Category: Finance

MIL-OSI: AGF Investments Launches AGF Enhanced U.S. Income Plus Fund

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 28, 2025 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGF Investments) (TSX:AGF.B) today announced the launch of AGF Enhanced U.S. Income Plus Fund, an alternative mutual fund that seeks to provide long-term capital appreciation and generate a high level of consistent income by investing in U.S. equity securities and employing dynamic options strategies such as put writing and covered call writing. The Fund may also use leverage, primarily through the use of derivatives.

“Investors are seeking products that have the potential to provide higher income with lower volatility,” said Meaghan Kelly, Chief Marketing & Product Officer. “We believe alternative strategies, including flexible option writing strategies, are well-suited to meet this need.”

AGF Enhanced U.S. Income Plus Fund offers:

Enhanced Monthly Income: Aims to pay a high fixed monthly target distribution.*
Alternative Strategy: Seeks to enhance yield while mitigating volatility using a flexible option writing strategy and the ability to incorporate leverage.
Portfolio Diversification: Potential to deliver a lower correlation to traditional asset classes through a differentiated strategy.

* The target distribution is not guaranteed, may be adjusted from time to time at the discretion of the fund manager and may vary from payment to payment.

Fund Details

Fund Name	Fundserv Code	Currency	Series	Load Type
AGF Enhanced U.S. Income Plus Fund	AGF739	CAD	MF	FE
AGF Enhanced U.S. Income Plus Fund	AGF539	USD	MF	FE
AGF Enhanced U.S. Income Plus Fund	AGF5046	CAD	F	NL
AGF Enhanced U.S. Income Plus Fund	AGF5146	USD	F	NL

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $54 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

About AGF Investments

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Media Contact

Amanda Marchment
Director, Corporate Communications
416-865-4160
amanda.marchment@agf.com

The MIL Network –

March 1, 2025

MIL-OSI: Banco Santander Chile Announces the Filing of Its Annual Report on Form 20-F With the United States Securities and Exchange Commission for Fiscal Year 2024

Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, Feb. 28, 2025 (GLOBE NEWSWIRE) — Banco Santander Chile (“Santander Chile” or the “Company”) (NYSE: BSAC; SSE: Bsantander) announced today that its Annual Report on Form 20-F for the fiscal year ended December 31, 2024 (the “2024 Annual Report”) has been filed with the U.S. Securities and Exchange Commission (the “SEC”).

The 2024 Annual Report can be accessed either by visiting the SEC’s website at www.sec.gov or Santander Chile’s corporate website at www.santander.cl. In addition, shareholders may receive a hard copy of the 2024 Annual Report, which includes the Company’s complete audited financial statements, free of charge by requesting a copy from Santander Chile’s Investor Relations Office at + 56 2 26483583 or by email at: irelations@santander.cl.

CONTACT INFORMATION
Investor Relations
Banco Santander Chile
Bandera 140, Floor 20
Santiago, Chile
(562) 26483583
Email: irelations@santander.cl
Website: www.santander.cl

The MIL Network –

March 1, 2025
MIL-OSI Asia-Pac: HKMA announces participating banks for RMB Trade Financing Liquidity Facility

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) announced today (February 28) the list of banks for the RMB Trade Financing Liquidity Facility (RMB TFLF) in Phase 1 (see Annex), effective from today.

     About RMB50 billion of the total size of RMB100 billion of this facility has been allocated to the participating banks. A specific quota is assigned to each bank based on the pipelines as expected by the bank, and referencing the bank’s existing scale of relevant business, among other factors. The banks can now apply for RMB funds from the HKMA from today through the RMB TFLF based on their provision of RMB trade finance to corporate customers within the assigned quota.

     The HKMA will closely review the implementation of the RMB TFLF, including its operation, banks’ RMB trade finance activities and facility usage, as well as market development needs. Subject to the operation of the facility and market demand, we plan to proceed to the next phase of quota allocation around the middle of this year. Banks not yet ready in Phase 1 are encouraged to continue developing their RMB trade finance business so as to be ready to join in later phases. Terms and operation details of the RMB TFLF are found in this Circular.

MIL OSI Asia Pacific News –

March 1, 2025
MIL-OSI Asia-Pac: Korean F&B delegation visits Hong Kong to explore business opportunities (with photos)

Source: Hong Kong Government special administrative region

Korean F&B delegation visits Hong Kong to explore business opportunities (with photos)
Korean F&B delegation visits Hong Kong to explore business opportunities (with photos)
**************************************************************************************

Subsequent to the visit by the Director-General of Investment Promotion at Invest Hong Kong (InvestHK), Ms Alpha Lau, to Seoul, Korea, last week (February 20 and 21) to promote Hong Kong’s business advantages, a delegation of Korean food and beverage companies visited Hong Kong from February 25 to 27 to explore business opportunities in the city. InvestHK and its Korean office, in collaboration with the Hong Kong Economic and Trade Office (Tokyo) and Korea Franchise Association, co-organised a three-day business delegation trip. The visit facilitated exchanges between the Korean and local food and beverage (F&B) companies, further promoting business opportunities in Hong Kong’s F&B industry. On the first day of the trip, the Head of Tourism and Hospitality at InvestHK, Ms Sindy Wong, shared Hong Kong’s business advantages and the local F&B market landscape with the delegation, helping companies gain a deeper understanding of the city’s business environment. The event featured a series of themed seminars, networking sessions and business matching opportunities with local restaurant operators. The seminars included case studies and insights into the retail property market. Additionally, the delegates visited Tai Kwun, Soho, and Tsim Sha Tsui to gain first-hand insights into the latest developments in Hong Kong’s F&B and retail property scene. These visits also provided an opportunity for them to explore the potential for Korean specialty cuisine to enter and thrive in the local market. “Hong Kong and Korea have for a long time enjoyed strong ties across many areas, including trade, investment, tourism, and cultural exchanges. We are a city of culinary delights, with over 17 000 places for food, including 79 Michelin-star restaurants, six of Asia’s 50 best restaurants, and nine of Asia’s 50 best bars,” said Ms Lau. At the welcome dinner on the first day of the trip, Ms Lau warmly welcomed the Korean business delegation and said, “We hope the delegation finds the programme useful and makes great business connections, and also new friends, on this trip. We are confident that they will find partners to establish their restaurants here and join our exciting F&B scene in the near future.” Seeing that the visit concluded successfully with a fruitful outcome, the Principal Hong Kong Economic and Trade Representative (Tokyo), Miss Winsome Au, stated, “Our office is pleased to drive this first Korean business delegation mission to Hong Kong. Indeed, Korean cuisine is garnering increasing attention in Hong Kong, thanks to the global popularity of K-culture. Our office will continue our efforts in supporting this joint initiative of promoting mutual understanding between Hong Kong and Korean companies, and we hope that these efforts will lead to more investment and collaboration in various fields.” The Chief Executive Officer of PSP F&D Co Ltd, Mr Park Sangyoung, stated, “The vibrant dining atmosphere in Hong Kong makes it an ideal platform to showcase Korean culinary culture. We are very optimistic about the market prospects. This event has given us the opportunity to share Korea’s diverse food culture and also helped us build valuable partnerships with Hong Kong’s F&B industry. This will serve as a solid foundation for our future expansion into Hong Kong and the wider Asian market.” The Chief Executive Officer of ALL F&B Co Ltd, Mr Bang Kyoungseok, added, “Hong Kong consumers’ passion for Korean cuisine, along with their high standards for food quality, perfectly aligns with our brand philosophy. We understand more about the Hong Kong market through this event and will start planning our development here. We look forward to bringing the most authentic Korean dining experience to Hong Kong.” The Chief Operating Officer of LUBUDS, Ms Berfa Chow, said, “Netflix’s Korean cuisine reality show ‘Culinary Class Wars’ has become globally famous, further boosting the popularity of Korean cuisine in Hong Kong’s dining scene. We are thrilled for the opportunity to explore collaboration with several renowned Korean restaurant groups. Combining their expertise with our in-depth local market knowledge, we are confident in delivering more top-notch, authentic Korean dining experiences to Hong Kong consumers while seizing this exciting market opportunity.” The Vice Chairman of Fulum Group Holdings Limited, Professor Keith Wu, stated, “From K-dramas and K-pop to Korean cuisine, Korean culture is going viral and young consumers show a strong appetite for authentic Korean dining. We are excited to explore collaborations with well-known Korean restaurant brands, aiming to strategically enhance our offerings with more Korean elements and further enrich our brand portfolio.”

Ends/Friday, February 28, 2025Issued at HKT 12:00

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MIL OSI Asia Pacific News –

March 1, 2025
MIL-OSI Security: BVI MAN AND FOUR HAITIAN NATIONALS CHARGED IN ILLEGAL ALIEN SMUGGLING CASE

Source: Office of United States Attorneys

St. Thomas, VI – United States Attorney Delia L. Smith announced today that Jose Miguel Hodge, 31, of the British Virgin Islands, was charged with alien smuggling. Also charged were Junia Orelus, 32, Clawens Destin, 18, and Jean Louis Martellus, 27, all of Haiti, and Eudys Santana Santos, 33, of the Dominican Republic, with unlawful entry into the United States.

According to court records, on February 7, 2025, Customs and Border Protection Air Marine Operations agents observed Hodge operating a vessel traveling from BVI waters and later arriving at Annaberg Bay, St. John, without navigational lights. The agents intercepted and boarded Hodge’s vessel and found Orelus, Destin and Metellus, all illegal aliens, onboard. Santana Santos, also an illegal alien, was found at Annaberg Bay waiting to provide transportation to at least one of the illegal migrant onboard Hodge’s vessel.

This case is being investigated by Customs and Border Protection Air Marine Operations and Homeland Security Investigations and is being prosecuted by Assistant United States Attorney Everard E. Potter.

United States Attorney Smith reminds the public that a criminal complaint is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

March 1, 2025

MIL-OSI: Boralex reports net earnings of $74 million for fiscal 2024 and continues construction of its large-scale projects in Québec, Ontario and the United Kingdom

Source: GlobeNewswire (MIL-OSI)

MONTREAL, Feb. 28, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the three-month period and year ended December 31, 2024.

Highlights
Financial results

EBITDA(A)¹, operating income and net earnings under pressure in Q4-2024 owing to adverse wind and hydropower conditions
- Production 16% (11% on a Combined¹ basis)² lower than in Q4-2023 and 16% (12%) below anticipated production¹, due primarily to the adverse climate conditions. For fiscal 2024 overall, production was 5% (2%) lower than in 2023 and 10% (8%) below anticipated production.
- EBITDA(A) of $169 million ($191 million) for Q4-2024, down $33 million ($38 million) from Q4-2023. For fiscal 2024, EBITDA(A) was $581 million ($670 million), up $3 million (down $5 million) from 2023. The decrease in production was partly offset by the contribution of newly commissioned sites in France and the positive impact of the electricity selling price optimization strategy.
- Operating income of $78 million ($53 million) for Q4-2024, down $20 million ($66 million) from Q4-2023. For fiscal 2024, operating income totalled $226 million ($267 million), unchanged (down $39 million) from 2023.
- Net loss of $2 million in Q4-2024, down $60 million from T4-2023. For fiscal 2024, net earnings amounted to $74 million, $41 million lower than in 2023. Excluding the impairment of an asset, net earnings would have been $6 million higher in fiscal 2024 compared to fiscal 2023.

Lower cash flow related to operating activities for the quarter but balance sheet remains strong
- Net cash flows related to operating activities of $31 million for Q4-2024 and $215 million for fiscal 2024, compared to $107 million for Q4-2023 and $496 million for fiscal 2023.
- Discretionary cash flows¹ of $47 million for Q4-2024 and $158 million for fiscal 2024, down $44 million from Q4-2023 and $26 million from fiscal 2023.
- Boralex has $592 million in cash and cash equivalents and $523 million in available cash resources and authorized financing¹ as at December 31, 2024.
- A record of nearly $1.2 billion in project financing, bridge financing and letter of credit facilities obtained in 2024.

Update on development and construction activities

Portfolio of projects under development and growth path totalling 8,005 MW in the high growth potential markets of Canada, the United States, the United Kingdom and France, 1,227 MW or 18% higher than in 2023
Progress in under-construction and ready-to-build projects
- Start of electrification of the Limekiln wind farm in the United Kingdom (106 MW) in February 2025, with full commissioning planned for early April, and work continues on the Apuiat wind farm in Quebec (total 200 MW, Boralex’s share 100 MW), with commissioning planned for the first half of 2025.
- Construction of the Hagersville (300 MW) and Tilbury (80 MW) storage projects in Ontario progressing on schedule, with commissioning planned for the fourth quarter of 2025. Financings closed in December 2024.
- Start of work on the Des Neiges Sud wind project in Quebec (total 400 MW, Boralex’s share 133 MW), with commissioning scheduled for 2026.
Acquisition of the Clashindarroch Wind Farm Extension project in the United Kingdom, with an installed capacity of 145 MW, and the adjacent battery energy storage system (BESS) with a maximum capacity of 50 MW, for a total capacity of 195 MW. Boralex has a 50% interest, but has control over the project and will fully consolidate the results in the financial statements.

¹	EBITDA(A) is a total of segment measures. Anticipated production is an additional financial measure. “Combined,” “discretionary cash flows” and “available cash resources and authorized financing” are non-GAAP financial measures and do not have a standardized definition under IFRS. Consequently, these measures may not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.
²	Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.

“The year 2024 proved to be full of challenges, which our employees met head-on. I would highlight in particular the significant effort our team invested in 2024 to secure nearly $1.2 billion in financing, a record for Boralex, on very good terms. Despite high volatility in the financial markets and pressure on the stock prices of renewable energy companies, notably in the wake of the American elections, we are convinced that renewable energy development will continue in many regions. Strong growth in electricity demand is expected in the regions where we are developing wind and solar farms and battery storage systems, namely Canada, the United Kingdom, the United States and France,” said Patrick Decostre, President and Chief Executive Officer of Boralex.

Renewable energy, which is the most competitive type of energy, can be brought on line to meet demand much faster than other types of energy. Boralex is in a position to capitalize on its project pipeline and growth path, which now represent more than 8 GW of power, and will continue to develop key projects with rates of return in line with its targets.

“Boralex saw its financial results decline in fiscal 2024, mainly as a result of adverse wind conditions in France and to a lesser extent in Canada, as well as impairment of an asset. During the year, we continued to implement our various initiatives aimed at optimizing administrative, financial and development costs. We ended our 2024 financial year with net earnings of $74 million, a strong balance sheet and good financial flexibility, with over $500 million in available cash resources and authorized financing,” Mr. Decostre added.

Boralex continues to excel on the corporate social responsibility front. In 2024, the Corporation announced that it was one of the few in the industry to have had its greenhouse gas emission reduction targets validated by the Science Based Targets initiative (SBTi). This recognition shows Boralex’s commitment to achieving net zero emissions by 2050. In addition, Boralex ranked 94th out of the 215 S&P/TSX Composite Index companies and trusts analysed as part of The Board Games, with a score of 80/100, while in 2023 it was 102nd with a score of 76. Finally, Boralex placed 15th in the ranking of Canada’s 50 best corporate citizens, out of the 340 leading Canadian organizations analysed.

4^th quarter highlights

Three-month periods ended December 31

	Consolidated										Combined
(in millions of Canadian dollars, unless otherwise specified)		2024			2023	Change						2024			2023	Change
							$		%								$		%
Power production (GWh)¹		1,520			1,814		(294	)	(16	)		2,099			2,351		(252	)	(11	)
Revenues from energy sales and feed-in premium		228			315		(87	)	(28	)		258			345		(87	)	(25	)
Operating income		78			98		(20	)	(21	)		53			119		(66	)	(55	)
EBITDA(A)		169			202		(33	)	(17	)		191			229		(38	)	(17	)
Net earnings (loss)		(2	)		58		(60	)	>(100	)		(2	)		58		(60	)	>(100	)
Net earnings (loss) attributable to shareholders of Boralex		(16	)		37		(53	)	>(100	)		(16	)		37		(53	)	>(100	)
Per share – basic and diluted		($0.15	)	$0.36			($0.51	)	>(100	)		($0.15	)	$0.36			($0.51	)	>(100	)
Net cash flows related to operating activities		31			107		(76	)	(71	)		—			—		—		—
Cash flows from operations²		105			161		(56	)	(35	)		—			—		—		—
Discretionary cash flows		47			91		(44	)	(48	)		—			—		—		—

In the fourth quarter of 2024, Boralex produced 1,520 GWh (2,099 GWh) of power, 16% (11%) less than the 1,814 GWh (2,351 GWh) produced in the same quarter of 2023. The decrease was mainly attributable to adverse weather conditions. As a result, Boralex ended the quarter with total production that was 16% (12%) below anticipated production.

Revenues from energy sales and feed-in premiums for the three-month period ended December 31, 2024, amounted to $228 million ($258 million), 28% (25%) lower than in the fourth quarter of 2023. The decrease was mainly attributable to the lower production. EBITDA(A) amounted to $169 million ($191 million), down 17% (17%) from the fourth quarter of 2023. The decline in production was partly offset by the contribution of new assets commissioned in France and the positive impact of the electricity selling price optimization strategy. Operating income totalled $78 million ($53 million), compared to $98 million ($119 million) for the same quarter of 2023. The Company posted a net loss of $2 million, which represents a $60 million decrease from the $58 million in net earnings reported for the fourth quarter of 2023.

¹	Power production includes the production for which Boralex received financial compensation following power generation limitations as management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed-in premium.
²	The cash flows from operations is a non-GAAP financial measure and does not have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section of this press release.

Years ended December 31

	Consolidated									Combined
(in millions of Canadian dollars, unless otherwise specified)		2024		2023	Change						2024		2023	Change
						$		%							$		%
Power production (GWh)¹		5,691		5,973		(282	)	(5	)		7,845		8,020		(175	)	(2	)
Revenues from energy sales and feed-in premium		817		994		(177	)	(18	)		933		1,104		(171	)	(15	)
Operating income		226		226		—		—			267		306		(39	)	(12	)
EBITDA(A)		581		578		3		—			670		675		(5	)	(1	)
Net earnings		74		115		(41	)	(35	)		74		115		(41	)	(35	)
Net earnings attributable to shareholders of Boralex		36		78		(42	)	(54	)		36		78		(42	)	(54	)
Per share – basic and diluted	$0.35		$0.76		($0.41		)	(54	)	$0.35		$0.76		($0.41		)	(54	)
Net cash flows related to operating activities		215		496		(281	)	(57	)		—		—		—		—
Cash flows from operations		415		445		(30	)	(7	)		—		—		—		—
Discretionary cash flows		158		184		(26	)	(14	)		—		—		—		—
	As at Dec. 31		As at Dec. 31		Change					As at Dec. 31		As at Dec. 31		Change
						$		%							$		%
Total assets		7,604		6,574		1,030		16			8,476		7,304		1,172		16
Debt – principal balance		4,032		3,327		705		21			4,588		3,764		824		22
Total project debt		3,608		2,844		764		27			4,166		3,281		885		27
Total corporate debt		424		483		(59	)	(12	)		424		483		(59	)	(12	)

For the year ended December 31, 2024, Boralex produced 5,691 GWh (7,845 GWh) of power, less than the 5,973 GWh (8,020 GWh) produced during the same period in 2023. Revenues from energy sales and feed-in premiums for the financial year ended December 31, 2024, amounted to $817 million ($933 million), down $177 million ($171 million) or 18% (15%) from the same period in 2023.

EBITDA(A) amounted to $581 million ($670 million), up $3 million (down $5 million) from the same period last year. Operating income totalled $226 million ($267 million), essentially unchanged (down $39 million) from the same period in 2023. Overall, Boralex posted net earnings of $74 million ($74 million) for the financial year ended December 31, 2024, compared to $115 million ($115 million) for fiscal 2023.

¹	Power production includes the production for which Boralex received financial compensation following power generation limitations imposed by its customers since management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed-in premiums.

Outlook

Boralex’s 2025 Strategic Plan is built around the same four strategic directions as the plan launched in 2019 – growth, diversification, customers and optimization – and six corporate targets. The details of the plan, which also sets out Boralex’s corporate social responsibility strategy, are found in the Corporation’s annual report. Highlights of the main achievements for the 2024 financial year in relation to the 2025 Strategic Plan can be found in the 2024 Annual Report, in the Investors section of the Boralex website.

In the coming quarters, Boralex will continue to work on its various initiatives under the strategic plan, including project development, analysis of acquisition targets and optimization of power sales and operating costs. The Corporation will present a new plan for the period to 2030 during the course of 2025.

Finally, to fuel its organic growth, the Corporation has a portfolio of projects under development and growth path based on clearly identified criteria, totalling more than 8 GW of wind, solar and energy storage projects.

About Boralex

At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3.1 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

For more information, visit www.boralex.com or www.sedarplus.ca. Follow us on Facebook and LinkedIn.

Non-IFRS measures
Performance measures

In order to assess the performance of its assets and reporting segments, Boralex uses performance measures. Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations. The non-IFRS and other financial measures also provide investors with insight into the Corporation’s decision making as the Corporation uses these non-IFRS financial measures to make financial, strategic and operating decisions. The non-IFRS and other financial measures should not be considered as substitutes for IFRS measures.

These non-IFRS and other financial measures are derived primarily from the audited consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies. Non-IFRS and other financial measures are not audited. They have important limitations as analytical tools and investors are cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS financial measures.

Non-IFRS financial measures
Specific financial measure	*Use*	*Composition*	Most directly comparable IFRS measure
Financial data – Combined (all disclosed financial data)	To assess the operating performance and the ability of a company to generate cash from its operations and investments in joint ventures and associates.	Results from the combination of the financial information of Boralex Inc. under IFRS and the share of the financial information of the Interests. Interests in the Joint Ventures and associates, Share in earnings (losses) of the Joint Ventures and associates and Distributions received from the Joint Ventures and associates are then replaced with Boralex’s respective share in the financial statements of the Interests (revenues, expenses, assets, liabilities, etc.)	Respective financial data – Consolidated
Discretionary cash flows	To assess the cash generated from operations and the amount available for future development or to be paid as dividends to common shareholders while preserving the long-term value of the business. Corporate objectives for 2025 from the strategic plan.	Net cash flows related to operating activities before “change in non-cash items related to operating activities,” less (i) distributions paid to non-controlling shareholders; (ii) additions to property, plant and equipment (maintenance of operations); (iii) repayments on non-current debt (projects) and repayments to tax equity investors; (iv) principal payments related to lease liabilities; (v) adjustments for non-operational items; plus (vi) development costs (from the statement of earnings).	Net cash flows related to operating activities
Cash flows from operations	To assess the cash generated by the Company’s operations and its ability to finance its expansion from these funds.	Net cash flows related to operating activities before changes in non-cash items related to operating activities.	Net cash flows related to operating activities

Non-IFRS financial measures
Specific financial measure	*Use*	*Composition*	Most directly comparable IFRS measure
Available cash and cash equivalents	To assess the cash and cash equivalents available, as at balance sheet date, to fund the Corporation’s growth.	Represents cash and cash equivalents, as stated on the balance sheet, from which known short-term cash requirements are excluded.	Cash and cash equivalents
Available cash resources and authorized financing	To assess the total cash resources available, as at balance sheet date, to fund the Corporation’s growth.	Results from the combination of credit facilities available to fund growth and the available cash and cash equivalents.	Cash and cash equivalents

Other financial measures – Total of segments measure
*Specific financial measure*	*Most directly comparable IFRS measure*
EBITDA(A)	Operating income

Other financial measures – Supplementary Financial Measures
*Specific financial measure*	*Composition*
Credit facilities available for growth	The credit facilities available for growth include the unused tranche of the parent company’s credit facility, apart from the accordion clause, as well as the unused tranche credit facilities of subsidiaries which includes the unused tranche of the credit facility- France and the unused tranche of the construction facility.
Anticipated production	For older sites, anticipated production by the Corporation is based on adjusted historical averages, planned commissioning and shutdowns and, for all other sites, on the production studies carried out.

Combined

The following tables reconcile Consolidated financial data with data presented on a Combined basis:

					2024				2023
(in millions of Canadian dollars)	Consolidated		Reconciliation⁽¹⁾		Combined		Consolidated	Reconciliation⁽¹⁾	Combined
Three-month periods ended December 31:
Power production (GWh)⁽²⁾	1,520		579		2,099		1,814	537	2,351
Revenues from energy sales and feed-in premium	228		30		258		315	30	345
Operating income	78		(25	)	53		98	21	119
EBITDA(A)	169		22		191		202	27	229
Net earnings (loss)	(2	)	—		(2	)	58	—	58

Years ended December 31:
Power production (GWh)⁽²⁾	5,691	2,154	7,845	5,973	2,047	8,020
Revenues from energy sales and feed-in premiums	817	116	933	994	110	1,104
Operating income	226	41	267	226	80	306
EBITDA(A)	581	89	670	578	97	675
Net earnings	74	—	74	115	—	115

	As at December 31, 2024			As at December 31, 2023
Total assets	7,604	872	8,476	6,574	730	7,304
Debt – Principal balance	4,032	556	4,588	3,327	437	3,764

⁽¹⁾	Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS. This contribution is attributable to the North America segment’s wind farms and includes corporate expenses of $2 million under EBITDA(A) for the year ended December 31, 2024 ($2 million as at December 31, 2023).
⁽²⁾	Includes compensation following electricity production limitations.

EBITDA(A)

EBITDA(A) is a total of segment financial measures and represents earnings before interest, taxes, depreciation and amortization, adjusted to exclude other items such as acquisition and integration costs, other losses (gains), net loss (gain) on financial instruments and foreign exchange loss (gain), with the last two items included under Other.

EBITDA(A) is used to assess the performance of the Corporation’s reporting segments.

EBITDA(A) is reconciled to the most comparable IFRS measure, namely, operating income, in the following table:

					2024						2023		Change 2024 vs 2023
(in millions of Canadian dollars)	Consolidated		Reconciliation⁽¹⁾		Combined		Consolidated		Reconciliation⁽¹⁾		Combined		Consolidated		Combined
Three-month periods ended December 31:
EBITDA(A)	169		22		191		202		27		229		(33	)	(38	)
Amortization	(73	)	(15	)	(88	)	(75	)	(14	)	(89	)	2		1
Impairment	—		(47	)	(47	)	(20	)	(1	)	(21	)	20		(26	)
Other gains (losses)	(3	)	—		(3	)	1		(1	)	—		(4	)	(3	)
Share in earnings of joint ventures and associates	(3	)	3		—		(17	)	17		—		14		—
Change in fair value of a derivative included in the share in earnings of a joint venture	—		—		—		7		(7	)	—		(7	)	—
Impairment included in the share in earnings of a joint venture	(12	)	12		—		—		—		—		(12	)	—
Operating income	78		(25	)	53		98		21		119		(20	)	(66	)

Years ended December 31:
EBITDA(A)	581		89		670		578		97		675		3		(5	)
Amortization	(297	)	(59	)	(356	)	(293	)	(58	)	(351	)	(4	)	(5	)
Impairment	(5	)	(47	)	(52	)	(20	)	(1	)	(21	)	15		(31	)
Other gains	5		—		5		1		2		3		4		2
Share in earnings of joint ventures and associates	(46	)	46		—		(59	)	59		—		13		—
Change in fair value of a derivative included in the share in earnings of a joint venture	—		—		—		19		(19	)	—		(19	)	—
Impairment included in the share in earnings of a joint venture	(12	)	12		—		—		—		—		(12	)	—
Operating income	226		41		267		226		80		306		—		(39	)

⁽¹⁾	Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS.

Cash flow from operations and discretionary cash flows

The Corporation computes the cash flow from operations and discretionary cash flows as follows:

	Consolidated
	Three-month periods ended				Years ended
	December 31				December 31
(in millions of Canadian dollars)	2024		2023		2024		2023
Net cash flows related to operating activities	31		107		215		496
Change in non-cash items relating to operating activities	74		54		200		(51	)
Cash flows from operations	105		161		415		445
Repayments on non-current debt (projects)⁽¹⁾	(53	)	(50	)	(240	)	(232	)
Adjustment for non-operating items⁽²⁾	5		2		7		6
	57		113		182		219
Principal payments related to lease liabilities⁽³⁾	(6	)	(4	)	(19	)	(17	)
Distributions paid to non-controlling shareholders⁽⁴⁾	(17	)	(33	)	(52	)	(57	)
Additions to property, plant and equipment (maintenance of operations)⁽⁵⁾	(3	)	2		(10	)	(6	)
Development costs (from statement of earnings)⁽⁶⁾	16		13		57		45
Discretionary cash flows	47		91		158		184

⁽¹⁾	Includes repayments on non-current debt (projects) and repayments to tax equity investors, and excludes VAT bridge financing, early debt repayments and repayments under the construction facility – Boralex Energy Investments portfolio and the CDPQ Fixed Income Inc. term loan.
⁽²⁾	For the years ended December 31, 2024 and December 31, 2023, favourable adjustment consisting mainly of acquisition, integration and other non-operating miscellaneous items.
⁽³⁾	Excludes the principal payments related to lease liabilities for projects under development and construction.
⁽⁴⁾	Comprises distributions paid to non-controlling shareholders as well as the portion of discretionary cash flows attributable to the non-controlling shareholder of Boralex Europe Sàrl.
⁽⁵⁾	Excludes the additions to the property, plant and equipment of regulated assets (treated as assets under construction since they are regulated assets for which investments in the plant are considered in the setting of its electricity selling price). During the fourth quarter of 2023, an amount of $4 million was reclassified as new property, plant, and equipment under construction.
⁽⁶⁾	During Q1-2024, the Corporation reclassified the employee benefits for 2023 and 2024 related to its incentive plans, which were reported in full under Operating expenses in the consolidated statements of earnings. To better allocate these expenses to the Corporation’s various functions and thus provide more relevant information to users of the financial statements, the Corporation is now allocating these costs to Operating, Administrative and Development expenses in the consolidated statements of earnings according to the breakdown of staff. This change resulted in a $1 million increase in development costs for the three-month period ended December 31, 2023 and $5 million increase for the year ended December 31, 2023.

Available cash and cash equivalents and available cash resources and authorized financing

The Corporation defines available cash and cash equivalents as well as available cash resources and authorized financing as follows:

	Consolidated
	As at December 31		As at December 31
(in millions of Canadian dollars)	2024		2023
Cash and cash equivalents	592		478
Cash and cash equivalents held by entities subject to project debt agreement and restrictions⁽¹⁾	(526	)	(388	)
Bank overdraft	(5	)	(6	)
Available cash and cash equivalents	61		84
Credit facilities available for growth	462		463
Available cash resources and authorized financing	523		547

⁽¹⁾	This cash can be used for the operations of the respective projects, but is subject to restrictions for non-project related purposes under the credit agreements.

Disclaimer regarding forward-looking statements

Certain statements contained in this release, including those related to results and performance for future periods, installed capacity targets, EBITDA(A) and discretionary cash flows, the Corporation’s strategic plan, business model and growth strategy, organic growth and growth through mergers and acquisitions, obtaining an investment grade credit rating, payment of a quarterly dividend, the Corporation’s financial targets, the projects commissioning dates, the portfolio of renewable energy projects, the Corporation’s Growth Path, the bids for new storage and solar projects and its Corporate Social Responsibility (CSR) objectives are forward-looking statements based on current forecasts, as defined by securities legislation. Positive or negative verbs such as “will,” “would,” “forecast,” “anticipate,” “expect,” “plan,” “project,” “continue,” “intend,” “assess,” “estimate” or “believe,” or expressions such as “toward,” “about,” “approximately,” “to be of the opinion,” “potential” or similar words or the negative thereof or other comparable terminology, are used to identify such statements.

Forward-looking statements are based on major assumptions, including those about the Corporation’s return on its projects, as projected by management with respect to wind and other factors, opportunities that may be available in the various sectors targeted for growth or diversification, assumptions made about EBITDA(A) margins, assumptions made about the sector realities and general economic conditions, competition, exchange rates as well as the availability of funding and partners. While the Corporation considers these factors and assumptions to be reasonable, based on the information currently available to the Corporation, they may prove to be inaccurate.

Boralex wishes to clarify that, by their very nature, forward-looking statements involve risks and uncertainties, and that its results, or the measures it adopts, could be significantly different from those indicated or underlying those statements, or could affect the degree to which a given forward-looking statement is achieved. The main factors that may result in any significant discrepancy between the Corporation’s actual results and the forward-looking financial information or expectations expressed in forward-looking statements include the general impact of economic conditions, fluctuations in various currencies, fluctuations in energy prices, the risk of not renewing PPAs or being unable to sign new corporate PPA, the risk of not being able to capture the US or Canadian investment tax credit, counterparty risk, the Corporation’s financing capacity, cybersecurity risks, competition, changes in general market conditions, industry regulations and amendments thereto, particularly the legislation, regulations and emergency measures that could be implemented for time to time to address high energy prices in Europe, litigation and other regulatory issues related to projects in operation or under development, as well as certain other factors considered in the sections dealing with risk factors and uncertainties appearing in Boralex’s MD&A for the fiscal year ended December 31, 2024.

Unless otherwise specified by the Corporation, forward-looking statements do not take into account the effect that transactions, non-recurring items or other exceptional items announced or occurring after such statements have been made may have on the Corporation’s activities. There is no guarantee that the results, performance or accomplishments, as expressed or implied in the forward-looking statements, will materialize. Readers are therefore urged not to rely unduly on these forward-looking statements.

Unless required by applicable securities legislation, Boralex’s management assumes no obligation to update or revise forward- looking statements in light of new information, future events or other changes.

For more information:

The MIL Network –

March 1, 2025

MIL-OSI: TeraWulf Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Announced strategic expansion into AI-driven HPC hosting with long-term data center leases expected to generate $1 billion in cumulative revenue over initial 10-year contract terms

Annual revenue and non-GAAP adjusted EBITDA increase 102% and 89% year-over-year, respectively

Expanded self-mining operating capacity by 94% year-over-year to 9.7 EH/s as compared to 5.0 EH/s in 2023

Strengthened the Balance Sheet with cash and bitcoin holdings of $275 million as of December 31, 2024

Proactively repaid legacy term loan debt ahead of schedule and financed HPC hosting growth with new 2.75% convertible notes issuance due 2030

Authorized $200 million share repurchase program and executed over $150 million of repurchases equivalent to over 24 million shares of Common Stock to date

EASTON, Md., Feb. 28, 2025 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure primarily powered by zero-carbon energy, today announced its financial results for the fourth quarter and full year ended December 31, 2024.

Management Commentary

“In 2024, TeraWulf achieved significant financial and operational milestones, further solidifying our leadership in sustainable digital infrastructure,” said Paul Prager, Chief Executive Officer of TeraWulf. “We expanded our self-mining capacity to 9.7 EH/s, secured long-term data center lease agreements with a credit-worthy counterparty that are expected to generate significant recurring revenue, providing a stable foundation for long-term growth, and enhanced our financial flexibility through strategic asset monetization and capital raises. As the scarcity of digital infrastructure intensifies, we believe we are exceptionally well-positioned to scale our high-performance compute (HPC) hosting and colocation services by 100-150 MW annually.”

Patrick Fleury, Chief Financial Officer, added, “Our disciplined financial management was reflected in our $500 million oversubscribed convertible debt offering, which strengthened our liquidity and funded our initial expansion into HPC hosting. The $85 million sale of our 25% equity interest in Nautilus allowed us to monetize an asset with a declining value at peak pricing and reinvest in Lake Mariner’s HPC hosting capabilities. Demonstrating confidence in our long-term growth, we also strategically repurchased over $150 million in shares in late 2024 and early 2025 while maintaining a strong liquidity position.”

Paul Prager concluded, “Looking ahead, our focus is on executing the 72.5 MW of HPC hosting capacity set for delivery in 2025. With strong demand for AI-driven compute infrastructure, we see a significant opportunity to leverage our low-cost, predominantly zero-carbon energy infrastructure platform to meet this growing need. TeraWulf sits at the convergence of bitcoin mining and HPC hosting, reinforcing our role as a leader in next-generation digital infrastructure.”

Full Year 2024 Operational and Financial Highlights

Key financial and operational highlights for the fiscal year ended December 31, 2024 include:

Revenue increased 102% to $140.1 million in 2024, as compared to $69.2 million in fiscal 2023, driven by increased bitcoin production and higher average realized bitcoin prices during the period.
Cost of revenue, exclusive of depreciation, increased 129% to $62.6 million in 2024, as compared to $27.3 million in fiscal 2023, driven by increased bitcoin mining capacity due to infrastructure constructed and placed in service during 2024, a near doubling of network difficulty and the impacts of the bitcoin halving in April 2024, and, to a lesser extent, an increase in realized power prices during 2024 as compared to 2023.
Non-GAAP adjusted EBITDA increased by $28.5 million to $60.4 million in 2024, as compared to $31.9 million in fiscal 2023.
Reported cash and cash equivalents of $274.1 million as of December 31, 2024, as compared to $54.4 million at fiscal year-end 2023.
The Company’s legacy term loan debt was eliminated in 2024, as compared to $139.4 million at fiscal year-end 2023, significantly improving strategic and financial flexibility.

Expansion into HPC Hosting

In 2024, TeraWulf expanded into the rapidly growing digital infrastructure market with a focus on AI and HPC hosting, backed by long-term customer agreements.

A pivotal milestone in this expansion was achieved on December 23, 2024, when TeraWulf signed long-term data center lease agreements with Core42, securing 72.5 MW of hosting capacity at Lake Mariner for GPU cloud compute workloads. These lease agreements are expected to commence at various dates in 2025 and include an option to expand by an additional 135 MW.

To support this diversification of its business, the Company has upgraded its digital infrastructure at Lake Mariner, incorporating advanced liquid cooling systems and Tier 3 redundancy to optimize high-density compute workloads. This cutting-edge infrastructure further strengthens TeraWulf’s ability to attract hyperscale and enterprise customers.

Fiscal Year 2024 Financial Results

Revenue for the year ended December 31, 2024 increased 102% to $140.1 million compared to $69.2 million in fiscal 2023. The increase in revenue is primarily attributable to a 129% increase in the average price of bitcoin year-over-year. The Company increased its mining capacity at Lake Mariner to 195 MW as of December 31, 2024, as compared to 110 MW as of December 31, 2023. Despite industry-wide headwinds from the April 2024 halving and network hashrate increases, TeraWulf maintained strong mining margins, leveraging its low-cost, predominantly zero-carbon infrastructure.

Cost of revenue, exclusive of depreciation, increased 129% to $62.6 million compared to $27.3 million in fiscal 2023. These increases were driven by increased bitcoin mining capacity due to infrastructure constructed and placed in service during 2024, the impacts of the bitcoin halving in April 2024 and, to a lesser extent, an increase in realized power prices during 2024 as compared to 2023.

Non-GAAP adjusted EBITDA for the year ended December 31, 2024 was $60.4 million, as compared to $31.9 million for the year ended December 31, 2023.

Liquidity and Capital Resources

As of December 31, 2024, the Company held $274.5 million in cash and cash equivalents and bitcoin on its balance sheet. As of the same period, the Company had outstanding indebtedness of approximately $500 million related to the 2.75% convertible senior notes due 2030. As of February 26, 2025, TeraWulf had 383,137,722 common shares outstanding.

Investor Conference Call and Webcast

As previously announced, TeraWulf will host its fourth quarter and full year 2024 earnings call and business update for investors today, Friday, February 28, 2025, commencing at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time). Prepared remarks will be followed by a question-and-answer session with management.

The conference call will be broadcast live and will be available for replay via “Events & Presentations” under the “Investors” section of the Company’s website at https://investors.terawulf.com/events-and-presentations/.

About TeraWulf

TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for bitcoin mining and hosting HPC workloads. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through bitcoin mining, leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) the ability to mine bitcoin profitably; (2) our ability to attract additional customers to lease our HPC data centers; (3) our ability to perform under our existing data center lease agreements (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) the ability to implement certain business objectives, including its bitcoin mining and HPC data center development, and to timely and cost-effectively execute related projects; (6) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (7) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (10) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

Non-GAAP Measures

We have not provided reconciliations of preliminary and projected Adjusted EBITDA to the most comparable GAAP measure of net income/(loss). Providing net income/(loss) is potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items that are included in net income/(loss), including but not limited to asset impairments and income tax valuation adjustments. Reconciliations of this non-GAAP measure with the most comparable GAAP measure for historical periods is indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance. Please reference the “Non-GAAP financial information” accompanying our quarterly earnings conference call presentations on our website at www.terawulf.com/investors for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures.

Investors:
Investors@terawulf.com

Media:
media@terawulf.com

CONSOLIDATED BALANCE SHEETS
AS OF December 31, 2024 AND 2023
(In thousands, except number of shares, per share amounts and par value)

	December 31, 2024			December 31, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	274,065		$	54,439
Digital currency		476			1,801
Prepaid expenses		2,493			4,540
Other receivables		3,799			1,001
Other current assets		598			806
Total current assets		281,431			62,587
Equity in net assets of investee		—			98,613
Property, plant and equipment, net		411,869			205,284
Operating lease right-of-use asset		85,898			10,943
Finance lease right-of-use asset		7,285			—
Other assets		1,028			679
TOTAL ASSETS		787,511			378,106

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable		24,382			15,169
Accrued construction liabilities		16,520			1,526
Accrued compensation		4,552			4,413
Other accrued liabilities		4,973			4,766
Share based liabilities due to related party		—			2,500
Other amounts due to related parties		1,391			972
Current portion of operating lease liability		25			48
Current portion of finance lease liability		2			—
Insurance premium financing payable		—			1,803
Current portion of long-term debt		—			123,465
Total current liabilities		51,845			154,662
Operating lease liability, net of current portion		3,427			899
Finance lease liability, net of current portion		292			—
Long-term debt		—			56
Convertible notes		487,502			—
TOTAL LIABILITIES		543,066			155,617

Commitments and Contingencies (See Note 12)

STOCKHOLDERS’ EQUITY:
Preferred stock, $0.001 par value, 100,000,000 authorized at December 31, 2024 and 2023; 9,566 shares issued and outstanding at December 31, 2024 and 2023; aggregate liquidation preference of $12,609 and $11,423 at December 31, 2024 and 2023, respectively.		9,273			9,273
Common stock, $0.001 par value, 600,000,000 and 400,000,000 authorized at December 31, 2024 and 2023, respectively; 404,223,028 and 276,733,329 issued and outstanding at December 31, 2024 and 2023, respectively.		404			277
Additional paid-in capital		685,261			472,834
Treasury Stock at cost, 18,568,750 and 0 at December 31, 2024 and 2023, respectively		(118,217	)		—
Accumulated deficit		(332,276	)		(259,895	)
Total stockholders’ equity		244,445			222,489
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	787,511		$	378,106

CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED December 31, 2024, 2023 AND 2022
(In thousands, except number of shares and loss per common share)

	Year Ended December 31,
		2024			2023			2022
Revenue	$	140,051		$	69,229		$	15,033

Costs and expenses:
Cost of revenue (exclusive of depreciation shown below)		62,608			27,315			11,083
Operating expenses		3,387			2,116			2,038
Operating expenses — related party		4,262			2,773			1,248
Selling, general and administrative expenses		57,883			23,693			22,770
Selling, general and administrative expenses — related party		12,695			13,325			13,280
Depreciation		59,808			28,350			6,667
Gain on fair value of digital currency, net		(2,200	)		—			—
Realized gain on sale of digital currency		—			(3,174	)		(569	)
Impairment of digital currency		—			3,043			1,457
Loss on disposals of property, plant, and equipment, net		17,824			1,209			—
Loss on nonmonetary miner exchange		—			—			804
Total costs and expenses		216,267			98,650			58,778

Operating loss		(76,216	)		(29,421	)		(43,745	)
Interest expense		(19,794	)		(34,812	)		(24,679	)
Loss on extinguishment of debt		(6,300	)		—			(2,054	)
Other income		3,927			231			—
Loss before income tax and equity in net income (loss) of investee		(98,383	)		(64,002	)		(70,478	)
Income tax benefit		—			—			256
Equity in net income (loss) of investee, net of tax		3,363			(9,290	)		(15,712	)
Gain on sale of equity interest in investee		22,602			—			—
Loss from continuing operations		(72,418	)		(73,292	)		(85,934	)
Loss from discontinued operations, net of tax		—			(129	)		(4,857	)
Net loss	$	(72,418	)	$	(73,421	)	$	(90,791	)

Loss per common share:
Continuing operations	$	(0.21	)	$	(0.35	)	$	(0.78	)
Discontinued operations		—			—			(0.04	)
Basic and diluted	$	(0.21	)	$	(0.35	)	$	(0.82	)

Weighted average common shares outstanding:
Basic and diluted		351,315,476			209,956,392			110,638,792

CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED December 31, 2024, 2023 AND 2022
(In thousands)

	Year Ended December 31,
		2024			2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(72,418	)	$	(73,421	)	$	(90,791	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization of debt issuance costs, commitment fees and accretion of debt discount		11,382			19,515			11,676
Related party expense to be settled with respect to common stock		—			2,917			2,083
Common stock issued for interest expense		—			26			82
Stock-based compensation expense		30,927			5,859			1,568
Depreciation		59,808			28,350			6,667
Amortization of right-of-use asset		1,373			1,001			303
Revenue recognized from digital currency mining and hosting services		(139,278	)		(63,877	)		(10,810	)
Gain on fair value of digital currency, net		(2,200	)		—			—
Realized gain on sale of digital currency		—			(3,174	)		(569	)
Impairment of digital currency		—			3,043			1,457
Proceeds from sale of digital currency		97,559			83,902			9,739
Digital currency paid as consideration for services		370			—			—
Loss on disposals of property, plant, and equipment, net		17,824			1,209			—
Loss on nonmonetary miner exchange		—			—			804
Loss on extinguishment of debt		6,300			—			2,054
Deferred income tax benefit		—			—			(256	)
Equity in net loss of investee, net of tax		(3,363	)		9,290			15,712
Gain on sale of equity interest in investee		(22,602	)		—			—
Loss from discontinued operations, net of tax		—			129			4,857
Changes in operating assets and liabilities:
Decrease (increase) in prepaid expenses		2,047			555			(3,601	)
Decrease in amounts due from related parties		—			—			815
Increase in other receivables		(2,774	)		(1,001	)		—
Decrease (increase) in other current assets		288			(215	)		(46	)
(Increase) decrease in other assets		(466	)		310			(994	)
Increase (decrease) increase in accounts payable		740			(7,272	)		10,197
Increase (decrease) in accrued compensation and other accrued liabilities		694			(931	)		5,916
Increase (decrease) increase in other amounts due to related parties		480			(2,013	)		700
(Decrease) increase in operating lease liability		(11,113	)		(42	)		175
Net cash (used in) provided by operating activities from continuing operations		(24,422	)		4,160			(32,262	)
Net cash (used in) provided by operating activities from discontinued operations		—			103			(1,804	)
Net cash (used in) provided by operating activities		(24,422	)		4,263			(34,066	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in joint venture, including direct payments made on behalf of joint venture		—			(2,845	)		(46,172	)
Reimbursable payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner		—			—			(11,741	)
Reimbursement of payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner		—			—			11,716
Proceeds from sale of equity interest in investee		86,086			—			—
Purchase of and deposits on plant and equipment		(267,940	)		(75,168	)		(61,116	)
Proceeds from sales of property, plant and equipment		23,324			—			—
Proceeds from sale of net assets held for sale		—			—			13,266
Proceeds from sale of digital currency		67,371			—			—
Net cash used in investing activities		(91,159	)		(78,013	)		(94,047	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt, net of issuance costs paid of $0, $0 and $38		—			—			22,462
Principal payments on long-term debt		(139,401	)		(6,599	)		—
Payments of prepayment fees associated with early extinguishment of long-term debt		(1,261	)		—			—
Principal payments on finance lease		(941	)		—			—
Proceeds from insurance premium and property, plant and equipment financing		211			2,513			7,041
Principal payments on insurance premium and property, plant and equipment financing		(2,103	)		(2,738	)		(4,924	)
Proceeds from issuance of promissory notes to stockholders		—			—			3,416
Proceeds from issuance of common stock, net of issuance costs paid of $663, $1,051 and $142		188,715			135,917			47,326
Proceeds from exercise of warrants		4,808			2,500			5,700
Purchase of capped call		(60,000	)		—			—
Purchase of treasury stock		(118,217	)		—			—
Payments of tax withholding related to net share settlements of stock-based compensation awards		(23,654	)		(2,013	)		—
Proceeds from issuance of preferred stock		—			—			9,566
Proceeds from issuance of convertible notes, net of issuance costs paid of $12,950, $0, and $0		487,050			—			—
Proceeds from issuance of convertible promissory note		—			1,250			14,700
Principal payments on convertible promissory note		—			—			(15,306	)
Payment of contingent value rights liability related to proceeds from sale of net assets held for sale		—			(10,964	)		—
Net cash provided by financing activities		335,207			119,866			89,981

Net change in cash, cash equivalents and restricted cash		219,626			46,116			(38,132	)
Cash, cash equivalents and restricted cash at beginning of year		54,439			8,323			46,455
Cash, cash equivalents and restricted cash at end of year	$	274,065		$	54,439		$	8,323

Cash paid during the year for:
Interest	$	6,957		$	19,572		$	13,989
Income taxes	$	—		$	—		$	—

Non-GAAP Measure

The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“U.S. GAAP”). The Company defines non-GAAP “Adjusted EBITDA” as net loss adjusted for: (i) impacts of interest, taxes, depreciation and amortization; (ii) stock-based compensation expense, amortization of right-of-use asset and related party expense to be settled with respect to common stock, all of which are non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) one-time, non-recurring transaction-based compensation expense related to the 2030 Convertible Notes (iv) equity in net income (loss) of investee, net of tax, related to Nautilus and the gain on sale of interest in Nautilus; (v) other income which is related to interest income or income for which management believes is not reflective of the Company’s ongoing operating activities; (vi) loss on extinguishment of debt and net losses on disposals of property, plant and equipment, net, which are not reflective of the Company’s general business performance and (vii) losses from discontinued operations, net of tax, which is not be applicable to the Company’s future business activities. The Company’s Adjusted EBITDA also includes the impact of distributions from investee received in bitcoin related to a return on the Nautilus investment, which management believes, in conjunction with excluding the impact of equity in net income (loss) of investee, net of tax, is reflective of assets available for the Company’s use in its ongoing operations as a result of its investment in Nautilus.

Management believes that providing this non-GAAP financial measure allows for meaningful comparisons between the Company’s core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management’s internal use of non-GAAP Adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company’s bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, directors and consultants. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company’s bitcoin related revenue.

The Company’s Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in the Company’s industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company’s Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP and should not be considered as an alternative to operating loss or any other measure of performance derived in accordance with U.S. GAAP. Although management utilizes internally and presents Adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by U.S. GAAP financial results. Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s consolidated financial statements, which have been prepared in accordance with U.S. GAAP.

The following table is a reconciliation of the Company’s non-GAAP Adjusted EBITDA to its most directly comparable U.S. GAAP measure (i.e., net loss) for the periods indicated (in thousands):

	Year Ended December 31,
		2024			2023
Net loss	$	(72,418	)	$	(73,421	)
Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA:
Loss from discontinued operations, net of tax		—			129
Gain on sale of equity interest in investee		(22,602	)		—
Equity in net (income) loss of investee, net of tax, related to Nautilus		(3,363	)		9,290
Distributions from investee, related to Nautilus		22,776			21,949
Income tax benefit		—			—
Other income		(3,927	)		(231	)
Loss on extinguishment of debt		6,300			—
Interest expense		19,794			34,812
Loss on disposals of property, plant, and equipment, net		17,824			1,209
Depreciation		59,808			28,350
Amortization of right-of-use asset		1,373			1,001
Stock-based compensation expense		30,927			5,859
Transaction-based compensation expense		3,885			—
Related party expense to be settled with respect to common stock		—			2,917
Non-GAAP adjusted EBITDA	$	60,377		$	31,864

The MIL Network –

March 1, 2025

MIL-OSI: Cheems Memecoin Surpasses 80,000 Holders, Solidifying Its Place as a Leading Meme Token on BNB Chain
Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — The Cheems memecoin ($CHEEMS), one of the most prominent and beloved tokens on the BNB Chain inspired by the namesake meme, has officially surpassed 80,000 token holders, marking a major milestone in its journey as a community-driven digital asset. With 85,205 holders and over 1.8 million total transfers, Cheems continues to gain traction as a dominant force in the memecoin market.

From Meme to Movement
What began as a viral meme has transformed into a full-fledged movement. The Cheems IP has transcended internet culture, evolving into a rallying symbol for crypto enthusiasts navigating market cycles. With over 40 million TikTok views on recent campaigns and strong engagement across digital platforms, Cheems is more than just a token—it’s a revolution.

Built on the principles of fun, inclusivity, and strong community engagement, Cheems has demonstrated remarkable growth since its inception. The token’s on-chain market capitalization currently stands at $188.4 million, with a circulating supply market cap of $178.9 million. As a testament to its widespread appeal, Cheems has become a cornerstone of the BNB Chain memecoin ecosystem, fostering a passionate and rapidly expanding community of supporters worldwide.

Christian, Founder of Infini, a major Cheems tokenholder and spokesperson, expressed his excitement about this milestone:

“Cheems is more than just a memecoin—it’s a movement. Surpassing 80,000 holders is a testament to the power of decentralized communities and the limitless potential of the BNB Chain ecosystem. The Cheems Army is growing stronger every day, and this is just the beginning. We’re committed to building a long-term, sustainable project that continues to engage and reward our holders.”

The CHEEMS Advantage
Built on the Binance Smart Chain’s scalable and efficient infrastructure, CHEEMS is a fully decentralized, community-owned token featuring:
- Zero transaction taxes
- 100% burned liquidity pool
- No team allocations
- Fully decentralized governance
Strengthening the BNB Ecosystem
The Binance listing comes after months of collaboration with the BNB Chain ecosystem, including:
- Liquidity pool enhancements
- Co-branded marketing initiatives
- Ecosystem development grants
Philanthropy & Real-World Impact
Beyond blockchain, CHEEMS remains committed to giving back, aligning with its CryptoForGood initiative:
- 100% of merchandise proceeds donated to animal welfare charities
- Collaborations with Cheems’ real-life owner Kathy on global aid initiatives
- Over 5,500 meals funded through viral TikTok challenges
With a max total supply of 219,776,051,832,670.73 tokens and an ever-growing user base, Cheems is well-positioned for continued expansion. As the memecoin sector evolves, Cheems remains committed to leading the charge, embracing innovation, and solidifying its status as the “Lord Cheems” of BNB Chain.

For more details and to join the Cheems movement, visit: https://linktr.ee/lordcheems_bsc

About Cheems:
Cheems is a community-driven memecoin built on the BNB Chain. Designed to bring fun and engagement to the crypto space, Cheems has grown into one of the most recognized and celebrated tokens in the memecoin sector. With a strong and dedicated holder base, Cheems continues to shape the future of meme-based digital assets.

Media Contact:
Cheems Foundation
contact@cheems.pet

Join the Cheems Community:
- Twitter: @lordcheems_bsc
- Telegram: t.me/LordCheems_Bsc
- Contract: 0x0df0587216a4a1bb7d5082fdc491d93d2dd4b413
Disclaimer: This press release is provided by Cheems Foundation. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f4fe2fec-9459-4491-9a77-c24c46f6e005

The MIL Network –
March 1, 2025

MIL-OSI: AGF Investments Announces Proposed Fund and ETF Terminations

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 28, 2025 (GLOBE NEWSWIRE) —

ETF Terminations

AGF Investments Inc. (AGF Investments) today announced the proposed termination of AGF Systematic Global Multi-Sector Bond ETF (ticker: QGB), AGF Systematic International Equity ETF (ticker: QIE) and AGF Systematic US Equity ETF (ticker: QUS) (each an “AGF Investments ETF” and collectively, the “AGF Investments ETFs”) effective at the close of business on or about April 29, 2025 (the “ETF Termination Date”).

Accordingly, AGF Investments will also request to voluntarily de-list the units of the AGF Investments ETFs from Cboe Canada Inc. and the Toronto Stock Exchange (TSX) at the close of business on or about April 28, 2025 (the “Delisting Date”), with all units still held by securityholders being subject to a mandatory redemption as of the ETF Termination Date.

Securityholders of the AGF Investments ETFs will be able to sell their units through the facilities of the applicable stock exchanges until the Delisting Date. Effective as of the close of business on February 28, 2025, no further direct subscriptions (i.e. primary market creations of new ETF units) for units of the AGF Investments ETFs will generally be accepted.

Any remaining securityholders of an AGF Investments ETF as at the ETF Termination Date will receive the net proceeds from the liquidation of the assets of the AGF Investments ETF, less all liabilities and all expenses incurred in connection with the dissolution of the AGF Investments ETF, on a pro rata basis.

AGF Investments will issue an additional press release on or about the ETF Termination Date confirming final details of the terminations, including final distributions, if any.

As a result of the proposed terminations, AGF Investments is also announcing today ad hoc distributions for AGF Systematic Global Multi-Sector Bond ETF (ticker: QGB), AGF Systematic International Equity ETF (ticker: QIE) and AGF Systematic US Equity ETF (ticker: QUS), which usually pay quarterly/annual distributions. Unitholders of record on March 7, 2025 will receive cash distributions payable on March 13, 2025.

Please note: Additional ad hoc distributions will be announced on or about April 2.

Details regarding the final “per unit” distribution amounts are as follows:

ETF	Ticker	Exchange	Cash Distribution Per Unit ($)
AGF Systematic Global Multi-Sector Bond ETF	QGB	Cboe Canada Inc.	$0.149364
AGF Systematic International Equity ETF	QIE	Toronto Stock Exchange	$0.020788
AGF Systematic US Equity ETF	QUS	Toronto Stock Exchange	$0.069762

Further information about the AGF Investments ETFs can be found at AGF.com.

Mutual Fund Termination

AGF Investments is also today announcing the proposed termination of AGF Emerging Markets Bond Fund (the “Fund”) effective on or about April 29, 2025 (the “Fund Termination Date”).

Effective as of the close of business today, units of the Fund are no longer available for purchase and AGF Investments will stop accepting purchases and switches into the Fund, including systematic purchase and switch plans.

AGF Investments is waiving the management fee that is normally applicable to the Fund from the close of business on February 28, 2025 until the Fund Termination Date. Note that there may be distributions paid by the Fund prior to the termination.

Unitholders can transfer their investments into another AGF Fund or redeem their units prior to the Fund Termination Date.

Investors who remain holding units of the Fund in client-name registered plans will have their units transferred to the same series and purchase option of AGF Canadian Money Market Fund, effective on or about April 29, 2025. Investors who remain holding units of the Fund in client-name non-registered plans and/or any nominee/intermediary-held accounts (both registered and non-registered) will have their units redeemed on or about April 29, 2025, without any redemption fees or sales charges applied.

AGF Investments strongly encourages unitholders to consult with their financial advisor to discuss their individual circumstances, including possible tax consequences, and determine the solution that best meets their investment needs.

About AGF Management Limited

About AGF Investments

AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

Disclaimer

ETFs are listed and traded on organized Canadian exchanges and may only be bought and sold through licensed dealers. Commissions, management fees and expenses all may be associated with investing in ETFs. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. There is no guarantee that ETFs will achieve their stated objectives and there is risk involved in investing in the ETFs. Before investing you should read the prospectus or relevant ETF Facts and carefully consider, among other things, each ETF’s investment objectives, risks, charges and expenses. A copy of the prospectus and ETF Facts is available on AGF.com.

Media Contact

Amanda Marchment
Director, Corporate Communications
416-865-4160
amanda.marchment@agf.com

The MIL Network –

March 1, 2025

MIL-OSI Economics: RBI imposes monetary penalty on IIFL Samasta Finance Limited

Source: Reserve Bank of India

The Reserve Bank of India (RBI) has, by an order dated February 24, 2025, imposed a monetary penalty of ₹33.10 lakh (Rupees Thirty Three Lakh Ten Thousand only) on IIFL Samasta Finance Limited (the company) for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016‘ and ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016‘ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.

The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

After considering the company’s reply to the notice, oral submissions made during the personal hearing and additional submissions made by it, RBI found, inter alia, that the following charges against the company were sustained, warranting imposition of monetary penalty:

The company charged interest on loans for a period prior to the date of actual disbursement of loan / issuance of cheque to certain borrowers in contravention of RBI directions on ‘Fair Practices Code’;
The company failed to classify certain loan accounts with overdues of 90 days or more as Non-Performing Assets (NPAs);
It classified certain loan accounts which were NPA as ‘standard asset’ without realisation of entire arrears of interest and principal amount due; and
It allotted multiple customer identification codes to certain individual customers instead of a Unique Customer Identification Code (UCIC) to each individual customer.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2281

MIL OSI Economics –

March 1, 2025

MIL-OSI Asia-Pac: English Translation of Opening Address by Prime Minister Shri Narendra Modi at the Plenary Session with the President of the European Commission (February 28, 2025)

Source: Government of India

Posted On: 28 FEB 2025 5:39PM by PIB Delhi

Your Excellencies,

I warmly welcome you all to India. The engagement of the EU College of Commissioners with a single country on such a broad scale is unprecedented.

It’s the first time that so many of my ministers have collected together for any bilateral discussions. I remember how you said that India and the EU are natural partners at the Raisina Dialogue in 2022. And that strengthening and energizing ties with India, will be a priority for the EU in the coming decade.

And now, you’re visiting India at the very beginning of your new term.This is a milestone moment for India and the EU.

Excellencies,

The world is currently undergoing unprecedented change. AI and emerging technologies are leading to socio-economic transformations.

Geo-economic and political circumstances are rapidly evolving. And old equations are breaking down. In times like these, the partnership between India and the EU becomes even more important.

A shared belief in democratic values, strategic autonomy, and rule-based global order unite India and the EU.Both countries are mega diverse market economies. In a sense, we are natural strategic partners.

Excellencies,

India and the EU have completed twenty years of strategic partnership. And with your visit, we are laying the foundation for the next decade.

In this context, the remarkable commitment shown by both parties is commendable. About twenty ministerial level meetings have taken place in the last two days.

The Trade and Technology Council meeting was also successfully organised this morning. Both teams will present a report on the ideas generated and the progress made.

Excellencies,

I would like to identify some priority areas of cooperation.

The first is Trade and Investment. It is crucial to conclude a mutually beneficial FTA and Investment Protection Agreement as soon as possible.

The second is strengthening the Supply Chain Resilience. Our capabilities can complement each other in sectors such as Electronics, Semiconductors, Telecom, Engineering, Defence, and Pharma.This will strengthen diversification and de-risking, and will aid in the creation of a secure, reliable and trusted supply and value chain.

The third is Connectivity. The IMEC Corridor launched during the G20 Summit is a transformational initiative. Both the teams must continue working on it with strong commitment.

The fourth is Technology and Innovation. To realise our shared vision of tech sovereignty, we must continue to make swift progress ahead. In areas such as DPI, AI, Quantum Computing, Space and 6G, both parties must work together to connect our industries, innovators, and young talents.

The fifth is Climate Action and Green Energy Innovation. India and the EU have prioritised the Green transition. Through cooperation in sustainable urbanization, water, and clean energy, we can become drivers of global green growth.

The sixth is Defence. We can fulfil each others’ needs through co-development and co-production. We must work to prioritise each other in export control laws.

The seventh is Security. There is a need for greater cooperation on challenges arising from terrorism, extremism, maritime security, cyber security and space security.

The eighth is People-to-People Ties. It should be a priority for both parties to make Migration, Mobility, Schengen Visas and EU Blue Cards simple and smooth. This stands to fulfil the needs of the EU. And India’s young workforce shall be able to make an even greater contribution to Europe’s growth and prosperity.

Excellencies,

For the next India-EU Summit, we must move forward with ambition, action and commitment.

In today’s AI era, the future shall belong to those who demonstrate vision and speed.

Excellency, I now invite you to share your thoughts.

*****

MJPS/ST

(Release ID: 2106997) Visitor Counter : 84

Read this release in: Hindi

MIL OSI Asia Pacific News –

March 1, 2025
MIL-OSI Asia-Pac: HKETO, Brussels celebrates Chinese New Year across Europe and highlights Hong Kong’s exciting year ahead (with photos)

Source: Hong Kong Government special administrative region

     The Hong Kong Economic and Trade Office in Brussels (HKETO, Brussels) hosted vibrant Chinese New Year receptions across various European countries, marking the beginning of the Year of the Snake. The receptions, held in Luxembourg (February 12), Lisbon, Portugal (February 17), The Hague, the Netherlands (February 20), and Bucharest, Romania (February 25), were well-received by distinguished guests and partners.

     The receptions provided an opportunity to reflect on Hong Kong’s achievements and share the city’s vision. HKETO, Brussels emphasised Hong Kong’s dynamic calendar of world-class events that solidify its reputation as “Events Capital of Asia”. Stepping into 2025 with great dynamism and enthusiasm, Hong Kong is set to host an array of high-profile events spanning business, sports, arts, and culture. “Hong Kong is entering the new year with energy and glamour, full of exciting events that highlight our dynamic cosmopolitan spirit,” stated the Special Representative for Hong Kong Economic and Trade Affairs to the European Union, Ms Shirley Yung.

     In 2024, Hong Kong recorded 45 million international arrivals, nearly 10 000 foreign and Mainland companies, 2 700 family offices and 4 700 start-ups, demonstrating that Hong Kong remains a magnet for visitors and businesses alike. Hong Kong is poised for further success with upcoming initiatives, such as a lowered liquor tax, to enhance its appeal to international visitors and fulfil its role as the international financial, trade and shipping centre.

     “Hong Kong’s distinct advantages were recognised in the latest international rankings,” Ms Yung said during the receptions, noting that Hong Kong is ranked among the world’s top three international financial centres, the freest economy in the world, and among the top five in global competitiveness. Ms Yung elaborated that global investors continue to have confidence in Hong Kong, as evidenced by the continuous inflow of funds and growth in bank deposits. The asset and wealth management sector in Hong Kong is also handling over US$4 trillion, representing more than a 30 per cent increase in six years.

     HKETO, Brussels also highlighted Hong Kong as a hub for international cultural exchange, where East meets West. In Lisbon, guests experienced a unique cultural fusion centred on ballet that blends classical technique with contemporary sensibility, performed by Lam Chun-wing, a well-known Hong Kong-born ballet dancer, and an original transcription of Debussy’s “Prélude” for piano solo by the renowned French pianist Alexandre Tharaud. The performance was accompanied by breathtaking video projections specifically produced for the occasion, showcasing Hong Kong’s lesser-known natural landscapes and revealing a side of Hong Kong far removed from its urban reputation as a bustling financial hub of skyscrapers and dense modernity.

     In The Hague, an ensemble of talented Hong Kong musicians presented a vibrant mix of popular cantopop songs and moving opera arias. The outstanding performance by the soprano and tenor singers, accompanied by keyboard, won enthusiastic applause from the audience.

     The receptions in Luxembourg, Lisbon, The Hague and Bucharest brought together 700 guests, including officials from national governments, consulates and embassies, financial and business sectors, academia, cultural and creative sectors, media and the Chinese community. They were co-organised with Invest Hong Kong and the Hong Kong Trade Development Council; the Luxembourg Chamber of Commence and the China-Luxembourg Chamber of Commercefor the reception in Luxembourg, the Netherlands Hong Kong Business Association for the reception in The Hague, with the support of The Portugal-Hong Kong Chamber of Commerce and Industry for the reception in Lisbon, and the National Confederation for Female Entrepreneurship for the reception in Bucharest.

MIL OSI Asia Pacific News –

March 1, 2025
MIL-OSI Asia-Pac: Unified Payments Interface (UPI) provides an opportunity to other countries to learn from the Indian experience – Professor Carlos Montes, Cambridge Business School

Source: Government of India

Unified Payments Interface (UPI) provides an opportunity to other countries to learn from the Indian experience – Professor Carlos Montes, Cambridge Business School

UPI transactions in month of January, 2025 surpassed 16.99 billion and the value exceeded ₹‎23.48 lakh crore, marking the highest number recorded in any month

Posted On: 27 FEB 2025 11:01PM by PIB Delhi

Prof. Carlos Montes, who is on a tour to India for attending and speaking at the NXT event at the Bharat Mandapam tomorrow, was briefed about the working and achievements of UPI system, today.

Prof. Carlos leads the Innovation Hub for Prosperity at the Cambridge University Business School.

A presentation on UPI was given by the DFS and NPCI Team to Prof. Carlos Montes about the functioning, success and trends of UPI in India. In the briefing, senior officers from the Department of Financial Services (DFS), M/o Finance including Shri Sudhir Shyam (Economic Adviser) and Shri Jignesh Solanki (Director) were present among others.

Unified Payments Interface (UPI) provides an opportunity to other countries to learn from the Indian experience and get ideas on how to adopt it in their own countries, said Professor Carlos Montes, Lead Innovation Hub, University of Cambridge Business School

For the first time, UPI transactions in the month of January, 2025 surpassed 16.99 billion and the value exceeded ₹‎23.48 lakh crore marking the highest number recorded in any month.

After the demonstration, Prof. Montes said that he was glad to see the success of the UPI payment system. The growth of UPI shows that the government is making sure that the technology that they develop is user friendly for citizens, and that there is a regular and constant innovation in the same which explains the high adoption rate of UPI in India, Prof. Montes added. He further said that it also has potential for other countries to learn from the experience and get ideas on how to adopt it in their own countries.

For FY 2023-24, the digital payments landscape has demonstrated remarkable expansion. UPI remains the cornerstone of India’s digital payment ecosystem contributing to 80% of the retail payments across the country. The total transaction volume exceeded 131 billion and the value exceeded ₹‎200 lakh crore for the FY 2023-24. Its ease of use, combined with a growing network of participating banks and fintech platforms, has made UPI the preferred mode of real-time payments for millions of users across the country.

As of Jan, 2025, 80+ UPI Apps , 641 banks are currently live on UPI ecosystem. In FY 24-25 (till Jan, 2025), the P2M transactions contribute 62.35% and P2P transactions contribute 37.65% of the overall UPI volume. The contribution of P2M transactions reached 62.35% in Jan, 2025 where 86% of these transactions are upto a value of INR 500. This indicates the trust that UPI enjoys among citizens for making low value payments.

UPI: Transactions (by Volume in mn) for Jan’2025

UPI Global Expansion:

Shri Sudhir Shyam, Economic Adviser at Department of Financial Services (DFS) said that India’s digital payments revolution is extending beyond its borders. UPI is rapidly expanding globally, enabling seamless cross-border transactions for Indians traveling abroad. Currently, UPI is live in over 7 countries, including key markets such as [UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius], allowing Indians to make payments internationally. This expansion will further bolster remittance flows, improve financial inclusion, and elevate India’s stature in the global financial landscape.

Sh. Sundar also said that some other countries have also shown interest in UPI.

Demonstration of UPI

Sh. Jignesh Solanki added that while volume of total online transactions have increased massively over the years, the share is taken by UPI mainly due to ease and low cost of the transactions. Government is focussed on bringing new innovations that will help UPI expand in uncovered areas as well.

The session ended with a small demonstration of working of UPI to the delegation as well.

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MIL OSI Asia Pacific News –

March 1, 2025
MIL-OSI Europe: Answer to a written question – Grão-Pará Maranhão project and financing decision under the EU Global Gateway – E-000012/2025(ASW)

Source: European Parliament

The Commission has not taken such decisions. In relation to other financial institutions such as the European Investment Bank (EIB), the Commission invites the Honourable Member to address those entities, the Commission is in any case not aware of any EIB decisions to finance the project.

The Grão-Pará Maranhão project is at a very early stage of proposal development, the Commission has not received requests for financial support and as such it has not taken any financing decision regarding this project.

Last updated: 28 February 2025

MIL OSI Europe News –

March 1, 2025
MIL-OSI Europe: Italy: EIB and INWIT sign €350 million agreement to develop digital telecommunications infrastructure
Source: European Investment Bank
- EIB financing to support the deployment and dissemination of digital telecommunications infrastructure and improve mobile coverage and connectivity.
The European Investment Bank (EIB) has granted INWIT €350 million in funding to boost digitalisation and connectivity in Italy, so improving mobile coverage even in the most rural areas. The agreement was signed today in Rome by EIB Vice-President Gelsomina Vigliotti and INWIT General Manager Diego Galli.

The funding aims to support the development and implementation of macro-grid telecommunications infrastructure (raw land and rooftop towers), dedicated to enabling the connectivity of mobile network operators, including 5G and fixed wireless access (FWA) connections. Investments are also planned for micro-grid infrastructure, both outdoors (small cells) and indoors with multi-operator DAS (Distributed Antenna Systems) coverage, to improve mobile connectivity in locations such as hospitals, museums, shopping centres, underground lines and motorway tunnels.

“This financing confirms the EIB’s commitment to supporting the development of digital infrastructure in Italy, fostering technological growth and the transition to increasingly advanced and efficient connectivity. The agreement further strengthens the partnership between the EIB and INWIT, validating the Bank’s strategic role in supporting telecommunications and promoting digital innovation in Italy,” said EIB Vice-President Gelsomina Vigliotti.

“This partnership represents further recognition of our business model and the strategic value of our investment plan in digital and shared infrastructure, which drives economic and industrial efficiency across the value chain for the benefit of our customers. This agreement further strengthens the already solid and long-standing cooperation between INWIT and the EIB,” commented Diego Galli, General Manager of INWIT.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high -impact projects in 2024, boosting Europe’s competitiveness and security. The EIB Group signed 99 operations totalling €10.98 billion in Italy in 2024, helping to unlock almost €37 billion of investment in the real economy. All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

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

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

INWIT

INWIT, Italy’s first tower company and one of the country’s digital infrastructure leaders, builds and manages digital shared infrastructure enabling mobile telecommunication connectivity. Its assets form part of an integrated ecosystem of macro-grids (around 25 000 towers) and micro-grids (some 600 dedicated indoor DAS roofs), including 4G and 5G of the main mobile operators, FWAs and IoT sensors. INWIT contributes to more efficient development of the telco ecosystem, which is key for the digital transition and 5G, and is also committed to reducing the digital divide via the implementation of the 5G national recovery and resilience plan. INWIT is listed on the Italian Stock Exchange (FTSE MIB – benchmark stock market index)
MIL OSI Europe News –
March 1, 2025
MIL-OSI Europe: Spain: EIB Group and Santander provide €163 million to support energy efficiency projects
Source: European Investment Bank
- The EIB Group has invested €121 million in an asset-backed securitisation operation by Santander.
- This EIB Group investment will enable Santander to mobilise some €163 million to promote green loans for real estate.
- The operation will support energy efficiency and sustainability projects in Spain’s residential real estate market.
The EIB Group – made up of the European Investment Bank (EIB) and the European Investment Fund (EIF) – signed a new synthetic securitisation operation with Santander to provide financing for energy efficiency investments in the Spanish real estate sector, including the construction of new near zero-emission buildings and the renovation of existing residential properties to meet sustainability standards.

The operation will allow new green and sustainable mortgages to be granted to individuals investing in the renovation or construction of buildings with high energy efficiency standards that meet the eligibility conditions set by the EIB.

The projects financed by this operation will improve energy efficiency, reduce CO₂ emissions and help mitigate climate change. The operation contributes to EIB Group priorities such as climate action, cohesion and developing the securitisation market in Europe.

The EIB’s commitment amounts to around €76 million, while the EIF has committed €45 million. The full EIB Group investment is being executed in a single securitisation, optimally structured to give Santander capital relief on a portfolio of residential mortgages. Under the transaction, the EIB Group will provide a €121 million unfunded guarantee in a mezzanine tranche with the goal of enabling Santander to finance new energy efficiency investments for an amount equal to 1.34 times the size of the EIB Group guarantee.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high -impact projects in 2024, boosting Europe’s competitiveness and security.

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

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

In Spain, the EIB Group signed €12.3 billion of new financing for more than 100 high-impact projects in 2024, helping power the country’s green and digital transition and promote economic growth, competitiveness and better services for inhabitants.

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

About Santander

Banco Santander (SAN SM) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of 2024, Banco Santander had €1.3 trillion in total funds, 173 million customers, 8,000 branches and 207,000 employees.
MIL OSI Europe News –
March 1, 2025
MIL-OSI: SIMPPLE Ltd. Announces Transition of Chief Financial Officer

Source: GlobeNewswire (MIL-OSI)

Singapore, Feb. 28, 2025 (GLOBE NEWSWIRE) — SIMPPLE Ltd. (NASDAQ: SPPL) (“SIMPPLE” or “the Company”), a leading technology provider and innovator in the facilities management (FM) sector, today announced that Mr. Sovik Bromha has tendered his resignation as Chief Financial Officer (“CFO”) of the Company to pursue other business opportunities, effective April 14, 2025. Mr. Gary Goh has been appointed as SIMPPLE CFO, effective January 22, 2025, succeeding Sovik Bromha. Gary will oversee SIMPPLE’s financial operations, enterprise-wide optimization, and capital allocation activities, and will play a meaningful leadership role in guiding the Company’s strategy to support its long-term growth objectives and enhance shareholder value.

Mr. Goh is a finance and accounting industry leader in Singapore, with over 15 years of audit and assurance, accounting and financial advisory experience serving a wide range of industries, including technology, retail, maritime, construction and manufacturing sectors. Mr. Goh founded a public accounting firm, GYSG Group, in 2014 that provides professional services including audit and assurance, accounting, tax advisory-compliance, corporate secretarial, and corporate advisory services. On that note, GYSG had provided financial advisory and corporate secretarial services to SIMPPLE in 2022. Prior to that, he spent four years at KPMG as an Engagement Manager, where he contributed to audit and assurance projects for multi-national corporations, listed companies, and government-linked companies. Gary had graduated with a Bachelor of Mechanical Engineering from the National University of Singapore in 2008 and Bachelor of Applied Accounting from Oxford Brookes University in 2009. Aside from being a Chartered Accountant, he is also a Chartered Valuer and Appraiser (CVA), ISCA Financial Forensic Accounting, and Public Accountant.

In compliance with SEC and NASDAQ regulations, SIMPPLE has updated its governance framework, finance controls, and processes to maintain compliance with respect to engagements with GYSG.

“We are confident that Gary’s wealth of financial knowledge and keen sense of business and industry understanding will strengthen our Company’s financial operations and business strategies. Sovik and Gary will work closely together to ensure a smooth transition as we continue to build on the momentum we have already established in late-2024,” said SIMPPLE chief executive officer Norman Schroeder.

“I am excited to be part of this fast-growing journey at SIMPPLE. SIMPPLE is a great company on a meaningful mission, to revolutionize facilities management operations through advanced technologies. I am aligned with SIMPPLE’s leadership team and will continue to build on the good work the Company has achieved to enhance shareholder value.” Gary said.

Chairman of the Board and Executive Director, Kelvin Lee, added “All of us at SIMPPLE thank Sovik for his contribution as CFO. With Gary onboard, I am confident we are able to align our overall cost structure and setting SIMPPLE up for profitable growth.”

About SIMPPLE LTD.

Headquartered in Singapore, SIMPPLE LTD. is an advanced technology solution provider in the emerging PropTech space, focused on helping facilities owners and managers manage facilities autonomously. Founded in 2016, the Company has a strong foothold in the Singapore facilities management market, serving over 60 clients in both the public and private sectors and extending out of Singapore into Australia and the Middle East. The Company has developed its proprietary SIMPPLE Ecosystem, to create an automated workforce management tool for building maintenance, surveillance and cleaning comprised of a mix of software and hardware solutions such as robotics (both cleaning and security) and Internet-of-Things (“IoT”) devices.

For more information on SIMPPLE, please visit: https://www.simpple.ai/

Safe Harbor Statement

This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.

Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

For investor and media queries, please contact:

SIMPPLE LTD.
Investor Relations Department
Email: ir@simpple.ai

Visit the Investor Relation Website: https://www.investor.simpple.ai/

Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, NY 10036
Tel: (646) 893-5835
Email: info@skylineccg.com

The MIL Network –

March 1, 2025

MIL-OSI Asia-Pac: SECOND ADVANCE ESTIMATES OF ANNUAL GROSS DOMESTIC PRODUCT FOR 2024-25, QUARTERLY ESTIMATES OF GROSS DOMESTIC PRODUCT FOR THE THIRD QUARTER (OCTOBER-DECEMBER) OF 2024-25 AND FIRST REVISED & FINAL ESTIMATES OF GROSS DOMESTIC PRODUCT, NATIONAL INCOME, CONSUMPTION EXPENDITURE, SAVING AND CAPITAL FORMATION FOR 2023-24 & 2022-23 RESPECTIVELY

Source: Government of India (2)

SECOND ADVANCE ESTIMATES OF ANNUAL GROSS DOMESTIC PRODUCT FOR 2024-25, QUARTERLY ESTIMATES OF GROSS DOMESTIC PRODUCT FOR THE THIRD QUARTER (OCTOBER-DECEMBER) OF 2024-25 AND FIRST REVISED & FINAL ESTIMATES OF GROSS DOMESTIC PRODUCT, NATIONAL INCOME, CONSUMPTION EXPENDITURE, SAVING AND CAPITAL FORMATION FOR 2023-24 & 2022-23 RESPECTIVELY

Real GDP Growth Rate of 9.2% for 2023-24 is the highest in the previous 12 years except for 2021-22

Growth Rate of Real GDP for 2024-25 is estimated as 6.5%

Real GDP has observed a Growth Rate of 6.2% in Q3 of FY 2024-25

Posted On: 28 FEB 2025 4:00PM by PIB Delhi

The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) is releasing in this Press Note the Second Advance Estimates (SAE) of Annual Gross Domestic Product (GDP) for Financial Year (FY) 2024-25; Quarterly Estimates of GDP for October-December Quarter (Q3) of FY 2024-25 along with its expenditure components and following Revised Estimates of GDP, National Income, Consumption Expenditure, Saving and Capital Formation:

a. First Revised Estimates (FRE) for the Financial year 2023-24;

b. Second Revised Estimates or Final Estimates (FE) for the Financial year 2022-23.

These estimates are released both at Constant (2011-12) and Current Prices, in accordance with the release calendar of National Accounts. Detailed Notes on: (i) Second Advance Estimates (SAE) of Annual Gross Domestic Product (GDP) of FY 2024-25, Quarterly Estimates of GDP for October-December Quarter (Q3) of FY 2024-25 and (ii) Abovementioned Revised Estimates for financial years 2023-24 and 2022-23 are given respectively in Part A and Part B of the Press Note.

Key Highlights:

1. Real GDP has been estimated to grow by 6.5% in FY 2024-25. Nominal GDP is expected to witness a growth rate of 9.9% in FY 2024-25. Both the growth rates are revised upward from their respective First Advance Estimates.

2. As per the First Revised Estimates, Real GDP has grown by 9.2% in the financial year 2023-24, which is highest in the previous 12 years except for the financial year 2021-22 (the post-covid year). This growth has been contributed by double-digit growth rates in ‘Manufacturing’ sector (12.3%), ‘Construction’ sector (10.4%) and ‘Financial, Real Estate & Professional Services’ sector (10.3%).

3. As per the Final Estimates, Real GDP has observed a growth rate of 7.6% in the financial year 2022-23, mainly contributed by double-digit growth rates in ‘Trade, Hotels, Transport, Communication & Services related to Broadcasting’ sector (12.3%), ‘Financial, Real Estate & Professional Services’ sector (10.8%) and ‘Electricity, Gas, Water Supply & Other Utility Services’ sector (10.8%).

4. Real GDP is estimated to grow by 6.2% in Q3 of FY 2024-25. Growth rate in Nominal GDP for Q3 of FY 2024-25 has been estimated at 9.9%.

5. The growth rate of Real GDP for Q2 of financial year 2024-25 has been revised upward to 5.6%.

6. ‘Construction’ sector is estimated to observe a growth rate of 8.6%, followed by ‘Financial, Real Estate & Professional Services’ sector (7.2%) and ‘Trade, Hotels, Transport, Communication & Services related to Broadcasting’ sector (6.4%) during 2024-25.

7. Private Final Consumption Expenditure (PFCE) is expected to register a good growth of 7.6% during 2024-25 as compared to 5.6% growth observed during 2023-24.

PART A

NOTE ON SECOND ADVANCE ESTIMATES OF ANNUAL GROSS DOMESTIC PRODUCT FOR 2024-25

QUARTERLY ESTIMATES OF GROSS DOMESTIC PRODUCT FOR THE THIRD QUARTER (OCT-DEC) OF 2024-25

The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) is releasing in this Press Note, the Second Advance Estimates (SAE) of Annual Gross Domestic Product (GDP) for the Financial Year (FY) 2024-25 and Quarterly Estimates of GDP for the Third quarter (October-December) of 2024-25 along with its expenditure components both at Constant (2011-12) and Current Prices. Annual, Quarterly as well as April-December estimates of Gross Value Added (GVA) at Basic Prices by kind of economic activity along with year on year percent changes, expenditure components of GDP and annual estimates of Gross/Net National Income and Per Capita Income for the Financial years 2022-23, 2023-24 and 2024-25 at Constant and Current Prices are given in Statements 1A to 12A of Annexure A.

I. Annual Estimates and Growth Rates

Real GDP or GDP at Constant Prices is estimated to attain a level of ₹187.95 lakh crore in the financial year 2024-25, against the First Revised Estimate of GDP for the year 2023-24 of ₹176.51 lakh crore. The growth rate in Real GDP during 2024-25 is estimated at 6.5% as compared to 9.2% in 2023-24. Nominal GDP or GDP at Current Prices is estimated to attain a level of ₹331.03 lakh crore in the year 2024-25, against ₹301.23 lakh crore in 2023-24, showing a growth rate of 9.9%.

Real GVA is estimated at ₹171.80 lakh crore in the year 2024-25, against the FRE for the year 2023-24 of ₹161.51 lakh crore, registering a growth rate of 6.4% as compared to 8.6% growth rate in 2023-24. Nominal GVA is estimated to attain a level of ₹300.15 lakh crore during FY 2024-25, against ₹274.13 lakh crore in 2023-24, showing a growth rate of 9.5%

Fig. 1: Annual GDP and GVA Estimates along with Y-o-Y Growth Rates at Constant Prices

Fig. 2: Sectoral Composition and Growth Rates of Annual GVA

Sectoral Composition of Nominal GVA in FY 2024-25

Fig. 3: Composition and Growth Rates of Annual GVA in Broad Sectors

II. Quarterly Estimates and Growth Rates

Real GDP or GDP at Constant Prices in Q3 of FY 2024-25 is estimated at ₹47.17 lakh crore, against ₹44.44 lakh crore in Q3 of FY 2023-24, showing a growth rate of 6.2%. Nominal GDP or GDP at Current Prices in Q3 of FY 2024-25 is estimated at ₹84.74 lakh crore, against ₹77.10 lakh crore in Q3 of FY 2023-24, showing a growth rate of 9.9%.

Real GVA in Q3 of FY 2024-25 is estimated at ₹43.13 lakh crore, against ₹40.60 lakh crore in Q3 of FY 2023-24, showing a growth rate of 6.2%. Nominal GVA in Q3 of FY 2024-25 is estimated at ₹77.06 lakh crore, against ₹69.90 lakh crore in Q3 of FY 2023-24, showing a growth rate of 10.2%.

Fig. 4: Quarterly GDP and GVA Estimates along with Y-o-Y Growth Rates from Q1 FY 2021-22 to Q3 FY 2024-25 at Constant Prices

Fig. 5: Sectoral Composition and Growth Rates of Quarterly GVA

Sectoral Composition of Nominal GVA in Q3 of FY 2024-25

Fig. 6: Composition and Growth Rates of Quarterly GVA in Broad Sectors

[Primary Sector: Agriculture, Livestock, Forestry & Fishing and Mining & Quarrying

Secondary Sector: Manufacturing, Electricity, Gas, Water supply & Other Utility Services and Construction

Tertiary Sector: Trade, Hotels, Transport, Communication and Services related to Broadcasting, Financial, Real Estate & Professional Services and Public Administration, Defence & Other Services]

III. Methodology and Major Data Sources:

Second Advance Estimates of Annual GDP and Quarterly Estimates GDP are compiled using the Benchmark-indicator method i.e. the estimates available for the previous financial year (2023-24) are extrapolated using the relevant indicators reflecting the performance of sectors. The First Advance Estimates (FAE) of Annual GDP for the financial year 2024-25 were released on 7^th January, 2025, which were based on very limited data and used Provisional Estimates of 2023-24 as Benchmark Estimates. For Compilation of SAE, 2024-25, the Provisional Estimates of 2023-24 used at the time of FAE have been replaced by FRE, 2023-24 which have been compiled using industry-wise/institution-wise detailed information. Thus, overall as well as sectoral variations in SAE from FAE is attributed to revision of benchmark estimates and additional or updated data available on various indicators. The quarterly estimates of previous years along with the First and Second quarter estimates of 2024-25 released earlier have also undergone revision in accordance with the revision policy of National Accounts.

The sector-wise estimates have been compiled using indicators/data sources like (i) Index of Industrial Production (IIP), (ii) Financial performance of Listed Companies based on available quarterly financial results of these companies upto Q3 FY 2024-25, (iii) Estimates of Major Agricultural Crops and Horticultural crops for 2024-25, as provided by Ministry of Agriculture and Farmers’ Welfare (iv) Production Targets and Summer as well as Rainy season production estimates of Major Livestock Products for FY 2024-25; (v) Fish Production, (vi) Production of Coal, Crude Petroleum, Natural Gas, Cement and Consumption of Steel, (vii) Net Tonne Kilometres and Passenger Kilometres for Railways, (viii) Passenger and Cargo traffic handled by Civil Aviation, (ix) Cargo traffic handled at Major and Minor Sea Ports, (x) Sales of Commercial Vehicles, (xi) Bank Deposits and Credits, (xii) Premium related information of Life and Non-Life Insurance companies, (xiii) Data on outward Supplies of Goods and Services available from GSTN upto January, 2025 (xiv) Accounts of Central and State Governments, (xv) Goods and Services Tax collections etc., available for first 9-10 months of the FY 2024-25. Year-on-Year growth rates (%) in the main indicators used in the estimation are given in the Annexure B.

Total tax revenue used for GDP compilation includes non-GST revenue as well as GST revenue. The Revised Estimates of Tax revenue for 2024-25 as available in the Annual Financial Statement of the Central Government, along with latest available information from the websites of Controller General of Accounts (CGA) and Comptroller and Auditor General of India (CAG) have been used for estimating taxes on products at Current Prices. For compiling taxes on products at Constant Prices, volume extrapolation is done using volume growth of taxed goods and services. The total product subsidies at Current prices were compiled using the latest information on major subsidies viz. Food, Urea, Petroleum and Nutrient based subsidy for Centre as available on CGA website and the expenditure incurred on subsidies by most States up to December 2024 as available on CAG website along with the Centre/State-wise RE and BE provision for FY 2024-25. Information available on Revenue expenditure, Interest payments, Subsidies etc. from Centre and States for FY 2024-25 were used for estimating Government Final Consumption Expenditure (GFCE).

Improved data coverage and revision in input data made by source agencies would have a bearing on subsequent revisions of these estimates. Estimates are, therefore, likely to undergo revisions for the aforesaid causes in due course, as per the release calendar. Users should take these into consideration while interpreting the figures. The Provisional Estimates of Annual GDP for FY 2024-25 along with Quarterly GDP estimates for the quarter January-March of FY 2024-25 (Q4 2024-25) will be released on 30.05.2025.

***********

Annexure A

Annexure B

PART B

NOTE ON FIRST REVISED & FINAL ESTIMATES OF GROSS DOMESTIC PRODUCT, NATIONAL INCOME, CONSUMPTION EXPENDITURE, SAVING AND CAPITAL FORMATION FOR 2023-24 & 2022-23 RESPECTIVELY

In this part of the press note, First Revised Estimates of GDP, National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2023-24 and Second Revised/ Final Estimates for the financial year 2022-23 are given.

2. The First Revised Estimates for the year 2023-24 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on 31^st May, 2024. The estimates of Gross Domestic Product (GDP) and other aggregates for the year 2022-23 have also undergone revisions on account of use of latest available datasets on agricultural production; industrial production (final results of Annual Survey of Industries: 2022-23); government data as available in budget documents (replacing Revised Estimates with actuals for the year 2022-23); comprehensive data available from various source agencies like Ministry of Corporate Affairs (MCA), Reserve Bank of India (RBI), National Bank for Agriculture and Rural Development (NABARD) etc. and additional data from State/UT Directorates of Economics and Statistics (DES).

3. The salient features of the revised estimates at aggregate level are given in the paras as follows.

Gross Domestic Product

4. Real GDP or GDP at constant (2011-12) prices for the years 2023-24 and 2022-23 stands at ₹176.51 lakh crore and ₹161.65 lakh crore, respectively, showing a growth of 9.2 per cent during 2023-24 as compared to growth of 7.6 per cent during 2022-23.

5. Nominal GDP or GDP at current prices for the year 2023-24 is estimated at ₹301.23 lakh crore, against ₹268.90 lakh crore for the year 2022-23, showing a growth of 12.0 per cent during 2023-24 as compared to growth of 14.0 per cent during 2022-23.

GVA and its Industry-wise Analysis

6. At the aggregate level, nominal Gross Value Added (GVA) at basic prices has increased by 11.2 per cent during 2023-24 compared to growth of 13.9 per cent during 2022-23. Real GVA, i.e., GVA at constant (2011-12) prices, has increased by 8.6 per cent in 2023-24, compared to 7.2 per cent growth in 2022-23.

7. The shares of broad sectors of the economy in overall GVA during 2011-12 to 2023-24 and the annual growth rates during these periods are mentioned below:

#: Final Estimates; @: First Revised Estimates

8. The growth rates of Primary sector (comprising Agriculture, Livestock, Forestry, Fishing and Mining & Quarrying), Secondary sector (comprising Manufacturing, Electricity, Gas, Water Supply & Other Utility Services, and Construction) and Tertiary sector (Services) have been estimated as 2.7 per cent, 11.4 per cent and 9.0 per cent respectively in 2023-24 as against growth rates of 5.9 per cent, 2.4 per cent and 10.3 per cent respectively in the previous years. The growth in real GVA during 2023-24 is on account of growth in ‘Manufacturing’, ‘Electricity, Gas, Water Supply & Other Utility Services’, ‘Construction’, ‘Trade, repair, Hotels and Restaurants’, ‘Financial Services’, ‘Real Estate, Ownership of Dwelling & Professional Services’ and ‘Other services’ as may be seen from Statement 4.2B. However, ‘Agriculture, Livestock, Forestry and Fishing’, ‘Mining and Quarrying’ and ‘Public Administration and Defense’ have witnessed modest growth.

Net National Income

9. Net National Income (NNI) at current prices for the year 2023-24 stands at ₹263.50 lakh crore as against ₹233.91 lakh crore in 2022-23, showing a growth of 12.7 per cent during 2023-24 as compared to growth of 13.3 per cent in the previous year.

Gross National Disposable Income

10. Gross National Disposable Income (GNDI) at current prices is estimated at ₹305.94 lakh crore for the year 2023-24, while the estimate for the year 2022-23 stands at ₹273.39 lakh crore, showing a growth of 11.9 per cent for year 2023-24 as compared to growth of 14.3 per cent in the year 2022-23.

Saving

11. Gross Saving during 2023-24 is estimated at ₹92.59 lakh crore against ₹82.44 lakh crore during 2022-23. Share of Non-financial corporations, Financial corporations, General Government and Household sectors in Gross Savings during 2023-24 stands at 36.0%, 8.2%, (-) 3.1% and 59.0% respectively. Rate of Gross Saving to GNDI for 2023-24 is estimated at 30.3 per cent as against 30.2 per cent for 2022-23.

Capital Formation

12. Gross Capital Formation (GCF) at current prices is estimated at ₹94.68 lakh crore for the year 2023-24 as compared to ₹87.72 lakh crore during 2022-23. The rate of GCF to GDP is 31.4 per cent during 2023-24 as against 32.6 per cent in the 2022-23. The rates of capital formation in the years 2011-12 to 2019-20 and 2021-22 to 2023-24 have been higher than the rate of saving because of positive net capital flow from Rest of the World (RoW).

13. In terms of the share to the total GFCF (at current prices), the highest contributor is Non-Financial Corporations followed by Household sector, share of which stood at 44.2% and 41.7% respectively in 2023-24.

14. The rate of GCF to GDP at constant (2011-12) prices was 35.2 per cent in 2022-23 and 34.6 per cent in 2023-24.

Consumption Expenditure

15. Private Final Consumption Expenditure (PFCE) at current prices is estimated at ₹181.30 lakh crore for the year 2023-24 as against ₹165.28 lakh crore in 2022-23. In relation to GDP, the PFCE to GDP ratio at current prices during 2022-23 and 2023-24 are 61.5 per cent and 60.2 per cent respectively. At constant (2011-12) prices, the PFCE is estimated at ₹93.85 lakh crore and ₹99.07 lakh crore, respectively for the years 2022-23 and 2023-24. The corresponding PFCE to GDP ratio for the years 2022-23 and 2023-24 are 58.1 per cent and 56.1 per cent respectively.

16. Government Final Consumption Expenditure (GFCE) at current prices is estimated at ₹31.04 lakh crore for the year 2023-24 as against ₹27.58 lakh crore during 2022-23. At constant (2011-12) prices the estimates of GFCE for the years 2022-23 and 2023-24 stand at ₹15.44 lakh crore and ₹16.70 lakh crore respectively.

Per Capita Estimates

17. Per Capita Income i.e. Per Capita Net National Income at current prices is estimated at ₹1,69,145 and ₹1,88,892 respectively for the years 2022-23 and 2023-24. Per Capita PFCE at current prices, for the years 2022-23 and 2023-24 is estimated at ₹1,19,516 and ₹1,29,967 respectively.

Summary of Revisions in the GDP Estimates

Revision in the estimates of the year 2023-24

18. The following statement gives the major reasons of variation between the Provisional Estimates (released on 31^st May, 2024) and the First Revised Estimates of GVA for 2023-24.

Sector	GVA growth in 2023-24 (at 2011-12 Prices)		Major reasons for variation
Sector	Provisional Estimate (PE), May 2024	First Revised Estimate (FRE), Feb 2025	Major reasons for variation
Primary	2.1	2.7	GVA estimates of Agriculture, Livestock, Forestry and Fishing sectors have undergone revision due to revision in production estimates of crop sector as per Final Estimate of Ministry of Agriculture and Farmers welfare. The revision in other industries in Primary Sector is due to the incorporation of latest revised data.
Secondary	9.7	11.4	Estimates of secondary sector have undergone revision due to use of data from source agencies along with detailed analysis of Non-departmental Enterprises (NDE) & Private Corporate sectors and budget documents of Government whereas provisional estimates were indicator based.
Tertiary	7.6	9.0	Data from source agencies along with detailed analysis of Departmental Enterprises (DE), NDE and Private Corporate sectors have been used for compilation of estimates for FRE 2023-24 whereas provisional estimates were indicator based. Furthermore, the revision in Public Administration and Defence sector is due to the use of detailed analysis of Budget documents (Centre and State Governments) and latest information of Local Bodies and Autonomous Bodies. In case of Financial services, FRE is based on analysis of annual reports of Financial Corporations and data released by RBI, NABARD and other financial regulators.
Total GVA at Basic Prices	7.2	8.6
GDP	8.2	9.2

[Primary Sector: Agriculture, Livestock, Forestry & Fishing and Mining & Quarrying

Secondary Sector: Manufacturing, Electricity, Gas, Water supply & Other Utility Services and Construction

Tertiary Sector: Trade, Hotels, Transport, Communication and Services related to Broadcasting, Financial, Real Estate & Professional Services and Public Administration, Defence & Other Services]

Revisions in the estimates of the year 2022-23

19. The use of latest available data from various agencies has resulted in changes in both the levels of GVA and growth estimates for the years 2022-23.

Revisions in Major Aggregates

20. The level of revisions in the major aggregates at current and constant (2011-12) prices are given in the following table:

Major National Income Aggregates and their % Changes

(₹ in Lakh Crore)

Sl. No.	Item	2022-23
Sl. No.	Item	1st RE	Final Estimates	% change
At Current Prices
1	GVA at basic prices	246.59	246.47	-0.1
2	GDP	269.50	268.90	-0.2
3	GNI	265.79	265.20	-0.2
4	NNI	234.39	233.91	-0.2
5	GNDI	273.99	273.39	-0.2
At Constant Prices
1	GVA at basic prices	148.05	148.78	0.5
2	GDP	160.71	161.65	0.6
3	GNI	158.31	159.39	0.7
4	NNI	137.47	138.51	0.8

Major reasons for revisions in GVA/GDP estimates for FY 2022-23 are as given below:

Use of updated production estimates (Final Estimates) of horticulture crops from Ministry of Agriculture and Farmers’ Welfare, increase in area under fodder crop and increase in production of sugarcane.
Increase in input value due to use of Cost of Cultivation Survey (CCS) 2022-23 and Electricity tariff for agriculture sector for the year 2022-23.
Use of updated information from NDE and updated information on minor minerals from States in case of Mining & Quarrying sector.
Use of final results of Annual Survey of Industries (ASI): 2022-23 and augmented data for non-financial private corporate sector.
Use of ‘Actuals’ in place of ‘Revised Estimates’ of different items of expenditure and receipts in the Central & State government budgets.
Use of updated information on Local Bodies & Autonomous Institutions.
Use of latest annual reports of Public Sector Enterprises.
Use of latest data received for Cooperative Banks, Post Office Saving Bank (POSB), Non-Banking Financial Institutions (NBFIs), and Financial Auxiliaries.

Detailed statements

21. List of Statements released in part ‘B’ of the press note is given below. More details of the revised estimates, i.e., FRE 2023-24 and FE 2022-23 are available in Statements 1.1B to 9B of Annexure C, which are given in the PDF format of the press note.

Statement 1.1B: Key Aggregates of National Accounts at Current Prices
Statement 1.2B: Key Aggregates of National Accounts at Constant (2011-12) Prices
Statement 2B: Per Capita Income, Product and Final Consumption
Statement 3.1B: Output by Economic Activity and Capital Formation by Industry of Use at Current Prices
Statement 3.2B: Output by Economic Activity and Capital Formation by Industry of Use at Constant (2011-12) Prices
Statement 4.1B: Gross Value Added by Economic Activity at Current Basic Prices
Statement 4.2B: Gross Value Added by Economic Activity at Constant (2011-12) Basic Prices
Statement 5B: Finances for Gross Capital Formation
Statement 6.1B: Gross Capital Formation by Industry of Use at Current Prices
Statement 6.2B: Gross Capital Formation by Industry of Use at Constant (2011-12) Prices
Statement 7.1B: Gross Fixed Capital Formation by Asset & Institutional Sector at Current Prices
Statement 7.2B: Gross Fixed Capital Formation by Asset & Institutional Sector at Constant (2011-12) Prices
Statement 8.1B: Private Final Consumption Expenditure at Current Prices
Statement 8.2B: Private Final Consumption Expenditure at Constant (2011-12) Prices
Statement 9B: Institutional Sectors – Key Economic Indicators at Current Prices

**************

Annexure C

FORMULAE

GVA at basic prices (Production Approach) = Output at basic prices – Intermediate Consumption
GVA at basic prices (Income Approach) = CE + OS/MI + CFC + Production taxes less Production subsidies⁽ⁱ⁾
GDP = ∑ GVA at basic prices + Product taxes less Product subsidies⁽ⁱⁱ⁾
NDP/NNI = GDP/GNI – CFC
GNI = GDP + Net primary income from ROW (Receipts less payments)
Primary Incomes = CE + Property and Entrepreneurial Income
NNDI =NNI + other current transfers⁽ⁱⁱⁱ⁾ from ROW, net (Receipts less payments)
GNDI = NNDI + CFC = GNI + other current transfers⁽ⁱⁱⁱ⁾ from ROW, net (Receipts less payments)
Gross Capital Formation^(iv) (Financing Side) = Gross Savings + Net Capital Inflow from ROW
GCF (Expenditure Side) = GFCF + CIS + Valuables
Gross Disposable Income of Govt. = GFCE + Gross Saving of General Government
Gross Disposable Income (GDI) of Households = GNDI – GDI of Govt. – Gross Savings of All Corporations

REMARKS ON THE FORMULAE

Production taxes or subsidies are paid or received with relation to production and are independent of the volume of actual production. Some examples are:

Production Taxes – Land Revenues, Stamps & Registration fees and Tax on profession

Production Subsidies – Subsidies to Railways, Subsidies to village and small industries.

Product taxes or subsidies are paid or received on per unit of product. Some examples are:

Product Taxes- Goods & Service Tax, Excise duties, Sales tax, Service Tax and Import, Export duties

Product Subsidies- Food, Petroleum and fertilizer subsidies.

Other Current Transfers refers to current transfers other than the primary incomes.

Gross Capital Formation (GCF) at the current as well as the constant prices is estimated by two approaches: – (i) through flow of funds, derived as Gross Saving plus net capital flow from Rest of the World (RoW); and (ii) by the commodity flow approach, derived by the type of assets.

Click here to see Press Note in PDF format

********

Samrat/ Dheeraj/Allen

(Release ID: 2106921) Visitor Counter : 310

MIL OSI Asia Pacific News –

March 1, 2025

MIL-OSI Asia-Pac: English translation of Press Statement by Prime Minister Shri Narendra Modi during the Joint Press Conference with President of European Commission (February 28, 2025)

Source: Government of India (2)

Posted On: 28 FEB 2025 3:04PM by PIB Delhi

Your Excellency, President of the European Commission,

European College of Commissioners,

Delegates,

Friends from the media,

Namaskar!

This visit of the President of the European Commission and the College of Commissioners to India is unprecedented.

This isn’t just the European Commission’s first visit to India, but also the first such comprehensive engagement of the European Commission in any single country. Also, this is one of the first visits of the new Commission in its latest term. On this historic occasion, I warmly welcome the President of the European Commission and the College of Commissioners to India.

Friends,

This two-decade long strategic partnership between India and EU is natural and organic. Its core is built on trust, a shared belief in democratic values, and a mutual commitment to prosperity and shared progress.

In this spirit, we have held almost 20 ministerial level meetings of different sectors between yesterday and today. Sincere and meaningful discussions were held on various regional and global matters. Many important decisions have been taken to elevate and accelerate our partnership.

We have prepared a blueprint for collaboration in the areas of Trade, Technology, Investment, Innovation, Green Growth, Security, Skilling and Mobility. We have directed our teams to conclude a mutually beneficial Bilateral Free Trade Agreement by the end of this year.

Friends,

To strengthen the investment framework, there has also been talk of moving forward on Investment Protection and GI Agreement. In the field of Technology and Innovation, a trusted and secure value chain is our common priority.

We have also agreed on increasing cooperation in semiconductors, AI, high performance computing and 6G. We have also decided to initiate a Space Dialogue.

Friends,

A balance between Ecology and Economy has been our shared commitment, and our cooperation in this direction has been strong. We have decided to conduct a Green Hydrogen Forum and Offshore Wind Energy Business Summit. Joint research shall be undertaken on EV Batteries, Marine plastics and Green hydrogen. We shall also take forward our Joint Plan on Sustainable Urban Development.

In the field of connectivity, concrete steps will be taken, to take forward the India – Middle East – Europe Economic Corridor or “IMEEC”. I firmly believe that “IMEEC” shall serve as an engine that drives global commerce, sustainable growth and prosperity in the days to come.

Friends,

Our growing cooperation on issues related to Defence and Security, is a symbol of our mutual trust. We will take forward our cooperation on Cyber Security, Maritime Security and Counter Terrorism.

Both sides agree on the importance of peace, security, stability and prosperity in the Indo-Pacific region. We welcome the decision of the EU to join the “Indo Pacific Oceans Initiative”. We will work together on Triangular Development projects for sustainable and inclusive development in the Indo-Pacific region and Africa.

Friends,

People-to-people connect is the strongest asset of our relationship. Today, we have reached a new agreement to increase academia, research and industry partnerships between us. I believe that India’s young talent and Europe’s innovation can together create limitless possibilities.

We welcome the new visa cascade regime of the EU. This will provide better mobility to the abilities of India’s talented youth.

Today, we have decided to create a bold and ambitious roadmap for the India-EU partnership for the period beyond 2025. It will be launched during the next India-EU Summit.

Excellency,

Your visit to India has given new momentum, energy and enthusiasm to our partnership. This journey is the biggest catalyst that will translate our ambition into action.

I eagerly look forward to the opportunity of welcoming you back to India for the next India-EU Summit.

Thank you very much.

******

MJPS/ST/SKS

(Release ID: 2106908) Visitor Counter : 106

MIL OSI Asia Pacific News –

March 1, 2025
MIL-OSI Asia-Pac: Coal Ministry Successfully Hosts Roadshow on Investment Opportunities and Commercial Coal Mine Auctions in Mumbai

Source: Government of India (2)

Coal Ministry Successfully Hosts Roadshow on Investment Opportunities and Commercial Coal Mine Auctions in Mumbai

Coal Minister Reaffirms Government’s Commitment to Mine Safety and Community Welfare

12th Round of Commercial Coal Mines Auctions to Include Underground Mines

Posted On: 28 FEB 2025 2:49PM by PIB Delhi

The Ministry of Coal, in its continued efforts to promote investment opportunities in the coal sector and commercial coal mine auctions, successfully conducted a high-impact roadshow today in Mumbai. The event was graced by Union Minister of Coal and Mines, Shri G. Kishan Reddy, as the Chief Guest. Also present were, Shri Vikram Dev Dutt, Secretary, Ministry of Coal, Ms. Rupinder Brar, Additional Secretary & Nominated Authority, Ministry of Coal, and senior officials from the Ministry of Coal. The event also witnessed the participation of key stakeholders, industry leaders, investors, and policy experts, who engaged in insightful discussions on the future of coal mining in India.

The roadshow served as a strategic platform to accelerate private sector participation, enhance domestic coal production, and promote sustainable mining practices. It focused on policy reforms, ease of doing business, and technological advancements, reaffirming the Government’s commitment to unlocking the full potential of India’s coal sector while ensuring environmental sustainability and long-term energy security.

In his keynote address, Union Minister of Coal and Mines, Shri G. Kishan Reddy highlighted the crucial role of coal in India’s economic progress, particularly in ensuring energy security and meeting growing industrial and power sector demands. He reiterated the Government’s commitment, under the leadership of Prime Minister Shri Narendra Modi, to accelerate domestic coal production, reducing import dependence, and ensuring sustainable mining practices.

The Minister emphasized the remarkable growth in India’s coal production, which has enabled industries and power plants to meet their energy needs efficiently. He underscored the Government’s efforts to bridge the demand-supply gap and ensure uninterrupted coal availability for both captive and commercial consumers. Shri Reddy reaffirmed that coal remains the backbone of India’s energy landscape, contributing over 70% to electricity generation. He also outlined key reforms to attract private investment in commercial coal mining, enhance ease of doing business, and deploy advanced technologies such as automation and digital monitoring to optimize mining operations while minimizing environmental impact. Additionally, the minister highlighted the Government’s large-scale afforestation initiatives on reclaimed land, leading to the development of eco-parks, green belts, and biodiversity zones. Further, he assured that as per Mine closure plan, post-mining landscapes are being restored for sustainable use, including agriculture, forestry, and mine tourism, benefiting local communities.

As India moves towards becoming the world’s third-largest economy and strives for Viksit Bharat 2047, minister reaffirmed the Government’s commitment to community welfare, prioritizing mine safety, rehabilitation, and skill development initiatives. Impressing upon sustainability, minister highlighted the importance of socio-economic upliftment of coal dependent communities and said that worker safety remains a priority urging coal companies to adopt best safety practices, and eco-friendly mining practices to ensure environmental conservation and long-term sectoral stability.

In his address, Shri Vikram Dev Dutt, Secretary, Ministry of Coal, assured investors of the Ministry’s proactive approach in facilitating seamless investment in the coal sector. He emphasized that the Ministry is committed to assisting investors at every stage from obtaining clearances to project execution by coordinating with regulatory bodies and stakeholder ministries to expedite approvals for early operationalization.

He further emphasized that the Ministry is ensuring a fast-tracked approval process, reducing bottlenecks, and improving transparency in the allocation of coal blocks. The Secretary reaffirmed the Ministry’s focus on afforestation on Mined-out land biodiversity conservation, and responsible mine closure practices, ensuring mining activities align with India’s sustainability goals. He also announced that the upcoming 12th round of auctions which is going to start very soon will include underground mines, offering additional financial incentives. Encouraging industry leaders and investors to actively participate in upcoming coal mine auctions, he assured them of full government support, including regulatory assistance, financial incentives, and streamlined processes to enhance business confidence. He reiterated that India’s coal sector offers immense opportunities for investment, innovation, paving the way for a self-reliant and resilient energy future.

In her welcome address, Ms. Rupinder Brar, Additional Secretary & Nominated Authority, Ministry of Coal, underlined the strategic importance of private sector’s participation in coal mining. She reaffirmed the Ministry’s commitment to creating a transparent, competitive, and investor-friendly coal sector. She also highlighted key incentives available to investors and urged stakeholders to leverage policy reforms for long-term growth. She noted that since the commencement of commercial coal mining, coal demand has surged, and the Government has allowed its use beyond captive purposes, enabling mining companies to operate with greater flexibility and market coal as a commodity.

The roadshow featured detailed discussions on investment potential, regulatory reforms, sustainability measures, and coal gasification prospects. It provided a platform for direct engagement between policymakers and industry leaders, facilitating insightful deliberations on upcoming rounds of commercial coal mine auctions, Technological advancements, best practices in sustainable coal mining, policy support for ease of doing business and fast-tracking project approvals.

The roadshow included an engaging and interactive Q&A session, where investors actively engaged with officials, seeking clarity on policies, auction processes, and growth prospects in the coal sector. The queries of potential investors were addressed comprehensively, reinforcing confidence in the industry’s transparent and investor-friendly approach.

The Mumbai roadshow was another significant milestone in the Ministry of Coal’s mission to promote investment, enhance domestic production, and ensure a sustainable future for coal mining in India. The event reinforced the Government’s commitment to strengthening investor confidence, fostering innovation, and advancing India’s energy security goals in line with the vision of Atmanirbhar Bharat.

Hon’ble Minister of Coal & Mines, Shri G Kishan Reddy, addressed the Roadshow on Investment Opportunities in the Coal Sector & Commercial Coal Mine Auctions in Mumbai, highlighting the transformative vision for India’s coal industry. He emphasized key policy reforms, ease of… pic.twitter.com/YfDjlN666g

— Ministry of Coal (@CoalMinistry) February 28, 2025

During his insightful address at the Roadshow on Commercial Coal Mine Auctions, Shri Vikram Dev Dutt, Secretary, Ministry of Coal, highlighted the sector’s strong growth trajectory. Emphasizing the importance of investor outreach, he noted that the policy framework has been… pic.twitter.com/k1SXLTo1ll

— Ministry of Coal (@CoalMinistry) February 28, 2025

In a welcome address during the roadshow on commercial coal mine auctions at The Taj Mahal Palace, Mumbai.

Ms. Rupinder Brar, Additional Secretary & Nominated Authority , Ministry of Coal, highlighted that 2025 marks five years since the launch of commercial coal mine auctions,… pic.twitter.com/3YVIGXahD7

— Ministry of Coal (@CoalMinistry) February 28, 2025

****

Shuhaib T

(Release ID: 2106901) Visitor Counter : 102

MIL OSI Asia Pacific News –

March 1, 2025
MIL-OSI United Kingdom: Winchester City Council Approves Budget for 2025/26
Source: City of Winchester

Winchester City Council has approved a balanced budget for the upcoming year, which supports vulnerable people, addresses the climate emergency, improves recycling and protects our environment.

The budget sets out a commitment to the roll out of weekly food waste recycling collections to all households later this year with £595,000 allocated this year (£460,000 as one-off funding).

It has a strong emphasis on supporting vulnerable people, with additional funding to help prevent homelessness (an additional £300,000) and a revision of income bands for the council tax reduction scheme – ensuring that support continues to be received after the changes to the DWPs universal credit scheme.

Recognising the ongoing impact of the cost of living, the council has also extended the Council Tax Exceptional Hardship Fund into 2025/6.

The budget also allocates funding to increase capacity for planning enforcement cases, to help protect the district’s communities, its heritage and the natural environment from harmful unauthorised development.

The budget has been aligned to help achieve the council’s priorities following approval of the new council plan, which was developed following public consultation. The Plan’s priorities include:
- Going Greener Faster
- Thriving Places
- Healthy Communities
- Good homes for all
The council has committed to do this in a way that’s:
- Efficient and effective
- And where it’s listening and learning
The full council meeting also approved an average council tax increase of 2.7%. For a Band D property, the City Council’s share of the council tax bill will be £163.66 per year (an increase of £4.30 per year).

The council’s immediate financial position is stable. However, as with many local authorities, it faces increasing budget pressure long term, which it is addressing through its transformation programme, focusing on reviewing contracts, creating an effective and efficient digital service and generating more income.

Speaking about the budget, Cabinet Member for Finance and Performance Cllr Neil Cutler said:

“I’m very pleased that we continue to be able to present a balanced budget for the forthcoming year. It is a budget that ensures we continue to enhance services for our residents and invest in projects that will create healthier communities, tackle climate change, increase access to housing and make the district a more vibrant place for residents, visitors and businesses. It also recognises future funding challenges which we’re addressing ahead of time. While we don’t have the same urgency as some of our neighbours, we expect government funding to reduce in future so we need to plan for these now.”

Last Updated: Friday 28 February 2025
MIL OSI United Kingdom –
March 1, 2025
MIL-OSI: No. 5/2025 – Notice to convene annual general meeting
Source: GlobeNewswire (MIL-OSI)

Nasdaq Copenhagen
Nikolaj Plads 6
DK-1067 Copenhagen K

Copenhagen, 28 February 2025
ANNOUNCEMENT no. 5/2025

CEMAT A/S
Company reg. (CVR) no. 24 93 28 18
Annual general meeting

The Board of Directors hereby convene the annual general meeting of Cemat A/S (the “Company”) for Wednesday, 26 March 2025, at 1:00 pm at the office of DLA Piper Denmark, Oslo Plads 2, 2100 Copenhagen OE, Denmark.

Agenda

The agenda of the annual general meeting is the following:
1. The management’s report on the Company’s activities during the past financial year.
1. Presentation of the audited annual report for adoption.
1. The Board of Directors’ proposal for appropriation of profit or covering of loss according to the adopted annual report.
1. Presentation of and indicative vote on remuneration report.
1. Approval of the Board of Directors’ fees for the current financial year.
1. Election of members to the Board of Directors.
2. Appointment of auditor.
1. Proposals from the Board of Directors or shareholders.
1. Any other business.
Complete proposals

Re item 1     The management’s report on the Company’s activities during the past financial year.

The Board of Directors proposes that the general meeting takes note of the management’s report.

Re item 2     Presentation of the audited annual report for adoption.

The Board of Directors proposes that the general meeting adopts the annual report.

Re item 3     The Board of Directors’ proposal for appropriation of profit or covering of loss according to the adopted annual report.

The Board of Directors proposes that the profit for the year as recorded in the Annual Report as adopted by the general meeting be carried forward to next year.

Re item 4     Presentation of and indicative vote on remuneration report.

The Board of Directors proposes that the general meeting adopts the presented remuneration report.

Re item 5     Approval of the Board of Directors’ fees for the current financial year.

The Board of Directors proposes that members of the Board of Directors will receive the basic fee of DKK 220,000 for the financial year 2025.

The chairman of the Board of Directors will receive the basic fee multiplied by a factor of 2.5, and the vice-chairman will receive the basic fee multiplied by a factor of 1.75.

Re item 6     Election of members to the Board of Directors.

The Board of Directors proposes to re-elect:

Frede Clausen, chairman, born 1959
Professional board member
Various banking qualifications
Graduate Diploma in Business Administration
Elected chairman in 2018
Other duties and offices:
Frede Clausen Holding ApS (CEO)
Core Poland Residential V (board member)
Malik Supply A/S (chairman)
Developnord A/S (chairman)
Søndergaard Holding Aalborg ApS (chairman)
Palma Ejendomme ApS (chairman)
Ejendomsselskabet Gøteborgvej 18 ApS (vice-chairman)
PL Holding Aalborg A/S (chairman)
Radioanalyzer ApS (chairman)
Independent
Special qualifications: Strategic management, business development and real estate
Languages: Danish and English

Eivind Dam Jensen, vice-chairman, born 1951
Estate Agent
Member of the Danish Association of Chartered Estate Agents
Diploma in Administration
Elected vice-chairman in 2005
Other duties and offices:
Owner of Chartered Estate Agency E. Dam Jensen
Chairman and sole shareholder of A/S Eivind Dam Jensen
Owner of Brundtland Golfcenter (via A/S Eivind Dam Jensen)
Non-independent
Special competences: Purchase, sale, valuation and letting of commercial and
investment properties and property management
Languages: Danish, English and German.

Joanna L. Iwanowska-Nielsen, born 1968
Real Estate Expert
Degree in International Trade, Organisation and Management
from the Warsaw School of Economics
Joined the Board of Directors in 2016
Directorships and other managerial positions:
Member of the board of directors of Sustainable Malkowo
Advisor to the Board of Directors, Ecofarm Foundation
Member of the board of directors of Coille Righ Green Energy, Scotland
Member of the board of directors of WildaNova
Member of the board at NielsenNielsen Ltd (UK)
Managing Partner in NOLTA Consultants and NOLTA Career Experts
Board Member of EPI (European Property Institute) think tank
Member of Warsaw Women in Real Estate & Development
Founding Member of Women in Global Health’s CEE Chapter
No directorships in other Danish companies
Independent
Special qualifications:
Experience in the real estate trade in Poland, CEE and
internationally (development, strategy, sales and project
management in both the commercial and residential property
sectors, including sustainable housing, farming enterprises and energy solutions)
EMCC accredited business coach & mentor
Languages: Polish, English and Russian.

Brian Winther Almind, born 1966
Executive Vice President, DSV Group Property
Joined the Board of Directors in 2023
Other duties and offices:
Shipping agent – Ellegard Transport, of which 2 years were in Verona, Italy
Traffic manager – DFDS Transport
Traffic manager – DHL A/S
Executive Vice President – DSV A/S since 1997
Directorships and other managerial positions:
Member of the board in several companies owned by DSV A/S
Network – European Logistics Forum (ELF), VL 111
No directorships in other Danish companies
Special competences:
Generel management, business development, integration of companies. Property in relation with purchase of land, public sector handling, project management, building activities, purchase and sale, leasing, law, strategy, finances, various large projects in more than 90 countries.
Languages: Danish and English.

Re item 7     Appointment of auditor.

The Board of Directors proposes that BDO Statsautoriseret Revisionsaktieselskab be reappointed.

Re item 8     Proposals from the Board of Directors.

No proposals have been received from the board of directors or executive board

General information

The Company’s nominal share capital amounts to DKK 4,997,006.06, divided into 249,850,303 shares of DKK 0.02 each. Each share of DKK 0.02 entitles the holder to one vote.

The Company has concluded a connection agreement with VP Securities A/S. The financial rights of the shareholders may thus be exercised through VP Securities A/S.

Requirements for adoption

Items 2-7 considered at the general meeting will be determined by a simple majority of votes, see article 10.1 of the Company’s articles of association as well as section 105 of the Danish Companies Act.

The Company’s website

This notice, including the agenda, remuneration report, information about the total number of shares and voting rights on the date of the notice and proxy, postal voting and registration forms for ordering an entry card, will be made available to the shareholders on the Company’s website, www.cemat.dk, under “Investor/General Meetings” from 28 February 2025.

This notice has also been published via Nasdaq Copenhagen A/S, the IT system of the Danish Business Authority and the Company’s website as well as by e-mail to the shareholders having requested e-mail notification of general meetings when stating their e-mail addresses.

Date of registration

The shareholders will be entitled to exercise the right to vote attaching to the shareholders’ shares, by attendance at the Company’s general meetings or by post pro rata to their shareholding at the date of registration, which is one week before the general meeting.

The date of registration is Wednesday, 19 March 2025.

The shareholding of each individual shareholder will be determined at the end of the date of registration based on the number of shares held by the shareholder according to the register of shareholders as well as any notice of ownership received by the Company for the purpose of registration in the register of shareholders, but not yet been registered. In order to be registered in the register of shareholders and included in the calculation, notices of shareholdings must be documented by a transcript from VP Securities A/S or other similar documentation. This documentation must be received by the Company before the end of the date of registration.

Only the persons who are shareholders of the Company on the date of registration will be entitled to participate and vote at the general meeting but see below regarding the shareholders’ timely request for entry cards.

Accordingly, any person who has purchased shares, whether by transfer or otherwise, will not be entitled to vote on the shares in question at the general meeting, unless he or she has been recorded in the register of shareholders or has notified the Company and provided documentation of his or her acquisition, no later than on the date of registration, which is Wednesday, 19 March 2025.

Entry cards

In order to participate in the general meeting, the shareholders must request an entry card for the general meeting no later than Friday, 21 March 2025. Entry cards may be requested electronically via www.cemat.dk until Friday, 21 March 2025, at 23:59 using MitID or custody account number and password on the Company’s shareholder portal. Shareholders registering for the general meeting electronically will immediately receive a confirmation of their registration.

It is also possible to request an entry card by forwarding a completed registration form to the Company’s keeper of the register of shareholders, Computershare A/S, Lottenborgvej 26D, 2800 Kongens Lyngby, Denmark, which must receive the form by Friday, 21 March 2025 at 23.59. The registration form is available at www.cemat.dk.

Please notice that ordered admission cards will no longer be sent out by ordinary mail.

Admission cards ordered via the shareholder portal will be sent out electronically via email to the email address specified in the shareholder portal upon registration. The admission card must be presented at the annual general meeting either electronically on a smartphone/tablet or in a printed version.

Admission cards can be picked up at the entrance of the general meeting upon presentation of a valid ID.

Proxy

Shareholders are entitled to attend by proxy. An electronic proxy instrument may also be submitted via the shareholder portal until Friday, 21 March 2025, at 23:59.

The complete proxy form must be received by the Company’s keeper of the register of shareholders, Computershare A/S, by Friday, 21 March 2025, at 23:59. The proxy form is available at www.cemat.dk.

Postal voting

Shareholders may elect to vote by post, i.e., by casting their votes in writing, before the general meeting, instead of attending the general meeting and voting there.

Shareholders who elect to vote by post may submit their postal vote electronically via the shareholder portal or send their postal vote to Computershare A/S where it must be received by Tuesday, 25 March 2025, at 16:00.

Once received, a postal vote cannot be recalled. Please note that letters may sometimes take several days to reach their destination.

Questions

Shareholders will have an opportunity to ask questions to the agenda as well as to the other materials for the general meeting before the general meeting.

Any questions concerning this announcement may be directed to info@cemat.dk.

Cemat A/S

Frede Clausen
Chairman of the Board of Directors

This announcement has been issued in Danish and English. In case of any inconsistencies, the Danish version will prevail.

Please write to investor@cemat.dk to deregister from this mailing list.

Attachment
- Announcement no. 5 – 28.02.2025 – Notice to convene AGM 2025
The MIL Network –
March 1, 2025
MIL-OSI China: China, UAE hold trade promotion event in Dubai

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

DUBAI, Feb. 28 — The China-UAE Trade and Investment Forum, which also serves as a promotion event for the third China International Supply Chain Expo, was held in Dubai on Thursday, gathering over 120 business representatives and resulting in multiple trade and investment agreements.

Ren Hongbin, chairman of the China Council for the Promotion of International Trade, emphasized in his speech that the council is committed to enhancing bilateral economic and trade cooperation with the United Arab Emirates (UAE) business community under the Belt and Road Initiative.

Ren highlighted key areas for collaboration, including trade, energy, infrastructure, new energy and the digital economy, while emphasizing the need to strengthen industrial and supply chain ties and expand multilateral business partnerships.

Maria Kassem, assistant undersecretary at the UAE Ministry of Economy, said China remains the UAE’s largest trading partner, with deepening economic ties driving investment and industrial development. She expressed confidence in further expanding bilateral cooperation and strengthening China-UAE relations.

During the event, the China International Exhibition Group promoted the upcoming third edition of the expo.

Chinese Consul General to Dubai, Ou Boqian, noted that the expo is increasingly recognized as an important international public good, setting a new benchmark for global supply chain cooperation and trade development.

MIL OSI China News –

March 1, 2025
MIL-OSI United Kingdom: City leaders reaffirm that innovation and growth remains priority

Source: City of Leeds

In response to the Government’s announcement of delays to the development of the new hospital at Leeds General Infirmary, leaders from Leeds City Council, the West Yorkshire Combined Authority, the University of Leeds, Leeds Beckett University and Leeds Teaching Hospitals NHS Trust have reaffirmed their unwavering commitment to innovation and growth across the city.

The partnership has confirmed it would continue to deliver on its long-term vision for driving innovation and growth in the city to create a healthier, greener and more inclusive future for all.

This follows the confirmation of funding and a start date of between 2033 and 2035 for the development of the new hospital at Leeds General Infirmary.

Despite the Government’s announcement of delays to the development of the new hospital at Leeds General Infirmary, City leaders are pleased to announce that plans for the Leeds Innovation Village, a key neighbourhood within the city’s £2 billion Leeds innovation Arc, and one of the flagship projects of the £160 million West Yorkshire Investment Zone – will still go ahead, with ambitions to start construction later this year.

The Village, which is set to bring about £13 billion in economic growth for the city and around 4,000 jobs will continue and is already into its first phase. This includes the redevelopment of the Old Medical School on the Leeds General Infirmary site into a cutting-edge healthtech innovation hub by one of the UK’s most active, privately-owned, mixed-use developers, Scarborough Group International.

Dame Linda Pollard DBE DL Hon. LLD, Chair of Leeds Teaching Hospitals NHS Trust said:

“Our plans for a new hospital are more than healthcare and play a pivotal role in harnessing innovation and stimulating growth across Leeds and beyond. Despite the announcement of disappointing delays to our new hospital at Leeds General Infirmary, plans for the Leeds Innovation Village will still go ahead, with early phases already underway.”

The development of a new hospital at Leeds General Infirmary, alongside wider plans to boost growth and innovation across the city, are a central part of the West Yorkshire Mayor’s local growth plan, which aims to boost the region’s fastest growing business sectors with a special focus on health and life sciences, in line with the Government’s emerging national industrial strategy.

This latest commitment builds on a wide range of successful innovation assets across the Innovation Arc including:

· The successful and vibrant community of innovators and entrepreneurs at Nexus, a state-of-the-art innovation hub on the University of Leeds campus. Nexus has raised £134m in private investment since launching in 2019, with a return on investment of £1.92 for every £1. To date, it has worked with 191 companies and brings together the brightest minds in business, technology and academia and cites over half of its member businesses as healthtech innovators.

· Leeds Teaching Hospital’s fast-growing Innovation Pop Up, located in the Innovation Village on the Leeds General Infirmary site, has grown its membership to over 50 industry members

during its first three years and is currently collaborating on around 40 projects with industry partners. The Pop Up brings work nationally and internationally to bring together world-leading clinicians and healthtech industry partners to grow innovation, research and technology for the benefit of patients.

· Leeds Becket University’s £80m Leeds School of Art building which provides industry standard facilities for over 2500 students and 100 staff studying and researching in film, TV, technology, sound, music, drama, dance and fashion. The centre provides wider cultural and industry partnerships across Leeds.

· An envisaged route of the West Yorkshire Mayor’s Mass Transit system would see trams run along the spine of the Innovation Arc, linking Leeds station and the South Bank to Harehills. This would bring modern, sustainable transport modes to the heart of the Innovation Arc, reducing north-south travel times, creating potential hubs around stops, and providing connections to the wider area.

The renewed commitment will see Leeds continue its journey as one of the UK’s most stable, forward-thinking and attractive locations for health and care research and innovation. With the backing of strong collaborative leadership, Leeds ranks as the third most attractive location for healthtech firms which are ready to launch or looking to move, having the highest number of biomedical scientist undergraduates in the country and being home to nine of the top 10 investors in research and development.*”

Tracy Brabin, Mayor of West Yorkshire, said:

“As the home of NHS England and Europe’s largest teaching hospital, Leeds is an international magnet for health innovation, and there is no setback that can stop us from realising our potential.

“With our multimillion-pound Investment Zone driving the development of the Old Medical School into a world-leading centre of medical and technological innovation, we will deliver jobs and growth here in West Yorkshire while transforming the lives of patients worldwide.

“We will also continue to make the case for the all-important new hospital at Leeds General Infirmary to be built as soon as possible, as part of our wider plans to build a well-connected Innovation Arc across the city of Leeds through our new Mass Transit system, driving growth.

Councillor James Lewis, leader of Leeds City Council said:

“We remain absolutely committed to our long-term vision for the city of stimulating innovation and economic growth that drives and delivers measurable impact towards a healthier, greener and inclusive future for all.

“The Leeds Innovation Village, a key neighbourhood within the city’s £2 billion Innovation Arc, will progress as planned, and we’re excited about the potential it holds to drive economic growth, create jobs, and improve healthcare. The transformation of the Old Medical School into a new cutting-edge health innovation hub will further solidify Leeds’ position as a global healthtech hub.”

-ENDS-

For further information, please contact Jessica Hardman, Head of Communications (BtLW), Leeds Teaching Hospitals NHS Trust, Jessica.hardman3@nhs.net

Notes

This recommitment has been made by:

Professor Phil Wood, Chief Executive, Leeds Teaching Hospitals NHS Trust; Cllr James Lewis, Leader, Leeds City Council; Tracy Brabin, Mayor, West Yorkshire Combined Authority; Professor Shearer West, Vice-Chancellor and President, University of Leeds; Professor Peter Slee, Vice Chancellor, Leeds Beckett University.

*Pursing excellence report, an independent analysis of Leeds’ research and innovation in health and care, March 2024 (commissioned by Leeds Academic Health Partnership)

The Leeds Innovation Arc, the city’s £2billion city centre science park, is a global destination for people, investment and innovation in one of the UK’s fastest growing and greenest cities with an ecosystem addressing the biggest societal challenges of our time through collaborative, diverse and innovative solutions. The Arc is home to some of the most significant innovation assets in the north of England, both public and private sector, including our two biggest universities, the hospital and Nexus at the University of Leeds, a hub for an increasing number of innovative businesses including SeeAI, Itecho Health and Atlas Endoscopy.

Leeds City Council’s work as a city on innovation builds on our participation in the prestigious Massachusetts Institute of Technology Regional Entrepreneurship Accelerator Program (MIT REAP) which fueled Leeds’ drive to grow the regional innovation ecosystem and bench mark ourselves and our progress.

The Government review into the New Hospital Programme, which the new hospital at Leeds General Infirmary was part, has now concluded. The Secretary of State for Health announced on Monday 20 January that the new hospital at Leeds General Infirmary has been included in Wave 2 of the programme and will not now start construction until some time between 2033-2035.

MIL OSI United Kingdom –

March 1, 2025
MIL-OSI United Kingdom: Devon taxi driver jailed after overstating annual income by more than £350,000 to fraudulently secure two Covid loans
Source: United Kingdom – Executive Government & Departments

Press release

Devon taxi driver jailed after overstating annual income by more than £350,000 to fraudulently secure two Covid loans

Bounce Back Loan fraudster transferred the funds to an offshore bank account and a family member
Taxi driver Murat Dogantekin secured two £50,000 Bounce Back Loans in 2020 which he was not entitled to

Dogantekin overstated his turnover by hundreds of thousands of pounds, fraudulently applied for two loans when businesses were only allowed one, used the funds for personal expenses and failed to make any repayments

The 50-year-old was jailed for two years and seven months

A Devon taxi driver who fraudulently claimed two maximum-value Covid loans by overstating his annual turnover by more than £350,000 has been jailed.

Murat Dogantekin secured the Bounce Back Loans worth a combined £100,000 from two separate banks just months into the pandemic, when he was only actually entitled to just over £4,000 under the scheme.

He then transferred the funds to a close family member and offshore bank account.

The 50-year-old, of Mulligan Drive, Exeter, was sentenced to two years and seven months in prison when he appeared at Exeter Crown Court on Thursday 27 February.

Mark Stephens, Chief Investigator at the Insolvency Service, said:

Bounce Back Loans were created to support small and medium-sized businesses through the pandemic. They were not designed to be accessed by fraudsters and used as additional personal income paid for at the expense of taxpayers.

Murat Dogantekin completely disregarded almost all the rules of the scheme. He significantly overstated his turnover, subsequently receiving far more support than he should have done. He fraudulently obtained two loans when businesses were only entitled to a single loan.

To make matters worse, Dogantekin failed to use the money for the benefit of his business, concealing the true nature of his bank transactions with false references. He also did not pay a single penny back before he was declared bankrupt and failed to engage with our investigations.

Such a blatant and deliberate misuse of public funds will not be tolerated by the Insolvency Service and we will continue to take action against those who stole from the taxpayer during a national emergency.

Dogantekin secured two Bounce Back Loans worth £50,000 each from separate banks in May and June 2020.

In his applications, Dogantekin stated that his annual turnover was £200,000 and £205,000 for two separate self-employed taxi businesses, both in his own name, although he said the second traded as Ola Taxis.

He provided no evidence to support these claims and Insolvency Service investigators discovered that the second business was actually named after one of his clients. This was done in an attempt to distinguish it from his first business and make it appear that he was eligible for a second loan when he was not.

Dogantekin had declared earnings of just £16,500 for the tax year ending in April 2020, meaning he overstated his turnover by £388,500 in the combined applications.

Had he been honest about his income, he may have been entitled to one loan of just £4,125.

His dishonesty meant he received an additional £95,875 he did not deserve.

Within four days of receiving the first loan, Dogantekin transferred £49,500 of the £50,000 to a separate bank account. The transactions were marked as “shop purchase”.

The following day, £48,000 of that money was moved to an offshore bank account.

Dogantekin’s second loan remained in his business account for more than a month before the funds were paid out to a family member and his own personal account within a six-day period.

No repayments to the loans were made before Dogantekin was declared bankrupt in November 2021.

Dogantekin was interviewed by the Official Receiver Services at the Insolvency Service later that month and provided some limited documentation.

He then ignored 11 attempts to contact him and secure specific records during a six-month period.

Dogantekin also failed to attend an interview under caution.

The Insolvency Service is seeking to recover the fraudulently obtained funds under the Proceeds of Crime Act 2002.

Further information

Murat Dogantekin is of Mulligan Drive, Exeter. His date of birth is 20 May 1974

Sentenced for: Fraud by false representation, contrary to section 2 of the Fraud Act 2006 and concealment of books and papers, contrary to section 355 of the Insolvency Act 1986

Read more about the Bounce Back Loan Scheme and the action the Insolvency Service can take if it finds misconduct 

Further information about the work of the Insolvency Service, and how to complain about financial misconduct.

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Published 28 February 2025
MIL OSI United Kingdom –
February 28, 2025
MIL-OSI: Banco Itaú Chile Announces Fourth Quarter 2024 Management Discussion & Analysis Report

Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, Feb. 28, 2025 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (SSE: ITAUCL) announced today its Management Discussion & Analysis Report (“MD&A Report”) for the fourth quarter ended December 31, 2024. For the full MD&A Report, please refer to the following link:

https://ir.itau.cl/MDAQ42024

On Monday, March 3, 2025, at 11:00 A.M. Santiago time (9:00 A.M. ET), the Company’s management team will host a conference call to discuss the financial results. The call will be hosted by André Gailey, CEO; Claudia Labbé Montevecchi, Head of IR and Chief Sustainability Officer; and Matías Valenzuela Barrenechea, Head of FP&A, Capital and IR.

Conference Call Details:

Online registration: https://registrations.events/direct/Q4I6136278

All participants must pre-register using this link to join the conference call. Upon registering, each participant will be provided with details to connect to the call and a registrant ID.

Webcast:

The webcast will be available through the following link:

https://events.q4inc.com/attendee/846439085

Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. Following the event, the event will be available in the same link.

Telephone and Virtual Q&A session:

The Q&A session will be available for participants connected through the conference call and through the webcast, where attendees will be allowed to type in their questions – we will read and answer selected questions verbally.

Investor Relations – Itaú Chile

IR@itau.cl / ir.itau.cl

The MIL Network –

February 28, 2025
MIL-OSI Economics: Asian Development Blog: Hold the Salt: Harnessing Desalination for Water Security

Source: Asia Development Bank

Desalination offers a viable solution to water scarcity in the Pacific, but its success depends on careful planning, energy efficiency, and environmental considerations. Integrating renewable energy, engaging communities, and ensuring sustainable brine disposal are key to long-term viability.

The Pacific region is grappling with increasing water scarcity, driven largely by the impacts of climate change. Rising sea levels, prolonged droughts, and changing rainfall patterns have strained freshwater resources, leaving many coastal communities vulnerable.

As traditional water supplies become less reliable and populations continue to grow, the need for innovative and climate-resilient solutions has never been more urgent. However, implementing alternative technologies like desalination requires careful consideration to ensure its effectiveness, sustainability, and community acceptance.

Desalination involves the removal of salts and impurities from brackish water and seawater sources to produce potable water. However, removing salt from water is an energy intensive treatment process. The most widely used desalination method is reverse osmosis, as it has the lowest energy usage of the available and mature desalination technologies.

Reverse osmosis uses semi-permeable membranes and hydraulic pressure to filter out contaminants including salt. While this technology offers significant advantages in providing a reliable water source, it also presents challenges, especially in remote areas and emergency contexts where resources and infrastructure may be limited.

Before deploying desalination technology, it is crucial to assess the specific site conditions, including the quality of the salty water available for treatment. The salinity level, temperature, and presence of contaminants such as sediments or organic materials can significantly impact the performance of the desalination system.

In emergency contexts, the water intake may be compromised due to increased sediment loads or bacterial contamination from natural disasters. A robust pre-treatment process is essential to protect reverse osmosis membranes and maintain operational efficiency.

Pre-treatment systems should be designed to remove larger particles, suspended solids, and biological contaminants, ensuring that only water suitable for the membrane elements enters the desalination unit.

Energy consumption is also a critical factor when considering desalination technologies. Reverse osmosis systems can be energy-intensive, requiring between three and five kilowatt-hours per 1,000 litres of water produced.

In remote settings, reliable energy sources may be challenging to secure. It is essential to evaluate available energy options before implementation. Integrating renewable energy sources, such as solar panels or wind turbines, can help mitigate energy costs and reduce the carbon footprint of desalination systems, particularly in remote settings.

Portable desalination units are largely powered by generators during emergencies, but careful planning for fuel supply and maintenance is necessary to ensure continuous operation.

Desalination technology has the potential to play a pivotal role in addressing water scarcity challenges faced by remote and coastal communities, especially during emergencies.

Effective operation and maintenance are vital for the long-term success of desalination projects. In remote and emergency settings, local capacity may be limited, making it crucial to establish training programs for technicians. Investing in local training not only builds community skills but also fosters ownership and sustainability in water management.

A comprehensive maintenance plan should include routine checks of the desalination unit, regular cleaning of pre-treatment filters, and periodic replacement of reverse osmosis membranes.

Ensuring that local operators are equipped with the knowledge and tools needed for maintenance will enhance the reliability and efficiency of desalination systems. This is especially important for emergency units that may be intermittently used and stored for long periods between use.

The environmental implications of desalination must be carefully considered, particularly concerning brine disposal. The concentrated saline byproduct generated during the desalination process can have negative effects on marine ecosystems if not managed properly.

To mitigate these impacts, brine should be dispersed across a wide area rather than discharged in a single location. Additionally, a lower salinity, higher volume brine can be produced by operating the reverse osmosis unit at a low recovery rate.

This practice helps prevent localized salinity increases that can harm marine life. Engaging with environmental experts and local authorities to develop responsible brine management strategies is essential for sustainable desalination practices.

Community involvement is paramount when implementing desalination technology. Engaging local populations in discussions about the technology, its benefits, and potential challenges fosters a sense of ownership and acceptance.

Providing education on water management and desalination processes will help demystify the technology and encourage responsible use of water resources. Building trust within the community is crucial for the success of desalination projects.

Collaboration with local stakeholders, including government agencies and non-governmental organizations, can help address concerns and ensure that the technology aligns with community needs.

The initial investment for desalination technology can be significant, and ongoing operational costs must be evaluated to ensure long-term sustainability. It is essential to conduct a cost-benefit analysis that considers factors such as energy consumption, maintenance requirements, and the expected lifespan of the equipment.

Exploring funding opportunities from government programs, international organizations, and public-private partnerships can help offset the financial burden. Engaging with development partners can also provide technical assistance and capacity-building support to ensure the successful implementation of desalination systems.

Desalination technology has the potential to play a pivotal role in addressing water scarcity challenges faced by remote and coastal communities, especially during emergencies.

However, careful consideration of site conditions, energy requirements, operational needs, environmental impacts, community engagement, and funding opportunities are essential for effective implementation.

As we move toward a future that is increasingly affected by climate change, harnessing the power of desalination with thoughtful planning and community involvement will be critical in building water resilience across the Pacific. By investing in these technologies and empowering local communities, we can create sustainable solutions that secure safe drinking water for generations to come.

MIL OSI Economics –

February 28, 2025
MIL-OSI: MEXC Officially Lists EUR on Convert with Zero Fees for Fast and Effortless Trading
Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Feb. 28, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency trading platform, has officially listed EUR on Convert with zero fees, providing users with a seamless and cost-effective way to trade. This listing coincides with Point Frenzy Season, running from February 28 to March 14, offering exciting airdrop rewards and exclusive events.

MEXC’s introduction of EUR to Convert reinforces its commitment to lowering trading costs and enhancing market accessibility. With zero-fee EUR deposits and competitive trading conditions, users can now enjoy greater flexibility and efficiency when navigating the crypto market.

To celebrate the listing of EUR on Convert, MEXC is introducing two exciting events from February 28, 2025, to March 14, 2025, offering users a chance to win exclusive rewards and event tickets.

Event 1: Convert & Win Airdrops
- Users can convert between EUR and USDT for a chance to win up to 100 USDT in airdrops.
Event 2: Points Competition
- Users can accumulate points through Futures trading and compete for a 6,000 USDT prize pool, which includes party funds and exclusive offline event tickets.
MEXC continues to enhance users’ trading experience by providing deep liquidity, fast execution, and some of the lowest trading fees in the industry. With advanced security measures and a dedicated trading insurance fund, MEXC remains focused on creating a secure, transparent, and user-friendly trading environment.

As part of this initiative, MEXC is also offering zero fees on EUR deposits via OTC and a special Zero-Fee Event on EUR Spot trading pairs, where users can enjoy 0% Maker and Taker fees starting February 26, 2025.

About MEXC

Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 32 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

Contact:
Lucia Hu
PR Manager
lucia.hu@mexc.com

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ea71c9f4-5e45-4821-8c8f-50910f8edf6a

The MIL Network –
February 28, 2025
MIL-OSI Economics: BSTDB Strengthens Partnership with Hayat Kimya in Türkiye

Source: Black Sea Trade and Development Bank

Press Release | 17-Dec-2024

New Financing to Boost Capacity and Energy Efficiency

Hayat Kimya Sanayi A.Ş., a leading Turkish manufacturer of detergents, hygiene products, and tissue paper, will advance its investment plans with the support of a €25 million loan from the Black Sea Trade and Development Bank (BSTDB). The agreement marks an important milestone in a partnership that began nine years ago.

The BSTDB financing will back Hayat Kimya’s investment program, focusing on expanding production capacity, introducing new product lines, and enhancing energy efficiency. This initiative is also expected to bolster regional trade, as a significant portion of the company’s exports targets BSTDB member countries.

Commenting on the agreement, BSTDB President Dr. Serhat Köksal said: “We are pleased to support Hayat Kimya, a leading manufacturer and major employer in Türkiye, as it pursues its ambitious growth plans. Our new financing underlines BSTDB’s commitment to sustainable industrial development and regional integration. By prioritizing energy efficiency and environmentally conscious practices, Hayat Kimya’s investment programme aligns with our mission to support projects that drive long-term economic and environmental benefits. Our support will help modernize Türkiye’s industrial capacity and strengthen trade ties within the Black Sea region, advancing shared prosperity and sustainable development.”

“As part of our collaboration with the Black Sea Trade and Development Bank, we will increase the production capacity of our home care category at our facilities in Mersin and Kocaeli, Turkey. Today, at least one Hayat product can be found in 9 out of 10 households in Turkey. Globally, our export penetration ranges between 60% and 80% across more than 100 countries. With this new investment in the home care category, we aim to further strengthen our leadership, particularly in the detergent product segment.” said Ayla Hacıahmetoğlu, the Global Treasury Director of Hayat Kimya.

Founded in 1937, Hayat Kimya is a leading global manufacturer and exporter of detergents, hygiene products, and tissue paper. The company operates 26 state-of-the-art production facilities across 8 countries, employing over 10,000 people. All products are produced in a fully automated, hands-free environment, meticulously designed and managed in compliance with the ISO 9001 Quality Assurance System.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

Contact: Haroula Christodoulou

: @BSTDB

MIL OSI Economics –

February 28, 2025
MIL-OSI Economics: The 31st AEM Retreat convenes in Johor, Malaysia

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today attended the 31st ASEAN Economic Ministers’ Retreat (AEM Retreat) held in Johor, Malaysia. The AEM Retreat was chaired by Minister of Investment, Trade and Industry of Malaysia Tengku Zafrul Tengku Abdul Aziz. The Meeting expressed its support for ASEAN’s economic priorities under Malaysia’s 2025 Chairmanship under the theme of “Inclusivity and Sustainability.” The Meeting also exchanged views on the current regional and global economic outlook, progress of implementation of the AEC Blueprint 2025, as well as key initiatives to further integrate ASEAN’s economy including the ongoing negotiations for the ASEAN Trade in Goods Agreement (ATIGA) upgrade, the ASEAN Digital Economy Framework Agreement (DEFA), as well as Timor-Leste’s accession to ASEAN economic agreements and ASEAN’s external economic relations.

The Meeting was preceded by an open session with the ASEAN Business Advisory Council (ASEAN-BAC), followed by the Economic Research Institute for ASEAN and East Asia (ERIA), and McKinsey, which engaged in discussions on ASEAN’s economic integration as well as emerging regional and global issues.

The post The 31st AEM Retreat convenes in Johor, Malaysia appeared first on ASEAN Main Portal.

MIL OSI Economics –

February 28, 2025

Category: Finance

Coal Ministry Successfully Hosts Roadshow on Investment Opportunities and Commercial Coal Mine Auctions in MumbaiCoal Minister Reaffirms Government’s Commitment to Mine Safety and Community Welfare

Devon taxi driver jailed after overstating annual income by more than £350,000 to fraudulently secure two Covid loans

Further information

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Press Release | 17-Dec-2024

Coal Ministry Successfully Hosts Roadshow on Investment Opportunities and Commercial Coal Mine Auctions in Mumbai

Coal Minister Reaffirms Government’s Commitment to Mine Safety and Community Welfare