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Category: Finance

  • MIL-OSI United Kingdom: SLC announces new Glasgow apprenticeships during Scottish Apprenticeship Week

    Source: United Kingdom – Executive Government & Departments

    News story

    SLC announces new Glasgow apprenticeships during Scottish Apprenticeship Week

    SLC announces 12 new Glasgow apprenticeships during Scottish Apprenticeship Week

    To mark Scottish Apprenticeship Week (3-7 March), the Student Loans Company (SLC) has announced it is recruiting 12 new apprentices in Glasgow.

    Applications for the Student Finance Officer (SFO) Apprenticeships are now open, and successful candidates will be based in the Hillington office within the Customer Operations team.

    The 12–18-month programme will start on 30th June and is being delivered in conjunction with education provider, Babbington. Apprentices will work towards will work towards a SCQF level 6 in Business and Administration.

    SLC supports students across the UK to invest in their futures and unlock their potential by administering loans and grants to students in universities and colleges across the UK. The new SFO apprentices will be at the heart of this operation, supporting customers through their student finance journeys and helping to process around 1.5million applications each year.

    Jackie Currie, Executive Director of Customer Operations at SLC said: “It’s fantastic to be launching our latest apprentice search during Scottish Apprenticeship Week. The theme for the week is ‘Made for Business’ and I’m proud of the role that SLC plays in developing the talent of the future, through our apprenticeship programmes. 

    “I’m looking forward to welcoming our new apprentices to the Customer Operations Team this summer and would urge people across Glasgow and the surrounding area to apply. It’s a fantastic opportunity to work and gain experience within a large public sector organisation and achieve a recognised qualification at the same time.”

    SLC currently has 29 apprentices working across all areas of the organisation, with many former apprentices continuing to progress their careers with SLC after completing their qualification.

    For more information and to apply, please visit https://www.civil-service-careers.gov.uk/student-loans-company-hub/.

    Updates to this page

    Published 3 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: How to Make Money Easily in the Web3.0 Era? JA Mining Cloud Mining Reveals the Secret

    Source: GlobeNewswire (MIL-OSI)

    Warwick, England, March 03, 2025 (GLOBE NEWSWIRE) — JA MiningWith the advancement of blockchain technology, cloud mining has become a new hotspot attracting global investors. The JAmining platform offers a simple and efficient way to start mining cryptocurrency without the need to purchase expensive hardware or master complex technology, while earning substantial profits. The platform’s daily earnings can reach up to $35,000, attracting the attention of numerous investors.

    How to Start Cloud Mining with JAmining？

    Click to start making money

    JA Mining was founded in 2004 and is a global company headquartered in the UK. It is authorized and regulated by the UK government and conducts business legally and compliantly. It focuses on mainstream cryptocurrency cloud mining and has a reliable operating record and global influence.

    Platform reputation guarantee

    • · · JA Mining is a global company legally registered in the UK, authorized and regulated by the UK Financial Services Authority (FCA)
    • · · Has more than 100 global data centers located in Eastern Europe, North America, the Middle East and South America
    • · · Always abide by local laws and regulations to provide users with safe and stable services

     Here are the main advantages of JA Mining：

    1. Easy and quick start

    2. Top technology guarantee

    • · Use industry-leading hardware such as Bitmain and NVIDIA to ensure efficient mining performance
    • · The data center uses advanced cooling technology to ensure stable operation even under high load

    3. Environmentally friendly mining

    • · Use renewable energy such as solar and wind power to power data centers, reducing environmental impact while lowering operating costs

    4. Transparent with no hidden fees

    • · Only the contract deposit needs to be paid, which will be fully refunded after the contract expires
    • · No additional maintenance fees or hidden costs

    Flexible mining contract plan

    JA Mining offers a variety of flexible mining contracts suitable for both beginners and experienced investors. The following are some examples of plans：

    • · Basic Cloud Computing Plan： Invest $200, contract period 2 days, profit $214
    • · Classic Cloud Computing Plan： Invest $500, contract period 3 days, profit $527
    • · Advanced Cloud Computing Plans： Invest $1000, contract period 5 days, profit $1095.
    • · Super Cloud Computing Plan： Invest $5800, contract period 14 days, profit $7424

     After the contract ends, the investment principal will be automatically returned to the account, and the user can choose to continue investing or exit the platform

    Join JA Mining Now

    JA Mining is not only a cloud mining platform, but also an ideal choice for users to provide efficient and sustainable income sources. Whether you are a novice or a senior investor, you can find a low-risk, high-return solution that suits you here. Join JA Mining now, seize the wealth opportunities in the cryptocurrency era, start your passive income journey, and realize your dream of wealth freedom.

    Official Website： https://jamining.com/
    Contact Email： info-at-jamining.com

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining and staking involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI: Bitfarms Provides February 2025 Production and Operations Update  

    Source: GlobeNewswire (MIL-OSI)

    – Operational hashrate of 16.1 EH/s –
    – Acquisition of Stronghold Digital Mining & sale of Yguazu site on track for Q1 2025 close –
    -Appoints Craig Hibbard to SVP of Infrastructure-

    This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, March 03, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global Bitcoin and vertically integrated data center company, today issued its latest monthly production report. All financial references are in U.S. dollars.

    CEO Ben Gagnon stated, “We are on track to close our acquisition of Stronghold Digital Mining (“Stronghold”) following the recent successful shareholder vote which Stronghold shareholders voted overwhelmingly in support. Combined with the strategic sale of our 200 MW Yguazu, Paraguay data center, also on track for a Q1 2025 close, these accretive transactions will improve our energy portfolio and transform Bitfarms into a North American energy and compute infrastructure company with lower-cost energy and high-quality assets, suitable for both HPC/AI and Bitcoin mining.

    “In addition, I am thrilled to welcome our new SVP of Infrastructure, Craig Hibbard. Craig joins us from Mawson Infrastructure Group where he was Chief Development Officer. He has over 25 years of experience leading large-scale real estate development projects, including the recent rapid design and construction of over 200 MW of digital infrastructure for a U.S. firm specializing in digital assets and HPC/AI. Based in Pennsylvania, Craig will play a critical role in managing infrastructure development for our rapidly expanding PJM portfolio and advancing our HPC/AI business.”

    SVP of Global Mining Operations Alex Brammer said, “During February we grew our operational hashrate 6% to 16.1 EH/s and grew our average operational hashrate 20% to 13.4 EH/s, achieving new all-time highs in three out of four countries. This growth will continue as we deploy miners in the U.S. and Argentina and optimize performance across all of our data centers.”

    February 2025 Select Operating Highlights

    Key Performance Indicators February 2025 January 2025
    Total BTC earned 213 201
    Month End Operating EH/s 16.1 15.2
    BTC/Avg. EH/s 16 18
    Average Operating EH/s 13.4 11.2
    Energized Capacity (MW) 437 437
    Hydropower (MW) 256 256
    Watts/Terahash Efficiency (w/TH) 20 20
    BTC Sold 75 42
    • 16.1 EH/s operational at February 28, 2025, up 6% M/M.
    • 13.4 EH/s average operational, up 20% M/M.
    • 16 BTC/average EH/s, 11% lower M/M.
    • 213 BTC earned, 6% higher M/M.
    • 7.6 BTC earned daily on average, equal to ~$638,400 per day based on a BTC price of $84,000 at February 28, 2025.

    February 2025 Financial Update

    • Sold 75 of the 213 BTC earned as part of the Company’s regular treasury management practice for total proceeds of $6.5 million.
    • Added 108 BTC, bringing Treasury to 1,260 BTC, up from 1,152 BTC last month and representing $105.8 million based on the Bitcoin price of $84,000 at February 28, 2025. This includes the transfer of 30 BTC to a third party as collateral for active option contracts during the month.

    Upcoming Conferences and Events

    • March 12, 2025: Cantor Fitzgerald Global Technology Conference (NYC)
    • March 17-18, 2025: 37th Annual ROTH Conference (Dana Point, CA)

    About Bitfarms Ltd.

    Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that sells its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers.

    Bitfarms currently has 13 operating Bitcoin data centers, as well as hosting agreements with two data centers, in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    https://twitter.com/Bitfarms_io
    https://www.instagram.com/bitfarms/
    https://www.linkedin.com/company/bitfarms/

    Glossary of Terms

    • Y/Y or M/M= year over year or month over month
    • BTC or BTC/day = Bitcoin or Bitcoin per day
    • EH or EH/s = Exahash or exahash per second
    • MW or MWh = Megawatts or megawatt hour
    • GW or GWh= Gigawatts or gigawatt hour
    • w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
    • HPC/AI = High Performance Computing / Artificial Intelligence
    • Energized capacity= Power available
    • Operational capacity= Power and infrastructure being used for current operations
    • PJM= Pennsylvania- New Jersey- Maryland Interconnection LLC

    Forward-Looking Statements

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding projected growth, target hashrate, opportunities relating to the Company’s geographical diversification and expansion, the merits of the rebalancing operations to North America and projected growth, the North American energy and compute infrastructure strategy, deployment of miners as well as the timing therefor, closing of the Stronghold acquisition on a timely basis and on the terms as announced, the positive impact of the Stronghold acquisition and the ability to gain access to additional electrical power and grow hashrate of the Stronghold business, the sale of the Yguazu, Paraguay Site and the reinvestment of the proceeds of the sale for growth, opportunities relating to the potential of the Company’s data centers for HPC/AI, performance of the plants and equipment upgrades and the impact on operating capacity including the target hashrate and multi-year expansion capacity, the opportunities to leverage Bitfarms’ proven expertise to successfully enhance energy efficiency and hashrate, the benefits of diversification and other statements regarding future growth, plans and objectives of the Company are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the construction and operation of the Company’s facilities may not occur as currently planned, or at all; there is no guarantee that the Company will be able to complete the acquisition of Stronghold Digital Mining, Inc. or the sale of the Yguazu, Paraguay Site on the terms as announced, or at all; expansion may not materialize as currently anticipated, or at all; the anticipated merits of the HPC/AI strategy, the benefits and programs of the PJM deregulated market and the objectives of diversification in general may not be realized as planned; efforts to improve and optimize the performance of equipment may not be successful; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risk that a material weakness in internal control over financial reporting could result in a misstatement of the Company’s financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the restated MD&A for the year-ended December 31, 2023, filed on December 9, 2024. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by the Company. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law . Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Additional Information about the Stronghold Acquisition and Where to Find It

    This communication relates to a proposed merger between Stronghold and Bitfarms. In connection with the proposed merger, Bitfarms has filed the registration statement with the SEC. After the registration statement is declared effective, Stronghold will mail the proxy statement/prospectus to its shareholders. This communication is not a substitute for the registration statement, the proxy statement/prospectus or any other relevant documents Bitfarms and Stronghold has filed or will file with the SEC. Investors are urged to read the proxy statement/prospectus (including all amendments and supplements thereto) and other relevant documents filed with the SEC carefully and in their entirety if and when they become available because they will contain important information about the proposed merger and related matters.

    Investors may obtain free copies of the registration statement, the proxy statement/prospectus and other relevant documents filed by Bitfarms and Stronghold with the SEC, when they become available, through the website maintained by the SEC at www sec.gov. Copies of the documents may also be obtained for free from Bitfarms by contacting Bitfarms’ Investor Relations Department at investors@bitfarms.com and from Stronghold by contacting Stronghold’s Investor Relations Department at SDIG@gateway-grp.com.

    No Offer or Solicitation

    This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

    Participants in Solicitation Relating to the Stronghold Acquisition

    Bitfarms, Stronghold, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies from Stronghold’s shareholders in respect of the proposed merger. In connection with the proposed merger, Bitfarms has filed with the SEC a registration statement on Form F-4 on December 19, 2024, which includes a proxy statement of Stronghold that also constitutes a prospectus of Bitfarms. This communication may be deemed to be solicitation material in respect of the proposed merger. Additional information regarding the interests of such potential participants, including their respective interests by security holdings or otherwise, will be set forth in the proxy statement/prospectus and other relevant documents filed with the SEC in connection with the proposed merger if and when they become available. These documents are available free of charge on the SEC’s website and from Bitfarms using the sources indicated above.

    Investor Relations Contact:

    Bitfarms
    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contact: 

    Bitfarms
    Caroline Brady Baker 
    Director, Communications   
    cbaker@bitfarms.com 

    The MIL Network –

  • MIL-OSI: Montauk Renewables Schedules Full Year 2024 Conference Call for Thursday, March 13, 2025, at 8:30 a.m. ET

    Source: GlobeNewswire (MIL-OSI)

    PITTSBURGH, March 03, 2025 (GLOBE NEWSWIRE) — Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing in the management, recovery and conversion of biogas into renewable natural gas (“RNG”), will host a conference call and webcast on Thursday, March 13, 2025, at 8:30 a.m. Eastern time to discuss its financial results for the full year ended December 31, 2024. The Company will issue a press release reporting the financial results after the close of regular stock market trading hours on the day prior to the conference call and webcast.

    Full Year 2024 Conference Call and Webcast Details

    Date: Thursday, March 13, 2025
    Time: 8:30 a.m. ET
    Participant Access: [Link Here]
       

    Please register for the conference call and webcast using the above link in advance of the call start time. The webcast platform will register your name and organization as well as provide dial-in numbers and a unique access pin. Please contact Gateway Group at (949) 574-3860 if you experience technical difficulties.

    The conference call and webcast will have a live Q&A session and be available here and on the Company’s website at https://ir.montaukrenewables.com.

    A replay of the conference call and webcast will be available after 11:30 a.m. Eastern time on the same day through March 13, 2026.

    About Montauk Renewables, Inc.

    Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy company specializing in the management, recovery and conversion of biogas into RNG. The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, has more than 30 years of experience in the development, operation and management of landfill methane-fueled renewable energy projects. The Company has operations at 13 projects and ongoing development projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina, South Carolina, and Texas. The Company sells RNG and Renewable Electricity, taking advantage of Environmental Attribute premiums available under federal and state policies that incentivize their use. For more information, visit https://ir.montaukrenewables.com.

    Company Contact:

    John Ciroli
    Chief Legal Officer (CLO) & Secretary
    investors@montaukenergy.com
    (412) 747-8700

    Investor Relations Contact:

    Georg Venturatos
    Gateway Group
    MNTK@Gateway-grp.com
    (949) 574-3860

    The MIL Network –

  • MIL-OSI: CareCloud Reignites Acquisition Strategy with MesaBilling Acquisition

    Source: GlobeNewswire (MIL-OSI)

    SOMERSET, N.J., March 03, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology and AI-driven solutions, is back in acquisition mode— and ready to redefine the future of revenue cycle management.

    The Company today announced the successful acquisition of Mesa, LLC, d/b/a MesaBilling, marking its first deal in a renewed push for aggressive expansion. Finalized on February 28, 2025, this acquisition, though very small, sets the stage for a dynamic new era of strategic growth, reinforcing CareCloud’s position at the forefront of the healthcare billing industry.

    “Partnering with CareCloud presents an incredible opportunity for our clients to access a broader range of services and cutting-edge AI-powered technology,” said Marc Dobberstein, Managing Member of MesaBilling. “I have no doubt this collaboration will unlock significant value and drive even greater success for our clients.”

    CareCloud’s Co-CEO Stephen Snyder echoed this enthusiasm, “Strategic acquisitions have been a cornerstone of CareCloud’s success, and today, we’re reigniting that momentum. The healthcare industry is evolving at lightning speed, and we’re positioning CareCloud to lead the charge. This acquisition, though very modest in size, marks the beginning of what we envision as an exciting wave of strategic acquisitions, impactful partnerships, and unprecedented growth.”

    Between 2012 and 2022, CareCloud built an empire, executing more than 20 acquisitions and achieving a staggering >30% compound annual growth rate (CAGR). After a brief pause in deal-making since Q2 2021, the Company is now shifting back into high gear—starting with MesaBilling.

    CareCloud’s renewed focus on acquisitions comes at a time when medical practices are increasingly seeking streamlined, tech-enabled solutions for financial management. By leveraging its proprietary technology, including AI-powered revenue cycle management and automation tools, CareCloud plans to scale its platform to serve an even broader network of healthcare providers. 

    About CareCloud

    CareCloud brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at www.carecloud.com.

    To listen to video presentations by CareCloud’s management team, read recent press releases and view our latest investor presentation, please visit https://ir.carecloud.com/videos.

    Follow CareCloud on LinkedIn, X and Facebook.

    Forward-Looking Statements

    This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could,” “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “forecasts,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

    Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.

    These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

    The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    SOURCE CareCloud

    Company Contact:

    Norman Roth
    Interim Chief Financial Officer and Corporate Controller
    CareCloud, Inc.
    nroth@carecloud.com

    Investor Contact:

    Stephen Snyder
    Co-Chief Executive Officer
    CareCloud, Inc.
    ir@carecloud.com 

    The MIL Network –

  • MIL-OSI: eQ Plc has released the 2024 Annual Report and the Remuneration Policy for Governing Bodies

    Source: GlobeNewswire (MIL-OSI)

    eQ Plc Annual Financial Report

    3 March 2025, at 2:00 p.m.

    eQ Plc´s Annual Report, which includes the Report by the Board of Directors, the Financial Statements, the Corporate Governance Statement, the Remuneration Report for Governing Bodies and the Sustainability Report, is enclosed to this release and has also been published on eQ’s website www.eQ.fi.

    The Remuneration Report for Governing Bodies and the Corporate Governance Statement are also published as separate attachments to this release. eQ has also published as an attachment to this release an updated Remuneration Policy for Governing Bodies which will be handled in the Annual General Meeting of 25 March 2025.

    eQ publishes the Financial Statement in accordance with European Single Electronic Format (ESEF) reporting requirements with the format of the report being Extensible Hypertext Markup Language (xHTML). In line with the ESEF requirements, the consolidated financial statement has been labelled with XBRL tags. The audit firm KPMG Oy Ab has provided an independent auditor’s reasonable assurance report on ESEF financial statement. 

    Annual Report is enclosed to this release in PDF-format.

    Helsinki 3 March 2025

    eQ Plc

    Additional information:
    Antti Lyytikäinen, CFO, tel. +358 9 6817 8741

    Distribution: Nasdaq Helsinki, www.eQ.fi

    eQ Group is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and individuals. The assets managed by the Group total approximately EUR 13.4 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets.

    More information about the Group is available on our website at www.eQ.fi.

    Attachments

    The MIL Network –

  • MIL-OSI: Hyperscale Data, Inc. Announces Preliminary 2024 Results: $108.8 Million in Revenue, $150.3 Million Pro Forma with Giga-tronics

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, March 03, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today reported preliminary unaudited financial results for the year ended December 31, 2024, reflecting significant revenue contributions from its two primary subsidiaries, (i) Sentinum, Inc. (“Sentinum”), whose subsidiary, Alliance Cloud Services, LLC (“ACS”) owns the Michigan data center (the “Data Center”), which is focused on high-performance computing (“HPC”) services powering artificial intelligence (“AI”) infrastructure and (ii) Ault Capital Group, Inc. (“ACG”), which operates as a hybrid private equity firm. The Company also reaffirmed its commitment to transforming into a pure-play AI data center operator by the end of 2025.

    2024 Unaudited Preliminary Financial Highlights:

    • Total revenue: $108.8 million;
    • Pro forma revenue (including Giga-tronics defense unit): $150.4 million;
    • Sentinum revenue: $30.6 million from crypto mining and $0.9 million from real estate leases;
    • ACG revenue: $77.3 million across energy, fintech, hotels and technology investments; and
    • Giga-tronics defense unit (deconsolidated and discontinued operations): $41.6 million in revenue.

    Giga-tronics

    On August 14, 2024, Giga-tronics, Inc. (“Giga-tronics”), filed a petition for reorganization under Chapter 11 of the bankruptcy laws. The filing placed Giga-tronics under the control of the bankruptcy court, which oversees its reorganization and restructuring process. Prior to the bankruptcy, Hyperscale Data consolidated Giga-tronics as a majority owned subsidiary. The Company assessed the inherent uncertainties associated with the outcome of the Chapter 11 reorganization process and the anticipated duration thereof and concluded that it was appropriate to deconsolidate Giga-tronics and its subsidiaries effective on the petition date. Based on the latest restructuring plans submitted to the bankruptcy court, the Company anticipates that it will regain control of Giga-tronics upon successful completion of the plan. If successful, the Company would again consolidate Giga-tronics in its financial statements. There can be no assurances that the restructuring plan will be successful or that the Company will regain control of Giga-tronics.

    Strategic Growth in AI Data Centers

    Hyperscale Data is working to rapidly advance its AI Data Center. The 34.5-acre facility, including 617,000 square feet of infrastructure, is designed to support HPC and AI applications at scale. The Company recently announced several initiatives and agreements in principle, which if successful, would enable ACS to increase its power capacity at the Data Center from approximately 30 megawatts (“MW”) to approximately 340 MW.

    Corporate Transformation: Moving Toward an AI-Focused Future

    As previously announced, Hyperscale Data plans to divest itself of ACG by December 31, 2025. Post-separation, Hyperscale Data will operate exclusively as an HPC and AI data center company, led by Chief Executive Officer William B. Horne, President and General Counsel Henry Nisser, and Chief Financial Officer Kenneth S. Cragun.

    William B. Horne, Chief Executive Officer of Hyperscale Data, commented, “The separation of Hyperscale Data and ACG marks a pivotal moment for our company and its stockholders. By focusing solely on AI-driven infrastructure, we believe Hyperscale Data will unlock tremendous value. The Data Center is a cornerstone of this transformation, and we expect it to position us at the forefront of the AI revolution. With this transition, we are confident in our ability to drive long-term growth and create a compelling opportunity for our investors.”

    The completion of the power upgrades is subject to a number of risks and uncertainties, one or more which could result in the project being curtailed, delayed or terminated, including, but not limited to: failure to agree upon terms and execute definitive agreements; the inability of the Company to raise sufficient funds to pay for the power upgrades; failure to obtain regulatory consents and approvals; the inability to obtain sufficient easements, rights-of-way and land rights necessary to the work to be performed, and other presently unforeseen events or conditions.

    For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

    About Hyperscale Data, Inc.

    Through its wholly owned subsidiaries, Hyperscale Data owns and operates the Data Center at which it mines digital assets and offers colocation and hosting services for the emerging AI ecosystems and other industries. Hyperscale Data’s subsidiary, ACG, is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.

    Hyperscale Data intends to completely divest itself of ACG on or about December 31, 2025, at which time, it would solely be an owner and operator of data centers to support HPC services. Until that happens, the Company provides, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

    Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.hyperscaledata.com.

    Hyperscale Data Investor Contact:
    IR@hyperscaledata.com or 1-888-753-2235

    The MIL Network –

  • MIL-OSI: Hut 8 Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fortified balance sheet, optimized operations, disciplined growth initiatives, and strategic hires set foundation for 2025

    12,300 MW development pipeline with 2,800 MW under exclusivity as of December 31, 2024

    Earnings Release Highlights

    • Full year 2024 revenue of $162.4 million, net income of $331.4 million, and Adjusted EBITDA of $555.7 million.
    • Fourth quarter 2024 energy cost per megawatt-hour (“MWh”) of $31.63, a 30% decrease from the fourth quarter of 2023.
    • Total energy capacity under management of 1,020 megawatts (“MW”) as of December 31, 2024.
    • 12,300 MW development pipeline with 2,800 MW of capacity under exclusivity as of December 31, 2024.
    • Strategic Bitcoin reserve of 10,171 Bitcoin with a market value of $949.5 million as of December 31, 2024.

    MIAMI, March 03, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced its financial results for the fourth quarter and full year of 2024.

    “In 2024, we delivered on our commitment to operational excellence and bottom-line economics, setting the foundation for disciplined growth in 2025,” said Asher Genoot, CEO of Hut 8. “In the fourth quarter, we fortified our capital strategy and balance sheet—converting our Anchorage loan to equity, launching ATM and stock repurchase programs, and expanding our strategic Bitcoin reserve. Today, we operate from a position of strength as we focus on advancing our 12.3-gigawatt development pipeline.”

    “We believe our platform model will enable us to strategically allocate capital as we aim to optimize returns, mitigate sector-specific volatility, accelerate speed to market, and deliver innovation at every stage of the development value chain. To align our reporting structure with this model as we enter this next phase of growth, we have realigned our operating segments around the three layers of our platform: Power, Digital Infrastructure, and Compute, as reflected in our results.”

    “Looking ahead, we believe our application-agnostic approach to digital infrastructure development and experience in greenfield development will reinforce a structural advantage over peers reliant on single-market exposure or more complex commercialization models. Together with our robust development pipeline and strengthened team, we believe we are well-positioned to meet the continued and rising demand for energy capacity from applications like AI while building a platform positioned to fuel the world’s most transformative technologies for decades to come.”

    2024 Highlights

    Power

    • Generated $56.6 million in full-year revenue, consisting of revenue from Power Generation and Managed Services.
    • Secured Vega, a 205 MW behind-the-meter site in Texas, which is expected to be energized in Q2 2025, less than one year after acquisition, through the Company’s greenfield development capabilities, which enables rapid deployment low-cost Bitcoin mining infrastructure.
    • Advanced three large-scale AI data center development projects, which, if secured, would collectively add over 430 MW of capacity. After the quarter, Hut 8 secured 592 acres of land for its River Bend campus, a project from this subset of its development pipeline.

    Digital Infrastructure

    • Generated $17.5 million in full-year revenue, consisting of revenue from CPU Colocation and ASIC Colocation services.
    • Completed the greenfield development and energization of Salt Creek, a 63 MW Bitcoin mining facility, just over three months after breaking ground for an all-in cost of approximately $240,000 per MW.
    • Developed custom data center architecture for Bitcoin mining ASIC compute. Set for deployment at Vega, the architecture enables rack-based ASIC compute utilizing a custom-designed direct-to-chip (“DTC”) liquid cooling system at densities of up to 180 kilowatts per rack, helping bridge the gap to traditional HPC architecture.
    • Secured a major colocation contract with BITMAIN Technologies Ltd. (“BITMAIN”), the world’s leading manufacturer of digital currency mining servers. The ASIC colocation contract is expected to generate ~$125 million in annualized revenue upon full ramp and includes a purchase option at Hut 8’s discretion for the full ~15 exahash-per-second (“EH/s”) deployment.

    Compute

    • Generated $80.7 million in full-year revenue, consisting of revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations.
    • Partnered with BITMAIN to develop and launch a next-generation ASIC miner. The U3S21EXPH will be the first model mass-commercialized by BITMAIN with DTC cooling within a U form factor.
    • Launched Highrise AI, Inc. (“Highrise”), a wholly-owned subsidiary providing GPU-as-a-Service through an initial five-year customer agreement with an AI cloud services provider. Hut 8 intends to leverage operational data and insights from Highrise to optimize the design, development, and operations of its digital infrastructure as it expands into AI data center development.
    • Executed a purchase agreement for BITMAIN Antminer S21+ miners for the Company’s initial ASIC fleet upgrade, which is expected to increase self-mining hashrate to ~10.3 EH/s while driving average fleet efficiency down to 20.5 joules per terahash (“J/TH”). If the Company were to execute its purchase option under the aforementioned BITMAIN colocation agreement, it anticipates total self-mining hashrate of ~25.1 EH/s with average fleet efficiency of 16.0 J/TH.

    Operations

    • Appointed Asher Genoot as CEO on February 7, 2024.
    • Executed a comprehensive restructuring program to strengthen bottom-line economics, delivering a ~30% reduction in energy cost per MWh and an approximately eight-point increase in gross margin per Bitcoin mined from Q4 2023 to Q4 2024.
    • Expanded team with strategic hires, including Sean Glennan as CFO and Victor Semah as CLO.

    Capital Strategy and Balance Sheet

    • Closed a $150 million strategic investment from Coatue to partner in building AI infrastructure.
    • Converted our $37.9 million Anchorage Digital loan balance to shares of our common stock at a 51% premium to the 20-Day VWAP through the day prior to the signing of the Debt Repayment Agreement.
    • Launched a $500 million ATM program and a $250 million stock repurchase program.
    • Surpassed 10,000 Bitcoin held in reserve with the purchase of approximately 990 Bitcoin, of which 968 were pledged as collateral to BITMAIN as part of an innovative financing model for the purchase of Antminer S21+ miners for our initial fleet upgrade.

    Key Performance Indicators

      Three Months Ended December 31,   Twelve Months Ended December 31,
      2024   2023   2024   2023
    Cost to mine a Bitcoin (excluding hosted facilities)(1)   $ 37,958   $ 17,171   $ 27,959   $ 13,198
    Cost to mine a Bitcoin(2) $ 37,958   $ 20,051   $ 28,161   $ 16,570
    Weighted average revenue per Bitcoin mined(3) $ 82,412   $ 37,313   $ 60,834   $ 29,913
    Bitcoin mined(4)   236     852     1,466     2,789
    Energy cost per MWh $ 31.63   $ 45.47   $ 32.52   $ 40.80
    Hosting cost per MWh $ N/A   $ 65.84   $ 68.72   $ 62.57
    Energy capacity under management (mining)(5)   665 MW     839 MW     665 MW     839 MW
    Total energy capacity under management(6)   1,020 MW     842 MW     1,020 MW     842 MW
    Number of Bitcoin in strategic reserve(7)   10,171     9,195     10,171     9,195
    (1) Cost to mine a Bitcoin (excluding hosted facilities) is equivalent to the all-in electricity cost to mine a Bitcoin at owned facilities and includes our net share of the King Mountain JV.
    (2) Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (3) Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (4) Bitcoin mined includes our net share of the King Mountain JV. Bitcoin mined excluding our net share of the King Mountain JV was 190 and 690 for the three months ended December 31, 2024 and 2023, respectively. Bitcoin mined excluding our net share of the King Mountain JV was 1,184 and 2,138 for the twelve months ended December 31, 2024 and 2023, respectively.
    (5) Energy capacity under management (mining) represents the total power capacity related to Bitcoin mining infrastructure, including self-mining sites, colocation agreements, and managed services agreements.
    (6) Total energy capacity under management includes (i) energy capacity under management (mining) and (ii) all energy-related assets including power generation, non-operational sites, and traditional data centers.
    (7) Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, and pledged for a miner purchase under an agreement with BITMAIN.
       

    Select Fourth Quarter 2024 Financial Results

    U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) and Hut 8 Mining Corp. completed an all-stock merger of equals (the “Business Combination”) on November 30, 2023. USBTC was deemed the accounting acquirer in the transaction and, as a result, the historical figures in the Company’s income statement for the three months ended December 31, 2023 reflect two months of USBTC’s standalone performance and one month of the combined company’s performance. Results for the three months ended December 31, 2024 reflect the performance of the combined company. All financial results are reported in US dollars.

    Revenue for the three months ended December 31, 2024 was $31.7 million compared to $38.9 million in the prior year period, and consisted of $9.9 million in Power revenue, $2.5 million in Digital Infrastructure revenue, $19.2 million in Compute revenue, and $0.1 million in Other revenue. Other consists primarily of equipment sales and repairs.

    Net income for the three months ended December 31, 2024 was $152.0 million compared to $10.6 million for the prior year period. This included gain on digital assets of $308.2 million and $32.8 million for the three months ended December 31, 2024 and 2023, respectively.

    Adjusted EBITDA for the three months ended December 31, 2024 was $310.6 million compared to $48.6 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    Select Full Year 2024 Financial Results

    As a result of the Business Combination, the historical figures in the Company’s income statement for the twelve months ended December 31, 2023 reflect eleven months of USBTC’s standalone performance and one month of the combined company’s performance. Results for the twelve months ended December 31, 2024 reflect the performance of the combined company. With respect to the balance sheet, the ending balance for year-end 2024 is being compared to year-end 2023, both of which reflect the combined company’s performance.

    Revenue for the twelve months ended December 31, 2024 was $162.4 million compared to $96.0 million in the prior year, and consisted of $56.6 million in Power revenue, $17.5 million in Digital Infrastructure revenue, $80.7 million in Compute revenue, and $7.6 million in Other revenue. Other consists primarily of equipment sales and repairs.

    Net income for the twelve months ended December 31, 2024 was $331.4 million compared to $21.9 million for the prior year period. This included gain on digital assets of $509.3 million and $32.6 million for the twelve months ended December 31, 2024 and 2023, respectively.

    Adjusted EBITDA for the twelve months ended December 31, 2024 was $555.7 million compared to $85.7 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    Conference Call

    The Hut 8 Corp. Full-Year 2024 Conference Call will commence today, Monday, March 5, 2025, at 8:30 a.m. ET today. Investors can join the live webcast here.

    Supplemental Materials and Upcoming Communications

    The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

    Analyst Coverage

    A full list of Hut 8 Corp. analyst coverage can be found at https://hut8.com/investors/analyst-coverage/.

    Upcoming Conferences & Events

    • March 11–12, 2025: Cantor Crypto, Digital Assets & AI Infrastructure Conference, Miami
    • March 16–18, 2025: 37th Annual ROTH Conference, Dana Point
    • March 25–27, 2025: Mining Disrupt, Fort Lauderdale
    • April 7–8, 2025: Jones Healthcare and Technology Innovation Conference, Las Vegas
    • May 13–15, 2025: J.P. Morgan Global Technology, Media and Communications Conference, Boston
    • May 19–20, 2025: Barclays 15th Annual Emerging Payments and FinTech Forum, New York

    About Hut 8

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-potential computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company’s foundation for disciplined growth; its position of strength; its development pipeline, including the three large-scale AI data center development projects and the expected capacity assuming these projects are secured; its platform model; its ability to strategically allocate capital; its goal of optimizing returns, mitigating sector volatility, accelerating speed to market, and delivering innovation across the development value chain; its next phase of growth; its structural advantage over peers; its ability to meet demand for energy capacity; its expected energization of Vega, including the expected timing and site capabilities; its colocation contract with BITMAIN, including the anticipated revenue and expected hashrate and average fleet efficiency improvements if the Company executes its purchase option under the agreement; the commercialization of the U3S21EXPH miner from BITMAIN, including the expected timing and miner capabilities; the initial Highrise customer agreement; the operational data and insights derived from Highrise for the Company’s planned expansion into AI data center development; its expected ASIC fleet upgrade, including the expected timing and anticipated hashrate and average fleet efficiency improvements; and the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

    Adjusted EBITDA

    In addition to results determined in accordance with GAAP, Hut 8 relies on Adjusted EBITDA to evaluate its business, measure its performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net income (loss), adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, gain on debt extinguishment, gain on derivatives, gain on bargain purchase, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gains or losses, the removal of non-recurring transactions, impairment on assets, gain or loss on sale of property and equipment, loss from discontinued operations, net loss attributable to non-controlling interests, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons the Company’s board of directors and management team consider them appropriate for supplemental analysis.

    The Company’s board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period.
    Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company’s definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

     
    Hut 8 Corp. and Subsidiaries
    Consolidated Statements of Operations and Comprehensive Income (Loss)
    (Unaudited, in USD thousands, except share and per share data)
     
      Three Months Ended   Twelve Months Ended
          December 31,       December 31,
      December 31,   2023   December 31,   2023
    (in USD thousands) 2024      (Unaudited)      2024      (Unaudited)
    Revenue:                      
    Power $ 9,949     $ 7,818     $ 56,602     $ 22,794  
    Digital Infrastructure   2,520       4,455       17,482       8,291  
    Compute   19,159       26,519       80,701       64,851  
    Other   66       110       7,600       110  
    Total revenue   31,694       38,902       162,385       96,046  
                           
    Cost of revenue (exclusive of depreciation and amortization shown below):                  
    Cost of revenue – Power   7,465       1,944       21,538       7,263  
    Cost of revenue – Digital Infrastructure   2,929       3,048       15,556       4,321  
    Cost of revenue – Compute   9,781       15,764       44,977       42,592  
    Cost of revenue – Other   138       20       4,584       18  
    Total cost of revenue   20,313       20,776       86,655       54,194  
                           
    Operating (income) expenses:                      
    Depreciation and amortization   14,308       6,134       47,773       17,537  
    General and administrative expenses   18,844       33,380       72,917       49,133  
    Gains on digital assets   (308,157 )     (32,811 )     (509,337 )     (32,626 )
    Loss (gain) on sale of property and equipment   —       443       (634 )     888  
    Realized gain on sale of digital assets   —       —       —       (2,376 )
    Impairment of digital assets   —       —       —       1,431  
    Impairment – other   4,472       —       4,472       —  
    Legal settlement   —       —       —       (1,531 )
    Total operating (income) expenses   (270,533 )     7,146       (384,809 )     32,456  
    Operating income (loss)   281,914       10,980       460,539       9,396  
                           
    Other (expense) income:                      
    Foreign exchange (loss) gain   (4,042 )     1,002       (5,000 )     1,002  
    Interest expense   (9,563 )     (5,980 )     (29,794 )     (24,933 )
    Gain on debt extinguishment   —       —       5,966       23,683  
    (Loss) gain on derivatives   (13,143 )     —       6,780       —  
    Gain on bargain purchase   3,060       —       3,060       —  
    Equity in earnings of unconsolidated joint venture   1,902       4,098       10,359       12,815  
    Total other (expense) income   (21,768 )     (880 )     (8,629 )     12,567  
                           
    Income from continuing operations before taxes   260,146       10,100       451,910       21,963  
                           
    Income tax (provision) benefit   (110,482 )     482       (113,457 )     (190 )
                           
    Net income from continuing operations $ 149,664     $ 10,582     $ 338,453     $ 21,773  
                           
    Income (Loss) from discontinued operations   2,320             (7,044 )     77  
                           
    Net income   151,984       10,582       331,409       21,850  
    Less: Net loss attributable to non-controlling interests   241       —       473       —  
    Net income attributable to Hut 8 Corp. $ 152,225     $ 10,582     $ 331,882     $ 21,850  
                           
    Net income $ 151,984     $ 10,582     $ 331,409     $ 21,850  
    Other comprehensive loss:                      
    Foreign currency translation adjustments   (46,011 )     10,761       (56,390 )     10,761  
    Total comprehensive income   105,973       21,343       275,019       32,611  
    Less: Comprehensive loss attributable to non-controlling interest 387       —       549       —  
    Comprehensive income attributable to Hut 8 Corp. $ 106,360     $ 21,343     $ 275,568     $ 32,611  


    Adjusted EBITDA Reconciliation

      Three Months Ended   Twelve Months Ended
      December 31,   December 31,      December 31,   December 31,
    (in USD thousands) 2024      2023   2024      2023
    Net income $ 151,984     $ 10,582     $ 331,409     $ 21,850  
    Interest expense   9,563       5,980       29,794       24,933  
    Income tax provision (benefit)   110,482       (482 )     113,457       190  
    Depreciation and amortization   14,308       6,134       47,773       17,537  
    Gain on debt extinguishment   —       —       (5,966 )     (23,683 )
    Loss (gain) on derivatives   13,143       —       (6,780 )     —  
    Gain on bargain purchase   (3,060 )     —       (3,060 )     —  
    Share of unconsolidated joint venture depreciation and amortization (1)   3,120       2,887       21,792       21,016  
    Foreign exchange loss (gain)   4,024       (1,002 )     5,000       (1,002 )
    Loss (gain) on sale of property and equipment   —       443       (634 )     888  
    Non-recurring transactions (2)   327       12,044       (9,882 )     10,513  
    Impairment – other   4,472       —       4,472       —  
    (Income) loss from discontinued operations   (2,320 )     77       7,044       (77 )
    Net loss attributable to non-controlling interests   241       —       473       —  
    Stock-based compensation expense   4,342       11,912       20,783       13,563  
    Adjusted EBITDA $ 310,626     $ 48,575     $ 555,675     $ 85,728  
    (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 10. Investment in unconsolidated joint venture of the Consolidated Financial Statements for further detail.
    (2) Non-recurring transactions for the three months ended December 31, 2024 represent approximately $0.2 million of restructuring costs and $0.1M of Far North related costs. Non-recurring transactions for the three months ended December 31, 2023 represent approximately $9.6 million related to a sales tax accrual and $2.4 million of transaction costs related to the Business Combination. Non-recurring transactions for the twelve months ended December 31, 2024 represent approximately $4.0 million of restructuring costs and $1.9 million related to the Far North transaction costs, offset by a $13.5 million contract termination fee received from MARA, and a $2.2 million tax refund. Non-recurring transactions for the twelve months ended December 31, 2023 represent approximately $9.6 million related to a sales tax accrual and $2.4 million of transaction costs related to the Business Combination, partially offset by a gain from a legal settlement of $1.5 million.
       

    Contacts

    Hut 8 Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Media Relations
    media@hut8.com

    The MIL Network –

  • MIL-OSI: Apollo to Present at the 2025 RBC Financial Services Conference

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Jim Zelter, President of Apollo Global Management, will participate in a keynote panel discussion focused on private markets at the RBC Financial Services Conference on Wednesday, March 5, 2025 at 12:20 pm ET.

    A live webcast of the event will be available on Apollo’s Investor Relations website at ir.apollo.com. For those unable to join live, a replay will be available shortly after the event.

    About Apollo

    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

    Contacts

    Noah Gunn
    Global Head of Investor Relations
    Apollo Global Management, Inc.
    (212) 822-0540
    IR@apollo.com 

    Joanna Rose
    Global Head of Corporate Communications
    Apollo Global Management, Inc.
    (212) 822-0491
    Communications@apollo.com 

    The MIL Network –

  • MIL-OSI United Kingdom: Investigators help ensure jail time for former Brookside actor

    Source: City of York

    A total of 23 years in prison for a former Brookside actor and his associates has been awarded this afternoon.

    Former Brookside actor Philip Foster and 8 associates have today (28 February 2025) been sentenced for their part in a £13.6 million fraud that ran for over 8 years.

    The sentences handed down at Sheffield Crown Court today are the result of an over 6-year investigation by National Trading Standards, whose work uncovered an extensive network of sham modelling agencies that cruelly exploited the dreams of aspiring young models and their parents.

    Foster was the ringleader of the operation. He orchestrated the fraud from Spain, using a network of associates based in England who operated a string of sham modelling agencies and photography studios in cities across the country, including London, Manchester, Leeds, Bristol, Coventry, and Nottingham.

    More than 6,000 victims were deceived by the group – mainly young people and mothers – who ended up parting with substantial amounts of money under the false promise of securing paid modelling work.

    The fraud worked by setting up a photographic studio in the area and running a social media advertising campaign. People who responded were given the false impression that a model agency was interested in them, with emails telling them they had potential. Victims were then invited to a ‘free’ test shoot at the photographic studio, which turned out to be a ruse to try to extort money out of them.

    At the test shoot, victims were given a studio experience, handed glossy brochures and told how successful other people had been. They would then be told that they passed their studio test and that modelling agencies were interested, but they needed to purchase their portfolio photographs from the studio in order to join an agency and become an agency model.

    Victims were duped by the group who, between them, gave a good impression of running successful model businesses and lied to them about their potential. Millions of pounds were taken from aspiring models, with some coerced into financing the upfront payment through credit deals arranged by the fraudsters or taking out expensive payday loans.

    Instead, victims received poor quality digital photographs that stood no real chance of landing them professional jobs. Virtually none of the victims received any paid modelling work.

    The sham agencies were often dissolved after short periods, rebranded repeatedly to avoid detection, and paid no tax. Money from the scam was laundered through UK bank accounts before being transferred to Spain or carried in cash on commercial flights by co-conspirators.

    The investigation traced substantial sums to Foster, who lived in luxury abroad and purchased high-end watches and cars with the proceeds of the fraud. The investigation heard how many victims, left financially and emotionally devastated, described feeling humiliated and betrayed. Some experienced lasting distress that affected their confidence, wellbeing and their ability to trust others.

    The sentences, which were handed down today in the absence of Philip Foster, who is currently living in Spain, are as follows:

    • Philip Foster, aged 49, Edificio Marina Mariola, Marbella, Spain, sentenced to 8.5 years for conspiracies to defraud
    • Michael Foster, aged 27, Snowdon Lane, Liverpool, sentenced to 3.5 years for conspiracy to defraud
    • Paul Evans, aged 39, no known address, sentenced to 3.5 years for offences related to money laundering
    • Jamie Peters, aged 52, Pentland Place, Warrington, sentenced to 24 months, suspended for 2 years, for conspiracy to defraud
    • Lisa Foster, aged 42, Manchester Road, Astley, sentenced to 18 months, suspended for 12 months, for conspiracy to defraud
    • Emily Newall, aged 29, Bolton Road, Kearsley, Greater Manchester, sentenced to 10 months, suspended for 12 months, for conspiracy to defraud
    • Atif Qadar, aged 44, Larkswood Drive, Crowthorne, sentenced to 12 months, suspended for 12 months, for conspiracy to defraud
    • Paul Fleury, aged 57, Manchester Road, Swinton, Manchester, sentenced to 18 months, suspended for 12 months, for conspiracy to defraud
    • Aslihan Foster aged 39, Tredington Road, Coventry, sentenced to 18 months, suspended for 12 months, for an offence related to money laundering

    Today’s sentencing follows over 6 years of investigative work by the National Trading Standards eCrime Team, hosted by North Yorkshire Council and City of York Council, including forensic analysis of financial transactions, thousands of consumer complaints, and witness testimony from victims. The team was supported by the National Trading Standards South West Regional Investigations Team, hosted by Bristol City Council.

    Judge Dixon, said: 

    The business worked on the basis of greed taking what they could where they could. Some people were so convinced by the level of deception that they took out payday loans, which gives a clear indication as to how manipulative and cynical the fraud was. It was horrible, despicable, dishonest behaviour and every single one of you deserves to go to prison. 

    “The officers have carried out an exceptional job to bring these defendants to justice. It was not straightforward or easy. This investigation was conducted with particular skill.  A commendation should be made on the basis of the skill deployed.”

    Lord Bichard, Chair of the National Trading Standards, said:

    Foster’s cruel exploits left thousands of victims in serious debt, causing lasting emotional distress and significant financial pressures.

    “Today’s sentences are an important reminder to would-be criminals that Trading Standards officers across the country are determined to clamp down on fraud, protecting victims and bringing criminals to justice.

    “I would encourage anyone who has been a victim of similar scams to report it to the Citizens Advice Consumer Service on 0808 223 1133.”

    Councillor Jenny Kent, Executive Member with responsibility for Trading Standards at City of York Council, said:

    Today’s sentencing follows years of highly effective trading standards investigative work. Mr Foster and his associates made millions by exploiting the hopes of young people, leaving a trail of broken dreams and financial hardship. I urge everyone to question any modelling contract which demands money up front, and hope that the young people and families affected can now move on to a brighter future, whichever path they choose.”

    North Yorkshire Council’s executive member Councillor Greg White, whose responsibilities include Trading Standards, said:

    Foster and his fellow scammers cruelly exploited young hopefuls trying to break into one of the most competitive industries. In some cases, parents borrowed money or sacrificed savings, believing they were investing in their children’s futures.

    “I urge anyone searching online for modelling opportunities to remember that legitimate agencies don’t ask for money upfront, it’s often only scam agencies who push expensive photoshoots as a pre-requisite to getting work.”

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Development Asia: Harnessing Youth and Infrastructure for Timor-Leste’s Sustainable Future

    Source: Asia Development Bank

    Timor-Leste presents a unique mix of strengths and weaknesses that shape its development trajectory.

    Youth and labor supply. The country’s youthful population is part of its strength, with a median age of 20.7 years and 64.6% of its citizens under 30. By 2037, the labor forces is expected to grow by 34.8% compared to the 2022 population. Depending on various population growth scenarios, the labor force will increase by at least 26% to 27% over the next 15 years based on the latest population census (Figure 1). This increase in the working-age labor force presents a significant opportunity to boost employment prospects and sustain higher economic growth.

    Figure 1: Supply of Labor Force

    Source: The National Institute of Statistics (INETL). 2023. Timor-Leste Population and Housing Census 2022; Author’s estimate.

    Strategic location and vibrant democracy. Geographically situated in Southeast Asia, Timor-Leste holds a strategic position at the intersection of key sea lines in the Indo-Pacific region—giving it an advantage in terms of regional investments, maritime trade, and security. Benefitted from a robust electoral process, pluralism, and civil liberties, Timor-Leste is ranked 45th out of 167 countries in the 2023 Democracy Index, surpassing the average indices of the Association of Southeast Asian Nations (ASEAN), Asia and the Pacific, and the world (Figure 2).

    Figure 2: Democracy Index

    Source: The Economist Intelligence Unit (EIU). 2024. Democracy Index 2023-Age of Conflict.

    Resource endowment and savings. The country boasts significant oil and gas reserves in the Timor Sea, especially in the Greater Sunrise gas and condensate field. In 2005, it established a petroleum fund as a sovereign wealth fund, primarily sourced from petroleum revenues from the Bayu-Undan field and investment income from the petroleum fund. By the end of 2024, the petroleum fund’s balance has reached nearly $18.3 billion, exceeding the non-petroleum gross domestic product (GDP) by more than tenfold (Figure 3).

    Figure 3: The Petroleum Fund

    Source: The Central Bank of Timor-Leste (BCTL). 2024. The Petroleum Fund Reports; Author’s estimate.

    High poverty and food and nutrition insecurity. Despite its strengths, Timor-Leste faces significant challenges with poverty and food insecurity. Issues—such as poverty rate standing at 41.8% based on the national poverty line and 48.3% when measured using the multidimensional poverty, over 62.5% of the population experiencing food insecurity, 42% of households dealing with acute food insecurity, and half of the children under five years old are stunted—represent major barriers to development. Malnutrition, reduced cognitive development, impaired learning ability, and low productivity have limited human capital development.

    Narrow economic base and high dependence on the petroleum fund. The economy remains undiversified and highly susceptible to domestic and external shocks, including disasters from natural hazards and trade fluctuations. GDP growth has been low and volatile, heavily reliant on public expenditures and the petroleum fund, projected to be depleted by 2035 based on current spending. From 2009 to 2023, the average annual real GDP growth was 2.9%, but it decelerated to just 1% over the past decade, highly correlated with the growth in budget expenditure and withdrawals from the petroleum fund (Figure 4).[1]

    Figure 4: GDP Growth and Public Spending

    Source: Ministry of Finance of Timor-Leste. 2009-2024. Budget Transparency Portal; Author’s estimate.

    Lack of competitiveness and budget deficit. The high cost of doing business stems from challenges related to connectivity, land title issues, limited electricity and clean water supply, and low labor productivity—contributing to lack of competitiveness. The underdeveloped private sector contributes to a low domestic revenue base, averaging only 12.3% over the past 15 years. In contrast, total spending has been exceedingly high, averaging 90.5% of GDP. This imbalance has resulted in a significant government budget deficit, averaging 35.4% of GDP over the same period, primarily financed through persistent and excessive withdrawals from the petroleum fund (Figure 5).[2] As of 2023, GDP per capita and gross national income per capita remained low at $1,324 and $1,294 respectively. This current economic structure underscores the urgent need for economic diversification and development of a robust private sector to ensure sustainable growth and resilience against economic shocks.

    Figure 5: Government Budget

    ESI = estimated sustainable income, GDP = gross domestic product, PF = petroleum fund.
    Source: Ministry of Finance of Timor-Leste. 2009-2024. Budget Transparency Portal; Author’s estimate.

    Infrastructure gaps and limited basic services. In addition to underdeveloped human, institutional, and private sector capacities, Timor-Leste faces significant gaps and challenges in infrastructure development and provision of basic services. The country was ranked 46th out of 50 in terms of facilities supporting regulatory compliance and institutions and infrastructure enabling business activities. Due to inadequate infrastructure connectivity, access to markets and essential services—such as healthcare, education, and clean water—is limited, particularly in rural areas where 71.4% of the population resides. Significant investment in human capital, institutional strengthening, and infrastructure and logistics is crucial to support development and improve living standards.

    Lack of policy continuity. New administrations often bring changes in policies and program orientations, along with high staff turnover in the public sector. To advance ongoing priority initiatives and achieve development goals, it is crucial to strengthen institutions and ensure policy continuity and certainty.

    Suboptimal allocation of government resources to social sectors. Over the past 15 years, the compound annual growth rate of current budget expenditures in Timor-Leste was 8.9%, significantly outpacing the 4.2% compound annual growth rate of capital expenditures. Consequently, the share of current spending in the total budget has risen to 79% in 2024 from 65% in 2009. Despite the increase, there remains a persistent misallocation of resources, particularly in health and education. This misallocation leads to intergenerational human capital issues and economic disparity. Notably, the planned spending from the veterans’ fund for 2025 is nearly double the annual healthcare budget. Education spending has remained low at 7.6% of total government expenditure, significantly below the ASEAN historical average of 13.8%. Similarly, healthcare expenditure per capita in Timor-Leste is only $59, starkly contrasted with the ASEAN average of $630.

    MIL OSI Economics –

  • MIL-OSI USA: FDA Roundup: February 28, 2025

    Source: US Food and Drug Administration

    For Immediate Release:
    February 28, 2025

    Today, the U.S. Food and Drug Administration is providing an at-a-glance summary of news from around the agency:

    On Thursday, the FDA approved Odactra to include use in individuals 5 through 11 years of age to treat house dust mite induced nasal inflammation (allergic rhinitis), with or without eye inflammation (conjunctivitis). Odactra is an allergen extract immunotherapy that is administered under the tongue (sublingual) and had been approved for use in individuals 12 through 65 years of age. The prescribing information includes a boxed warning to inform that Odactra can cause severe allergic reactions that may be life-threatening. As with other FDA-approved allergen extracts administered sublingually, patients receiving Odactra should be prescribed epinephrine.
    On Monday, the FDA updated the outbreak advisory: Outbreak Investigation of Listeria monocytogenes: Frozen Supplemental Shakes (February 2025) to include that Lyons Magnus LLC recalled 4 oz. Lyons ReadyCare and Sysco Imperial Frozen Supplemental Shakes. As of February 24, 2025, a total of 38 people infected with the outbreak strain of Listeria monocytogenes have been reported from 21 states. Of the 38 people for whom information is available, 37 people have been hospitalized, and 12 deaths have been reported.
    On Monday, the FDA cleared Tandem Diabetes Care, Inc.’s Control-IQ+ technology, an interoperable automated glycemic controller (iAGC) that is a software-only, prescription use, device. The device is intended for use with compatible integrated continuous glucose monitors (iCGM) and alternate controller enabled (ACE) pumps to automatically increase, decrease, and suspend delivery of basal insulin based on iCGM readings and predicted glucose values. It can also deliver certain insulin doses (correction boluses) necessary when the glucose value is predicted to exceed a predefined target, which is typically calculated based on carbohydrate intake, exercise, and sleep schedule.  This clearance allows the device to be used for the management of type 1 diabetes in individuals two years and older and for the management of type 2 diabetes in individuals 18 years and older, where the prior version was only for type 1 diabetes. This is the latest example of the FDA’s ongoing commitment to help advance the development of products that can improve the management of diabetes.
    On Friday, February 21, the FDA approved for marketing a software update to Medtronic Inc.’s Activa, Percept and SenSight Deep Brain Stimulation Therapy System, an implantable device that delivers low-intensity electrical pulses to nerve centers in the brain as part of deep brain stimulator (DBS) therapy for Parkinson’s Disease (PD). This first-of-its-kind software update will provide the user with an option for adaptive deep brain stimulation (aDBS), which individualizes the DBS therapy by adjusting the stimulation level based on detected brain signals surrounding the DBS electrode of the implant. The new programming option is intended to reduce some of the symptoms in patients diagnosed with levodopa-responsive PD, specifically those with symptoms not been adequately controlled with medicine for at least four years.

    Related Information

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    The FDA, an agency within the U.S. Department of Health and Human Services, protects the public health by assuring the safety, effectiveness, and security of human and veterinary drugs, vaccines and other biological products for human use, and medical devices. The agency also is responsible for the safety and security of our nation’s food supply, cosmetics, dietary supplements, radiation-emitting electronic products, and for regulating tobacco products.

    Inquiries

    Consumer:
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    Content current as of:
    02/28/2025

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    MIL OSI USA News –

  • MIL-OSI Economics: 29th Meeting of the Standing Advisory Committee to Review the Flow of Credit to MSMEs held by Reserve Bank of India

    Source: Reserve Bank of India

    The 29th Meeting of the Standing Advisory Committee (SAC) to review the flow of credit to Micro, Small and Medium Enterprises (MSME) sector was held in Ahmedabad, on March 3, 2025, under the chairmanship of Shri Swaminathan J, Deputy Governor, Reserve Bank of India. The meeting was attended by Executive Director, RBI, Senior Officials from Ministry of MSME and Department of Financial Services, Ministry of Finance, Government of India; Chairman, SIDBI, Senior Management of major banks and NABARD, senior executives of Credit Guarantee Fund Trust for Micro and Small Enterprises, National Credit Guarantee Trustee Company Limited, Khadi & Village Industries Commission, Indian Banks’ Association, Finance Industry Development Council and MSME Associations.

    Deputy Governor, in his keynote address, underscored the pivotal role of the MSME sector in India’s economic development. He reaffirmed the Reserve Bank’s commitment to strengthening institutional credit support through initiatives like the Unified Lending Interface (ULI), the Account Aggregator framework, and the Regulatory Sandbox. Acknowledging key challenges such as financial literacy gaps, information asymmetry, and delayed payments, he stressed the need for digital solutions, alternative credit assessment models, and greater participation in platforms like TReDS. Deputy Governor emphasized the importance of fair lending practices, ensuring transparency and an empathetic approach towards MSMEs facing financial distress. He also reiterated the crucial role of MSME associations in capacity building and bridging information gaps, to help MSMEs better access credit.

    During the meeting, the SAC reviewed the flow of credit to MSMEs and deliberated on ways to address the issues related to credit gap in the sector, cash flow based lending and digital solutions for improved credit linkage, accelerating adoption of TReDS, enhancing the usage of credit guarantee schemes and proactive revival and rehabilitation of MSMEs in financial distress, among others.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2290

    MIL OSI Economics –

  • MIL-OSI Africa: South Africa’s South African National Petroleum Company (SANPC) to Showcase Strategic Vision at Invest in African Energy (IAE) 2025

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

    PARIS, France, March 3, 2025/APO Group/ —

    South Africa’s newly established South African National Petroleum Company (SANPC) will host an investor roadshow at the Invest in African Energy (IAE) Forum in Paris this May, highlighting its strategic vision and the more than R95 billion in untapped market and investment opportunities in South Africa’s oil and gas sector. Under the theme “South Africa’s Energy Future: A New Age State Entity,” the presentation will be led by SANPC CEO Godfrey Moagi, following the company’s official launch, scheduled for April 2025.

    With a clear mandate to promote energy independence and diversification, SANPC is set to drive large-scale investments in the oil, gas and clean energy sectors. SANPC’s strategy includes ring-fencing all non-functioning assets, identifying assets that can be moved to the NOC and ensuring these assets can be traded and utilized effectively. At the IAE 2025, delegates will gain an exclusive look into SANPC’s far-reaching goals, including the creation of a state-backed energy company that will enhance the country’s energy security, facilitate the transition to cleaner energy sources and create employment opportunities for the nation’s youth.

    IAE 2025 (https://apo-opa.co/4h81CCe) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

    SANPC’s strategic vision aligns with South Africa’s National Development Plan, which outlines the country’s goals to expand access to affordable, reliable energy while navigating the energy transition. The creation of SANPC marks a bold step toward achieving these objectives, acting as a catalyst for new ventures, partnerships and large-scale infrastructure projects. As South Africa’s energy landscape undergoes reform, SANPC aims to drive the rapid deployment of new projects while adhering to the highest sustainability standards and fostering regional integration in oil and gas.

    SANPC’s participation at IAE 2025 is part of the company’s series of investor roadshows, first launched at the African Energy Week: Invest in African Energies 2024 conference in Cape Town. These roadshows support the company’s commitment to attracting foreign investment and offer stakeholders the opportunity to engage with SANPC leadership, while gaining insight into the company’s vision for an energy future that fosters both economic and environmental sustainability.

    MIL OSI Africa –

  • MIL-OSI Africa: Centrale Électrique du Congo (CEC) Joins the Congo Energy & Investment Forum (CEIF) 2025 as Gas Turbine Overhaul Nears Completion

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

    BRAZZAVILLE, Republic of Congo, March 3, 2025/APO Group/ —

    With maintenance nearing completion on one of the three turbines at the 484 MW gas-fired Centrale Électrique du Congo (CEC) power plant, the Republic of Congo’s state-owned electricity company is strengthening its role in driving electrification and industrial growth. In 2024, CEC achieved its highest production year, generating 2.39 TWh with a peak demand of 423.9 MW.

    Gianmaria Pozzoli, Director General of CEC, will participate in the Congo Energy & Investment Forum (CEIF) this March, where he is expected to engage with investors, foster partnerships and advance economic development initiatives. His participation will provide valuable insights into Congo’s evolving energy landscape and CEC’s role in expanding the country’s power infrastructure.

    The inaugural Congo Energy & Investment Forum, set for March 24-26, 2025, in Brazzaville, under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo, will bring together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. The event will explore the latest gas-to-power projects and provide updates on ongoing expansions across the country.

    Earlier this month, CEC signed an MoU with investment holding company Zanaga Iron Ore Company Limited to evaluate power supply solutions for the Zanaga Iron Ore Project in Congo. The partnership will assess the technical, economic and legal aspects of power generation and distribution to support the project’s initial phase, which targets an annual production capacity of 12 million tons of iron ore.

    In June 2024, the World Bank allocated $100 million to improve electricity access in Congo, prompting the government to expand gas-to-power infrastructure to meet the country’s rising energy demand, projected to reach 900 MW by 2025. CEC, a key beneficiary of this initiative, utilizes natural gas from the Marine XII Block and currently operates two turbines, with the third undergoing maintenance. The facility is also being converted into a combined-cycle plant, a transition expected to be completed this year.

    Despite limited electricity access – with 68% of urban areas and 12% of rural areas connected to the grid – Congo has made notable progress in strengthening both domestic and regional energy networks. In 2021, Congo and the Democratic Republic of Congo (DRC) signed a cooperation agreement to implement the Boucle de l’Amitié Énergétique. The project’s initial phase focuses on enhancing power transmission between CEC’s Pointe-Noire facility and the Inga Hydroelectric Plant in the DRC, passing through Brazzaville.

    This three-nation collaboration is designed to increase electricity production, stabilize the grid and deepen economic and political ties. The initiative is expected to supply power to industrial zones across participating countries, spurring economic growth and development.

    “CEC’s participation at CEIF 2025 is pivotal in fostering key partnerships that will drive the country’s electrification and industrial growth. Their leadership in the energy sector, combined with strategic initiatives, positions them as an essential partner in attracting investment and advancing infrastructure development. The collaboration and insights shared at this event will be instrumental in unlocking new opportunities for sustainable energy solutions in Congo and the broader region,” states Sandra Jeque, Events and Project Director at Energy Capital & Power.

    MIL OSI Africa –

  • MIL-OSI United Kingdom: UN Human Rights Council 58: UK Statement at the Interactive Dialogue on the High Commissioner’s Report on Myanmar

    Source: United Kingdom – Government Statements

    Speech

    UN Human Rights Council 58: UK Statement at the Interactive Dialogue on the High Commissioner’s Report on Myanmar

    UK Statement at the 58 Human Rights Council during the Interactive Dialogue on on the High Commissioner’s Report on Myanmar. Delivered by UK Ambassador for Human Rights to the UN, Eleanor Sanders.

    Thank you High Commissioner for your update.

    We are now in the fourth year since the coup and the crisis in Myanmar is only deepening. The military continues to intensify its violent and repressive onslaught. Schools and hospitals have been targeted. Indiscriminate airstrikes on civilians have increased. There is no justification for such abhorrent attacks on innocent civilians.

    The UK is alarmed by the escalating violence, human rights violations and gender-based violence. All actors, especially the Myanmar Military, must prioritise the protection of civilians. We call on the Military to stop the violence – especially the airstrikes – and release all those arbitrarily detained.

    The humanitarian situation is critical, with almost 20 million people in need of assistance. We call on all actors, especially the military, to allow safe and unimpeded humanitarian access. The UK is providing more than £66 million in assistance this year.

    Accountability is vital. We must break the cycle of impunity. This is why the UK supports the work of the International Investigative Mechanism for Myanmar. And this is why we announced our nineteenth round of sanctions in November last year targeting the military regime’s access to arms, aviation fuel and dual-use equipment.

    Updates to this page

    Published 3 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: HK landmark stamps to go on sale

    Source: Hong Kong Information Services

    Hongkong Post today announced that a new set of definitive stamps and associated philatelic products on the theme of Hong Kong landmarks will be released for sale on March 18.

    This is the fifth set of definitive stamps issued by Hongkong Post since the establishment of the Hong Kong Special Administrative Region.

    The set of 16 definitive stamps introduces famous landmarks in Hong Kong, including the Hong Kong Palace Museum, the International Finance Centre, the Hong Kong-Zhuhai-Macao Bridge and Lai Chi Wo.

    The stamps demonstrate the uniqueness and charm of Hong Kong as an international financial hub and an East-meets-West centre for international cultural exchanges. They also showcase the city’s stunning landscapes and depict its important infrastructure developments and conservation achievements.

    Official first day covers will be on sale at all post offices and ShopThruPost from tomorrow, while postcards will be available at philatelic offices only.

    Stamp booklets will be on sale at all post offices from March 18 to 24, and available at convenience stores and other non-post office outlets from March 24.

    In parallel, the 2014 Hong Kong Definitive Stamps on the theme of the Hong Kong Global Geopark of China will continue to be on sale while stocks last.

    Click here for details.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Himax to Unveil Innovative WiseEye™ AIoT Solutions and Revolutionary Liqxtal® LC Optical Applications at embedded world 2025

    Source: GlobeNewswire (MIL-OSI)

    TAINAN, Taiwan, March 03, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (“Himax” or “Company”) (Nasdaq: HIMX), an industry leader in fabless display driver ICs and semiconductors, today announced participation in embedded world 2025, a world-leading trade show for embedded electronics and industrial computing, taking place in Nürnberg, Germany, from March 10-12, 2025. At the event, Himax will showcase its innovative WiseEye™ AI technology, featuring a range of AIoT solutions focused on ultralow power AI sensing, biometric authentication, and thermal imaging sensing applications. Additionally, in collaboration with its subsidiary Liqxtal Technology Inc. (“Liqxtal”), Himax will present revolutionary liquid crystal (“LC”) optical applications, advancing industrial embedded displays, vision-assisted systems, and smart wearables.

    Ultralow Power WiseEye AI Driving Next Era of AIoT, Smart Sensing, and Thermal Imaging Sensing
    Himax WiseEye Ultralow Power AI Smart Sensing is a cutting-edge, integrated endpoint AI solution, comprising Himax’s proprietary ultralow power WiseEye AI processors, always-on CMOS image sensors, and CNN-based AI algorithms, ideal for AIoT applications. It has gained widespread acclaim and adoption across biometric authentication, occupancy detection, people flow management, smart home, smart office, and more. Notably, the latest WiseEye2 AI processor is PSA (Platform Security Architecture) certified, featuring a security-by-design approach to provide a secure and reliable foundation for AIoT applications.

    Among the featured showcases, the WiseEye PalmVein Module integrates palm vein and facial recognition, leveraging bimodal authentication technology to meet market demands for flexible access control, ensuring reliable operation across diverse use environments. Traditional fingerprint and facial recognition methods are susceptible to age, fingerprint quality, height, and lighting conditions, leading to identification errors. In contrast, the WiseEye PalmVein solution overcomes these challenges with advanced liveness detection to deliver high-precision authentication. It achieves an exceptionally low False Acceptance Rate (FAR) of one in a million and a False Rejection Rate (FRR) below 1%, significantly reducing the risks of fake attack and unauthorized access.

    At embedded world 2025, Himax, in collaboration with ecosystem partner Calumino, will showcase industry-leading thermal imaging sensing solutions. The solution combines Himax’s ultralow power WiseEye AI processor, WiseEye2, and low-power HM0360 CMOS image sensor with Calumino’s proprietary CMOS and MOMS (Micro-Opto-Mechanical System) technologies and AI algorithms. The integration enables advanced use cases, including people flow detection, people counting, assisted living, predictive maintenance, health monitoring, and security enhancement, all with ultralow power consumption. This advancement brings unprecedented innovation to thermal imaging sensing, unlocking expanded possibilities.

    Innovative Liqxtal LC-based Optical Technology Enhancing Smart Displays and Wearables
    Liqxtal specializes in LC-based optical technology, expanding its expertise to display and optical components. At the event, Himax and Liqxtal will jointly unveil a series of cutting-edge, patented products, namely Liqxtal® Graph, Liqxtal® Dim, and Liqxtal® Pro-Eye.

    Liqxtal® Pro-Eye is an innovative eye-protective display technology that made its debut at CES 2025, receiving widespread acknowledgment among industry leaders and accelerating industry adoption. The next-generation Liqxtal® Pro-Eye display, which will be showcased at embedded world 2025, delivers a 125-inch virtual screen experience at close range or within confined spaces. In vision care, Liqxtal® Pro-Eye helps alleviate digital eye fatigue by reducing ciliary muscle strain, benefiting professionals exposed to prolonged screen use, as well as individuals with presbyopia and myopia. In industrial display solutions, it is redefining personal HMI in embedded applications, making it ideal for manufacturing, aerospace, and defense sectors that require long hours of focused monitoring and operation.

    Liqxtal will also showcase its one-of-a-kind professional smart eyewear collection, featuring the award-winning Liqxtal® Graph and innovative Liqxtal® Dim. The latest Liqxtal® Graph, built on Liqxtal’s patented reflective TFT liquid crystal architecture, supports Bluetooth connectivity and mobile app integration, enabling dynamic digital content display on the outer lens surface of smart glasses without obstructing the user’s vision, while maintaining the same comfort as traditional eyewear. It is ideal for IoT remote monitoring, smart assisted display, and identification management, further enhancing the value of smart wearables. Liqxtal® Dim integrates Liqxtal’s proprietary pixelated light valve control technology powered by WiseEye AI. This advanced system detects the position of incident light sources in real time to achieve adaptive light dimming functionality for smart sunglasses with a response time of under 8 milliseconds. Additionally, it supports programmable light attenuation modes, making it suitable for vision training assistive devices and seamless integration into smart safety eyewear and industrial-grade programmable light regulation systems, enhancing visual safety and assistance.

    Himax and Liqxtal invite all interested parties to visit our embedded world 2025 exhibition booth at Hall 4, Stand 4-503, located at NürnbergMesse, Messezentrum 1, 90471 Nürnberg, Germany. Experience our groundbreaking WiseEye AI technology and Liqxtal optical solutions firsthand. To schedule a meeting or booth tour, please contact Himax at HX_WISEEYE@himax.com.tw or Liqxtal at info@liqxtal.com.tw.

    About Liqxtal Technology Inc.

    Liqxtal Technology Inc. is a Taiwan based company that has been focused on exploring opportunities with liquid crystal (“LC”) beyond just displays since the company’s inception. With a distinguished track record in liquid crystal optics, Liqxtal has developed liquid crystal based optical components such as LC lens for ophthalmic application, LC diffuser for 3D sensing and LC retarder for light sensing. Additionally, Liqxtal designed and released LQ001, a high voltage & tunable frequency LC driver with a 1mm x 2mm footprint, which is particularly ideal for portable products. As a subsidiary of Himax Technologies, Liqxtal also integrates novel display solutions such as tunable backlight with local dimming capability powered by FPGA for niche applications. Lastly, Liqxtal is dedicated to novel vision eyewear technology and strives to innovate and advance useful optical solutions to the world.

    About Himax Technologies, Inc.

    Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEyeTM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,649 patents granted and 402 patents pending approval worldwide as of December 31, 2024.

    http://www.himax.com.tw

    Forward Looking Statements

    Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2023 filed with the SEC, as may be amended.

    Liqxtal Contacts:

    Henry Hung, Deputy Director of Market & Sales Division
    Liqxtal Technology Inc.
    Tel: +886-6-505-0880
    Fax: +886-2-2314-0877
    Email: info@liqxtal.com

    Himax Contacts:

    Eric Li, Chief IR/PR Officer
    Himax Technologies, Inc.
    Tel: +886-6-505-0880
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Karen Tiao, Investor Relations
    Himax Technologies, Inc.
    Tel: +886-2-2370-3999
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Mark Schwalenberg, Director
    Investor Relations – US Representative
    MZ North America
    Tel: +1-312-261-6430
    Email: HIMX@mzgroup.us

    The MIL Network –

  • MIL-OSI: Virtune AB (Publ) (“Virtune”) has completed the monthly rebalancing for February 2025 of its Virtune Crypto Altcoin Index ETP

    Source: GlobeNewswire (MIL-OSI)

    Stockholm, 3rd of March 2025 – Today Virtune announces that it has finalized its monthly rebalancing for Virtune Crypto Altcoin Index ETP, listed on Nasdaq Stockholm and Nasdaq Helsinki (ISIN code SE0023260716).

    In addition to the Virtune Crypto Altcoin Index ETP, Virtune’s product portfolio includes:

    Virtune Bitcoin ETP
    Virtune Staked Ethereum ETP
    Virtune Staked Solana
    Virtune Staked Polkadot ETP
    Virtune XRP ETP
    Virtune Avalanche ETP
    Virtune Chainlink ETP
    Virtune Arbitrum ETP
    Virtune Polygon ETP 
    Virtune Staked Cardano ETP
    Virtune Crypto Top 10 Index ETP

    Index allocation as of 28th of February (before rebalancing):

    Litecoin: 20.23%
    XRP: 14.64%
    Cardano: 14.09%
    Uniswap: 13.44%
    Avalanche: 13.25%
    Chainlink: 12.38%
    Solana: 11.96%

    Index allocation as of 28th of February (after rebalancing):

    XRP: 14.29%
    Litecoin: 14.29%
    Solana: 14.29%
    Chainlink: 14.29%
    Cardano: 14.29%
    Avalanche: 14.29%
    Uniswap: 14.29%

    In connection with this month’s rebalancing, there is no change in the crypto assets included in the index. Virtune Crypto Altcoin Index ETP outcome for February was: -14.98%.

    The rebalancing is carried out according to the index that the ETP tracks, the Virtune Vinter Crypto Altcoin Index. The purpose of the monthly rebalancing is to reset the weights of each crypto asset to provide equal-weighted exposure to altcoins.

    In February, the crypto market experienced a notable downturn, partly due to major events in the US. Chainlink led the losses with a sharp 41% decline, followed closely by Uniswap (-36.2%) and Solana (-36%). However, Litecoin recorded the smallest decline, falling just 0.23% during the month.

    The performance of the crypto assets included in Virtune Crypto Altcoin Index ETP in February:

    Litecoin: -0.23%
    XRP: -29.3%
    Cardano: -32.7%
    Avalanche: -35%
    Solana: -36%
    Uniswap: -36.2%
    Chainlink: -41%

    Virtune Crypto Altcoin Index ETP is the first of its kind in the Nordic region. It includes up to 10 leading alternative crypto assets (altcoins), excluding Bitcoin and Ethereum, that are part of the Nasdaq Crypto Index. Each altcoin is equally weighted to promote diversification; this structure allows investors to gain broad exposure to crypto assets beyond Bitcoin and Ethereum without being heavily concentrated in any single crypto asset.

    If you, as an (institutional) investor, are interested in meeting with Virtune to discuss the opportunities our ETPs offer for your asset management services or to learn more about Virtune and our ETPs, please do not hesitate to contact us at hello@virtune.com. You can also read more about Virtune and our ETPs at www.virtune.com and register your email address on our website to subscribe to our newsletters, which cover updates on Virtune’s upcoming ETP launches and other news related to digital assets.

    Press contact

    Christopher Kock, CEO Virtune AB (Publ)
    Christopher@virtune.com
    +46 70 073 45 64

    Virtune with its headquarters in Stockholm is a regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges. With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.

    Cryptocurrency investments are associated with high risk. Virtune does not provide investment advice. Investments are made at your own risk. Securities may increase or decrease in value, and there is no guarantee that you will recover your invested capital. Please read the prospectus, KID, terms at www.virtune.com.

    The MIL Network –

  • MIL-OSI Africa: Wärtsilä Energy Joins Invest in African Energy (IAE) 2025 as Africa Pursues New Power Capacity

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

    PARIS, France, March 3, 2025/APO Group/ —

    Christoffer Ek, Director for Decarbonization Services at Wärtsilä Energy, will join the Invest in African Energy (IAE) Forum 2025 in Paris this May, bringing his expertise in sustainable energy solutions and decarbonization technologies to the forefront of Africa’s energy transition.

    Wärtsilä Energy, a global leader in smart technologies and services for the energy industry, has been at the cutting edge of decarbonizing energy systems through its innovative solutions. The company is dedicated to helping nations and organizations transition towards cleaner, more sustainable energy solutions by focusing on flexible power systems and renewable energy integration. Wärtsilä’s decarbonization strategy emphasizes the role of advanced technologies such as energy storage, hybrid power plants and renewable energy sources to reduce carbon emissions and accelerate the energy transition.

    IAE 2025 (www.Invest-Africa-Energy.com) is an exclusive forum designed to facilitate investment between African energy markets and global investors.Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

    Wärtsilä has been playing a key role in fueling Africa’s industrial and mining growth through power generation. In Senegal, the company was awarded a contract in September 2024 to supply engines and auxiliary equipment for a 17 MW power plant at the Boto gold mine. The company also renewed and expanded Operations & Maintenance contracts for power plants in Zambia and Madagascar last year, and signed a new maintenance agreement for two power plants in Morocco. In Nigeria, Wärtsilä secured a 10-year deal in May 2024 to operate and maintain a 50 MW captive power plant, ensuring reliable power for a cement production facility in Kogi State.

    At IAE 2025, discussions will focus on how Wärtsilä is supporting Africa’s energy transformation by providing cost-effective and scalable solutions to reduce the carbon footprint of the continent’s power generation systems. Ek’s participation will emphasize Wärtsilä’s commitment to sustainable energy innovation, addressing energy access challenges and driving economic growth in Africa while ensuring environmental responsibility.

    MIL OSI Africa –

  • MIL-OSI: Danske Bank share buy-back programme: transactions in week 9

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 10 2025

    Danske Bank

    Bernstorffsgade 40

    DK-1577 København V

    Tel. + 45 33 44 00 00

    03/03/2025

    Page 1 of 1

    Danske Bank share buy-back programme: transactions in week 9

    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 9:
      Number of shares VWAP DKK Gross value DKK
    Accumulated, last announcement 50,000 233.7298 11,686,490
    24/02/2025 5,000 235.6691 1,178,346
    25/02/2025 5,000 236.7242 1,183,621
    26/02/2025 5,000 241.9445 1,209,723
    27/02/2025 5,000 243.3454 1,216,727
    28/02/2025 5,000 241.1500 1,205,750
    Total accumulated over week 9 25,000 239.7666 5,994,166
    Total accumulated during the share buyback programme 75,000 235.7421 17,680,656

    With the transactions stated above, the total accumulated number of own shares under the share buy-back programme corresponds to 0.009% 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

    The MIL Network –

  • MIL-OSI: Shiprock Capital announces new Chief Operating Officer

    Source: GlobeNewswire (MIL-OSI)

    LONDON, March 03, 2025 (GLOBE NEWSWIRE) — Shiprock Capital Management Limited (“Shiprock”), a London-based investment management firm focused on Global Distressed and Special Situations, has announced that Gavinish Sangha has joined as Chief Operating Officer.

    Gav has over 17 years of experience spanning fund accounting, corporate accounting, operations, and treasury management; he joins Shiprock from Fidera Group, where he was Finance Director. He holds an MsC in Financial Risk Management from Birkbeck College, University of London, a BSC in Mathematical Sciences from the University of Birmingham and is a fellow of the Chartered Institute of Management Accountants.

    Frederick Schroder, CEO at Shiprock, said, “We are delighted that Gav is joining us; he has extensive credit experience both in developed and emerging markets across the liquidity spectrum and will be central to our ongoing institutionalisation of the firm.”

    Gavinish Sangha, COO at Shiprock, added, “I am very glad to be joining Shiprock, which has combined best-in-class operational infrastructure and performance with exceptional pedigree. I look forward to contributing to Shiprock’s continued success.”

    About Shiprock:

    Shiprock Capital Management is a London-based investment management firm focused on Global Distressed and Special Situations. Founded at the beginning of 2023, it is one of the fastest-growing managers in the space.

    Contact:

    info@shiprock.co.uk

    The MIL Network –

  • MIL-OSI Asia-Pac: Union Minister of Commerce & Industry Shri Piyush Goyal emphasises mutual funds industry’s role in India’s growth at AMFI Summit 2025

    Source: Government of India (2)

    Union Minister of Commerce & Industry Shri Piyush Goyal emphasises mutual funds industry’s role in India’s growth at AMFI Summit 2025

    Shri Goyal urges industry to safeguard small investors and minimise market volatility

    Domestic investors will shape India’s future, not Foreign Institutional Investors: Shri Goyal

    Posted On: 01 MAR 2025 8:12PM by PIB Delhi

    The mutual funds industry has played a pivotal role in India’s growth story by encouraging financial literacy and taking innovative financial ideas to the industry and the investors. This was stated by Union Minister of Commerce & Industry Shri Piyush Goyal during his address as a Chief Guest at the Association of Mutual Funds in India (AMFI) Mutual Fund Summit 2025 today in Mumbai

    The Minister further complimented the domestic investors for filling the gap created by the foreign institutional investors (FIIs) post-Covid. “Collective investment methods like SIPs along with domestic investors supported the market. They helped in spreading financial awareness and financial products to every part of the country, he said.

    Highlighting the importance of safeguarding the importance of small investors and other key stakeholders, Shri Goyal urged the industry leaders to reflect on ways to minimise volatility in the stock market. Large fund inflows, compulsions of the market to deploy capital, fear among investors on missing out on attractive stocks brought crises among investors during rightsizing. There has been a lot of misinformation flow about the unending ability of the market to go on a one-way street, he noted, and described the unpredictability of the stock market as a wakeup call for the industry and its small investors. 

    AMFI should also become conscious of its duties by isolating misguided investors from the rest. Companies with mettle have maintained reasonable prices at the stock market during recent turbulence, he noted. He said that duties and responsibilities of the industry towards the market are larger than the profitable returns investors enjoy in the short term. He also added that government spending and private capex are showing signs of comeback.  

    Elaborating on the responsibilities of the mutual funds industry towards its investors, the Minister urged the participants to be more diligent in cautioning investors from taking risks. He hoped that initiatives as such will spur India’s growth story for the next 22 years. Shri Goyal urged the industry to support and handhold investors, look at financial inclusion as a collective responsibility and take up financial education as its duty.

    Shri Goyal asserted that assets under management (AUM) in the mutual funds industry at nearly Rs 70 lakh crore and soon to be Rs 100 lakh crore will dominate the market and domestic investors will determine India’s future not the foreign institutional investors. He also highlighted the need for the industry as wealth creators to have a fair and organised market.

    ***

    Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

    (Release ID: 2107410) Visitor Counter : 44

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Fatal traffic accident in Aberdeen

    Source: Hong Kong Government special administrative region

         Police are investigating a fatal traffic accident in Aberdeen today (March 1) in which a woman died.
         
         At about 8.46am, a public light bus (PLB) driven by a 57-year-old man was travelling along Chi Fu Road westbound. When approaching a carpark on 13-19 Chi Fu Road, it reportedly knocked down an 84-year-old female pedestrian.

         Sustaining head injury, the woman was rushed to Queen Mary Hospital in unconscious state and was certified dead at 2.50pm.

         The PLB driver was arrested for dangerous driving causing grievous bodily harm after the accident and has been released on bail pending further enquiries. He is required to report back to Police in late March.

         Investigation by the Special Investigation Team of Traffic, Hong Kong Island is under way.
         
         Anyone who witnessed the accident or has any information to offer is urged to contact the investigating officers on 3660 6814.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: 49th Civil Accounts Day celebrated to mark the 49th foundation day of Indian Civil Accounts Service (ICAS) in New Delhi

    Source: Government of India

    49th Civil Accounts Day celebrated to mark the 49th foundation day of Indian Civil Accounts Service (ICAS) in New Delhi

    In a journey from departmentalisation to digitalisation, ICAS has brought a silent revolution through Public Financial Management System (PFMS): Union Finance Minister Smt. Nirmala Sitharaman

    Expenditure Secretary Dr. Manoj Govil emphasises need of harmonisation of Union and State Accounts including Urban, Rural and Local Bodies

    CGA Shri Shyam Dubey outlined CGA’s demonstrated robustness, especially during the COVID-19 pandemic, transferring over Rs. 22.85 lakh crore, including DBT schemes

    PFMS acts as a critical digital infrastructure to enable transactions between different economic entities efficiently and transparently: Dr. Panagariya

    Posted On: 01 MAR 2025 6:29PM by PIB Delhi

    The Civil Accounts Day 2025 was celebrated in New Delhi today to mark the 49th foundation day of Indian Civil Accounts Service (ICAS) with the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, presiding over as Chief Guest.

    Dr. Manoj Govil, Secretary, Department of Expenditure, Ministry of Finance; and Shri Shyam S. Dubey, Controller General of Accounts (CGA), were also present on the occasion. Officers and staff of the Indian Civil Accounts Organisation, Financial Advisers of Government of India, other Senior Officials of Department of Expenditure and other Ministries /Departments of Government of India, retired ICAS Officers, senior officers from Banks and State Governments, among others, were also part of the celebrations.

    During the inaugural function, the Union Finance Minister also released a compendium on the Public Financial Management System (PFMS), titled “Digitalisation of Public Financial Management in India: The Transformative Decade (2014-24)”.

     

    During the Foundation Day, a short film on the evolution and achievements of the Indian Civil Accounts Organisation (ICAO) was also screened.

    In her address on the occasion, the Union Finance Minister recognised the role played by PFMS in achieving the key goals of governance which included: reaching the last mile benefitting 60 crore beneficiaries, direct delivery of more than 1200 central and state schemes which includes 1100 DBT schemes, end-to-end digitization through integration with 250 plus external systems such as GeM, GSTIN, TIN 2.0, PM Kisan and many more.

    Smt. Sitharaman said that PFMS has led to strengthening of cooperative federalism through integration of 31 state treasuries and 40 lakh programme implementing agencies enabling seamless financial management for millions of citizens ensuring timely and transparent disbursement of government funds.

    The Union Finance Minister underlined PFMS as the network of networks with 650 financial institutions – RBI, NPCI, Public and Private sector banks – facilitating seamless fund transfers, with the volume of PFMS transactions has gone up exponentially from 2 crore payments in 2015 to 250 crore in 2024.

     

    Referencing the July 2024 Union Budget, Smt. Sitharaman underlined the suggestion with respect to “improving data governance, collection, processing and management of data and statistics, different sectoral databases, including those established under the Digital India mission, could be utilized with active use of technology tools”, and added that CGA has the potential to work in this regard as the custodian of huge database. The Union Finance Minister emphasised on sharing India’s digital public finance expertise globally, and urged the CGA to collaborate with other countries to leverage PFMS’s technology to enhance their financial governance systems. Smt. Sitharaman also encouraged CGA to make efforts to create public awareness among citizens and taxpayers on how transparent financial systems operate.

    In his address on the occasion, Dr. Manoj Govil recognised the efforts made by CGA and the team of officers towards timely laying of annual accounts, digitisation of accounts and timely discharge of payments and various achievements of PFMS bringing in efficient Public Financial Management. Dr. Govil emphasised on the need of harmonisation of Union and State Accounts including the Urban, Rural and Local Bodies so as to facilitate better financial reporting.

     

    Earlier, in his welcome address, Shri Shyam S. Dubey gave details of the achievements of the organisation during the year in the area of accounts, Public Financial Management and capacity building. Shri Dubey outlined the organisation’s demonstrated robustness during the COVID-19 pandemic, transferring over Rs. 22.85 lakh crore, including DBT schemes.

    Shri Dubey further informed the gathering of the recently developed functionality of electronic utilisation certificate (e-UC) and e-Asset module of PFMS-SAMPATI, enabling digital recording, tracking and management of capital physical assets as mandated by the FRBM Act.

    The inaugural session was followed by keynote address by Dr. Arvind Panagariya, Chairman, 16thFinance Commission, on “India in the Global Economy: The Next Decade.”

    Calling PFMS as “incredible”, Dr. Panagariya stated that PFMS acts as a critical digital infrastructure to enable transactions between different economic entities efficiently and transparently. Dr. Panagariya stated that UPI & PFMS should be part of India’s international diplomatic outreach and global relationship, and called for greater integration of PFMS with the State Governments and Urban and Rural Local Bodies.

    Despite the periodic global and domestic economic crises, Dr. Panagariya stated that the factual data of economic growth of the last two decades, starting from 2003-2004, shows the plausibility and the feasibility of the growth potential of the Indian economy in the coming decade being able to reach the 10 trillion dollar GDP mark, as well as the 2047 target of “Viksit Bharat” set by the Prime Minister, Shri Narendra Modi.

    ****

    NB/KMN

    (Release ID: 2107352) Visitor Counter : 40

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: English rendering of PM’s address at post-budget webinar on agriculture and rural prosperity

    Source: Government of India

    Posted On: 01 MAR 2025 3:55PM by PIB Delhi

    Namaskar!

    After the budget, your presence in the budget-related webinar is very important. Thank you all for joining this program. This year’s budget was the first full budget of the third term of our government. This budget not only shows continuity in our policies, but also shows a new expansion in the vision of a developed India. The inputs and suggestions given by all of you stakeholders before the budget were very useful while preparing the budget. Now in implementing this budget more effectively, in getting the best and quickest outcome, in making all the decisions and policies effective, your role has increased further.

    Friends, 

    India’s resolve to move towards the goal of a developed India is very clear. We are all together engaged in building such an India where farmers are prosperous and empowered. Our endeavour is to ensure that no farmer is left behind and every farmer is encouraged to move forward. We have given a place of pride to our Annadatas, considering agriculture as the first engine of development. We are moving together towards two major goals, first- development of the agriculture sector and second- prosperity of our villages.

    Friends, 

    The PM Kisan Nidhi Yojana was implemented 6 years ago. Under this scheme, farmers have received almost 4 lakh crore rupees so far. This amount has been directly transferred to the accounts of nearly 11 crore farmers. With this financial assistance of 6 thousand rupees annually, the rural economy is getting strengthened. We have created a farmer-centric digital infrastructure so that the benefits of this scheme can reach farmers across the country. That is, there is no scope for any middleman to enter or leakage in this, a no-cut company. This is an example of the fact that if experts and visionary people like you cooperate, then the scheme succeeds as soon as possible and gives better results. With your contribution, any scheme can be implemented with full strength and transparency. I would like to appreciate your cooperation in this and your active cooperation always. Now it is necessary that we work together and speedily to implement the announcements of this year’s budget. In this also we will get your cooperation as before, but we should get more cooperation and more comprehensive cooperation in every sector. 

    Friends, 

    As you now know, today India’s agricultural production is at a record level. The agricultural production which was around 265 million tonnes 10-11 years ago has now increased to more than 330 million tonnes. Similarly, the production related to horticulture has increased to more than 350 million tonnes. This is the result of our government’s seed to market approach. Agricultural reforms, empowerment of farmers and strong value chain have made this possible. Now we have to reach even bigger targets by making full use of the agricultural potential of the country. In this direction, we have announced the PM Dhan Dhanya Krishi Yojana in the budget, this is a very important scheme for me. Under this, the focus will be on the development of the 100 districts with the lowest agricultural productivity in the country. You all have seen the results of the Aspirational District program on many parameters of development. These districts are getting a lot of benefits of collaboration, governance and healthy competition, and convergence. I would like all of you to study the results obtained from such districts and learn from their learnings and take the PM Dhan Dhanya Krishi Yojana forward at a very fast pace in these 100 districts. This will help in increasing the income of farmers in these 100 districts.

    Friends, 

    In the last few years, due to our efforts, the production of pulses has increased in the country, and I also congratulate the farmers for this. But, still 20 percent of our domestic consumption is dependent on foreign countries, on imports. That means we have to increase our pulses production. We have achieved self-sufficiency in gram and moong. But we have to work more rapidly to increase the production of tur, urad and masoor. To speed up the production of pulses, it is necessary to maintain the supply of improved seeds and promote hybrid varieties. For this, all of you will have to focus on solving challenges like climate change, market uncertainty, and price fluctuations.

    Friends, 

    In the last decade, ICAR has used modern tools and cutting-edge technologies in the breeding program. This has led to the development of more than 2900 new varieties in various crops including cereals, oilseeds, pulses, fodder, sugarcane between 2014 and 2024. You have to ensure that the farmers of our country get these new varieties at affordable rates. We also have to ensure that the farmers’ yield is not affected by the fluctuations of the weather. You know that this time in the budget, it has been announced to start a national mission for high yielding seeds. I would especially like to tell the people from the private sector who are present in this program to definitely focus on the dissemination of these seeds. To ensure that these seeds reach small farmers, they will have to be made a part of the seed chain, and it is our job to decide how to become one.

    Friends, 

    You all are seeing that today people have become very aware about nutrition. Therefore, in view of the increasing demand for horticulture, dairy and fishery products, a lot of investment has been made in these sectors. Many programs are being run to increase the production of fruits and vegetables. The formation of Makhana Board in Bihar has also been announced. I urge all of you stakeholders to find new ways to spread diverse nutritional foods. Such nutritional foods should reach every corner of the country and the global market.

    Friends, 

    In 2019, we launched the PM Matsya Sampada Yojana. This was an important step towards strengthening the value chain of this sector, creating infrastructure and modernizing it. This helped in improving production, productivity and post-harvest management in the field of fisheries. In the past years, investment in this sector was also increased through many schemes, the results of which are in front of us today. Today fish production has doubled, our exports have also doubled. Our effort is to promote sustainable fisheries from the Indian Exclusive Economic Zone and the open sea. An action plan will be prepared for this. I would like all of you to brainstorm on ideas that promote Ease of Doing Business in this sector and start working on them as soon as possible. Along with this, we will also have to ensure the protection of the interests of our traditional fishermen.

    Friends, 

    Our government is committed to making the rural economy prosperous. Under the Pradhan Mantri Awas Yojana-Gramin, crores of poor people are being given houses, property owners have got ‘Record of Rights’ through the Swamitva Yojana. We have increased the economic strength of self-help groups and have increased help to them. Small farmers and businessmen have benefited from the Pradhan Mantri Gram Sadak Yojana. We have set a target of making 3 crore Lakhpati Didis. Due to our efforts, more than 1.25 crore sisters have become Lakhpati Didis. The announcement of rural prosperity and development programs in this budget has created the possibility of many new employment opportunities. Investment in skilling and technology is creating new opportunities. All of you must discuss these topics on how to make the ongoing schemes more effective. Your suggestions and contributions in this direction will definitely yield positive results. Only with the active participation of all of us, villages will be empowered, rural families will be empowered. And I am confident that this webinar will be truly about implementing the budget as soon as possible, in the shortest possible time, and in the best possible manner, and that too with the cooperation and suggestions of all of you. Now it should not happen that in this webinar there is a discussion about making a new budget. Now this budget has been made, now this scheme has come. Now our entire focus should be on action. What are the difficulties in action, what are the shortcomings, what kind of changes are needed, we must pay attention to that. Only then will this webinar be fruitful. Otherwise, if we discuss today the budget that is going to come after a year, then we will not get the benefit of what has happened now. And that is why I request all of you that with the budget that has come, we have to achieve the targets in a year, and in that, not the government alone, but all the stakeholders of this sector should move in one direction, with one opinion, with one goal. With this one expectation, I thank you very much to all of you.

     

    DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation Shri Amit Shah says, the Modi government is unsparing in punishing drug traffickers who drag our youth into the dark abyss of addiction for the greed of money

    Source: Government of India

    Union Home Minister and Minister of Cooperation Shri Amit Shah says, the Modi government is unsparing in punishing drug traffickers who drag our youth into the dark abyss of addiction for the greed of money

    As a result of a foolproof investigation with a bottom-to-top and top-to-bottom strategy, 29 drug traffickers have been convicted by the court in 12 different cases across India

    Under the leadership of Prime Minister Shri Narendra Modi, the Government pledges to continue combating the drug menace with ruthless and meticulous investigations to build a drug-free Bharat

    In pursuit to Modi government’s Zero Tolerance policy against drugs, the Narcotics Control Bureau (NCB) has achieved this significant success

    Posted On: 02 MAR 2025 11:33AM by PIB Delhi

    Union Home Minister and Minister of Cooperation Shri Amit Shah said that the Modi Government is unsparing in punishing drug traffickers who drag our youth into the dark abyss of addiction for the greed of money.

    In a post on X platform, Shri Amit Shah said that under the leadership of Prime Minister Shri Narendra Modi, the Government pledges to continue combating the drug menace with ruthless and meticulous investigations to build a drug-free Bharat.

    Home Minister said that as a result of a foolproof investigation with a bottom-to-top and top-to-bottom strategy, 29 drug traffickers have been convicted by the court in 12 different cases across India.

    This success is a testament to the ‘Bottom to Top’ and ‘Top to Bottom’ approach adopted under the leadership of Prime Minister Shri Narendra Modi and the guidance of Union Home Minister Shri Amit Shah. In pursuit to Modi government’s Zero Tolerance policy against drugs, the Narcotics Control Bureau (NCB) has achieved this significant success.

    The details of 12 cases are:

    Ahmedabad Zone

    1.     On 27.07.2019, NCB Ahmedabad Zonal Unit seized 23.859 Kg of Charas at Sabarmati Railway Station, Ahmedabad Gujarat from the possession of Mohd. Rizwan and Mohd. Jishan and a case was registered vide NCB Ahmedabad Crime No 05/2019 and above mentioned two persons were arrested. During the course of investigation, one Sahidul Rehman was arrested. After completion of investigation, a complaint was filed against the above three persons under NDPS Act before the learned Judge at City Civil and Sessions Court Ahmedabad. After completion of trial of the case, the judgment was pronounced by the Court on 29.01.2025 and all the 03 accused persons were convicted for Rigorous Imprisonment for 14 years and a fine of Rs. 01 lakh each.

     

    Bhopal Zone (Mandsaur)

    2.     In July 2022, NCB Mandsaur, intercepted, a Harrier and a Verna on National Highway 43, at Dhruwar Toll Plaza in Shahdol, Madhya Pradesh and seized 123.080 kgs Ganja. Shivam Singh (owner of the seized vehicles), Sant Kumar Yadav, Balmukund Mishra & Uttam Singh (all carrier) were arrested in the case. The consignment was sourced from Koraput (Odisha) and was destined for Prayagraj, Uttar Pradesh. The Investigation team further arrested the receiver of contraband named Suresh Kumar Bind. On 24.02.2025, the Special NDPS Court, Shahdol convicted the four accused Shivam Singh, Sant Kumar Yadav, Balmukund Mishra & Uttam Singh and sentenced them to 12 years of rigorous imprisonment and a fine of Rs 2 lakh each.

    Chandigarh Zone

    3.     A parcel containing two hockey sticks packed with 438 grams of opium was intercepted at DHL Express, Ludhiana, by the officers of NCB Chandigarh. The parcel was booked by accused Nasib Singh, with Gobind Singh accompanying him during the booking. A case NCB Crime No. 06/2024 was registered, and a complaint was filed after investigation. The Special Court, Ludhiana on 31.01.25, has pronounced its verdict and convicted Nasib Singh and Gobind Singh (Head munshi Punjab Police) under Sections 18(c), 23, 28, and 29 of the NDPS Act, 1985, sentencing them accordingly for their role in attempting to transport opium to Canada. The Court sentenced both the convicts with 3 years rigorous imprisonment and a fine of ₹10,000 (in default, one additional month of imprisonment) under NDPS Act.

    4.     On 30.12.2021, NCB Chandigarh Zonal Unit intercepted Bhim Lama at Chandigarh Railway Station, before he could board Paschim Express to Mumbai in possession of 390 grams of Charas. The accused was formally arrested, and upon completion of the investigation, the case was presented before the Special Court. The accused voluntarily confessed to his guilt, leading to his conviction. On 08.01.2025, The Special Court, Chandigarh, convicted Bhim Lama under Section 20 of the NDPS Act, 1985 for possession of 390 grams of Charas. The court, considering the remorse shown by the convict and the non-commercial quantity of the contraband, awarded 6 months of rigorous imprisonment and a fine of ₹5,000 (one additional month of imprisonment in case of default on fine payment) under NDPS Act.

    Cochin Zone

    5.     On 19.06.2021 NCB Cochin intercepted a Zimbabwean lady named Sharon Chigwaza on her arrival at the Cochin International Airport. Sharon Chigwaza was travelling from Johannesburg to Kochi via Doha by Qatar Airways. Further examination of her checked-in luggage led to the recovery and seizure of 2.910kg Heroin. Accordingly, the said lady was arrested and a case OR No. 04/2021 was registered by the NCB Cochin Zonal Unit. On completion of investigation, a complaint bearing SC No. 554/2022 was filed before the District & Sessions Court, Ernakulam.  The trial was conducted before the VII Additional District & Sessions Court, Ernakulam and on completion of the trial, the Court has found Sharon Chigwaza to be guilty of the offences under Sec 8(c) read with 21(c) and 23(c) of NDPS Act, 1985 for possession and illegal import of the seized contraband. In the detailed judgment pronounced on 29.01.2025, the Court has punished the accused with 11 years rigorous imprisonment and fine of Rs.3,00,000/-.

    Dehradun Zone

    6.     On 05.01.2018, NCB Dehradun seized 450 grams of Charas, leading to the arrest of Naman Bansal. Further investigation in the case led to the arrest of one more co-accused person namely of Ashutosh Uniyal, a resident of Dehradun, on  19.02.2018. After completion of trial proceedings, the NDPS Court, Dehradun (UKD) convicted accused Naman Bansal with 01-year RI and with fine of Rs. 20,000/- on 18.01.2025.

    Delhi Zone

    7.     On 19.03,2021, NCB Delhi Zonal Unit seized 1.950 kg of Charas from the possession of two accused persons namely Sahi Ram and Satywan @ Pandit, and arrested them for trafficking of the seized substance. After a thorough investigation, a complaint was filed in the NDPS Court, Jind (Haryana) under NDPS Case No. 11/2021. The Court convicted both the accused to 10 years RI and with fine of Rs. 01 lakh each on 10.01.2025.

     

    Hyderabad Zone

    8.     On 24.02.2021, officers of NCB Hyderabad Zone seized 681.8 Kg Ganja at Pedda Amberpet Toll Plaza on Nehru Outer Ring Road, Hayathnagar Mandal, Ranga Reddy District. The contraband was being transported in three vehicles: Mahindra Bolero Pick-Up, Honda City, and Swift Dezire from Sileru, Visakhapatnam (Andhra Pradesh) to Pune and Osmanabad via Hyderabad. Eight accused namely Suresh Shyamrao Pawar, Vishal Ramesh Pawar,  Balaji Ramdas Ware,  Manoj Vilas Dhotre,  Dhyaneshwar Lalasaheb Deshmukh , Ramraje Chaturbhuj Gunjale ,  Akshay Anant Gandhi  and  Sachin Dagadu Sanap ,  were arrested and charged for drug trafficking. the Additional District & Sessions Court, Ranga Reddy, convicted all eight accused and sentenced them to 10 years of Rigorous Imprisonment and imposed a fine of ₹1 lakh under the NDPS Act, 1985.

    Indore Zone

    9.     In September 2021, NCB Indore intercepted a truck on National Highway 07 at Alonia Toll Plaza in Seoni, Madhya Pradesh and seized 152.665 kgs Ganja. Mahendra Singh Yadav & Sohail Daud Khan Pathan were arrested in the case. The consignment was sourced from Vishakhapatnam (Andhra Pradesh) and was destined for Jhansi, Uttar Pradesh.  Investigation team further arrested the receiver Suresh Gupta & Co-receiver as well as owner of seized truck Ram Babu Yadav. On 22.02.2025, the Special NDPS Court, Seoni convicted all the four accused and sentenced them to 15 years of rigorous imprisonment and a fine of Rs 1 lakh each.

    Kolkata Zone

    10.    On 11.07.2020, officers of NCB Kolkata Zone seized 1301 Kgs of Ganja from a TATA 709 Light Goods Vehicle (LGV) bearing Regn No. WB 15 A 3873 at NH12 between Plassey and Krishnanagar near Paglachandi, as per NCB Cr. No. 15/2020. Two accused namely Sahajan Tarafdar and Uttam Debnath were arrested and charged for drug trafficking. The trial continued for over 04 years. On 21.02.2025, the NDPS Spl. Court, Nadia at Krishnanagar convicted the accused Shajahan Tarafdar for 15 years rigorous imprisonment with Rs 1 lakh fine under the NDPS Act, 1985.

    Lucknow Zone

    11.    On 14.02.2022, NCB Lucknow seized 3.1 kilograms of Charas/Hashish from the possession of the accused, Dashrath, son of Devdutt, residing in Chiripur, PS Sirsiya, District Shrawasti, Uttar Pradesh. He was arrested and after investigation a Complaint was filed u/s 8, 20, and 29 of the NDPS Act, 1985. The Additional District Court Shravasti found the accused, Dashrath, ‘Guilty’ of illicit drug trafficking and sentenced him to 15 years of rigorous imprisonment along with a fine of 150,000 rupees on 02.01.2025.

    12.    On 04.01.2024, NCB Lucknow seized 08 kilograms of Opium from the possession of the accused, Dheeraj Kr. Dangi, son of Late Baijnath Dangi, residing in Villlage, Post, &  Police Station- Gidhour, District- Chatra, Jharkhand. He was arrested, and after investigation a Complaint was filed u/s 8, 18, and 29 of the NDPS Act, 1985. The Additional District Court Bareilly found the accused, Dheeraj Kr. Dangi, ‘Guilty’ of illicit drug trafficking and sentenced him to 11 years of rigorous imprisonment along with a fine of 1,00,000 rupees on 21.02.2025.

    These convictions exemplify the NCB’s dedication to ensure successful prosecution of its cases filed before courts. Under the guidance of Union Home Minister and Minister of Coordination, Shri Amit Shah NCB is working relentlessly to realise Prime Minister Shri Narendra Modi ji’s vision of Nasha Mukt Bharat by 2047. NCB seeks support of people in the fight against drugs. Information about drug trafficking can be provided confidentially at NCB’s MANAS Helpline Number 1933.

    *****

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    Read this release in: Hindi

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  • MIL-OSI Asia-Pac: 12th Regional 3R and Circular Economy Forum in the Asia & the Pacific kick starts in Jaipur

    Source: Government of India (2)

    12th Regional 3R and Circular Economy Forum in the Asia & the Pacific kick starts in Jaipur

    On the occasion Prime Minister Shri Narendra Modi emphasizes on Pro Planet People Approach (P-3 Approach)

    Union Minister Shri Manohar Lal announces Cities Coalition for Circularity(C-3), a digital platform for knowledge exchange for cities, technical institutions and tech providers

    Agreements worth ₹1,800 crores to be signed under CITIIS 2.0 benefiting 18 cities across 14 States for effective waste management

    Posted On: 03 MAR 2025 2:12PM by PIB Delhi

    The 12th Regional 3R and Circular Economy Forum in Asia and the Pacific was inaugurated today in Jaipur. The inaugural session was attended by Shri Manohar Lal, Union Minister of Housing & Urban Affairs, Shri Bhajanlal Sharma, Chief Minister, Rajasthan. Mr. Trevor Hedley Manemahaga, Minister of Solomon Islands, Mr. Maina Vakafua Talia, Minister of Tuvalu, Mr. Ahmed Nizam, Deputy Minister of Climate Change of Maldives joined the session.  Mr.  Asao Keiichiro, Minister of Environment, Govt. of Japan joined the session through a virtual message.

    Shri Prem Chand Agarwal, Minister of Urban Development, Govt. of Uttarakhand, Shri Vipul Goel, Minister of Urban Local Bodies, Govt. of Haryana, Shri Jhabbar Singh Kharra, Minister of Urban Development & Housing, Govt. of Rajasthan, Shri Kailash Vijayvargiya, Minister of Urban Development & Housing, Govt. of Madhya Pradesh also graced the occasion.

    Prime Minister Shri Narendra Modi’s Message

    On this occasion, Prime Minister Shri Narendra Modi shared a special written message with the delegates of the Forum emphasising that India follows & strongly advocates the P-3 (Pro Planet People) approach. He has also mentioned that India has always been more than willing to share it experiences and learnings in its journey towards Circular Economy.

    In his message, he highlighted the role of 3R and Circular Economy principles in ensuring sustainable urban development and resource efficiency. He highlighted India’s leadership in global sustainability efforts, including Mission LiFE (Lifestyle for Environment) and the Panchamrit Goals announced at COP26, reinforcing India’s commitment to a net-zero future.

     

    Union Minister’s Address

    Inaugurating the event, Union Minister for Housing and Urban Affairs, Shri Manohar Lal, welcomed dignitaries, industry leaders, and international representatives. He expressed pride in India hosting the 12th edition of the forum, after the successful 8th forum in Indore. The Minister highlighted Jaipur as an ideal venue due to its deep-rooted traditions in sustainability, such as rainwater harvesting and handicrafts made from recycled materials. He thanked Hon’ble CM of Rajasthan Shri Bhajanlal Sharma for his leadership in making sustainability key pillar in the State’s development.

    Launch of Cities Coalition for Circularity (C-3)

    Taking forward PM Modi’s vision, Shri Manohar Lal announced the Cities Coalition for Circularity (C-3), a multi-nation alliance for city-to-city collaboration, knowledge-sharing, and private sector partnerships. He stated, “We propose that a working group of member nations be formed after this forum to finalize the coalition’s structure and operational framework.” This  is expected to be a game changer in the city- city partnerships across nations. Shri Manohar Lal reaffirmed that this forum will act as a catalyst for resource efficiency and a low-carbon economy, strengthening collaboration between policymakers, industry leaders, and researchers to build a sustainable future.

    During the inaugural address the Minister said “Circular Economy is not just an environmental responsibility but an economic necessity”. He pointed out that India has always practiced sustainable living, but industrialization led to an increase in waste and resource inefficiency. “Now is the time to modernize and integrate these traditional sustainable practices with technological advancements,” he said.

    Shri Manohar Lal emphasized that under the leadership of Hon’ble Prime Minister Shri Narendra Modi, India is championing Circular Economy on the global stage. He highlighted key government initiatives such as:

    ✔ Mission LiFE (Lifestyle for Environment)

    ✔ Panchamrit Goals at COP26, committing India to net-zero emissions by 2070

    ✔ Swachh Bharat Mission & AMRUT 2.0, tackling urban waste and wastewater recycling

    The Minister also spoke about India’s focus on Bio-CNG, plastic waste management, and e-waste recycling, reaffirming the government’s resolve to create a low-carbon, resource-efficient society.

    Jaipur Declaration (2025-2034)

    Shri Manohar Lal announced that the forum will adopt the Jaipur Declaration (2025-2034), a non-political, non-binding commitment that will guide the next decade of efforts towards resource efficiency and sustainable urban growth.

    3R India Pavilion – Showcasing Innovation

    Shri Manohar Lal, along with Hon’ble Chief Minister Shri Bhajanlal Sharma, inaugurated the 3R India Pavilion. The pavilion features the International 3R Trade and Technology Exhibition, showcasing over 40 Indian and Japanese businesses and start-ups working on waste management and Circular Economy solutions.

    Chief Minister’s Remarks

    Hon’ble Chief Minister of Rajasthan, Shri Bhajanlal Sharma, mentioned that  circular economy is not just a necessity for today but also for our future. He said that issues like climate change, biodiversity loss, and pollution are creating challenge for the planet Earth and Circular Economy is the most effective way to cope with these challenges.

    He said that it is a system where waste is reused & recycled causing reduced energy consumption and renewable energy is promoted.

    Highlighting the steps taken by Rajasthan Government Chief Minister said that the Rajasthan government is playing a leading role in this mission. An Environmental Management Cell (EMC) has been established so that waste management and recycling can be done more effectively.

    Inauguration of the 3R India Pavilion

    As part of the forum, the 3R India Pavilion was jointly inaugurated by Union Minister Shri Manohar Lal and Chief Minister Shri Bhajanlal Sharma. The pavilion features the International 3R Trade and Technology Exhibition, showcasing innovative waste management and circular economy solutions from over 40 Indian and Japanese businesses and start-ups. The exhibition serves as a platform for industry leaders to explore cutting-edge technologies in resource efficiency and recycling.

     

    Signing of MoU for City Investments to Innovate Integrate and Sustain (CITIIS) 2.0

    During the event, a key Memorandum of Understanding (MoU) for CITIIS 2.0 was signed, marking a significant milestone in urban sustainability initiatives. The Minister also spoke about CITIIS 2.0, a flagship initiative driving integrated waste management and climate action. He announced that agreements worth ₹1,800 crores will be signed under this initiative, benefiting 18 cities across 14 states, and serving as lighthouse projects for other urban areas.

    The 12th Regional 3R and Circular Economy Forum will continue over the next few days, featuring expert discussions, policy dialogues, and collaborative initiatives to shape the future of sustainable urban development.

    ****

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  • MIL-OSI Asia-Pac: NITI AAYOG LAUNCHES REPORT ON “FROM BORROWERS TO BUILDERS: WOMEN’S ROLE IN INDIA’S FINANCIAL GROWTH STORY” REPORT PUBLISHED IN COLLABORATION WITH RANSUNION CIBIL AND MICROSAVE

    Source: Government of India (2)

    NITI AAYOG LAUNCHES REPORT ON “FROM BORROWERS TO BUILDERS: WOMEN’S ROLE IN INDIA’S FINANCIAL GROWTH STORY” REPORT PUBLISHED IN COLLABORATION WITH RANSUNION CIBIL AND MICROSAVE

    Shows 42% Year-Over-Year Growth in Women Borrowers

    Posted On: 03 MAR 2025 2:05PM by PIB Delhi

    NITI Aayog today launched the report titled “From Borrowers to Builders: Women’s Role in India’s Financial Growth Story”. The report launched by CEO NITI Aayog, Shri B.V.R. Subrahmanyam reveals that more women in India are seeking credit and actively monitoring their credit scores. As of December 2024, 27 million women were monitoring their credit, marking a 42% increase from the previous year, signaling growing financial awareness. The report has been published by TransUnion CIBIL, Women Entrepreneurship Platform’s (WEP) of NITI Aayog and MicroSave Consulting (MSC).

    During the launch, Shri B.V.R. Subrahmanyam, CEO of NITI Aayog, highlighted the critical role of access to finance in empowering women entrepreneurs. He stated, “the government recognizes that access to finance is a fundamental enabler for women’s entrepreneurship. The Women Entrepreneurship Platform (WEP) continues to work towards building an inclusive ecosystem that fosters financial literacy, access to credit, mentorship, and market linkages. However, ensuring equitable financial access requires a collective effort. The role of financial institutions in designing inclusive products tailored to women’s needs, along with policy initiatives that address structural barriers, will be instrumental in accelerating this momentum. To achieve this goal under the aegis of WEP, Financing Women Collaborative (FWC) has been constituted. We seek more financial sector stakeholders to join FWC and contribute to this mission.”

    Anna Roy, Principal Economic Advisor, NITI Aayog and Mission Director WEP, said: “Encouraging women entrepreneurship is one way of ensuring employment opportunities for women entering the workforce in India. It also serves as a viable strategy for accelerating equitable economic growth. Promoting women’s entrepreneurship could create employment opportunities for 150 to 170 million people while driving greater participation from women in the labour force.

    The report highlights that women’s share of the total self-monitoring base increased to 19.43% in December 2024, up from 17.89% in 2023. More women from non-metro regions are actively self-monitoring their credit compared to those in metro areas, with growth of 48% in non-metro regions and 30% in metro areas. In 2024, Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh and Telangana accounted for 49% of all self-monitoring women, with the southern region leading at 10.2 million. Northern and central states, including Rajasthan, Uttar Pradesh, and Madhya Pradesh, saw the highest compounded annual growth rates (CAGR) in active women borrowers over the past five years.

    Since 2019, women’s share in business loan origination has increased by 14% and their share in gold loans has grown by 6%, with women accounting for 35% of business borrowers by December 2024. However, challenges such as credit aversion, poor banking experiences, barriers to credit readiness and issues with collateral and guarantors persist. With rising credit awareness and improved scores, financial institutions have the opportunity to offer gender-smart financial products tailored to women’s unique needs.

     

    ***

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  • MIL-OSI Asia-Pac: Hongkong Post to issue “2025 Hong Kong Definitive Stamps” (with photos)

    Source: Hong Kong Government special administrative region

         â€‹Hongkong Post announced today (March 3) that a new set of “2025 Hong Kong Definitive Stamps” and associated philatelic products on the theme of Hong Kong landmarks will be released for sale on March 18 (Tuesday).
          
         The “2025 Hong Kong Definitive Stamps” is the fifth set of definitive stamps issued by Hongkong Post since the establishment of the Hong Kong Special Administrative Region of the People’s Republic of China. This set of definitive stamps introduces famous landmarks in Hong Kong through a set of 16 stamps. The landmarks include the Hong Kong Palace Museum, the International Finance Centre, the Hong Kong-Zhuhai-Macao Bridge, Lai Chi Wo, etc, demonstrating the uniqueness and charm of Hong Kong as an international financial hub and an East-meets-West centre for international cultural exchanges. The stamps showcase the stunning landscapes of Hong Kong and depict the city’s important infrastructure developments and conservation achievements. The definitive stamps are available in a full range of denominations, providing the public with convenience in combining the stamps for daily use when posting mail items.
          
         In parallel, the “2014 Hong Kong Definitive Stamps” on the theme of the Hong Kong Global Geopark of China will continue to be on sale while stocks last. A special souvenir pack will be released to commemorate the concurrent sale of two sets of Hong Kong definitive stamps.
          
         Official first day covers for “2025 Hong Kong Definitive Stamps” will be on sale at all post offices and Hongkong Post’s online shopping mall ShopThruPost (shopthrupost.hongkongpost.hk) from tomorrow (March 4), while postcards will be available at philatelic offices only. This set of definitive stamps and associated philatelic products will be on sale at all post offices and ShopThruPost from March 18, while serviced first day covers affixed with the definitive stamps, souvenir packs and maximum cards will be available at philatelic offices only. Stamp booklets will be on sale at all post offices (except mobile post offices) from March 18 to 24, and available at convenience stores and other non-post office outlets from March 24.
          
         A hand-back date-stamping service will be provided on March 18 at all post offices for official first day covers/souvenir covers/privately made covers bearing the first day of issue indication and a local address.
          
         In addition, to bring new excitement and enhance the commemoration, Hongkong Post will launch the “2025 Hong Kong Definitive Stamps” cachets which consist of 16 designs concurrently on the issue date of March 18 of the new definitive stamps. The full set of cachets will be set up at four post offices, namely the General Post Office, the Sha Tin Central Post Office, the Tsim Sha Tsui Post Office and the Tsuen Wan Post Office, as well as in the Postal Gallery at the Hongkong Post Building. In addition, six of these cachets will be available in the five designated post offices, with details in the Appendix.

         Information about this set of definitive stamps, associated philatelic products and cachets is available on the Hongkong Post Stamps website (stamps.hongkongpost.hk).                           

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