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Category: Finance

  • MIL-OSI Security: Feeding Hills, Massachusetts Man Sentenced to 68 Months for Drug Trafficking Conspiracy

    Source: Office of United States Attorneys

    Burlington, Vermont – The United States Attorney’s Office for the District of Vermont stated that on October 29, 2024, Eddie Melendez (a/k/a “Bart”), 31, of Feeding Hills, Massachusetts, was sentenced by Chief United States District Judge Christina Reiss to a term of 68 months’ imprisonment to be followed by a 3-year term of supervised release. Eddie Melendez previously pleaded guilty to conspiring with numerous other individuals to distribute fentanyl and cocaine base in and around Rutland, Vermont.

    According to court records, Melendez was the leader of a drug distribution organization that had been transporting hundreds of grams of cocaine base and thousands of bags of heroin/fentanyl from Massachusetts to the Rutland, Vermont area on a regular basis since at least late 2019 or early 2020 until January 2024. During the course of the conspiracy, Melendez and his associates used Rutland area hotels and at least five private residences as locations to sell illegal drugs. More than a dozen associates of Melendez were involved in distributing controlled substances for his drug trafficking organization or hosting its operations within their residences, and Melendez stipulated that he coordinated the drug activities of the organization. Investigators completed fourteen controlled purchases into Melendez’s drug trafficking organization between August 2023 and January 2024.

    United States Attorney Nikolas P. Kerest commended the collaborative investigatory efforts of the Vermont State Police’s Drug Task Force, Homeland Security Investigations, Rutland City Police Department, the Federal Bureau of Investigation, and the Ludlow Police Department.

    The case was prosecuted by Assistant U.S. Attorneys Jason Turner and Jonathan Ophardt. Melendez was represented by John-Claude Charbonneau, Esq.

    MIL Security OSI –

    January 25, 2025

  • MIL-OSI Security: Galeas Patriarch, HSO Leader Sentenced to 30 Years in Federal Prison for Human Smuggling and Money Laundering

    Source: Office of United States Attorneys

    DEL RIO, Texas – The leader of a human smuggling organization (HSO) was sentenced in a federal court in Del Rio to 360 months in federal prison on Wednesday.

    According to court documents, Roberto Galeas-Mejia, 48, of Honduras, led a San Antonio-based HSO, overseeing activities that included the transportation and harboring of undocumented noncitizens and the coordination of payments. Funds were funneled through conspirators’ bank accounts and used to pay load drivers and stash house operators, as well as to rent stash houses and further aid the HSO. Funds were also used for personal expenses such as vehicle purchases. Over the course of the investigation, Homeland Security Investigations thwarted multiple smuggling loads and arrested numerous co-conspirators and undocumented noncitizens.

    On July 27, 2022, a federal jury found Galeas-Mejia guilty of all three counts in a superseding indictment: conspiracy to transport illegal migrants, conspiracy to harbor illegal migrants, and conspiracy to launder monetary instruments. His wife Eva Maria Galeas and stepdaughter Lisa Marie Ortega, both of San Antonio, were also found guilty as co-conspirators. His sisters Sandra and Norma Galeas-Mejia, of Honduras, were also co-conspirators but pleaded guilty. The four women were sentenced in March.

    During the March sentence hearing, Chief U.S. District Judge Alia Moses ordered the forfeiture of $603,593.00, which was discovered in a safe during a search of Roberto’s home that he shared with Eva and Lisa Marie Ortega. On Wednesday, Roberto Galeas was also ordered to pay a money judgement of $1,008,000.

    HSI investigated the case with valuable assistance from U.S. Border Patrol, Texas Department of Public Safety, Maverick County Sheriff’s Office, Eagle Pass Police Department, Dimmit County Sheriff’s Office and the Bexar County Sheriff’s Office.

    Assistant U.S. Attorneys Holly Pavlinski, Antonio Franco and Rex Beasley prosecuted the case.

    ###

    MIL Security OSI –

    January 25, 2025

  • MIL-OSI United Kingdom: UK Export Finance support for export of air defence systems to Poland

    Source: United Kingdom – Executive Government & Departments

    The UK government supports the export of air defence systems and associated goods and services (the ‘NAREW Programme’) by UK defence and Polish companies MBDA UK Limited and Polska Grupa Zbrojeniowa.

    Documents

    Letter from UK Export Finance to Secretary of State for Business & Trade on NAREW air defence programme, 2024

    PDF, 123 KB, 2 pages

    Letter from Secretary of State for Business & Trade to UK Export Finance on NAREW air defence programme, 2024

    PDF, 112 KB, 1 page

    Letter from UK Export Finance to Secretary of State for Business & Trade on NAREW air defence programme, 2024

    HTML

    Letter from Secretary of State for Business & Trade to UK Export Finance on NAREW air defence programme, 2024

    HTML

    Details

    The first letter is from the UK Export Finance (UKEF) Chief Executive and Accounting Officer to the DBT Secretary of State. It requests ministerial direction on UKEF financing support associated with the NAREW air defence programme in Poland, in which MBDA UK Limited is a key supplier. The reasons for the request are set out in this letter.

    The second letter is from the DBT Secretary of State to the UKEF Chief Executive and Accounting Officer. It confirms the ministerial direction on UKEF financing support associated with the NAREW air defence programme in Poland.

    Updates to this page

    Published 31 October 2024

    Sign up for emails or print this page

    MIL OSI United Kingdom –

    January 25, 2025

  • MIL-OSI: International Petroleum Corporation Announces Results of Normal Course Issuer Bid and Updated Share Capital

    Source: GlobeNewswire (MIL-OSI)

    International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 66,800 IPC common shares (ISIN: CA46016U1084) during the period of October 28 to 31, 2024 under IPC’s normal course issuer bid / share repurchase program (NCIB).

    IPC’s NCIB, announced on December 1, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.

    During the period of October 28 to 31, 2024, IPC repurchased a total of 52,500 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.

    For more information regarding transactions under the NCIB in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of October 28 to 31, 2024, see the following link to Nasdaq Stockholm’s website:

    www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/stockholm/repurchases-of-own-shares

    A detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of October 28 to 31, 2024 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation is available with this press release on IPC’s website: www.international-petroleum.com/news-and-media/press-releases.

    During the same period, IPC purchased a total of 14,300 IPC common shares on the TSX. All of these share repurchases were carried out by ATB Capital Markets Inc. on behalf of IPC.

    All common shares repurchased by IPC under the NCIB will be cancelled. During October 2024, IPC cancelled 506,400 common shares repurchased under the NCIB. As at October 31, 2024, the total number of issued and outstanding IPC common shares is 120,244,638 with voting rights and IPC holds 44,400 common shares in treasury.

    Since December 5, 2023 up to and including October 31, 2024, a total of 8,024,582 IPC common shares have been repurchased under the NCIB through the facilities of the TSX and Nasdaq Stockholm. A maximum of 8,342,119 IPC common shares may be repurchased over the period of twelve months commencing December 5, 2023 and ending December 4, 2024, or until such earlier date as the NCIB is completed or terminated by IPC.

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50    		   Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15

    This information is information that International Petroleum Corporation is required to make public pursuant to the Swedish Financial Instruments Trading Act. The information
    was submitted for publication, through the contact persons set out above, at 17:30 CET on October 31, 2024.

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements with respect to: the ability and willingness of IPC to continue the NCIB, including the number of common shares to be acquired and cancelled and the timing of such purchases and cancellations; and the return of value to IPC’s shareholders as a result of any common share repurchases.

    The forward-looking statements are based on certain key expectations and assumptions made by IPC, including expectations and assumptions concerning: prevailing commodity prices and currency exchange rates; applicable royalty rates and tax laws; interest rates; future well production rates and reserve and contingent resource volumes; operating costs; our ability to maintain our existing credit ratings; our ability to achieve our performance targets; the timing of receipt of regulatory approvals; the performance of existing wells; the success obtained in drilling new wells; anticipated timing and results of capital expenditures; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the successful completion of acquisitions and dispositions and that we will be able to implement our standards, controls, procedures and policies in respect of any acquisitions and realize the expected synergies on the anticipated timeline or at all; the benefits of acquisitions; the state of the economy and the exploration and production business in the jurisdictions in which IPC operates and globally; the availability and cost of financing, labour and services; our intention to complete share repurchases under our normal course issuer bid program, including the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies; and the ability to market crude oil, natural gas and natural gas liquids successfully.

    Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: general global economic, market and business conditions; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; the ability to attract, engage and retain skilled employees; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; geopolitical conflicts, including the war between Ukraine and Russia and the conflict in the Middle East, and their potential impact on, among other things, global market conditions; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in IPC’s annual information form for the year ended December 31, 2023 (See “Cautionary Statement Regarding Forward-Looking Information”, “Risks Factors” and “Reserves and Resources Advisory” therein), in the management’s discussion and analysis (MD&A) for the three and six months ended June 30, 2024 (See “Cautionary Statement Regarding Forward-Looking Information”, “Risks Factors” and “Reserves and Resources Advisory” therein) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).

    Attachment

    • IPC PR Buyback results period of October 28 to 31 2024 and updated share capital 31-10-24

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Q3 & 9 MONTHS 2024 RESULTS

    Source: GlobeNewswire (MIL-OSI)

    Paris (France), October 31st, 2024, 17h45 CET

    Q3 & 9 MONTHS 2024 RESULTS

    DELIVERING ON CASH GENERATION AND FINANCIAL ROADMAP

    ON TRACK TO HIT OUR FULL YEAR TARGET

      Q3 9M1
    Revenue2 $246m $778m (-3%)
    Adjusted EBITDA2 $98m $298m (+7%)
    Net Cash-Flow $10m $34m (vs -$15m in 9M 2023)

    Sophie Zurquiyah, Chief Executive Officer of Viridien, said:

    “Our results since the start of the year demonstrate the strength of our strategic vision, with technology leadership, new business growth, and cash flow all showing significant progress.

    Geoscience was particularly strong this quarter, leveraging its clear differentiation, best-in class imaging technology and HPC computing power to achieve a record high order book. In Earth Data, the Laconia project, using our most advanced technology, saw increased prefunding and is continuing to progress well.

    Sensing & Monitoring is actively implementing its adaption plan and is on track to achieve in 2025 the expected outcomes in cost reduction and operational flexibility to improve performance across the industry cycles.

    Lastly, we continue to address our financial roadmap with the implementation of the bond buyback program and looking forward, reaffirm our full-year targets”.

    Third Quarter Highlights2

    • Group2
      • IFRS Revenue, EBITDA and Net Income of respectively $219 million, $71 million, $(10) million.
      • Overall group revenue decline in absence of mega crew in Sensing & Monitoring (SMO, revenue down 50%) compared to Q3 2023. Stable DDE revenue, with very strong momentum at Geoscience (revenue + 32% and order intake +91%).
      • Group adjusted EBITDA of $98M, including -$12M penalty fees from vessel commitment. DDE Adjusted EBITDA of $108 million, up 5% thanks to strong Geoscience performance. SMO adjusted EBITDA of $1M (vs $12M).  
    • Net Cash flow of $10 million, including -$18 million contractual fees from vessel commitment.
    • Implementation of the bond buy back program. $25M already bought on the $30M 2024 program as of October 31 (o.w. $12M bought and cancelled as of September 30).
    • Liquidity at $442 million (including $100 million undrawn RCF).
    • Digital, Data and Energy Transition (DDE)
      • Revenue $187 million, up 1%: strong revenue growth at Geoscience offset by lower level of aftersale at Earth Data.
      • Adjusted EBITDA $108 million, up 5%: profitability impacted by -$12 million in penalty fees from vessel commitments (vs -$20 million during Q3 2003).
      • Geoscience
        • Revenue at $103 million (+32%).
        • Geoscience performance continues to be driven by technology leadership. Order intake (up 91%) benefits from best in class imaging technology, new UK HPC hub and increased activity in the Middle East.
        • The new businesses confirm positive momentum, both in CCUS with the release of the latest phase of Gulf of Mexico Carbon Storage Study to support upcoming lease rounds and in Minerals & Mining with the award of a sensing program in Oman, to identify, map and rank mineralization prospectivity potential.
      • Earth Data
        • Revenue: $83 million (-22%).
        • Prefunding revenue at $58 million (+4%). First contribution of the Laconia project in the Gulf of Mexico. Weaker after-sales in Q3 (down 50% at $26 million) with unfavorable cut offs.
        • New businesses: revenue from the Norwegian survey for Carbon storage leading to the reprocessing of legacy data in the area.
    • Sensing and Monitoring (SMO)
      • Revenue at $59 million, down 51% across land and marine products, following delivery of the “mega crew” systems in 2023.
      • Adjusted EBITDA at $1 million (vs $12M).
      • Transformation plan on track to achieve the expected cost reduction and operational flexibility.
      • New businesses representing 17% of revenue. Delivery of land seismic nodes for large-scale seismic surveys planned in urban areas to target energy resources, including geothermal.
    • 2024 Financial objectives
      • The Group reiterates its 2024 financial objectives and confirms its 2024-2025 financial roadmap.
        • Revenue expected to be in line with 2023
        • EBITDA to be positively impacted by business mix
        • Earth Data cash Capex expected at $230-250M
        • Net Cash Flow to reach similar level as 2023
    • Q3 2024 Conference call
      • The press release and the presentation are available on our website www.viridiengroup.com at 5:45 pm (CET)
      • An English language analysts conference call is scheduled today at 6.00 pm (CET)

    Participants should register for the call here to receive a dial-in number and code or participate in the live webcast from here.

    A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company’s website.

    The Board of Directors met on October 31, 2024 and approved the consolidated financial statements ending September 30, 2024.

    About Viridien:

    Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,500 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN until July 30: FR0013181864 and ISIN as from July 31: FR001400PVN6).

    Contact:

     VP Corporate Finance

    Jean-Baptiste Roussille
    jean-baptiste.roussille@viridiengroup.com

    Q3 2024 – Financial Results

     CONSOLIDATED FINANCIAL STATEMENTS – September 30th, 2024

    Unaudited Interim Consolidated statement of operations – Year-To-Date

        Nine months ended September 30,
    (In millions of US$, except per share data) Notes 2024 2023
    Operating revenues   784.8 810.4
    Other income from ordinary activities   0.1 0.2
    Total income from ordinary activities   784.9 810.6
    Cost of operations   (587.1) (578.0)
    Gross profit   197.8 232.6
    Research and development expenses – net   (15.2) (20.5)
    Marketing and selling expenses   (28.6) (26.6)
    General and administrative expenses   (55.9) (54.2)
    Other revenues (expenses) – net 8 (3.6) (0.9)
    Operating income (loss)   94.6 130.4
    Cost of financial debt – gross   (82.3) (79.5)
    Income provided by cash and cash equivalents   8.7 4.0
    Cost of financial debt, net   (73.6) (75.5)
    Other financial income (loss) 9 (0.9) (1.6)
    Income (loss) before incomes taxes and share of income (loss) from companies accounted for under the equity method   20.1 53.3
    Income taxes   (14.2) (24.6)
    Net income (loss) before share of income (loss) from companies accounted for under the equity method   6.0 28.7
    Net income (loss) from companies accounted for under the equity method   0.9 0.5
    Net income (loss) from continuing operations   6.9 29.2
    Net income (loss) from discontinued operations 3 14.7 2.3
    Consolidated net income (loss)   21.6 31.5
    Attributable to :      
    Owners of Viridien S.A $ 21.2 28.0
    Non-controlling interests $ 0.4 3.5
    Net income (loss) per share      
    Basic $ 2.97 0.04
    Diluted $ 2.95 0.04
    Net income (loss) from continuing operations per share      
    Basic $ 0.91 0.04
    Diluted $ 0.91 0.04
    Net income (loss) from discontinued operations per share (a)      
    Basic $ 2.06 –
    Diluted $ 2.05 –

    (a)   Earning per share is presented as nil being less than US$0.01 at September 30,2023.

    See the notes to the Unaudited Interim Consolidated Financial Statements

    Unaudited Interim Consolidated statement of comprehensive income (loss) – Year-To-Date

        Nine months ended September 30,
    (In millions of US$) Notes 2024 (a) 2023 (a)
    Net income (loss) from statements of operations   21.6 31.5
    Net gain (loss) on cash flow hedges   0.2 0.2
    Variation in translation adjustments   3.3 10.5
    Net other comprehensive income (loss) to be reclassified in profit (loss) in subsequent period (1)   3.5 10.7
    Net gain (loss) on actuarial changes on pension plan   0.4 (0.7)
    Net other comprehensive income (loss) not to be reclassified in profit (loss) in subsequent period (2)   0.4 (0.7)
    Total other comprehensive income (loss) for the period. net of taxes (1) + (2)   3.9 10.0
    Total comprehensive income (loss) for the period   25.5 41.5
    Attributable to:   –  
    Owners of Viridien S.A.   24.7 39.2
    Non-controlling interests   0.8 2.3

    (a)  Including other comprehensive income related to the discontinued operations.

    Unaudited Interim Consolidated statement of financial position

    (In millions of US$) Notes September 30,
    2023    		 December 31, 2023
    ASSETS      
    Cash and cash equivalents   341.7 327.0
    Trade accounts and notes receivable, net   287.3 310.9
    Inventories and work-in-progress, net   207.1 212.9
    Income tax assets   37.0 30.8
    Other current assets, net   67.4 92.1
    Total current assets   940.5 973.7
    Deferred tax assets   35.5 29.9
    Other non-current assets, net   7.8 6.8
    Investments and other financial assets, net   25.3 22.7
    Investments in companies under the equity method   2.6 2.2
    Property, plant and equipment, net 4 230.7 206.1
    Intangible assets, net   611.5 579.7
    Goodwill, net   1 098.1 1 095.5
    Total non-current assets   2 011.4 1 942.9
    TOTAL ASSETS   2 951.9 2 916.6
    LIABILITIES AND EQUITY      
    Financial debt – current portion 5 79.8 58.0
    Trade accounts and notes payables   94.1 86.4
    Accrued payroll costs   87.9 89.1
    Income taxes payable   21.2 12.5
    Advance billings to customers   19.1 24.0
    Provisions — current portion   8.1 8.7
    Other current financial liabilities   5.9 21.3
    Other current liabilities   233.6 250.3
    Total current liabilities   549.8 550.3
    Deferred tax liabilities   22.1 24.3
    Provisions — non-current portion   32.8 30.1
    Financial debt – non-current portion 5 1 265.1 1 242.8
    Other non-current financial liabilities   – 0.5
    Other non-current liabilities   1.7 4.3
    Total non-current liabilities   1 321.7 1 302.0
    Common stock: 11,212,215 shares authorized and 7,161,465 shares with a €1.00 nominal value outstanding at September 30, 2024   8.7 8.7
    Additional paid-in capital   118.7 118.7
    Retained earnings   1 004.0 980.4
    Other Reserves   19.8 27.3
    Treasury shares   (20.1) (20.1)
    Cumulative income and expense recognized directly in equity   (1.2) (1.4)
    Cumulative translation adjustment   (87.9) (90.8)
    Equity attributable to owners of Viridien S.A.   1 042.0 1 022.8
    Non-controlling interests   38.5 41.5
    Total equity   1 080.5 1 064.3
    TOTAL LIABILITIES AND EQUITY   2 951.9 2 916.6

    See the notes to the Unaudited Interim Consolidated Financial Statements

    Unaudited Interim Consolidated statement of cash flows

        Nine months ended September 30,
    (In millions of US$) Notes 2024 2023
    OPERATING ACTIVITIES      
    Consolidated net income (loss)   21.6 31.5
    Less: Net income (loss) from discontinued operations 3 (14.7) (2.3)
    Net income (loss) from continuing operations   6.9 29.2
    Depreciation, amortization and impairment   71.8 63.3
    Earth Data surveys impairment and amortization   144.0 99.8
    Depreciation and amortization capitalized in Earth Data surveys   (11.6) (11.8)
    Variance on provisions   0.2 0.5
    Share-based compensation expenses   2.2 1.7
    Net (gain) loss on disposal of fixed and financial assets   0.1 0.1
    Share of (income) loss in companies recognized under equity method   (0.9) (0.5)
    Other non-cash items   (2.5) 1.8
    Net cash-flow including net cost of financial debt and income tax   210.2 184.1
    Less : Cost of financial debt   73.6 75.5
    Less : Income tax expense (gain)   14.2 24.6
    Net cash-flow excluding net cost of financial debt and income tax   297.9 284.2
    Income tax paid   (10.0) (3.8)
    Net cash-flow before changes in working capital   287.9 280.4
    Changes in working capital   10.0 (23.5)
    – change in trade accounts and notes receivable   (2.3) (29.4)
    – change in inventories and work-in-progress   7.0 17.4
    – change in other current assets   14.9 6.6
    – change in trade accounts and notes payable   10.6 (0.4)
    – change in other current liabilities   (20.2) (17.7)
    Net cash-flow from operating activities   297.8 256.9
    INVESTING ACTIVITIES      
    Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers, excluding Earth Data surveys) 4 (24.3) (48.3)
    Investment in Earth Data surveys   (180.1) (141.7)
    Proceeds from disposals of tangible and intangible assets   1.1 –
    Dividends received from investments in companies under the equity method   0.5 –
    Total net proceeds from financial assets   – (1.9)
    Variation in other non-current financial assets   (2.1) (2.9)
    Net cash-flow used in investing activities   (205.0) (194.8)
        Nine months ended September 30
    (In millions of US$) Notes 2024 2023
    FINANCING ACTIVITIES      
    Repayment of long-term debt 5 (12.2) (1.5)
    Total issuance of long-term debt 5 0.1 23.0
    Lease repayments 5 (43.4) (37.9)
    Financial expenses paid 5 (42.2) (46.5)
    Dividends paid and share capital reimbursements:   –  
    — to owners of Viridien   0.0 –
    — to non-controlling interests of integrated companies   (3.8) (0.8)
    Net cash-flow provided by (used in) financing activities   (101.6) (63.7)
    Effects of exchange rates on cash   1.1 (4.3)
    Net cash flows incurred by discontinued operations 3 22.4 (17.0)
    Net increase (decrease) in cash and cash equivalents   14.7 (22.9)
    Cash and cash equivalents at beginning of year   327.0 298.0
    Cash and cash equivalents at end of period   341.7 275.1

    See the notes to the Interim Consolidated Financial Statements

    Unaudited Interim Consolidated statements of changes in equity

    Amounts in millions of
    US$. except share data    		 Number of Shares issued Share capital Additional paid-in capital Retained earnings Other reserves Treasury shares Income and expense recognized directly in equity Cumulative translation adjustment Equity attributable to owners of Viridien S.A. Non-controlling interests Total equity
    Balance at January 1, 2023 7 123 573 8.7 118.6 967.9 50.0 (20.1) (3.4) (102.4) 1 019.3 39.5 1 058.8
    Net gain (loss) on actuarial changes on pension plan (1)       (0.7)         (0.7)   (0.7)
    Net gain (loss) on cash flow hedges (2)             0.2   0.2   0.2
    Net gain (loss) on translation adjustments (3)               11.7 11.7 (1.2) 10.5
    Other comprehensive income (1)+(2)+(3) – – – (0.7) – – 0.2 11.7 11.2 (1.2) 10.0
    Net income (loss) (4)       28.0         28.0 3.5 31.5
    Comprehensive income (1)+(2)+(3)+(4) – – – 27.3 – – 0.2 11.7 39.2 2.3 41.5
    Exercise of warrants 238   0.1           0.1   0.1
    Dividends                 – (0.9) (0.9)
    Cost of share-based payment 12 951     1.7         1.7   1.7
    Variation in translation adjustments generated by the parent company         (10.7)       (10.7)   (10.7)
    Balance at September 30, 2023 7 136 763(a) 8.7 118.7 996.9 39.3 (20.1) (3.2) (90.7) 1 049.6 40.9 1 090.5
    Amounts in millions of
    US$. except share data    		 Number of Shares issued Share capital Additional paid-in capital Retained earnings Other reserves Treasury shares Income and expense recognized directly in equity Cumulative translation adjustment Equity attributable to owners of Viridien S.A. Non-controlling interests Total equity
    Balance at January 1, 2024 7 136 763 8.7 118.7 980.4 27.3 (20.1) (1.4) (90.8) 1 022.8 41.5 1 064.3
    Net gain (loss) on actuarial changes on pension plan (1)       0.4         0.4   0.4
    Net gain (loss) on cash flow hedges (2)             0.2   0.2   0.2
    Net gain (loss) on translation adjustments (3)               2.9 2.9 0.4 3.3
    Other comprehensive income (1)+(2)+(3) – – – 0.4 – – 0.2 2.9 3.5 0.4 3.9
    Net income (loss) (4)       21.2         21.2 0.4 21.6
    Comprehensive income (1)+(2)+(3)+(4) – – – 21.6 – – 0.2 2.9 24.7 0,8 25.5
    Dividends                 – (3.8) (3.8)
    Cost of share-based payment 24 703     2.0         2.0   2.0
    Variation in translation adjustments generated by the parent company         (7.5)       (7.5)   (7.5)
    Balance at September 30, 2024 7 161 465(b) 8.7 118.7 1 004.0 19.8 (20.1) (1.2) (87.9) 1 042.0 38.5 1 080.5

    (a)   Pro forma following Reverse Share Split

    (b)   Reverse Share Split: Pursuant to a delegation from the Combined General Meeting of shareholders of May 15, 2024, and a sub-delegation from the Board of Directors held on the same day, the Company’s Chief Executive Officer has decided to implement a reverse share split on the basis of 1 new share of €1.00 nominal value for 100 old shares of €0.01 nominal value.

    1All variations refer to the same period last year
    2Unless otherwise stated, all figures and comments are referring to “Segment” (i.e. pre-IFRS 15), as defined in the 2023 Universal Registration Document’s glossary, under section 8.7

    Attachment

    • Q3 2024 PR VEnglish final

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Nokia Corporation – Managers’ transactions (Fisk)

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Managers’ transactions
    31 October 2024 at 19:00 EET

    Nokia Corporation – Managers’ transactions (Fisk)

    Transaction notification under Article 19 of EU Market Abuse Regulation.
    ____________________________________________
    Person subject to the notification requirement
    Name: Fisk, Louise
    Position: Other senior manager

    Issuer: Nokia Corporation
    LEI: 549300A0JPRWG1KI7U06
    Notification type: INITIAL NOTIFICATION
    Reference number: 83257/4/6
    ____________________________________________

    Transaction date: 2024-10-31
    Outside a trading venue
    Instrument type: SHARE
    ISIN: FI0009000681
    Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE

    Transaction details
    (1): Volume: 1208 Unit price: N/A

    Aggregated transactions
    (1): Volume: 1208 Volume weighted average price: N/A

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

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

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

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

    Nokia
    Investor Relations
    Phone: +358 40 803 4080
    Email: investor.relations@nokia.com

    The MIL Network –

    January 25, 2025

  • MIL-OSI Security: Security News: United States Files Suit for Unpaid Duties and Penalties for Alleged Failure to Pay Duties on Imported Chinese Bedroom Furniture

    Source: United States Department of Justice 2

    The United States has filed a civil lawsuit against Lawrence Bivona, who was the President of LaJobi Inc., a Delaware corporation that imported Chinese-manufactured children’s bedroom furniture into the United States. The lawsuit alleges that Bivona made false statements to customs officials and, as a result, avoided paying antidumping duties owed on the imported furniture.

    At the time merchandise is entered into the United States, the importer is responsible for providing all information necessary to enable Customs and Border Protection (CBP) to assess the applicable duties owed on the goods, including any antidumping duties applicable to the merchandise. Antidumping duties are trade remedies that help protect domestic industries from unfair trade practices by foreign businesses and countries, such as government subsidies or below market sales.

    The United States’ complaint contends that Bivona caused LaJobi to misrepresent the identity of the manufacturers of the children’s furniture imported from China. In particular, the United States alleges that Bivona falsely represented that the furniture was manufactured by Chinese entities subject to duty rates of approximately 7% or less, and failed to disclose that the furniture was actually manufactured by entities subject to duty rates of 216%.

    “Anti-dumping duties play an important role in countering illegal foreign trade practices and protecting U.S. manufacturers,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “We will continue to pursue those who seek to gain an unfair advantage by violating our trade laws.”

    “These civil penalties support the seriousness of CBP’s trade mission and protect the U.S. economy, while maintaining fair trade and preserving American jobs from predatory practices,” said Executive Director Susan Thomas of CBP’s Cargo and Conveyance Security, Office of Field Operations. “CBP’s antidumping and countervailing duties enforcement aims to mitigate harm by anti-competitive behavior and supports a level playing field for U.S. companies injured by unfair trade practices.”

    “We take very seriously our role in protecting the U.S. economy from illegal and predatory trade practices,” said Assistant Director Ivan J. Arvelo of Homeland Security Investigations (HSI) Global Trade Investigations. “HSI is committed to working alongside CBP and partners to stop those who engage in fraud to circumvent U.S. trade laws.”

    The complaint seeks the recovery of over $7 million in import duties and over $15 million in civil penalties.

    HSI Newark led the investigation with CBP Trade Regulatory Audit Newark, CBP Associate Chief Counsel New York, CBP Consumer Products and Mass Merchandising (CPMM) Center of Excellence and Expertise. CBP and HSI are the agencies responsible for enforcing U.S. laws related to the importation of merchandise into the United States, including the collection of duties and assessment of penalties.

    Trial Counsel Daniel Hoffman of the Civil Division’s Commercial Litigation Branch, National Courts Section, is handling the case.

    The case is filed in the Court of International Trade and captioned United States v. Lawrence Bivona No. 24-00196.

    To combat trade fraud, including avoidance of import duties, the Justice Department created a Trade Fraud Task Force. The Task Force partners with CBP and other law enforcement agencies to ensure compliance with U.S. trade laws.

    The claims in the complaint are allegations only. There has been no determination of liability. 

    MIL Security OSI –

    January 25, 2025

  • MIL-OSI Russia: Fusion of academic and practical: students and postgraduates explore creative economy

    Translation. Region: Russian Federation –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    The HSE hosted The Fourth International Forum of Young Researchers in Creative Economy. The authors of scientific papers that passed the competitive selection presented their reports: Russian and foreign researchers under 35 years of age, postgraduates and students studying the socio-economic aspects of the development of the creative economy and creative industries.

    The Fourth International Forum of Young Researchers in the Creative Economy took place on the second day of the IV International Scientific Conference “Creative Economy: Key Development Trends and State Policy”. The event is being held Institute for Statistical Research and Economics of Knowledge (ISSEZ) under the auspices of the Decade of Science and Technology in Russia, within the framework of the activities of the World-Class Scientific Center “Center for Interdisciplinary Research on Human Potential» HSE University, with the support of the Russian Ministry of Education and Science.

    The researchers studied key trends in the development of the creative economy and creative industries, digitalization of creative industries, analysis of creative clusters, creative potential of cities and regions, etc.

    Every year more and more people participate in the competition, and now the competition was serious, emphasized the forum moderator, director of the center “Russian Cluster Observatory» Institute for Statistical Studies and Economics of Knowledge, National Research University Higher School of Economics Evgeny Kutsenko.

    The three best works were awarded diplomas and prizes. Elizaveta Fainshtein from the National Research University Higher School of Economics studied the perception of visitors to various public spaces based on a semantic analysis of reviews. The jury noted the relevance of the work and its practical focus. “Such spaces are appearing in many cities in Russia, and your research shows how they can help themselves, because, of course, there is not always enough money to develop them through the state,” noted Evgeny Kutsenko.

    The work of Ivan Slipchenko from the Central University of Finance and Economics (China) was devoted to the impact of government support measures on the dynamics of China’s creative goods exports in 2016–2023. The researcher analyzed which support measures are most important and used a panel model for this purpose, which allows assessing cause-and-effect relationships.

    Timur Malikov from the National Research University Higher School of Economics studied the reasons for overtime work in the video game industry. The jury noted the deep study of the topic, as well as the high-quality fusion of academicism and practicality.

    In addition, the members of the competition committee additionally singled out four more works that they liked. A team of HSE students presented the study “Bread and Wine: Defining the Boundaries of Influence of Modern Creative Clusters in Moscow Using the Example of Spaces Near the Dmitrovskaya and Kurskaya Metro Stations”. Another team of HSE students studied the phenomenon of “catch-up” creativity in northern regions using the example of the Murmansk Region. Vitaly Saakov from the Russian State University of Economics (RINH) conducted an analysis of the creative industries of the Rostov Region. Anastasia Makukhina from the State Institute of Art Studies studied social networks as a factor in shaping demand for theatrical goods.

    In conclusion, Evgeny Kutsenko called on the contestants to refine their research in accordance with the recommendations and take part in the HSE competition next year.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

    January 25, 2025

  • MIL-OSI USA: Hoyer, Cardin, Van Hollen, Ruppersberger Announce Over $7.5 Million for Carroll County Regional, Tipton, and Martin State Airports

    Source: United States House of Representatives – Congressman Steny H Hoyer (MD-05)

    WASHINGTON, DC – Congressman Steny Hoyer (MD-05), U.S. Senator Ben Cardin (D-MD), U.S. Senator Chris Van Hollen (D-MD), and Congressman Dutch Ruppersberger (MD-02) recently announced $7,556,842 in U.S. Department of Transportation awards to Carroll County Regional, Tipton, and Martin State Airports for upgrades to modernize their facilities and improve passenger comfort.

    “President Biden and Vice President Harris’ Investing in America agenda continues to deliver for Maryland’s airports and boost our economic competitiveness,” said Congressman Hoyer. “As Chair of the Regional Leadership Council, I have worked with House Democrats and top officials in the Biden-Harris Administration to ensure that every community in America can see and feel the impact of the historic laws that Democrats passed in the 117th Congress. I was pleased to work with Team Maryland to secure these Bipartisan Infrastructure Law funds for Carroll County Regional Airport, Martin State Airport, and Tipton Airport, which will create good jobs and provide a more reliable air travel experience. Together, we will continue to lower costs, create jobs, and ensure our state’s economy works for all Marylanders.”

    “The landmark infrastructure law enacted by President Biden in 2021 continues to invest in Maryland,” said Senator Cardin.  “It recognized that our airports, both large and small, have aging and outdated facilities that require upgrades to meet the changing demands on our aviation system and keep it safe and competitive.”

    “Our local airports are important transportation hubs that support our state’s economy, ensuring that travelers and goods get where they need to go. We fought for these investments to support the Carroll County Regional, Tipton, and Martin State airports in serving the growing needs of Maryland’s businesses, residents, and visitors,” said Senator Van Hollen.

    “The bipartisan infrastructure law continues to reap rewards for Maryland and Marylanders including this funding for local airports, which provide a critical connection to communities and economies throughout the region,” said Congressman Ruppersberger. “This is a strategic investment that will make our airports safer, more comfortable and convenient. I look forward to even more upgrades to our nation’s aging transportation infrastructure to come.”

    The funding was awarded by the U.S. Department of Transportation’s Airport Improvement Program and Airport Terminal Program.

    The federal grants have been awarded as follows:

    1. $3,612,000. Carroll County Regional Airport: To remove a building and relocate fencing identified as obstructions by the FAA.
    2. $2,944,842, Tipton Airport: To construct a 6,000 square-foot terminal to accommodate the movement of passengers and baggage.
    3. $1,000,000, Martin State Airport: To fund the funds the construction of a new Airport Traffic Control Tower, replacing the 82-year-old sponsor-owned tower that has reached the end of its useful life.

    The Airport Improvement Program funds various types of airport infrastructure projects across the country, including repairs and upgrades to runways, taxiways, airport signage, lighting and markings – all while creating thousands of good-paying, local jobs. The members have consistently fought to provide funds for airports and terminal operators, including through the fiscal year 2024 appropriations process, which makes $3.35 billion available from the Airport and Airway Trust Fund and an additional $532 million from the general fund for AIP projects.

    The Airport Terminal Program was created in 2021 through the lawmakers’ efforts to pass the Infrastructure Investment and Jobs Act. Funded at $1 billion in fiscal year 2024, the Airport Terminal Program supports safe, sustainable, and accessible airport terminals, on-airport rail access projects, and airport-owned airport traffic control towers.

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI Security: “Booker” for High-End Brothel Network Pleads Guilty

    Source: United States Department of Justice (Human Trafficking)

    BOSTON – A Dedham, Mass., man who served primarily as the “booker” for an interstate prostitution network that operated sophisticated high-end brothels in greater Boston and eastern Virginia pleaded guilty yesterday in U.S. District Court in Boston. 

    Junmyung Lee, 31, 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; and one count of money laundering conspiracy. U.S. District Court Judge Julia E. Kobick scheduled sentencing for Feb. 12, 2025. Junmyung Lee was arrested and charged in November 2023 with co-defendants Han Lee, 42, of Cambridge, Mass. and James Lee, 69, of Torrance, Calif. The defendants were subsequently indicted by a federal grand jury in February 2024. Han Lee pleaded guilty on Sept. 27, 2024 and is scheduled to be sentenced on Dec. 20, 2024.

    From at least January 2022 through and including November 2023, Junmyung Lee knowingly conspired with Han Lee and, allegedly, James 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. Junmyung Lee and his alleged 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 the prostitution conspiracy.

    Junmyung Lee was recruited to work for the prostitution network in approximately late 2021 through early 2022, as the business expanded. His main role in the conspiracy was that of the appointment “booker” and assisted with various tasks to maintain the prostitution network. In exchange, Han Lee paid Junmyung Lee $6,000-$8,000 per month.

    As “booker,” Junmyung Lee was responsible for vetting sex buyers, booking appointments, as well as communicating directly with vetted customers via at least two cell phones – for Massachusetts and for Virginia, respectively. These brothel cell phones each contained over 2,800 verified customers of the prostitution business. An additional known cell phone containing additional contacts for the Virginia brothel was never recovered. Junmyung Lee also helped transport women to and from the airport, with some women working at the brothel locations on multiple occasions and in multiple states.

    The defendants allegedly rented high-end apartments in Massachusetts and Virginia to serve as brothel locations, which they furnished and regularly maintained. In June 2022, Junmyung Lee leased one of the brothel locations in Cambridge, Mass. under his own name. In exchange for the lease, Junmyung Lee received a large cash payment of prostitution proceeds from Han Lee. A portion of the cash payment went towards the purchase of a Corvette.

    Additionally, Junmyung Lee collected the cash proceeds from the various brothel locations at the direction of Han Lee. Junmyung Lee would then conceal the proceeds via structured deposits into personal bank accounts. Additionally, it is alleged that 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 the brothel locations.

    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. 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.

    Acting United States Attorney Joshua S. Levy; 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 U.S. Attorney’s Offices in the Central District of California and the Eastern District of Virginia; the 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.

    The details contained in the charging documents are allegations. The remaining defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

    January 25, 2025

  • MIL-OSI Security: DHS Places Additional PRC-Based Textile Companies on the UFLPA Entity List

    Source: US Department of Homeland Security

    UFLPA Entity List Will Now Restrict Goods from 78 PRC-Based Companies from Entering the United States

    WASHINGTON – Today, the U.S. Department of Homeland Security (DHS) announced the addition of textile companies based in the People’s Republic of China (PRC) to the Uyghur Forced Labor Prevention Act (UFLPA) Entity List. The additions reinforce DHS’s commitment to eradicate forced labor and ensure accountability for the PRC’s ongoing genocide and crimes against humanity against Uyghurs and other religious and ethnic minority groups in the Xinjiang Uyghur Autonomous Region (XUAR).

    Effective November 1, 2024, U.S. Customs and Border Protection (CBP) will apply a rebuttable presumption that goods produced by Esquel Group, Guangdong Esquel Textile Co., Ltd., and Turpan Esquel Textile Co., Ltd. will be prohibited from entering the United States. The addition of these textile entities builds on DHS’s Textile Enforcement Plan and demonstrates the FLETF’s commitment to focus on entities in high priority sectors for enforcement under the UFLPA Strategy, including the apparel and cotton and cotton products sectors. In addition to this announcement, Changji Esquel Textile Co., Ltd. will alsobe removed from one section of the UFLPA Entity Lists and added to another. Goods produced by Changji Esquel Textile Co., Ltd. (also known as Changji Yida Textile Co., Ltd.) will continue to be subject to a rebuttable presumption that they are prohibited from entering the United States.

    “Through today’s expansion of the Entity List, we enable American businesses to better assess their supply chains and ensure they do not profit, directly or indirectly, from the use of forced labor,” said Secretary of Homeland Security Alejandro N. Mayorkas. “Our Department will continue to aggressively enforce the Uyghur Forced Labor Prevention Act and, in doing so, we stand up for human rights, safeguard a free and fair marketplace, and hold perpetrators accountable.”

    The FLETF – chaired by DHS and whose member agencies also include the Office of the U.S. Trade Representative and the U.S. Departments of Commerce, Justice, Labor, State, and the Treasury – has now added 78 entities to the UFLPA Entity List since the UFLPA was signed into law in December 2021. The UFLPA Entity List includes companies that are active in the apparel, agriculture, polysilicon, plastics, chemicals, batteries, household appliances, electronics, seafood and textile sectors, among others. Identifying these additional entities provides U.S. importers with more information to conduct due diligence and examine their supply chains for risks of forced labor to ensure compliance with the UFLPA.

    “We are uncompromising in removing forced labor from U.S. supply chains,” said Under Secretary for Policy Robert Silvers, who serves as chair of the Forced Labor Enforcement Task Force. “Our enforcement efforts are yielding results. Our Administration is committed to advancing this momentum and strengthening accountability across global supply chains.”

    The FLETF has reasonable cause to believe, based on specific and articulable information, that the below entities meet the criteria for inclusion in the UFLPA Entity List under Section 2(d)(2)(B)(v) of the UFLPA, which identifies facilities and entities that source material from the XUAR or from persons working with the government of XUAR or the Xinjiang Production and Construction Corps for the purposes of the “poverty alleviation” program or the “pairing assistance” program or any other government labor scheme that uses forced labor.

    Esquel Group (also known as Esquel China Holdings Limited) is a Hong Kong-based vertically integrated textile and apparel company that engages in cotton research, as well as ginning, spinning, knitting, weaving of cotton and cotton products, in the production of textiles, apparel and accessories, including packaging and merchandising of these products. Esquel Group includes a variety of subsidiaries also involved in cotton, textile, clothing, and other products manufacturing, production, and sales, including Changji Esquel Textile Co., Ltd., Turpan Esquel Textile Co., Ltd., and Guangdong Esquel Textile Co., Ltd. The FLETF has reasonable cause to believe, based on specific and articulable information, including publicly available information, that Esquel Group sources cotton from the XUAR. The FLETF therefore determined that the activities of Esquel Group satisfy the criteria for addition to the UFLPA Entity List described in Section 2(d)(2)(B)(v).

    Guangdong Esquel Textile Co., Ltd. is a company based in Foshan City, Guangdong Province, that is engaged in the manufacture and processing of textiles and apparel. TheFLETF has reasonable cause to believe, based on specific and articulable information, including publicly available information, that Guangdong Esquel Textile Co., Ltd. sources cotton from the XUAR. The FLETF therefore determined that the activities of Guangdong Esquel Textile Co., Ltd. satisfy the criteria for addition to the UFLPA Entity List described in Section 2(d)(2)(B)(v).

    Turpan Esquel Textile Co., Ltd. is a company based in Turpan City, in the XUAR that is engaged in the production and sales of cotton and cotton yarn. The FLETF has reasonable cause to believe, based on specific and articulable information, including publicly available information, that Turpan Esquel Textile Co., Ltd. is sourcing cotton from the XUAR. The FLETF therefore determined that the activities of Turpan Esquel Textile Co., Ltd. satisfy the criteria for addition to the UFLPA Entity List described in Section 2(d)(2)(B)(v).

    Changji Esquel Textile Co., Ltd. (also known as Changji Yida Textile Co., Ltd.) is a company based in Changji Prefecture, XUAR that is engaged in production and sales of cotton yarn. The company had been included as one of the original twenty entities named to the UFLPA Entity List in June 2022 as an entity that qualified for inclusion under Section 2(d)(2)(B)(i) of the UFLPA. The FLETF has removed Changji Esquel Textile Co., Ltd. from Section 2(d)(2)(B)(i) of the UFLPA Entity List as the FLETF has determined there is no longer reasonable cause to believe that Changji Esquel Textile Co. meets the criteria described in Section 2(d)(2)(B)(i) of the UFLPA.The FLETF, however, has reasonable cause to believe, based on specific and articulable information, including publicly available information, that Changji Esquel Textile Co., Ltd. sources cotton from the XUAR. The FLETF therefore determined that the activities of Changji Esquel Textile Co., Ltd. satisfy the criteria for addition to the UFLPA Entity List described in Section 2(d)(2)(B)(v).

    The bipartisan Uyghur Forced Labor Prevention Act, signed into law by President Joseph R. Biden, Jr., in December 2021, mandates that CBP apply a rebuttable presumption that goods mined, produced, or manufactured wholly or in part in the XUAR or produced by entities identified on the UFLPA Entity List are prohibited from importation into the United States unless the Commissioner of CBP determines, by clear and convincing evidence, that the goods were not produced with forced labor. CBP began enforcing the UFLPA in June 2022. Since then, CBP has reviewed over 9,700 shipments valued at more than $3.5 billion under the UFLPA. Additionally, Homeland Security Investigations, through the DHS Center for Countering Human Trafficking, conducts criminal investigations into those engaging in or otherwise knowingly benefitting from forced labor, and collaborates with international partners to seek justice for victims.

    Today’s announcement supports President Biden’s Memorandum on Advancing Worker Empowerment, Rights, and High Labor Standards Globally. The memorandum represents the first whole-of-government approach to advance workers’ rights by directing federal agencies engaged abroad to advance international recognized labor rights, which includes DHS’s work implementing the UFLPA.

    You can read more about the FLETF by visiting: https://www.dhs.gov/uflpa  

    MIL Security OSI –

    January 25, 2025

  • MIL-OSI USA: Cardin, Van Hollen, Trone Announce $7.7 Million for Airport Infrastructure Projects in Western Maryland

    US Senate News:

    Source: United States Senator for Maryland Ben Cardin

    WASHINGTON – Today, U.S. Senators Ben Cardin and Chris Van Hollen and Congressman David Trone (all D-Md.) announced $7,705,850 in federal funding for infrastructure and expansion projects at the Hagerstown Regional Airport and Garrett County Airport. The funding, provided through the Department of Transportation (DOT) Federal Aviation Administration’s (FAA) Airport Improvement Program and Airport Terminal Program, will increase the airports’ capacities to meet operational needs and safety standards.

    “Hagerstown Regional and Garrett County airports help connect Western Maryland with greater economic opportunity. We fought for these investments to provide both airports with resources to continue to serving Maryland’s businesses, residents, and visitors in the years to come,” said the lawmakers.

    The federal grants have been awarded as follows:

    • $6,786,262 to Hagerstown Regional Airport to remove a building and relocate fencing identified as obstructions by the FAA and to renovate and expand the existing terminal building to accommodate existing and projected airline passenger demand
    • $919,588 to Garrett County Airport to rehabilitate 7,300 square yards of the existing Terminal Apron pavement

    The Airport Improvement Program (AIP) funds various types of airport infrastructure projects across the country, including repairs and upgrades to runways, taxiways, airport signage, lighting and markings – all while creating thousands of good-paying, local jobs. The members have consistently fought to provide funds for airports and terminal operators, including through the fiscal year 2024 appropriations process, which makes $3.35 billion available from the Airport and Airway Trust Fund and an additional $532 million from the general fund for AIP projects.

    The Airport Terminal Program was created in 2021 through the lawmakers’ efforts to pass the Infrastructure Investment and Jobs Act. Funded at $1 billion in fiscal year 2024, the Airport Terminal Program supports safe, sustainable, and accessible airport terminals, on-airport rail access projects, and airport-owned airport traffic control towers.

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI: U.S. Rep. Doug LaMalfa Joins Federal Home Loan Bank of San Francisco to Address Affordable Housing Crisis in Northern California

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 31, 2024 (GLOBE NEWSWIRE) — Committed to prioritizing solutions for the affordable housing crisis in Northern California, U.S. Rep. Doug LaMalfa, (CA-1) hosted a roundtable discussion with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) at the Northern California National Bank in Chico, California yesterday. The roundtable brought together leaders in affordable housing, community organizations, financial institutions, and other stakeholders throughout the area to discuss how organizations and public-private partnerships across government agencies could play a pivotal role in solving the housing crisis in California, specifically in rural areas of Northern California that are vulnerable to economic distress and area wildfires.

    “I enjoyed discussing how we can tackle the critical issues of increasing housing supply, affordability, and economic growth in Northern California,” said LaMalfa following the roundtable event in Chico. “Regulatory reform and promoting public-private partnerships can help speed up this process. These efforts will create opportunities for our region and help us protect our way of life.”

    “This roundtable is happening at a critical time in our district, and we are grateful for the partnership with Representative LaMalfa, an engaged leader and advocate for finding solutions to the housing crisis across California,” said Alanna McCargo, president and chief executive officer of FHLBank San Francisco. “We know firsthand the value when we convene a range of community voices to develop solutions and build innovations designed to improve affordability, increase housing supply and invigorate our local economy. The Federal Home Loan Bank of San Francisco is a reliable partner in the community that can enable the ideas coming from the roundtable through our broad and deep network of members.”

    FHLBank San Francisco recently announced that its 2024 Access to Housing and Economic Assistance for Development (AHEAD) Program awarded $7.3 million in grant funding to boost economic development across the region, which includes a project in Chico, California, within Rep. LaMalfa’s district. Chico Housing Action Team (CHAT) rents affordable housing to people transitioning from homelessness and provides ongoing social services, personal attention, and housing support to maintain the client’s housing stability. CHAT was awarded $100,000 in AHEAD grant funding to enhance CHAT’s services with an improved intake process, support for furnishings, food delivery, property maintenance, transportation, and volunteers. The grant will also support adding new staff and the purchase of a wheelchair accessible bus to transport residents.

    In addition to Congressman LaMalfa and members of FHLBank San Francisco, attendees included:

    • Adam Pearce, Bill Webb Homes
    • Amy Morin, Northern California National Bank
    • Ashley Potočnik, City of Yuba City
    • Leslie Depweg, Chico Real Estate
    • Todd Lewis, Northern California National Bank
    • Ron Sweeny, Sierra Central Credit Union
    • John Giem, Tri Counties Bank
    • Danna Prater, Tri Counties Bank
    • Sarah Graham, Chico Housing Action Team
    • Mehgie Tabar, California Housing Finance Agency
    • Vladimir Kislyanka, Premier Enterprise Inc.
    • Seana O’Shaughnessy, Community Housing Improvement Program (CHIP)
    • Mark Montgomery, Community Housing Improvement Program (CHIP)
    • Christy Covington, Golden 1 Credit Union
    • Dominic Schuessler, Golden 1 Credit Union
    • Larry Guanzon, Housing Authority of Butte
    • Ed Mayer, Housing Authority of Butte
    • Alisha Ake, Sierra North Valley Realtors
    • Katy Thoma, Chico Builders Association

    FHLBank San Francisco is dedicated to supporting housing initiatives throughout its three-state region, including Arizona, California, and Nevada. Since the AHP was created in 1990, FHLBank San Francisco has awarded over $1.35 billion in AHP dollars to support the construction, rehabilitation, or purchase of over 154,600 homes affordable to lower-income households, including $61.8 million in 2024 alone. Together, the 11 regional FHLBanks that make up the Federal Home Loan Bank System are one of the largest privately capitalized sources of grant funding for affordable housing in the United States.

    About the Federal Home Loan Bank of San Francisco

    The Federal Home Loan Bank of San Francisco is a member-owned cooperative supporting local lenders in Arizona, California, and Nevada to build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Societe Generale: Availability of the third amendment to the 2024 Universal Registration Document

    Source: GlobeNewswire (MIL-OSI)

    AVAILABILITY OF THE THIRD AMENDMENT TO 2024 UNIVERSAL REGISTRATION DOCUMENT
    Regulated Information

    Paris, 31 October 2024

    Societe Generale hereby informs the public that the third amendment to the 2024 Universal Registration Document filed on 11th March 2024 under number D.24-0094, has been filed with the French Financial Markets Authority (AMF) on 31st October 2024 under number D-24-0094-A03.
    This document is made available to the public, free of charge, in accordance with the conditions provided for by the regulations in force and may be consulted in the “Regulated information” section of
    the Company’s website (https://investors.societegenerale.com/en/financial-and-non-financial-information/regulated-information) and on the AMF’s website.

    Press contacts:

    Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com
    Fanny Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com

    Societe Generale

    Societe Generale is a top tier European Bank with more than 126,000 employees serving about 25 million clients in 65 countries across the world. We have been supporting the development of our economies for nearly 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

    The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

    • French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
    • Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
    • Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

    Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

    In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.

    For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

    Attachment

    • Societe-Generale-3rd-amendment-2024-Universal-Registration-Document

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Helport AI Launches on Google Cloud Marketplace, Redefining Intelligent Solutions for Global Businesses

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE and SAN DIEGO, Oct. 31, 2024 (GLOBE NEWSWIRE) — Helport AI Limited (NASDAQ: HPAI) (“Helport” or the “Company”), a global leader in AI-powered business transformation solutions, today announced the launch of Helport AI Assist on Google Cloud Marketplace.

    This significant development extends Helport AI’s advanced, scalable solutions to a global audience, reinforcing the Company’s mission for everyone to work as an expert through AI solutions. Partnering with Google Cloud marks a strategic step in making Helport’s transformative AI solutions even more accessible to enterprises worldwide.

    Helport AI Assist is designed to optimize sales, streamline workflows, and enhance service quality. Now seamlessly integrated with Google Cloud, Helport AI Assist provides companies in insurance, mortgage, wealth management, and real estate with mature, market-tested AI capabilities that drive measurable business outcomes. This widely trusted product has consistently empowered organizations by enabling rapid, high-quality deployment and delivering recognized performance improvements across sectors.

    “Helport AI’s launch on Google Cloud Marketplace marks a major leap in bringing expert-level AI tools to businesses globally,” said Guanghai Li, Chief Executive Officer of Helport AI. “This partnership extends our reach, enabling companies across sectors to harness secure, scalable AI solutions that drive efficiency and transformation. Together with Google Cloud, we are advancing a new era of intelligent business solutions that redefine productivity and elevate customer experiences worldwide.”

    Helport AI’s availability on Google Cloud Marketplace highlights our dedication to security, technical excellence, and global credibility:

    • Enhanced Visibility and Global Trust: Listing on Google Cloud Marketplace elevates Helport AI’s credibility and global presence, positioning the Company as a trusted, secure AI partner for enterprises worldwide. This endorsement by Google reflects client confidence in Helport AI’s solutions, giving enterprises assurance in the reliability and technical quality of its solutions.
    • Stringent Security and Compliance Standards: Helport AI has met Google Cloud’s security and compliance benchmarks, ensuring advanced data protection, regulatory adherence, and smooth integration with Google Cloud’s secure infrastructure. This provides its clients with a high-performance, secure AI platform designed to handle sensitive information with confidence.

    As part of Google Cloud Marketplace, Helport AI is uniquely positioned to leverage Google’s ecosystem, driving forward the possibilities of AI transformation across industries:

    • Broad Industry Empowerment: With global accessibility on Google Cloud, Helport AI delivers targeted solutions for insurance, wealth management, healthcare, retail, real estate, and more, enhancing sales and fostering efficiency and productivity gains across a wide range of industries.
    • Seamless Scalability and Innovation: Designed to adapt to industry demand, Helport AI scales effortlessly, positioning the Company to continuously evolve with the AI market and provide high-impact solutions that address emerging business needs.
    • Enhanced Service Standards and Customer Experience: Aligned with Google Cloud’s service standards, Helport AI offers seamless API and billing integrations, a smooth user experience, and robust technical support, ensuring a positive client experience backed by dependable, high-quality support.
    • Strategic Ecosystem Collaborations: As a member of the Google Cloud Partner, Helport AI leverages co-marketing and joint initiatives to deliver next-level AI solutions, enhancing customer outcomes and driving innovation.

    About Helport AI

    Helport AI (NASDAQ: HPAI) is a premier provider of AI-driven solutions, specializing in enhancing professional capabilities across industries. Focused on delivering measurable outcomes, The company serves enterprise-level customer contact services through intelligent products, solutions, and a digital platform, helping businesses optimize their sales and improve customer engagement. Our mission is to empower everyone to work as an expert. Learn more at www.helport.ai.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements, including, but not limited to, Helport’s business plan and outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on Helport’s current expectations and projections about future events that Helport believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Helport 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 Helport 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 Helport 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 Helport’s registration statement and other filings with the U.S. Securities and Exchange Commission.

    For media inquiries, please visit:
    https://ir.helport.ai/

    Investor Relations Contact:
    Chris Tyson 
    Executive Vice President
    MZ North America
    Direct: 949-491-8235
    HPAI@mzgroup.us
    www.mzgroup.us

    The MIL Network –

    January 25, 2025

  • MIL-OSI USA: DHS Places Additional PRC-Based Textile Companies on the UFLPA Entity List

    Source: US Federal Emergency Management Agency

    Headline: DHS Places Additional PRC-Based Textile Companies on the UFLPA Entity List

    em>UFLPA Entity List Will Now Restrict Goods from 78 PRC-Based Companies from Entering the United StatesWASHINGTON – Today, the U.S. Department of Homeland Security (DHS) announced the addition of textile companies based in the People’s Republic of China (PRC) to the Uyghur Forced Labor Prevention Act (UFLPA) Entity List. The additions reinforce DHS’s commitment to eradicate forced labor and ensure accountability for the PRC’s ongoing genocide and crimes against humanity against Uyghurs and other religious and ethnic minority groups in the Xinjiang Uyghur Autonomous Region (XUAR).Effective November 1, 2024, U.S. Customs and Border Protection (CBP) will apply a rebuttable presumption that goods produced by Esquel Group, Guangdong Esquel Textile Co., Ltd., and Turpan Esquel Textile Co., Ltd. will be prohibited from entering the United States. The addition of these textile entities builds on DHS’s Textile Enforcement Plan and demonstrates the FLETF’s commitment to focus on entities in high priority sectors for enforcement under the UFLPA Strategy, including the apparel and cotton and cotton products sectors. In addition to this announcement, Changji Esquel Textile Co., Ltd. will alsobe removed from one section of the UFLPA Entity Lists and added to another. Goods produced by Changji Esquel Textile Co., Ltd. (also known as Changji Yida Textile Co., Ltd.) will continue to be subject to a rebuttable presumption that they are prohibited from entering the United States.“Through today’s expansion of the Entity List, we enable American businesses to better assess their supply chains and ensure they do not profit, directly or indirectly, from the use of forced labor,” said Secretary of Homeland Security Alejandro N. Mayorkas. “Our Department will continue to aggressively enforce the Uyghur Forced Labor Prevention Act and, in doing so, we stand up for human rights, safeguard a free and fair marketplace, and hold perpetrators accountable.”The FLETF – chaired by DHS and whose member agencies also include the Office of the U.S. Trade Representative and the U.S. Departments of Commerce, Justice, Labor, State, and the Treasury – has now added 78 entities to the UFLPA Entity List since the UFLPA was signed into law in December 2021. The UFLPA Entity List includes companies that are active in the apparel, agriculture, polysilicon, plastics, chemicals, batteries, household appliances, electronics, seafood and textile sectors, among others. Identifying these additional entities provides U.S. importers with more information to conduct due diligence and examine their supply chains for risks of forced labor to ensure compliance with the UFLPA.“We are uncompromising in removing forced labor from U.S. supply chains,” said Under Secretary for Policy Robert Silvers, who serves as chair of the Forced Labor Enforcement Task Force. “Our enforcement efforts are yielding results. Our Administration is committed to advancing this momentum and strengthening accountability across global supply chains.”The FLETF has reasonable cause to believe, based on specific and articulable information, that the below entities meet the criteria for inclusion in the UFLPA Entity List under Section 2(d)(2)(B)(v) of the UFLPA, which identifies facilities and entities that source material from the XUAR or from persons working with the government of XUAR or the Xinjiang Production and Construction Corps for the purposes of the “poverty alleviation” program or the “pairing assistance” program or any other government labor scheme that uses forced labor.Esquel Group (also known as Esquel China Holdings Limited) is a Hong Kong-based vertically integrated textile and apparel company that engages in cotton research, as well as ginning, spinning, knitting, weaving of cotton and cotton products, in the production of textiles, apparel and accessories, including packaging and merchandising of these products. Esquel Group includes a variety of subsidiaries also involved in cotton, textile, clothing, and other products manufacturing, production, and sales, including Changji Esquel Textile Co., Ltd., Turpan Esquel Textile Co., Ltd., and Guangdong Esquel Textile Co., Ltd. The FLETF has reasonable cause to believe, based on specific and articulable information, including publicly available information, that Esquel Group sources cotton from the XUAR. The FLETF therefore determined that the activities of Esquel Group satisfy the criteria for addition to the UFLPA Entity List described in Section 2(d)(2)(B)(v).Guangdong Esquel Textile Co., Ltd. is a company based in Foshan City, Guangdong Province, that is engaged in the manufacture and processing of textiles and apparel. TheFLETF has reasonable cause to believe, based on specific and articulable information, including publicly available information, that Guangdong Esquel Textile Co., Ltd. sources cotton from the XUAR. The FLETF therefore determined that the activities of Guangdong Esquel Textile Co., Ltd. satisfy the criteria for addition to the UFLPA Entity List described in Section 2(d)(2)(B)(v).Turpan Esquel Textile Co., Ltd. is a company based in Turpan City, in the XUAR that is engaged in the production and sales of cotton and cotton yarn. The FLETF has reasonable cause to believe, based on specific and articulable information, including publicly available information, that Turpan Esquel Textile Co., Ltd. is sourcing cotton from the XUAR. The FLETF therefore determined that the activities of Turpan Esquel Textile Co., Ltd. satisfy the criteria for addition to the UFLPA Entity List described in Section 2(d)(2)(B)(v).Changji Esquel Textile Co., Ltd. (also known as Changji Yida Textile Co., Ltd.) is a company based in Changji Prefecture, XUAR that is engaged in production and sales of cotton yarn. The company had been included as one of the original twenty entities named to the UFLPA Entity List in June 2022 as an entity that qualified for inclusion under Section 2(d)(2)(B)(i) of the UFLPA. The FLETF has removed Changji Esquel Textile Co., Ltd. from Section 2(d)(2)(B)(i) of the UFLPA Entity List as the FLETF has determined there is no longer reasonable cause to believe that Changji Esquel Textile Co. meets the criteria described in Section 2(d)(2)(B)(i) of the UFLPA.The FLETF, however, has reasonable cause to believe, based on specific and articulable information, including publicly available information, that Changji Esquel Textile Co., Ltd. sources cotton from the XUAR. The FLETF therefore determined that the activities of Changji Esquel Textile Co., Ltd. satisfy the criteria for addition to the UFLPA Entity List described in Section 2(d)(2)(B)(v).The bipartisan Uyghur Forced Labor Prevention Act, signed into law by President Joseph R. Biden, Jr., in December 2021, mandates that CBP apply a rebuttable presumption that goods mined, produced, or manufactured wholly or in part in the XUAR or produced by entities identified on the UFLPA Entity List are prohibited from importation into the United States unless the Commissioner of CBP determines, by clear and convincing evidence, that the goods were not produced with forced labor. CBP began enforcing the UFLPA in June 2022. Since then, CBP has reviewed over 9,700 shipments valued at more than $3.5 billion under the UFLPA. Additionally, Homeland Security Investigations, through the DHS Center for Countering Human Trafficking, conducts criminal investigations into those engaging in or otherwise knowingly benefitting from forced labor, and collaborates with international partners to seek justice for victims.Today’s announcement supports President Biden’s Memorandum on Advancing Worker Empowerment, Rights, and High Labor Standards Globally. The memorandum represents the first whole-of-government approach to advance workers’ rights by directing federal agencies engaged abroad to advance international recognized labor rights, which includes DHS’s work implementing the UFLPA.You can read more about the FLETF by visiting: https://www.dhs.gov/uflpa  
     

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI USA: Owner of Arkansas Tree Service Business Sentenced for Tax Fraud

    Source: US State of Vermont

    An Arkansas man was sentenced yesterday to 20 months in prison for filing a false individual income tax return.

    According to court documents and statements made in court, Carlos Gonzalez, 59, of Rogers, filed false tax returns that underreported the gross receipts from his tree-trimming and removal business, Charley’s Tree Service. From 2014 through 2020, Gonzalez cashed more than $3 million in customer checks instead of depositing them into his business’ bank account, knowing that his return preparer relied on the bank account records when preparing his returns. In addition, he did not tell his return preparer about the cashed checks. As such, the return preparer prepared tax returns that underreported gross receipts from his business resulting in a tax loss to the IRS of more than $900,000.

    In addition to his prison sentence, U.S. District Court Judge Timothy Brooks for the Western District of Arkansas ordered Gonzalez to serve one year of supervised release and to pay approximately $1.4 million in restitution to the United States and the State of Arkansas.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney David Clay Fowlkes for the Western District of Arkansas made the announcement.

    IRS Criminal Investigation investigated the case.

    Trial Attorneys Curtis Weidler and Wilson Stamm of the Tax Division and Assistant U.S. Attorney Carly Marshall for the Western District of Arkansas prosecuted the case.

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI Security: Felon in Possession of Firearm Sentenced to 12 Years in Prison Following Shooting at the Palm Beach Gardens Mall

    Source: Federal Bureau of Investigation (FBI) State Crime News

    MIAMI – A felon in possession of a firearm was sentenced to 144 months in prison, following a shooting at the Palm Beach Gardens Mall (The Gardens Mall) on Valentine’s Day.

    Yesterday, U.S. District Judge Aileen M. Cannon imposed an upward variance in sentencing Devon Jamal Graham, 29, to 144 months in prison. Graham previously pled guilty to possession of ammunition by a convicted felon, possession of a firearm and ammunition by a convicted felon, possession with the intent to distribute a controlled substance containing fentanyl and cocaine, and possession of a firearm in furtherance of a drug trafficking crime.

    Kamarcio Mitchell, 29, a second man who was arrested following the shooting at The Gardens Mall, is scheduled to be sentenced on Nov. 21 at 9:30 a.m. before Judge Cannon in Fort Pierce, Fla. Mitchell previously pled guilty to possession of a firearm and ammunition as a convicted felon, and possession with intent to distribute fentanyl.

    On Feb. 14, both Mitchell and Graham were at The Gardens Mall, both separately in possession of a firearm. Mitchell was on the second level of The Gardens Mall near a retail store. Mitchell followed Graham onto the escalator and was manipulating an object under his shirt. Mitchell was then fired upon by Graham and shot. Mitchell fled the mall to the parking lot, leaving a trail of blood. A loaded firearm that had been disassembled was found in the parking lot by police, near the blood trail. Mitchell was later treated for his injury at a local hospital. Upon his later arrest on a federal warrant, authorities discovered Mitchell in possession of a distribution quantity of fentanyl after he unsuccessfully tried to toss the drugs.

    Two firearms were recovered from the vehicle Graham used to travel to the mall, along with a bag containing 35 capsules with a mixture containing fentanyl and a pill bottle with approximately 16 grams of cocaine.

    The recovered firearms had previously travelled in interstate commerce.

    U.S. Attorney Markenzy Lapointe for the Southern District of Florida, Special Agent in Charge Jeffrey B. Veltri of the FBI, Miami Field Office, Special Agent in Charge Christopher A. Robinson of the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), Miami Field Division, U.S. Marshal Gadyaces S. Serralta of the U.S. Marshals Service, Chief Dominick Pape of the Palm Beach Gardens Police Department, and Sheriff Ric Bradshaw of the Palm Beach County Sheriff’s Office announced the sentencing.

    The Office of State Attorney Dave Aronberg for the 15th Judicial Circuit – Palm Beach County provided invaluable assistance. Assistant U.S. Attorneys John McMillan and Shannon O’Shea Darsch are prosecuting the case.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce gun violence and other violent crime, and to make our neighborhoods safer for everyone.  On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.  For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov under case number 24-cr-80022.

    ###

    MIL Security OSI –

    January 25, 2025

  • MIL-OSI Global: Why the chancellor’s plan to unlock billions of pounds of government investment is such a gamble

    Source: The Conversation – UK – By Steve Schifferes, Honorary Research Fellow, City Political Economy Research Centre, City St George’s, University of London

    Perhaps the most important long-term change announced in the first Labour budget are the new rules the government has set itself to fund the expansion of public services and increase public investment. These fiscal rules, which set out how much the government can borrow and spend, are seen as critical to reassuring the markets and the public that the government is sensibly managing the economy.

    Labour has long claimed that former prime minister Liz Truss casting aside the rules to introduce unfunded tax cuts in 2022 wrecked the British economy and left families worse off with higher mortgage and borrowing costs. Chancellor Rachel Reeves came into office determined to show that Labour would be fiscally responsible.

    The government says this budget will make working families better
    off. In its own analysis, it shows that only the top 10% of the income distribution are made worse
    off (by 1%) by the plans. The poorest households gain the most (by 5%). However, this analysis counts benefits from the big increase in public spending on areas like health and education, which tend to be used more (relative to their income) by poorer households.

    Actual cash income offers a different picture. Spending watchdog the Office for Budget Responsibility (OBR) argues that 75% of the change to employers’ national insurance will be passed on to workers in lower wages (although the minimum wage will be boosted by 6.7% to £12.21 an hour). And there is very little for the working poor or those outside the labour market on universal credit (although pensioners have been protected).

    This budget was delivered against the background of two big challenges that need urgent action: the parlous state of the public sector after years of austerity, and the very slow growth of the UK economy, which has meant little increase in real incomes.

    To deal with these two issues, Reeves made some big changes to the previous government’s fiscal rules. This will give her space to borrow more money to finance public investment – spending on things like roads, hospitals and emerging industries that should feed into economic growth.

    Finding the money

    She has done this firstly by changing the so-called “fiscal mandate”, which relates to how much the government can borrow in any individual year. Under the new rule, within three years the government must get as much back in taxes as it spends (excluding investment).

    It is the need to meet this rule that means the government has to raise taxes by £40 billion (more than half from the increase in employers’ national insurance contributions) to fund the spending needed to run the NHS, education and other public services.

    But the government has another rule to prevent the total amount of government debt becoming too large compared to the size of the economy as a whole (GDP). Here the chancellor has chosen to change how government debt is defined, adding some more government financial assets, such as money put aside for local government pensions and student loans, to set against the outstanding amount being borrowed.

    This has given her the room to borrow an extra £50 billion a year for investment, although she plans to use only half of that. The hope is that more public investment will both boost the economy (for example, by providing more roads and green energy) and improve public sector productivity (by providing things like more schools, health centres and scanners).

    Investment in equipment would lead to increased productivity within the NHS.
    l i g h t p o e t/Shutterstock

    The OBR has judged that Reeves will meet her self-imposed rules within three years, despite the huge £70 billion increase in government spending. But it warns that the margin for error is quite small for both measures. The OBR also suggests that the economic benefits of increased public investment could take a long time to materialise, well beyond the five-year forecast period.

    There are other risks to Reeves’ strategy. The cost of borrowing could go up if those financial institutions that lend the government money demand a higher interest rate.

    The OBR projects that the government will be spending £100 billion a year on debt interest payments for each of the next five years. While the large increase in government spending and borrowing will initially boost the economy, it also means inflation is likely to stay slightly higher as more money is pumped into the economy. This, of course, could slow the rate at which the Bank of England cuts interest rates.

    Gains for the population as a whole over the five-year parliament appear to be modest, with the second smallest rise in household income of any recent parliament of just 0.5%. This is driven by OBR projections that the budget will not initially boost growth very much despite greater borrowing.

    And if the economy does not grow as much as hoped, the government may need more money to meet its day-to-day costs – especially as much of the new money has been front-loaded to be spent in the next two years. This would necessarily increase taxes even further.

    The fiscal rules mirror Labour’s political dilemma, the need for short-term pain in order to get long-term gains in improved public services, a more productive economy and higher incomes and living standards. What is not clear is how long the public will wait to see results.

    If, by the end of the parliament, people don’t feel like they have more in their pockets despite all the additional spending then Labour’s credibility could be in jeopardy.

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

    – ref. Why the chancellor’s plan to unlock billions of pounds of government investment is such a gamble – https://theconversation.com/why-the-chancellors-plan-to-unlock-billions-of-pounds-of-government-investment-is-such-a-gamble-242556

    MIL OSI – Global Reports –

    January 25, 2025

  • MIL-OSI USA: “HUGE DEAL”: Casey Delivers Federal Funds to “Revive” Scranton to New York Rail Service

    US Senate News:

    Source: United States Senator for Pennsylvania Bob Casey
    The Keystone: Bob Casey and Matt Cartwright revive Scranton’s rail service to New York City
    FOX 43: Sen. Bob Casey secures nearly $9 million in funding to help restore Amtrak passenger rail service between Scranton and New York
    Scranton Times-Tribune: Casey, Cartwright announce $9M toward restoring passenger trains between Scranton and New York City
    Pocono Record: ‘Not study money’: Scranton-NYC Amtrak project gets $9 million for construction work
    WBRE: “The start of construction being announced is a huge deal”
    Washington, D.C. – This week, U.S. Senator Bob Casey (D-PA) secured almost $9 million in federal funds to begin construction to bring back Amtrak passenger service between Scranton, PA and New York, NY. The funding was made possible by the Infrastructure Investment and Jobs Act (IIJA), which Casey fought to pass. Casey has pushed to bring back the Scranton to New York rail line for his entire career in the Senate.
    Read excerpts of the coverage of the funding announcement below:
    The Keystone: Residents living in Northeastern Pennsylvania are one step closer to having a passenger rail connection to New York City. Sen Bob Casey (D-Pennsylvania), along with Congressman Matt Cartwright (D-Lackawanna), announced $8.9 million in funding to restore rail service between Scranton and New York City…Casey began fighting for the restoration of the Lackawanna Cut-Off, a 28-mile stretch of track that fell into disrepair after rail service between Scranton and New York City halted in 1970, in 2008 when he sent a letter to Amtrak. After the passage of the Biden-Harris’ Bipartisan Infrastructure Law in 2021, Casey and Cartwright began pushing for the restoration of the rail line and they were able to deliver.
    WBRE: At the Scranton Trolley Museum, on Monday Congressman Matt Cartwright and Senator Bob Casey announced they secured nearly nine million dollars in federal funding to kick off long-needed railway rehabilitation and track improvements to the Lackawanna Cut-Off…The start of construction being announced is a huge deal. It’s taken decades of work to get to this point and now federal funding has secured the train is back on track.
    Scranton Times-Tribune:  The long-sought restoration of passenger rail service between Scranton and New York City through the Poconos and New Jersey advanced with a $9 million federal grant for bridge and rail line construction in Pennsylvania, officials announced Tuesday…the funding represents a milestone in the Amtrak project because it will finally result in construction…“The people of our region deserve this,” Casey said. “We’re going to finish this project no matter how long it takes us to do that.”
    ABC 16/WNEP: It’s been decades since passenger rail service ran through the city of Scranton…On Monday, another step was taken towards achieving that goal. Inside the Electric City Trolley Museum—U.S. Senator Bob Casey and U.S. Representative Matt Cartwright announced nearly 9 million dollars in federal funding to begin construction on the rail line that once connected the Big Apple and Scranton.
    Times Leader: The officials said that direct rail service between Scranton and New York could generate as much as $84 million in economic activity every year, according to an Amtrak study. “I have fought to restore rail service between Scranton and New York for my entire career in the Senate, and this investment from the infrastructure law means we are now closer than ever to making it a reality,” said Sen. Casey. “Passenger rail service to and from New York will be a game-changer for our region, meaning more family time, more economic investment, and more job opportunities.”
    FOX 43: Pennsylvania Sen. Bob Casey and U.S. Rep. Matt Cartwright on Tuesday announced nearly $9 million in federal funding to begin construction that will bring back Amtrak passenger rail service between Scranton and New York City…Casey and Cartwright have spent their careers in Congress advocating to restore rail service between Scranton and New York. In 2008, Casey began leading the charge in the Senate to implement a passenger service between Scranton and New York.
    Pocono Record: The effort to restore passenger rail between Scranton and New York City has received $9 million toward construction, officials announced Tuesday…“This is a nice day to celebrate, but we’re going to get more money. We’re going to finish this project, no matter how long it takes us to do that,” U.S. Sen. Bob Casey said. Multiple speakers noted the importance of the Bipartisan Infrastructure Law passed in 2021 in providing funds for this project.
    WVIA: Scranton’s decades-long dream of renewed rail service to New York City will soon take a key step forward thanks to nearly $9 million in federal infrastructure funding. Tuesday was a day to talk about trains, and how $8,958,919 in Consolidated Rail Infrastructure and Safety Improvements (CRISI) grant money will be used to upgrade railroad infrastructure along the Pennsylvania segment of the right-of-way, including a bridge and thousands of railroad ties…Both Cartwright and Casey have long been active supporters of renewed rail service, which officials say could be up and running as early as 2028 or 2029.
    FOX 56/WOLF TV: U.S. Senator Bob Casey (D-PA) and U.S. Representative Matt Cartwright (D-PA-8) announced millions in federal funding to begin construction to bring back Amtrak passenger rail service between Scranton and New York. The award, totaling $8,958,919,will kick off long-needed railway rehabilitation and track improvements to begin the process of restoring service between the communities via the Lackawanna Cut-Off, officials said.

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI USA: Hickenlooper, Bennet, Neguse, Pettersen, Polis Announce $129 Million for Colorado Rail Projects 

    US Senate News:

    Source: United States Senator John Hickenlooper – Colorado
    Four Colorado projects awarded funding under the Consolidated Rail Infrastructure & Safety Improvements (CRISI) Grant Program
    WASHINGTON – Today, U.S. Senators John Hickenlooper and Michael Bennet, U.S. Representatives Joe Neguse and Brittany Pettersen and Governor Jared Polis announced four Colorado rail projects will receive a total of $129.5 million in federal funds. The Colorado Department of Transportation (CDOT), Colorado State University Pueblo, San Luis Central Railroad Co., and OmniTRAX will all receive funding as part of the Consolidated Rail Infrastructure & Safety Improvements (CRISI) Grant Program. Earlier this year Hickenlooper, Bennet, Neguse and Pettersen urged the U.S. Department of Transportation to fund CDOT’s project along the Front Range. Hickenlooper also urged the department to fund the CSU Pueblo and OmniTRAX projects.
    “From freight in the San Luis Valley to passengers on the Front Range and beyond with CSU Pueblo’s research, rail isn’t just a part of our past, it’s a big part of our future, too,” said Hickenlooper. “That’s the case we made to Secretary Buttigieg for this funding and this is just the start.”
    “Colorado’s railways are vital to connect our communities and get resources to markets across the country. That’s why I ensured the U.S. Department of Transportation understood how critical this funding is for our state’s transportation infrastructure,” said Senator Michael Bennet. “I’m glad to have helped secure these investments in our railways’ safety, efficiency, and reliability across the state. ”
    “After years of working to secure federal support for the Front Range Passenger Rail Project, I am excited to see the Department of Transportation heed our calls and commit to modernizing Colorado’s passenger rail system—not just for communities along the Front Range but for residents throughout the entire state. This is a once-in-a-generation investment in our passenger rail infrastructure, creating countless new opportunities for communities to connect, grow, and thrive—and we will continue to work together to ensure this momentum leads to lasting benefits for all Coloradans,” said U.S. House Assistant Minority Leader Joe Neguse.
    “Today, I am incredibly grateful to see this federal funding coming to Colorado to strengthen our railway systems, enhance safety, and modernize our infrastructure,” said Representative Brittany Pettersen. “After a train derailment in Boulder injured workers and put our communities at risk, I supported funding to reinforce public safety and restore trust in Colorado’s rail infrastructure. I’m pleased to see these federal dollars coming to our state to help ensure we have safe, reliable infrastructure for generations to come.”
    “Today’s grant will make freight rail traffic in some of our busiest growing communities safer quickly while providing critical building blocks for Passenger Rail.  This major funding will help achieve important priorities like complying with longstanding federal standards and improving the safety of rail crossings, which can be the sites of dangerous incidents. With more than $66 million in federal support from the Biden-Harris administration, the future of Colorado’s rail network is a clear priority for the federal government, as it should be. We thank Senators Hickenlooper and Bennet, Congressman Neguse and Congresswoman Pettersen, and our communities for their support of this important project,” said Governor Jared Polis.
    “Thanks to a unified effort with Governor Polis’ leadership, Colorado can speed ahead with important safety and operational upgrades that will make passenger rail possible along the Front Range. Our partners in the Congressional delegation and in communities across the state have been constantly supportive of this work, and I want to especially thank the technical team at CDOT that has made so much progress behind the scenes to get Colorado ready for this opportunity. The Biden Administration has recognized Colorado’s seriousness and the quality of our work to develop passenger rail, and I want to add my appreciation to their support with this grant and the resources it brings to our work,” said CDOT Executive Director Shoshana Lew.
    CRISI invests in railroad infrastructure projects that improve safety, support economic vitality, including through small businesses, create good-paying jobs with the free and fair choice to join a union, increase capacity and supply chain resilience, apply innovative technology, and explicitly address climate change, gender equity, and racial equity. For more information on CRISI, click HERE.
    Full details on the projects receiving funding are below:
    Recipient
    Project Title
    Project Description
    Amount Awarded
    Colorado Department of Transportation
    Modernizing Rail on the Front Range: PTC Installation, Siding, & Grade Crossing Safety and Operational Improvements
    This project will design, install, and test positive train control with a complementary siding on a portion of the Front Range Subdivision, along with several railroad crossings that could benefit from operational and safety improvements.
    $66,400,000
    OmniTRAX Holdings Combined, Inc.
    Transportation Investments for Employment and Safety, Phase 2
    The proposed project involves final design and construction activities to replace railroad ties on four OmniTRAX-owned short lines across four states – Alabama, Colorado, Georgia, and Washington.
    $50,570,400
    Colorado State University Pueblo
    Safety Assessment, Testing and Workforce Development for Hydrogen/Natural Gas Motive Power
    The proposed project involves research and development for studying green hydrogen and renewable natural gas-powered rail vehicles. The project aims to conduct safety experiments on the use of CH2/CNG-powered rail cars at the TTC facility.
    $11,671,781
    The San Luis Central Railroad Co.
    The San Luis Central Railroad Reconstruction Project: Ansel North
    The SLC corridor was built in 1913 with untreated wooden ties. The project will replace 6,000 deteriorated cross and 126 switch ties between mile posts 10.1 and 15.2.
    $1,077,000
    “Southern Colorado often represents a hard-working spirit leveraging the opportunity of innovation. This Department of Transportation CRISI grant emboldens that spirit, enabling CSU Pueblo, in partnership with the Southern Colorado Transportation Technology Center (SCITT), to contribute to the future of rail transportation through critical safety research in hydrogen and natural gas technologies. I am particularly proud of how this project will partner with our Engineering program at CSU Pueblo, utilizing the expertise here to create new pathways for our students and local workforce. This grant is more than research – it’s a valuable investment into Southern Colorado,” said CSU Pueblo President Armando Valdez.
    “TIES2 will be transformative for the communities served by Great Western Railway of Colorado and the regions served by OmniTRAX railroads in Georgia, Alabama, and Washington state,” said David Arganbright, OmniTRAX Senior Vice President. “OmniTRAX is proud to call Colorado home, and we are tremendously appreciative of all the work that Sen. Hickenlooper has done in Congress to champion Colorado’s railways and deliver the critical infrastructure investments that make strengthen our nation’s supply chains.”
    “The team at CXSL is very excited for this great news and look forward to getting to work on the improvements as soon as possible. The grant will assist in providing the much needed improvements to improve rail service to our customers and greatly reduce our risk for incidents due to track conditions,” said Timothy Bivens, General Manager of Colorado Pacific San Luis Railroad.
     

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI: BOUSSARD & GAVAUDAN HOLDING LIMITED (GBP) : Transaction in Own Shares

    Source: GlobeNewswire (MIL-OSI)

    BOUSSARD & GAVAUDAN HOLDING LIMITED
    October 2024 TRANSACTION IN OWN SECURITIES ACTIVITY REPORT1

    The Company announces that pursuant to the general authority granted by shareholders of the Company on 28 May 2019 to make market purchases of its own Ordinary shares, it repurchased 0 Euro shares in October 2024.

    Figure of the share buy back programme for October 2024

      Share Buy Back Programme Liquidity Enhancement Agreement
    Aggregate number of transactions conducted in October 2024 0 0
    Average size of the transactions 0 0

    Following this transaction, the Company has:

    Euro share outstanding excluding share held in treasury 12,299,516
    Euro share held in treasury 0
    GBP share outstanding excluding share held in treasury 123,090
    GBP share held in treasury 0
    Total number of shares 12,422,606

    31stOctober 2024

    For further information please contact:
    Boussard & Gavaudan Investment Management, LLP

    Emmanuel Gavaudan (London) +44 203 751 5389

    The Company is established as a closed-ended investment company domiciled in Guernsey. The Company has received the necessary approval of the Guernsey Financial Services Commission and the States of Guernsey Policy Council. The Company is registered with the Dutch Authority for the Financial Markets as a collective investment scheme pursuant to article 2:73 in conjunction with 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht). The shares of the Company (the “Shares”) are listed on Euronext Amsterdam. The Shares are also listed on the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange plc’s main market for listed securities.

    This is not an offer to sell or a solicitation of any offer to buy any securities in the United States or in any other jurisdiction. This announcement is not intended to and does not constitute, or form part of, any offer or invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in this announcement in any jurisdiction in contravention of applicable law.

    Neither the Company nor Boussard & Gavaudan Fund Plc has been, and neither will be, registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition the securities referenced in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”). Consequently any such securities June not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US persons except in accordance with the Securities Act or an exemption therefrom and under circumstances which will not require the issuer of such securities to register under the Investment Company Act. No public offering of any securities will be made in the United States.

    You should always bear in mind that: all investment is subject to risk;

    1. results in the past are no guarantee of future results;
    2. the investment performance of BGHL may go down as well as up. You may not get back all of your original investment; and
    3. if you are in any doubt about the contents of this communication or if you consider making an investment decision, you are advised to seek expert financial advice.

    This communication is for information purposes only and the information contained in this communication should not be relied upon as a substitute for financial or other professional advice.

    1 This report includes the transactions conducted by both BGHL, for the share buy back programme and Exane, for the Liquidity Enhancement Agreement.

    Attachment

    • Monthly Report Share Buy Back October 2024

    The MIL Network –

    January 25, 2025

  • MIL-OSI: BOUSSARD & GAVAUDAN HOLDING LIMITED (EUR) : Transaction in Own Shares

    Source: GlobeNewswire (MIL-OSI)

    BOUSSARD & GAVAUDAN HOLDING LIMITED
    October 2024 TRANSACTION IN OWN SECURITIES ACTIVITY REPORT1

    The Company announces that pursuant to the general authority granted by shareholders of the Company on 28 May 2019 to make market purchases of its own Ordinary shares, it repurchased 0 Euro shares in October 2024.

    Figure of the share buy back programme for October 2024

      Share Buy Back Programme Liquidity Enhancement Agreement
    Aggregate number of transactions conducted in October 2024 0 0
    Average size of the transactions 0 0

    Following this transaction, the Company has:

    Euro share outstanding excluding share held in treasury 12,299,516
    Euro share held in treasury 0
    GBP share outstanding excluding share held in treasury 123,090
    GBP share held in treasury 0
    Total number of shares 12,422,606

    31stOctober 2024

    For further information please contact:
    Boussard & Gavaudan Investment Management, LLP

    Emmanuel Gavaudan (London) +44 203 751 5389

    The Company is established as a closed-ended investment company domiciled in Guernsey. The Company has received the necessary approval of the Guernsey Financial Services Commission and the States of Guernsey Policy Council. The Company is registered with the Dutch Authority for the Financial Markets as a collective investment scheme pursuant to article 2:73 in conjunction with 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht). The shares of the Company (the “Shares”) are listed on Euronext Amsterdam. The Shares are also listed on the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange plc’s main market for listed securities.

    This is not an offer to sell or a solicitation of any offer to buy any securities in the United States or in any other jurisdiction. This announcement is not intended to and does not constitute, or form part of, any offer or invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in this announcement in any jurisdiction in contravention of applicable law.

    Neither the Company nor Boussard & Gavaudan Fund Plc has been, and neither will be, registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition the securities referenced in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”). Consequently any such securities June not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US persons except in accordance with the Securities Act or an exemption therefrom and under circumstances which will not require the issuer of such securities to register under the Investment Company Act. No public offering of any securities will be made in the United States.

    You should always bear in mind that: all investment is subject to risk;

    1. results in the past are no guarantee of future results;
    2. the investment performance of BGHL may go down as well as up. You may not get back all of your original investment; and
    3. if you are in any doubt about the contents of this communication or if you consider making an investment decision, you are advised to seek expert financial advice.

    This communication is for information purposes only and the information contained in this communication should not be relied upon as a substitute for financial or other professional advice.

    1 This report includes the transactions conducted by both BGHL, for the share buy back programme and Exane, for the Liquidity Enhancement Agreement.

    Attachment

    • Monthly Report Share Buy Back October 2024

    The MIL Network –

    January 25, 2025

  • MIL-OSI USA: Cassidy Tours Sugar Farm and Meets with South Louisiana Farmers, Discusses Next Farm Bill

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – This week, U.S. Senator Bill Cassidy, M.D. (R-LA) visited with farmers in Port Allen and Jennings, to discuss the next Farm Bill and what Louisiana’s farmers need to continue feeding our state and the world.
    “Our farmers and fishermen produce the best sugarcane, rice and seafood in the world,” said Dr. Cassidy. “It’s my goal to protect them against unfair, foreign competition, to keep crop insurance affordable, and to prevent the cost of farming from rising. I appreciate being able to meet with Louisiana farmers and work together to reach these goals in the next Farm Bill.”
    On Wednesday, Cassidy toured a sugar farm in Port Allen alongside Mr. Travis Medine, the managing partner of Medine Farms and a fifth-generation Louisiana sugarcane farmer. He learned how they use modern technology to plant and harvest sugarcane, which was Louisiana’s second most lucrative commodity in 2023, according to the LSU AgCenter.
    Additionally, on Tuesday and Wednesday, Cassidy participated in roundtables with farmers in Jennings and Port Allen to discuss issues important to Louisiana farmers. The main topic was the upcoming Farm Bill and the need to focus on providing affordable crop insurance, among other crucial tasks. Cassidy also discussed challenges in hiring workers, the need for rural health care services, and preventing unfair competition from overseas.
    During his time in Congress, Cassidy has taken the lead in advocating for Louisiana farmers. Last September, he introduced legislation to protect Louisiana shrimpers and rice farmers from the dumping of cheap products by China and India into the United States. He also quizzed the U.S. Trade Representative on this matter during a U.S. Senate Finance Committee hearing in April.  
    Farmers and their families have also benefitted from Cassidy’s Infrastructure Investment and Jobs Act. Last April, he announced that the U.S. Department of Agriculture (USDA) would grant Louisiana over $1.5 million to support public schools, roads and other municipal services in rural areas where farmers work. Moreover, in separate appropriations, Cassidy secured $9 million in Fiscal Years 2023 and 2024 for the USDA/ARS Sugarcane Research facilities in Houma and is on track to secure another $7 million in the Fiscal Year 2025 agricultural appropriations bill.
    While meeting with farmers in Port Allen, Cassidy was joined by Mr. Richard Fontenot, President of the Louisiana Farm Bureau Federation. Cassidy was recognized as a Friend of Farm Bureau for outstanding service to farmers.
    “This marks the eighth Congress in a row in which Senator Bill Cassidy has received the Friend of Farm Bureau Award presented by the American Farm Bureau,” said Mr. Fontenot. “It’s given on his voting record, which shows that he and his staff are close allies of the Louisiana Farm Bureau and listen to and respond to the needs of our farmers and ranchers. With farm income down 23% since 2022 and some Louisiana farmers facing a third straight year of losses due to record high input costs and low commodity prices, we’re thankful Senator Cassidy took the time to hear those struggles directly from Louisiana Farm Bureau members.”

    MIL OSI USA News –

    January 25, 2025

  • MIL-Evening Report: The ‘big 4’ accounting firms often consult for the same clients they audit. Should that be allowed?

    Source: The Conversation (Au and NZ) – By Helen Spiropoulos, Associate Professor, University of Technology Sydney

    Public trust in the auditing profession is under intense pressure. A series of high-profile scandals, both in Australia and overseas, has severely damaged its reputation.

    This week, Australia’s corporate watchdog – the Australian Securities and Investments Commission (ASIC) – put the entire sector on notice.

    In a letter to auditors on Wednesday, ASIC announced it would soon commence a new data-driven surveillance of auditor independence and conflicts of interest. Put simply, any practices that could compromise the integrity of auditing work.

    The move comes amid longstanding calls for stronger regulation. Some have gone as far as to call for auditors – particularly the “big four” – to be banned from offering consulting services to their audit customers. Why? Fears it helps companies unethically game the system.

    But our recent research, which specifically examines chief executive pay, offers an alternative perspective and suggests we should tread carefully.



    Read more:
    A year after the PwC scandal, the furore is gone – as well as any real appetite for structural change

    Objectivity and independence

    The “big four” – PricewaterhouseCoopers (PwC), Ernst & Young (EY), KPMG and Deloitte – are the world’s largest professional services firms. They offer services in auditing, consulting, tax and advisory services.

    Known for their extensive resources and global reach, these firms serve major clients, including many publicly listed companies and governments.

    However, some have raised concerns about potential conflicts of interest that may arise when these firms provide both consulting and auditing to the same client.

    Auditing is the process of examining a company’s financial statements and processes to ensure both accuracy and compliance with accounting standards.

    Conducted by external auditors, it’s meant to give investors, regulators, and the public confidence that a company’s financial picture is accurate and trustworthy.

    The key worry is that offering both services risks compromising an auditor’s objectivity and independence.

    Auditors may be incentivised to shy away from scrutinising their clients too closely, if it helps preserve lucrative consulting contracts.

    How much money should the boss make?

    Professional services firms, including the big four, are often engaged as external consultants to help decide on “executive compensation” – how much a company’s chief executive should be paid.

    Chief executive pay is highly contentious. They can earn staggering amounts of money, which can sometimes appear disconnected from how well a company is actually performing and what’s in its shareholders’ best interests.

    Large companies often outsource decisions about how much to pay chief executives.
    GaudiLab/Shutterstock

    Compensation consultants are hired to help structure these pay packages, ideally by setting up performance targets that align chief executives’ incentives with shareholder value.

    The idea is that if you don’t meet a certain goal as the boss, you should miss out on being paid for it.

    But these consultants can also be a part of the problem. As chief executives can influence whether a particular consultant is hired or retained, consultants might design favourable contracts to increase their chances of getting hired again.

    How? By setting up targets that are easy to hit, or vague enough to avoid true accountability.

    Such accountability in executive compensation is extremely important. How much those at the top get paid should reflect the quality of their decisions.

    Without proper oversight, pay structures risk incentivising quick wins instead of long-term growth, which could potentially harm investors, employees and the company’s future.

    To solve this problem, you need transparent performance metrics. This makes it easier for shareholders to see whether chief executives are truly earning their pay.

    When executive compensation consultants do their job well, such transparency gets built in. So how does the big four score?

    What we found

    Our study, published in the Australian Journal of Management, analysed chief executives’ compensation structures in a sample drawn from the 500 largest companies listed on the Australian Securities Exchange (ASX), between 2005 and 2019.

    We found that the big four, when engaged as compensation consultants, appeared to uphold more rigorous standards than their smaller counterparts.

    For example, big four firms were more likely to recommend including performance measures like “relative total shareholder return”, which takes the performance of a company’s competitors into account.

    This can reduce the likelihood of “pay for luck” – paying a chief executive extra when a company performs well simply due to market-wide factors, such as movements in commodity prices or currency exchange rates.

    Non-big four consultants, on the other hand, showed a tendency towards less clearly defined targets, which can open the door to less accountability.

    Compensation consultants should set targets for chief executives that genuinely reflect good performance.
    Owlie Productions/Shutterstock

    What’s behind this effect?

    One possible explanation for our findings is that the big four’s multi-service approach gives them less reliance on securing repeat business from any single client.

    With consulting, tax, audit and advisory services across various industries, these firms aren’t as dependent on individual clients, which can give them greater freedom to recommend compensation packages that may not always align with a chief executive’s preferences.

    It has been argued, including by former chairman of the Australian Competition and Consumer Commission Graeme Samuel, that the big four’s consulting services pose potential conflicts that could compromise their audit duties.

    The same could be said for other advisory services provided by these firms.

    However, our findings offer evidence that when it comes to executive compensation, the big four’s reputation and expertise may actually discourage practices that obscure performance metrics or result in excessive chief executive pay.

    Any reforms should tread carefully

    The auditing sector will be watching the outcomes of ASIC’s forthcoming “crackdown” closely. The case for stricter oversight is strong.

    But we should be careful not to lose the nuance of this issue. In some cases, the big four’s multi-service approach may actually elevate governance standards rather than erode them.

    In a market dominated by these firms, the consequences of their exit from consulting services could extend beyond audit independence.

    Ironically, forcing these firms out of consulting could make auditing their primary revenue source from many clients, creating the very dependence regulators aim to avoid.

    Are we ready to face the unintended effects of limiting these firms’ roles? If our research is any indication, the answer is not so clear-cut.

    As an undergraduate student, Helen Spiropoulos did two internships at Deloitte in the areas of Audit and then Consulting (Strategy and Operations).

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

    – ref. The ‘big 4’ accounting firms often consult for the same clients they audit. Should that be allowed? – https://theconversation.com/the-big-4-accounting-firms-often-consult-for-the-same-clients-they-audit-should-that-be-allowed-242588

    MIL OSI Analysis – EveningReport.nz –

    January 25, 2025

  • MIL-OSI United Kingdom: Financial forecast reported to Council

    Source: Scotland – Highland Council

    A revised financial forecast for the Highland Council, taking account of already agreed savings and other measures, suggests a remaining budget gap of £38m-£54m over the coming three years, 2025/26 to 2027/28. 

    As part of the Council’s Medium-Term Financial Plan, agreed in February 2024, Council agreed a package of £54.6m of budget savings, and the use of a range of financial flexibilities and use of reserves, to address the projected £113m gap over a 3-year period 2024/25 – 2026/27.    

    A revised forecast, before taking account of agreed savings and other measures, and factoring in financial assumptions, is a budget gap over the next three years (2025/26 to 2027/28) ranging from £116m-£132m.  

    After allowing for budget savings and other decisions already made by the Council, and other assumptions, these scenarios suggest the figure of a residual budget gap of £38m-£54m over the three years.  

    It is clear that there are significant and additional financial pressures and challenges facing Governmental budgets in the current and next year, with it being expected these will ultimately translate to a potentially more challenging budget settlement and financial outlook for Scottish Local Authorities. There remains uncertainty regarding the impact of national decisions, which may in turn impact the scenarios reported to Members. 

    While inflation and cost pressure estimates are expected to exceed the likely level of funding that may be available to the Council, there is an inevitable need to plan for further additional savings.

    Convener of the Highland Council, Bill Lobban said: “Decisions already made by the Council in February 2024 provide a very solid foundation to the Council’s financial planning.  It is essential the Council continues to apply a multi-year, strategic approach to its financial planning and financial sustainability, and makes the necessary decisions to ensure expenditure plans are in line with funding levels. 

    Leader, Raymond Bremner said: ““We will do everything we can to mitigate the impact on our residents in our decision making. At the same time as making savings, and making best use of public funds, we have been able to plan supporting our ambitious Highland Investment Plan through our revenue budget decisions, which could see £2bn of capital investment across the Highlands over the next 20 years and which will leave a valuable legacy for communities well into the future.  

    “Public and staff engagement in the lead up to our last budget was extremely helpful in shaping our thinking and decisions. The Operational Delivery Plan also provides a helpful mechanism for monitoring progress with the delivery of agreed savings and this will continue to be useful moving forward as part of our financial planning process.” 

    Chair of the Council’s Resources Committee, Cllr Derek Louden commented: “The important thing for us to remember this is a very early stage in budget setting, with a great deal of uncertainty at this time. Looking at the direction of travel and considering income generation, budget reduction and use of reserves in line with the Council’s strategy for the coming years will be part of our planning for budget setting in March 2025.” 

    A further report will be brought to the Council meeting in December. 

    MIL OSI United Kingdom –

    January 25, 2025

  • MIL-OSI USA News: A Proclamation on Critical Infrastructure Security and Resilience Month,  2024

    Source: The White House

         From the energy that powers our homes to the networks that connect us and the systems that protect our health and safety, our critical infrastructure keeps our economy thriving and our communities secure.  This Critical Infrastructure Security and Resilience Month, we recommit to strengthening our country’s critical infrastructure and building an America that is safe and secure for generations to come.

         This year, I signed a National Security Memorandum to secure and enhance the resilience of United States critical infrastructure — updating the policy for the first time in a decade.  This represents the launch of a new era in protecting our infrastructure against all threats and hazards by safeguarding our strong and innovative economy and enhancing our collective resilience to disasters before they happen.  But there is more to do.  Climate change is making natural disasters more frequent, ferocious, and costly — endangering our supply chains, creating more instability for our communities, and straining the critical infrastructure Americans depend on for their livelihoods.  And we need to stay vigilant against adversaries that seek to maliciously target our critical infrastructure, including through cyberattacks.  

         To meet this moment, my Administration made a once-in-a-generation investment in our Nation’s infrastructure — creating an opportunity to build in resilience to all hazards upfront and by design.  Through my American Rescue Plan, Bipartisan Infrastructure Law, Inflation Reduction Act, and CHIPS and Science Act, we are investing billions of dollars to secure and bolster our infrastructure.  That includes improving our electric grid so that people can maintain power in any situation, elevating roads and bridges over possible flood zones, funding community resilience programs, and more.  These investments have not only helped to protect Americans — they have benefited our economy, creating jobs and new possibilities for our communities.  At the NATO summit this year, I announced an arrangement with Canada and Finland to collaborate on the production of polar icebreakers.  The partnership will advance United States economic and national security interests by strengthening our shipbuilding and industrial capacity while simultaneously opening up new trade routes and pushing back against foreign aggression and bolstering our international alliances.  This year, I also announced a United States Port Security Initiative to reverse our dependence on foreign manufactured port equipment.

         Ensuring our Nation is resilient in the face of threats also means working with other nations around the globe to build better, stronger, and more sustainable infrastructure.  At the G7 Summit in June, I was proud to announce the historic progress we have made with our Partnership for Global Infrastructure and Investment.  This initiative will strengthen United States national and economic security for Americans at home and enable sustainable economic growth for partner countries.  To date, we have mobilized $60 billion to create high-quality global infrastructure.  That comes on top of our work with the European Union and African heads of state to develop the Lobito Corridor as well as our work with the Democratic Republic of the Congo and Zambia to expand regional and global trade markets through the Port of Lobito in Angola.  We continue to pursue opportunities to expand our investments across Africa and around the world, including the Indo-Pacific, Central Asia, the Middle East, and the Western Hemisphere.  Investments like these create more shared opportunities, prosperity, and security for everyone.

         Across the Nation, America is writing the greatest comeback story we have ever known — people are putting shovels in the ground, founding new businesses, and creating hope for entire communities.  It is more important now than ever before that we remain vigilant against any threats that seek to undermine our collective security and prosperity. 

         During Critical Infrastructure Security and Resilience Month, we recommit to safeguarding and strengthening our Nation’s critical infrastructure to save lives and allow our Nation to continue doing what it does best:  creating new possibilities.

         NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim November 2024 as Critical Infrastructure Security and Resilience Month.  I call upon the people of the United States to recognize the importance of protecting our Nation’s infrastructure and to observe this month with appropriate measures to enhance our national security and resilience.

         IN WITNESS WHEREOF, I have hereunto set my hand this thirty-first day of October, in the year of our Lord two thousand twenty-four, and of the Independence of the United States of America the two hundred and forty-ninth.

                                   JOSEPH R. BIDEN JR.

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI USA: Deputy Administrator Isobel Coleman on Bold Measures to Feed Africa During the World Food Prize

    Source: USAID

    DEPUTY ADMINISTRATOR ISOBEL COLEMAN: Thank you, President [Akinwumi] Adesina, for that introduction, and thank you, President [Samia Suluhu] Hassan and President [Julius Maada] Bio, for your thoughtful reflections. It is an honor to join you today, representing the U.S. Agency for International Development.

    As we’ve heard, the level of need remains great in Africa. It is one of the few regions of the world where hunger and undernourishment have continued to rise in recent years. However, Africa is also home to 12 of the 20 fastest growing economies on the planet, and the continent is poised to become the world’s second fastest-growing economic region. 

    This is a moment of great opportunity. With smart policy reforms, and increased investment and trade, we can realize the potential of this dynamic region while seriously tackling poverty, hunger and malnutrition. 

    The U.S. government’s global hunger initiative, Feed the Future, prioritizes investments in Africa – providing more than $400 million each year to drive inclusive and sustainable agriculture-led growth, improve nutrition outcomes, and build resilience. Feed the Future’s locally-led model has yielded remarkable success over its first decade. In areas where Feed the Future has worked, poverty, hunger, and child stunting all declined by 20 to 25 percent. 

    But, we know there is much more work to be done. 

    As global needs continue to far outpace available resources, USAID is focused on investing our dollars in the most impactful, cost-effective ways to maximize our impact. Under Feed the Future, we are making an effort to concentrate our work in countries and regions where we see both significant need and opportunity to drive long-term sustainable progress.  

    Through rigorous data analysis, we have identified three countries in sub-Saharan Africa – Malawi, Tanzania, and Zambia – as ripe for the kind of agricultural transformation that can lift hundreds of thousands of people out of poverty and help expand the food supply across the region and beyond. So, through an initiative we are calling Feed the Future Accelerator, we are doubling down on our investments in these three countries. We believe these countries have the potential to become regional breadbaskets helping to feed the world. 

    In partnership with the African Union, the Accelerator will allow us to support an African-led approach to tap into that potential. The governments in these countries – by implementing the smart policies and economic reforms needed to catalyze inclusive growth – are laying the groundwork to form a regional agricultural powerhouse.

    We are committed to capitalizing on this game-changing opportunity in the region. So, last month, we announced over $80 million in USAID commitments to Feed the Future Accelerator, which complements an ongoing portfolio of nearly $500 million in investments from across the U.S. government in these three countries. And, over the course of this week, we’ve seen that number grow.

    For example, on Tuesday, the Millennium Challenge Corporation announced a new $491 million compact with Zambia, with MCC providing $458 million and the Government of Zambia contributing $33 million to boost agricultural productivity and investment. And, as we ramp up our investments in these priority countries, the U.S. and other donors are also investing in the hard infrastructure that farmers need to access affordable agricultural inputs and then to transport what they grow to markets across the region. 

    Under the umbrella of the Partnership for Global Infrastructure and Investment, or PGI, we are investing in the Lobito Corridor – an ambitious infrastructure project stretching from the port of Lobito on Angola’s Atlantic coast, through the Democratic Republic of the Congo to Zambia, and on to Tanzania. These investments will directly benefit smallholder farmers and agricultural small and medium-sized enterprises by enabling them to scale up operations, create linkages to agro-processing and storage, create jobs, and drive growth. Our ambition is that this economic corridor, enhanced by our investments in the Accelerator, will raise incomes among small- and medium-sized farm holders, especially women farmers, while also contributing to regional trade and market linkages – catalyzing the kind of agricultural growth needed to enable countries not just to provide for their own people but to become major food exporters.

    And, we know that these investments in infrastructure and food security are also building greater climate resilience in a region battling the impacts of climate change. USAID has announced over $38 million in new research investments with a host of U.S. universities that will focus on developing climate-smart innovations to build resilience and support smallholder farmers in Accelerator countries specifically and across Africa more broadly.

    But, we know that the United States government cannot do this alone, which is why we are excited that the private sector is joining us in this effort, with major companies such as Bayer and ofi, one of the largest coffee suppliers in the world, investing over $150 million in Malawi, Tanzania, and Zambia. And, earlier this week, you may have heard from Bayer and ofi about the investments they are making. Bayer will invest $35 million in building a new seed production facility in Zambia, which is expected to open in March 2025. The hybrid seeds Bayer will produce will be sold across the region, contributing to a more integrated regional seed market that benefits smallholder farmers in neighboring countries. ofi, one of the largest coffee producers and exporters in Tanzania and Zambia, will invest $80 million over the next four years in Zambia and Tanzania coffee value chains. These investments will boost local economies and generate additional income for farming communities.

    This kind of partnership – with the private sector, with local African leaders, with other donors, and beyond – will be vital to our efforts. Together, we will create an engine that can help feed hungry people, not just in these three countries, but across the African continent.

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI Europe: Federal Councillor Baume-Schneider attends G20 Health Ministers’ Meeting in Brazil

    Source: Switzerland – Federal Administration in English

    Federal Councillor Elisabeth Baume-Schneider took part in the G20 Health Ministers’ Meeting in Rio de Janeiro today. Federal Councillor Baume-Schneider also represented Switzerland at the G20’s Joint Ministerial Meeting on Finance and Health. The meetings’ discussions focused in particular on the resilience of healthcare systems and on ensuring equitable access to medical products. The Head of the Federal Department of Home Affairs (FDHA) also took the opportunity to conduct bilateral discussions with several of her international counterparts. She will continue her stay in Brazil with a working visit devoted to both health and cultural issues between now and Saturday 2 November.

    MIL OSI Europe News –

    January 25, 2025

  • MIL-OSI Europe: Answer to a written question – Facilitating the financing of nuclear power in the EU – E-001825/2024(ASW)

    Source: European Parliament

    When developing the EU Taxonomy[1], the Commission prioritised economic activities which have the greatest potential to make a substantial contribution to one or more EU environmental objectives without causing significant harm to the others.

    The EU Taxonomy covers therefore nuclear activities which can play an important role in moving towards a carbon-neutral economy, including research, development, demonstration and deployment of advanced nuclear technologies with minimal waste from the fuel cycle, construction and operation of new nuclear power plants using best-available technologies and upgrading of existing nuclear installations for the purposes of lifetime extension.

    The EU Taxonomy is a living document and will continue to evolve over time, with more activities being added to its scope by means of amendments.

    Stakeholders are able to address suggestions and questions on new activities to be included in the EU Taxonomy or on possible amendments relating to existing activities. For this purpose, the Commission established a stakeholder request mechanism[2] and, with input from the Platform on Sustainable Finance[3], it assesses suggestions received.

    When developing the Taxonomy, the Commission paid particular attention to ensuring that all economic activities within a sector are treated equally when they contribute equally towards the environmental objective.

    Consequently, the activities in the energy sector include activities relating to all major energy sources, including nuclear energy.

    • [1] https://finance.ec.europa.eu/sustainable-finance/tools-and-standards/eu-taxonomy-sustainable-activities_en
    • [2] https://finance.ec.europa.eu/sustainable-finance/overview-sustainable-finance/platform-sustainable-finance/stakeholder-request-mechanism_en
    • [3] https://finance.ec.europa.eu/sustainable-finance/overview-sustainable-finance/platform-sustainable-finance_en
    Last updated: 31 October 2024

    MIL OSI Europe News –

    January 25, 2025
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