Category: Finance

MIL-OSI: Unifiedpost delivers on strategic refocus and improves balance sheet strength

Source: GlobeNewswire (MIL-OSI)

Press release – Regulated information – Inside inforrmation

La Hulpe, Belgium – February 27, 2025, 7:00 a.m. CET – [REGULATED INFORMATION] Unifiedpost Group SA (Euronext: UPG) (Unifiedpost), a leading provider of integrated business communications solutions, presents its results for FY 2024. Unifedpost has executed its strategic priorities, including portfolio rationalisation, while improving its balance sheet strength and operational efficiencies.

Strategic & Operational Highlights

Completed divestments of FitekIN/ONEA and Wholesale Identity Access Business
De-risked balance sheet through partial repayment of Francisco Partners’ senior facility loan by €95m
Significantly reduced net debt position by ~€ 73m at year-end
Enhanced governance structure with a strengthened Board and new CEO
Strategic partnerships delivering value creation across key markets

FY 2024 Financial Highlights – Continuing operations¹

Reported first contributions from income from client money² amounting to €0,7m
Steady growth in Subscription and Transaction³ revenue of 8,2% y/y and 9,3% y/y, respectively
Digital service gross margin (incl. net income from client money) increased by 1,7%pts y/y to 59,7%
EBITDA (incl. net income from client money) improved to € -9,2m from € -11,0m in FY 2024

FY 2025 Guidance (based on current reporting structure)

~25% increase in Subscription revenue, with a gradual improvement expected throughout the year
FCF⁴ positive by year-end

Commenting on the FY 2024 results, Nicolas de Beco, CEO, remarked: “2024 was marked by strategic refocusing and important structural changes. We have streamlined our business with the completed divestments of FitekIN/ONEA and the Wholesale Identify Access Business, the reduction of complexity and the de-risking of our balance sheet. While our financial performance reflects these necessary adjustments, this marks a key turning point – we have established a solid framework which allows us to move forward with greater clarity and direction. There is strong engagement from our customers, teams, and stakeholders.

Looking to 2025, we have a clear roadmap and a strong commitment to execution. Our focus will be on selected geographies where e-invoicing regulations are expected to come into force within the next 12-18 months, strengthening strategic partnerships, and embedding payment solutions as a key upselling driver. At the same time, we remain committed to disciplined cost and cash management. As a SaaS business, accelerating growth remains a priority. We have set clear subscription revenue targets for the next 12 months, and with continued discipline, collaboration, and focus, we are well-placed to make progress on our objectives.”

Key financial figures – Continuing operations¹ (unless otherwise stated)

(EUR thousands)	FY 2024	FY 2023	Change (%)
Group revenue and income from client money	84.273	94.169	-10,5%
Digital service revenue	47.132	50.336	-6,4%
Subscription	14.435	13.343	+8,2%
Transaction	20.192	18.472	+9,3%
of which includes income from client money²	723	–	N/A
Other	12.505	18.521	-32,5%
Traditional communication service revenue	37.141	43.833	-15,3%
Gross profit digital services (incl. net income from client money)	28.119	29.207	-3,7%
Gross margin digital services	59,7%	58,0%	+1,7%pts
EBITDA (incl. net income from client money)	(9.204)	(11.032)	16,6%
Profit/(loss) for the period (continuing and discontinuing operations)⁵	71.195	(83.146)	N/A
Cash and cash equivalents at the end of the period⁶	14.525	22.534	-35,5%

Portfolio rationalisation and value crystallisation

Throughout 2024, Unifiedpost executed several strategic divestments of non-core assets that substantially strengthened its financial position while maintaining valuable commercial partnerships.

In July, Unifiedpost completed the divestment of FitekIN/ONEA for €7,2m and announced the sale of 21 Grams to PostNord Strålfors, which remains subject to regulatory approval from the Swedish Competition Authority.

In December, Unifiedpost completed the sale of its Wholesale Identity Access Business to Your.World B.V. for an aggregate equity purchase price projected between € 108,4m and € 116,1m, subject to the realisation of the earn-out condition. Unifiedpost has utilised part of the proceeds from the sale of the Wholesale Identity Access business to reduce its debt obligations to Francisco Partners Credit. Upon completion of the transaction, Unifiedpost repaid a principal amount of €75 million, along with accrued and due interest, bringing the total repayment to €94,8 million. The remaining balance is expected to be paid back within 2025.

Looking ahead, Unifiedpost will continue to evaluate opportunities for divesting non-digital services as part of its strategic focus on core digital offerings and platform development.

Digital services business

Both subscription and transaction revenue reported steady growth of 8,2% and 9,3% y/y, respectively. Meanwhile, other revenue decreased from € 18,5m to € 12,5m, reflecting a higher base effect from one-off deals in Q4 2023, and the ending of low margin professional service contracts.

The gross margin percentage increased by 1,7% pts y/y to 59,7%, driven by two key factors: (i) improvement in cost efficiencies, and (ii) income from client money.

The income from client money, results from leveraging our network and upselling embedded payment services. Income from client money amounted to € 0,7m in 2024, with momentum building in the fourth quarter.

Moving forward, Unifiedpost will focus on accelerating subscription revenue growth as a key performance indicator. This growth will primarily be driven by opportunities in core European geographies where regulatory requirements for e-invoicing and digital business communications are expected to come into force within the next 12-18 months. Unifiedpost is positioned to capitalise on these regulatory catalysts, particularly in Benelux, France and Germany, where mandatory e-invoicing requirements will create market opportunities.

Furthermore, the European Commission’s VAT in the Digital Age (ViDA) initiative represents a shift in digital reporting and e-invoicing requirements across the EU, creating additional momentum for digital adoption. This regulatory framework will require businesses to implement digital solutions for real-time transaction reporting and e-invoicing, aligning with Unifiedpost’s platform capabilities and market positioning.

Traditional communication services business

Traditional communication services revenue decreased as expected (€ 37,1m in FY 2024 compared to € 43,8m in FY 2023), driven by a continued shift towards digital solutions and a decrease in managed service volumes. This led to a corresponding reduction in gross profit of € 2,9m. Additionally, the gross margin percentage decreased by 3,0%pts to 23,9%.

Execution of cost-saving plan 2023-2024

Unifiedpost launched a cost-saving plan in 2023, resulting in an overall cost decrease of € 5,9m y/y and a decrease in cash outflows of € 6,9m y/y.

R&D expenses decreased from € 18,4m y/y to € 17,0m. The cash component within these costs decreased by € 3,2m, while non-cash expenses (amortisation) rose by € 1,8m.
G&A expenses decreased from € 34,0m y/y to € 30,9m. Expenses for 2024 included € 0,7m in non-recurring costs directly associated with legal and consultancy costs.
S&M expenses decreased from € 21,1m y/y to € 19,6m.

Significantly reduced net debt position by ~€73m at year end

As at December 31, 2024, the net debt position amounts to € 29,5m, a decrease of € 72,9m compared to December 31, 2023.
At the end of 2024, Unifiedpost reported a financial position with cash and cash equivalents totalling € 14,5m, including € 1,2m of restricted cash.

Management remains committed to achieving a positive free cash flow⁷ position by the end of 2025.

Statement from the external auditor

We are currently finalising the financial statements for the year ended 31 December 2024. Our independent auditor has confirmed that its audit procedures in relation to the financial information for the year ended 31 December 2024 as included in this press release are substantially completed and have not revealed any material corrections required to be made to the financial information included in this press release. Should any material changes arise during the audit’s finalisation, an additional press release will be issued.

Investors & Media webcast

Management will host a live video webcast for analysts, investors and media today at 11:00 a.m. CET.

To register and attend the webcast, please click here:

https://unifiedpost-group-full-year-2024-financial-results.open-exchange.net/registration

A full replay will be available after the webcast at: https://investors.unifiedpostgroup.com/

Financial Calendar:

17 April 2025: Publication of the Annual Report for 2024
20 May 2025: General Shareholder Meeting
23 May 2025: Publication of the Q1 2025 business update

26 August 2025: Publication of the H1 2025 results (webcast)

Contact

Alex Nicoll
Investor Relations
Unifiedpost Group
alex.nicoll@unifiedpost.com

Consolidated statement of profit or loss and other comprehensive income (unaudited)

Thousands of Euro, except per share data	*For the period ended 31 December*
	2024	*2023 ()**

Digital services revenues	46.409	50.336
Digital services cost of services	(18.874)	(21,129)
Digital services gross profit	27,535	29.207

Traditional communication services revenues	37.141	43.833
Traditional communication services cost of services	(28.282)	(32,075)
Traditional communication services gross profit	8.859	11.758

Research and development expenses	(17.022)	(18.414)
General and administrative expenses	(30.924)	(33.961)
Selling and marketing expenses	(19.592)	(21.074)
Other income / (expenses) – net	(1.160)	(72)
Net impairment losses	–	(39.000)
Loss from operations	(32.305)	(71.556)

Net financial income from client money	584	–
Financial income	268	62
Financial expenses	(22.998)	(15.441)
Share of profit / (loss) of associates and joint ventures	146	(573)
Gain upon losing control over a subsidiary	3,972	–
Loss before tax	(50.333)	(87.508)

Corporate income tax	(846)	(745)
Deferred tax	152	243
LOSS FOR THE PERIOD FROM CONTINUING OPERATIONS	(51.027)	(88.011)

Net profit from discontinued operations	122.222	4.865
PROFIT / (LOSS) FOR THE PERIOD	71.195	(83.146)

Other comprehensive income / (loss):	(656)	(15)
Items that will not be reclassified to profit or loss, net of tax:
Remeasurements of defined benefit pension obligations	(37)	123
Items that will or may be reclassified to profit or loss, net of tax:
Exchange gains arising on translation of foreign operations	104	36
Exchange losses arising on translation of foreign operations related to discontinued operations	(723)	(174)
TOTAL COMPREHENSIVE PROFIT / (LOSS) FOR THE PERIOD	70.539	(83.161)

Total loss for the period is attributable to:
Owners of the parent	71,031	(83,899)
Continuing operations	(51,191)	(88,764)
Discontinued operations	122,222	4,865
Non-controlling interests	164	753
Total comprehensive loss for the period is attributable to:
Owners of the parent	70,375	(83,914)
Continuing operations	(51,124)	(88,604)
Discontinued operations	121,499	4,690
Non-controlling interests	164	753
Profit/(loss) per share attributable to the equity holders of the parent:
Basic	1,94	(2,32)
Diluted	1,94	(2,32)
Loss from continuing operations per share attributable to the equity holders of the parent:
Basic	(1,41)	(2,46)
Diluted	(1,41)	(2,46)

(*) The comparative figures for period ended 31 December 2023 have been restated to reflect the restatement of the profit and loss related to the discontinued operations in accordance with IFRS 5

Consolidated statement of financial position (unaudited)

Thousands of Euro	*As at 31 December*	*As at 31 December*
	2024	2023

ASSETS
Goodwill	92.048	113.069
Other intangible assets	66.725	82.856
Property and equipment	1.486	7.420
Right-of-use-assets	9.391	9.734
Investments in associates	2.400	1.493
Deferred tax assets	39	776
Other non-current assets	3.036	2.561
Non-current assets	175.125	217.909
Inventories	544	612
Trade and other receivables	16.494	25.318
Contingent consideration receivable	7.774	–
Current tax assets	291	770
Prepaid expenses	1.483	1.901
Restricted cash related to client money⁸	75.798	3.789
Cash and cash equivalents	14.525	22.534
Current assets from continuing operations	116.909	54.924
Assets classified as held for sale	31.250	5.145
Current assets	148.159	60.069
TOTAL ASSETS	323.284	277.978

SHAREHOLDERS’ EQUITY AND LIABILITIES
Share capital	329.238	326.806
Costs related to equity issuance	(16.029)	(16.029)
Share premium reserve	492	492
Accumulated deficit	(164.603)	(232.257)
Reserve for share-based payments	175	1.831
Other reserve	2.697	(1.581)
Cumulative translation adjustment reserve	(4.470)	(3.851)
Equity attributable to equity holders of the parent	147.500	75.411
Non-controlling interests	758	499
Total shareholders’ equity	148.258	75.910
Non-current loans and borrowings	29.010	110.517
Liabilities associated with puttable non-controlling interests		200
Non-current lease liabilities	6.376	6.193
Non-current contract liabilities	387	4.430
Deferred tax liabilities	1.463	4.636
Non-current liabilities	37.236	125.976
Current loans and borrowings	5.698	5.059
Current liabilities associated with puttable non-controlling interests	3.980	7.560
Current lease liabilities	3.232	3.547
Trade and other payables	31.127	40.194
Liabilities related to client money⁸	75.774	3.736
Contract liabilities	5.330	13.487
Current income tax liabilities	410	1.845
Current liabilities from continuing operations	125.551	75.428
Liabilities directly associated with assets classified as held for sale	12.239	664
Current liabilities	137.790	76.092
TOTAL EQUITY AND LIABILITIES	323.284	277.978

Consolidated statement of changes in equity (unaudited)

Thousands of Euro	Share capital	Costs related to equity issuance	Share premium reserve	Accumulated deficit	Share based payments	Other reserves	Cumulative translation adjustment reserve	Non-controlling interests	Total equity
Balance at 1 Jan 2024	326.806	(16.029)	492	(232.257)	1.831	(1.581)	(3.851)	499	75.910

Result for the period	–	–	–	71.031	–	–	–	164	71.195

Other comprehensive income / (loss)	–	–	–	(37)	–	–	(619)	–	(656)
Total comprehensive loss for the period	–	–	–	70.994	–	–	(619)	164	70.539

Conversion subscription rights	2.432	–	–	–	(1.656)	1.656	–	–	2.432

Current period profit AND OCI of NCI with put option	–	–	–	–	–	171	–	(171)	–

Changes in carrying value of liabilities associated with puttable NCI	–	–	–	–	–	280	–	–	280

Acquisition of 20% of the shares in Unifiedpost d.o.o.	–	–	–	(2.437)	–	2.437	–	–	–

Release of NCI due to acquisition of 20% of the shares in Unifiedpost d.o.o.	–	–	–	–	–	(266)	–	266	–

Dividend payments	–	–	–	(965)	–	–	–	–	(965)

Other	–	–	–	62	–	–	–	–	62

Balance at 31 Dec 2024	329.238	(16.029)	492	(164.603)	175	2.697	(4.470)	758	148.258

Thousands of Euro	Share capital	Costs related to equity issuance	Share premium reserve	Accumulated deficit	Share based payments	Other reserves	Cumulative translation adjustment reserve	Non-controlling interests	Total equity
Balance at 1 Jan 2023	326.806	(16.029)	492	(148.497)	1.813	(2.864)	(3.713)	281	158.290

Result for the period	–	–	–	(83.899)	–	–	–	753	(83.146)

Other comprehensive income / (loss)	–	–	–	123	–	–	(138)	–	(15)
Total comprehensive loss for the period	–	–	–	(83.776)	–	–	(138)	753	(83.161)

Share-based payments	–	–	–	–	18	–	–	–	18

Current period profit AND OCI of NCI with put option	–	–	–	–	–	535	–	(535)	–

Changes in carrying value of liabilities associated with puttable NCI	–	–	–	–	–	750	–	–	750

Other	–	–	–	16	–	(3)	–	–	13

Balance at 31 Dec 2023	326.806	(16.029)	492	(232.257)	1.831	(1.581)	(3.851)	499	75.910

Consolidated statement of cash flows (unaudited)

Thousands of Euro	*For the period ended 31 December*
		2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the period		71.195		(83.146)
Adjustments for:
Amortisation and impairment of intangible fixed assets		20.546		21.332
Impairment losses of goodwill		–		38.574
Depreciation of property. plant & equipment		1.041		1.489
Depreciation of right-of-use-assets		4.129		4.429
Impairment of trade receivables		(389)		335
Gain on disposal of fixed assets		(15)		(33)
Financial income		(334)		(174)
Financial expenses		23.579		15.910
(Gain) realised upon losing control over subsidiaries		(124.168)		–
Loss of remeasurement at fair value less costs to sell for disposal groups		6.342		–
Share of profit / (loss) of associate		(146)		573
Income tax expense / (income)		3.894		2.319
Deferred income tax expense		(841)		(1.387)
Share-based payment expense / own shares		–		18
Subtotal		4.833		238

Changes in Working Capital
(Increase) / decrease in trade receivables and contract assets		(5.318)		6.145
(Increase) / decrease in other current and non-current receivables		(448)		(61)
(Increase) / decrease in inventories		(93)		209
Increase / (decrease) in trade and other liabilities		9.420		7.729
Cash generated from / (used in) operations		8.394		14.260
Income taxes paid		(1.763)		(3.222)
Net cash provided by / (used in) operating activities		6.631		11.038

CASH FLOWS FROM INVESTING ACTIVITIES
Payments made for the purchase of associate		(282)		–
Payments received for divestment of business		114.388		–
Payments made for the purchase of intangibles and development expenses		(16.015)		(16.372)
Proceeds from the disposal of intangibles and development expenses		415		15
Payments made for the purchase of property, plant & equipment		(247)		(739)
Proceeds from the disposal of property, plant & equipment		442		17
Interest received		–		175
Net cash provided by / (used in) investing activities		98.701		(16.904)

CASH FLOWS FROM FINANCING ACTIVITIES
Conversion of subscription rights		2.432		–
Proceeds from loans and borrowings			2.720		3.913
Repayments of loans and borrowings – Francisco Partners		(75.000)		–
Repayments of loans and borrowings – other		(6.813)		(6.367)
Repayment of lease liabilities		(4.485)		(4.524)
Interest received		334		–
Interest paid on loans and borrowings – Francisco Partners		(21.590)		(3.286)
Interest paid on loans and borrowings – other		(1.898)		(1.295)
Net cash provided by / (used in) financing activities		(104.300)		(11.559)
FX impact cash		(487)		–
Net increase / (decrease) in cash & cash equivalents		545		(17.425)
Cash classified within current assets held for sale		(5.423)		(74)
Cash movement due to change in the consolidation range		(3.131)		–
Net increase/(decrease) in cash & cash equivalents, including cash classified within current assets held for sale		(8.009)		(17.499)
Cash and cash equivalents at the beginning of the period		22.534		40.033
Cash and cash equivalents at the end of the period		14.525		22.534

About Unifiedpost Group

Unifiedpost is a leading SaaS company for SME business services built on “Documents”, “Identity” and “Payments”. Unifiedpost operates and develops a 100% SaaS-based platform for administrative and financial services that allows real-time and seamless connections between Unifiedpost’s customers, their suppliers, their customers, and other parties along the financial value chain. With its one-stop-shop solutions, Unifiedpost’s mission is to make administrative and financial processes simple and smart for its customers. For more information about Unifiedpost Group and its offerings, please visit our website: Unifiedpost Group | Global leaders in digital solutions

Cautionary note regarding forward-looking statements: The statements contained herein may include prospects, statements of future expectations, opinions, and other forward-looking statements in relation to the expected future performance of Unifiedpost Group and the markets in which it is active. Such forward-looking statements are based on management’s current views and assumptions regarding future events. By nature, they involve known and unknown risks, uncertainties, and other factors that appear justified at the time at which they are made but may not turn out to be accurate. Actual results, performance or events may, therefore, differ materially from those expressed or implied in such forward-looking statements. Except as required by applicable law, Unifiedpost Group does not undertake any obligation to update, clarify or correct any forward-looking statements contained in this press release in light of new information, future events or otherwise and disclaims any liability in respect hereto. The reader is cautioned not to place undue reliance on forward-looking statements.

¹ Excludes discontinued operations: Wholesale Identity Access Business and 21 Grams

² Money a company receives from or holds for, or on behalf of, a client (application IAS 7)

³ Income from client money is a result of e-payment services and is included in digital services transaction revenue

⁴ Free cash flow is defined as net income (i) plus non-cash items in the income statement, (ii) minus cash out for IFRS 16 adjustments, (iii) minus capital expenditure, (iv) minus reimbursement on loans and leasing for the reporting period

⁵ Including capital gains from divested transactions

⁶ Excluding restricted cash related to client money

⁷ Free cash flow is defined as net income (i) plus non-cash items in the income statement, (ii) minus cash out for IFRS 16 adjustments, (iii) minus capital expenditure, (iv) minus reimbursement on loans and leasing for the reporting period

⁸ The comparative figures 2023 have been restated to demonstrate the accounting policy related to client money.

Attachment

Press release FY24

The MIL Network –

February 27, 2025

MIL-OSI: Planisware delivered strong revenue growth, profitability and cash generation in 2024

Source: GlobeNewswire (MIL-OSI)

Planisware delivered strong revenue growth, profitability and cash generation in 2024

Revenue up +17.4% in constant currencies to € 183.4 million
Adjusted EBITDA* up +23.7% to € 64.6 million, representing 35.2% of revenue (+180bps year-on-year)
Adjusted FCF* up +24.5% to € 54.6 million, representing a 84.5% cash conversion rate*
Proposed dividend representing 50% of profit for the period, above Group policy
2025 objectives:
- Mid-to-high teens revenue growth in constant currencies
- c. 35% adjusted EBITDA margin*
- Cash Conversion Rate* of c. 80%

Paris, France, February 27, 2025 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, announces today its FY 2024 results. Revenue amounted to € 183.4 million, up by +17.3% in current currencies, mainly led by the continued success of the Group’s market-leading SaaS platform. In constant currencies, revenue growth reached +17.4% (€+27.2 million), in line with the 17% to 18% 2024 objective. Recurring revenue amounted to € 162.7 million (89% of total revenue) and was up by +21.0% in constant currencies.

Adjusted EBITDA¹ reached € 64.6 million (+23.7% vs. FY 2023), representing 35.2% of revenue, above the c. 34% 2024 objective. The year-on-year improvement by c. +180 basis points resulted from revenue growth, positive mix effect, and further efficiency gains on employee-related costs, in particular on R&D spendings benefitting from increased usage of AI tools.

Current operating profit reached € 51.8 million, up by +20.8% compared to FY 2023 and Profit for the period amounted to € 42.7 million.

Cash generation was particularly strong with adjusted FCF* reaching € 54.6 million, up by +24.5% year-on-year. It represented a cash conversion rate* of 84.5%, above the c. 80% 2024 objective. Net cash position* was € 176.1 million as of December 31, 2024, compared to € 142.6 million as of December 31, 2023 and € 156.4 million as of June 30, 2024.

Loïc Sautour, CEO of Planisware, commented: “In 2024, Planisware continued to deliver sustainable and profitable growth. Despite significant uncertainties in the macroeconomic and geopolitical context, our clients continued to trust Planisware for their digital transformation and operational excellence efforts. These close relationships enabled us to deliver a robust revenue growth.

We also delivered profitability and cash generation above this year’s objectives thanks to the continuous positive mix effect of our activities and further efficiencies on employee-related costs, in particular on R&D spendings benefitting from increased usage of AI tools.

In parallel, Planisware’s CSR efforts were recognized by the EcoVadis gold medal award, the all-round Great Place to Work certification, and by a satisfying B score for our first rating by CDP. These distinctions illustrate Planisware’s rapid progress and ongoing commitment to building a more responsible society.

For 2025, taking into account our strong commercial pipeline on one hand and uncertainties in the timing of contract starts and the evolution of sales cycle length on the other hand, we set the mid-to-high teens range for revenue growth objective. We also intend to maintain a strong profitability and to keep delivering a best-in-class cash conversion rate.”

FY 2024 revenue by revenue stream

To address the needs of strategic defense-sector clients who require mission-critical solutions to operate on their own infrastructures rather than through Cloud-based SaaS, Planisware has introduced a new delivery mode that includes annual licenses. These multi-year agreements allow the solution to be licensed on a yearly basis. Planisware anticipates that this innovative delivery mode will be particularly relevant for companies with specific security and sovereignty requirements. Planisware reports this line of revenue for the first time in 2024, within its recurring revenue (under Planisware’s SaaS model), since first such contracts was signed in Q4 2024.

In € million	FY 2024	FY 2023	*Variation* *YoY*	*Variation* *in cc**
Recurring revenue	162.7	134.7	*+20.8%*	*+21.0%*
SaaS & Hosting	82.0	64.6	+27.1%	+27.1%
Annual licences	1.1	–	N/A	N/A
Evolutive support	48.7	42.0	+16.0%	+16.3%
Subscription support	11.9	9.4	+26.5%	+26.4%
Maintenance	19.1	18.8	+1.8%	+1.8%
Non-recurring revenue	20.7	21.1	*-1.7%*	*-1.7%*
Perpetual licenses	7.5	5.7	+30.8%	+30.8%
Implementation & others non-recurring	13.3	15.4	-13.8%	-13.8%
Revenue with customers	183.4	155.7	*+17.8%*	*+17.9%*
Other revenue	–	0.7
Total revenue	183.4	156.4	*+17.3%*	*+17.4%*

* Revenue evolution in constant currencies, i.e. at FY 2023 average exchange rates

Reaching € 183.4 million in 2024, revenue was up by +17.3% in current currencies and +17.4% in constant currencies. The exchange rates effect was almost mostly related to the appreciation of the euro versus the Japanese yen compared to FY 2023. In order to reflect the underlying performance of the Company independently from exchange rate fluctuations, the following analysis refers to revenue evolution in constant currencies, applying FY 2023 average exchange rates to FY 2024 revenue figures, unless expressly stated otherwise.

Recurring revenue

Representing 89% of 2024 total revenue versus 86% in 2023, recurring revenue reached € 162.7 million, up by +21.0%.

Revenue growth was led by +24.1% growth of Planisware’s SaaS model (i.e. SaaS & Hosting, Evolutive & Subscription support, and Annual licenses), of which SaaS & Hosting revenue was up by +27.1% thanks to contracts secured with new customers as well as continued expansion within the installed base. Revenue of support activities (Evolutive & Subscription support), intrinsically related to Planisware’s SaaS offering, grew by +18.1%. Finally, Annual licenses contributed for €+1.1 million in Q4 2024.

Maintenance revenue was up by +1.8% in the context of the Group’s shift from its prior Perpetual license model to a SaaS model.

Non-recurring revenue

Non-recurring revenue was slightly down by -1.7% over the year, with a contrasted trend of Perpetual licenses up by +30.8% and Implementation down by -13.8%.

Perpetual licenses benefited from a strong demand for extensions and upgrades from existing customers with specific on-premises needs, mostly in the defense industry. On the other hand, Planisware’s focus on shorter implementations and faster delivery to customers, combined with project start delays, led to revenue decline in Implementation.

FY 2024 revenue by region

In € million	FY 2024	FY 2023	*Variation* *YoY*	*Variation* *in cc**
Europe	87.2	76.1	+14.7%	+14.5%
North America	80.3	68.5	+17.3%	+17.3%
APAC & ROW	15.9	11.2	+41.8%	+44.0%
Revenue with customers	183.4	155.7	*+17.8%*	*+17.9%*
Other revenue	–	0.7
Total revenue	183.4	156.4	*+17.3%*	*+17.4%*

* Revenue evolution in constant currencies, i.e. at FY 2023 average exchange rates

In 2024, all key geographies contributed to Planisware revenue growth, although with contrasted contributions for each semester of the year:

Representing 44% of total revenue in 2024, North America strongly contributed to year-end growth (+19.0% in H2 2024) after having faced elongated customer’ decision-making processes translating into slower growth in non-recurring activities and Implementation services in particular over the first periods of the year (+15.6% in H1 2024). All in all, thanks to a significant level of cross-selling and up-selling with existing customers and new customer wins, North America grew by +17.3% over the year.
By contrast, after a decent growth in H1 2024 (+18.1%) driven in particular by strong dynamics in Germany, revenue growth in Europe significantly slowed down in H2 2024 (+11.4%) due to macroeconomic uncertainties and political concerns in France as well as difficulties seen in some of the Group’s key verticals such as automotive. As a result, revenue in Europe grew by +14.5% in 2024.
Planisware’s growth in APAC & rest of the world of +44.0% resulted from a strong commercial momentum in Japan, Singapore, and the Middle East, as well as from the consolidation of IFT KK and, to a lesser extent, of Planisware MIS.

FY 2024 revenue by pillar

In € million	FY 2024	FY 2023	*Variation* *YoY*	*Variation* *in cc**
Product Development & Innovation	97.8	87.5	+11.8%	+11.9%
Project Controls & Engineering	37.2	27.4	+35.7%	+35.6%
IT Governance & Digital Transformation**	32.2	26.8	+20.2%	+20.1%
Project Business Automation	15.9	13.6	+16.5%	+17.0%
Others	0.4	0.4	-5.7%	-5.7%
Revenue with customers	183.4	155.7	*+17.8%*	*+17.9%*
Other revenue	–	0.7
Total revenue	183.4	156.4	*+17.3%*	*+17.4%*

* Revenue evolution in constant currencies, i.e. at FY 2023 average exchange rates

In 2024, all key pillars contributed to Planisware’s revenue growth with the most recent ones ramping-up as growth relays:

Product Development & Innovation (“PD&I”) drives R&D and product development teams with a focus on companies in the life sciences, manufacturing and engineering, automotive design and fast-moving consumer goods sectors. In 2024, it remained Planisware’s principal pillar, with 53% of total revenue and +11.9% growth, resulting from both new customer wins and the expansion of offerings to existing customers.
Project Controls & Engineering (“PC&E”) supports production teams in industries with sophisticated products, plants and infrastructure, such as aerospace and defense, energy and utilities, manufacturing and engineering and life sciences. While still a recent pillar for Planisware, it represented 20% of 2024 total revenue. Supported by the successful roll-out of offerings in North America, PC&E grew by +35.6%.
IT Governance & Digital Transformation (“IT&DT)^** helps IT teams across all sectors develop comprehensive solutions to automate IT portfolio management, accelerate digital transformation and simplify IT architecture. IT&DT represented 18% of 2024 total revenue and grew by +20.1%, fueled by continuous cross-sell to Planisware clients needing to accelerate their digital transformation.
Project Business Automation (“PBA”) supports companies in all industries that seek to increase their revenue-based projects and enhance their operating results through automated processes. Due to a more recent entry of Planisware in the market relating to this pillar, PBA represented only 9% of 2024 total revenue and was up by +17.0% thanks to new customer wins and cross-selling.

Commercial dynamic

In 2024, despite elongated sales cycles, Planisware welcomed a significant number of new clients from a wide range of industries, further diversifying its customer base and solidifying its position as a trusted partner for organizations of all sizes. Revenue growth is driven both by contracts with new customers and the expansion of Planisware’s solutions and services within its existing customer base.

In 2024, Planisware’s customer loyalty remained high, as translated in the 121% Net Retention Rate^* (NRR), reflecting Planisware ability to grow within its installed base. At 2.2% of revenue, 2024 churn rate* remained low thanks to Planisware’ ability to leverage strong product capabilities and high industry recognition, resulting in high customer loyalty.

FY 2024 key financial figures

In € million	FY 2024	FY 2023	*Variation* *YoY*
Total revenue	183.4	156.4	*+17.3%*
Cost of sales	-50.1	-45.1	+11.1%
Gross profit	133.3	111.3	*+19.8%*
*Gross margin*	*72.7%*	*71.2%*	*+150 bps*
Operating expenses	-81.5	-68.4	+19.1%
Current operating profit	51.8	42.9	*+20.8%*
Other operating income & expenses	-5.7	3.0
Share of profit of equity-accounted investees**	–	0.3	-100.0%
Operating profit	46.1	46.2	*-0.1%*
Profit for the period	42.7	41.8	*+2.1%*

Adjusted EBITDA*	64.6	52.2	*+23.7%*
*Adjusted EBITDA margin**	*35.2%*	*33.4%*	*+180 bps*

Adjusted FCF*	54.6	43.8	*+24.5%*
*Cash Conversion Rate**	*84.5%*	*84.0%*	*+60 bps*
Net cash position*	176.1	142.6	*+23.5%*

* Net of tax
** Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document

Gross profit

Cost of sales increased by €+5.0 million (or +11.1%) year-on-year to € 50.1 million. As a percentage of revenue, cost of sales decreased by -150 basis points thanks to a continued strict monitoring of costs, in particular with respect to recruitment, and the internalization of outsourced services.

This enabled Planisware to deliver a € 133.3 million gross profit (+19.8% year-on-year), representing a 72.7% gross margin, a significant improvement of c. +150 basis points compared to 71.2% in 2023.

Operating profit

R&D expenses, consisting primarily of staff expenses directly associated with R&D teams, as well as amortization of capitalized development costs and the benefits from the French research tax credit, reached € 22.2 million and represented 12% of revenue compared to 13% in 2023. While Planisware intends to maintain a high level of R&D spending, the R&D efficiency improves thanks to the deployment of AI tools, boosting the Group’s ability to leverage its R&D efforts to provide innovative products and software solutions, expand its offering portfolio and promote its offerings in the project management market. In 2024, capitalized development costs amounted to € 2.5 million, +21.9% compared to € 2.0 million in 2023.

Reaching € 33.3 million in 2024 (18% of revenue), Sales & marketing expenses increased by +23.1% compared to 2023, led in particular by the increase in employee-related costs in the salesforce and marketing team. Sales & marketing expenses are expected to increase in absolute amounts in the future as Planisware plans on strengthening its leading market position.

Representing 14% of revenue in 2024, as in 2023, General & administrative expenses reached € 26.0 million. Planisware continued to strengthen its global support functions to contribute to the growth of the business and the international expansion of the Group. Planisware expects that, as the Company continues to scale up in the future, General & administrative expenses will slightly decrease as a percentage of revenue.

As a result, current operating profit reached € 51.8 million in 2024, up by +20.8% compared to 2023.

Other operating income & expenses amounted to a net expense of € 5.7 million related to IPO costs.

As a results of the above, operating profit reached € 46.1 million in 2024, stable compared to € 46.2 million in 2023, which benefited from € 7.5 million non-taxable gains on remeasurement at fair value of investments in associates.

Adjusted EBITDA

Adjusted EBITDA^** reached € 64.6 million, a strong increase compared to 2023 (€+12.4 million, or +23.7%). It represented 35.2% of 2024 revenue, c. +180 basis points compared to 33.4% in 2023. The increase of adjusted EBITDA reflects the revenue growth, a positive mix effect, and further efficiency gains on employee-related costs, in particular on R&D spending benefitting from increased usage of AI tools.

Profit for the period and dividend

Reaching € 5.4 million in 2024, financial income significantly increased compared to € 2.5 million in 2023. This was primarily driven by income from time deposits and realized and unrealized gains on marketable securities, as well as foreign exchange gains and losses arising from the revaluation at closing rates of cash and cash equivalents held in foreign currencies.

Income tax expense amounted to € 8.8 million in 2024, up by +27.8% compared to € 6.9 million in 2023, in line with taxable profit increase.

As a result of these evolutions, profit for the period reached € 42.7 million in 2024, up by +2.1% compared to 2023.

Finally, subject to the approval of the Annual General Meeting of the Company’s shareholders and effective approbation of 2024 consolidated financial statements by the Board of directors, and in line with its historical dividend distribution, the Group will pay a dividend representing 50% of its profit for the period. This would represent € 21.4 million or € 0.31 per share.

Cash generation and net cash position

Reflecting the growth of subscription contracts billed in advance of the services rendered, change in working capital was €+2.5 million, compared to €+3.6 million in 2023 which benefited from a catch-up effect form negative change in 2022. Capital expenditures totaled € 5.5 million, representing 3.0% of revenue, compared to € 4.9 million in 2023 (3.1% of revenue), in line with the usual c. 3% level targeted. Tax paid in 2024 was € 8.4 million compared to € 7.5 million in 2023.

As a result, Cash Conversion Rate* reached 84.5%, above the 80% level that the Group considers being the normative Cash Conversion Rate for the coming years, and adjusted Free Cash Flow* totaled € 54.6 million, +24.5% compared to € 43.8 million in 2023.

As of December 31, 2024, except for lease liabilities related to offices and datacenter facilities which amounted to € 17.0 million (€ 14.9 million as of December 31, 2023) and small amounts of bank overdrafts, Planisware did not have any financial debt. As a result, the Group’s net cash position* ^{as of} December 31, 2024 amounted to € 176.1 million, compared to € 142.6 million as of December 31, 2023.

2025 objectives

Taking into account its strong commercial pipeline on one hand and uncertainties in the timing of contract starts and the evolution of sales cycle length on the other hand, Planisware’s 2025 objectives are:

Mid-to-high teens revenue growth in constant currencies
c. 35% adjusted EBITDA margin*
Cash Conversion Rate* of c. 80%

Appendices

Q4 2024 revenue by revenue stream

In € million	Q4 2024	Q4 2023	*Variation* *YoY*	*Variation* *in cc**
Recurring revenue	44.7	38.3	*+16.7%*	*+16.2%*
SaaS & Hosting	22.4	17.9	+25.3%	+24.8%
Annual licences	1.1	–	N/A	N/A
Evolutive support	12.8	12.2	+5.0%	+4.6%
Subscription support	3.4	3.1	+9.8%	+9.0%
Maintenance	5.0	5.1	-2.5%	-2.8%
Non-recurring revenue	5.2	5.8	*-11.2%*	*-11.5%*
Perpetual licenses	1.3	2.1	-36.4%	-36.7%
Implementation & others non-recurring	3.8	3.7	+3.1%	+2.8%
Total revenue	49.9	44.1	*+13.0%*	*+12.5%*

* Revenue evolution in constant currencies, i.e. at Q4 2023 average exchange rates

Non-IFRS measures reconciliations

In € million	FY 2024	FY 2023
Current operating profit after share of profit of equity-accounted investee	51.8	43.2
Depreciation and amortization of intangible, tangible and right-of-use assets	7.7	7.2
Share-based payments	5.1	1.9
Adjusted EBITDA**	64.6	52.2

In € million	FY 2024	FY 2023
Net cash from operating activities	59.0	47.3
Capital expenditures	-5.5	-4.9
Other finance income/costs	-4.7	-2.8
IPO costs paid	5.7	4.2
Adjusted Free Cash Flow**	54.6	43.8

** Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document

FY 2024 revenue Investors & Analysts conference call

Planisware’s management team will host an international conference call on February 27, 2025 at 8:00am CET to details FY 2024 performance and key achievements, by means of a presentation followed by a Q&A session. The webcast and its subsequent replay will be available on planisware.com.

Upcoming event

April 29, 2025: Q1 2025 revenue publication
June 19, 2025: Annual General Meeting of shareholders
July 31, 2025: H1 2025 results publication
October 21, 2025: Q3 2025 revenue publication

Contact

About Planisware

Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

With circa 750 employees across 16 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”).

For more information, visit: https://planisware.com/ and connect with Planisware on LinkedIn.

Disclaimer

The primary financial statements for the year ended December 31, 2024 were approved by the Board of Directors on February 26, 2025. The audit procedures and verifications related to the information contained in the sustainability report are in progress. The full consolidated financial statements will be published on completion of these procedures.

Forward-looking statements

This document contains statements regarding the prospects and growth strategies of Planisware. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as “considers”, “envisages”, “believes”, “aims”, “expects”, “intends”, “should”, “anticipates”, “estimates”, “thinks”, “wishes” and “might”, or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that Planisware considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments.

This information includes statements relating to Planisware’s intentions, estimates and targets with respect to its markets, strategies, growth, results of operations, financial situation and liquidity. Planisware’s forward-looking statements speak only as of the date of this document. Absent any applicable legal or regulatory requirements, Planisware expressly disclaims any obligation to release any updates to any forward-looking statements contained in this document to reflect any change in its expectations or any change in events, conditions or circumstances, on which any forward-looking statement contained in this document is based. Planisware operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results.

Rounded figures

Certain numerical figures and data presented in this document (including financial data presented in millions or thousands and certain percentages) have been subject to rounding adjustments and, as a result, the corresponding totals in this document may vary slightly from the actual arithmetic totals of such information.

Variation in constant currencies

Variation in constant currencies represent figures based on constant exchange rates using as a base those used in the prior year. As a result, such figures may vary slightly from actual results based on current exchange rates.

Non-IFRS measures

This document includes certain unaudited measures and ratios of the Group’s financial or non-financial performance (the “non-IFRS measures”), such as “recurring revenue”, “non-recurring revenue”, “gross margin”, “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted Free Cash Flow”, “cash conversion rate”, “Net cash position”, “churn rate” and “Net Retention Rate” (or “NRR”). Non-IFRS financial information may exclude certain items contained in the nearest IFRS financial measure or include certain non-IFRS components. Readers should not consider items which are not recognized measurements under IFRS as alternatives to the applicable measurements under IFRS. These measures have limitations as analytical tools and readers should not treat them as substitutes for IFRS measures. In particular, readers should not consider such measurements of the Group’s financial performance or liquidity as an alternative to profit for the period, operating income or other performance measures derived in accordance with IFRS or as an alternative to cash flow from (used in) operating activities as a measurement of the Group’s liquidity. Other companies with activities similar to or different from those of the Group could calculate non-IFRS measures differently from the calculations adopted by the Group.

Non-IFRS measures included in this document are defined as follows:

Adjusted EBITDA is calculated as Current operating profit including share of profit of equity-accounted investees, plus amortization and depreciation as well as impairment of intangible assets and property, plant and equipment, plus either non-recurring items or non-operating items.
Adjusted EBITDA margin is the ratio of Adjusted EBITDA to total revenue.
Adjusted FCF (Free Cash Flow) is calculated as cash flows from operating activities, plus IPO costs paid, if any, less other financial income and expenses classified as operating activities in the cash-flow statement, and less net cash relating to capital expenditures.
Cash Conversion Rate is defined as Adjusted FCF divided by Adjusted EBITDA. Planisware considers Cash Conversion Rate to be a meaningful financial measure to assess and compare the Group’s capital intensity and efficiency.
Net cash position is defined as Cash minus indebtedness excluding lease liabilities.
Net Retention Rate (NRR) is the percentage of recurring revenue generated in a given year compared to the prior year by customers’ existing in the prior year, excluding terminated contracts, in constant currency.
Churn rate is defined as percentage of recurring revenue generated in year N-1, by customers terminating in year N, compared to recurring revenues generated by clients existing at the start of year N, in constant currency.

1 Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document.

Attachment

Planisware – FY 2024 results – PR

The MIL Network –

February 27, 2025

MIL-OSI: Intchains Group Hosts Ask Me Anything session with Aleo Co-Founder Howard Wu to Explore the Future of Crypto Mining

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Feb. 27, 2025 (GLOBE NEWSWIRE) — Intchains Group Limited (Nasdaq: ICG), a leader in efficient altcoin mining solutions, hosted an Ask Me Anything (AMA) session on X with Aleo co-founder and CEO of Provable, Howard Wu, to explore the future of crypto mining, hardware acceleration, and zero-knowledge proof (ZKP) advancements. The discussion underscored ICG’s role in shaping next-generation mining technologies and expanding the Aleo ecosystem. Goldshell, a subsidiary of ICG is excited to contribute to the Aleo ecosystem by providing mining hardware that complements Aleo’s vision.

Goldshell’s AE BOX Series: The First ASIC Miner for ALEO

ICG, through Goldshell, launched the AE BOX and AE BOX PRO on 7 February 2025, as the first mining products designed specifically for ALEO, marking a milestone for Aleo in advancing decentralised, privacy-focused mining hardware. Wu praised the AE BOX PRO for its fast setup, high proof security capabilities, and zero-knowledge optimisation. Unlike GPUs, which mine multiple cryptocurrencies, the AE BOX Series features Aleo-optimised chips for superior efficiency. As the first company to release such a product, Goldshell cements its leadership in altcoin mining innovation.

Enhancing Mining Security: Aleo’s ARC-0043 Upgrade

Aleo is set to introduce the ARC-0043 proposal, a major technological advancement that enhances mining security and efficiency of Aleo’s mining and overall network operations. The upgrade will implement a new puzzle algorithm, increasing computational complexity and improving ZK-SNARK verification speed. This will significantly reduce block verification time while incentivising hardware advancements.

The implementation timeline for ARC-0043 is estimated at six months, during which testing will be conducted on both testnet and mainnet environments.

Enhancing Mining Profitability with Innovations

A key takeaway from the discussion was the shift towards specifically-designed products for Aleo. While older GPUs face profitability challenges, newer models, such as the 4070S and 4080, remain viable. With the introduction of specialised miners, it will not only make Aleo mining more profitable, mining efficiency and security are also set to improve significantly.

The Shift of Mining for Aleo

As Aleo’s ecosystem grows, partnerships and decentralised applications (dApps) are becoming integral to its development. Wu emphasised the importance of community contributions, inviting developers to participate in upcoming initiatives, including the workshops on Aleo programming.

For the full summary and recording of key takeaways from the AMA, please visit Goldshell’s official website.

For more information about ICG, please visit https://intchains.com/ and follow ICG on LinkedIn and X.

About Intchains Group

Intchains Group Limited (ICG) is a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications.

Contacts:

Intchains Group Limited

Investor relations
Email: ir@intchains.com

Redhill Communications

Muhammad Rahmat
Tel: +65 9277 4846
Email: muhammad.rahmat@redhill.asia

Belinda Chan
Tel: +852-9379-3045
Email: belinda.chan@creativegp.com

The MIL Network –

February 27, 2025
MIL-OSI: LZ Technology Holdings Limited Announces Pricing of Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

HUZHOU, China, Feb. 26, 2025 (GLOBE NEWSWIRE) — LZ Technology Holdings Limited (“LZ Technology” or the “Company”), an information technology and advertising company, today announced the pricing of its initial public offering of 1,800,000 Class B ordinary shares, par value $0.000025 per share (the “Class B Ordinary Shares”), at a public offering price of $4.00 per share. The Company’s Class B Ordinary Shares are expected to begin trading on the Nasdaq Capital Market on February 27, 2025 under the ticker symbol “LZMH.”

The Company expects to receive aggregate gross proceeds of US$7.2 million from this offering, before deducting underwriting discounts and offering expenses payable by the Company. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 270,000 Class B Ordinary Shares at the public offering price, less underwriting discounts.

LZ Technology intends to use the net proceeds from this offering for research and development, international expansions, strategic acquisitions, marketing efforts and working capital.

The offering is expected to close on February 28, 2025, subject to the satisfaction of customary closing conditions.

The offering is being conducted on a firm commitment basis. Benjamin Securities, Inc. and D. Boral Capital LLC are acting as underwriters for the Offering (the “Underwriters”). Bevilacqua PLLC is acting as U.S. securities counsel to the Company, and Hunter Taubman Fischer & Li LLC is acting as U.S. securities counsel to the Underwriters in connection with the offering.

A registration statement on Form F-1 (File No. 333-276234) relating to the offering, as amended, has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on February 26, 2025. The offering is being made only by means of a prospectus, forming part of the registration statement. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, copies of the prospectus relating to the Offering may be obtained, when available, from Benjamin Securities, Inc. by email at info@benjaminsecurities.com, by standard mail to 3 West Garden Street, Suite 407, Pensacola, FL 32502, or by telephone at +1 (516) 931-1090; or from D. Boral Capital LLC by standard mail to D. Boral Capital LLC, 590 Madison Ave 39th Floor, New York, NY 10022, or by email at info@dboralcapital.com, or by telephone at +1 (212)-970-5150.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About LZ Technology Holdings Limited

LZ Technology Holdings Limited is an information technology and advertising company operating through its subsidiaries in China. The Company’s business spans three key verticals: Smart Community, Out-of-Home Advertising, and Local Life. Its Smart Community services provide intelligent access control and safety management systems, installed in thousands of residential communities in China. Its Out-of-Home Advertising division offers multi-channel advertising solutions through a vast network of monitors across approximately 120 cities in China, with ad placements on access control screens, SaaS platforms, and third-party advertising spaces. The Company’s Local Life vertical connects businesses with consumers through online promotions, social media marketing, and retail sales of various products and services. LZ Technology is committed to providing high-quality services to communities and businesses.

Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” as defined under the federal securities laws, including, but not limited to, the Company’s statements regarding the success of the offering or the use of proceeds from the sale of the Company’s shares in the offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “believe”, “plan”, “expect”, “intend”, “should”, “seek”, “estimate”, “will”, “aim” and “anticipate”, or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

For further information, please contact:

Michael Wu
Investor Relations
LZ Technology Holdings Limited
michael@lzmh.co

The MIL Network –

February 27, 2025
MIL-OSI: Bitget Updates Proof of Reserves for February 2025, Reserve Ratios Increase to 186%

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Feb. 27, 2025 (GLOBE NEWSWIRE) — Bitget, the world’s leading cryptocurrency exchange and Web3 company, has released their proof-of-reserves report for February 2025. The newest snapshot shows the updated data highlights an increase of reserves to 186% up from its commitment of 100%. Bitget’s latest proof of reserves reaffirms its financial stability and transparency, showcasing a strong total reserve ratio.

The exchange holds substantial reserves across major assets, ensuring more than full backing of user funds. The breakdown reveals a 322% reserve ratio for Bitcoin, with over 19,393 BTC held against user liabilities of 6,030 BTC. Similarly, Ethereum reserves stand at 173%, with holdings of 199,433 ETH exceeding the 115,051 ETH in user assets. Stablecoin reserves are also robust, with USDT at 138% and USDC at 121%, showing strong backing.

The Merkle root hash verification adds an extra layer of transparency, allowing users to independently verify their assets within Bitget’s system. With 35 million records included in the Merkle tree, the exchange continues to prioritize accountability. The report highlights Bitget’s commitment to safeguarding user assets while maintaining operational integrity. By consistently holding reserves well above liabilities, Bitget reinforces trust in its financial health, positioning itself as a secure and reliable platform for crypto traders and investors.

The updated PoR showcases Bitget’s efforts in maintaining more than industry standard 100% reserves, which effectively guarantees that users’ assets are safe. The platform is capable of covering user withdrawals, even if all user assets are withdrawn.

In addition to maintaining a higher than industry standard PoR, Bitget insures its users further with a $300M Protection Fund, now valued over $570 million according to its latest protection fund report. This gives the platform an extra layer of resilience against cybersecurity threats.

For real-time PoR tracking, please visit here.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7e6e37dd-29ad-4275-b259-d9650b21488f

The MIL Network –

February 27, 2025
MIL-OSI Australia: Call for information – Serious assault – Katherine

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force is calling for information in relation to a serious assault that occurred in Katherine this morning.

Around 03:30am, police received a report that a woman had been located at an address on Maluka Road with serious injuries. It is alleged she was assaulted by her partner while they were exiting a taxi on Maluka Road.

Police and St John attended, and the 35-year-old woman was conveyed to Katherine Hospital for treatment for serious physical injuries to her neck.

The alleged offender was not at the scene at the time of police attendance.

Detectives from the Northern Investigation Section are investigating and urge anyone who was in the area of Maluka Road and Acacia Drive between midnight and 3am to contact police on 131 444 and quote reference NTP2500021142.

Alternatively, you can report anonymously via Crime Stoppers on 1800 333 000.

MIL OSI News –

February 27, 2025
MIL-OSI Australia: Appointment – Chair of Commonwealth Grants Commission

Source: Australian Treasurer

The Government has agreed to recommend to the Governor‑General, Her Excellency the Honourable Sam Mostyn AC, that Mr Michael Callaghan AM PSM be reappointed as part‑time Chairperson of the Commonwealth Grants Commission (CGC) for a five‑year period.

The Commission is an independent authority that provides advice to the Government on how revenue from the goods and services tax should be distributed to the states and territories to ensure equitable access to services.

Mr Callaghan has been the Chairperson of the CGC since June 2020. Prior to his role as Chairperson, he spent 38 years in the Australian Treasury, including as the Deputy Secretary responsible for Macroeconomic Group from 2008 to 2012. He was Chief of Staff to former Treasurer Peter Costello, served as Australia’s G20 Finance Deputy and the Prime Minister’s Special Envoy, International Economy, and spent four years on the IMF Executive Board in Washington DC.

Mr Callaghan chaired the Government’s review of the Petroleum Resource Rent Tax and the review of the Economic Impact of the Government’s Regulation Agenda in 2017. He also chaired the Northern Australia Insurance Premiums Taskforce. From 2013 to 2014 he was Director of the G20 Studies Centre at the Lowy Institute.

This proposed reappointment would ensure the CGC continues to provide high quality advice to the Government on the distribution of the GST revenues.

The Government congratulates Mr Callaghan on the Government’s recommendation of his reappointment to the Governor‑General.

MIL OSI News –

February 27, 2025
MIL-OSI USA: Padilla, Lofgren Ask DOJ to Investigate United Kingdom Notice to Apple Threatening U.S. Cybersecurity Interests

US Senate News:

Source: United States Senator Alex Padilla (D-Calif.)

Padilla, Lofgren Ask DOJ to Investigate United Kingdom Notice to Apple Threatening U.S. Cybersecurity Interests

WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.) and Representative Zoe Lofgren (D-Calif.-18) requested that the Department of Justice (DOJ) review the United Kingdom’s recently reported notice that would provide the British government access to Apple iCloud users’ protected data and could severely limit Apple’s ability to offer encrypted iCloud backups around the world. The lawmakers asked DOJ to investigate whether the United Kingdom may have breached the terms of the U.S.-U.K. Agreement on Access to Electronic Data for the Purpose of Countering Serious Crime and that DOJ reevaluate the United Kingdom’s eligibility for an agreement under the Clarifying Lawful Overseas Use of Data (CLOUD) Act. The CLOUD Act allows select foreign governments to seek data directly from U.S. technology companies for the investigation and prosecution of crimes without individualized review by the U.S. government.
The U.K.’s notice reportedly requires Apple to weaken the encryption of its entire global iCloud backup service and give the U.K. government the “blanket capability” to access customers’ data in plaintext. Reports further suggest the U.K. believes its notice applies not just domestically to U.K. companies, but across borders with global effect. The U.K. law could conflict with the laws and public policy of other jurisdictions, intrude on the rights of people across the globe, and significantly hamper the United States’ ability to make sure American companies follow responsible cybersecurity practices. Last week, Apple announced the company can no longer offer encrypted cloud backup in the U.K. to new users, and that current U.K. users would eventually need to disable this security feature.
“If these press reports are true, they necessitate the Department of Justice’s review of its approval of the U.K. as a qualifying nation under the CLOUD Act, and whether the notice may violate or otherwise be inconsistent with U.S. law and public policy, as well as with the Agreement,” wrote the lawmakers.
“Encryption is also acknowledged by all to be a critical means to secure information systems essential to the national security and economy of our country,” added the lawmakers. “… It is difficult to see the U.K.’s notice to Apple, if the reports are accurate, as anything less than an action that undermines U.S. law, public policy, and information security by requiring U.S. companies to take such reckless action as undermining encryption for all users globally.”
“Therefore, given the U.K.’s reported conduct, and Congress’s important oversight role in these matters, we respectfully request that the DOJ conduct a review of the U.K.’s compliance with the statutory requirements of the CLOUD Act and the terms of the Agreement, taking into account the factual predicates behind the CLOUD Act, the sovereign interests of the U.S. in regulating the conduct of U.S. companies, and cybersecurity public policy imperatives,” continued the lawmakers. “This review is essential to ensure that agreements under the CLOUD Act uphold the privacy, security, and human rights standards that Congress set in enacting the CLOUD Act and will inform Congress as to whether statutory reforms are necessary to protect these strong U.S. interests.”
In the 2018 CLOUD Act, Congress enacted one of the first significant changes in decades to U.S. law governing cross-border access by law enforcement to electronic communications held by private companies. CLOUD Act agreements remove legal restrictions on certain foreign nations’ ability to seek data directly from U.S. providers in cases involving “serious crimes,” provided that the data requests do not target U.S. persons, and so long as the Executive Branch has determined that the foreign nation’s laws adequately protect privacy and civil liberties, among other requirements. The CLOUD Act also gives Congress the power to prevent a proposed executive agreement from entering into force through expedited congressional review provisions after the agreement certifications are provided by the DOJ.
The United Kingdom received the first CLOUD Act agreement in 2019, which went into force in 2022. These agreements are authorized for five years, and the U.K. agreement was renewed in November 2024.
Notably, U.S. cybersecurity officials have urged Americans to use encrypted services to protect their communications, including in the wake of recent significant cybersecurity compromises, such as China’s Salt Typhoon operation attacking AT&T and Verizon’s systems.
The lawmakers also asked Attorney General Pam Bondi to respond to additional questions regarding the U.K.’s concerning notice by March 5, 2025.
Full text of the letter is available here and below:
Dear Attorney General Bondi:
We write to seek the Department of Justice’s views on whether the United Kingdom (U.K.) may have breached or otherwise acted inconsistently with the terms or spirit of the U.S.-U.K.’s Agreement on Access to Electronic Data for the Purpose of Countering Serious Crime (“Agreement”) authorized by the Clarifying Lawful Overseas Use of Data Act (“CLOUD Act”).
According to press reports, the U.K.’s Home Secretary served Apple, a major U.S. technology firm, with a secret technical capabilities notice (“Notice”) last month. This notice reportedly requires the U.S. company to weaken the encryption of its entire global iCloud backup service and give the U.K. government the “blanket capability” to access customers’ data in plaintext. Reports further suggest the U.K. believes its notice applies not just domestically to U.K. companies, but across borders with global effect. As reported, the U.K. law is no mere domestic law and could conflict with the laws and public policy of other jurisdictions, intrude on the rights of far more people than just U.K. citizens, and significantly affect U.S. interests in ensuring U.S. companies follow responsible cybersecurity practices. Last week, Apple announced the company can no longer offer encrypted cloud backup in the U.K. to new users, and that current U.K. users would eventually need to disable this security feature, giving rise to the inference that the U.K. did indeed issue a notice to Apple, as reported. Apple is reportedly prohibited from acknowledging that it received such a notice, which limits Congressional oversight into the matter, including the extent to which the U.K. is asserting its authority over U.S. persons and entities outside of the U.K.
If these press reports are true, they necessitate the Department of Justice’s review of its approval of the U.K. as a qualifying nation under the CLOUD Act, and whether the notice may violate or otherwise be inconsistent with U.S. law and public policy, as well as with the Agreement.
The case made for the CLOUD Act rested on the argument, asserted by U.K. officials in hearings before Congress and elsewhere, that without it, the U.K. would not be able to reach providers under U.S. jurisdiction to assist in investigating serious crime without those providers violating U.S. law. As you know, relying on these representations, Congress authorized the DOJ via the CLOUD Act to form an executive agreement with qualifying jurisdictions, which would partially lift the U.S. legal prohibitions on providers voluntarily honoring foreign legal process. The Attorney General, with the concurrence of the Secretary of State, must determine and submit a written certification to Congress that the criteria set out in the CLOUD Act have been met. The certification must also include an explanation of each of the statutory considerations.
Section 2523(b)(3) of Title 18 emphasizes that agreements must not create an obligation that providers be capable of decrypting data. While the statute does not say that a qualifying jurisdiction is barred from adopting laws that undermine encryption, the U.K.’s notice to Apple has the effect of extending to U.K. disclosure demands made under the Agreement the obligation to decrypt. This obligation would not exist but for the fact that the Agreement effectively removes the bar to disclosure on which Apple would otherwise rely in refusing to make the disclosure. It splits the finest of hairs to say that because the Agreement itself does not contain an obligation to decrypt that a CLOUD Act country can impose such an obligation on a U.S. provider, issue disclosure orders under the Agreement that rely on such obligation, and impose penalties for non-disclosure when compliance with such orders is refused.
Notably, there is no obligation under U.S. law to require a provider subject to U.S. jurisdiction to take the actions reportedly required by the U.K. notice. Encryption is also acknowledged by all to be a critical means to secure information systems essential to the national security and economy of our country. In the wake of recent significant cybersecurity compromises, such as the Salt Typhoon hack, U.S. officials have encouraged the adoption of encrypted communications. It is difficult to see the U.K.’s notice to Apple, if the reports are accurate, as anything less than an action that undermines U.S. law, public policy, and information security by requiring U.S. companies to take such reckless action as undermining encryption for all users globally.
In addition, to qualify for an agreement with the U.S. and gain the benefits of streamlined enforcement, section 2523(b)(1)(B)(v) of Title 18 requires the foreign government’s domestic surveillance law to have sufficient accountability and transparency. The complete secrecy surrounding this matter suggests serious cause for concern that this requirement is being violated by the U.K. Gagging the recipient of such a notice to disclose its effect to its users – or even to the U.S. government – seems inconsistent with the commitment to transparency on which the certification of the Agreement in part rests.
These agreements are a product of legislation passed by the Congress. The statute contemplates Congress continuing to play a significant role in the agreements signed between the United States and foreign governments. As you know, the CLOUD Act gives Congress the power to prevent a proposed executive agreement from entering into force through expedited congressional review provisions after the certifications are provided by the Department.
Therefore, given the U.K.’s reported conduct, and Congress’s important oversight role in these matters, we respectfully request that the DOJ conduct a review of the U.K.’s compliance with the statutory requirements of the CLOUD Act and the terms of the Agreement, taking into account the factual predicates behind the CLOUD Act, the sovereign interests of the U.S. in regulating the conduct of U.S. companies, and cybersecurity public policy imperatives. This review is essential to ensure that agreements under the CLOUD Act uphold the privacy, security, and human rights standards that Congress set in enacting the CLOUD Act and will inform Congress as to whether statutory reforms are necessary to protect these strong U.S. interests.
In addition to your broader review, we ask that you respond in writing to the following questions:
1. Was the Department of Justice or anyone in the Trump Administration notified of, or consulted about, the U.K. Home Secretary’s Notice? And if so, by what means and when?
2. Is the Department of Justice aware of the issuance of such a Notice to any other U.S. tech company respecting an encrypted service offered by such company, or of any plans by the U.K. government to issue such a Notice to any other U.S. tech company with respect to an encrypted service?
3. What is the Department’s view on whether the U.K.’s Notice is evidence that the domestic authorities under the U.K.’s Investigatory Powers Act may be inconsistent with the statutory criteria required of the CLOUD Act?
4. What is the Department’s view as to whether because of the U.K.’s Notice or the nontransparent nature of its issuance, the DOJ should reassess the U.K. as a qualifying foreign government for purposes of the CLOUD Act?
5. What is the Department’s view on the imposition of extraterritorial regulations by a foreign government on U.S. providers that are contrary to U.S. law or public policy?
6. In its report to Congress accompanying the renewal of the U.S.-U.K. CLOUD Act Agreement in November 2024, the DOJ stated that it had “taken the opportunity of this determination to remind the U.K. of the statute’s requirements that the terms of the Agreement shall not create any obligation that providers be capable of decrypting data or limitation that prevents providers from decrypting data.” Please share with whom the DOJ met, what specifically was communicated, and whether the DOJ considered whether the U.K.’s use of its Investigatory Powers Act might undermine U.S. interests.
7. Has the DOJ taken any steps to protect U.S. interests as contemplated by the CLOUD Act and the Agreement before or since the reports became public?
8. If Apple were to comply with the Notice as initially reported: (a) could the U.K. obtain U.S. person data, which would have been encrypted absent compliance with the Notice, through means other than the CLOUD Act, and (b) could other jurisdictions obtain data, which would have been encrypted, absent compliance with the Notice?
We appreciate your timely attention to this serious matter and welcome hearing your response by March 5, 2025.
Sincerely,

MIL OSI USA News –

February 27, 2025
MIL-OSI Australia: Support for First Nations boarding students to finish their schooling

Source: Australian Ministers for Education

The Albanese Labor Government is delivering on its commitment to support First Nations boarding students from remote and very remote communities to finish their schooling.

More than 50 boarding providers across Australia have been selected to share a $44.2 million investment to support approximately 2,500 First Nations students to attend school and achieve their learning potential.

The investment will enable culturally appropriate care and support for students to promote wellbeing and academic success.

It will support cultural connection, upgrades to boarding facilities and provide support to students transitioning into boarding so they can stay in school and thrive.

The funding from 2025 to 2026 will also be used to employ First Nations teachers and wellbeing officers, or counsellors trained in trauma-informed practices.

At Blackheath & Thornburgh College in Charters Towers, Queensland, a culture hub and First Nations wellbeing and community officer will foster cultural connection and engagement by providing a place for First Nations students and families to come together.

At Cape York Girl Academy in Wangatti Beach near Cairns, young women will learn cross-cultural and leadership development skills through the Independent Living Skills Program, while the Deep Driving Partnerships program at Djarragun College in Gordonvale, near Cairns will improve understanding between the school and Indigenous communities.

At Laynhapuy Homelands School in Yirrkala in the Northern Territory, 30 Yolŋgu students will benefit from better school learning resources and an improved boarding environment, with new laptops and kitchen upgrades.

Karalundi College in the mid-west region of Western Australia will increase capacity to welcome 20 more students, while Catholic Education Western Australia’s Transition Support Unit will continue to provide culturally informed assistance with boarding and school transition areas.

In Victoria, Melbourne Indigenous Transition School will support more than 85 boarding students from regional Victoria and remote areas in the top end of the Northern Territory, by providing wraparound holistic support to attend their partner schools in Melbourne.

Boarding plays an important role for many First Nations students from rural and remote communities and this investment is one of the ways the Albanese Labor Government is helping to close the gap in education outcomes.

Quotes attributable to Minister for Education Jason Clare:

“Investing in boarding facilities helps First Nations students access quality education and finish school.

“The Government understands the importance of choice for families in supporting their children through their education and options to study on-Country, or nearby where possible.

“Boarding continues to be an important education pathway for First Nations students, particularly for families in remote areas.”

Quotes attributable to Minister for Indigenous Australians, Senator Malarndirri McCarthy:

“Education is key to Closing the Gap and the Albanese Labor Government is determined to support First Nations students to succeed at school and reach their full potential in life.

“Moving to a boarding school can be a big change in a young person’s life, and they need appropriate supports. That’s why we’re funding programs that encourage students to grow their sense of wellbeing, learning, and cultural identity.

“This funding will help more than 2,500 students receive an education while staying connected to their community and receiving the support they need to succeed.”

MIL OSI News –

February 27, 2025
MIL-OSI Australia: 4BC Brisbane, Breakfast with Peter Fegan

Source: Australian Ministers 1

PETER FEGAN: Now, you’ll remember last year we reported it here on 4BC and it made headlines nationally, the states were officially put on notice by the Federal Government. The states were saying, show me the money and the Federal Government was simply saying, well, prove what it’s worth. Federal Transport Minister Catherine King told state premiers if they wanted cash, they needed good business cases. It’s pretty smart politics, really. The good news is we’ve passed the test here in Brisbane. Today, we’ll be handed a cheque for $200 million, and it includes funding for one of Brisbane’s oldest icons. The Federal Transport Minister, Catherine King, joins me on the line. Minister, great to have your company this morning.

CATHERINE KING: So lovely to be with you, Peter. It’s a beautiful day here in Brisbane.

PETER FEGAN: Now, one of our landmarks, our most famous landmarks, will be getting some cash. Can you reveal it on the program please?

CATHERINE KING: Yeah. So we’re working with the Brisbane City Council to start to investigate what the cost of and scope of work that are needed to restore and to future maintenance of what is obviously the most iconic bridge, one of the most iconic bridges in the country, apart from the Sydney Harbour Bridge, of course. But it’s- you know, it’s a landmark. And so we’re putting in alongside Brisbane City Council together, $5 million to really get that work done, to see what is it that we’re going to need to do. It’s going to need more cash into the future. But this is really starting the process of working with the council to look at what do we need to make sure this bridge stays there into the future and is as strong as it possibly can be, and we keep it there for many, many generations to enjoy.

PETER FEGAN: Now, there was also $1 million that’s been put aside to investigate a bridge from West End to Toowong. Well, Minister, I’m going to do you a favour here this morning. I’m going to save you that $1 million, and I’m going to say this, just build it because we’ve wanted it for so long.

CATHERINE KING: [Laughs] Well, unfortunately we have to work out the cost of these things first. And part of what you do with the business case and the planning is you do the geotech work. You have a look at what services need to be moved so that you can then- the city council can come to me and say, well, look, we need this amount of money to actually build it. So that’s really just the start of the process. And I was at the opening, obviously, of Kangaroo Point Bridge. I’ve seen hundreds and hundreds of people have been using that. We want to see people being able to access all parts of the city. And so this is again, just working with the Brisbane City Council, doing that planning work, finding out how much- you know, we really need to understand how much it costs and then sort of getting on with it once we’ve got that understanding.

PETER FEGAN: Minister, no more footbridges. We need cars to go across. We drive here in Brisbane. We don’t get transport, unfortunately.

CATHERINE KING: Well, we do lots of things. I think people catch buses.

PETER FEGAN: [Laughs]

CATHERINE KING: So obviously, there’s the Brisbane Metro [indistinct], there’s people do that. People will cycle. I’ve seen people everywhere doing that. I’ve seen people walking across footbridges and then I’ve obviously seen- in terms of lots of cars as well. Everyone does all of those things. But cars are obviously pretty important here in Queensland.

PETER FEGAN: Minister, I found this one very interesting, being somebody that grew up in the western suburbs of Brisbane, plenty of people listening to me from the west this morning, they’ll find this interesting. $78.5 million towards cost pressures on the Moggill Road Corridor upgrade project, replacing Indooroopilly roundabout with an overpass over Moggill Road. Now that’s great, but what about the Moggill Road corridor in particular? And then that’s further out towards Moggill. And I’m talking about land that had been put aside. Government land, Crown land that’s been put aside since Malcolm Fraser’s days. And yet people that live out in those western suburbs are still struggling to get to work, because we haven’t used that parcel of land. Can you give a guarantee that one day we may use it?

CATHERINE KING: What again, we do is work in partnership with councils. So obviously Brisbane City Council is in a really unique position across the country that it has such a substantial road and obviously public transport network that it has to fund and build itself. So we work closely with Brisbane City Council and also state governments. They bring projects forward to us in budget and we make considerations of those. We’ve got to do the planning work first, make sure we understand it, but know if the council or the state government want to bring that forward. I, of course, will give it due consideration in the budget process.

PETER FEGAN: $7.2 billion upgrade to fix the Bruce Highway. I think this is the most contentious topic here in Queensland. And I got to say, Minister, when it comes to the election, this will be one of the most divisive topics and I think you’ll either win or lose votes here. $7.2 billion upgrade to fix the Bruce, right? That’s one hell of an obligation to Queenslanders in particular. But I’ve got to say this, Minister, we are reluctant to believe either government, particularly this Labor Government at the moment, because it was this government that had turned its back on the Bruce and had switched the funding arrangement around. $7.2 billion sounds fantastic. I’ve got to say, on behalf of all Queensland, Minister, we just need to get on with it. We need this highway to be safe.

CATHERINE KING: Absolutely. And that’s why, you know, the earliest possible opportunity we did, we’ve made the announcement at that $7.2 billion. Money will flow this year and every subsequent year. We’ve said we’ll get it done in eight years. We’ve asked the Queensland Government to deliver that …

PETER FEGAN: [Talks over] But it’s been 50.

CATHERINE KING: … then obviously [indistinct].

PETER FEGAN: 50 or 60 years, Minister. It’s 50 or 60 years and not one government can fix it.

CATHERINE KING: Well, this Government has made the single biggest contribution to the Bruce Highway ever. And this is a Labor Government that has done that. And if you look back when we were last in office, prior to that, it was the then infrastructure minister, now Prime Minister, who then made the single biggest commitment to this.

This is a Labor legacy, and we are absolutely committed to making the Bruce Highway safer. We’ve been in government obviously two and a half years. And I do want to make it really clear, no money has ever been cut from the Bruce Highway. What we have said is-

PETER FEGAN: But the funding agreement- the funding- hang on, Minister, the funding agreement, that’s not true. The funding agreement was an 80/20 split…

CATHERINE KING: [Talks over] That’s true…

PETER FEGAN: … and you- but you changed that. So that’s funding cutting. Hang on, Minister, you changed that. It was an 80/20 split, but you say no funding has ever been cut. If you change- if you go from 80/20 to 50/50, that to me- I’m not a mathematician, but that’s a 30 per cent cut in funding.

CATHERINE KING: So no, it isn’t. And so I want to make that really clear. I think there’s some confusion about that and been a bit of mischief about that. So first thing is not a single dollar has been cut from the Bruce Highway. In fact, the commitment that we’ve got, there’s $10 billion that has already been spent on the Bruce Highway. That has remained, and then we’ve put in an additional 7.2 billion. We’ve recognised on the Bruce Highway, in particular because of the safety concerns, 41 deaths just last year alone, that we will continue to fund that on an 80/20 basis.

But what we did announce is that because the Commonwealth is now increasingly funding suburban roads, public transport and has stepped into the space of the state governments, largely, we’re now on other roads, particularly across the country, now requiring the state to also step up its commitment. We’re not dropping any of our funding. There’s still $125 billion worth of Commonwealth funding going to states and territories. We’re not dropping that. We’re just asking the states to step up with their contribution as well. So it’s not a cut to our funding. We’re asking the states to step in in the same way we’re stepping in on suburban roads now, but generally were 100 per cent of the state to fund.

PETER FEGAN: It’s bang on quarter after eight. My guest this morning is the Federal Transport Minister, Catherine King. $200 million being announced today in funding for our roads here in Brisbane and in the South East. Minister, I’ve got to say this. It’s smart politics to ask the states to present you a case study because money is really, really tight, particularly on a federal level. So I like it. I think it’s good politics, and I think that that’s what the states should have to do. The reason I’m asking you about this, though, is because we need a really nice, new shiny stadium here in Queensland and particularly in Brisbane. We’ve got the Olympics coming. Now, if there was a case study put forward by David Crisafulli for a brand-new stadium, you’d be on board, wouldn’t you?

CATHERINE KING: Well, the thing that we have put money towards, so there’s $3.5 billion capped from the Commonwealth going into the Olympics. We have said the Commonwealth’s contribution will go towards the Brisbane Arena. $2.5 billion is going towards that, we think, will leave a really significant legacy for an entertainment venue here in the heart of Brisbane – really necessary. We’ve also said we will 50/50 share the minor venues. Obviously, the Queensland Government is undertaking a review of those venues at the moment, but the Commonwealth has done- we’ve done the work, we’ve done the business case, the work is ready to go on the Brisbane Arena and that remains- you know, remains there on the table to build that arena for Brisbane. We think it’s needed and it will leave a great legacy for the community.

PETER FEGAN: Let’s hope they’re listening, because it’s next month that we announce whether we’re going to get a new stadium or not. Before I let you go, Minister, what did you make of today’s announcements? I want to get your thoughts on this because your government has approved a deal between Virgin and Qatar Airways. Now, this is a deal that would see Qatar be able to invest in Virgin. It means there’s going to be more Qatar flights. It means we can spread our wings a little bit. Should hopefully cheapen flight prices here in Australia. But I’ve got to think back, if my memory serves me correctly, it was you that clipped Qatar’s wings in the first place.

CATHERINE KING: So what we’ve had announced today is that the Treasurer has approved the Foreign Investment Review Board’s decision that Qatar Airways, the Qatari government, can invest in Virgin, and that obviously allows Virgin to do a number of things in terms of it going forward. Obviously, Bain Capital is wanting to withdraw and have Qatar now come in as the major investor. What it’s allowed us also to do is ensure that there are some Australians on the board of Virgin to make sure that we’ve got that in place and that they’re in fact opportunities to train Australian pilots, as again, Qatar has been granted through Virgin some wet leases to increase its flights, its international flights and create that competition. And I think that’s a good thing.

PETER FEGAN: Before I let you go, we’ve got some breaking news. The election, 12 April. Is that right?

CATHERINE KING: [Laughs] Very nice try there. What a sneaky way to do it, you cheeky thing.

PETER FEGAN: [Laughs] I should have just – I shouldn’t have laughed.

CATHERINE KING: You should have just- I know, I nearly believed you then. You just got me. I’ve got three brothers who do that to me all the time.

PETER FEGAN: What would you have said, though?

CATHERINE KING: I don’t know, I have absolutely no idea. [Indistinct] to the Prime Minister, but very cheeky. You nearly got me.

PETER FEGAN: Good on you, Minister. We’ll chat again very soon.

CATHERINE KING: Lovely to talk to you, Peter.

PETER FEGAN: There she is. That’s the Federal Transport Minister, Catherine King.

MIL OSI News –

February 27, 2025
MIL-OSI Australia: Arrests – Stolen motor vehicle and pursuit – Greater Darwin Region

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force has arrested five males in relation to multiple property offences across the Greater Darwin Region area overnight.

Around 8:50pm, the Joint Emergency Services Communication Centre (JESCC) received a report that a group of males were allegedly attempting to start a white Toyota Landcruiser located in the staff car park at the Darwin Airport.

A short time later, the JESCC received further reports of the same vehicle being used to ram the gates of the long-term carpark at the airport.

Around 10:40pm, police received reports of a group allegedly attempting to steal a car from an address in Jingili, significantly damaging the vehicle in the process. The owner of the vehicle confronted the group who fled the scene in a white Toyota Landcruiser.

The JESCC subsequently received two reports of stolen vehicles, one of which identified as a Toyota Landcruiser from a carpark at a shopping centre on Roystonea Avenue and the other from an address on Casuarina Drive.

Strike Force Trident sighted the Land Cruiser stolen from the airport on Vanderlin Drive and attempted to apprehend the vehicle. The Landcruiser failed to stop, and a pursuit was initiated throughout the Northern Suburbs.

A tyre deflation device was successfully deployed on Vanderlin Drive, Karama before the occupants drove into nearby bushland where they abandoned the vehicle and fled on foot.

The Dog Operations Unit (DOU) deployed and located four males aged 13, 15, 18 and 20.

The males were arrested and remain in police custody.

A short time later, police received intelligence that two of the stolen vehicles were located in a community in Johnston.

SF Trident, DOU and Palmerston general duties attended the location and recovered the two Landcruiser’s and arrested a 13-year-old male who was inside one of the vehicles.

Six remaining offenders fled the area before police arrival.

At around 5:20am, the JESCC received a report that a Toyota Hilux Utility had been stolen from a unit complex in Coolalinga. The Hilux was then observed travelling south on the Stuart Highway with a group of males in the tray.

During the search for the Hilux, a DOU vehicle was rammed by the stolen vehicle before it again fled the scene. Four other Police vehicles were damaged when occupants of the stolen Hilux threw projectiles at police.

The officers inside the vehicle were not injured during the incident.

Investigations are ongoing.

Detective Senior Sergeant Dale Motter-Barnard said, “The actions of these individuals are despicable.

“The officers in the vehicle that was rammed were thankfully unharmed, but the outcome could have been very different.

“Not only are these offenders damaging and stealing from hard working people, but they are also driving erratically throughout Darwin, risking themselves and other road users.

“We will continue to work tirelessly to bring the offenders before the courts.”

MIL OSI News –

February 27, 2025
MIL-OSI Submissions: Tech – Bridgetown Research raises $19M from Lightspeed and Accel to deploy AI business research agents

Source: Stockwood Strategy

Bridgetown Research is building the first AI agents focussed on research and analysis using primary and secondary data for verticals including private equity, consulting and strategy

Seattle, Washington – February 26, 2025: Strategic business decisions have traditionally been expensive and slow for a fundamental reason: they don’t happen enough. This means companies lack both historical data to learn from and experts who have seen enough similar cases. Bridgetown Research is changing that. Today, the AI decision science startup announced $19 million in Series A funding led by Lightspeed and Accel, with participation from a leading research university.

Bridgetown Research has developed AI agents that autonomously execute research. Most notable amongst these agents are voice bots trained to recruit and interview industry experts, gathering primary data that can be analyzed alongside alternative data sourced from their partners.

Founded by Harsh Sahai, who previously led machine learning teams at Amazon before leading strategy engagements at McKinsey & Co., Bridgetown Research was born from a simple observation: the majority of business analyses are a permutation of a small number of automatable tasks. The founding team, comprising former professionals from McKinsey, Bain, Amazon, and leading tech startups, brings together extensive experience across strategy consulting and technology.

“We are excited to be a catalyst for change. We are working with multiple private equity firms, management consulting firms, and corporate teams to help make strategic decisions better and faster. This in turn is driving up demand for advisory and information services downstream. We enable $10+ of advisory and information services revenue for every $1 we make. Together with leading institutions, we’re building something bigger than ourselves—an ecosystem where everyone thrives,” commented Harsh Sahai, CEO & founder of Bridgetown Research.

While many AI solutions focus on searching and summarizing information using LLMs, real world business decisions require much more than synthesising the open web. They need proprietary data such as primary data from experts and customer surveys, along with frameworks to understand markets, what Harsh Sahai calls “ontologies”. Moreover, outputs need to be repeatable and auditable for a business to use them to make decisions with tens of millions of dollars at stake. Bridgetown Research is the only player using agents to gather primary data and systematically find patterns in it to generate original insights.
“AI is causing widespread disruptions across many enterprise functions, and Bridgetown Research is riding that wave by assisting executives in making important strategic decisions. We are pleased to see Bridgetown serving several marquee customers, with users likening its platform to having a team of top-tier consultants at their fingertips. We are excited to partner with Harsh, who, with his background as an ace AI research scientist turned management consultant, blends a unique combination of skills and insight needed to imagine this whole new category of applied AI,” said Anagh Prasad, Investor at Accel.

Bridgetown Research started with a focus on private equity deal screening diligence. Multiple top-tier PE & VC firms already use Bridgetown Research for deal screening and deeper commercial diligence. They’re able to screen their pipeline much faster with initial analysis taking 24 hours instead of weeks without Bridgetown enabling teams to focus on actual decision making instead of research and analysis. For other customers Bridgetown has enabled voice of customer conversations that cover hundreds of respondents in parallel, and within days.

Ishaan Preet Singh, Investor at Lightspeed added “Companies are built on the quality of strategic decisions, and the research and analysis behind it. Bridgetown Research enables the smartest executives and investors to make these decisions with an order of magnitude more information, and at a pace that was earlier impossible. Harsh and Bridgetown are already creating immense value for their customers, but are still just scratching the surface of the leverage that AI can create.”

As global markets become increasingly complex, the demand for efficient and effective decision-making tools continues to rise. With this funding round, Bridgetown Research plans to invest further in training its AI agents to perform a broader set of analyses across a broader range of domains, and deepening industry partnerships to enhance access to domain-specific intelligence.

About Bridgetown Research
Bridgetown Research builds AI agents for decision research. Its voice agents and web crawlers find and clean data, while its analyses agents produce repeatable, auditable, and reliable analyses. The team consists of computer scientists, econometricians, software engineers, investors and business consultants, working across geographies. For more information please visit https://www.bridgetownresearch.com/

About Accel
Accel is a global venture capital firm that aims to be the first partner to exceptional teams everywhere (Facebook, Flipkart, etc.), from inception through all phases of private company growth. Accel has been operating in India since 2008, and its investments include companies like BookMyShow, Browserstack, Flipkart, Freshworks, FalconX, Infra.Market, Chargebee, Clevertap, Cure Fit, Musigma, Moneyview, Mensa Brands, Myntra, Moglix, Ninjacart, Swiggy, Stanza Living, Urban Company, Zetwerk, and Zenoti, among many others. We help ambitious entrepreneurs build iconic global businesses. For more, visit: www.accel.com

About Lightspeed
Lightspeed is a global multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer, Health, and Fintech sectors. Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 500 companies globally including Affirm, Acceldata, Carta, Cato Networks, Darwinbox, Epic Games, Faire, Innovaccer, Guardant Health, Mulesoft, Navan, Netskope, Nutanix, Physics Wallah, Razorpay, Rubrik, Sharechat, Snap, OYO Rooms, Ultima Genomics, Zepto and more. Lightspeed and its global team currently manage $25B in AUM across the Lightspeed platform, with investment professionals and advisors in the U.S., Europe, India, Israel, and Southeast Asia. www.lsip.com

MIL OSI – Submitted News –

February 27, 2025
MIL-OSI Australia: Transcript-interview-4BC Brisbane, Breakfast with Peter Fegan

Source: Australian Ministers for Regional Development

PETER FEGAN: Now, you’ll remember last year we reported it here on 4BC and it made headlines nationally, the states were officially put on notice by the Federal Government. The states were saying, show me the money and the Federal Government was simply saying, well, prove what it’s worth. Federal Transport Minister Catherine King told state premiers if they wanted cash, they needed good business cases. It’s pretty smart politics, really. The good news is we’ve passed the test here in Brisbane. Today, we’ll be handed a cheque for $200 million, and it includes funding for one of Brisbane’s oldest icons. The Federal Transport Minister, Catherine King, joins me on the line. Minister, great to have your company this morning.

CATHERINE KING: So lovely to be with you, Peter. It’s a beautiful day here in Brisbane.

PETER FEGAN: Now, one of our landmarks, our most famous landmarks, will be getting some cash. Can you reveal it on the program please?

CATHERINE KING: Yeah. So we’re working with the Brisbane City Council to start to investigate what the cost of and scope of work that are needed to restore and to future maintenance of what is obviously the most iconic bridge, one of the most iconic bridges in the country, apart from the Sydney Harbour Bridge, of course. But it’s- you know, it’s a landmark. And so we’re putting in alongside Brisbane City Council together, $5 million to really get that work done, to see what is it that we’re going to need to do. It’s going to need more cash into the future. But this is really starting the process of working with the council to look at what do we need to make sure this bridge stays there into the future and is as strong as it possibly can be, and we keep it there for many, many generations to enjoy.

PETER FEGAN: Now, there was also $1 million that’s been put aside to investigate a bridge from West End to Toowong. Well, Minister, I’m going to do you a favour here this morning. I’m going to save you that $1 million, and I’m going to say this, just build it because we’ve wanted it for so long.

CATHERINE KING: [Laughs] Well, unfortunately we have to work out the cost of these things first. And part of what you do with the business case and the planning is you do the geotech work. You have a look at what services need to be moved so that you can then- the city council can come to me and say, well, look, we need this amount of money to actually build it. So that’s really just the start of the process. And I was at the opening, obviously, of Kangaroo Point Bridge. I’ve seen hundreds and hundreds of people have been using that. We want to see people being able to access all parts of the city. And so this is again, just working with the Brisbane City Council, doing that planning work, finding out how much- you know, we really need to understand how much it costs and then sort of getting on with it once we’ve got that understanding.

PETER FEGAN: Minister, no more footbridges. We need cars to go across. We drive here in Brisbane. We don’t get transport, unfortunately.

CATHERINE KING: Well, we do lots of things. I think people catch buses.

PETER FEGAN: [Laughs]

CATHERINE KING: So obviously, there’s the Brisbane Metro [indistinct], there’s people do that. People will cycle. I’ve seen people everywhere doing that. I’ve seen people walking across footbridges and then I’ve obviously seen- in terms of lots of cars as well. Everyone does all of those things. But cars are obviously pretty important here in Queensland.

PETER FEGAN: Minister, I found this one very interesting, being somebody that grew up in the western suburbs of Brisbane, plenty of people listening to me from the west this morning, they’ll find this interesting. $78.5 million towards cost pressures on the Moggill Road Corridor upgrade project, replacing Indooroopilly roundabout with an overpass over Moggill Road. Now that’s great, but what about the Moggill Road corridor in particular? And then that’s further out towards Moggill. And I’m talking about land that had been put aside. Government land, Crown land that’s been put aside since Malcolm Fraser’s days. And yet people that live out in those western suburbs are still struggling to get to work, because we haven’t used that parcel of land. Can you give a guarantee that one day we may use it?

CATHERINE KING: What again, we do is work in partnership with councils. So obviously Brisbane City Council is in a really unique position across the country that it has such a substantial road and obviously public transport network that it has to fund and build itself. So we work closely with Brisbane City Council and also state governments. They bring projects forward to us in budget and we make considerations of those. We’ve got to do the planning work first, make sure we understand it, but know if the council or the state government want to bring that forward. I, of course, will give it due consideration in the budget process.

PETER FEGAN: $7.2 billion upgrade to fix the Bruce Highway. I think this is the most contentious topic here in Queensland. And I got to say, Minister, when it comes to the election, this will be one of the most divisive topics and I think you’ll either win or lose votes here. $7.2 billion upgrade to fix the Bruce, right? That’s one hell of an obligation to Queenslanders in particular. But I’ve got to say this, Minister, we are reluctant to believe either government, particularly this Labor Government at the moment, because it was this government that had turned its back on the Bruce and had switched the funding arrangement around. $7.2 billion sounds fantastic. I’ve got to say, on behalf of all Queensland, Minister, we just need to get on with it. We need this highway to be safe.

CATHERINE KING: Absolutely. And that’s why, you know, the earliest possible opportunity we did, we’ve made the announcement at that $7.2 billion. Money will flow this year and every subsequent year. We’ve said we’ll get it done in eight years. We’ve asked the Queensland Government to deliver that …

PETER FEGAN: [Talks over] But it’s been 50.

CATHERINE KING: … then obviously [indistinct].

PETER FEGAN: 50 or 60 years, Minister. It’s 50 or 60 years and not one government can fix it.

CATHERINE KING: Well, this Government has made the single biggest contribution to the Bruce Highway ever. And this is a Labor Government that has done that. And if you look back when we were last in office, prior to that, it was the then infrastructure minister, now Prime Minister, who then made the single biggest commitment to this.

This is a Labor legacy, and we are absolutely committed to making the Bruce Highway safer. We’ve been in government obviously two and a half years. And I do want to make it really clear, no money has ever been cut from the Bruce Highway. What we have said is-

PETER FEGAN: But the funding agreement- the funding- hang on, Minister, the funding agreement, that’s not true. The funding agreement was an 80/20 split…

CATHERINE KING: [Talks over] That’s true…

PETER FEGAN: … and you- but you changed that. So that’s funding cutting. Hang on, Minister, you changed that. It was an 80/20 split, but you say no funding has ever been cut. If you change- if you go from 80/20 to 50/50, that to me- I’m not a mathematician, but that’s a 30 per cent cut in funding.

CATHERINE KING: So no, it isn’t. And so I want to make that really clear. I think there’s some confusion about that and been a bit of mischief about that. So first thing is not a single dollar has been cut from the Bruce Highway. In fact, the commitment that we’ve got, there’s $10 billion that has already been spent on the Bruce Highway. That has remained, and then we’ve put in an additional 7.2 billion. We’ve recognised on the Bruce Highway, in particular because of the safety concerns, 41 deaths just last year alone, that we will continue to fund that on an 80/20 basis.

But what we did announce is that because the Commonwealth is now increasingly funding suburban roads, public transport and has stepped into the space of the state governments, largely, we’re now on other roads, particularly across the country, now requiring the state to also step up its commitment. We’re not dropping any of our funding. There’s still $125 billion worth of Commonwealth funding going to states and territories. We’re not dropping that. We’re just asking the states to step up with their contribution as well. So it’s not a cut to our funding. We’re asking the states to step in in the same way we’re stepping in on suburban roads now, but generally were 100 per cent of the state to fund.

PETER FEGAN: It’s bang on quarter after eight. My guest this morning is the Federal Transport Minister, Catherine King. $200 million being announced today in funding for our roads here in Brisbane and in the South East. Minister, I’ve got to say this. It’s smart politics to ask the states to present you a case study because money is really, really tight, particularly on a federal level. So I like it. I think it’s good politics, and I think that that’s what the states should have to do. The reason I’m asking you about this, though, is because we need a really nice, new shiny stadium here in Queensland and particularly in Brisbane. We’ve got the Olympics coming. Now, if there was a case study put forward by David Crisafulli for a brand-new stadium, you’d be on board, wouldn’t you?

CATHERINE KING: Well, the thing that we have put money towards, so there’s $3.5 billion capped from the Commonwealth going into the Olympics. We have said the Commonwealth’s contribution will go towards the Brisbane Arena. $2.5 billion is going towards that, we think, will leave a really significant legacy for an entertainment venue here in the heart of Brisbane – really necessary. We’ve also said we will 50/50 share the minor venues. Obviously, the Queensland Government is undertaking a review of those venues at the moment, but the Commonwealth has done- we’ve done the work, we’ve done the business case, the work is ready to go on the Brisbane Arena and that remains- you know, remains there on the table to build that arena for Brisbane. We think it’s needed and it will leave a great legacy for the community.

PETER FEGAN: Let’s hope they’re listening, because it’s next month that we announce whether we’re going to get a new stadium or not. Before I let you go, Minister, what did you make of today’s announcements? I want to get your thoughts on this because your government has approved a deal between Virgin and Qatar Airways. Now, this is a deal that would see Qatar be able to invest in Virgin. It means there’s going to be more Qatar flights. It means we can spread our wings a little bit. Should hopefully cheapen flight prices here in Australia. But I’ve got to think back, if my memory serves me correctly, it was you that clipped Qatar’s wings in the first place.

CATHERINE KING: So what we’ve had announced today is that the Treasurer has approved the Foreign Investment Review Board’s decision that Qatar Airways, the Qatari government, can invest in Virgin, and that obviously allows Virgin to do a number of things in terms of it going forward. Obviously, Bain Capital is wanting to withdraw and have Qatar now come in as the major investor. What it’s allowed us also to do is ensure that there are some Australians on the board of Virgin to make sure that we’ve got that in place and that they’re in fact opportunities to train Australian pilots, as again, Qatar has been granted through Virgin some wet leases to increase its flights, its international flights and create that competition. And I think that’s a good thing.

PETER FEGAN: Before I let you go, we’ve got some breaking news. The election, 12 April. Is that right?

CATHERINE KING: [Laughs] Very nice try there. What a sneaky way to do it, you cheeky thing.

PETER FEGAN: [Laughs] I should have just – I shouldn’t have laughed.

CATHERINE KING: You should have just- I know, I nearly believed you then. You just got me. I’ve got three brothers who do that to me all the time.

PETER FEGAN: What would you have said, though?

CATHERINE KING: I don’t know, I have absolutely no idea. [Indistinct] to the Prime Minister, but very cheeky. You nearly got me.

PETER FEGAN: Good on you, Minister. We’ll chat again very soon.

CATHERINE KING: Lovely to talk to you, Peter.

PETER FEGAN: There she is. That’s the Federal Transport Minister, Catherine King.

MIL OSI News –

February 27, 2025
MIL-OSI Banking: St. Kitts and Nevis: Staff Concluding Statement of the 2025 Article IV Mission
Source: International Monetary Fund

February 26, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Recent Developments and Outlook

Growth is expected to pick up to 2 percent in 2025—from 1.5 percent in 2024—supported by tourism, with inflation remaining around 2 percent. In the medium term, growth is projected at 2.5 percent, and inflation is expected to remain stable. Progress has been made in the transition to renewable energy, as the geothermal project is nearing the drilling phase with funding secured.

The current account deficit (CAD) further widened to 15 percent of GDP in 2024, from 12 percent in 2023. The CAD remains significantly larger than pre-pandemic levels, reflecting a decline in CBI inflows and widening fiscal deficits. It is expected to remain around 12 percent of GDP in the medium term. The external position in 2024 is assessed as weaker than implied by medium-term fundamentals and desirable policies.

Staff projects fiscal deficits to remain large with public debt rising. The fiscal deficit in 2024 is estimated at 11 percent of GDP, driven by a sharp reduction in CBI revenue. Recent reforms to the program, reinforced by international agreements, suggest that CBI revenue will likely be structurally lower but more sustainable going forward. Hence, the fiscal deficit is projected to be 9 percent of GDP this year, also impacted by the increase in the wage bill and the temporary VAT reduction. Public debt is expected to rise to 61 percent of GDP in 2025. The overall risk of sovereign debt stress continues to be assessed as moderate. In the medium term, fiscal deficits are expected to decrease modestly due to the authorities’ efforts to control expenditures, while debt is projected to reach 68 percent of GDP in 2030.

Bank credit growth accelerated while vulnerabilities remain. Bank credit grew rapidly at 11 percent (y/y) (particularly in mortgages and consumer loans) amid high non-performing loans (NPLs) and low buffers, while competition among banks increased. Overall, bank NPLs declined, profits rose, and capital somewhat improved. Meanwhile, lending by credit unions expanded swiftly by 12 percent (y/y), while their delinquency ratio increased to 10 percent.

Near-term risks are tilted to the downside, but the potential for renewable energy provides upsides over the medium term. Substantial changes in CBI revenue constitute an important two-sided risk but a further decline in CBI revenue would pressure fiscal accounts. Downside risks include a slowdown in key source markets for tourism, commodity price volatility, as well as global financial instability impacting domestic banks. The country is also highly exposed to natural disasters (ND). On the other hand, the renewable energy projects could create an additional source of growth and fiscal revenue.

Economic Policies

Fiscal Policy

The staff believes that the main priority is to implement a prompt and steady fiscal consolidation to keep public debt below the regional ceiling of 60 percent of GDP. While the authorities made efforts to contain the fiscal deficit in 2024, more active policies are necessary going forward. Fiscal consolidation will help create space to protect capital expenditure, strengthen resilience against NDs, and hedge against contingent liabilities.

Under staff’s active policies scenario, the adjusted primary balance (excluding CBI and transfers to public banks) should be tightened by 2 percentage points of GDP by 2029 relative to the baseline. To this end, fiscal consolidation should be anchored by a set of fiscal rules and driven by tax reforms and reductions in current expenditures while protecting capital expenditure. The combined net impact of fiscal consolidation and structural reforms on growth and the external position is assessed to be positive in the medium term. In particular:
- Statutory fiscal rules should include an adjusted primary balance floor and a primary current expenditure ceiling, as well as the regional debt ceiling—with escape clauses related to NDs. This would enhance the credibility of the fiscal path and help contain borrowing costs.
- Tax reforms would boost tax revenue by 2.5 percentage points of GDP and are well within reach. The reforms would also help reduce reliance on the CBI and improve equity and growth. Recommended measures include harmonizing the VAT, supplemented by improved targeted social support; increasing excise rates on alcoholic beverages, tobacco, and fossil fuels; and updating property tax assessments. The Housing and Social Development Levy could become more progressive, and non-labor income, such as investment and rental income, could be taxed to improve equity. The temporary reduction in VAT for the first half of 2025, as well as other pandemic-era tax breaks, should be phased out. Negotiated tax concession packages for corporate income tax—which unfairly benefit profitable large international hospitality companies—should be lapsed, especially in light of the upcoming OECD Pillar II. The authorities’ efforts to improve tax collections, including property taxes and CIT, and to enhance tax administration are welcome, and should be further strengthened.
- Current expenditure. The authorities’ efforts to streamline current expenditure are welcome and should go further to bring them closer to pre-pandemic levels. Limiting public wage increases and employment—the largest in the ECCU—would help foster private sector job creation. Transfers, including social spending, should be better targeted and more effective.
- Accompanying structural reforms aimed at enhancing productivity, labor quality, and access to finance could generate significant growth gains.
The planned establishment of a Sovereign Wealth Fund (SWF) is welcome. The SWF should absorb any upside in the projected CBI revenue, reduce the impact of volatile and uncertain CBI revenue on the budget, and help create fiscal buffers against NDs.

Progress has been made in improving the CBI framework, but its transparency needs to be enhanced. The government has taken important steps to improve the governance of the program and strengthen the due diligence and application processes. To further improve transparency and accountability, comprehensive annual reports following external audits should be published regularly, including statistics on applications and financial accounts.

The authorities’ efforts to publish the medium-term debt management strategy (MTDMS) are welcome. Heavy reliance on short-term borrowing—entailing large gross financing needs and additional fiscal risks—should continue to be reduced. The MTDMS—now under government review—should aim to lengthen debt maturity, reduce costs, and diversify the sources of funds. The authorities’ plan to resume the publication of the MTDMS—not published since 2018—is welcome. The government has recently reached three loan agreements with favorable terms with international partners. Additionally, the government could consider increasing engagement with multilateral development partners for concessional borrowing and tapping into the Regional Government Securities Market.

The staff supports the authorities’ intention to reform the Social Security Fund (SSF). The authorities announced their intention to reform the SSF and have initiated extensive consultations with stakeholders. The proposed options are welcome and concrete measures should be identified. Furthermore, a more comprehensive approach is needed to ensure the fiscal sustainability of the SSF, including improvements in asset management.

Financial Sector Policy

Progress to strengthen the systemic bank and safeguard public deposits should continue. The bank has made progress toward reducing NPLs, restoring profitability of its lending business, and further de-risking its foreign investment portfolio. These efforts should continue. The government—as its majority shareholder—and the bank are encouraged to engage with external advisors to revitalize its business model. The planned establishment of the SWF presents an opportunity to transfer public sectors deposits and associated foreign investments from the bank to the SWF, except for the portion necessary for the government’s cash management.

The Development Bank needs to be reformed. The bank is facing significant challenges due to high NPLs and weak profits. Although the bank does not take deposits, it has borrowed from the public and the banking sector and poses a contingent liability to the government. The government and the new management are actively working to address the bank’s accountability and financial performance. The external audit—not conducted since 2018—is ongoing to fully assess the bank’s financial condition and is expected to conclude in the coming months. The priority is to thoroughly analyze the bank’s financial situation, including its NPLs and loss-making loan programs, reassess its financial and social functions—potentially achievable through private lending and targeted social support—and chart the optimal path forward, firmly based on the bank’s viability and fiscal prudence. The legal framework around the bank should be revised to significantly strengthen its regulation and supervision.

Financial soundness should be strengthened at private banks and credit unions. Banks should continue their efforts to reduce NPLs and to meet the prudential requirements for provisions and capital, based on their plans submitted to the ECCB. Banks’ efforts to improve financial education of their potential clients are welcome and should be potentially joined with public resources. This is especially important amid the rapid credit growth and the regional credit bureau becoming more operational. In addition, the regulation and oversight of credit unions by the Financial Services Regulatory Commission has room for improvement, particularly in the areas of lending standards, provisioning requirements, and supervisory actions. Efforts to enhance the effectiveness of the AML/CFT framework should continue.

Structural Policy

The medium-term growth prospects can be improved. Staff analysis indicates that potential growth has steadily declined from around 6 percent in the 1980s to 2.5 percent, mainly driven by slow productivity growth and a lower contribution from human capital. Staff assess that growth potential can be enhanced through structural reforms aimed at better resource allocation, particularly in the following areas.
- The efficiency of government services can be enhanced. In this regard, recent progress with digitalization, streamlining tax administration, and implementing a single electronic window is welcome.
- Credit access should be improved, especially for firms. All banks and credit unions are encouraged to participate in the recently created regional credit bureau to make it effective. While foreclosure processes appear to work efficiently, bankruptcy and insolvency regimes can be enhanced to incentivize out-of-court debt workouts, given the lengthy in-court processes.
- Labor skills should be better aligned with private and public sector demands. Upskilling is essential for maintaining labor market competitiveness, especially with the recent two-tier increases in minimum wage in 2024 and July 2025, which position the minimum wage well above that of ECCU peers. There are shortages of qualified workers in both the private (tourism) and public (healthcare) sectors. Recent efforts aimed at improving access to education and vocational training can help, especially benefiting the unemployed, and these initiatives should be tailored to meet market demands.
- Accelerating the energy transition is crucial to increasing competitiveness and growth resilience. The energy transition is expected to enhance energy security, reduce energy costs, and support economic diversification. It is essential to build strong expertise in project management. The investment, ownership, and taxation agreements related to large energy projects should be crafted carefully, considering their long-term economic and fiscal implications.
To strengthen ND preparedness, the public investment framework and the multi-layered insurance framework should be further enhanced.
- ND-resilient Infrastructure. Upgrading the power grid—as part of the geothermal project—will enhance resilience to NDs, support energy sustainability by introducing a one-grid that connects the two islands and facilitate the energy transition. Given the country’s challenges with water supply, the authorities’ plan for a renewable energy-powered desalination plant is a significant development.
- Investment framework. Integrating a pipeline of projects funded by the overall public sector, including statutory bodies, into the Public Sector Investment Program (PSIP)) will help improve medium-term fiscal planning, anchor ND-resilient investment plans, and help unlock concessional financing. Strengthening capital expenditure forecasts would be important for the medium-term fiscal framework. Project execution should be improved considerably. In this regard, the authorities’ plan to formulate a medium-term PSIP strategy will provide a useful framework for comprehensive oversight of public investment and enable project progress tracking.
- An enhanced multi-layered insurance framework. Staff analysis indicates additional fiscal buffers are essential to enhance an insurance framework against NDs, and government deposits should be preserved at their current level as the first self-insurance layer. This could be further supplemented by (i) expanding coverage through the Caribbean Catastrophe Risk Insurance Facility and (ii) issuing a state-contingent instrument, such as catastrophe bonds or lines of credit.
The mission would like to thank the St. Kitts and Nevis authorities and all other counterparts for the constructive and candid policy dialogue and productive collaboration.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Reah Sy

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson
MIL OSI Global Banks –
February 27, 2025
MIL-OSI Russia: St. Kitts and Nevis: Staff Concluding Statement of the 2025 Article IV Mission
Source: IMF – News in Russian

February 26, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Recent Developments and Outlook

Growth is expected to pick up to 2 percent in 2025—from 1.5 percent in 2024—supported by tourism, with inflation remaining around 2 percent. In the medium term, growth is projected at 2.5 percent, and inflation is expected to remain stable. Progress has been made in the transition to renewable energy, as the geothermal project is nearing the drilling phase with funding secured.

The current account deficit (CAD) further widened to 15 percent of GDP in 2024, from 12 percent in 2023. The CAD remains significantly larger than pre-pandemic levels, reflecting a decline in CBI inflows and widening fiscal deficits. It is expected to remain around 12 percent of GDP in the medium term. The external position in 2024 is assessed as weaker than implied by medium-term fundamentals and desirable policies.

Staff projects fiscal deficits to remain large with public debt rising. The fiscal deficit in 2024 is estimated at 11 percent of GDP, driven by a sharp reduction in CBI revenue. Recent reforms to the program, reinforced by international agreements, suggest that CBI revenue will likely be structurally lower but more sustainable going forward. Hence, the fiscal deficit is projected to be 9 percent of GDP this year, also impacted by the increase in the wage bill and the temporary VAT reduction. Public debt is expected to rise to 61 percent of GDP in 2025. The overall risk of sovereign debt stress continues to be assessed as moderate. In the medium term, fiscal deficits are expected to decrease modestly due to the authorities’ efforts to control expenditures, while debt is projected to reach 68 percent of GDP in 2030.

Bank credit growth accelerated while vulnerabilities remain. Bank credit grew rapidly at 11 percent (y/y) (particularly in mortgages and consumer loans) amid high non-performing loans (NPLs) and low buffers, while competition among banks increased. Overall, bank NPLs declined, profits rose, and capital somewhat improved. Meanwhile, lending by credit unions expanded swiftly by 12 percent (y/y), while their delinquency ratio increased to 10 percent.

Near-term risks are tilted to the downside, but the potential for renewable energy provides upsides over the medium term. Substantial changes in CBI revenue constitute an important two-sided risk but a further decline in CBI revenue would pressure fiscal accounts. Downside risks include a slowdown in key source markets for tourism, commodity price volatility, as well as global financial instability impacting domestic banks. The country is also highly exposed to natural disasters (ND). On the other hand, the renewable energy projects could create an additional source of growth and fiscal revenue.

Economic Policies

Fiscal Policy

The staff believes that the main priority is to implement a prompt and steady fiscal consolidation to keep public debt below the regional ceiling of 60 percent of GDP. While the authorities made efforts to contain the fiscal deficit in 2024, more active policies are necessary going forward. Fiscal consolidation will help create space to protect capital expenditure, strengthen resilience against NDs, and hedge against contingent liabilities.

Under staff’s active policies scenario, the adjusted primary balance (excluding CBI and transfers to public banks) should be tightened by 2 percentage points of GDP by 2029 relative to the baseline. To this end, fiscal consolidation should be anchored by a set of fiscal rules and driven by tax reforms and reductions in current expenditures while protecting capital expenditure. The combined net impact of fiscal consolidation and structural reforms on growth and the external position is assessed to be positive in the medium term. In particular:
- Statutory fiscal rules should include an adjusted primary balance floor and a primary current expenditure ceiling, as well as the regional debt ceiling—with escape clauses related to NDs. This would enhance the credibility of the fiscal path and help contain borrowing costs.
- Tax reforms would boost tax revenue by 2.5 percentage points of GDP and are well within reach. The reforms would also help reduce reliance on the CBI and improve equity and growth. Recommended measures include harmonizing the VAT, supplemented by improved targeted social support; increasing excise rates on alcoholic beverages, tobacco, and fossil fuels; and updating property tax assessments. The Housing and Social Development Levy could become more progressive, and non-labor income, such as investment and rental income, could be taxed to improve equity. The temporary reduction in VAT for the first half of 2025, as well as other pandemic-era tax breaks, should be phased out. Negotiated tax concession packages for corporate income tax—which unfairly benefit profitable large international hospitality companies—should be lapsed, especially in light of the upcoming OECD Pillar II. The authorities’ efforts to improve tax collections, including property taxes and CIT, and to enhance tax administration are welcome, and should be further strengthened.
- Current expenditure. The authorities’ efforts to streamline current expenditure are welcome and should go further to bring them closer to pre-pandemic levels. Limiting public wage increases and employment—the largest in the ECCU—would help foster private sector job creation. Transfers, including social spending, should be better targeted and more effective.
- Accompanying structural reforms aimed at enhancing productivity, labor quality, and access to finance could generate significant growth gains.
The planned establishment of a Sovereign Wealth Fund (SWF) is welcome. The SWF should absorb any upside in the projected CBI revenue, reduce the impact of volatile and uncertain CBI revenue on the budget, and help create fiscal buffers against NDs.

Progress has been made in improving the CBI framework, but its transparency needs to be enhanced. The government has taken important steps to improve the governance of the program and strengthen the due diligence and application processes. To further improve transparency and accountability, comprehensive annual reports following external audits should be published regularly, including statistics on applications and financial accounts.

The authorities’ efforts to publish the medium-term debt management strategy (MTDMS) are welcome. Heavy reliance on short-term borrowing—entailing large gross financing needs and additional fiscal risks—should continue to be reduced. The MTDMS—now under government review—should aim to lengthen debt maturity, reduce costs, and diversify the sources of funds. The authorities’ plan to resume the publication of the MTDMS—not published since 2018—is welcome. The government has recently reached three loan agreements with favorable terms with international partners. Additionally, the government could consider increasing engagement with multilateral development partners for concessional borrowing and tapping into the Regional Government Securities Market.

The staff supports the authorities’ intention to reform the Social Security Fund (SSF). The authorities announced their intention to reform the SSF and have initiated extensive consultations with stakeholders. The proposed options are welcome and concrete measures should be identified. Furthermore, a more comprehensive approach is needed to ensure the fiscal sustainability of the SSF, including improvements in asset management.

Financial Sector Policy

Progress to strengthen the systemic bank and safeguard public deposits should continue. The bank has made progress toward reducing NPLs, restoring profitability of its lending business, and further de-risking its foreign investment portfolio. These efforts should continue. The government—as its majority shareholder—and the bank are encouraged to engage with external advisors to revitalize its business model. The planned establishment of the SWF presents an opportunity to transfer public sectors deposits and associated foreign investments from the bank to the SWF, except for the portion necessary for the government’s cash management.

The Development Bank needs to be reformed. The bank is facing significant challenges due to high NPLs and weak profits. Although the bank does not take deposits, it has borrowed from the public and the banking sector and poses a contingent liability to the government. The government and the new management are actively working to address the bank’s accountability and financial performance. The external audit—not conducted since 2018—is ongoing to fully assess the bank’s financial condition and is expected to conclude in the coming months. The priority is to thoroughly analyze the bank’s financial situation, including its NPLs and loss-making loan programs, reassess its financial and social functions—potentially achievable through private lending and targeted social support—and chart the optimal path forward, firmly based on the bank’s viability and fiscal prudence. The legal framework around the bank should be revised to significantly strengthen its regulation and supervision.

Financial soundness should be strengthened at private banks and credit unions. Banks should continue their efforts to reduce NPLs and to meet the prudential requirements for provisions and capital, based on their plans submitted to the ECCB. Banks’ efforts to improve financial education of their potential clients are welcome and should be potentially joined with public resources. This is especially important amid the rapid credit growth and the regional credit bureau becoming more operational. In addition, the regulation and oversight of credit unions by the Financial Services Regulatory Commission has room for improvement, particularly in the areas of lending standards, provisioning requirements, and supervisory actions. Efforts to enhance the effectiveness of the AML/CFT framework should continue.

Structural Policy

The medium-term growth prospects can be improved. Staff analysis indicates that potential growth has steadily declined from around 6 percent in the 1980s to 2.5 percent, mainly driven by slow productivity growth and a lower contribution from human capital. Staff assess that growth potential can be enhanced through structural reforms aimed at better resource allocation, particularly in the following areas.
- The efficiency of government services can be enhanced. In this regard, recent progress with digitalization, streamlining tax administration, and implementing a single electronic window is welcome.
- Credit access should be improved, especially for firms. All banks and credit unions are encouraged to participate in the recently created regional credit bureau to make it effective. While foreclosure processes appear to work efficiently, bankruptcy and insolvency regimes can be enhanced to incentivize out-of-court debt workouts, given the lengthy in-court processes.
- Labor skills should be better aligned with private and public sector demands. Upskilling is essential for maintaining labor market competitiveness, especially with the recent two-tier increases in minimum wage in 2024 and July 2025, which position the minimum wage well above that of ECCU peers. There are shortages of qualified workers in both the private (tourism) and public (healthcare) sectors. Recent efforts aimed at improving access to education and vocational training can help, especially benefiting the unemployed, and these initiatives should be tailored to meet market demands.
- Accelerating the energy transition is crucial to increasing competitiveness and growth resilience. The energy transition is expected to enhance energy security, reduce energy costs, and support economic diversification. It is essential to build strong expertise in project management. The investment, ownership, and taxation agreements related to large energy projects should be crafted carefully, considering their long-term economic and fiscal implications.
To strengthen ND preparedness, the public investment framework and the multi-layered insurance framework should be further enhanced.
- ND-resilient Infrastructure. Upgrading the power grid—as part of the geothermal project—will enhance resilience to NDs, support energy sustainability by introducing a one-grid that connects the two islands and facilitate the energy transition. Given the country’s challenges with water supply, the authorities’ plan for a renewable energy-powered desalination plant is a significant development.
- Investment framework. Integrating a pipeline of projects funded by the overall public sector, including statutory bodies, into the Public Sector Investment Program (PSIP)) will help improve medium-term fiscal planning, anchor ND-resilient investment plans, and help unlock concessional financing. Strengthening capital expenditure forecasts would be important for the medium-term fiscal framework. Project execution should be improved considerably. In this regard, the authorities’ plan to formulate a medium-term PSIP strategy will provide a useful framework for comprehensive oversight of public investment and enable project progress tracking.
- An enhanced multi-layered insurance framework. Staff analysis indicates additional fiscal buffers are essential to enhance an insurance framework against NDs, and government deposits should be preserved at their current level as the first self-insurance layer. This could be further supplemented by (i) expanding coverage through the Caribbean Catastrophe Risk Insurance Facility and (ii) issuing a state-contingent instrument, such as catastrophe bonds or lines of credit.
The mission would like to thank the St. Kitts and Nevis authorities and all other counterparts for the constructive and candid policy dialogue and productive collaboration.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Reah Sy

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/02/27/st-kitts-and-nevis-cs-of-the-2025-article-iv-mission

MIL OSI
MIL OSI Russia News –
February 27, 2025
MIL-OSI: Banco Itaú Chile Files Material Event Notice Summoning to Annual Shareholders’ Meeting

Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, Feb. 26, 2025 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (SSE: ITAUCL) (the “Bank”) today announced that it filed a Material Event Notice with the Chilean Commission for the Financial Market reporting that the Bank scheduled its Annual Shareholders’ Meeting for April 24, 2025.

The full Material Event Notice is available on the company’s investor relations website at ir.itau.cl.

Investor Relations – Banco Itaú Chile

IR@itau.cl / ir.itau.cl

The MIL Network –

February 27, 2025
MIL-OSI USA: Grassley, Baldwin Introduce Legislation to Crack Down on Foreign Investment in Farmland, Protect Rural Communities

US Senate News:

Source: United States Senator for Iowa Chuck Grassley
Foreign ownership of American farmland has increased 85 percent since 2010
WASHINGTON – Sens. Chuck Grassley (R-Iowa) and Tammy Baldwin (D-Wis.) introduced the Farmland Security Act of 2025 to build on their work to safeguard rural communities and protect American farmland from shady foreign investments.
The bipartisan legislation builds on a Grassley-Baldwin law to ensure that all foreign investors, including “shell companies,” who buy American agricultural land report their holdings. It additionally strengthens penalties for those who evade filing and invests in research to better understand the impact foreign ownership of farmland has on agricultural production capacity.
“Foreign purchases of American farmland needlessly increase competition for young and beginning farmers and potentially threaten our national security. Family farmers and ranchers have a justified cause for concern. Our commonsense legislation provides the resources needed to monitor these sales and protect against risks they may pose. It also increases penalties for violators, especially shell corporations, who fail to report or misreport their acreage. I’ll never stop fighting to support family farmers and protect our farmland,” Grassley said.
“America’s farmland is critical to the health of our rural communities and our national security. But when foreign investors own farmland or our ability to process food, it can put our national security, domestic food supply, and local communities at risk. Our bipartisan legislation will help bring to light foreign investments in rural America, so we know who is buying up land critical to all of our safety and the future of our agricultural communities,” Baldwin said.
Background:
According to the Department of Agriculture (USDA), approximately 45 million acres of American agricultural land is under foreign ownership – and 85 percent increase since 2010. These investments have the potential to impact America’s food security and national security.
As a then-member of the House of Representatives, Grassley helped author the first reporting requirements to ever address foreign ownership of farmland – the 1978 Agricultural Foreign Investment Disclosure Act also directed the USDA Secretary to analyze the information and determine the effects of foreign transactions and holdings on family farms and rural communities.
The Grassley-Baldwin Farmland Security Act of 2022, which was signed into law as part of funding legislation for 2023, imposed requirements for USDA to create digital filings tracking foreign purchases of domestic agricultural land and establish a publicly accessible database of certain disaggregated foreign ownership data for research purposes. It also requires USDA to report to Congress on the impact these investments have on family farms, rural communities and the domestic food supply.
The Farmland Security Act of 2025 takes additional steps to support transparency and better understand the scale and impact of foreign ownership by:
Requiring research into trends of foreign-owned “shell corporations” purchasing American agricultural land;
Requiring research into foreign ownership of agricultural production capacity and foreign participation in agricultural economic activity in the United States;
Requiring USDA to conduct annual compliance audits of no less than ten percent of the reports to ensure completeness and accuracy of filings;
Amending reports to Congress to require research into foreign entities’ agricultural leasing activities and the impact it has on rural communities, family farms and the domestic food supply;
Requiring USDA to provide annual training to state and county-level staff on the identification of non-reporting foreign-owned agricultural land;
Striking the cap on fee of 25% of the agricultural lands valuation for failing to report or misreporting foreign-owned acreage;
Requiring a fee of 100% of the agricultural land’s valuation for shell corporations that are failing to report or misreporting foreign-owned acreage, except in cases where the shell corporation remedies non-filing or defective filing within 60 days of notice by the Secretary; and
Authorizing $2 million annually for the activities prescribed under the Agriculture Foreign Investment Disclosure Act, as amended.
Companion legislation was introduced in the House of Representatives by Reps. John Moolenaar (R-Mich.) and Marie Gluesenkamp Perez (D-Wash.).
Full bill text is HERE. A one-pager on the legislation is available HERE.
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MIL OSI USA News –

February 27, 2025
MIL-OSI USA: Duckworth, Durbin Join Pritzker and Illinois Congressional Delegation in Pressing White House on Withholding $1.8 Billion from Taxpayers
US Senate News:
Source: United States Senator for Illinois Tammy Duckworth

February 26, 2025

[WASHINGTON, DC] – Today, U.S. Senators Tammy Duckworth (D-IL) and Dick Durbin (D-IL) joined Illinois Governor JB Pritzker and members of the Illinois congressional delegation in issuing a joint letter to White House Office of Management and Budget (OMB) Director Russell Vought demanding action and accountability from OMB on the approximately $1.88 billion in funding that is illegally being withheld from Illinois taxpayers despite the funding being appropriated by Congress and numerous court orders.

“On behalf of our constituents, we are seeking full transparency and accountability on any and all funding that has been paused or interrupted. If the Trump Administration is unable to follow the law and uphold their end of the deal, the people of our state deserve to know,” wrote the lawmakers in a letter to OMB Director Vought.

The letter provides an update that as of mid-February many agencies and organizations in Illinois have reported an inability to access funds, with some in danger of needing to pause operations, cancel projects, or lay off staff. Impacted grant programs and organizations include, but are not limited to:
- Nine state agencies, boards and commissions have a total of $692 million in federal funds obligated but not yet received and they are unable to access those funds.
- 10 state agencies, boards and commissions have a total of $1.19 billion in federal funds anticipated/awarded but not yet obligated and the grants/programs are essentially paused.
- 14 state agencies, boards and commissions have a total of $1.88 billion in impacted federal funds, including the Illinois Department of Agriculture, Illinois Department of Commerce and Economic Opportunity, Illinois Community College Board, Illinois Emergency Management Agency, Illinois Environmental Protection Agency, Illinois Finance Authority, the Illinois Department of Human Rights, Illinois Department of Natural Resources, Illinois Power Agency, Illinois Department of Transportation, Illinois State Board of Education, Illinois Commerce Commission, Illinois Department of Labor and Illinois Department of Healthcare and Family Services.
A copy of the full letter is available on the Senator’s website and below:

Dear Director Vought:

As we write this letter, the federal government continues to withhold $1.88 billion from Illinois. These are federal funds that were passed by Congress, signed into law, and promised to Illinois. State agencies, small businesses, nonprofit organizations, and everyday citizens across Illinois— including in rural communities—are still having trouble accessing allocated federal funding. We have an obligation to Illinois taxpayers and residents to demand answers about the future of this funding, including when the Trump Administration will follow the law and make good on the federal government’s promise to deliver hard-earned taxpayer dollars back into Illinois’ economy, workforce, and communities.

The evening of January 27^th, our offices read in the news that the White House Office of Management and Budget (OMB) had released a memorandum directing Federal agencies to “temporarily pause all activities related to obligation or disbursement of all federal financial assistance.” Throughout the following day, we received widespread reports of system outages and lockouts that prevented grantees from accessing entitled funding. Attempted communications with government liaisons were often ignored and public statements from the White House were inconsistent with the experiences of our grantees.

Since then, despite OMB’s rescission of the memo, we have continued to receive reports from agencies and organizations detailing their inability to access funds. This uncertainty over receiving future, assured funds, along with little clarity provided by the Administration, has forced many to pause operations, cancel projects, or cut staff.

We are seeking clarity on your actions, as well as assurances that you will legally uphold your financial commitments to the State of Illinois. These funds have been contractually agreed to, allocated, and planned around by their recipients—which include childcare providers, educational institutions, small businesses, community and economic development organizations, and more. Needless to say, the restriction of these funds will have a detrimental impact on vulnerable people, local economies, and the state as a whole.

As of February 24, 2025, impacted grants programs and organizations include, but are not limited to:
- Nine state agencies, boards, and commissions have a total of $692 million in federal funds obligated but not yet received, and they are unable to access those funds.
- 10 state agencies, boards, and commissions have a total of $1.19 billion in federal funds anticipated/awarded but not yet obligated, and the grants/programs are essentially paused.
- In total, this constitutes $1.88 billion in impacted federal funds across 14 state agencies, boards, and commissions in Illinois, including the Illinois Department of Commerce and Economic Opportunity, Illinois Community College Board, Illinois Emergency Management Agency, Illinois Environmental Protection Agency, Illinois Finance Authority, the Illinois Department of Human Rights, Illinois Department of Natural Resources, Illinois Power Agency, Illinois Department of Transportation, Illinois State Board of Education, Illinois Commerce Commission, Illinois Council on Developmental Disabilities, Illinois Department of Labor, and Illinois Department of Healthcare and Family Services.
These frozen funds impact programs that provide technical assistance for small businesses, provide affordable solar energy for low-income residents, improve roads and bridges, and more.

On behalf of our constituents, we are seeking full transparency and accountability on any and all funding that has been paused or interrupted. If the Trump Administration is unable to follow the law and uphold their end of the deal, the people of our state deserve to know.

Pursuant to that, we ask that you answer the following questions by March 4, 2025:
1. Please identify any forms of federal financial assistance for which federal funding disbursements did not promptly resume following the recission of OMB Memorandum M-25-13.
2. For all forms of federal financial assistance that did not promptly resume, please describe the steps you have taken or will take to resume the disbursement of funds in compliance with court orders. Also indicate when the disbursement of funds can be expected to resume.
3. For any disbursement of funds that have not been promptly resumed, and following two federal judges issuing temporary restraining orders regarding the funding freeze, what is your legal basis for continuing to withhold funds?
4. What steps have you taken to identify and communicate with grant recipients who have been negatively affected by this oversight?
5. What steps will you take to ensure that this issue does not occur again?
We appreciate your timely attention to this matter.

Sincerely,

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MIL OSI USA News –
February 27, 2025
MIL-OSI New Zealand: Universities – Team behind University’s first Pacific Strategy spans the Moana

Source: University of Auckland (UoA)

Finance Opposition spokesperson, the Hon Pesetatamalelagi Barbara Edmonds visited her alma mater, the University of Auckland to talk with Business academics and learn more about the Pacific Strategy and Pacific Academy initiatives launching this year.

Edmonds (Fale’ula, Faleatiu, Safotu, Fasito’o/Sāmoa) is the MP for Mana and visited the University on 24 February. She met with leaders from the School of Business, Schools and Community Engagement, and the Office of the Pro Vice-Chancellor Pacific.

“It’s nice to be back home, it does feel like home, this is my alma mater where I did my Law and Arts degree that set me up for my career.”

Edmonds says it was good to be amongst Pacific students and to have in-depth discussions focused on economic policies.

“We had good discussions with the School of Business, around macro and micro economic policies that we will be testing as part of our policies that we will be forming,” she says.

Pro Vice-Chancellor Pacific Professor Jemaima Sipaea Tiatia-Siau says drafting the University’s first Pacific Strategy in 142 years has been a huge task over the last year; having someone with the expertise and calibre of the Finance Opposition Spokesperson view the work undertaken highlights the strategy’s significance.

“We’re grateful to have had the Hon Barbara Edmonds come onto campus, to be able to share with her the work we have undertaken.

“She’s a great example of why drawing up a road map for Pacific success here at the University is important, so that our young people can flourish at the University and leave ready to take on the world.”

Professor Tiatia-Siau says the Mana MP relished learning about initiatives to prepare school leavers for the university environment such as Auckland Maths Challenge and the Pacific Academy, ensuring Pacific youth were able to thrive.

Edmonds says it was also important to encourage the Pacific community into the Business space. She pivoted during her career path starting out in Health Sciences before graduating with a Bachelor of Laws and Bachelor of Arts in 2008, going on to become a specialist tax lawyer.

A mother of eight, her path to becoming a Cabinet Minister began eight years ago while working as a private secretary for the National Party’s Ministers of Revenue, Michael Woodhouse and Judith Collins. The following year in 2017 she was appointed as a political adviser for the Labour Government’s Revenue and Police Minister Stuart Nash. She entered Parliament in 2020 as the MP for Mana and became a Cabinet Minister in 2023, holding the Internal Affairs and Pacific Peoples portfolios.

“I came into the business space through the Arts and through Law, it was a very different pathway, says the 44-year-old.

“I got into the area of tax through law, it’s a good indicator of broadening [your scope]. The Humanities and the Arts are important, it means you have a good grounding for a diverse career.

“I’ve been really fortunate that I had a good grounding here, with the Law School and with the Faculty of Arts, and that means decades later you become a Finance Opposition spokesperson for a major political party – don’t knock the Arts!”

Professor Tiatia-Siau says Edmonds’ visit to give guidance and moral support to developing the Pacific Strategy was timely.

“We are this week welcoming our first-year students and we are also on the eve of a great milestone. The presence of Pesetatamalelagi the Hon. Barbara Edmonds is a show of support for the work we are doing, and she is a wonderful role model of what can be accomplished once you have secured a university education.”

MIL OSI New Zealand News –

February 27, 2025
MIL-OSI New Zealand: Farmers welcome Taranaki adverse event declaration

Source: Federated Farmers

Federated Farmers is pleased the Government has recognised the desperate situation of some Taranaki farmers with the declaration of a medium-scale adverse event across the province.

“The lack of any decent rain for several months, compounding a year and a half of much lower than usual rainfall, is causing huge stress for farmers,” Federated Farmers Taranaki president Leedom Gibbs says.

“That’s especially in the Manaia, Hāwera and Kakaramea hotspots.

“They’ve never seen it so extremely dry, so early.”

Water tables are very low, meaning wells and bores have dried up and farmers have had to truck in water as well as feed.

“On top of bank interest rates and other costs, this is just another big layer of worry for those farmers.”

Gibbs says most New Zealanders are isolated from drought impacts but for farmers the situation is “desperate and very real.

“Getting enough water and feed for the animals they feel a huge duty of care for, weighs on their mind.

“Finances are under pressure too, and whether or not you’re in business, you can understand the stress that adds.”

The adverse event declaration means extra funding for Rural Support’s counselling and advisory services, with flexibility around tax for affected farmers, and the potential for Rural Assistance Payments from the Ministry of Social Development.

“As much as those things, it’s also the official recognition of the seriousness of what’s happening to them,” Gibbs says.

She chairs the Rural Coordinating Group (RCG) that has been running a series of farmer support events in the district.

“Where it’s needed, dairy herds are being dried off early and all stock that’s not needed for next year has already gone to the works.

“Drought impacts can be like a slow-moving landslide, and the earlier you respond to it as a farmer and get plans in place, the better off you are,” Gibbs says.

“For any farmer that might still need a prompt to start necessary actions, the adverse event declaration will help.”

MIL OSI New Zealand News –

February 27, 2025
MIL-Evening Report: Dutton hints he’ll sack 36,000 public servants. Voters deserve to know what services will be affected

Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

Peter Dutton and his Coalition colleagues have dithered for several weeks on their plans for the Commonwealth public sector.

While being upfront that public service jobs would be targeted, they’ve made numerous contradictory statements about the number of public servants who would be sacked if the Coalition wins the coming election.

But Peter Dutton’s most recent comments confirm that he clearly wants to make significant cuts.

And it’s hard to see how the sackings wouldn’t erode important front line services that many Australians depend on for help and support.

36,000 jobs on the line

This week the opposition leader declared the Coalition would achieve A$24 billion in savings by reducing the size of the public service.

He was unequivocal. The money would be clawed back over four years and would more than cover the Coalition’s promised $9 billion injection into Medicare.

Dutton explicitly tied the $24 billion in savings to the 36,000 Commonwealth public servants who have been hired since the last election

Under the Labor Party, there are 36,000 additional public servants, that’s at a cost of $6 billion a year, or $24 billion over the forward estimates. This program totals $9 billion over that period. So, we’ve well and truly identified the savings.

While still not nominating a precise number of job cuts, it’s Peter Dutton’s clearest statement of intent to date. By “truly” identifying the savings, 36,000 jobs are on the line. And it accords with Dutton’s earlier comments that the extra workers are not providing value for money for Australian taxpayers.

(They have) not improved the lives of Australians one iota

While this sounds like he wants to dismiss them all, senior colleagues are more circumspect.

According to Nationals leader David Littleproud, the number of job cuts has not yet been decided. Shadow Public Service Minister Jane Hume further muddied the waters by referring to the cuts being by attrition, and excluding frontline services.

Frontline services

The public service head count has grown to 185,343, as of June 2024. So cutting 36,000 staff, or even a large proportion of that number, would be a very significant reduction.

The agencies that added the most public servants between June 2023 and June 2024 were the National Disability Insurance Agency (up 2,193), Defence (up 1,425), Health and Aged Care (up 1,173) and Services Australia (up 1,149).

Many of these extra staff would be providing invaluable front line services to clients and customer who are accessing essential support.

And some of the new public servants replaced more expensive outsourced workers. Finance Minister Katy Gallagher has claimed the Albanese government has saved $4 billion of taxpayers’ money by reducing spending on consultants and contractors.

Rather than the alleged explosion in the size of the bureaucracy, the growth in public service numbers has closely matched the increase in the population. Last year, they accounted for 1.36% of all employed persons, up by only a minuscule degree on the 1.35% in 2016.

Canberra bashing

According to Dutton, the 36,000 additional public servants hired under Labor all work in Canberra. It was not a slip of the tongue. The claim is also in the Liberal Party’s pre-election pamphlet.

But only 37% of the public service workforce is located in the national capital. Half are based in state capitals. A full quarter of those involved in service delivery work in regional Australia.

The Liberals clearly think they have nothing to lose among Canberra voters, given they have no members or senators from the Australian Capital Territory.

The coming election will no doubt tell us if Canberra bashing still resonates with voters elsewhere in the country. Dutton has clearly made the political judgement that it does.

Another night of the long knives?

A change of government often precipitates a clean out at the top of the public service.

When the Howard government was elected in 1996, no fewer than six departmental secretaries were sacked on the infamous night of the long knives. Then prime minister Tony Abbott dismissed four departmental chiefs in one fell swoop after taking office in 2013. He didn’t even consult his treasurer before dumping the head of Treasury.

This pattern of culling senior public servants represents a chilling risk to good policy development. Departmental secretaries concerned about losing their jobs may be reluctant to give the “frank and fearless advice” their positions demand.

Read more:
After robodebt, here’s how Australia can have a truly ‘frank and fearless’ public service again

Spending cuts after the election

Voters are entitled to know what the Coalition has planned for the public service before they cast their ballots.

The lack of detail on job losses is matched by a reluctance to outline spending cuts elsewhere. Dutton has ruled out an Abbott-style audit commission. He is prepared to cut “wasteful” spending, but won’t say if it may be necessary to also chop some worthwhile outlays to dampen inflationary pressures.

Dutton is adamant that any spending cuts by a government he leads will be determined after the election, not announced before it. This does nothing for democratic accountability. It does not give the electorate the chance to cast their votes on the basis of an alternative vision from the alternative government.

All Australians, not just public servants, deserve to know before polling day just how deep Dutton and the Coalition are really planning to cut.

John Hawkins is a former public servant and lives in Canberra.

– ref. Dutton hints he’ll sack 36,000 public servants. Voters deserve to know what services will be affected – https://theconversation.com/dutton-hints-hell-sack-36-000-public-servants-voters-deserve-to-know-what-services-will-be-affected-250797

MIL OSI Analysis – EveningReport.nz –

February 27, 2025
MIL-OSI United Kingdom: Scottish businesses sell to the world with £42 million lift
Source: United Kingdom – Executive Government & Departments

Press release

Scottish businesses sell to the world with £42 million lift

£42 million of export finance deals brokered with Scottish businesses over the last six months.
£42 million of export finance deals brokered with Scottish businesses since July

Boosting Scottish exports plays a vital role in growing the economy, a key part of the Plan for Change

Companies from a range of sectors including food and drink and offshore wind are benefitting from credit guarantees and insurance

Businesses behind Scotland’s most emblematic exports have been able to grow thanks to £42 million in UK Export Finance (UKEF) deals brokered so far since the summer.

Enabling companies such as Ferguson Whisky and manufacturer of fire and rescue vehicles Emergency One, which the government of Iraq has contracted to replace some of its fleet of fire engines, to expand to markets abroad helps to grow the economy and create jobs, delivering on the Plan for Change.

The latest Scottish business to benefit from support is Aberdeen-based First Tech – one of many offshore services firms in Scotland driving the energy transition and making the country a world-renowned centre of engineering skills. Scotland’s marine economy generated around £4.9 billion in 2022.

UKEF is renewing a £12 million support package delivered with Virgin Money for First Tech subsidiary First Subsea, allowing it to continue its growth into the offshore wind market and provide UK-made products like cable protections systems, bend restrictor products or heavy lift connectors, across the globe.

Minister Douglas Alexander will join UKEF representatives today at the ‘Made in Scotland’ roadshow, where he will encourage Scottish businesses to take advantage of the opportunities to sell abroad and hear first-hand about the support UKEF has provided.

Minister for Trade Policy Douglas Alexander said:

“Growing the economy is a key part of this UK Government’s Plan for Change, and we recognise the importance of boosting Scottish exports in achieving this.

“We’re working hard to ensure that Scottish businesses have the support they need to sell to the world and grow, and the help that UK Export Finance provides is a crucial part of this.”

Martin Suttie, First Tech Ltd Chairman said:

“First Tech is very proud to be at the forefront of the energy transition story with our continued expertise in oil and gas being a launchpad to make meaningful developments in both the fixed and floating offshore wind market through First Subsea and also First Marine Solutions.

“Floating wind technology enables almost every country in the world to integrate floating wind renewable energy into their energy mix. It is therefore vitally important that the industry continues to develop and prove large scale commercial developments if we are going to genuinely change the energy mix around the globe. The First Tech Group is excited to play an important part in making this transition happen.”

UKEF is the UK government’s export credit agency, providing credit guarantees and insurance helping smaller businesses to overcome financial barriers to exporting. Export credit is an integral part of the government trade support being promoted at the first ‘Made in Scotland, Sold to the World’ trade fair of 2025.

In 2021, Scotland’s exports were worth £50.1 billion, of which the majority – £33.5 billion – were goods.

UKEF’s specialised trade finance offer sits alongside other sources of support from public organisations like the Export Support Service, UK Export Academy and British Business Bank, which can offer more general access to finance.

Notes to editors:

UKEF is a UK government ministerial department and the nation’s export credit agency (ECA). UKEF helps exporters access working capital and manage the risk of not getting paid by offering a government guarantee. It supports companies of all sizes and multiple sectors across the UK.

UKEF works alongside other sources of public financing and business support in Scotland, including DBT Scotland, Scottish Enterprise, UK Infrastructure Bank, British Business Bank and Scottish National Investment Bank.

In 2024, Ferguson Whisky Limited secured a new £450,000 funding package from Virgin Money thanks to UKEF support. Ferguson can support investments in whisky and also organises distillery tours and other events.

Based in Cumnock, Emergency One is the UK’s leading manufacturer of fire and rescue vehicles. A UKEF loan has allowed the Iraqi government to purchase 31 Emergency One vehicles and deliver one of its biggest-ever investments into its emergency services. The vehicles will help to tackle the frequent fires which break out in Iraq, especially in the summer.

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Published 27 February 2025
MIL OSI United Kingdom –
February 27, 2025
MIL-OSI Canada: Prime Minister Justin Trudeau speaks with premiers to discuss the Canada-U.S. relationship and Canada’s fight against fentanyl

Source: Government of Canada – Prime Minister

Today, Prime Minister Justin Trudeau met virtually with Canada’s premiers to discuss Canada-U.S. relations and Canada’s fight against fentanyl. The Prime Minister was joined by the Minister of Finance and Intergovernmental Affairs, Dominic LeBlanc, the Minister of Public Safety, David J. McGuinty, and Canada’s Fentanyl Czar, Kevin Brosseau. The Prime Minister and the premiers welcomed the new Premier of Prince Edward Island, Rob Lantz, to the First Ministers’ table and thanked the Premier of Newfoundland and Labrador, Andrew Furey, for his contributions.

Minister McGuinty provided an update on Canada’s fight against fentanyl, noting progress on the ongoing implementation of Canada’s Border Plan as well as his and Mr. Brosseau’s recent conversations with counterparts in the U.S. He highlighted concrete actions Canada has taken to detect, disrupt, and dismantle the fentanyl trade and protect our communities, including by adding new and expanded detection and interdiction capacity at border entries. Canada’s Border Plan also includes working with provinces, territories, and local law enforcement to create three regional hubs that bring federal, provincial, and local law enforcement officers together to support and focus enforcement capacity and intercept organized crime and illegal drugs faster. The Prime Minister reaffirmed that the federal government will strengthen its efforts to eradicate this deadly substance from our communities.

First Ministers discussed the ongoing threat of unjustified U.S. tariffs, and they expressed their unanimous opposition to any tariffs on Canadian goods, including aluminum and steel. The Prime Minister stated that he remains hopeful that tariffs will not be imposed, but he reiterated that Canada stands ready to respond if needed.

The Prime Minister thanked the premiers for their ongoing engagement and contributions as part of a Team Canada approach. Federal, provincial, and territorial leaders noted that tariff-free trade between Canada and the U.S. has lowered prices, created jobs, generated economic growth, and increased the standard of living for Canadians and Americans alike. The Prime Minister and the premiers reiterated their commitment to preventing the U.S. from imposing any tariffs on Canadian goods and to removing barriers to internal trade and labour mobility within Canada.

The Prime Minister and the premiers agreed to remain united and in close contact as they confront threats to Canadian jobs and prosperity.

Associated Links

MIL OSI Canada News –

February 27, 2025
MIL-OSI Australia: Two Wells policing boost

Source: South Australia Police

Four police officers will join the Two Wells Police Station in the coming months in response to the rapidly increasing population of the region.

The increasing population of the Adelaide Plains town and surrounding areas, will also result in an upgrade to the local station to house the additional police in the future.

Commissioner of Police, Grant Stevens said the upgrade to the station will mean it can house up to 20 full time employees – from its current state of three officers.

“Initially there will be four additional positions, including a supervisor with the opportunity to expand in coming years as the housing developments are finalised,” Commissioner Stevens said.

“Currently police travel from other nearby stations to respond to calls for assistance and undertake policing duties. By having more officers based locally we will be able to increase our presence in the community.”

In addition to the Barossa Local Service Area positions, a further six Family and Domestic Violence Investigation Section (FVIS) Sergeant positions will be filled following a successful 12-month trial in the Far North Local Service Area.

“Unfortunately, we know the prevalence of family and domestic violence in our community and these additional resources will be able to support victims and hold offenders to account,” Commissioner Stevens said.

In total there will be 13 reassigned Family and Domestic Violence Investigation Officers and 14 reassigned Volume Crime Team positions and additional three Detective Senior Sergeant positions included in regional areas about 12 months ago.

All positions advertised are part of the additional 71 positions made redirected to frontline policing following additional government funding, and the successful programs such as the introduction of Police Security Officers in custody management areas, the civilianisation of some roles and the rationalisation of some small police stations.

These reassigned positions show SAPOL’s commitment to country policing with more than half of the recommended positions in the Regional Review now allocated.

MIL OSI News –

February 27, 2025
MIL-OSI Security: Apartment Renter for High-End Brothel Network Pleads Guilty

Source: Office of United States Attorneys

BOSTON – A Torrance, Calif. man pleaded guilty today in federal court in Boston to his involvement in operating sophisticated high-end brothels in greater Boston and eastern Virginia and to his involvement in fraudulently obtaining over $580,000 in COVID-19 relief funds.

James Lee, 70, pleaded guilty to one count of conspiracy to persuade, induce, entice, and coerce one or more individuals to travel in interstate or foreign commerce to engage in prostitution; one count of money laundering conspiracy; and one count of wire fraud. U.S. District Court Judge Julia E. Kobick scheduled sentencing for April 29, 2025. James Lee was arrested and charged in November 2023 with co-defendants Han Lee, 42, of Cambridge, Mass. and Junmyung Lee, 31, of Dedham, Mass. The defendants were subsequently indicted by a federal grand jury in February 2024.

From at least January 2022 through and including November 2023, James Lee knowingly conspired with Han Lee and Junmyung Lee to operate an interstate prostitution network with multiple brothels in greater Boston and eastern Virginia designed to entice women to travel interstate to engage in prostitution. James Lee and his co-conspirators also knowingly conspired with one another, and others, to launder the proceeds of the prostitution network by concealing that the money was derived from the prostitution conspiracy.

James Lee rented several high-end apartments in Boston and Eastern Virginia that were used as brothel locations. James Lee was the sole and legal tenant of at least six locations used by this prostitution network. In addition to using his own name to lease the apartments, James Lee would use fraudulent identities and, at times, stolen identities of actual people. James Lee was regularly compensated by his co-conspirators for both leasing apartments and for his travel to and from the brothel locations. Han Lee paid James Lee approximately $1,000 per month per active lease as a commission. James Lee served as a liaison between the females working in the units and the property managers by fielding calls and coordinating any issues that arose relating to maintenance and inspections.

James Lee and his co-conspirators concealed the proceeds of the prostitution network by depositing hundreds of thousands of dollars of cash proceeds into their personal bank accounts and peer-to-peer transfers. Additionally, the defendants regularly used hundreds of thousands of dollars of the cash proceeds from the prostitution business to purchase money orders (in values under an amount that would trigger reporting and identification requirements) to conceal the source of the funds. These money orders were then used to pay for rent and utilities at brothel locations in Massachusetts and Virginia.

Beginning in our around March 2020 through September 2021, James Lee submitted fraudulent information in an effort to obtain loans through CARES Act and the Small Business Administration’s programs like the Economic Injury Disaster Loan (“EIDL”) program and the Paycheck Protection Program (PPP). James Lee used personal identifying information of a third-party to submit false loan applications and open bank accounts used to accept COVID-19 relief funds. In addition James Lee fraudulently applied for PPP Loans and EIDL funds using the names of businesses that did not exist or served as shell companies in furtherance of the scheme. In support of the loan applications, James Lee submitted fraudulent tax documents in the name of the third party and a fraudulent lease between himself and his fraudulent identity. As a result of the scheme, James Lee obtained at least $580,000 in fraudulent EIDL funds and PPP loans.

Han Lee pleaded guilty in September 2024 and is scheduled to be sentenced on March 19, 2025. In October 2024, Junmyung Lee pleaded guilty and is scheduled to be sentenced on April 18, 2025.

Members of the public who have questions, concerns or information regarding this case should contact USAMA.VictimAssistance@usdoj.gov.

The charge of conspiracy to persuade, induce, entice, and coerce one or more individuals to travel in interstate or foreign commerce to engage in prostitution provides for a sentence of up to five years in prison, three years of supervised release and a fine of up to $250,000. The charge of money laundering conspiracy provides for a sentence of up to 20 years in prison, three years of supervised release and a $500,000 fine or twice the value of funds laundered, whatever is greater. The charge of wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $250,000 or twice the loss from the scheme. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

United States Attorney Leah B. Foley; Michael J. Krol, Special Agent in Charge of Homeland Security Investigations in New England; and Cambridge Police Commissioner Christine Elow made the announcement today. Valuable assistance was provided by the Central District of California; Eastern District of Virginia; U.S. Postal Service; and Watertown Police Department. Assistant U.S. Attorney Lindsey E. Weinstein of the Criminal Division and Assistant U.S. Attorney Raquelle Kaye, of the Asset Recovery Unit are prosecuting the case.

MIL Security OSI –

February 27, 2025
MIL-OSI Security: Bronx Former Attorney Sentenced To 70 Months In Prison For Large-Scale Immigration Fraud

Source: Office of United States Attorneys

Matthew Podolsky, Acting United States Attorney for the Southern District of New York, announced today that KOFI AMANKWAA, a Bronx-based former immigration attorney, was sentenced to 70 months in prison for immigration fraud in connection with his supervision of a multi-year scheme to file fraudulent immigration documents under the Violence Against Women Act (“VAWA”). AMANKWAA pled guilty on September 17, 2024, before U.S. District Judge Katherine Polk Failla, who imposed today’s sentence.

Acting U.S. Attorney Matthew Podolsky said: “Kofi Amankwaa, a former immigration attorney,made a mockery of the U.S. immigration system and VAWA — a law that provides noncitizen victims of domestic abuse a path to lawful permanent residence status — by filing thousands of immigration documents falsely alleging that his clients were victims of abuse by their children or other family members. Amankwaa repeatedly filed these false applications without telling his clients that he was doing so, and pocketed thousands of dollars from each client he victimized. Amankwaa now faces a significant prison sentence for his crimes.”

According to the allegations in the Information, public filings, and statements made in public court proceedings:

From September 2016 through November 2023, AMANKWAA and others at his direction met with clients and instructed them to sign fraudulent Form I-360 VAWA Petitions falsely stating that the clients were abused by their U.S. citizen children. AMANKWAA also signed the petitions, under penalty of perjury, as the attorney preparer.

AMANKWAA used the filing of the fraudulent Form I-360 VAWA Petitions, among other filings, as a basis to request for his clients advance parole travel documents — documents that enable individuals without legal status in the U.S. to travel abroad temporarily and return. AMANKWAA then directed his clients, upon obtaining the advance parole travel documents, to travel abroad and return to the U.S. Last, AMANKWAA used the fraudulently procured advance parole as a basis for his clients to apply for lawful permanent resident status.

AMANKWAA carried out this illegal scheme knowing that his clients had not, in fact, been abused by their children or without asking whether any such abuse occurred. Moreover, AMANKWAA was often unsuccessful in obtaining lawful permanent resident status for his clients because the clients’ immigration applications were denied on the basis of fraud, among other reasons. AMANKWAA typically charged his clients between $3,000 and $6,000 for his services, plus administrative fees.

In November 2023, following numerous complaints by clients regarding the fraudulent abuse allegations, AMANKWAA’s license to practice law in the State of New York was suspended, and in August 2024, AMANKWAA was disbarred.

* * *

In addition to the prison term, AMANKWAA, 70, of South River, New Jersey, was sentenced to three years of supervised release, and ordered to forfeit $13,389,000. As part of his plea agreement, AMANKWAA has also agreed to pay $16,503,425 in restitution to his victims. If you believe you or your family member is a victim of VAWA fraud who may be entitled to restitution from AMANKWAA, please contact USANYS.VAWAFraud@usdoj.gov.

Mr. Podolsky praised the outstanding investigative work of the Newark Field Office of Homeland Security Investigations. Mr. Podolsky also thanked the U.S. Citizenship and Immigration Services’ Office of Fraud Detection and National Security for their support in this investigation.

This case is being handled by the Office’s General Crimes Unit. Assistant U.S. Attorney Adam Z. Margulies is in charge of the prosecution, with assistance from Paralegal Specialist Samantha Roberts.

MIL Security OSI –

February 27, 2025
MIL-OSI Security: Simi Valley Couple Arrested for Abusing Asylum-Seeking Immigrants, Operating Illegal “Work for Smuggling” Scheme

Source: Office of United States Attorneys

LOS ANGELES – A Simi Valley couple were arrested today on charges that they abused asylum-seeking immigrants from Latin American countries by forcing them to do domestic labor around the house and hand over money they earned working outside the home.

Carolina Rojas, 50, and her husband Jairo John Gastelo, 45, were each charged with one count of conspiracy to commit forced labor and four counts of forced labor.

Rojas was separately charged with an additional four counts of trafficking with respect to forced labor, three counts of giving immigration documents to unauthorized persons, one count of encouraging and inducing illegal entry, and one count of witness tampering.

During initial appearances Wednesday afternoon in U.S. District Court in downtown Los Angeles, a federal magistrate judge ordered them detained and scheduled a trial for April 8.

“As described in the indictment, the defendants smuggled individuals into the United States and exploited them for their own financial gain,” said Acting United States Attorney Joseph McNally. “The enforcement of our immigration laws is critical to preventing forced labor and human trafficking. We will hold accountable those that violate these laws.”

“Today’s indictment shows the great lengths that the defendants went through to enrich themselves off smuggled aliens,” said HSI Los Angeles Special Agent in Charge Eddy Wang. “Labor trafficking continues to be an ongoing problem in our communities and HSI remains committed to holding traffickers accountable for their deplorable actions.”

According to the indictment, no later than November 2021 and continuing until at least March 2024, Rojas and Gastelo allegedly worked with each other and others to recruit foreign nationals from specifically Latin American countries to come to the United States for the purpose of providing forced labor upon arrival to their house in Simi Valley.

Rojas allegedly facilitated the foreign nationals’ entry into the United States by providing initial financial assistance and by making travel arrangements for each victim. Once successfully in the U.S., Rojas helped the victims get transportation to California and eventually to Rojas and Gastelo’s house in Simi Valley.

After arriving at the house, the defendants allegedly forced the victims to provide around-the-clock childcare for a child with special needs and perform other domestic labor. The victims received no pay for their services and were told by Rojas and Gastelo that their work was performed in exchange for rent at the home.

The defendants allegedly charged the foreign nationals a fee for being smuggled into the U.S. In some cases, Rojas connected victims with a nearby McDonald’s in Simi Valley where she had an arrangement with the manager to hire individuals she brought to work there. Rojas and Gastelo would then collect money from the victims’ jobs as repayment for their smuggling fee debt.

Before getting outside-the-house employment, Rojas allegedly helped procure fraudulent social security cards and permanent resident cards for the victims to use when seeking jobs. Rojas would then bring the victims to a check cashing company, where they could cash their checks in order to pay Rojas and Gastelo.

If convicted, Rojas and Gastelo face a statutory maximum of five years for conspiracy to commit forced labor and a statutory maximum of 20 years for each charge of forced labor.

Rojas faces an additional statutory maximum of 20 years for each charge of trafficking with respect to forced labor, a statutory maximum of 10 years for each charge of giving immigration documents to unauthorized persons, a statutory maximum of 10 years for encouraging and inducing illegal entry, and a statutory maximum of 20 years for witness tampering.

Indictments contain allegations that a defendant has committed a crime. Every defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

Homeland Security Investigations and Immigration and Customs Enforcement investigated this matter.

Assistant United States Attorneys K. Afia Bondero of the Major Frauds Section and Matt Coe-Odess of the General Crimes Section are prosecuting this case.

MIL Security OSI –

February 27, 2025
MIL-Evening Report: Peter Dutton strongly hints he’ll sack 36,000 public servants. Voters deserve to know what services will be affected

Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

Peter Dutton and his Coalition colleagues have dithered for several weeks on their plans for the Commonwealth public sector.

While being upfront that public service jobs would be targeted, they’ve made numerous contradictory statements about the number of public servants who would be sacked if the Coalition wins the coming election.

But Peter Dutton’s most recent comments confirm that he clearly wants to make significant cuts.

And it’s hard to see how the sackings wouldn’t erode important front line services that many Australians depend on for help and support.

36,000 jobs on the line

This week the opposition leader declared the Coalition would achieve A$24 billion dollars in savings by reducing the size of the public service.

He was unequivocal. The money would be clawed back over four years and would more than cover the Coalition’s promised $9 billion injection into Medicare.

Dutton explicitly tied the $24 billion in savings to the 36,000 Commonwealth public servants who have been hired since the last election

Under the Labor Party, there are 36,000 additional public servants, that’s at a cost of $6 billion a year, or $24 billion over the forward estimates. This program totals $9 billion over that period. So, we’ve well and truly identified the savings.

While still not nominating a precise number of job cuts, it’s Peter Dutton’s clearest statement of intent to date. By “truly” identifying the savings, 36,000 jobs are on the line. And it accords with Dutton’s earlier comments that the extra workers are not providing value for money for Australian taxpayers.

(They have) not improved the lives of Australians one iota

While this sounds like he wants to dismiss them all, senior colleagues are more circumspect.

According to Nationals leader David Littleproud, the number of job cuts has not yet been decided. Shadow Public Service Minister Jane Hume further muddied the waters by referring to the cuts being by attrition, and excluding frontline services.

Frontline services

The public service head count has grown to 185,343, as of June 2024. So cutting 36,000 staff, or even a large proportion of that number, would be a very significant reduction.

The agencies that added the most public servants between June 2023 and June 2024 were the National Disability Insurance Agency (up 2,193), Defence (up 1,425), Health and Aged Care (up 1,173) and Services Australia (up 1,149).

Many of these extra staff would be providing invaluable front line services to clients and customer who are accessing essential support.

And some of the new public servants replaced more expensive outsourced workers. Finance Minister Katy Gallagher has claimed the Albanese government has saved $4 billion of taxpayers’ money by reducing spending on consultants and contractors.

Rather than the alleged explosion in the size of the bureaucracy, the growth in public service numbers has closely matched the increase in the population. Last year, they accounted for 1.36% of all employed persons, up by only a minuscule degree on the 1.35% in 2016.

Canberra bashing

According to Dutton, the 36,000 additional public servants hired under Labor all work in Canberra. It was not a slip of the tongue. The claim is also in the Liberal Party’s pre-election pamphlet.

But only 37% of the public service workforce is located in the national capital. Half are based in state capitals. A full quarter of those involved in service delivery work in regional Australia.

The Liberals clearly think they have nothing to lose among Canberra voters, given they have no members or senators from the Australian Capital Territory.

The coming election will no doubt tell us if Canberra bashing still resonates with voters elsewhere in the country. Dutton has clearly made the political judgement that it does.

Another night of the long knives?

A change of government often precipitates a clean out at the top of the public service.

When the Howard government was elected in 1996, no fewer than six departmental secretaries were sacked on the infamous night of the long knives. Then prime minister Tony Abbott dismissed four departmental chiefs in one fell swoop after taking office in 2013. He didn’t even consult his treasurer before dumping the head of Treasury.

This pattern of culling senior public servants represents a chilling risk to good policy development. Departmental secretaries concerned about losing their jobs may be reluctant to give the “frank and fearless advice” their positions demand.

Read more:
After robodebt, here’s how Australia can have a truly ‘frank and fearless’ public service again

Spending cuts after the election

Voters are entitled to know what the Coalition has planned for the public service before they cast their ballots.

The lack of detail on job losses is matched by a reluctance to outline spending cuts elsewhere. Dutton has ruled out an Abbott-style audit commission. He is prepared to cut “wasteful” spending, but won’t say if it may be necessary to also chop some worthwhile outlays to dampen inflationary pressures.

Dutton is adamant that any spending cuts by a government he leads will be determined after the election, not announced before it. This does nothing for democratic accountability. It does not give the electorate the chance to cast their votes on the basis of an alternative vision from the alternative government.

All Australians, not just public servants, deserve to know before polling day just how deep Dutton and the Coalition are really planning to cut.

John Hawkins is a former public servant and lives in Canberra.

– ref. Peter Dutton strongly hints he’ll sack 36,000 public servants. Voters deserve to know what services will be affected – https://theconversation.com/peter-dutton-strongly-hints-hell-sack-36-000-public-servants-voters-deserve-to-know-what-services-will-be-affected-250797

MIL OSI Analysis – EveningReport.nz –

February 27, 2025
MIL-OSI USA: Crapo Votes to Confirm USTR Nominee

US Senate News:

Source: United States Senator for Idaho Mike Crapo
Washington, D.C.–Today, the U.S. Senate confirmed Jamieson Greer to be United States Trade Representative (USTR) by a bipartisan vote of 56-43. In remarks delivered on the Floor, U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) called on his Senate colleagues to support the nomination, highlighting Mr. Greer’s extensive trade experience and commitment to advancing a robust trade agenda that prioritizes American farmers, ranchers, workers and businesses.

As delivered:
“I rise today to urge my colleagues to vote in favor of the confirmation of Mr. Jamieson Greer, who is nominated to serve as the United States Trade Representative.
“I think I ought to set a couple of facts straight about President Trump’s utilization of the various policies when he was President the first time.
“It was said that wages went down, prices went up and people were going to face terrible, dire consequences if he’s able to follow his trade policies again in this term.
“The reality is that under President Trump, wages went up, jobs went up, unemployment went down, benefits went up, the economy grew dramatically and we had the strongest economy in our lifetimes because of the policies President Trump pursued.
“So I don’t think people should let these politics of fear saying that everything President Trump does is going to hurt people convince them otherwise.
“The Office of the U.S. Trade Representative, created in 1962 by Congress, develops and coordinates U.S. international trade policy and oversees trade negotiations with other countries.
“The U.S. Trade Representative—the role for which Mr. Greer is nominated—historically and statutorily serves as the United States’ principal advisor, negotiator and spokesperson on trade issues.
“Mr. Greer is well-suited for these roles as demonstrated during his previous tenure as USTR Chief of Staff when he worked with both sides of the aisle in negotiating and securing congressional approval of the United States-Mexico-Canada Agreement, which passed the Senate 89-10.
“Throughout the nomination process, Mr. Greer demonstrated his strong commitment to work with Congress in a bipartisan fashion to advance the interests of our farmers, ranchers, fishers and workers.
“In particular, I applaud Mr. Greer’s commitment to open markets for our farmers and manufacturers by negotiating new agreements and enforcing existing ones.
“I fully welcome a return to a USTR that performs its statutory obligation of creating new opportunities for Americans. And I look forward to USTR’s forthcoming reviews of foreign trade barriers that stymie U.S. investment and exports.
“I urge my colleagues to join me, now, to advance Mr. Greer’s nomination.
“It is critical to have a USTR at the helm of these investigations and to support the Administration’s return to an active and robust trade agenda that prioritizes American farmers, ranchers, workers and businesses.”

MIL OSI USA News –

February 27, 2025
MIL-OSI USA: Spokane Police Chief Joins Cantwell for Hearing on Fentanyl Trafficking on U.S. Transportation Networks

US Senate News:

Source: United States Senator for Washington Maria Cantwell

02.26.25

Spokane Police Chief Joins Cantwell for Hearing on Fentanyl Trafficking on U.S. Transportation Networks

Cantwell bill to help law enforcement detect more fentanyl traffickers has been endorsed by Seattle, King Co., Vancouver, Spokane, and Spokane Co. Police Departments; SPD Chief: “Any tool will help us down this road, whether it’s x-ray technology, vapor technology [or] canine technology”

WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell, ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, invited Spokane Chief of Police Kevin Hall to participate in a Commerce Committee hearing titled, “Interdicting Illicit Drug Trafficking: A View from the Front Lines.”

During the hearing, Sen. Cantwell discussed how her legislation, the Stop Smuggling Illicit Synthetic Drugs on U.S. Transportation Networks Act, could boost law enforcement’s ability to detect fentanyl being smuggled via commercial aircraft, railroads, vehicles, and ships.

In his opening remarks, Spokane Police Chief Kevin Hall explained how cartels utilize U.S. transportation networks to traffic fentanyl across state lines: “Recent seizures highlight the scale of trafficking along transportation routes,” said Chief Hall. “[The] Spokane supply chain follows similar patterns, moving drugs from Mexico along interstates, I-19, I-10 and I-5, before reaching Eastern Washington via I-90. Spokane officers have recently encountered bulk powder fentanyl, an emerging and highly dangerous trend.”

“The supply chain is clear: the Chinese Triad sells precursor chemicals to Mexican drug cartels, hidden on ships and in air cargoes, and cartels make fentanyl and smuggle it through the United States,” said Sen. Cantwell. “They hide fentanyl and personal vehicles, commercial trucks, buses, trains, planes and even on unmanned aerial vehicles. So, this is a danger to our national security and our transportation security. It is very highly toxic.”

During the hearing, Chief Hall – who previously served 32 years for the Tucson Police Department, about an hour’s drive from the Southern border — described the elaborate methods used by cartels to smuggle fentanyl pills into the country: “The investment by the cartels — and make no mistake, this is all cartel driven — is such that they will completely disassemble a vehicle, a brand new vehicle, put as much narcotics into every single void inside that vehicle, and then assemble it again. They will go through that amount of energy, put the vehicle back together, and put it on the road and it’s off on the freeways.”

That was the case in a pair of busts led by the Tucson Police Department in October and November of 2024, when 1.7 million pills were discovered stashed away in vehicles just north of the border: “Two nondescript sedans that had to be completely disassembled in order to recover all of those narcotics,” Chief Hall said.

“This is why I want us to have a more collaborative effort here. . . . they’re tearing cars apart, and so, what do you think a new vapor technology could help us do?” Sen. Cantwell asked.

“Any tool will help us down this road, whether it’s x-ray technology, vapor technology, even going to like, I call old school, canine technology. They’re all very effective in different ways,” said Chief Hall.

In September 2024, Sen. Cantwell introduced the Stop Smuggling Illicit Synthetic Drugs on U.S. Transportation Networks Act. This bill would create first-ever inspection strategies to stop drug smuggling by commercial aircraft, railroads, vehicles, and ships. The legislation would boost local, state, federal, and tribal law enforcement resources, increase inspections at ports of entry, and deploy next generation non-intrusive detection technologies – similar to handheld security wands that can detect traces of illicit substances in vehicles or on persons during inspections.

Sen. Cantwell held a press conference with Spokane Police Chief Hall and Spokane County Sheriff John Nowels on this legislation at Spokane Fire Station 1 this past October. Photos from that press conference are available HERE.

Sen. Cantwell’s bill aims to support law enforcement in stemming the flow of fentanyl into our communities. The bill would supply more resources to carry out actions like the major bust at SeaTac Airport and the University District neighborhood completed by the Seattle office of Homeland Security Investigations (HSI) last fall, or the bust led by the Drug Enforcement Administration, Bureau of Indian Affairs, and others that prevented more than 100 pounds of illegal drugs from being trafficked across the Confederated Tribes of the Colville Reservation in April 2023.

At today’s hearing, Chair Ted Cruz (R-TX) committed to working with Sen. Cantwell on legislation to stop illicit fentanyl smuggling in the United States.

“Intercepting illicit drugs like fentanyl at airports is challenging, but we’re grateful to be working with partners at all levels to combat drugs being imported into our communities,” said Port of Seattle Commission President Toshiko Hasegawa. “Many of these drugs are in checked bags and go through a screening process, but the struggle lies in bridging the gap between technology and legal restrictions. The POSPD drug interdiction unit, alongside our drug detection canines, are successfully seizing large quantities of fentanyl pills and other substances and remain committed to making our communities and the airport safer.”

Sen. Cantwell has pursued multiple paths to addressing the fentanyl crisis, including holding a statewide listening tour to hear directly from people on the front lines of the fentanyl crisis; urging committees of jurisdiction to convene hearings and consider legislative solutions; voting for new laws to provide funding and tools to confront the crisis; and securing funding specifically for Washington state to respond to the crisis.

Among other measures to fight fentanyl trafficking, last year Sen. Cantwell voted for $1.69 billion in new federal funding to combat fentanyl and other illicit drugs coming into the United States, including an additional $385.2 million to increase security at U.S. ports of entry, with the goal of catching more illegal drugs like fentanyl before they make it across the border. That funding included critical resources for Non-Intrusive Inspection (NII) technology at land and seaports of entries. NII technologies—like large-scale X-ray and Gamma ray imaging systems, as well as a variety of portable and handheld technologies—allow U.S. Customs and Border Protection to help detect and prevent contraband from being smuggled into the country without disrupting flow at the border.

A background document on Sen. Cantwell’s legislative track record and advocacy to combat the fentanyl crisis is available HERE.

Video of Chief Hall’s full opening remarks is HERE and a transcript is HERE. Video of Sen. Cantwell’s opening remarks is HERE; video of their Q&A is HERE; and a transcript is HERE.

MIL OSI USA News –

February 27, 2025

Category: Finance

IMF Communications Department

MEDIA RELATIONS

IMF Communications Department

MEDIA RELATIONS

Source: Federated Farmers

36,000 jobs on the line

Frontline services

Canberra bashing

Another night of the long knives?

Spending cuts after the election

Scottish businesses sell to the world with £42 million lift

Minister for Trade Policy Douglas Alexander said:

Martin Suttie, First Tech Ltd Chairman said:

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36,000 jobs on the line

Frontline services

Canberra bashing

Another night of the long knives?

Spending cuts after the election

Spokane Police Chief Joins Cantwell for Hearing on Fentanyl Trafficking on U.S. Transportation Networks

Cantwell bill to help law enforcement detect more fentanyl traffickers has been endorsed by Seattle, King Co., Vancouver, Spokane, and Spokane Co. Police Departments; SPD Chief: “Any tool will help us down this road, whether it’s x-ray technology, vapor technology [or] canine technology”