, the best way to protect patrons is to prevent a fire from breaking out in the first place. But in settings where fire risks are inherently high, the ability to evacuate people swiftly is crucial.

    Nightclubs, however, have a poor track record when it comes to evacuation safety measures.

    Nightclubs are among the most crowded indoor spaces. While crowd density is part of a nightclub’s design and atmosphere, overcrowding beyond legal capacity is common.

    A crowd that has gradually gathered over several hours must suddenly evacuate in seconds or minutes to survive a fire. This is made more difficult by narrow hallways and limited exits, which quickly become bottlenecks when hundreds of people attempt to escape at once.

    What’s more, not all exits are always accessible during a fire. In several past nightclub disasters, locked or obstructed emergency exits have significantly worsened the death toll.

    Minimising the risks

    Nightclubs are uniquely vulnerable to fires due to a combination of structural risks, unsafe materials, overcrowding and regulatory failures.

    While human behaviour plays a role in how fires unfold in confined spaces such as nightclubs, people should be able to go for a night out and expect to come home safely.

    Regulatory oversight must ensure strict compliance with fire codes. Venues should have fire suppression systems (such as sprinklers, fire extinguishers and smoke detectors) to control or contain fires before they spread, and adequate exits.

    Nightclubs should ban indoor pyrotechnics and fireworks, as history has repeatedly shown their deadly consequences.

    Capacity limits must be enforced, and emergency exits should always be accessible.

    Australia has strict fire safety regulations for nightclubs, with venues required to have fire suppression systems, emergency exits and trained staff to manage fire risks.

    Public awareness is also key. Patrons need to understand the real risk of fires in nightclubs, and be prepared to evacuate swiftly but calmly if danger arises.

    Ruggiero Lovreglio receives funding from Royal Society Te Apārangi (NZ) and National Institute of Standards and Technology (USA).

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

    – ref. Many of history’s deadliest building fires have been in nightclubs. Here’s why they’re so dangerous – https://theconversation.com/many-of-historys-deadliest-building-fires-have-been-in-nightclubs-heres-why-theyre-so-dangerous-252372

    MIL OSI Analysis – EveningReport.nz –

    March 17, 2025

  • MIL-OSI China: China’s fixed-asset investment up 4.1 pct in first two months

    Source: China State Council Information Office

    China’s fixed-asset investment went up 4.1 percent year on year in the first two months of this year, 0.9 percentage points higher than the full-year growth rate of 2024, official data showed Monday.

    The investment totaled 5.2619 trillion yuan (about 734 billion U.S. dollars) during the January-February period, the National Bureau of Statistics (NBS) said in a statement.

    Investment in infrastructure construction rose 5.6 percent from a year ago during the period, and manufacturing investment increased 9 percent, according to the NBS.

    Excluding the property sector, the country’s fixed-asset investment rose 8.4 percent in the first two months. Investment in property development fell 9.8 percent year on year during the period.

    MIL OSI China News –

    March 17, 2025

  • MIL-OSI China: How China is lifting consumer spending to boost its growth

    Source: China State Council Information Office

    Vowing to make domestic demand “the main engine and anchor of economic growth”, China’s policymakers have sent fresh and firm signals on empowering the vast number of consumers to spend, countering skepticism about the country’s shift toward a consumption-driven economy.

    China will “place a stronger economic policy focus on improving living standards and boosting consumer spending”, according to this year’s Government Work Report submitted on March 5 to the National People’s Congress, the national legislature, for deliberation.

    Boosting consumption is hardly a fresh concept in the Chinese policy toolbox, and consumer spending has played an increasingly vital role in China’s economy. In 2024, final consumption contributed 44.5 percent to China’s economic growth, surpassing investment and exports, and drove GDP up by 2.2 percentage points.

    This year, however, the push has been particularly important as China’s economy contends with rising trade protectionism and global headwinds, while the domestic shift from traditional growth drivers, such as real estate, to new and more sustainable ones poses new challenges.

    “Expanding domestic demand through stimulating consumption can effectively counter external uncertainties, and it stabilizes short-term growth while aiding structural shifts over time,” said Yang Decai, a national political advisor and economics professor at Nanjing University, during the annual meetings of China’s top legislature and political advisory body, known as the two sessions.

    To support this pivotal transition, the Government Work Report unveiled stronger supportive measures, including issuing ultra-long special treasury bonds of 300 billion yuan ($41.3 billion) to back the consumer goods trade-in program, doubling the scale from last year.

    The trade-in program, launched a year ago, has played a vital role in revitalizing consumer markets. In 2024, it led to sales exceeding 1.3 trillion yuan, including over 6.8 million vehicles, 56 million home appliances and 1.38 million e-bikes. More items have been added to the list of subsidized products this year.

    “The trade-in program is more than just an economic policy,” Minister of Commerce Wang Wentao told a news conference on the sidelines of the third session of the 14th NPC on March 6, noting that it has fostered new development engines and improved the quality of life for millions of households.

    Wang pointed out that the primary issue constraining goods consumption is the ability and willingness to spend, while the main challenge for services consumption is the lack of high-quality supply.

    To tackle these weaknesses, the Chinese government, in addition to clinching cheaper deals for consumers, aims to lift consumer confidence by bolstering people’s well-being, with a focus on creating jobs, raising incomes and easing their financial burdens.

    More funds and resources will be used to serve the people and meet their needs, according to the Government Work Report.

    Targeting over 12 million new urban jobs this year, the government will provide stronger support for full and higher-quality employment, according to the report. It also pledged to raise the minimum basic old-age benefits for rural and non-working urban residents as well as the basic pension benefits for retirees.

    “Raising farmers’ pension payments may be the most effective way to boost consumption because it will significantly reduce the savings rate and boost consumption for half of China’s population,” said Lu Ting, chief China economist at Nomura, who expects more will be done in this regard in coming years.

    Government spending on education will rise by 6.1 percent this year and that on social security and employment by 5.9 percent, with strong gains also expected in healthcare and housing, Finance Minister Lan Fo’an revealed at the news conference on March 6.

    Chinese policymakers have also tied consumption to lifestyle upgrades, not just spending volume, as the Government Work Report highlighted the need to create new consumption scenarios to accelerate the growth of digital, green, smart, and other new types of consumption.

    It promised to improve the leave system and ensure its implementation to unlock consumption potential in sectors like culture, tourism and sports, which are among the most powerful service consumption engines.

    Meanwhile, new consumption trends, from winter sports boom to silver-haired consumer spending upsurge, are already stoking fresh growth.

    The silver economy, which caters to China’s aging population, could reach 30 trillion yuan by 2035 and create at least 100 million jobs by 2050, according to national political advisor Jin Li, vice-president of Southern University of Science and Technology.

    Sun Guangzhi, head of the provincial culture and tourism department of the ice and snow-rich Jilin province, said the northeastern province sparked over 100 million yuan in direct spending by issuing consumption vouchers in the latest snow season.

    “This demonstrates the combined benefits of policy incentives and local resource strength,” said Sun, a national lawmaker.

    MIL OSI China News –

    March 17, 2025

  • MIL-OSI New Zealand: Union Name Change – Our union’s new name: ‘FIRST Union’ Becomes ‘Workers First Union’

    Source: Workers First Union

    Workers First Union is pleased to announce that the union has now formally changed its name from ‘FIRST Union’ to ‘Workers First Union’ (or ‘Workers First’, for short) following a vote by delegates at the union’s Annual General Meeting in December 2024.
    Dennis Maga, Workers First General Secretary, said he was proud that the union was making its mission clear with the new name.
    “For too long, employers have been putting workers second or worse, with fair wage rises and workplace wellbeing ranking last after a long list of shareholders, creditors and managers,” said Mr Maga.
    “I’m excited to enter the next era with a new name befitting of our union’s work and purpose – we put workers first.”
    FIRST Union was formed in 2011 through the merger of the National Distribution Union (NDU) and the Finance Sector Union of New Zealand (Finsec). NDU represented workers in the retail, distribution, and textile industries, while Finsec represented employees in banking and finance. The new Workers First Union has since grown to cover over 32,000 workers across retail, finance, transport, logistics and manufacturing. The union is an affiliate of the Council of Trade Unions(CTU) but unaffiliated to any political parties.
    Mr Maga said that the union had sought to change its name to distinguish the organisation from similarly named business entities and encapsulate the union’s purpose more clearly.
    “This change reflects what our members have always known: our union is here to fight for them, whether in wage bargaining, on the picket line, or in the halls of Parliament,” said Mr Maga.
    “The new name embodies the interests of working people in New Zealand and is particularly apt at a time when a far-right Government is abandoning the working class in favour of an illusory ‘growth’ model for their corporate backers.”
    “Workers in Aotearoa face serious challenges ahead, from increasing workplace automation to stagnating wages, but our union is built on collective strength, and we will meet these challenges head-on in 2025 and beyond.”
    Background information
    – The union’s main website address is now workersfirst.nz

    MIL OSI New Zealand News –

    March 17, 2025

  • MIL-OSI New Zealand: Economy – RBNZ supports release of Police’s National Risk Assessment

    Source: Reserve Bank of New Zealand

    17 March 2025 – The Reserve Bank of New Zealand – Te Pūtea Matua welcomes the release of the latest National Risk Assessment (NRA) from Police’s Financial Intelligence Unit. The report assesses threat and sectoral vulnerability, exploring their impact on money laundering and terrorism financing risk and proliferation financing in New Zealand.

    “An effective Anti-Money Laundering and Countering-Financing of Terrorism (AML/CFT) system enhances the economic wellbeing and prosperity for all New Zealanders by safeguarding the integrity of our financial system and keeping it resilient against crime,” RBNZ Manager AML/CFT Supervision Damian Henry says.

    This Assessment outlines the significant criminal behaviours generating illicit income that threatens New Zealand’s financial system. It also assesses and identifies the vulnerabilities within our financial system that criminals are taking advantage of when they launder proceeds of crime.

    “The release of the NRA is a trigger for reporting entities to review and update their respective risk assessments accordingly. We encourage them all to review the report,” Mr Henry says.

    This NRA identifies that fraud-related crime, drug crime and transnational money laundering are the highest threat, with fraud accelerating and seeing both ‘defrauding’ and the subsequent ‘laundering’ occurring within the financial system.

    This means the banking sector remains highly vulnerable to money laundering, along with any sector that offers services and products enabling movement of proceeds out of or into New Zealand.

    “The NRA is a key document for New Zealand’s AML/CFT system as a clear understanding of risk strengthens our system’s resilience, enabling direct responses and maximising the benefits of security for both our financial sector and communities,” Mr Henry says.
     

    More information

    Read the 2024 National Risk Assessment : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=6e23c63d40&e=f3c68946f8

    MIL OSI New Zealand News –

    March 17, 2025

  • MIL-OSI China: 59 killed in nightclub fire in North Macedonia

    Source: China State Council Information Office

    This photo taken on March 16, 2025 shows the site of a fire at a nightclub in Kocani, North Macedonia. [Photo/Xinhua]

    At least 59 people have died, and over 100 others have been hospitalized after a devastating fire broke out on Sunday at a nightclub in Kocani, North Macedonia, local media reported.

    Authorities believe the blaze was sparked by pyrotechnic effects that ignited the venue’s flammable ceiling material, causing the flames and thick smoke to spread rapidly. Video footage circulating online shows the ceiling engulfed in fire as people scramble to escape.

    Interior Minister Panche Toshkovski confirmed that 18 of the injured are in critical condition. Among those hospitalized is Vladimir Blazevski, a member of the performing hip-hop group DNK, who sustained burns but remains in stable condition.

    Police have detained one suspect and issued arrest warrants for four others, including the club’s owner. Investigators are focusing on possible safety violations and negligence.

    The North Macedonian government has pledged a thorough investigation to prevent similar disasters in the future. Prime Minister Hristijan Mickoski canceled his planned trip to Montenegro and traveled to Kocani to oversee emergency efforts. Justice Minister Igor Filkov has called for accountability, stressing that such a tragedy must never happen again.

    European Union Enlargement Commissioner Marta Kos also extended her condolences to the victims and their families.

    MIL OSI China News –

    March 17, 2025

  • MIL-OSI Australia: Man charged with trafficking following vehicle search

    Source: Tasmania Police

    Man charged with trafficking following vehicle search

    Monday, 17 March 2025 – 10:39 am.

    A man has been charged with trafficking after police seized quantities of methamphetamine and MDMA during a vehicle search on Friday evening.
    Police from Central North intercepted the vehicle on Mole Creek Road just before 7.30pm, locating and seizing the drugs as well as ammunition and a stolen firearm part.
    During a subsequent search of a private residence at Gravelly Beach, members of Central North, Northern Criminal Investigation Division and Launceston Uniform located and seized further quantities of MDMA, further ammunition, and two firearm silencers.
    A 26-year-old Gravelly Beach man was arrested and charged with trafficking, firearms offences and minor drug offences.
    He will appear in the Launceston Magistrates Court in May.

    MIL OSI News –

    March 17, 2025

  • MIL-OSI Australia: How pumped hydro can be a viable large-scale energy asset for private investors

    Source: Allens Insights

    Financing the next generation of PHES projects 11 min read

    Interest in pumped hydro energy storage (PHES) continues to grow as the need for affordable, long-term, firm and weather-independent dispatchable electricity becomes increasingly critical to Australia’s energy transition. However, its high upfront capital costs and complex planning, procurement, and delivery processes, in contrast with its low operational expenses, is prompting debate over its viability as a mainstream asset class and optimal funding strategies.

    PHES assets in Australia are predominantly government-owned, reflecting an era when electricity generation was seen as a public utility and a national asset. The privatisation of many segments within the energy sector raises questions about the future ownership and funding of large-scale PHES assets in today’s market-driven environment.

    In this Insight, we explore the challenges and opportunities related to the financing of PHES projects in Australia and outline possible offtake structures to ensure a successful project.

    Key takeaways

    • Government corporations have traditionally owned and procured PHES assets in Australia.
    • Significant capital costs, extensive civil engineering, underground works and long lead times have made private sector ownership and access to debt capital markets for PHES challenging.
    • Recent advancements seen in the BESS sector underpinned by the development of innovative funding and offtake structures present a potential pathway by which PHES could follow and become a mainstream asset class.
    • In NSW in particular, there is significant government support for PHES projects, with the LDS LTESA and the new Energy Security Corporation focusing on investing in long-duration storage, and in South Australia the proposed Firm Energy Reliability Mechanism.

    Background

    Australia has a PHES fleet of approximately 1.6 GW across the Wivenhoe, Tumut 3 and Shoalhaven power stations, with an additional 2.2 GWs of generation expected to come online with the completion of the Snowy 2.0 expansion project. There is also a significant pipeline of privately procured PHES projects in various stages of feasibility and planning.

    The scale, capital intensity and inherent complexities of delivering a PHES project has meant that, to date, every project that has come to market in Australia has been funded using some form of government support. The most recent example is the Kidston PHES, which reached financial close in 2021. Whilst a privately owned asset, the project was funded with a combination of equity capital, a government grant and a concessional loan.

    A question therefore arises as to whether PHES should continue to seen as public infrastructure necessitating government investment, or market evolution will result in future PHES being funded exclusively by the private sector.

    Could a PHES be privately funded?

    In our view, yes, though in the short term, the success of PHES will depend on a combination of both private and public sector investment. The private sector faces a unique set of challenges when it comes to the development and funding of PHES projects.

    PHES projects have long lead times and are capital-intensive. Upfront development costs are very high, and the construction period typically ranges between three to four years. Up to 80% of asset-life costs can be on upfront capital expenditure, which typically runs into several billions of dollars. As a consequence, PHES is beyond the investment horizons of many private sector investors and the future success of the sector will be contingent on investors gaining access to debt capital markets.

    While the recent $3.5 billion debt financing of Snowy 2.0 is an encouraging example of the willingness of mainstream financiers to lend to PHES, it is a government-procured project backed by an AAA-rated counterparty. Privately procured PHES projects with more limited funding sources will be subject to much more stringent credit requirements. Recent examples of cost and time delays on major PHES projects and the trend towards collaborative contracting and pricing models represent potential challenges from a bankability perspective.

    Prospective financiers will focus heavily on the developer’s chosen procurement model to ensure that there is firm pricing and transferred risk to limit volatility and exposure. Where there are elements of flexibility or uncapped pricing (for example as seen with approaches to managing geotechnical risk on recent government projects), we are seeing developers seeking to forward-solve these issues by implementing robust risk mitigation measures, including, alternative contracting methods, highly structured delay and performance liquidated damages regimes and intricate risk allocation arrangements.

    In addition to enhanced procurement regimes, prospective financiers to PHES projects have, through market soundings, also indicated that highly conversative modelling assumptions and tighter financing terms will be required. As seen with other nascent renewables assets classes during their ascendancy (such as wind, solar and now BESS), developers will likely be required to also build in large contingency packages, contingent undrawn lines, accept front-ended repayment profiles, more stringent cash sweep and upside sharing mechanisms and lower gearing levels.

    Access to debt capital markets will also be contingent on investors demonstrating that PHES as an asset class is commercially viable in the context of private ownership. Traditionally, governments have adopted a model of utilising PHES projects as a form of system support (ie where there has been a shortfall of supply during periods of peak demand). In contrast, private sector investors will need to monetise projects and demonstrate positive price differentials between pumping and generation.

    Owing to the capital cost of PHES, the initial wave of privately held projects will be financed utilising multi-source funding structures. At least initially, it is expected that multilateral agencies which are spearheading Australia’s push to net zero, such as ARENA, the CEFC and NAIF, will provide concessional/grant funding alongside mainstream commercial debt. The limited pool of civil contractors with PHES experience in Australia, combined with a lack of a domestic OEM market will likely result in developers satisfying key credibility requirements for international export credit agencies to also participate in the financing of Australian PHES projects.

    Unlocking private funding for PHES projects

    Despite the challenges in financing PHES assets, recent market developments and potential future changes could pave the way for greater private funding of PHES projects.

    The sheer scale of PHES projects means there is a limited pool of available investment-grade offtakes, and as a consequence, many pipeline PHES developers are seeking to underpin project economics through government revenue underwriting schemes such as the Long-term Energy Support Agreements (LTESA) and Capacity Investment Scheme Agreements (CISA).

    While initially met with scepticism, these agreements are starting to be viewed favourably by financiers, representing a fixed revenue line against which debt sizing can be made. This has been demonstrated by the successful project financings of the Orana BESS project in mid-2024 (the first standalone financing of an LTESA) and recently EnergyAustralia’s Wooreen BESS project (the first standalone financing of a CISA). Both projects also demonstrate the potential upside these products offer to developers, with the revenue underwrite providing scope to trade all or part of a project’s capacity in the merchant market.

    A potential challenge however is whether or not the LTESA and CIS programs are in fact ‘fit-for-purpose’ in the context of PHES, owing to their capital intensity and the quantum that these government support agreements will have to underwrite over the long term. There is a view by some market participants that a more traditional model, whereby the government acquires an equity interest in projects, would be better suited to PHES and would go some way towards solving a number of the key bankability concerns pipeline developers are currently grappling with.

    The NSW Government has sought to address this issue through the Long Duration Storage (LDS) LTESA, which provides a tailored agreement for LDS projects (including PHES) to account for the fundamental differences in their operational and market context.

    Key features of the LDS LTESA that benefit PHES projects are:

    • an underwriting mechanism that grants the operator a series of two-year options to access a variable annuity payment in the form of a top-up to net operational revenue – rather than short-term swaps, which are granted under the generation LTESA;
    • a minimum availability threshold of 97% rather than a minimum generation guarantee; and
    • a contract term of up to 40 years for PHES projects, compared to 20 years for a generation LTESA and 10 years for firming LTESAs.

    The ACEN Phoenix PHES project was recently awarded an LDS LTESA, marking the first time a PHES project has been awarded an LTESA. AEMO Services has indicated that the next LDS tender round will open in the second quarter of 2025 and is encouraging projects with short lead times to participate in order to meet the 2030 minimum objective. This directive does not rule out PHES projects, with many of the PHES currently under development in Australia having expected completion dates of 2030 or earlier. PHES projects with longer lead times are encouraged to participate in future LDS tenders to help meet the 2034 minimum objective.

    While there is no active mechanism in any other jurisdiction, the South Australian Government has announced its proposed Firm Energy Reliability Mechanism (FERM), which is similar to the NSW LDS LTESA tenders and Federal Capacity Investment Scheme, providing a revenue underwrite for long-duration capacity projects. All existing and new generators in South Australia with long-duration firm capacity >30MW (excluding coal) and that can dispatch for a period of at least eight continuous hours must participate in the FERM process, but are not required to bid for financial contracts. The South Australian Government is considering responses to the FERM and is expected to release an update in 2025. With NSW as the frontrunner in supporting LDS projects and SA proposing some support, other jurisdictions may consider similar regimes based on their progress.

    In June 2024, the NSW Energy Security Corporation (ESC) was established to accelerate the state’s renewable energy transition. In February 2025, the government announced the first Investment Mandate for the ESC. The Investment Mandate sets out how the ESC will invest in renewable energy projects where private sector investments alone are insufficient. The ESC has been allocated $1 billion and will co-invest with private investors on PHES, as well as large-scale batteries, community batteries and virtual power plants.

    The Investment Mandate did not provide a breakdown of how the $1 billion would be allocated amongst these projects. However, with a clear mandate to invest in PHES projects, there is hope that the ESC may be able to help address some of the challenges faced by private investment as set out above.

    PHES is often referred to as a ‘water battery’. It is therefore unsurprising that revenue models which have underpinned the recent meteoric rise of the BESS market are similarly being adopted by PHES developers who are currently in the planning phase.

    In particular, the rise of virtual offtake arrangements (ie where the offtaker makes virtual nominations that are effectively separate from the physical operation of the asset). These structures (and the significant capacity size of PHES) allow a developer to retain day-to-day control over the underlying PHES asset, split capacity across multiple offtakers, provide potential for greater equity upside (although also give rise to greater risk on the downside), and importantly can be treated off-balance sheet from an accounting perspective.

    We are anticipating a further evolution of the virtual offtake market, particularly if storage projects can secure an underlying LTESA or CISA, which can give them a base level of security to trade the remaining capacity. Revenue sharing, caps and firmed supply (or a mixture of a number of structures) could be possible, and we expect the PHES market to take inspiration from the BESS market.

    Actions you can take now

    If you are considering entering the PHES space and exploring funding options, it is important to:

    • engage with financiers (both private and government, and concessional providers) early;
    • engage external counsel early and seek guidance on key bankability issues throughout the planning and feasibility phases;
    • develop your revenue stack during the planning phase (in consultation with financiers) and take into consideration the quickly evolving offtake market in the BESS sector;
    • for those projects in NSW:
      • prepare for the next LDS LTESA round which is slated to be undertaken before the second half of this year; 
      • engage with the ESC to explore how it will invest its $1 billion in the context of a PHES project; and
    • for those projects in South Australia, engage with the South Australian government and monitor for updates on the FERM process.

    MIL OSI News –

    March 17, 2025

  • MIL-OSI Australia: Export grants supporting Aussie businesses

    Source: Minister for Trade

    The Albanese Labor Government is rolling out larger grants for Australian exporters to help them take on the world through the Export Market Development Grants (EMDG) program.

    Since the most recent grant round opened in November 2024, the government has delivered over $74 million in grant agreements to over 700 Australian exporters.

    The average value of grant agreements executed in the most recent round has risen to $53,000. This is more than double the average grant amount for businesses than was provided under the former coalition government.

    When we came to government, it was clear that the declining size of grants significantly reduced the value of the program for our exporters. We have worked to improve the program, so that exporters have greater support and the program is more effective.

    Since its inception in 1974, the EMDG program has supported more than 51,000 Australian businesses to market their products and services in over 180 countries. It is administered by the Australian Trade and Investment Commission.

    The government is committed to continuously improve businesses’ experience in applying for EMDG, and has appointed Mr Timothy Yeend to conduct the next independent review in accordance with section 106A of the Export Market Development Grants Act 1997.

    Mr Yeend is trade expert with over 30 years’ experience working on trade and international business issues. He is a current board member of Tourism Australia and former Associate Secretary at the Department of Foreign Affairs and Trade. His knowledge of trade and what support export businesses need to compete on the global stage, coupled with his experience in government, will provide a solid foundation for this legislative review.

    Consultations will commence in May 2025, with the final report to be provided to government by November 2025, in accordance with legislative timeframes.

    MIL OSI News –

    March 17, 2025

  • MIL-OSI Australia: Registration of commercial land for foreign investors

    Source: Australian Department of Revenue

    Registering an asset

    If you are a foreign investor, you or your authorised representative must register your Australian asset after both of the following has occurred:

    You register your asset using Online services for foreign investorsExternal Link. Registration is free.

    You must also register a legal interest as lessee in a lease giving rights to occupy commercial land if the term of the lease (including any extension or renewal) is reasonably likely to exceed 5 years, at the time the interest is acquired.

    Registration is required regardless of the value.

    Who must register

    If you are a foreign person and have invested in Australian commercial land from 1 July 2023, you or your authorised representative must register the asset, unless an exemption applies. Generally, the person with the direct legal interest is required to register the commercial land with us, the Australian Taxation Office.

    Joint tenants

    If you have direct legal interest and own property jointly with one or more foreign investors, one owner must register the asset first. Other foreign owners in the joint tenant ownership will then add themselves to the registered asset.

    You need to decide which owner will register the property. Once registered, that owner will need to give the other joint tenants the Asset ID. They will then add themselves to the asset.

    Once all foreign owners are added, any owner can access and update the registered asset details.

    Tenants in common

    If the asset is owned with others and assigned specific ownership, each individual foreign person must register the asset with their percentage of ownership.

    When to register

    A foreign person or their authorised representative must register any interest, other than an equitable interest acquired in commercial land that occurred on or after 1 July 2023, within 30 days of either:

    • purchasing commercial land (settlement)
    • becoming a foreign person while holding an interest in commercial land
    • becoming aware they have an interest in commercial land, which has changed in nature from another type of Australian land.

    Exemptions may apply, see Guidance Note 15External Link.

    Settlement is when you can occupy the property if there is a building on it or you can commence building on vacant land.

    How to register your investment in Australian commercial land

    To register, log in to Online services for foreign investors and select Register asset.

    For more information on registering and for joint tenants to add themselves to the asset, see How to register or manage an asset for foreign investors.

    If you own multiple properties, each property must be registered separately.

    Log in to Online services for foreign investors

    If your situation changes

    You’ll need to update your details in Online services for foreign investorsExternal Link if:

    • you are no longer a foreign person, see Guidance Note 2 at foreigninvestment.gov.auExternal Link
    • your contact details change
    • you no longer hold commercial land
    • other Australian land that you hold becomes commercial land
    • the land ceases to be commercial while you are holding it
    • you become a foreign person while holding commercial land
    • details of the registration change, such as partial divestment, title, or use of land.

    If your:

    Penalties and reporting breaches

    If you do not comply with your obligations to give a register notice or keep your details up to date, you may face an infringement notice or civil penalties.

    As a foreign investor, you should know your obligationsExternal Link and comply with Australia’s foreign investment rules. Together with Treasury, we take compliance actionExternal Link if a foreign investor breaches the foreign investment rules.

    If you have information about someone you think may be deliberately breaking our foreign investment rules, you can confidentially report a breach to us.

    If you are having difficulties meeting your obligations, contact us.

    Statistics and reporting

    The Registrar provides a report to the Treasurer about the operation of the Register. They publish aggregate statistics of foreign ownership.

    The reported statistics may include:

    • number of acquisitions and divestments
    • value of foreign held commercial land
    • land use of foreign held commercial land
    • value of foreign held commercial and by country of ownership.

    Only aggregated statistics are included in the report. Privacy restrictions prevent publishing information which may identify an individual or entity.

    You can view the latest report on the Foreign InvestmentExternal Link website.

    MIL OSI News –

    March 17, 2025

  • MIL-OSI: Qifu Technology Announces Fourth Quarter and Full Year 2024 Unaudited Financial Results and Raises Semi-Annual Dividend

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, March 16, 2025 (GLOBE NEWSWIRE) — Qifu Technology, Inc. (NASDAQ: QFIN; HKEx: 3660) (“Qifu Technology” or the “Company”), a leading AI-empowered Credit-Tech platform in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024 and raised semi-annual dividend.

    Fourth Quarter 2024 Business Highlights

    • As of December 31, 2024, our platform has connected 162 financial institutional partners and 261.2 million consumers*1 with potential credit needs, cumulatively, an increase of 11.0% from 235.4 million a year ago.
    • Cumulative users with approved credit lines*2 were 56.9 million as of December 31, 2024, an increase of 11.8% from 50.9 million as of December 31, 2023.
    • Cumulative borrowers with successful drawdown, including repeat borrowers was 34.4 million as of December 31, 2024, an increase of 13.1% from 30.4 million as of December 31, 2023.
    • In the fourth quarter of 2024, financial institutional partners originated 24,814,923 loans*3 through our platform.
    • Total facilitation and origination loan volume*4 reached RMB89,885 million, an increase of 0.4% from RMB89,561 million in the same period of 2023 and an increase of 9.0% from RMB82,436 million in the prior quarter. RMB47,796 million of such loan volume was under capital-light model, Intelligence Credit Engine (“ICE”) and total technology solutions*5, representing 53.2% of the total, an increase of 23.2% from RMB38,798 million in the same period of 2023 and an increase of 5.3% from RMB45,396 million in the prior quarter.
    • Total outstanding loan balance*6 was RMB137,014 million as of December 31, 2024, a decrease of 5.7% from RMB145,270 million as of December 31, 2023 and an increase of 7.3% from RMB127,727 million as of September 30, 2024. RMB79,599 million of such loan balance was under capital-light model, “ICE” and total technology solutions, an increase of 8.6% from RMB73,268 million as of December 31, 2023 and an increase of 7.5% from RMB74,078 million as of September 30, 2024.
    • The weighted average contractual tenor of loans originated by financial institutions across our platform in the fourth quarter of 2024 was approximately 10.00 months, compared with 11.47 months in the same period of 2023.
    • 90 day+ delinquency rate*7 of loans originated by financial institutions across our platform was 2.09% as of December 31, 2024.
    • Repeat borrower contribution*8 of loans originated by financial institutions across our platform for the fourth quarter of 2024 was 93.9%.

    1 Refers to cumulative registered users across our platform.
    2 “Cumulative users with approved credit lines” refers to the total number of users who had submitted their credit applications and were approved with a credit line at the end of each period.
    3 Including 2,799,208 loans across “V-pocket”, and 22,015,715 loans across other products.
    4 Refers to the total principal amount of loans facilitated and originated during the given period. Retrospectively excluding the impact of discontinued service, which did not have and is not expected to have a material impact on our overall business, financial condition, and results of operations.
    5 “ICE” is an open platform primarily on our “Qifu Jietiao” APP (previously known as “360 Jietiao”), we match borrowers and financial institutions through big data and cloud computing technology on “ICE”, and provide pre-loan investigation report of borrowers. For loans facilitated through “ICE”, the Company does not bear principal risk.
    Under total technology solutions, we have been offering end-to-end technology solutions to financial institutions based on on-premise deployment, SaaS or hybrid model since 2023.
    6 “Total outstanding loan balance” refers to the total amount of principal outstanding for loans facilitated and originated at the end of each period, excluding loans delinquent for more than 180 days. Retrospectively excluding the impact of discontinued service, which did not have and is not expected to have a material impact on our overall business, financial condition, and results of operations.
    7 “90 day+ delinquency rate” refers to the outstanding principal balance of on- and off-balance sheet loans that were 91 to 180 calendar days past due as a percentage of the total outstanding principal balance of on- and off-balance sheet loans across our platform as of a specific date. Loans that are charged-off and loans under “ICE” and total technology solutions are not included in the delinquency rate calculation.
    8 “Repeat borrower contribution” for a given period refers to (i) the principal amount of loans borrowed during that period by borrowers who had historically made at least one successful drawdown, divided by (ii) the total loan facilitation and origination volume through our platform during that period.

    Fourth Quarter 2024 Financial Highlights

    • Total net revenue was RMB4,482.3 million (US$614.1 million), compared to RMB4,370.2 million in the prior quarter.
    • Net income was RMB1,912.7 million (US$262.0 million), compared to RMB1,798.8 million in the prior quarter.
    • Non-GAAP*9 net income was RMB1,972.4 million (US$270.2 million), compared to RMB1,825.1 million in the prior quarter.
    • Net income per fully diluted American depositary share (“ADS”) was RMB13.24 (US$1.82), compared to RMB12.18 in the prior quarter.
    • Non-GAAP net income per fully diluted ADS was RMB13.66 (US$1.87), compared to RMB12.35 in the prior quarter.

    9 Non-GAAP income from operations, Non-GAAP net income, Non-GAAP operating margin, Non-GAAP net income margin and Non-GAAP net income per fully diluted ADS are Non-GAAP financial measures. For more information on these Non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

    Full Year 2024 Operational Highlights

    • Total loan facilitation and origination volume*4 in 2024 was RMB321,969 million, representing a decrease of 12.8% from RMB369,132 million in 2023. Loan facilitation volume*4 under Platform Services was RMB170,589 million, an increase of 3.8% from RMB164,321 million in 2023.
    • The weighted average contractual tenor of loans facilitated and originated was 10.05 months in full year 2024, compared with 11.21 months in 2023.
    • Repeat borrower contribution was 93.1% in full year 2024, compared with 91.6% in 2023.

    Full Year 2024 Financial Highlights

    • Total net revenue was RMB17,165.7 million (US$2,351.7 million), compared to RMB16,290.0 million in 2023.
    • Net income was RMB6,248.1 million (US$856.0 million), compared to RMB4,268.6 million in 2023.
    • Non-GAAP net income was RMB6,415.7 million (US$879.0 million), compared to RMB4,454.2 million in 2023.
    • Net income per fully diluted ADS was RMB41.28 (US$5.66), compared to RMB26.08 in 2023.
    • Non-GAAP net income per fully diluted ADS was RMB42.39 (US$5.81), compared to RMB27.22 in 2023.

    Mr. Haisheng Wu, Chief Executive Officer and Director of Qifu Technology, commented, “Although 2024 was a challenging year as macro-economic headwinds persisted, we have made timely adjustments to our operations throughout the year and focused our effort on improving the quality and sustainability of our business. With consistent execution, we closed the year with strong operational and financial results. Throughout 2024, we proactively expanded the scope of our platform services, which makes our business model more resilient and forms a solid foundation for high quality growth in 2025.

    Approximately 58% of the year-end loan balance was under the capital-light model, ICE and total technology solutions. The strong contribution from non-credit risk bearing services helped us mitigate some risks in a challenging environment and demonstrated the efficiency of our platform services. In 2024, we further diversified our user acquisition channels and in the fourth quarter, approximately 47% of our new credit line users were acquired through embedded finance channels. Meanwhile, we continued to solidify our relationships with financial institution partners. With record-setting ABS issuance, we further optimized our funding structure.

    While we started to see some tentative signs of improvement in user activities late in 2024, we will continue to take a prudent approach in our business planning in 2025. We will remain focused on quality growth and further empower our partners and users through our open platform. With the increasing maturity and efficiency of large language models, we expect to allocate more resources to the application of AI across the credit scenarios in the future. We believe such efforts will enable us to better navigate through the current environment and position us well to capture long-term opportunities through innovative technologies, enhanced products and collaborative models.”

    “We are pleased to report another quarter of solid financial results and close the year on a strong note in a still uncertain macro environment. For 2024, total revenue was RMB17.17 billion and Non-GAAP net income was RMB6.42 billion,” Mr. Alex Xu, Chief Financial Officer, commented. “Meanwhile, we generated a record-breaking RMB9.34 billion cash from operations in 2024. Our strong financial positions not only allow us to consistently execute our strategy and support business initiatives, but also enable us to further enhance returns to our shareholders by actively executing 2025 share repurchase plan and significantly raising semi-annual dividends.”

    Mr. Yan Zheng, Chief Risk Officer, added, “Despite facing macro uncertainties, we significantly reduced our overall portfolio risks through 2024 by decisively tightening risk standards early in the year. Overall risk performance reached the best level for the year in the fourth quarter. Among key leading indicators, Day-1 delinquency rate*10 was 4.8% in the fourth quarter, and 30-day collection rate*11 was 88.1%. We feel comfortable with current risk levels and expect to see relatively stable risk performance in the coming quarters as we seek growth opportunities in a changing environment in 2025.”

    10 “Day-1 delinquency rate” is defined as (i) the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that was due for repayment as of such specified date.
    11 “30-day collection rate” is defined as (i) the amount of principal that was repaid in one month among the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that became overdue as of such specified date.

    Fourth Quarter 2024 Financial Results

    Total net revenue was RMB4,482.3 million (US$614.1 million), compared to RMB4,495.5 million in the same period of 2023, and RMB4,370.2 million in the prior quarter.

    Net revenue from Credit Driven Services was RMB2,889.5 million (US$395.9 million), compared to RMB3,248.3 million in the same period of 2023, and RMB2,901.0 million in the prior quarter.

    Loan facilitation and servicing fees-capital heavy were RMB363.0 million (US$49.7 million), compared to RMB481.2 million in the same period of 2023 and RMB258.7 million in the prior quarter. The year-over-year and sequential changes were primarily due to the changes in capital-heavy loan facilitation volume.

    Financing income*12 was RMB1,667.3 million (US$228.4 million), compared to RMB1,485.4 million in the same period of 2023 and RMB1,744.1 million in the prior quarter. The year-over-year increase was primarily due to the growth in average outstanding balance of the on-balance-sheet loans.

    Revenue from releasing of guarantee liabilities was RMB761.8 million (US$104.4 million), compared to RMB1,211.8 million in the same period of 2023, and RMB794.6 million in the prior quarter. The year-over-year decrease was mainly due to the decrease in average outstanding balance of off-balance-sheet capital-heavy loans during the period.

    Other services fees were RMB97.4 million (US$13.3 million), compared to RMB69.8 million in the same period of 2023, and RMB103.7 million in the prior quarter. The year-over-year increase reflected the increase in late payment fees under the credit driven services due to improvement in collection rates of late paid loans.

    Net revenue from Platform Services was RMB1,592.8 million (US$218.2 million), compared to RMB1,247.2 million in the same period of 2023 and RMB1,469.1 million in the prior quarter.

    Loan facilitation and servicing fees-capital light were RMB515.1 million (US$70.6 million), compared to RMB697.0 million in the same period of 2023 and RMB574.6 million in the prior quarter. The year-over-year and sequential decreases were primarily due to the decreases in capital-light loan facilitation volume.

    Referral services fees were RMB907.2 million (US$124.3 million), compared to RMB446.5 million in the same period of 2023 and RMB763.1 million in the prior quarter. The year-over-year and sequential increases were mainly due to the increases in loan facilitation volume through ICE.

    Other services fees were RMB170.5 million (US$23.4 million), compared to RMB103.8 million in the same period of 2023 and RMB131.4 million in the prior quarter.

    Total operating costs and expenses were RMB2,591.9 million (US$355.1 million), compared to RMB3,215.9 million in the same period of 2023 and RMB2,081.0 million in the prior quarter.

    Facilitation, origination and servicing expenses were RMB734.7 million (US$100.6 million), compared to RMB731.8 million in the same period of 2023 and RMB707.9 million in the prior quarter.

    Funding costs were RMB126.8 million (US$17.4 million), compared to RMB161.0 million in the same period of 2023 and RMB146.8 million in the prior quarter. The year-over-year decrease was mainly due to the lower average costs of ABS and trusts. The sequential decrease was mainly due to the decline in funding from ABS and trusts and lower average costs.

    Sales and marketing expenses were RMB523.9 million (US$71.8 million), compared to RMB551.6 million in the same period of 2023 and RMB419.9 million in the prior quarter. The year-over-year decrease was primarily due to improved efficiency in acquiring new customers. The sequential increase was primarily due to a more proactive customer acquisition effort and seasonal factors.

    General and administrative expenses were RMB156.1 million (US$21.4 million), compared to RMB108.0 million in the same period of 2023 and RMB92.0 million in the prior quarter.

    Provision for loans receivable was RMB598.4 million (US$82.0 million), compared to RMB639.9 million in the same period of 2023 and RMB477.5 million in the prior quarter. The year-over-year and sequential changes reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile and changes in loan origination volume of on-balance-sheet loans.

    Provision for financial assets receivable was RMB63.3 million (US$8.7 million), compared to RMB148.2 million in the same period of 2023 and RMB64.4 million in the prior quarter. The year-over-year decrease was mainly due to the decline in capital-heavy loan facilitation volume and reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile. The sequential decrease was mainly due to reversal of prior quarters’ provision in the quarter, offsetting by the increase in capital-heavy loan facilitation volume.

    Provision for accounts receivable and contract assets was RMB77.5 million (US$10.6 million), compared to RMB91.1 million in the same period of 2023 and RMB108.8 million in the prior quarter. The year-over-year and sequential decreases reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile.

    Provision for contingent liability was RMB311.4 million (US$42.7 million), compared to RMB784.3 million in the same period of 2023 and RMB63.6 million in the prior quarter. The year-over-year and sequential changes reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile as well as the changes in capital-heavy loan facilitation volume.

    Income from operations was RMB1,890.3 million (US$259.0 million), compared to RMB1,279.6 million in the same period of 2023 and RMB2,289.2 million in the prior quarter.

    Non-GAAP income from operations was RMB1,950.0 million (US$267.2 million), compared to RMB1,322.1 million in the same period of 2023 and RMB2,315.5 million in the prior quarter.

    Operating margin was 42.2%. Non-GAAP operating margin was 43.5%.

    Income before income tax expense was RMB1,932.7 million (US$264.8 million), compared to RMB1,330.9 million in the same period of 2023 and RMB2,356.9 million in the prior quarter.

    Income taxes expense was RMB20.0 million (US$2.7 million), compared to RMB 223.2 million in the same period of 2023 and RMB558.1 million in the prior quarter. The year-over-year and sequential changes were mainly due the writeback of withholding taxes related to the Company’s dividend and share repurchase plans, as the Company became eligible to a lower tax rate in the fourth quarter.

    Net income was RMB1,912.7 million (US$262.0 million), compared to RMB1,107.7 million in the same period of 2023 and RMB1,798.8 million in the prior quarter.

    Non-GAAP net income was RMB1,972.4 million (US$270.2 million), compared to RMB1,150.3 million in the same period of 2023 and RMB1,825.1 million in the prior quarter.

    Net income margin was 42.7%. Non-GAAP net income margin was 44.0%.

    Net income attributed to the Company was RMB1,916.6 million (US$262.6 million), compared to RMB1,111.7 million in the same period of 2023 and RMB1,802.9 million in the prior quarter.

    Non-GAAP net income attributed to the Company was RMB1,976.4 million (US$270.8 million), compared to RMB1,154.3 million in the same period of 2023 and RMB1,829.2 million in the prior quarter.

    Net income per fully diluted ADS was RMB13.24 (US$1.82).

    Non-GAAP net income per fully diluted ADS was RMB13.66 (US$1.87).

    Weighted average basic ADS used in calculating GAAP net income per ADS was 142.94 million.

    Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 144.71 million.

    12 “Financing income” is generated from loans facilitated through the Company’s platform funded by the consolidated trusts and Fuzhou Microcredit, which charge fees and interests from borrowers.

    Full Year 2024 Financial Results

    Total net revenue was RMB17,165.7 million (US$2,351.7 million), compared to RMB16,290.0 million in 2023.

    Net revenue from Credit Driven Services was RMB11,719.0 million (US$1,605.5 million), compared to RMB11,738.6 million in 2023.

    Loan facilitation and servicing fees-capital heavy were RMB1,016.5 million (US$139.3 million), compared to RMB1,667.1 million in 2023. The year-over-year decrease was primarily due to a decline in capital-heavy loan facilitation volume.

    Financing income was RMB6,636.5 million (US$909.2 million), compared to RMB5,109.9 million in 2023. The year-over-year increase was primarily due to the growth in average outstanding balance of on-balance-sheet loans.

    Revenue from releasing of guarantee liabilities was RMB3,695.0 million (US$506.2 million), compared to RMB4,745.9 million in 2023. The year-over-year decrease was mainly due to decrease in average outstanding balance of off-balance-sheet capital-heavy loans during the period.

    Other services fees were RMB371.0 million (US$50.8 million), compared to RMB215.6 million in 2023. The year-over-year increase was mainly due to an increase in late payment fees in connection with improvement in collection rate of late paid loans under the credit driven services.

    Net revenue from Platform Services was RMB5,446.6 million (US$746.2 million), compared to RMB4,551.5 million in 2023.

    Loan facilitation and servicing fees-capital light were RMB2,116.8 million (US$290.0 million), compared to RMB3,214.0 million in 2023. The year-over-year decrease was primarily due to a decline in loan facilitation volume under the capital-light model.

    Referral services fees were RMB2,842.6 million (US$389.4 million), compared to RMB950.0 million in 2023. The year-over-year increase was primarily due to an increase in the loan facilitation volume through ICE.

    Other services fees were RMB487.2 million (US$66.7 million), compared to RMB387.5 million in 2023.

    Total operating costs and expenses were RMB9,637.1 million (US$1,320.3 million), compared to RMB11,433.1 million in 2023.

    Facilitation, origination and servicing expenses were RMB2,900.7 million (US$397.4 million), compared to RMB2,659.9 million in 2023. The year-over-year increase was primarily due to higher collection fees.

    Funding costs were RMB590.9 million (US$81.0 million), compared to RMB645.4 million in 2023. The year-over-year decrease was mainly due to the lower average cost of ABS and trusts, partially offset by the growth in funding from ABS and trusts.

    Sales and marketing expenses were RMB1,725.9 million (US$236.4 million), compared to RMB1,939.9 million in 2023. The year-over-year decrease was mainly due to our prudent customer acquisition approach and lower unit customer acquisition cost.

    General and administrative expenses were RMB449.5 million (US$61.6 million), compared to RMB421.1 million in 2023.

    Provision for loans receivable was RMB2,773.3 million (US$379.9 million), compared to RMB2,151.0 million in 2023. The year-over-year increase was mainly due to the growth in loan origination volume of on-balance-sheet loans.

    Provision for financial assets receivable was RMB296.9 million (US$40.7 million), compared to RMB386.1 million in 2023. The year-over-year decrease was mainly due to a decline in capital-heavy loan facilitation volume.

    Provision for accounts receivable and contract assets was RMB421.5 million (US$57.7 million), compared to RMB175.8 million in 2023. The year-over-year increase reflected the Company’s consistent approach in assessing provisions commensurate with its underlying loan profile.

    Provision for contingent liability was RMB478.4 million (US$65.5 million), compared to RMB3,053.8 million in 2023. The year-over-year decrease was mainly due to a decline in capital-heavy loan facilitation volume and the reversal of prior provision as loans facilitated in previous period performed better than expected.

    Income from operations was RMB7,528.6 million (US$1,031.4 million), compared to RMB4,857.0 million in 2023.

    Non-GAAP income from operations was RMB7,696.2 million (US$1,054.4 million), compared to RMB5,042.6 million in 2023.

    Operating margin was 43.9%. Non-GAAP operating margin was 44.8%.

    Income before income tax expense was RMB7,892.4 million (US$1,081.3 million), compared to RMB5,277.5 million in 2023.

    Income taxes expense was RMB1,644.3 million (US$225.3 million). Effective tax rate was 20.4%, compared to 18.5% in 2023. The increase in effective tax rate was mainly due to withholding taxes related to the Company’s dividend and share repurchase plan.

    Net income attributed to the Company was RMB6,264.3 million (US$858.2 million), compared to RMB4,285.3 million in 2023.

    Non-GAAP net income attributed to the Company was RMB6,431.9 million (US$881.2 million), compared to RMB4,470.9 million in 2023.

    Net income margin was 36.4%. Non-GAAP net income margin was 37.4%.

    Net income per fully diluted ADS was RMB41.28 (US$5.66).

    Non-GAAP net income per fully diluted ADS was RMB42.39 (US$5.81).

    Weighted average basic ADS used in calculating GAAP net income per ADS was 149.01 million.

    Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 151.72 million.

    30 Day+ Delinquency Rate by Vintage and 180 Day+ Delinquency Rate by Vintage

    The following charts and tables display the historical cumulative 30 day+ delinquency rates by loan facilitation and origination vintage and 180 day+ delinquency rates by loan facilitation and origination vintage for all loans facilitated and originated through the Company’s platform. Loans under “ICE” and total technology solutions are not included in the 30 day+ charts and the 180 day+ charts:

    http://ml.globenewswire.com/Resource/Download/2a5d124f-5f90-4a71-a264-908b101a7e87

    http://ml.globenewswire.com/Resource/Download/95f56823-ce1f-4ade-baf5-cdc0bcf8526c

    Semi-Annual Dividend for the Second Half of 2024

    The board of directors of the Company (the “Board”) has approved a dividend of US$0.35 per Class A ordinary share, or US$0.70 per ADS for the second half of 2024 to holders of record of Class A ordinary shares and ADSs as of the close of business on April 23, 2025 Hong Kong Time and New York Time, respectively, in accordance with the Company’s dividend policy. For holder of Class A ordinary shares, in order to qualify for the dividend, all valid documents for the transfers of shares accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Hong Kong no later than 4:30 p.m. on April 23, 2025 (Hong Kong Time). The payment date is expected to be on May 28, 2025 for holders of Class A ordinary shares and around June 2, 2025 for holders of ADSs.

    Update on Share Repurchase

    On March 12, 2024, the Board approved a share repurchase plan (the “2024 Share Repurchase Plan”) whereby the Company is authorized to repurchase its ADSs or Class A ordinary shares with an aggregate value of up to US$350 million during the 12-month period from April 1, 2024.

    In the fourth quarter, the Company had in aggregate purchased approximately 3.1 million ADSs in the open market for a total amount of approximately US$107 million (inclusive of commissions) at an average price of US$34.5 per ADS. As of December 30, 2024, the Company had utilized substantially all of the total authorized value for the 2024 Share Repurchase Plan.

    On November 19, 2024, the Board approved a new share repurchase plan (the “2025 Share Repurchase Plan”) whereby the Company is authorized to repurchase up to US$450 million worth of its ADSs or Class A ordinary shares over the next 12 months starting from January 1, 2025.

    As of March 14, 2025, the Company had in aggregate purchased approximately 2.2 million ADSs in the open market for a total amount of approximately US$86 million (inclusive of commissions) at an average price of US$39.7 per ADS pursuant to the 2025 Share Repurchase Plan.

    Business Outlook

    As macro-economic uncertainties persist, the Company intends to maintain a prudent approach in its business planning for 2025. Management will continue to focus on enhancing efficiency of the Company’s operations. As such, for the first quarter of 2025, the Company expects to generate a net income between RMB1.75 billion and RMB1.85 billion and a non-GAAP net income*13 between RMB1.80 billion and RMB1.90 billion, representing a year-on-year growth between 49% and 58%. This outlook reflects the Company’s current and preliminary views, which is subject to material changes.

    13 Non-GAAP net income represents net income excluding share-based compensation expenses.

    Conference Call Preregistration

    Qifu Technology’s management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on Monday, March 17, 2025 (7:30 PM Beijing Time on the same day).

    All participants wishing to join the conference call must pre-register online using the link provided below.

    Registration Link: https://s1.c-conf.com/diamondpass/10045854-hg6t5r.html

    Upon registration, each participant will receive details for the conference call, including dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

    Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of the Company’s website at https://ir.qifu.tech.

    About Qifu Technology

    Qifu Technology is a leading AI-empowered Credit-Tech platform in China. By leveraging its sophisticated machine learning models and data analytics capabilities, the Company provides a comprehensive suite of technology services to assist financial institutions and consumers and SMEs in the loan lifecycle, ranging from borrower acquisition, preliminary credit assessment, fund matching and post-facilitation services. The Company is dedicated to making credit services more accessible and personalized to consumers and SMEs through Credit-Tech services to financial institutions.

    For more information, please visit: https://ir.qifu.tech.

    Use of Non-GAAP Financial Measures Statement

    To supplement our financial results presented in accordance with U.S. GAAP, we use Non-GAAP financial measure, which is adjusted from results based on U.S. GAAP to exclude share-based compensation expenses. Reconciliations of our Non-GAAP financial measures to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the Non-GAAP financial measures.

    We use Non-GAAP income from operation, Non-GAAP operating margin, Non-GAAP net income, Non-GAAP net income margin, Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS in evaluating our operating results and for financial and operational decision-making purposes. Non-GAAP income from operation represents income from operation excluding share-based compensation expenses. Non-GAAP operating margin is equal to Non-GAAP income from operation divided by total net revenue. Non-GAAP net income represents net income excluding share-based compensation expenses. Non-GAAP net income margin is equal to Non-GAAP net income divided by total net revenue. Non-GAAP net income attributed to the Company represents net income attributed to the Company excluding share-based compensation expenses. Non-GAAP net income per fully diluted ADS represents net income excluding share-based compensation expenses per fully diluted ADS. Such adjustments have no impact on income tax. We believe that Non-GAAP income from operation, Non-GAAP operating margin, Non-GAAP net income, Non-GAAP net income margin, Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in results based on U.S. GAAP. We believe that Non-GAAP income from operation and Non-GAAP net income provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Our Non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of Non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.

    Exchange Rate Information

    This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 7.2993 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2024.

    Safe Harbor Statement

    Any forward-looking statements contained in this announcement are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. Qifu Technology may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including the Company’s business outlook, beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, which factors include but not limited to the following: the Company’s growth strategies, the Company’s cooperation with 360 Group, changes in laws, rules and regulatory environments, the recognition of the Company’s brand, market acceptance of the Company’s products and services, trends and developments in the credit-tech industry, governmental policies relating to the credit-tech industry, general economic conditions in China and around the globe, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks and uncertainties is included in Qifu Technology’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Qifu Technology does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please contact:

    Qifu Technology
    E-mail: ir@360shuke.com

    Unaudited Condensed Consolidated Balance Sheets
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
           
      December 31, December 31, December 31,
      2023 2024 2024
      RMB RMB USD
    ASSETS      
    Current assets:      
    Cash and cash equivalents 4,177,890 4,452,416 609,978
    Restricted cash 3,381,107 2,353,384 322,412
    Short term investments 15,000 3,394,073 464,987
    Security deposit prepaid to third-party guarantee companies 207,071 162,617 22,278
    Funds receivable from third party payment service providers 1,603,419 462,112 63,309
    Accounts receivable and contract assets, net 2,909,245 2,214,530 303,389
    Financial assets receivable, net 2,522,543 1,553,912 212,885
    Amounts due from related parties 45,346 8,510 1,166
    Loans receivable, net 24,604,487 26,714,428 3,659,862
    Prepaid expenses and other assets 329,920 1,464,586 200,647
    Total current assets 39,796,028 42,780,568 5,860,913
    Non-current assets:      
    Accounts receivable and contract assets, net-noncurrent 146,995 27,132 3,717
    Financial assets receivable, net-noncurrent 596,330 170,779 23,397
    Amounts due from related parties 4,240 51 7
    Loans receivable, net-noncurrent 2,898,005 2,537,749 347,670
    Property and equipment, net 231,221 362,774 49,700
    Land use rights,net 977,461 956,738 131,073
    Intangible assets 13,443 11,818 1,619
    Goodwill 41,210 42,414 5,811
    Deferred tax assets 1,067,738 1,206,325 165,266
    Other non-current assets 45,901 36,270 4,969
    Total non-current assets 6,022,544 5,352,050 733,229
    TOTAL ASSETS 45,818,572 48,132,618 6,594,142
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Payable to investors of the consolidated trusts-current 8,942,291 8,188,454 1,121,814
    Accrued expenses and other current liabilities 2,016,039 2,492,921 341,529
    Amounts due to related parties 80,376 67,495 9,247
    Short term loans 798,586 1,369,939 187,681
    Guarantee liabilities-stand ready 3,949,601 2,383,202 326,497
    Guarantee liabilities-contingent 3,207,264 1,820,350 249,387
    Income tax payable 742,210 1,040,687 142,574
    Other tax payable 163,252 109,161 14,955
    Total current liabilities 19,899,619 17,472,209 2,393,684
    Non-current liabilities:      
    Deferred tax liabilities 224,823 439,435 60,202
    Payable to investors of the consolidated trusts-noncurrent 3,581,800 5,719,600 783,582
    Other long-term liabilities 102,473 255,155 34,956
    Total non-current liabilities 3,909,096 6,414,190 878,740
    TOTAL LIABILITIES 23,808,715 23,886,399 3,272,424
    TOTAL QIFU TECHNOLOGY INC EQUITY 21,937,483 24,190,043 3,314,022
    Noncontrolling interests 72,374 56,176 7,696
    TOTAL EQUITY 22,009,857 24,246,219 3,321,718
    TOTAL LIABILITIES AND EQUITY 45,818,572 48,132,618 6,594,142
           
    Unaudited Condensed Consolidated Statements of Operations
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
                   
      Three months ended December 31,   Year ended December 31,
      2023 2024 2024   2023 2024 2024
      RMB RMB USD   RMB RMB USD
    Credit driven services 3,248,263   2,889,500   395,860     11,738,560   11,719,027   1,605,500  
    Loan facilitation and servicing fees-capital heavy 481,195   362,958   49,725     1,667,119   1,016,514   139,262  
    Financing income 1,485,446   1,667,340   228,425     5,109,921   6,636,511   909,198  
    Revenue from releasing of guarantee liabilities 1,211,787   761,827   104,370     4,745,898   3,695,017   506,215  
    Other services fees 69,835   97,375   13,340     215,622   370,985   50,825  
    Platform services 1,247,240   1,592,752   218,206     4,551,467   5,446,629   746,185  
    Loan facilitation and servicing fees-capital light 696,985   515,062   70,563     3,213,955   2,116,797   290,000  
    Referral services fees 446,486   907,207   124,287     950,016   2,842,637   389,440  
    Other services fees 103,769   170,483   23,356     387,496   487,195   66,745  
    Total net revenue 4,495,503   4,482,252   614,066     16,290,027   17,165,656   2,351,685  
    Facilitation, origination and servicing 731,787   734,659   100,648     2,659,912   2,900,704   397,395  
    Funding costs 161,016   126,841   17,377     645,445   590,935   80,958  
    Sales and marketing 551,590   523,936   71,779     1,939,885   1,725,877   236,444  
    General and administrative 108,037   156,061   21,380     421,076   449,505   61,582  
    Provision for loans receivable 639,886   598,353   81,974     2,151,046   2,773,323   379,944  
    Provision for financial assets receivable 148,198   63,251   8,665     386,090   296,857   40,669  
    Provision for accounts receivable and contract assets 91,105   77,450   10,611     175,799   421,481   57,743  
    Provision for contingent liabilities 784,323   311,372   42,658     3,053,810   478,404   65,541  
    Total operating costs and expenses 3,215,942   2,591,923   355,092     11,433,063   9,637,086   1,320,276  
    Income from operations 1,279,561   1,890,329   258,974     4,856,964   7,528,570   1,031,409  
    Interest income, net 46,970   74,951   10,268     217,307   237,015   32,471  
    Foreign exchange (loss) gain (815 ) 2,680   367     2,356   1,512   207  
    Other income, net 5,209   (35,251 ) (4,829 )   230,936   125,325   17,169  
    Investment loss –   –   –     (30,112 ) –   –  
    Income before income tax expense 1,330,925   1,932,709   264,780     5,277,451   7,892,422   1,081,256  
    Income taxes expense (223,237 ) (20,042 ) (2,746 )   (1,008,874 ) (1,644,306 ) (225,269 )
    Net income 1,107,688   1,912,667   262,034     4,268,577   6,248,116   855,987  
    Net loss attributable to noncontrolling interests 4,052   3,970   544     16,759   16,198   2,219  
    Net income attributable to ordinary shareholders of the Company 1,111,740   1,916,637   262,578     4,285,336   6,264,314   858,206  
    Net income per ordinary share attributable to ordinary shareholders of Qifu Technology, Inc.
    Basic 3.51   6.70   0.92     13.36   21.02   2.88  
    Diluted 3.44   6.62   0.91     13.04   20.64   2.83  
                   
    Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc.
    Basic 7.02   13.40   1.84     26.72   42.04   5.76  
    Diluted 6.88   13.24   1.82     26.08   41.28   5.66  
                   
    Weighted average shares used in calculating net income per ordinary share
    Basic 316,325,750   285,872,913   285,872,913     320,749,805   298,012,150   298,012,150  
    Diluted 323,305,948   289,427,077   289,427,077     328,508,945   303,449,864   303,449,864  
                   
    Unaudited Condensed Consolidated Statements of Cash Flows
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
                   
      Three months ended December 31,   Year ended December 31,
      2023 2024 2024   2023 2024 2024
      RMB RMB USD   RMB RMB USD
    Net cash provided by operating activities 2,351,791   3,051,606   418,067     7,118,350   9,343,311   1,280,027  
    Net cash used in investing activities (1,885,694 ) (945,611 ) (129,548 )   (11,147,789 ) (7,994,081 ) (1,095,184 )
    Net cash (used in) provided by financing activities (911,621 ) (1,873,516 ) (256,671 )   1,066,458   (2,114,463 ) (289,680 )
    Effect of foreign exchange rate changes (877 ) 31,464   4,311     9,615   12,036   1,649  
    Net (decrease) increase in cash and cash equivalents (446,401 ) 263,943   36,159     (2,953,366 ) (753,197 ) (103,188 )
    Cash, cash equivalents, and restricted cash, beginning of period 8,005,398   6,541,857   896,231     10,512,363   7,558,997   1,035,578  
    Cash, cash equivalents, and restricted cash, end of period 7,558,997   6,805,800   932,390     7,558,997   6,805,800   932,390  
                   
    Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
           
      Three months ended December 31,
      2023 2024 2024
      RMB RMB USD
    Net income 1,107,688   1,912,667 262,034
    Other comprehensive income, net of tax of nil:      
    Foreign currency translation adjustment (3,606 ) 145,610 19,948
    Other comprehensive (loss) income (3,606 ) 145,610 19,948
    Total comprehensive income 1,104,082   2,058,277 281,982
    Comprehensive loss attributable to noncontrolling interests 4,052   3,970 544
    Comprehensive income attributable to ordinary shareholders 1,108,134   2,062,247 282,526
           
           
      Year ended December 31,
      2023 2024 2024
      RMB RMB USD
    Net income 4,268,577   6,248,116 855,987
    Other comprehensive income, net of tax of nil:      
    Foreign currency translation adjustment 17,118   46,534 6,375
    Other comprehensive income 17,118   46,534 6,375
    Total comprehensive income 4,285,695   6,294,650 862,362
    Comprehensive loss attributable to noncontrolling interests 16,759   16,198 2,219
    Comprehensive income attributable to ordinary shareholders 4,302,454   6,310,848 864,581
    Unaudited Reconciliations of GAAP and Non-GAAP Results
    (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)
    except for number of shares and per share data, or otherwise noted)
           
      Three months ended December 31,
      2023 2024 2024
      RMB RMB USD
    Reconciliation of Non-GAAP Net Income to Net Income      
    Net income 1,107,688   1,912,667   262,034
    Add: Share-based compensation expenses 42,572   59,720   8,182
    Non-GAAP net income 1,150,260   1,972,387   270,216
    GAAP net income margin 24.6 % 42.7 %  
    Non-GAAP net income margin 25.6 % 44.0 %  
           
    Net income attributable to shareholders of Qifu Technology, Inc. 1,111,740   1,916,637   262,578
    Add: Share-based compensation expenses 42,572   59,720   8,182
    Non-GAAP net income attributable to shareholders of Qifu Technology, Inc. 1,154,312   1,976,357   270,760
    Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS -diluted 161,652,974   144,713,538   144,713,538
    Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 6.88   13.24   1.82
    Non-GAAP net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 7.14   13.66   1.87
           
    Reconciliation of Non-GAAP Income from operations to Income from operations      
    Income from operations 1,279,561   1,890,329   258,974
    Add: Share-based compensation expenses 42,572   59,720   8,182
    Non-GAAP Income from operations 1,322,133   1,950,049   267,156
    GAAP operating margin 28.5 % 42.2 %  
    Non-GAAP operating margin 29.4 % 43.5 %  
           
           
      Year ended December 31,
      2023 2024 2024
      RMB RMB USD
    Reconciliation of Non-GAAP Net Income to Net Income      
    Net income 4,268,577   6,248,116   855,987
    Add: Share-based compensation expenses 185,604   167,613   22,963
    Non-GAAP net income 4,454,181   6,415,729   878,950
    GAAP net income margin 26.2 % 36.4 %  
    Non-GAAP net income margin 27.3 % 37.4 %  
           
    Net income attributable to shareholders of Qifu Technology, Inc. 4,285,336   6,264,314   858,206
    Add: Share-based compensation expenses 185,604   167,613   22,963
    Non-GAAP net income attributable to shareholders of Qifu Technology, Inc. 4,470,940   6,431,927   881,169
    Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS -diluted 164,254,473   151,724,932   151,724,932
    Net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 26.08   41.28   5.66
    Non-GAAP net income per ADS attributable to ordinary shareholders of Qifu Technology, Inc. -diluted 27.22   42.39   5.81
           
    Reconciliation of Non-GAAP Income from operations to Income from operations      
    Income from operations 4,856,964   7,528,570   1,031,409
    Add: Share-based compensation expenses 185,604   167,613   22,963
    Non-GAAP Income from operations 5,042,568   7,696,183   1,054,372
    GAAP operating margin 29.8 % 43.9 %  
    Non-GAAP operating margin 31.0 % 44.8 %  
           

    The MIL Network –

    March 17, 2025

  • MIL-Evening Report: Whatever happens to Star, the age of unfettered gambling revenue for casinos may have ended

    Source: The Conversation (Au and NZ) – By Charles Livingstone, Associate Professor, School of Public Health and Preventive Medicine, Monash University

    Casino operator Star Entertainment has been under financial pressure for some time. The company’s share price has tanked, and the business, with its three casino properties, has been bleeding money.

    Last year’s opening of a new riverside casino in Queen’s Wharf, Brisbane, was seen as a way to revitalise the business. But Star has swung from one lifeline to another.

    Just as it was set to run out of cash on Friday March 7, Star announced a last-minute rescue package. This centred on selling its 50% stake in the Queens Wharf casino to Hong-Kong-based joint venture partners for $53 million.

    Star has also started documentation for a $250 million bridging loan but still needs to finalise a proposal for long-term refinancing.

    All of this remains subject to details being finalised, and regulatory approvals. An alternative $250 million takeover offer from US casino operator Bally’s currently isn’t Star’s preference because it is considered too low.

    But Star is far from out of the woods yet. Whatever happens to it and its casino assets, there are bigger questions about whether the age of unfettered gambling revenue for casinos may have already ended.

    Elsewhere, gambling is booming

    If Australian casinos are struggling, it’s not because punters are giving up gambling. Whereas most of the gambling market recovered rapidly after the end of pandemic restrictions, casinos floundered.

    Between 2018–19 and 2022–23, before and after pandemic restrictions were in place, total Australian gambling expenditure (in other words, gamblers’ losses) grew by 6.8% in real terms (adjusted for inflation).

    Real wagering losses grew by 45%. This segment has clearly emerged as the second-biggest gambling market in the country, with gambling expenditure of $8.4 billion.

    But over the same period, expenditure at casinos declined by more than 35% nationally, and by 42% in New South Wales.



    Read more:
    The rate of sports betting has surged more than 57% – and younger people are betting more

    Do casinos have a viable business model?

    Both Star and Australia’s other major casino operator, Crown, have emerged from a range of high-profile scandals in recent years.

    Media reporting, inquiries, and royal commissions into Crown, and then Star, give some insight into how the casino business used to be run in Australia.

    Star’s (and Crown’s) business model appears to have previously relied on two major revenue streams: benefiting from the proceeds of crime (by operating as a cash laundry for organised criminal gangs), and exploiting every vulnerable person who walked onto their premises.

    Both casinos facilitated money laundering, particularly via junket operators, organisers of casino visits by high rollers. Unfortunately, many of these people had strong links to organised crime gangs keen to launder their illegally acquired money.

    Former Star executives and board members are now facing Federal Court proceedings brought by ASIC, with two already having been fined.



    Read more:
    ‘Multiple red flags’: ASIC’s court case against Star executives shows the risks of complacency

    Star and Crown preyed on addiction

    Both Star and Crown were also found to have encouraged significant expenditure by addicted gamblers.

    This wasn’t just high rollers. Ordinary people were also encouraged to use poker machines for hours without any attempt at encouraging a break, as mandated by “responsible gambling” codes.

    The Victorian Royal Commissioner, investigating Crown, regarded its “responsible gambling” failures as particularly heinous.

    The result was the turnover of the board and management, hundreds of millions of dollars in fines, and increased regulatory oversight.

    Although neither casino chain closed its doors, regulatory breaches led to appointment of special managers to oversee the business and hold the licences. Further change included beefing up regulators’ powers and resources.

    Turning a page

    Without significant funds from the proceeds of crime, or exploitation of the vulnerable, casinos are clearly struggling.

    In NSW and Victoria, the casinos have been required to introduce “cashless gaming” systems.

    This takes cash out of the system, deterring money launderers. Gamblers must also set a limit on their gambling spend, and adhere to it. The system is in the process of being introduced in Queensland.

    Certainly, overcapitalisation of new developments has played a part in casinos’ struggles. Crown Melbourne was effectively sold to Kerry Packer in 1998 on the back of its own financial issues. Overcapitalisation of the business was seen as an issue then.

    Stronger competition

    Competition from online wagering and pokie venues may also be playing a part. These businesses are not currently regulated as effectively as casinos.

    Precommitment systems for online wagering would be relatively easy to introduce. They would require punters to set a limit on deposits or bets, or indeed the time they spend gambling, and enforce these technically.

    Getting these in place, however, may be as formidable a task as getting gambling ads banned from sporting broadcasts, if not more so.

    The gambling industry understandably opposes this. After all, these measures would reduce the amount that people lose. From a public health perspective, however, they provide an effective system to prevent harm in the first place, rather than simply picking up the pieces.

    Without effective reform of local gambling venues and online wagering, casinos may try to mount an argument for less effective regulation. That would be an admission that their “tourism” attractiveness has waned. It’s also a powerful argument to speed up the transition of effective regulation to all gambling operators.

    Charles Livingstone has received funding from the Victorian Responsible Gambling Foundation, the (former) Victorian Gambling Research Panel, and the South Australian Independent Gambling Authority (the funds for which were derived from hypothecation of gambling tax revenue to research purposes), from the Australian and New Zealand School of Government and the Foundation for Alcohol Research and Education, and from non-government organisations for research into multiple aspects of poker machine gambling, including regulatory reform, existing harm minimisation practices, and technical characteristics of gambling forms. He has received travel and co-operation grants from the Alberta Problem Gambling Research Institute, the Finnish Institute for Public Health, the Finnish Alcohol Research Foundation, the Ontario Problem Gambling Research Committee, the Turkish Red Crescent Society, and the Problem Gambling Foundation of New Zealand. He was a Chief Investigator on an Australian Research Council funded project researching mechanisms of influence on government by the tobacco, alcohol and gambling industries. He has undertaken consultancy research for local governments and non-government organisations in Australia and the UK seeking to restrict or reduce the concentration of poker machines and gambling impacts, and was a member of the Australian government’s Ministerial Expert Advisory Group on Gambling in 2010-11. He is a member of the Lancet Public Health Commission into gambling, and of the World Health Organisation expert group on gambling and gambling harm. He made a submission to and appeared before the HoR Standing Committee on Social Policy and Legal Affairs inquiry into online gambling and its impacts on those experiencing gambling harm.

    – ref. Whatever happens to Star, the age of unfettered gambling revenue for casinos may have ended – https://theconversation.com/whatever-happens-to-star-the-age-of-unfettered-gambling-revenue-for-casinos-may-have-ended-251248

    MIL OSI Analysis – EveningReport.nz –

    March 17, 2025

  • MIL-OSI Africa: Simelane commits to support Free State in delivering housing units

    Source: South Africa News Agency

    Human Settlements Minister, Thembi Simelane, has pledged to support the Free State Province in its efforts to meet the 2024-2029 target to deliver housing units to qualifying beneficiaries.

    Simelane made the commitment during an oversight visit to the Mangaung Metropolitan Municipality on Friday, as part of a nationwide assessment of municipal and provincial performance in human settlements programmes.

    The visit aimed to address ongoing service delivery blockages within the province.

    The visit also formed part of a country-wide municipal and provincial assessment of human settlements programme performance.

    Addressing the provincial Human Settlements and Mangaung Municipality, Simelane discouraged working in silos between the provincial department and municipalities.

    She emphasised that overcoming the housing backlog and ensuring the delivery of sustainable human settlements, can only be achieved through coordinated efforts.

    While acknowledging the progress made to ensure the qualifying beneficiaries receive their houses, with some contractors already on the ground, the Minister expressed concern over several incomplete projects across the province.

    “We are gearing ourselves for the current 2024-2029 Medium Term Development Plan (MTDP) to deliver on our mandate. With our limited budget, we are aligning our plans to ensure that we effectively use our allocated budget,” Simelane said.

    The Minister reiterated the critical role that contractors play in delivering housing units and warned against those who have been given opportunities to “do the right thing and deliver houses.”

    She also issued a stern warning to both contractors and officials who fail to meet their responsibilities, saying that there would be consequences against those who let down the people.

    “A delayed project means one senior citizen is denied his or her constitutional right to adequate shelter,” Simelane said.

    Simelane further undertook to visit the Metros every quarter, to ensure that housing and service delivery targets are being met.

    She also underscored the importance of ensuring that every cent allocated to the department is spent towards improving the lives of deserving households.

    Human Settlements MEC, Teboho Mokoena, challenged the Minister to consider visiting the province more frequently, suggesting every two months, and reiterated the province’s commitment to improving service delivery.

    Mokoena also emphasised budget constraints, which remains a challenge, noting that this will have an impact in the department’s programme.

    “Progress is being made on several projects that were blocked including G-Hostel and Dark and Silver City. The qualifying beneficiaries are expected to incrementally move into the completed units during the 2025/2026 financial year,” Mokoena said.

    The MEC highlighted the province’s struggle with completing housing projects due to a range of issues, including multiple contractor changes in due to non-performance, vandalism at abandoned sites after contract terminations, community disruptions and non-compliance issues, financial constraints, non-payment of completed work certificates, and bureaucratic delays in the approvals of variation orders and claims.

    However, Mokoena assured that interventions are being implemented, including the appointment of new, reliable contractors, and regular monitoring and reporting, to ensure projects stay on track.

    “Despite these challenges, the province has done exceptionally well in the provision of serviced sites. By January 2025, the province reported the successful delivery of 5 025 service sites against the 1755 2024/2025 target. Most of the sites delivered are in Fezile Dabi District Municipality,” Mokoena said.

    Simelane is expected to return to the Free State to officially hand over completed units at Dark and Silver City Community Residential Units, as well as military veterans’ housing units at the Vista Park Catalytic Project, in Mangaung.

    The Vista Park project is a massive development aimed at providing much needed housing opportunities.

    The department said extension 2 of the project is expected to yield over 5 344 residential housing opportunities, while extension 3 will produce around 6 036 residential opportunities.

    The project is also expected to deliver the Breaking New Ground (BNG) units, including social housing, First Home Finance, and student accommodation. – SAnews.gov.za

    MIL OSI Africa –

    March 17, 2025

  • MIL-OSI Africa: Simelane commits to support Free Sate in delivering housing units

    Source: South Africa News Agency

    Human Settlements Minister, Thembi Simelane, has pledged to support the Free State Province in its efforts to meet the 2024-2029 target to deliver housing units to qualifying beneficiaries.

    Simelane made the commitment during an oversight visit to the Mangaung Metropolitan Municipality on Friday, as part of a nationwide assessment of municipal and provincial performance in human settlements programmes.

    The visit aimed to address ongoing service delivery blockages within the province.

    The visit also formed part of a country-wide municipal and provincial assessment of human settlements programme performance.

    Addressing the provincial Human Settlements and Mangaung Municipality, Simelane discouraged working in silos between the provincial department and municipalities.

    She emphasised that overcoming the housing backlog and ensuring the delivery of sustainable human settlements, can only be achieved through coordinated efforts.

    While acknowledging the progress made to ensure the qualifying beneficiaries receive their houses, with some contractors already on the ground, the Minister expressed concern over several incomplete projects across the province.

    “We are gearing ourselves for the current 2024-2029 Medium Term Development Plan (MTDP) to deliver on our mandate. With our limited budget, we are aligning our plans to ensure that we effectively use our allocated budget,” Simelane said.

    The Minister reiterated the critical role that contractors play in delivering housing units and warned against those who have been given opportunities to “do the right thing and deliver houses.”

    She also issued a stern warning to both contractors and officials who fail to meet their responsibilities, saying that there would be consequences against those who let down the people.

    “A delayed project means one senior citizen is denied his or her constitutional right to adequate shelter,” Simelane said.

    Simelane further undertook to visit the Metros every quarter, to ensure that housing and service delivery targets are being met.

    She also underscored the importance of ensuring that every cent allocated to the department is spent towards improving the lives of deserving households.

    Human Settlements MEC, Teboho Mokoena, challenged the Minister to consider visiting the province more frequently, suggesting every two months, and reiterated the province’s commitment to improving service delivery.

    Mokoena also emphasised budget constraints, which remains a challenge, noting that this will have an impact in the department’s programme.

    “Progress is being made on several projects that were blocked including G-Hostel and Dark and Silver City. The qualifying beneficiaries are expected to incrementally move into the completed units during the 2025/2026 financial year,” Mokoena said.

    The MEC highlighted the province’s struggle with completing housing projects due to a range of issues, including multiple contractor changes in due to non-performance, vandalism at abandoned sites after contract terminations, community disruptions and non-compliance issues, financial constraints, non-payment of completed work certificates, and bureaucratic delays in the approvals of variation orders and claims.

    However, Mokoena assured that interventions are being implemented, including the appointment of new, reliable contractors, and regular monitoring and reporting, to ensure projects stay on track.

    “Despite these challenges, the province has done exceptionally well in the provision of serviced sites. By January 2025, the province reported the successful delivery of 5 025 service sites against the 1755 2024/2025 target. Most of the sites delivered are in Fezile Dabi District Municipality,” Mokoena said.

    Simelane is expected to return to the Free State to officially hand over completed units at Dark and Silver City Community Residential Units, as well as military veterans’ housing units at the Vista Park Catalytic Project, in Mangaung.

    The Vista Park project is a massive development aimed at providing much needed housing opportunities.

    The department said extension 2 of the project is expected to yield over 5 344 residential housing opportunities, while extension 3 will produce around 6 036 residential opportunities.

    The project is also expected to deliver the Breaking New Ground (BNG) units, including social housing, First Home Finance, and student accommodation. – SAnews.gov.za

    MIL OSI Africa –

    March 17, 2025

  • MIL-OSI Economics: CBB holds first Board meeting for 2025

    Source: Central Bank of Bahrain

    CBB holds first Board meeting for 2025

    Published on 16 March 2025

    Manama, Kingdom of Bahrain – 16 March 2025 – The Central Bank of Bahrain’s (CBB) Board of Directors held its first meeting for the year 2025, chaired by Mr. Hassan Khalifa Al Jalahma on Sunday, 16 March 2025.

    The Board reviewed the topics on the agenda and approved the CBB’s annual report and audited financial statements for the year 2024. The Board also discussed the CBB’s investment policy for 2025, and reviewed the CBB’s activities thus far in 2025.

    The Board also reviewed key monetary and banking indicators for the year 2024 including the money supply, which increased by BD0.3 billion to reach BD 16.3 billion at the end of December 2024, compared to the same period in 2023. As for retail banks, total private deposits increased to around BD14.2 billion at the end of December 2024, an increase of 0.4% compared to the end of December 2023. The outstanding balance of total loans and credit facilities extended to resident economic sectors increased to BD12.3 billion at the end of December 2024, an increase of 4.6% compared to the end of 2023, with the Business Sector accounting for 42.3% and the Personal Sector at 48.3% of total loans and credit facilities.  The balance sheet of the banking system (retail banks and wholesale sector banks) increased to $247.8 billion at the end of December 2024, an increase of 3.9% compared to the end December of 2023.

    Point of Sales (POS) data for January 2025 totaled 21.2 million transactions (77.4% of which were contactless), an increase of 25.4% compared to the same period in 2024. The total value of POS transactions for January 2025 totaled BD 433.0 million (51.9% of which were contactless), an increase of 14.6% compared to the same period in 2024.

    The banking sector maintained a high level of capital adequacy and liquidity, as the capital adequacy ratio of the banking sector reached 21.2% in Q4 2024 compared with 19.7% in Q4 2023. The capital adequacy ratio for the various banking sectors was 32.0% for conventional retail banks, 16.9% for conventional wholesale banks, 24.6% for Islamic retail banks, and 19.6% for Islamic wholesale banks in Q4 2024.

    The total number of registered Collective Investment Undertakings (CIUs) as of January 2025 stood at 1741 CIUs, compared to 1678 funds as of January 2024. The net asset value (NAV) of the CIUs increased from US $11.139 billion in Q4 2023 to US $11.170 billion in Q4 2024, reflecting an increase of 0.3%. The NAV of Bahrain domiciled CIUs decreased from US $4.309 billion in Q4 2023 to US $4.268 billion in Q4 2024, reflecting a decrease of 1%. The NAV of overseas domiciled CIUs increased from US $6.830 billion in Q4 2023 to US $6.902 billion in Q4 2024, reflecting an increase of 1.1%. Additionally, the NAV of Shari’a-compliant CIUs increased from US $1.618 billion in Q4 2023 to US $1.715 billion in Q4 2024, reflecting an increase of 6%.

    Share this

    MIL OSI Economics –

    March 17, 2025

  • MIL-OSI New Zealand: NZ & India launch Comprehensive FTA negotiations

    Source: New Zealand Government

    Prime Minister Christopher Luxon and Trade and Investment Minister Todd McClay today announced New Zealand and India have formally launched negotiations on a Comprehensive Free Trade Agreement.

    Mr McClay held extensive discussions with his Indian counterpart Piyush Goyal in New Delhi today, where they agreed to launch negotiations.

    “This announcement is a major breakthrough in the economic relationship between India and New Zealand,” Christopher Luxon says.

    “When we came into Government 16 months ago, we made it clear that closer economic ties with India was a key priority.

    “Currently the fifth-largest economy in the world, with a population of 1.4 billion people, India holds significant potential for New Zealand and will play a pivotal role in doubling New Zealand’s exports by value over the next ten years.

    “This announcement comes off the back of a major lift in political engagement with India. Todd McCay has visited five times and had eight meetings with his Indian counterpart. Foreign Affairs Minister Winston Peters has also visited, and I had a highly productive meeting with Prime Minister Narendra Modi last year.

    A Comprehensive Free Trade Agreement is only one part of the Government’s commitment to stepping up all facets of the New Zealand-India relationship.

    Trade and Investment Minister Todd McClay says alongside trade agreement negotiations, New Zealand will continue to invest in stronger, deeper, more sustainable connections with India across all pillars of the relationship, including our political, defence and security, sporting, environmental, and people-to-people connections.

    “One in four Kiwi jobs rely on trade and last year our export revenue added $100 billion to the economy. Strong agreements and relationships like this ensure every New Zealander has good job opportunities, higher wages and access to world-class public services,” Mr McClay says.

    Negotiations will start next month.

    MIL OSI New Zealand News –

    March 17, 2025

  • MIL-OSI Australia: Committing to our calendar of crowd favourite events

    Source: New South Wales Ministerial News

    Published: 15 March 2025

    Released by: Minister for the Arts, Minister for Music and the Night-time Economy, Minister for Tourism

    Fourteen iconic events from Sydney’s Gay and Lesbian Mardi Gras to the TCS Sydney Marathon and Tamworth’s Country Music Festival, will benefit from less red tape in recognition of their importance to our state’s identity.

    The Minns Labor Government is introducing a new events framework, and announcing the first round of Foundation Events, to secure our calendar of events, including the Sydney Festival, the Parkes Elvis Festival, Vivid Sydney and the Bathurst 1000.

    Events are a significant contributor to the NSW visitor economy. In 2023-24, events supported by the Destination NSW alone delivered $1 billion in visitor expenditure for the state. In classifying these events as foundation, we not only protect them but also ensure their ongoing contribution to the NSW visitor economy, support for local businesses and role as jobs creators.

    The new framework complements the NSW Government’s focus on experience tourism to keep visitors coming back to enjoy our iconic events time and again.

    The event framework recognises that foundation events contribute not just economically but to the cultural fabric and tradition of the state. For example, the NRL Grand Final should be assessed and supported differently to a travelling Premier League match due to its significance over many decades to NSW. 

    Beyond generating economic value through direct event visitation, the framework will assess the social contribution and community benefits, as well as social and cultural legacy of events.

    The event framework gives event organisers certainty, which allows them to innovate with programming, drives culture, connects communities and generates economic growth.

    Foundation Events will be assessed differently, and provided additional support –

    • Prioritised for a minimum 3-year Strategic Investment Agreement with Destination NSW (or 3 events for bi-annual events) with renewals negotiated one year prior to the last event. This gives events greater certainty and room to plan.
    • A more favourable regulatory environment will support events to maximise benefits for the community.
    • An event assessment approach which provides greater consideration of strategic, economic, marketing and brand, social and cultural benefits.

    Events included in the first round of Foundation Events

    • Bathurst 1000
    • Biennale of Sydney
    • Bluesfest
    • Broken Hill Mundi Mundi Bash
    • Deni Ute Muster
    • NRL Men’s & Women’s Grand Final
    • Parkes Elvis Festival
    • Sydney Festival
    • Sydney Fringe Festival
    • Sydney Gay and Lesbian Mardi Gras
    • SXSW Sydney
    • Tamworth Country Music Festival
    • TCS Sydney Marathon
    • Vivid Sydney

    This list will be reviewed periodically, and more events will be announced in the future.

    Minister for Arts, Tourism, Music and the Night-Time Economy, John Graham said:

    “We are building the calendar and investing for growth. These events light up the calendar, they have become part of who we are, and it’s time we give them the recognition and certainty they deserve.

    “The NSW calendar has an incredible line up of events, special times in our annual calendar that allow us to come together for iconic moments. The foundation events framework gives these festivals certainty so they can keep producing these important experiences for us all to share.

    “What these incredibly fun and unique events speak to, is government supporting local communities to play to their strengths and then tell their local story to the world. Locals know what works in their patch. We support them to do it!

    “The foundation events framework gives events certainty, which drives culture, connects communities and generates economic growth.”

    Background

    • The three new event categories
      • Foundation Events: Regular, recurring events that may grow in size and significance over time. These events are often essential to NSW’s identity and visitor economy.
      • Major Events: Large-scale events that bring in significant visitor economy and economic benefits. They could happen once or several times and have a major impact on an area.
      • Local Events: These events are typically smaller in scale and contribute to a local visitor economy and the community.
    • The stage process:
      • Step 1: Classify the event
      • Step 2: Assess the event based on criteria
      • Step 3: Make a recommendation and prioritise

    MIL OSI News –

    March 16, 2025

  • MIL-OSI Australia: Man arrested for causing bushfires in the Riverland

    Source: South Australia Police

    A man has been arrested for allegedly lighting several bushfires in the Riverland.

    At 11.15pm Saturday 15 March a fire was reported at Bookpurnong Road.

    At 3.15am on Sunday 16 March a fire was reported on Katarapko Island.

    At 6.15am three further fires were sighted at on Katarapko Island.

    Patrols were searching the area after a man was seen acting suspiciously in the area and jumping in and out of the river.

    PolAir assisted with the search and about 1.30pm, they located a man in the river, who was subsequently arrested.

    The 48-year-old man from Bookpurnong is expected to be charged with cause bush fire.

    He is undergoing a medical assessment and will appear in court at a date to be determined.

    Investigations are ongoing and further charges are expected.

    MIL OSI News –

    March 16, 2025

  • MIL-OSI New Zealand: Fatal crash following fleeing driver incident, Penrose

    Source: New Zealand Police (National News)

    Please attribute to Inspector Peter Raynes of Tāmaki Makaurau Police:

    One person has died, and two others have been critically injured, after a driver allegedly fled from Police and crashed early this afternoon.

    Shortly before 2pm, a Police vehicle sighted a car travelling at excess speed along Great South Road, Penrose, and signalled for it to stop.

    It failed to do so and instead fled, crashing with two other cars.

    The driver of the vehicle which allegedly failed to stop was transported to hospital in a critical condition.

    One person from one of the other vehicles died at the scene, while another was also critically injured.

    Another person was in moderate condition.

    The Serious Crash Unit is examining the scene, and the road remains closed.

    A Critical Incident Investigation has been launched and staff are working to establish the full circumstances surrounding the crash.

    We are also working to support those affected and their families, as well as our staff who were involved.

    Police have also referred this matter to the Independent Police Conduct Authority.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

    March 16, 2025

  • MIL-OSI China: African youth urged to leverage AfCFTA to access market, economic opportunities

    Source: China State Council Information Office

    African youth have been urged to leverage the African Continental Free Trade Area (AfCFTA) agreement to tap into broader continental market and economic opportunities.

    Experts and policymakers made the call on Saturday during a continental youth-themed meeting organized by the United Nations Economic Commission for Africa (UNECA) under the theme of “Making the African Continental Free Trade Area work for African young people: opportunities, challenges and the way forward,” at the UN Conference Center in the Ethiopian capital of Addis Ababa.

    Addressing the meeting, Executive Secretary of the UNECA Claver Gatete emphasized that the effective implementation of the continental free trade pact requires concerted efforts toward empowering Africa’s youth as the continent’s future, with 60 percent of Africa’s population under the age of 25.

    “We are in a situation where we are facing very serious challenges, and these challenges will continue and will be carried forward by you as young people. That is why empowering the young people becomes very important,” Gatete told African youth.

    The UNECA chief emphasized that in the face of a rapidly changing world, the African continent needs to urgently address socio-economic development challenges. He stressed the need to meaningfully engage the youth in key decision-making and development initiatives as a sustainable approach to addressing the challenges.

    “We are facing big challenges, where poverty levels are still very high as 476 million Africans are poor, 600 million Africans do not have electricity, and only 37 percent of Africans have access to the internet. This is not a good situation,” Gatete said.

    Highlighting the AfCFTA’s critical role in unlocking economic opportunities while also augmenting job creation, he urged African youth to harness the opportunities presented through the growing intra-African trade anchored by the AfCFTA.

    Experts, policymakers, and youth representatives at the meeting underscored that growth must create decent work, social inclusion, and poverty reduction, in which the AfCFTA injects the much-needed impetus.

    Ethiopian State Minister for Youth Affairs Muna Ahmed underscored that as Africa strives for the AfCFTA’s success, the continent needs to place the major aspirations and challenges of its burgeoning youth central to the free trade pact’s implementation process.

    “The AfCFTA presents a historic opportunity to unlock the immense potential of Africa’s young people by expanding access to markets, fostering innovation, and creating sustainable employment opportunities,” the state minister said.

    According to the AfCFTA Secretariat, trading under the AfCFTA has gained momentum, as 48 African countries have deposited their instruments of ratification to the African Union (AU).

    The AfCFTA envisaged transforming Africa into the world’s largest free trade area. When fully implemented, it is expected to create a single market for goods and services for about 1.4 billion people across Africa, with a combined gross domestic product of 3.4 trillion U.S. dollars, according to the AU.

    The meeting, which was held on the margins of the 57th session of the Conference of African Ministers of Finance, Planning and Economic Development, explored opportunities for African youth to leverage in the implementation of the AfCFTA. The meeting also deliberated on the development challenges affecting young Africans.

    MIL OSI China News –

    March 16, 2025
←Previous Page
1 … 641 642 643 644 645 … 1,007
Next Page→
NewzIntel.com

NewzIntel.com

MIL Open Source Intelligence

  • Blog
  • About
  • FAQs
  • Authors
  • Events
  • Shop
  • Patterns
  • Themes

Twenty Twenty-Five

Designed with WordPress