Category: France

MIL-OSI China: Full text: Joint Statement between the People’s Republic of China and the French Republic on Climate Change on the occasion of the Tenth Anniversary of the Paris Agreement

Source: China State Council Information Office 2

China and France issued a joint statement on climate change on the occasion of the 10th anniversary of the Paris Agreement on Thursday in Beijing.
Please see the attachment for the full text of the statement.
Full text: Joint Statement between the People’s Republic of China and the French Republic on Climate Change on the occasion of the Tenth Anniversary of the Paris Agreement
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MIL OSI China News –

March 27, 2025
MIL-OSI: Aegon publishes its Integrated Annual Report 2024
Source: GlobeNewswire (MIL-OSI)

The Hague, March 27, 2025 – Aegon Ltd. today publishes its Integrated Annual Report 2024. The report provides an overview of its businesses, the company’s strategy and sustainability approach, and its financial and non-financial performance. The report also reflects on the key trends that influence Aegon’s businesses and its stakeholders, and how these trends impact the way in which the company creates and shares value, today and in the future.

You can find out more about the topics covered in the Integrated Annual Report 2024 here and the report can be downloaded via aegon.com. A hard copy of the report, including the audited financial statements, can be ordered free of charge by sending a request to our Investor Relations department.

Aegon will also file its Annual Report 2024 on Form 20-F with the United States Securities and Exchange Commission (SEC). The Annual Report 2024 on Form 20-F will be available later today on aegon.com and can be downloaded from the SEC website once filed.

Contacts

About Aegon
Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint-ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com .

Forward-looking statements
The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:
- Financial risks – Rapidly rising interest rates; Sustained low or negative interest rate levels; Disruptions in the global financial markets and general economic conditions; Elevated levels of inflation; Illiquidity of certain investment assets; Credit risk, declines in value and defaults in Aegon’s debt securities, private placements, mortgage loan portfolios and other instruments or the failure of certain counterparties; Decline in equity markets; Downturn in the real estate market; Default of a major financial market participant; Failure by reinsurers to which Aegon has ceded risk; Downgrade in Aegon’s credit ratings; Fluctuations in currency exchange rates; Unsuccessful management of derivatives; Subjective valuation of Aegon’s investments, allowances and impairments;
- Underwriting risks – Differences between actual claims experience/underwriting and reserve assumptions; Losses on products with guarantees due to volatile markets; Restrictions on underwriting criteria and the use of data; Unexpected return on offered financial and insurance products; Reinsurance may not be available, affordable, or adequate; Catastrophic events;
- Operational risks – Competitive factors; Difficulty in acquiring and integrating new businesses or divesting existing operations; Difficulties in distributing and marketing products through its current and future distribution channels; Slow to adapt to and leverage new technologies; Failure of data management and governance; Epidemics or pandemics; Unsuccessful in managing exposure to climate risk; Unidentified or unanticipated risk events; Aegon’s information technology systems may not be resilient against constantly evolving threats; Computer system failure or security breach; Breach of data privacy or security obligations; Inaccuracies in econometric, financial, or actuarial models, or differing interpretations of underlying methodologies; Inaccurate, incomplete or unsuccessful quantitative models, algorithms or calculations; Issues with third-party providers, including events such as bankruptcy, disruption of services, poor performance, non-performance, or standards of service level agreements not being upheld; Inability to attract and retain personnel;
- Political, regulatory, and supervisory risks – Requirement to increase technical provisions and/or hold higher amounts of regulatory capital as a result of changes in the regulatory environment or changes in rating agency analysis; Political or other instability in a country or geographic region; Changes in accounting standards; Inability of Aegon’s subsidiaries to pay dividends to Aegon Ltd.; Risks of application of intervention measures;
- Legal and compliance risks – Unfavorable outcomes of legal and arbitration proceedings and regulatory investigations and actions; Changes in government regulations in the jurisdictions in which Aegon operates; Increased attention to sustainability matters and evolving sustainability standards and requirements; Tax risks; Difficulty to effect service of process or to enforce judgments against Aegon in the United States; Inability to manage risks associated with the reform and replacement of benchmark rates; Inability to protect intellectual property;
- Risks relating to Aegon’s common shares – Volatility of Aegon’s share price; Offering of additional common shares in the future; Significant influence of Vereniging Aegon over Aegon’s corporate actions; Currency fluctuations; Influence of Perpetual Contingent Convertible Securities over the market price for Aegon’s common shares.
Additionally, Aegon provides some information in this report that is informed by various stakeholder expectations, non-US regulatory requirements, and third-party frameworks. Such information, whether provided here or in Aegon’s other disclosures (including website materials), is not necessarily material for SEC reporting purposes.
Even in instances where we use “material”, this should not in all instances be deemed to refer to materiality for purposes of our U.S. federal securities filings, as there are various definitions of materiality used by different stakeholders, including but not limited to a more expansive “double materiality” standard pursuant to the European Sustainability Reporting Standards that has informed much of our sustainability disclosure. Similarly, while we leverage various frameworks in our disclosures, we cannot guarantee, and language such as “align” or “follow” is not meant to imply, complete alignment with these requirements.
We similarly cannot guarantee complete alignment with any stakeholder’s interpretation or preference for the measurement or presentation of sustainability or other information in this report. Expectations, as well as our own approach, continue to evolve and may change for a variety of reasons, including regulatory or business requirements or other factors that may not be in our control. Similarly, certain disclosures are based on hypothetical scenarios which may not be reflective of expectations or future events; such scenarios are subject to inherent uncertainty given the long-time frames and breadth of variables involved. As a final note, documents and website references included herein are provided solely for convenience and are not incorporated by reference absent express language to the contrary.
Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the 2023 Integrated Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Attachment
- 20250327_PR_Aegon publishes its Integrated Annual Report 2024
The MIL Network –
March 27, 2025
MIL-Evening Report: Keith Rankin Analysis – Learning the correct lessons from World War Two in Europe
Analysis by Keith Rankin.

Keith Rankin, trained as an economic historian, is a retired lecturer in Economics and Statistics. He lives in Auckland, New Zealand.

While World War Two (WW2) always was a set of intersecting conflicts – with Japan fighting a war of imperialism in East Asia and the Western Pacific – the war in Europe has been cast as the ultimate battle of ‘Good’ versus ‘Evil’. Hence the narrative of the Good War. Further, it has been personalised, with Adolf Hitler becoming the personalisation of Evil and Winston Churchill the personalisation of Good.

It always was nonsense. Wars are fought over territories and hegemony, between various peoples (nationalities), empires, religions, ideologies etc.; in the vast majority of cases between Bad and Bad, albeit various shades of bad (although the Hitler’s Nazis and Joseph Stalin’s Communists were close to having been equally Bad). The Bad versus Good narrative remains compelling to the human mind, however. Once you can find a compelling Evil – without or within, over there or over here – then our brains want to tell us that whoever opposes that ‘bad’ must be ‘good’. (In the old days, the ‘good’ said: ‘God was on our side’. Typically, their opponents thought something similar.)

Winston Churchill was neither a Good leader nor a competent leader. He didn’t start WW2, though there is an argument that the United Kingdom did. Nevertheless, Churchill, as a charismatic rhetorician and narcissist, had some sway over political discourse in Britain for half a century. (His important career began in 1904, when he became a party-hopping backbencher. He resigned from his second stint as Prime Minister in 1955; he was an MP for 61 years, and PM for 9 years.) That’s why there are so many more cited quotations from him than from any other British back-bench MP in the late 1930s.

Churchill, as a war-leader, was an ultra-imperialist who fought imperialist wars under the cover of World Wars One and Two. He was responsible for numerous atrocities, including appeasements of Stalin that were more problematic than Neville Chamberlain’s appeasement of Hitler in 1938. In his speeches in 1938 and 1939, Churchill may have been alluding to Eastern Europe, but he was thinking about Italy and its threat to British ‘assets’ in and around the Mediterranean Sea.

WW2: Germany versus Soviet Russia, with the United Kingdom as stoker and as kingmaker

World War Two was round two of the Germany versus Russia conflict; this time as ‘Nazi’ Germany against ‘Communist’ Russia, the Third Reich versus the Soviet Union. The centrality of the Germany versus Russia conflict – indeed a conflict between them for the territories of Ukraine and the oilfields to the southeast of Ukraine – becomes more apparent when WW1 and WW2 are seen as one. World War One clearly started as a conflict between Germany and Russia; albeit triggered as a conflict between proxies, Austria and Serbia. And World War Two ended with the defeat of Germany by Soviet Russia; and after the entry of Russia into the Pacific War (which henceforth became the Cold War between Soviet Russia and the United States of America).

Technically, WW2 became a world war (rather than a regional war) when the United Kingdom and France (and their empires) ‘declared war’ on Germany on 1 Sep 1939. The trigger issue was the possibility of Germany invading Poland. But what mischief was the United Kingdom upto with distant Poland? Why did a British ghost-war go horribly wrong? And why did open warfare between the two principal belligerents in Europe – Berlin and Moscow – not commence until June 1941?

My reading of British and French ‘diplomacy’ between March and August 1939 is that these notional allies, United Kingdom in particular, wanted there to be a major regional showdown between Berlin and Moscow; both powers would be substantially weakened as a result, thereby enhancing British and French control of the Mediterranean and the ‘Middle East’.

The British and the French ‘tried’ to do a deal with Stalin, in March 1939, with respect to protecting Poland from German aggression. (On 15 March 1939, Germany annexed the Czech part of Czechoslovakia.) They revealed their military weakness (especially Britain’s), or at least the paucity of the military contribution they were willing to make towards the security of Poland.

Britain and France subsequently went on to sign a treaty guarantee with Poland; a guarantee that both would declare war against Germany if Poland was attacked by Germany. Stalin already knew that the United Kingdom would not back-up such a declaration with any action to defend Poland.

The reason for the guarantee appears to have been to deter Poland from negotiating a peace deal with Germany. Further, Britain was maintaining diplomatic communication with Germany until August 1939. The inference would appear to be that Britain was trying to start a ‘nothing-war’ between itself and Germany, while stoking a ‘something war’ between Germany and Soviet Russia. Britain had no intention of doing anything in Poland, and was expecting that France would provide a substantial defensive barrier between Germany and Great Britain; this was all in the context that Britain and France would be helping their own security by nudging Germany into ‘pushing’ East (as was always Germany’s apparent plan) rather than ‘West’.

However, Britain and France were nonplussed by the non-aggression pact – the Molotov-Ribbentrop Pact – signed between Moscow and Berlin in the last week of August 1939. Further, there was a secret sub-pact. Moscow and Berlin would carve up Poland, and which effectively – and subsequently – meant the Soviet annexation of Lithuania, Latvia and Estonia. Germany invaded Poland on 1 September 1939, activating that secret deal. Despite having nineteenth-century precedents for a pragmatic backing out from a signed-up deal, the United Kingdom and France – at least notionally – honoured their guarantee and declared war on Germany.

For France, this meant further shoring-up of its border with Germany, and – virtue signalling –making a small and brief incursion into Germany (the Saar Offensive). For Britain it meant further rearmament, but really to build up its navy to shore up its imperial interests, and building up its Air Force to defend itself from possible German attack. And it sent an army into France, as a show of support for France, more to be seen to be doing something than to actually be doing anything.

But the clear sense is that Britain still expected Germany to negotiate peace with Britain while consolidating its annexations of the Czech lands and Poland. The ‘phoney war’ proceeded, though it was far from phoney to the people of Poland and other Eastern European countries. The United Kingdom was launched into war proper in May 1940, with the lightning conquest of France by Germany, a conquest made possible by Germany’s temporary truce with the Soviet Union. (Though that was preceded, by a month, by Germany’s invasion of Norway; a matter for Britain’s navy rather than army.)

Adolf Hitler abandoned the Molotov-Ribbentrop Pact in June 1941, embarking Nazi Germany on a full-scale invasion of the Soviet Union, his main plan all along. He had secured his western border in 1940; though his plans were somewhat scuppered by a need to attend to the military failings of Mussolini’s Italian forces in the Eastern Mediterranean, hence the war in Greece which involved New Zealand.

The Bloodlands and their toll of political murder: 1932-1945

The atrocities of the Nazis took place during a world war; those of Stalin were mostly during peace-time. Timothy Snyder, in his 2010 book Bloodlands, “conservatively” estimates that fourteen million civilians and prisoners-of-war were politically murdered in a set of contiguous territories – between Germany and Russia-proper – by either the Moscow-based Soviet Communist regime or the Berlin-based National Socialist regime. This includes ‘The Holocaust’, or at least most of it.

As real estate, Snyder defines the Bloodlands as the pre-WW2 territories of Ukraine and Belarus (within the Soviet Union), Poland, the Baltic States (Lithuania, Latvia, and Estonia), and the part of Russia close to Leningrad (now St Petersburg). The murders included in his tally were inflicted by deliberate starvation, guns, and gas. The cases of starvation were not due to famine in the conventional sense of that term. In the Ukrainian ‘famine’ of 1932/33, the food grown on Ukrainian farms – among the most productive lands in Europe – was confiscated and exported to Russian cities and to other countries in return for foreign currency. In the Siege of Leningrad – 1941 to 1944 – the German military prevented food from entering the city.

The worst-affected areas of the Bloodlands are today in western Ukraine and western Belarus. This land was in Eastern Poland before World War Two, and therefore in the Soviet-annexed territories of pre-war Poland. These lands were annexed or occupied by the Soviet Union in 1939, Germany in 1941, and the Soviet Union again in 1944. Each annexation saw its own round of political mass murder.

The murders of citizens of Poland and the Soviet Union took place on a vastly larger scale than any comparable atrocities committed on West Europeans; including the Holocaust, for which the vast majority of victims were Jews resident in Eastern Europe (not Germany; not the West). Snyder summarises the Bloodlands murder toll as:
- 3.3 million deliberately starved mostly in Ukraine in the 1932/33 Holodomor
- 0.7 million murdered in the Great Terror of 1937/38
- 0.2 million murdered in occupied Poland in 1939-1941 (disproportionately highly educated people; many killed by the notorious Einsatzgruppen, Nazi loyalists with PhD degrees)
- 4.2 million Soviet citizens starved by German occupiers in 1941-1944
- 5.4 million Jews (mostly Polish or Soviet citizens) shot or gassed by Germans in 1941-1944
- 0.7 million citizens (mostly Belarussians or Poles) shot by Germans in reprisals in 1941-1944
To what extent would have these (or equivalent numbers of) deaths have happened anyway, regardless of how the war actually started in Poland? Stalin’s victims, mostly already dead, represented about 40 percent of these fourteen million. The majority of Stalin’s victims were killed in the Ukrainian Holodomor which peaked in 1932 and 1933; or in the Great Terror of 1937 and 1938, which targeted the ‘kulak’ class of peasants and former peasants, ethnic Poles, and Russia’s political class (including many Bolshevik allies of the paranoid Stalin; communists who had come to be seen as potential threats to him).

Before September 1939, Hitler’s attempts at political murder were puny at best, when compared to Stalin’s ‘peace-time’ terror campaigns. Stalin murdered Soviet citizens. So, to a large extent did Hitler; Hitler killed comparatively few Germans, before or during the war.

Those who died in the Bloodlands after August 1939 might have experienced different fates had the war not been started then and there. Certainly, in 1940, a group of Hitler’s scientists – led by a leading agronomist – devised the ‘Hunger Plan’, which, if implemented in full, would have led to the murder of thirty of forty million Soviet citizens, to be replaced by German Aryan settlers. (While Hitler used ‘capitalist’ and ‘communist’ Jews as convenient scapegoats, Nazi racism should be understood as pro-Aryan rather than specifically anti-Jewish.) This was probably a racist and supremacist Nazi fantasy, unlikely to be able to be realised in full, and which was not prevented by the declaration of war by the United Kingdom against Germany in 1939.

It’s hard to see that the eventual victory of the Soviet Union over Germany in 1945 made the world a better, freer or more democratic place than it otherwise would have been; with fewer deaths and sufferings after 1939 than there actually were. Would a German victory over the Soviet Union have led to a less inhumane outcome for many millions of people, in the Bloodlands and elsewhere? We’ll never know, but it’s possible. It seems unlikely that the extremes of German National Socialism could have lasted for as long as the extremes of Soviet and Maoist Communism. And we know that most oppressive regimes do come to an end eventually; just as Hitler thought the Third Reich was forever (or for 1,000 years), so did Stalin and his successors believe of the Soviet Union.

World War Two morphed into the Cold War

Mostly, the Cold War – between the United States and the Soviet Union, and their proxies and alleged proxies – was ‘fought’ between the First World and the Second World; but its many victims were mostly in the ‘Third World’, now called the ‘Global South’. The way the Pacific War morphed into the Cold War is glaringly obvious, with the nuclear attack on Japan by the United States representing the end of the one war and the beginning of the next. (And note The bombing of Hamburg foreshadowed the horrors of Hiroshima.)

The Cold War began in Europe too, when the ‘victorious’ western ‘powers’, most particularly the United States, ‘suggested’ that the Russian ‘liberators’ of Eastern Europe were planning to overrun Western Europe as well (and turn the conquered into ‘communists’). The result was a tensely divided Europe until 1990, unnecessarily so; many European lives were blighted by politico-military suppression for 45 years. Further, that east-west divide has reappeared; just look at the results of the recent general election in Germany.

Finally, the costs ain’t over yet

Just as the World War came in two episodes, so too is the Cold War now in its second episode. (In the case of the World War, the second episode was explicitly ideological; communism versus fascism. In the Cold War, it was the first episode that was explicitly ideological; communism versus liberal capitalism.) Further, with signs that the United States might be withdrawing early, the second Cold War (CW2?) is looking like becoming, at its core, the Fourth Reich (aka the European Union) versus Russia (the new Russian Empire?), and with the territories of contention once again being Ukraine and the Black Sea.

The World War could have ended in 1918 or 1919 after the Great War (later known as World War One) – understood then to be the ‘War to End All Wars’ – if the ‘great powers’ had learned the appropriate lessons. Sadly, the ‘powers-that-were’ and the ‘powers-that-would-be’ learned, if anything, the wrong lessons. World War Two was not a Good War; it was grubbier and crueller than probably all its predecessors, and all sides – including the Anglo-side – contributed to that grubbiness and cruelty.

Imperialism was very much the problem, not the solution. The ‘rules-based-world-order’, devised in 1919 by the then-victorious powers – shonky new-nation national-borders and all – proved to be just another variation of great-power imperialism. We live in a world today of powers (some more ‘super’ than others), their proxies, and nations in the Global South saddled with borders which ensure forever conflicts.

We live in a world in which the Global West sees itself as morally and culturally superior, even though manifestly it isn’t. And we live in a world in which the Global East – in its various ethnic and cultural shades – rejects the supremacist assumptions and liberal presumptions of the West. And we live in a world in which those powers gamble with global war, just as the British gambled in 1939. And we live in a world in which the militaries contribute vastly to very real climate change, partly from military emissions of greenhouse gasses, partly because the immediate (eg 2020s) security concerns of the world outweigh concerns about the climate future (eg 2040s) concerns, and partly because we behave as if the goals to prevent or adapt to global warming are unwinnable.

There is a lot happening in the world at the moment, including tensions within Europe that would lead few people to be confident that – in 2050 – the present political architecture of Europe would still exist. Germany coveted Ukraine in the first half of the twentieth century. Indeed, Germany occupied Ukraine in 1918 and in the middle years of World War Two. Will the second quarter of the twenty-first century once again see German control of Ukraine? I wouldn’t bet against it. I see a stronger belligerence today in Germany towards having influence in Ukraine than I see in any other western country.

The biggest threat to peace is war; not Russia, not China, not Germany, not the United States of America, not Iran, not the hapless United Kingdom. Wars are a problem, not a solution.

The worst things happen during wars, or as a result of wars. There is one important exception. As we have seen, the Soviet Union – a Marxian ‘scientific utopia’ – destroyed many of its own people in the 1930s, in ‘peacetime’, and while the liberal world was looking the other way. Something similar, maybe worse, happened in China in the 1960s.

The lessons to learn are: avoid war, and the drum-beating that precedes it. And avoid technocratic utopian groupthink; avoid ideologies masquerading as science. The Nazi Hunger Plan was devised by an agronomist, Herbert Backe. War leads to such ideologies; and such ideologies lead to war.

*******

Keith Rankin (keith at rankin dot nz), trained as an economic historian, is a retired lecturer in Economics and Statistics. He lives in Auckland, New Zealand.
MIL OSI Analysis – EveningReport.nz –
March 27, 2025
MIL-OSI Canada: Statement from Minister Anandasangaree to Ashlee Shingoose’s Family and Community

Source: Government of Canada News

Taking care: This product may contain information that could be upsetting or triggering for some. The Hope for Wellness Help Line provides immediate, toll-free telephone and online-chat based emotional support and crisis intervention to all Indigenous People in Canada. This service is available 24/7 in English and French, and upon request in Cree, Ojibway, and Inuktitut. Trained counsellors are available by phone at 1-855-242-3310 or by online chat at hopeforwellness.ca.

Ottawa, Ontario (March 26, 2025) — Minister of Justice and Attorney General of Canada and Minister of Crown-Indigenous Relations and Northern Affairs, Gary Anandasangaree, issued the following statement:

“Today, the Winnipeg Police Service confirmed the identity of the missing woman who had been named Mashkode Bizhiki’ikwe – Buffalo Woman as Ashlee Shingoose of St. Theresa Point First Nation.

I offer my deepest condolences to Ashlee’s family, loved ones, and community. As the family takes this time to grieve, we must respect their privacy. This is a heartbreaking loss, and I extend my deepest condolences as you grieve and honour her memory.

We must all act to end the national crisis of missing and murdered Indigenous women, girls, Two-Spirit, and gender diverse people.”

MIL OSI Canada News –

March 27, 2025
MIL-OSI: ECEQ Transforms Sustainable Finance With Blockchain Innovation
Source: GlobeNewswire (MIL-OSI)

DENVER, March 26, 2025 (GLOBE NEWSWIRE) — Ecole de Commerce Esprit Quantique (ECEQ), also known as Quantum Mind Business School, has unveiled a groundbreaking initiative that seamlessly integrates financial innovation with environmental responsibility through its innovative ECEQ Token. This revolutionary approach establishes new standards for sustainable investment in the French market and beyond.

Blockchain Technology Powers ECEQ’s Environmental Finance Solutions

The ECEQ Token represents a sophisticated financial instrument specifically designed to catalyze environmental and technological transformation. By leveraging advanced blockchain technology and artificial intelligence capabilities, ECEQ has created a comprehensive ecosystem that effectively incentivizes and supports sustainable community development initiatives.

“Our vision at Ecole de Commerce Esprit Quantique extends beyond traditional financial returns,” explains the institution’s leadership team. “We’re creating a technological and financial framework that makes sustainable investment both accessible and profitable for all stakeholders involved in our ecosystem.”

The ECEQ Token distinguishes itself within the digital asset landscape through several innovative features that highlight Quantum Mind Business School’s commitment to technological advancement and environmental stewardship:
- Transparent Blockchain Financing: Utilizing blockchain technology to ensure complete transparency in all financial transactions, allowing investors to track every aspect of green project investments with unprecedented clarity and accountability.
- Smart Contract Ecosystem: Implementation of advanced smart contract technology that automates fund distribution for green initiatives, ensuring precise resource allocation while significantly reducing administrative overhead costs.
- Decentralized Energy Exchange: Facilitating community-level energy trading that empowers residents and businesses to efficiently utilize and trade renewable energy resources, creating economic incentives for sustainable energy practices.
Sustainable Environmental Practices Thrive Through ECEQ Token Ecosystem

Ecole de Commerce Esprit Quantique has introduced a revolutionary reward system that directly encourages sustainable living practices through its token ecosystem. Residents and businesses can earn ECEQ Tokens by actively participating in verified low-carbon activities, creating direct financial incentives for sustainable choices including utilizing green energy sources, implementing effective waste management practices, and choosing eco-friendly transportation options.

The ECEQ Token reward system represents a fundamental shift in how environmental behavior can be incentivized through financial mechanisms. By providing tangible economic benefits for sustainable practices, Quantum Mind Business School has created a self-reinforcing ecosystem where ecological responsibility becomes financially advantageous for all participants.

Environmental Leadership Defines ECEQ’s Market Position

Professor Pierre Duboisier, the driving force behind Ecole de Commerce Esprit Quantique, brings a profound personal commitment to the institution’s environmental initiatives. His philosophy emphasizes that finance must transcend simple wealth generation to become a catalyst for meaningful social progress.

His personal observations of environmental challenges, particularly regarding the Seine River’s ecosystem degradation, have been instrumental in shaping ECEQ’s mission and strategic priorities. This connection to real-world environmental issues reflects Quantum Mind Business School’s commitment to addressing pressing ecological concerns through innovative financial instruments like the ECEQ Token.

Smart City Development Advances Through ECEQ’s Blockchain Framework

Quantum Mind Business School is positioning itself at the forefront of a transformative movement that integrates technology, finance, and environmental stewardship. By combining blockchain capabilities, artificial intelligence, and an unwavering commitment to sustainability, the ECEQ Token ecosystem is designed to:
- Optimize urban resource management through data-driven solutions and automated efficiency mechanisms that enhance city infrastructure and reduce environmental impact.
- Enhance investment returns while simultaneously generating positive environmental impact, proving that profitability and sustainability can successfully coexist within the same financial framework.
- Accelerate the ecological transformation of cities worldwide by providing both financial resources and technological frameworks necessary for meaningful change at municipal, regional, and national levels.
About ECEQ – Ecole de Commerce Esprit Quantique

Ecole de Commerce Esprit Quantique (ECEQ), also known as Quantum Mind Business School, stands as a pioneering institution operating at the critical intersection of financial innovation, technological advancement, and environmental sustainability. With a comprehensive global vision and steadfast commitment to transformative solutions, ECEQ is actively redefining the role of finance in creating a more sustainable world.

By combining rigorous financial expertise with cutting-edge technology and ecological consciousness, Ecole de Commerce Esprit Quantique is establishing new paradigms for responsible investment in the 21st century. The ECEQ Token represents the culmination of this visionary approach, offering a tangible mechanism through which financial incentives can drive positive environmental outcomes.

Contact Information for Quantum Mind Business School
- Business Name: Quantum Mind Business School
- Contact Person: Pierre Duboisier
- Email: service@eceq.org
- Website: https://eceq.org/
- Address: 518, 17th St, Denver, CO 80202, United States
For more information about ECEQ’s innovative sustainable finance initiatives and the ECEQ Token ecosystem, please visit https://eceq.org/ or contact Quantum Mind Business School directly.

Disclaimer: This press release is provided by Quantum Mind Business School. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

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The MIL Network –
March 27, 2025
MIL-Evening Report: Foreign aid cuts could mean 10 million more HIV infections by 2030 – and almost 3 million extra deaths

Source: The Conversation (Au and NZ) – By Rowan Martin-Hughes, Senior Research Fellow, Burnet Institute

CI Photos/Shutterstock

In January, the Trump administration ordered a broad pause on all US funding for foreign aid.

Among other issues, this has significant effects on US funding for HIV. The United States has been the world’s biggest donor to international HIV assistance, providing 73% of funding in 2023.

A large part of this is the US President’s Emergency Plan for AIDS Relief (PEPFAR), which oversees programs in low- and middle-income countries to prevent, diagnose and treat the virus. These programs have been significantly disrupted.

What’s more, recent funding cuts for international HIV assistance go beyond the US. Five countries that provide the largest amount of foreign aid for HIV – the US, the United Kingdom, France, Germany and the Netherlands – have announced cuts of between 8% and 70% to international aid in 2025 and 2026.

Together, this may mean a 24% reduction in international HIV spending, in addition to the US foreign aid pause.

We wanted to know how these cuts might affect HIV infections and deaths in the years to come. In a new study, we found the worst-case scenario could see more than 10 million extra infections than what we’d otherwise anticipate in the next five years, and almost 3 million additional deaths.

What is HIV?

HIV (human immunodeficiency virus) is a virus that attacks the body’s immune system. HIV can be transmitted at birth, during unprotected sex or thorough blood-to-blood contact such as shared needles.

If left untreated, HIV can progress to AIDS (acquired immunodeficiency syndrome), a condition in which the immune system is severely damaged, and which can be fatal.

HIV was the world’s deadliest infectious disease in the early 1990s. There’s still no cure for HIV, but modern treatments allow the virus to be suppressed with a daily pill. People with HIV who continue treatment can live without symptoms and don’t risk infecting others.

A sustained global effort towards awareness, prevention, testing and treatment has reduced annual new HIV infections by 39% (from 2.1 million in 2010 to 1.3 million in 2023), and annual deaths by 51% (from 1.3 million to 630,000).

Most of that drop happened in sub-Saharan Africa, where the epidemic was worst. Today, nearly two-thirds of people with HIV live in sub-Saharan Africa, and nearly all live in low- and middle-income countries.

HIV can be diagnosed with a simple blood test.
MaryBeth Semosky/Shutterstock

Our study

We wanted to estimate the impact of recent funding cuts from the US, UK, France, Germany and the Netherlands on HIV infections and deaths. To do this, we used our mathematical model for 26 low- and middle-income countries. The model includes data on international HIV spending as well as data on HIV cases and deaths.

These 26 countries represent roughly half of all people living with HIV in low- and middle income countries, and half of international HIV spending. We set up each country model in collaboration with national HIV/AIDS teams, so the data sources reflected the best available local knowledge. We then extrapolated our findings from the 26 countries we modelled to all low- and middle-income countries.

For each country, we first projected the number of new HIV infections and deaths that would occur if HIV spending stayed the same.

Second, we modelled scenarios for anticipated cuts based on a 24% reduction in international HIV funding for each country.

Finally, we modelled scenarios for the possible immediate discontinuation of PEPFAR in addition to other anticipated cuts.

With the 24% cuts and PEPFAR discontinued, we estimated there could be 4.43 million to 10.75 million additional HIV infections between 2025 and 2030, and 770,000 to 2.93 million extra HIV-related deaths. Most of these would be because of cuts to treatment. For children, there could be up to an additional 882,400 infections and 119,000 deaths.

In the more optimistic scenario in which PEPFAR continues but 24% is still cut from international HIV funding, we estimated there could be 70,000 to 1.73 million extra new HIV infections and 5,000 to 61,000 additional deaths between 2025 and 2030. This would still be 50% higher than if current spending were to continue.

The wide range in our estimates reflects low- and middle-income countries committing to far more domestic funding for HIV in the best case, or broader health system dysfunction and a sustained gap in funding for HIV treatment in the worst case.

Some funding for HIV treatment may be saved by taking that money from HIV prevention efforts, but this would have other consequences.

The range also reflects limitations in the available data, and uncertainty within our analysis. But most of our assumptions were cautious, so these results likely underestimate the true impacts of funding cuts to HIV programs globally.

Sending progress backwards

If funding cuts continue, the world could face higher rates of annual new HIV infections by 2030 (up to 3.4 million) than at the peak of the global epidemic in 1995 (3.3 million).

Sub-Saharan Africa will experience by far the greatest effects due to the high proportion of HIV treatment that has relied on international funding.

In other regions, we estimate vulnerable groups such as people who inject drugs, sex workers, men who have sex with men, and trans and gender diverse people may experience increases in new HIV infections that are 1.3 to 6 times greater than the general population.

The Asia-Pacific received US$591 million in international funding for HIV in 2023, which is the second highest after sub-Saharan Africa. So this region would likely experience a substantial rise in HIV as a result of anticipated funding cuts.

Notably, more than 10% of new HIV infections among people born in Australia are estimated to have been acquired overseas. More HIV in the region is likely to mean more HIV in Australia.

But concern is greatest for countries that are most acutely affected by HIV and AIDS, many of which will be most affected by international funding cuts.

Rowan Martin-Hughes receives funding from the National Health and Medical Research Council of Australia. He has previously received funding to conduct HIV modelling studies from the Australian government Department of Health and Aged Care, Gates Foundation, Global Fund to Fight AIDS, Tuberculosis and Malaria, UNAIDS, UNFPA, UNICEF, World Bank and World Health Organization.

Debra ten Brink has previously received funding to conduct HIV modelling studies from the Australian government Department of Health and Aged Care, Gates Foundation, Global Fund to Fight AIDS, Tuberculosis and Malaria, UNAIDS, UNFPA, UNICEF, World Bank and World Health Organization.

Nick Scott receives funding from the National Health and Medical Research Council of Australia. He has previously received funding to conduct HIV modelling studies from the Australian government Department of Health and Aged Care, Gates Foundation, Global Fund to Fight AIDS, Tuberculosis and Malaria, UNAIDS, UNFPA, UNICEF, World Bank and World Health Organization.

– ref. Foreign aid cuts could mean 10 million more HIV infections by 2030 – and almost 3 million extra deaths – https://theconversation.com/foreign-aid-cuts-could-mean-10-million-more-hiv-infections-by-2030-and-almost-3-million-extra-deaths-253017

MIL OSI Analysis – EveningReport.nz –

March 27, 2025
MIL-OSI China: Macron announces additional 2B euros in aid for Ukraine

Source: China State Council Information Office 3

France will provide an additional 2 billion euros (2.2 billion U.S. dollars) in aid for Ukraine, President Emmanuel Macron announced on Wednesday.

“France will continue its commitments,” Macron told a press conference ahead of a summit in Paris of the “coalition of the willing” supporting Ukraine, scheduled for Thursday. (1 euro = 1.08 U.S. dollars)

MIL OSI China News –

March 27, 2025
MIL-OSI: 2024 Annual Results: Record activity driving strong performance and reinforcing the attractiveness of AFL’s model
Source: GlobeNewswire (MIL-OSI)

Press release

March 27, 2025

2024 Annual Results:
Record activity driving strong performance and reinforcing the attractiveness of AFL’s model

As of December 31, 2024, AFL Group reports solid results:

– Net banking income exceeds €24 million, while gross operating profit rises to €7.8 million
– Credit production to local authorities reaches €2 billion for the first time
– New memberships, totalling 269 local authorities, a record since AFL Group’s inception over 10 years ago, bring the total number of local authorities shareholders to 1,045
– Liquidity remains high, with an LCR ratio of 447% and an NSFR ratio of 220%
– CET1 ratio stands at 63%
– Leverage ratio for public development credit institutions reaches 11.25%

Key Figures of the consolidated results as of 12/31/2024 (IFRS)

Committed capital: €328 million (+€34.6 million vs. 12/31/2023)

Credit production: €2 billion (+3% vs. 12/31/2023)

Market funding raised: €2.4 billion (+13% vs. 12/31/2023)

Net banking income: €24.1 million (+3% vs. €23.4 million as of 12/31/2023)

Gross operating profit: €7,848K (+3% vs. 12/31/2023)

Net profit before tax: €7,466K (-3.5% vs. 12/31/2023)

Net profit after tax: €5,407K (vs. €5,739K as of 12/31/2023)

Cost-to-income ratio: 67.4% (vs. 67.4% as of 12/31/2023)

Results driven by the growth of credit activity

Since reaching breakeven in 2020, the AFL Group has recorded 10 consecutive semesters of positive results, with steady growth in gross operating profit. These results stem from the strong expansion of the bank’s lending activity to local authorities, combined with strict cost management, while continuing to monitor the scaling up of workforce and IT investments.

Relative to outstanding loans, operating expenses stands at 17 basis points as of December 31, 2024, compared to 20 basis points at year-end 2023. The cost-to-income ratio remains stable year-over-year at 67.4%.

Risk cost, very limited due to the sector, increases with the deterioration of the economic and financial environment and the balance sheet growth

AFL’s risk cost remains intrinsically limited due to the public development credit institution model, the company’s prudent management, and the excellent solvency of local authorities. The risk weighting of local authorities was reduced to 0%¹ following a decision of the ACPR’s supervisory board on June 21, 2024.

As of December 31, 2024, AFL has made a provision of €381K for ex-ante impairments on expected credit losses under IFRS 9, compared to a reversal of provisions of €117K in 2023. This provision reflects the growth in AFL’s balance sheet and a change in the weighting of underlying macroeconomic scenarii in the provisioning model, while recognizing that loans to local authorities and securities held in AFL’s portfolio are inherently low-risk.

A robust financial structure enabling balanced growth

The AFL Group boasts a very strong financial structure:
- The CET1 solvency ratio (consolidated) stands at 63% (with a regulatory minimum of 11.75%, excluding the countercyclical capital buffer).
- The leverage ratio, calculated in accordance with the methodology applicable to public development credit institutions, is 11.25% (with a regulatory minimum of 3%).
- The LCR ratio stands at 447% (with a regulatory minimum of 100%).
- The 12-month internal liquidity ratio (NCRR) reaches 90% as of December 31, 2024, corresponding to a liquidity reserve of €1.9 billion. This ensures that AFL can meet all of its needs for more than 11 months without needing to access the market.
- The NSFR ratio stands at 220% (with a regulatory minimum of 100%).
Key Highlights of 2024

Cost efficient Funding

In 2024, despite a significant deterioration in general refinancing conditions, AFL, the Group’s issuer, successfully raised €2.4 billion in funding on favorable terms for several reasons:
- The continuation of a diversification strategy in both currencies and instruments.
- The benefit of HQLA 1 classification for AFL’s debt by the ACPR since June 2024.
- A rating by rating agencies on par with that of France.
AFL rating

Fitch Ratings Standard & Poor’s

Long-Term rating Aa3 AA-

Outlook Negative Negative

Short-Term rating P-1 A-1+

Strengthening of the financial structure

In order to support the strong growth of its balance sheet, AFL has issued super-subordinated debt instruments intended to be recognized as Additional Tier 1 (AT1) capital. With this issuance, the AFL Group will be able to meet the borrowing needs associated with increased investment expenditures of French local authorities in the context of transition financing.

Post-year end Events and Outlook
- AFL-ST completed its 43^rd capital increase on March 13, 2025, which enabled 57 new local authorities to join the AFL Group, bringing the total promised capital to nearly €331 million.
- The AFL Group aims to exceed 1,300 member local authorities by the end of 2025.
The AFL’s Executive Board approved the annual financial statements, both individual and consolidated, for the year 2024 on March 11, 2025. The AFL’s Supervisory Board favorably examined the financial statements on March 26, 2025.

The Board of Directors of AFL-ST, Société Territoriale, convened on March 26, 2025, approved the financial statements of its parent company, Société Territoriale, and the consolidated financial statements of the AFL Group.

Audit procedures on the annual and consolidated financial statements, related to the period from January 1, 2024, to December 31, 2024, were conducted by the statutory auditors, whose reports are available at the following address: http://www.agence-france-locale.fr

This press release contains certain forward-looking statements. Although AFL Group believes that these statements are based on reasonable assumptions on the date of publication of this press release, they are by their nature subject to risks and uncertainties, relating to geopolitical tensions and changes in macroeconomic forecasts and monetary policies, which could cause actual figures to differ from those indicated or implied in these statements.

The financial information of AFL Group for the year 2024 consists of this press release, complemented by the report available on the website:

https://www.agence-france-locale.fr/actualite/2024-annual-resu…ss-of-afls-model/

AFL 2024 Annual Results Report: https://www.agence-france-locale.fr/app/uploads/2025/03/publi_vdef-rapport-annuel-afl-2024-eng.pdf

AFL-ST 2024 Annual Results Report: https://www.agence-france-locale.fr/app/uploads/2025/03/publi-vdef-rapport-annuel-afl-st-2024-en.pdf

About the AFL, the bank for local authorities

“To embody responsible finance in order to strengthen the local world’s ability to act, addressing the present and future needs of citizens.”

The only French bank fully owned (100%) by local authorities, the AFL has a unique and innovative model: a bank created by and for all local authorities. By becoming AFL’s shareholders, local authorities gain access to fast, tailored financing for their local investments while committing to sustainable and responsible finance practices. For local authorities, it is the freedom to invest, with a controlled management of their finances. Since its launch in 2015, the AFL has already granted nearly €11.5 billion in loans, including €2 billion in 2024, and currently has 1,101 shareholders.

1 0% risk-weighing applies to regions (régions), departments (départements), communes and intercommunal cooperation public establishments (établissements publics de coopération intercommunale à fiscalité propre).

Attachment
- 2025.03.CP_AFL_2024_Annual_Results
The MIL Network –
March 27, 2025
MIL-OSI: CalAmp Announces Headquarters Relocation to Carlsbad, CA to Streamline Operations and Strengthen Technical Hub

Source: GlobeNewswire (MIL-OSI)

CARLSBAD, Calif., March 26, 2025 (GLOBE NEWSWIRE) — CalAmp, a global technology solutions innovator, today announced the relocation of its corporate headquarters from Irvine, CA, to Carlsbad, CA. This strategic move is designed to streamline operations and further align the company’s focus on its core technical hub, where much of its engineering, product development, and hardware expertise reside.

“Our move to Carlsbad is a natural evolution in our journey to optimize efficiency and reinforce our commitment to innovation,” said Chris Adams, President and CEO of CalAmp. “Carlsbad has long been home to our talented engineering and product teams, making it the ideal location to centralize our operations and drive technological advancements that improve our customers’ lives.”

CalAmp’s new headquarters will be housed in its existing Carlsbad office, a well-established center for the company’s research and development initiatives. The relocation underscores CalAmp’s commitment to fostering innovation and enhancing collaboration among its technical teams.

While the headquarters moves to Carlsbad, CalAmp will maintain its additional offices worldwide, including locations in Eden Prairie, MN; Brooklyn, NY; London, UK; Milan, Italy; Paris, France; Barcelona, Spain; and Mexico City, Mexico. These offices will continue to support CalAmp’s global customers and partners with the high-quality service and solutions they expect.

“This transition allows us to better leverage our strengths and position ourselves for future growth,” Adams added. “By consolidating our leadership and technical expertise in Carlsbad, we are creating an environment where innovation thrives and where we can better serve our customers.”

For more information about CalAmp and its technology-driven solutions, visit www.calamp.com.

About CalAmp

CalAmp provides flexible solutions to help organizations worldwide monitor, track, and protect their vital assets. Our unique device-enabled software and cloud platform enables commercial and government organizations worldwide to improve efficiency, safety, visibility, and compliance while accommodating the unique ways they do business. With over 10 million active edge devices and 220+ approved or pending patents, CalAmp is the telematics leader organizations turn to for innovation and dependability. For more information, visit calamp.com, or LinkedIn, Twitter, YouTube or CalAmp Blog.

CalAmp, LoJack, TRACKER, Here Comes The Bus, Bus Guardian, CalAmp Vision, CrashBoxx and associated logos are among the trademarks of CalAmp and/or its affiliates in the United States, certain other countries and/or the EU. Spireon acquired the LoJack® U.S. Stolen Vehicle Recovery (SVR) business from CalAmp and holds an exclusive license to the LoJack mark in the United States and Canada. Any other trademarks or trade names mentioned are the property of their respective owners.

CalAmp Investor Contact: CalAmp Media Contact:

Jikun Kim Mark Gaydos

SVP & CFO Chief Marketing Officer

ir@calamp.com Mgaydos@calamp.com

The MIL Network –

March 27, 2025
MIL-OSI New Zealand: Speech: Navigating the New World (Dis)order in Turbulent Times

Source: New Zealand Labour Party

Special thanks to Diplosphere for helping organise this event.

Tena kotou katoa.

Mexican poet Homero Aridjis wrote “There are centuries in which nothing happens and years in which centuries pass”. It sure feels like this now.

Large swathes of the 80-year-old rules-based world order developed after World War 2 are in tatters.

The dramatic withdrawal of the United States of America from the Paris agreement, the World Health Organisation, and the halting of most USAID programmes are, to say the least, significant. The ineffective and stalled OECD work on the minimum taxation of multinational corporations. The whirl wind of tariffs and counter tariffs, which change almost daily.

The war of words between neighbours in North America is unprecedented.

The speed of the recent withdrawal of US support for institutions the US was itself pivotal in creating has shocked many.

Europe, already reeling from the war in Ukraine and wider instability, is now deeply unsettled by recent statements and positions from the new USA administration.

The withdrawal of the US security guarantee changed not just Europe but geopolitics everywhere including Asia and the Pacific.

Tectonic shifts are rocking the world, which is markedly different from a decade ago.

Multilateral institutions have diminished in authority and effect. The slide of the United Nations, and other important institutions like the World Trade Organisation, is obvious.

The overuse of the UN Security council veto and inconsistent application of international law has undermined the United Nations. UN ineffectiveness feeds a cynicism and emboldens disregard for international laws, treaties and institutions. The UN Secretary General was declared persona non grata in Israel.

Many countries we identify with – like Canadian and European democracies – which relied on security alliances with one great power are obviously rethinking their strategy.

In stark contrast, the New Zealand government has spent the last 18 months seeking closer alignment to the US, increasingly positioning New Zealand as being in opposition to China. We did not consider this a wise approach, but in any case the shifting global landscape has rendered it unsound.

The world is in a transition to a multipolar world, with heightened rivalry between the great powers.

We could be in for a rough ride. What would what a Labour government do if we held the reins?

How should New Zealand navigate the new order?

When should we speak out?

When should we stay silent so as not to provoke a response?

I’ll set out my thoughts on New Zealand’s foreign affairs, trade and defence responses. How Labour would steer New Zealand’s independent foreign policy efforts, both transactionally and more holistically.

You will have seen that we share common views with the government about the likes of the Cook Islands, the militarisation of the Pacific, and on Ukraine, but that we differ strongly on AUKUS and Gaza.

This should not surprise given Labour’s record, which we are proud to stand by.

The Labour-led government stayed out of the illegal invasion of Iraq after the UN inspector Hans Blix found no evidence of weapons of mass destruction. National said New Zealand should have joined that war, which made the Middle East less secure, and undermined the rules-based order.

An earlier Labour government established New Zealand’s nuclear free status, which National also opposed.

Labour sent peacekeeping and reconstruction forces to Timor-Leste and Afghanistan. We provided money for arms to Ukraine via the NATO fund, humanitarian aid, air transport in Europe, and New Zealand personnel to help train Ukrainian soldiers in the UK.

These are examples of the New Zealand Labour Party in government applying our independent foreign policy, making decisions according to our assessment of New Zealand’s long-term national interest.

New Zealand is not non-aligned and works most closely with like-minded countries which share our values.

Australia is by far our most important relationship.

We are internationalists, not isolationists, and a reliable supporter of international institutions.

We understand communication between nations on sensitive issues benefits from diplomacy, whether via the United Nations, other multilateral fora, or bilaterally.

We must be able to talk about differences between our country and others. Hegemony is taken too far if we cannot.

Not all statements can be in public, but some should be.

Sometimes, as now, there is a desire not to offend for fear of retaliation. At times of sensitivity, the wisdom of former Prime Ministers on both sides of the Tasman can be helpful. They can say what needs to be said.

Paul Keating is well known for his pithy comments. He recently described the fairer attributes of Australian society compared with US societal settings. He listed cradle to the grave healthcare for everyone, sustainable retirement savings and superannuation, an Australian economy which delivers substantial income increases for working people, high rates of Australian participation in education, and effective gun control.

Keating’s purpose was to emphasise that we shouldn’t be subservient, nor cede moral authority, to others including the US when choosing our approach to the world.

Malcolm Turnbull has spoken out against US tariffs noting their random use against Australia is not justified by a trade imbalance.

John Key has quietly but importantly emphasised that we should be careful not to ruin our relationship with China.

Helen Clark described the pitfalls of AUKUS pillar 2 and has been critical of loose language resurrecting the defunct ANZUS pact or using the Five Eyes intelligence network as a foreign affairs construct.

She put it succinctly and well – “New Zealand needs a clear-eyed vision for courteous relations with the US and China, close dialogue with the Pacific Rim, Pacific Island and European friends”.

Just because great-power politics have shifted does not mean Aotearoa should drop our long-standing commitment to human rights, open trade, multilateral institutions and the rights of small states.

Obviously we understand diplomacy is required, but that should not silence our ability to speak up and advocate for what we believe in.

We raise concerns about freedom of expression and the treatment of minorities in China, and about foreign interference. Some of this is said behind closed doors. Some is very public.

When the Chinese government via its NZ embassy criticised New Zealand media for reports alleging foreign interference, in Labour we quickly and publicly stood up for the rights of New Zealand media and criticised the Chinese intervention.

The New Zealand Labour Party’s view is that if we don’t stand up for what we believe in, we undermine our ability to do so in the future. We also undermine our reputation for fairness in foreign affairs, built up over decades, which in turn undermines our influence.

The same principle applies to our relationship with the US.

We have acknowledged the current government’s desire not to unnecessarily provoke a response from the US when things are so volatile.

But the government’s seeming unwillingness to criticise anything pertaining to the US concerns us, even when the US went so far as to sanction others for participating in international institutions we support.

For example, New Zealand is a member of the International Criminal Court. The US is not. That is their right, but for the US to sanction those assisting the ICC is wrong. Yet the current New Zealand government chose not to stand with 69 other countries including Switzerland, France, Canada, UK, Germany, Sweden – countries we share values with. This was an unfortunate break with NZs proud tradition of independently standing for what we believe in.

If we want countries to support the international rule of law, we should apply it consistently. Many countries think the west is inconsistent in its application of international law in the middle east.

The sympathy most New Zealanders felt for Israel and those who settled there following the holocaust has severely eroded. We condemned the killings and hostage taking by Hamas on 17 October 2023. But 70 years after the 1967 war, the blatant lack of rights of Palestinian people, the endless death and carnage in Gaza, and lack of progress towards a two State solution, or a single state alternative, is intolerable.

This is why we have said New Zealand should be assisting the International Court of Justice when considering whether the state of Israel is acting illegally, as we did in respect of Rwanda and Ukraine. And be clear that individuals in breach of international law should face consequences in the International Criminal Court, and via a New Zealand sanctions regime.

We have limited power and can’t always get our way. We try to use our values and reputation to influence better outcomes.

We get the realpolitik of superpower.

We are long term observers of superpower behaviour. We are not surprised that China has become more assertive as it has becomes a superpower. The UK used to be, so were France, and Spain, and Italy back in the day.

The USA has long used its power in central America, and beyond, to influence outcomes, and is currently pressuring Panama to limit Chinese influence.

Russia’s Mr Putin has a history of invading and destabilising other countries. He is unlikely to stop, in part because his internal political position – including his life and retention of his billions – may rely upon his continued international aggression. This is why we support consideration by the New Zealand government of support for multinational peacekeeping efforts in the Ukraine.

AUKUS pillar 2.

The New Zealand Labour Party does not support joining AUKUS pillar 2, which the prior US administration described as a China containment strategy. There was a change of language from the New Zealand government after the 2023 election. New Zealand was described as a “force multiplier” for the US. The government said there were strong reasons in favour of pillar 2. Long redundant ANZUS language was resurrected. It appeared to us in Labour that the public were being softened up to join.

We engaged the public in a debate. This included well-attended public meetings. Voices for and against AUKUS pillar 2 were active. The media delved into the issue.

Neither interoperability nor access to technology rely upon AUKUS – two of the arguments put in its favour. Cooperation with other countries in Asia like Japan, Indonesia, Singapore, South Korea does not rely upon AUKUS and could be hindered if these countries do not like the anti-China AUKUS positioning.

We concluded that AUKUS pillar 2 is not in New Zealand’s interests. Our decision was not influenced by the election of the new US administration, although for some this will be relevant.

It is pleasing that senior former National and Act politicians have voiced their opposition too.

Interestingly, the rhetoric from the government has toned down on AUKUS. That said, language in India last week, instead of emphasising the need to navigate a multi-polar world, clumsily positioned New Zealand as making binary choices between India and China.

Being unsurprised that a rising China is more assertive in its nearby region does not mean we are comfortable with all steps in the Pacific.

Being situated at the bottom of the Pacific Ocean distant from neighbours has trade and other disadvantages. But that physical isolation and low levels of militarisation in the vast Pacific are our greatest defensive attributes. Changes to that status quo concern us.

We are perturbed by the recent agreements signed between the Cook Islands and China, labelled as a Comprehensive Strategic Partnership. The agreement commits the Cook Islands to supporting China in multilateral forums and to support candidates during elections of various boards and committees.

We agree with the current New Zealand government that the process which preceded these commitments, and their substance, breach the arrangements under which the Cook Islands operate, which are referenced in the Joint Centenary Declaration of 2001.

The Cook Islands are part of the realm of New Zealand. Cook Islanders carry New Zealand passports. The advantages this carries are the primary reason Cook Islands per capita GDP is a remarkable four times that of Fiji and five times that of Tonga and Samoa. Advantages include the ability to work in New Zealand and Australia, access to New Zealand health care and education, and superannuation portability.

Consultation obligations are not some perfunctory commitment of little importance. They are to ensure the Cook Islands government neither deliberately nor unwittingly takes foreign affairs steps deleterious to the Cook Islands, or to New Zealand, and to our relationship.

It is of course open to Cook Islanders to change their relationship with New Zealand and give up their New Zealand Passports. I doubt this will occur as Cook Islanders know their standard of living would slump if they did so. Security issues for the Cook Islands could deteriorate over time too.

In terms of seabed mining, it is within the sovereign power of the Cook Islands to pursue this if their government desires. New Zealand’s experience with hundreds of millions of dollars of clean-up costs left behind by overseas oil companies makes us very wary. Nevertheless, if the Cook Islands so wish, New Zealand should assist them to manage the opportunities and risks, including with international participants.

The prosperity and peacefulness of the Pacific Islands is of fundamental importance to New Zealand. The withdrawal of USAID does not help.

New Zealand, with partners like Australia, must step up. We need to do more to help Pacific countries with affordable banking services, digital telecommunications, renewable electricity, sustainable resource utilisation (especially helping to maximise value from EEZ fisheries), and climate adaptation. Better educational, health and civil society outcomes are good for us all. Labour mobility can also help, although care is needed given sensitivities for some concerned about depopulation,

New Zealand can help Pacific populations displaced by sea levels rise.

Reciprocity is key to prosperity and the desired avoidance of militarisation in our region. What would we do next?

Labour would like to discuss a Pacific Peace Zone with other Pacific Island countries, and surrounding superpowers. Hon. Phil Twyford will detail how this meshes with our historic commitments to denuclearisation and peace on another day.

We are continuing to work on our Pacific priorities within Labour, but one thing is already clear. The decline in New Zealand government spending on soft and hard power must be reversed.

The split between hard power expenditure on military personnel and hardware, and soft power spending in development assistance and diplomacy will need to be worked through. But in our view increases to both are needed. A good principle to start with would be that every extra dollar spent on our military will be matched with an equivalent lift in our aid to the Pacific.

Today is not the day to detail a defence procurement plan, but some high-level statements are appropriate. I make three points:

1. In coalition with others, Labour recently replaced the Orions with P8s and replaced the Hercules. An earlier Labour government bought the current frigates, which are now nearing end of life. While we will never be a substantial military power, we need naval vessels to respond to disasters in the Pacific, and it is reasonable for our partners to expect they will have military capabilities. Rt Hon Chris Hipkins has acknowledged this requires cooperation across governments and election cycles.

2. Our most effective fighting force is our SAS. They should be well paid and well equipped. They like to deploy to polish their renowned skills. Consideration should be given to their deployment in Ukraine in support of peace.

3. The war in Ukraine has proven quantities of small drones are important. Ukrainian drones have effectively controlled the Black Sea against an invading nuclear power. They are affordable. We are home to Rocket Lab, Hamilton Jet, and drone companies delivering leading edge services to our world leading agricultural sector.

Australia has drone capabilities and is ahead of us in some areas. To use Sam Roggevin’s analogy in his book the Echidna Strategy, in defence we want to be a prickly adversary. New Zealand should prioritise working with Australia on defensive marine and air drones and commit significant resources to the task. Our defence spokesperson Hon. Peene Henare is engaged in these issues.

Now I turn to trade. A lack of cooperation and compromise has blocked progress at the WTO for many years.

This is not a dig at the US. Many US complaints about trade imbalances caused by existing tariffs, non-trade barriers, state subsidised overcapacity and dumping are valid.

That said, other distortions and unfairness caused by tax arbitrage substantially benefit the USA, especially in services like e-commerce. So does the US dollar reserve currency status, which in effect outsources much of the cost of US government deficits and debt.

Clearly these are complex issues.

As Trade Minister during the last Trump administration, I had frequent dealings with then US Trade Representative Robert Lighthizer. He criticised private equity purchasers of US manufacturing outsourcing manufacturing to low cost-labour countries to shave off the last few percent of labour costs. Those owners banked increases in capital values at the cost of the US workers. He wrote about this in his book.

He understood that the standard of living of working middle class citizens were essential underpinnings of both the long-term health of the US economy and democracy. Without a strong middle class working, producing, saving and consuming, the economy and society weakens.

There are ironies.

The system has worked for the US in terms of its GDP per capita, which is amongst the highest in the world. The factors referred to by Paul Keating, together with the parallel concentration of wealth at the very top, are not primarily caused by other countries, but rather by the USA’s internal settings.

Unfairnesses in trade settings are not new for New Zealand.

New Zealand and Australia both play much fairer in global trade than most other countries but are still caught up in the maelstrom.

Sitting as we do at the bottom of the Pacific, New Zealand responded to protectionist measures in Europe and the Americas by building trade and foreign affairs relationships in Asia. Some of those strategies have been phenomenally successful for a little country – the China FTA, AANZFATA, CPTPP – which includes Japan, Canada, Mexico and Chile. Then we circled back to the UK and Europe. The current government has closed the Gulf deal and is pursuing India. Labour’s record in trade is second to none.

How do we protect our trade interests now?

We are as well placed as any distant small country can be. Our diversity of sales channels will help us minimise the first-round effects of the trade war. Risks to compliance with trade agreements and the second-round effects in terms of the risks of an international economic slowdown are impossible to model. I certainly do not recommend tit for tat tariffs.

Where might a new order emerge? I will mention one new idea Damien O’Connor and I have discussed. It is at least possible that some of the barriers to trade between Europe and the US will soon be reduced for both security and economic reasons. What happens then? Maybe CPTPP could then be a sensible choice for Europe. The UK is already in it. If this happened, CPTPP – which is has overtaken the stagnant WTO – could become the de facto international standard. This possibility should be pursued by our excellent trade officials.

I want to end by lifting our thoughts to the underlying drivers of the polarisation afflicting the world.

Polarisation has increased between and within countries. There are many causes. Some are geopolitical, some economic, and some technological – like the role social media plays in carrying lies, misinformation, violence and death threats without consequence for those lying or those profiting from them.

People feel less secure. Whatever the causes, this has political, economic, social and security implications.

Many foreign affairs responses are transactional. But the big shifts post-World War 2 were holistic.

There was broad acceptance that the extremes of fascism, revolution and wars had been caused by depressions and inequality, in turn partly caused by unaffordable reparations.

The new world order after WW2 was intended to enable countries to succeed by encouraging international trade, access to resources, better health, and international cooperation.

The decades that followed saw enormous progress in most parts of the world, with complimentary progressive measures within countries assisting to lift outcomes for billions of people.

Now the underlying consensus has frayed to the point of disfunction.

I believe the current turmoil will need a holistic response, and for that to be agreed a substantial subset of the international community will need to find common ground about the main underlying causes of the current worrisome trends.

I’ve reached the stage of career that I know what I believe to be important.

For me there are two main themes.

The first I have already touched on is gross wealth inequality, especially when this becomes intergenerational and sections of the population stagnate. This drives instability. I won’t say more about that in this speech, but history shows time and again that gross inequality ends in tears.

The second is the breakdown in trust which happens when lies and misinformation prevail over facts. A cornerstone of the emergence of the nation state and the spread of liberal democracy was the enlightenment. There are rational facts. There are truths and untruths.

The scourge of irresponsible social media, megalomaniacal tax avoiding tech barons, and irresponsible internet service providers is on my list of the important.

I have a view that we in the west have made a fundamental error in providing what is in effect an exclusion of liability for third party content.

We have wrongly taken upon the shoulders of government the burden of regulating against what is harmful. I doubt this will ever work in practice. It also puts the burden on the harmed citizen (or government agencies) to respond after harm is caused.

The exclusion of liability was conferred when providers were more akin to the postal service, which has no liability for the content of a letter. Those providers morphed into publishers yet are protected from the legal remedies which apply to the traditional media they undermine. This mistake is the core of the problem.

I am convinced it is better to remove the exclusion of liability, exposing those selling a harmful product to liability to the ordinary people that their product harms.

And it is a harmful product.

Be it damage to young people, foreign interference, defamation, theft of other people’s content, the enabling of small but extreme groups of evildoers who find each other on-line, online sexual abuse, online streaming of terrorism, or the regular unpunished threats of death and injury. Lies and misinformation abound.

A senior banker recently complained to me that internet investment scams are more common than legitimate products, and that the internet companies refuse to control them. Worse, they take money for the advertising service they provide to the fraudsters.

Much of this is harm is from anonymous sources, with some deliberately aimed at undermining our democratic way of life and freedoms.

Enabling private remedies for our citizens against those profiting from selling these harmful products, including through low-cost fora such as disputes tribunals or small claims courts, seems to me to be proper. Leave it to the Courts to work out the balance between freedom of expression and the duty not to sell a harmful product.

There are ways to introduce safeguards, such as liability limits or safe harbours for media content or maybe for platforms that take active steps to prevent scams. But allowing the current situation to continue – where the burden falls almost entirely on individuals while social media giants profit – is untenable.

The suggested approach does not make the government a censor and better avoids the risk of state suppression of freedom of speech.

Left unchecked, current ills will be made worse by those malevolently using AI to make the harms they are already causing worse.

Left unchecked the oligarch owners of these platforms will increasingly use them for the own political ends, as we already see with some platforms.

Fixing this would not ruin the internet. Point to point communications would still be protected like the mail. E-commerce would endure. Massive quantities of information will remain.

I fear that if this is not addressed, polarisation and demagoguery will prevail.

I am by nature an optimist. Opportunities arise from adversity. Digital services taxes sprouted at the end of the last Trump presidency, and I predict pressure for change will continue to mount.

Many people in the world are fed up with these selfish tech giants. We should work with other countries to fix this.

The holistic changes after World War 2 had the betterment of people at their heart.

New Zealand under Labour Prime Minister Peter Fraser helped ensure the United Nations applied a human rights approach, for the benefit of people in countries large and small.

New Zealand needs a clear-eyed vision for courteous relations with the US and China, close dialogue with the Pacific Rim, Pacific Island and European friends.

Everyone in this room has a role to play. It has never been more important to stand up for New Zealand’s independent foreign policy. And we all should.

Media: Check against delivery

MIL OSI New Zealand News –

March 27, 2025
MIL-OSI USA: Peters Rated The #1 Most Effective U.S. Senator For Third Congress In A Row
US Senate News:
Source: United States Senator for Michigan Gary Peters

WASHINGTON, DC – U.S. Senator Gary Peters (MI) has been rated the most effective U.S. Senator for the third time in a row by the nonpartisan Center for Effective Lawmaking, which released its biannual effectiveness ratings for the 118^thCongress (2023-2024). Peters was also rated the most effective Senator by the Center in the 116th (2019-2020) and 117th (2021-2022) Congresses. In the 118^th Congress, Peters earned the highest effectiveness score for a U.S. Senator ever recorded in the fifty years since the Center for Effective Lawmaking began tracking this data. He also becomes the first Senator in more than four decades to be named most effective three times in a row. Peters achieved this recognition by authoring 15 standalone bills that were passed and signed into law. He also authored 10 additional bills that were passed into law as part of larger legislative packages, including bipartisan legislation that established a Northern Border Mission Center at Selfridge Air National Guard Base in Macomb County.

“My top priority in the Senate has always been working in a bipartisan way to get things done for Michiganders, from supporting Michigan manufacturing, to protecting our Great Lakes, to strengthening our national security,” said Senator Peters. “I’ve found that building relationships based on trust, respect, and compromise, with my colleagues on both sides of the aisle, is the key to finding commonsense solutions to the challenges we face, and I’ll keep fighting every day to deliver results for Michiganders and Americans across our country.”

“At the top of the list—for the third congress in a row—is Sen. Gary Peters of Michigan, who (as we noted previously) had the rare distinction of being the overall most effective lawmaker in the Senate in the 116^th Congress, despite Democrats being the minority party in the Congress. As we noted in our analysis four years ago, Sen. Peters’s feat cannot be found anywhere else in the Center for Effective Lawmaking data,” wrote the Center for Effective Lawmaking.

The Center continued by saying, “every bill that he sponsored that became law had at least one Republican cosponsor who was also advocating for its passage. For several of his sponsored bills, we likewise see that the only cosponsors of the legislation were Republican senators. As such, Sen. Peters’s practice of coalition building and cosponsorship continues to comport with Center for Effective Lawmaking research showing that bipartisan lawmakers are much more effective than partisan lawmakers, even when in the majority party.”

“With the announced retirement of Senator Peters… it is clear that the United States Senate has lost a notable degree of lawmaking capacity, in comparison to more recent congresses, such that it is less obvious as to who will serve as the most prominent legislative leaders in future years,” the Center said.

The Center for Effective Lawmaking is a joint initiative between the University of Virginia and Vanderbilt University, which rates each member of Congress based on a number of factors including the bills they sponsor, how far those bills move through the lawmaking process, and how substantial their bills are. To read the full report from the Center for Effective Lawmaking, click here.

Peters has been repeatedly named one of the most effective and bipartisan senators. During the 117^th Congress, Peters was the author and principal sponsor of 19 bills signed into law, the most by a U.S. Senator during a single Congress in more than 40 years, according to the Congressional Research Service and the Senate Historical Office. Peters was recognized as the 2^nd-most bipartisan Senator – and the most bipartisan Democrat – in 2023, according to rankings released by the nonpartisan Lugar Center and McCourt School of Public Policy at Georgetown University. The Lugar Center also ranked Peters the 3^rd-most bipartisan Senator for his work during the 117^th Congress (2021-2022).

Below is a recap of the key bills Peters authored that were passed and signed into law during the 118^th Congress:

Established Northern Border Mission Center at Selfridge Air National Guard Base: Peters secured his bipartisan Northern Border Coordination Act as a provision in the annual national defense bill that was signed into law last year. The provision expanded the operations and duties of the Department of Homeland Security’s (DHS) Northern Border Mission Center. Peters secured $3 million last March to establish and operate this Center at Selfridge Air National Guard Base, where it is collocated with current DHS components. The Center, which DHS is already working to set up, will coordinate with state, local, and Tribal governments, and other key stakeholders, to ensure DHS and its operational components are able to fulfill their security mission at the Northern Border.

Protecting Burial Benefits for Military Families: Peters passed bipartisan legislation into law to ensure our military families can continue to be laid to rest together in Department of Veterans Affairs (VA) national cemeteries. This law grants the VA the authority to bury the spouse or child of a service member in the tragic case that their death precedes the servicemember.

Supporting Firefighters and Emergency Responders: Peters’ Fire Grants and Safety Act was signed into law, reauthorizing key federal grant programs that help support fire departments across the country. The bill reauthorizes the Federal Emergency Management Agency’s (FEMA) Staffing for Adequate Fire and Emergency Response (SAFER) grant program, the Assistance to Firefighters Grant (AFG) program, and the United States Fire Administration (USFA). These programs are used by local fire departments to address staffing needs, purchase equipment, develop fire training and education programs, and improve emergency medical services.

Reducing Confusion for Disaster Relief Applicants: Peters authored a bill that was signed into law to create one application deadline for two Federal Emergency Management Agency (FEMA) programs that individuals use for disaster assistance. The law ensures that both the Disaster Unemployment Assistance Program (DUA) and Individuals and Households Program (IHP) has the same deadline, making it easier for applicants to apply for assistance when rebuilding their lives after a disaster.

Expanding Financial Support for Maritime Students: Peters authored and passed into law his CADETS Act, expanding the Student Incentive Payment Program eligibility for financial assistance to cadets who attend one of the six State Maritime Academies and commit to a post-graduation service obligation to include any qualified student who will meet the age requirements for enlistment in the U.S. Navy Reserve at their time of graduation. This law will encourage more cadets to continue serving our country after graduation, strengthening Michigan’s robust maritime sector and national security.

Reusing Federally Owned Property: Peters passed a bill into law to ensure federal agencies are reusing excess federal property, including office supplies, automobiles, and heavy machinery, before buying new products in order to save taxpayer dollars.

Improving Oversight of Federal Grant Programs: Peters’ bipartisan Financial Management Risk Reduction Act was signed into law, helping to safeguard taxpayer dollars by making audit data more accessible and increasing opportunities to identify potential misuse of federal grant programs.

Holding Federal Agencies Accountable for Performance Goals: Legislation authored by Peters was signed into law to ensure federal agencies are effectively carrying out their missions for the American people. The law requires the White House Office of Management and Budget to regularly conduct reviews of agency performance and ensure they are following strategic plans.

Strengthening National Safety System for Commercial Drivers: Peters’ bipartisan bill was signed into law to safeguard funding for the Commercial Driver’s License Information System (CDLIS). The CDLIS is a crucial, nationwide computer system that ensures commercial drivers have only one license and one complete driver record. State driver licensing agencies utilize the CDLIS to complete safety procedures such as sharing out-of-state convictions and withdrawals, transferring the driver record when a commercial driver license holder moves to another state, and responding to requests for driver status and history.

Bolstering Department of Homeland Security Joint Task Forces: Peters authored and passed a bill into law extending the Joint Task Forces authority, allowing DHS to establish joint operations using DHS personnel and resources to secure U.S. land and maritime borders, address homeland security threats, and establish regional operations to tackle ongoing homeland security challenges like drug smuggling and trafficking.

Supporting Victims of Human Trafficking: Peters’ bipartisan legislation to enhance the Department of Homeland Security’s ability to combat human trafficking was signed into law. The law makes permanent and expands the Homeland Security Investigations (HSI) Victim Assistance Program that helps provide support to individuals impacted by human trafficking. It will also help to provide additional support to the dedicated HSI personnel who are working to combat these horrific crimes.

Strengthening Federal Building Security: Bipartisan legislation authored by Peters was signed into law requiring federal agencies to adequately respond to security recommendations issued by the Federal Protective Service (FPS) within 90 days to protect visitors and employees in federal buildings from a range of security threats.

Improving Efficiency of Legislative Process: Peters passed bipartisan legislation into law to help eliminate procedural delays and improve efficiency in the legislative process. The law provides the Congressional Budget Office (CBO) with timely access to the information they need to complete their analysis of the budgetary impacts of legislation, which is required prior to almost all votes in the Senate.

Recognizing the Contributions of Trailblazing Michiganders: Peters also led several bills that were signed into law to honor trailblazing Michiganders and their extraordinary contributions to our state, including:
- A bill to designate the United States Postal Service office located at 2075 West Stadium Boulevard in Ann Arbor, Michigan, as the “Robert Hayden Post Office.” Robert Hayden – born in Detroit in 1913 – achieved national and international recognition for his poetry, as well as essays and other works of literature, with much of his work touching on the Black American experience as part of the greater human experience. In 1976, he became the first African American to be appointed Consultant in Poetry by the Library of Congress – a role that is now known as Poet Laureate.
- A bill to designate the United States Postal Service office located at 90 McCamly Street South in Battle Creek, Michigan, as the “Sojourner Truth Post Office.” After escaping slavery in 1827, Sojourner Truth embarked on a path to preach for emancipation. Throughout her life, Truth fought bravely against racial injustices and spoke up for women’s suffrage. In 1857, Truth moved to Harmonia, a former utopian community that was later incorporated into Battle Creek, Michigan, and spent the rest of her life advocating in various spheres.
- A bill to designate the United States Postal Service office located at 155 South Main Street in Mount Clemens, Michigan, as the “Lieutenant Colonel Alexander Jefferson Post Office.” Alexander Jefferson – born in Detroit – served in the military during World War II. During his time with the Tuskegee Airmen, Jefferson was shot down in France and captured by Nazi ground troops. He was a prisoner of war in German-occupied Poland before he was freed by General George Patton’s U.S. Third Army. Jefferson returned to Michigan, where he became a U.S. Postal Service letter carrier, earned a teaching certificate, and obtained a master’s degree in education from Wayne State University. In 2016, Senator Peters helped honor Jefferson at a ceremony for France’s Knight of the Legion of Honor Medal – the highest honor France bestows on people who have carried out actions of great value to their nation.
MIL OSI USA News –
March 27, 2025
MIL-OSI Africa: Motsoaledi urges global action to address health funding gaps

Source: South Africa News Agency

Health Minister Dr Aaron Motsoaledi has reiterated the importance of nations reallocating resources towards health, strengthening global health partnerships, and exploring innovative financing mechanisms to address funding gaps.

The Minister was delivering the keynote address at the second meeting of the G20 Health Working Group today in Ballito, KwaZulu-Natal.

The Minister used the platform to highlight South Africa’s commitment to universal health coverage (UHC) through the National Health Insurance (NHI) system, which aims to provide financial protection and efficient resource utilisation.

“In South Africa, we are actively pursuing transformation to achieve universal health coverage through our NHI system.

“The NHI is designed to provide financial protection for all, ensuring that access to quality healthcare is not dependent on one’s ability to pay [for] it, and it will also assist in the efficient utilisation of our resources by pulling funds and strategically purchasing services.”

Motsoaledi cited data from the World Health Organisation (WHO), which indicate that the number of people shielded from catastrophic health spending had been steadily increasing before the COVID-19 pandemic. However, since then, about 100 million people have fallen back into financial hardship due to health-related expenses.

Motsoaledi believes that the NHI is a concrete demonstration of government’s commitment to leaving no one behind, and fostering and strengthening the resilience of the health system.

The Minister quoted the late Harvard Department of Anthropology’s Professor Paul Farmer on the value of all lives and urged G20 members to increase public financing of health systems as a fundamental investment.

“I want to quote the idea that ‘some lives matter less’ is the root of all that is wrong with the world.

“We implore all G20 members to champion increased public financing of health systems.

“This is not merely a budgetary issue; it’s a fundamental investment in our collective future.”

Motsoaledi urged attendees to prioritise public health over competing interests, ensuring that adequate resources are allocated to meet the health needs of the nation’s populations.

“Furthermore, we must all align our efforts beyond financing. We must address the persistent health inequities that plague our world.”

Non-communicable diseases

Motsoaledi highlighted the importance of addressing health inequities, particularly in low and middle-income countries, and the need for multilateral approaches to prevent and control non-communicable diseases (NCDs).

He said the upcoming United Nations High-Level Meeting on NCDs is seen as a crucial opportunity to galvanise global action against chronic conditions like heart disease, cancer, diabetes and chronic respiratory diseases.

“We must alleviate the financial burden, restrict unhealthy food marketing, finance emergency health services, and accelerate cervical cancer elimination, the only cancer which is preventable.”

The theme of the three-day meeting is: “Accelerating Health Equity, Solidarity, and Universal Coverage”.

Along with this meeting, a co-sponsored event focused on eliminating cervical cancer, is also taking place.

“We must move beyond dialogue and commit to concrete steps. South Africa is committed to collaborating with all the G20 members to achieve our shared goals.

“Let us work together to ensure that health remains a priority, not a commodity, especially during these unstable economic times,” Motsoaledi added.

South Africa, which assumed the G20 Presidency in December, is currently hosting various working groups and ministerial meetings throughout the country.

These meetings are focused on key topics such as health, employment, trade, tourism, and the digital economy — all in preparation for the G20 Leaders’ Summit scheduled for November this year.

The G20 comprises 19 countries including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom, and the United States. It also includes two regional bodies – the European Union (EU) and the African Union (AU). – SAnews.gov.za

MIL OSI Africa –

March 27, 2025
MIL-OSI United Nations: Despite Diplomatic Progress, Security Council Told Continuing Attacks, Funding Cuts Worsening Humanitarian Situation in Ukraine

Source: United Nations General Assembly and Security Council

The humanitarian crisis in Ukraine is worsening, a senior United Nations official told the Security Council today, as she both welcomed diplomatic progress and expressed deep alarm over rising attacks on civilians and severe cuts to global humanitarian funding.

“Since 1 March, not a day has passed without an attack harming civilians,” Joyce Msuya, Assistant Secretary-General for Humanitarian Affairs and Deputy Emergency Relief Coordinator, told the 15-member Council. The regions of Sumy, Odesa, Dnipro, Donetsk and Kharkiv have been hit especially hard in recent weeks, with extensive damage to homes, shops, warehouses and vehicles.

Meanwhile, global funding cuts for humanitarian operations — including for Ukraine — are further reducing the UN’s capacity to provide life-saving aid. While the announcement of a ceasefire on energy infrastructure and discussions regarding safe navigation in the Black Sea are positive steps, she noted that the impact of past attacks continue to undermine civilians’ access to electricity, gas, heating and water as the harsh winter persists.

“We are deeply concerned by the human cost of continued fighting,” she said, noting that, as of 24 February 2022, at least 12,881 civilians — including 681 children — have been killed in Ukraine. The true toll is likely much higher. She reiterated that the protection of infrastructure critical to civilian survival is imperative, and that indiscriminate attacks are unequivocally prohibited under international law.

And with almost 13 million people in Ukraine in need of humanitarian aid, she warned against funding cuts that could threaten vital services — including gender-based-violence support and safe spaces for 640,000 affected women and girls. Thus far, only 17 per cent of the $2.6 billion needed for Ukraine’s 2025 Humanitarian Response Plan has been received. Against that backdrop, she urged the international community to enforce compliance with international law, secure funding to save lives and push for an end to the war — all while ensuring that humanitarian needs remain central to peace talks.

Speakers Express Concern over Increasing Attacks on Civilians, Urge Moscow to Demonstrate Commitment to Peace

During the discussion that ensued, many speakers expressed concern over growing attacks on civilians in Ukraine. “The death and destruction caused by this war are tremendous,” said Slovenia’s delegate, noting the over 42,000 verified casualties and reconstruction costs exceeding $500 billion. Three years on, and the fighting does not seem to be diminishing — in February 2025, civilian casualties increased by 35 per cent compared to February 2024. “Every human life matters and is not merely a number,” added Pakistan’s delegate, welcoming deals reached between Ukraine and the Russian Federation banning the targeting of energy sites and ensuring safe navigation in the Black Sea.

While also noting progress on those fronts, other speakers continued to call on the Russian Federation to demonstrate its commitment to peace, with France’s delegate highlighting “the gaping disconnect between [the Russian Federation’s] actions and words”. Romania’s delegate pointed out that “the dialogue efforts and the proposals in the last weeks are yet to be met by deeds”, spotlighting new attacks by the Russian Federation since the night of 21 March.

“It is now for Russia to show its willingness to achieve peace,” said the representative of the European Union, in its capacity as observer, adding: “There can be no negotiations on Ukraine without Ukraine, and no negotiations that affect European security without Europe.” Finland’s delegate, speaking also for Denmark, Iceland, Norway and Sweden, echoed that, also expressing concern that limited humanitarian access makes it hard for humanitarian workers to deliver life-saving aid — especially in front-line areas.

“A ceasefire seems not to be enough,” observed Greece’s delegate, adding that peace should only be possible “with credible and robust security guarantees, which will deter and prevent the recurrence of war in the future”. Any peace must be more than a mere pause that allows the aggressor to rearm and strike again — as it has done before — Poland’s delegate underscored. “We must have enduring peace in Ukraine,” stressed the representative of the United Kingdom, adding that, until Moscow’s forces withdraw from Ukraine, “the United Kingdom will continue to work with Kyiv to achieve a just and lasting peace”.

Meanwhile, the representative of the Republic of Korea said that interviews with soldiers from the Democratic People’s Republic of Korea captured in Kursk show men deceived and told they were being sent to Moscow for training. “Pyongyang must stop sacrificing its own people to sustain the regime in exchange for military, political and economic support from Moscow,” he stressed.

The representative of Denmark, Council President for March, spoke in her national capacity to describe the latest report by the UN’s Independent International Commission of Inquiry on Ukraine as a “grim catalogue of crimes against humanity” perpetrated by the Russian Federation’s forces against civilians. Lithuania’s delegate, also speaking for Estonia and Latvia, drew attention to the 4,000 cases against the Russian Federation in the European Court of Human Rights, all related to events in Crimea, Donbas and the wider war against Ukraine.

Russian Federation, Ukraine Acknowledge Limited Ceasefire Agreements while Expressing Reservations

For his part, the representative of the Russian Federation said that the European Union and the United Kingdom are trying to thwart efforts by his country and the United States to settle the Ukrainian crisis. He went on to say that Moscow’s air forces target only military sites, and that civilian casualties in Ukraine occur because Kyiv stores ammunition in residential areas. He also stated that Ukraine’s European supporters ignore the crimes committed by Kyiv, reiterating that Moscow’s military operation started three years ago to end the war being waged on fellow Russians.

Regarding the agreement concerning the Black Sea, he said that this will go into effect only after a series of measures are adopted — including the lifting of sanctions against some Russian Federation banks. And while agreement has been reached to ban strikes on energy sites both in Ukraine and in the Russian Federation, Kyiv continues to violate that agreement. “The Russian Federation reserves the right to respond should the Kyiv regime continue on this destructive course,” he emphasized.

Further, he asked those present if they would prefer to either continue providing weapons to “private-military-company Ukraine”, or to join the Russian Federation and the United States to “find a long-term solution that would address the root causes of the Ukraine crisis and strengthen security in Europe and the world over”.

“Moscow speaks of peace while launching brutal strikes almost daily on densely populated residential areas” in her country, Ukraine’s delegate said, adding that the Russian Federation launched — in the first half of March alone — hundreds of strikes against her people, using approximately 2,800 guided aerial bombs, nearly 2,000 attack drones and over 100 missiles of various types. Moscow has also sought to block Ukrainian ports on the Black Sea, forcibly transferred Ukrainian children to its territory and that of Belarus, and made use of munitions containing hazardous chemicals.

While welcoming the United States’ mediation and Saudi Arabia’s hospitality, and reaffirming her country’s commitment to peace, she underscored: “We won’t accept peace at any price.” Ukraine will not recognize any of its temporarily occupied territories as belonging to the Russian Federation, and Kyiv will not agree to any foreign diktat regarding the structure or other characteristics of its defence forces.

While Ukraine has agreed to a ceasefire regarding energy facilities and in the Black Sea, she warned that this does not extend to Russian Federation warships that enter Ukraine’s territorial waters. “Everyone should focus on Russian actions, not their statements,” she urged, noting that the coming days will be critical in determining “whether Russia is serious about peace or intends to deceive the United States and the world”.

Nevertheless, Speakers Point to Path towards Peace

“The war must end now,” the representative of the United States stressed, as she commended both the Russian Federation and Ukraine for taking the first steps towards a ceasefire. If fully implemented, the agreements concerning energy infrastructure and the Black Sea will open a path towards peace. “We call on both sides to abide by these agreements and expand on them,” she said.

Some speakers expressed optimism about the talks under way in Riyadh. “A window of peace is opening,” said China’s delegate, welcoming recent negotiations that the Russian Federation and Ukraine have had bilaterally with the United States. Positive progress was made on numerous issues, he said. Algeria’s delegate, welcoming progress, as well, added that a lasting peace must consider the legitimate concerns of both parties. The representative of Panama, noting that maritime security is fundamental to his country, expressed optimism about the steps towards a cessation of hostilities in the Black Sea.

Similarly, the representative of Somalia said that the agreement to ensure safe navigation in the Black Sea represents a practical step towards reducing tensions and protecting vital economic infrastructure. The recent breakthrough is “creating tangible momentum towards de-escalation”, he said. “Even as we celebrate the modest breakthroughs,” Guyana’s delegate warned that the slightest misstep could doom millions of civilians to even more bombardment and displacement. Sierra Leone’s representative observed that “cautious hope has begun to emerge”, but highlighted the severe impact already had on children — trauma from constant shelling, loss of loved ones, displacement and abduction.

“Even when bombings subside, the scars of war remain,” said the Permanent Observer for the Sovereign Order of Malta, pointing to the need for psychological support for those affected by war-related trauma. Ukraine’s health system will need restoring, he said, adding that it is also crucial to facilitate the safe and dignified return of displaced families. “The land must be restored and made habitable,” he added, as the detritus of war is cleared away.

Quoting Pope Francis, he asked those present: “Can we get out of this spiral of sorrow and death? Can we once more walk and live in the ways of peace? I would like for each one of us — from the least to the greatest, including those who are called to govern nations — to respond in one voice: ‘Yes, we want peace.’”

MIL OSI United Nations News –

March 27, 2025
MIL-OSI United Nations: Human Rights Committee Adopts Annual Report 2024-2025

Source: United Nations – Geneva

The Human Rights Committee this morning adopted its annual report on the work of its one hundred and forty-first (1-23 July 2024), one hundred and forty-second (14 October-7 November 2024), and one hundred and forty-third sessions (3-28 March 2025).

Introducing the report, Ivan Šimonović, Committee Rapporteur, said that as of 26 March 2025, 174 States were parties to the International Covenant on Civil and Political Rights, 116 States were parties to the Optional Protocol to the Covenant on individual communications, and 92 States were parties to the Second Optional Protocol, on the abolition of the death penalty. Côte d’Ivoire and Zambia had acceded to the Second Optional Protocol in May and December 2024 respectively.

Country report task forces met during the three sessions to consider and adopt lists of issues on the reports of Chad and Latvia and lists of issues prior to reporting for Antigua and Barbuda, Austria, Barbados, Benin, Cameroon, Costa Rica, Côte d’Ivoire, the Dominican Republic, Jordan, Mauritius, Monaco, New Zealand, Poland, Samoa, Sierra Leone, Slovenia and South Africa.

At its one hundred and forty-first session, the Committee adopted concluding observations on Croatia, Honduras, India, Maldives, Malta, Suriname and the Syrian Arab Republic. At its one hundred and forty-second session, the Committee adopted concluding observations on Ecuador, France, Greece, Iceland, Pakistan and Türkiye. At its one hundred and forty-third session, the Committee would adopt concluding observations on Albania, Burkina Faso, Mongolia, Montenegro and Zimbabwe. The review of Haiti had been postponed to the Committee’s next session, due to the human rights situation in the country.

During the one hundred and forty-first session, the Special Rapporteur for follow-up on concluding observations submitted interim reports to the Committee. During that session, the Committee reviewed the following States parties under the follow-up process: Democratic Republic of the Congo, Kenya, Liberia, and Lao People’s Democratic Republic.

Regarding communications, at its one hundred and forty-first session, the Committee examined 21 drafts concerning 63 communications: 53 communications were decided on the merits, 10 were declared inadmissible and 32 were closed. Regarding communications decided on the merits, the Committee found violations in 51 of them. At its one hundred and forty-second session, the Committee examined 19 drafts concerning 308 communications: 287 were decided on the merits, 10 were declared inadmissible and 11 were closed. With regard to the communications for which a decision was taken on the merits, the Committee found violations in 287 of them. At its one hundred and forty-third session, the Committee examined 19 drafts concerning 66 communications: 38 were decided on the merits, five were declared inadmissible and 23 were closed. The Committee found violations in 37 of the communications for which decisions were taken on the merits. The Committee had successfully started applying its multifaceted strategy aimed at ending the high number of communications pending consideration and adoption. Mr. Šimonović reiterated the Committee’s concern regarding the lack of resources and emphasised the importance of allocating adequate staff resources to service its sessions.

Following the presentation, various Committee experts took the floor, thanking the Rapporteur for his work on the report. A speaker said that the Committee’s follow-up procedure allowed the Committee to remain in a dialogue with States parties on the implementation of the Covenant. States parties that had been under the Committee’s review were invited to submit their follow-up information and continue the dialogue. The liquidity crisis was challenging, a speaker noted, and the Committee was approaching a point where it would be difficult to continue the high quality of their work without the required resources. The Committee was sometimes the last beacon of hope for persons from countries to obtain legal redress outside their own legal system. The report was worth being shared more broadly and could be further developed and enhanced, another speaker said.

The Committee then adopted the annual report, before closing the meeting.

The Human Rights Committee’s one hundred and forty-third session is being held from 3 to 28 March 2025. All the documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage. Meeting summary releases can be found here. The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

The Committee will next meet in public at 11 a.m. on Friday 28 March to close its one hundred and forty-third session.

Produced by the United Nations Information Service in Geneva for use of the media;
not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

CCPR25.007E

MIL OSI United Nations News –

March 27, 2025
MIL-OSI Europe: Written question – Concerns about humanitarian aid in Syria reaching minorities persecuted by Islamists – P-001099/2025
Source: European Parliament
Priority question for written answer P-001099/2025
to the Commission
Rule 144
Mathilde Androuët (PfE)

Last December, when Islamists took power in Syria, Ursula von der Leyen recalled that the EU had been Syria’s largest donor since 2011, providing EUR 33 billion in humanitarian aid. This, she said, had been done ‘while respecting the principles of no contact, no cooperation, no funding to the Assad regime’[1]. The Commissioner for Preparedness, Crisis Management and Equality, Hadja Lahbib, announced in January that in 2025 the Commission would provide further humanitarian aid to Syrians totalling EUR 235 million[2].

The massacres of civilians committed by Islamist fighters supporting Ahmed al-Sharaa’s ‘provisional government’[3] raise questions about the extremist militias’ intention to allow this aid to be distributed fairly, especially to the Alawite community, but also to the Christians, who urgently need it and who, for political reasons, receive little help from the West[4].

In this context, will the Commission pay particular attention to ensuring that the humanitarian aid is properly distributed, with the same political and ‘ethical’ requirements expressed under the previous regime?

Submitted: 14.3.2025

[1] ‘Press statement by President von der Leyen with President of Türkiye Erdoğan’, European Commission, 17 December 2024.

[2] ‘EU provides €235 million humanitarian aid to Syrians’, European Commission, 17 January 2025.

[3] ‘Massacres en Syrie: les nouvelles autorités mises à l’épreuve par les pires violences depuis la chute d’Al‑Assad’, Franceinfo, Fabien Magnenou, 10 March 2025, https://www.francetvinfo.fr/monde/revolte-en-syrie/massacres-en-syrie-les-nouvelles-autorites-mises-a-l-epreuve-par-les-pires-violences-depuis-la-chute-d-al-assad_7121439.html.

[4] ‘Les aides financières à la Syrie rétrécissent, la minorité chrétienne en danger’, Vatican News, Delphine Allaire, 19 June 2023, https://www.vaticannews.va/fr/monde/news/2023-06/syrie-chretiens-guerre-moyen-orient-onu-ue-reconstruction-ong.html
Last updated: 26 March 2025
MIL OSI Europe News –
March 27, 2025
MIL-OSI Economics: The ImaSpiiR-X consortium receives support from France 2030 to improve the management of cancer and cardiovascular diseases through medical imaging

Source: Thales Group

Headline: The ImaSpiiR-X consortium receives support from France 2030 to improve the management of cancer and cardiovascular diseases through medical imaging

26 Mar 2025

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France 2030 has announced its support for the ImaSpiiR-X consortium, providing €18.2 million in funding over 60 months to move from black-and-white X-ray medical imaging (which displays only tissue density) to full-colour spectral imaging (capable of identifying tissue composition). To achieve this, the consortium will develop next-generation flat-panel detectors that will provide enriched digital radiographic images, along with advanced analysis algorithms.

ImaSpiiR-X will help physicians in real time to perform more comprehensive and accurate diagnoses, better guide their procedures with the assistance of an advanced imaging system, and therefore save precious minutes in patient care. This is particularly crucial for certain critical conditions such as strokes (cerebrovascular accidents), during which two million neurons are lost every minute. Strokes are the leading cause of disability and the third-leading cause of death in France.

ImaSpiiR-X brings together key national players from industry and academia: Trixell, the project coordinator, CEA, Thales, Pyxalis, and Claude Bernard University Lyon 1. Located in the Rhône-Alpes region within the world-class competitiveness clusters of Minalogic and Lyonbiopôle, they complement each other by providing the necessary expertise in materials, semiconductors, electronics, and algorithms, with breakthrough technologies serving the medical community. These five partners will oversee the technological development of the project, preclinical validations, and industrial optimisation for the commercialisation of spectral flat-panel detectors. They will also rely on a team of international medical experts.

This project will strengthen the French ecosystem, a global leader in interventional radiology and real-time image-guided surgery, while improving the quality of care provided to patients. The flat-panel detectors resulting from this collaboration will be manufactured in France, with the majority of supplies sourced from more than 200 French suppliers.

MIL OSI Economics –

March 27, 2025

MIL-OSI Canada: Speaking to Americans about the value of Alberta ties

Source: Government of Canada regional news (2)

Premier Danielle Smith has been relentless in her advocacy efforts to convince key U.S decision makers, and the American people, that tariffs will do nothing but harm both Americans and Canadians. She will be continuing this conversation as a featured speaker at a PragerU 2025 East Coast event, providing her with a platform to share Alberta’s priorities with an American audience in President Donald Trump’s home state.

The event will draw an active, engaged and influential U.S. audience, giving Premier Smith a broad-reaching platform to emphasize the mutual importance of Alberta’s relationship with the U.S., including the importance of Alberta’s, and Canada’s, energy industry to creating U.S. jobs and helping the U.S. achieve energy security.

The Premier will be joined on stage by host of the “Ben Shapiro Show” and Editor-in-Chief of the Daily Wire, Ben Shapiro. The Daily Wire has a monthly network reach of 220 million including the 25 million followers of Shapiro’s own social media platforms. Additionally, the Premier’s remarks will be shared across PragerU’s social media platforms to more than 10 million followers, including many U.S. elected officials and key decision makers.

“I am committed to acting in the best interest of Alberta and all Albertans. This includes continuing to engage with influential Americans in the U.S. to make it clear that the continuation of destructive tariffs on Canadian goods and energy will cost hundreds of thousands of American and Canadian jobs and benefit no one. This is an important opportunity to gain support in the U.S. and add voices to the conversation that will help amplify Alberta’s, and Canada’s, calls to work together on solutions and to rebuild our important trade relationship.”

Danielle Smith, Premier

Premier Smith will travel with four staff members. Mission expenses will be posted on the travel and expense disclosure page.

Quick facts

The U.S. administration implemented a 25 per cent tariff on Canadian goods and a 10 per cent tariff on Canadian energy on March 4, followed by a pause on tariffs for Canadian products that are covered under the Canada-U.S-Mexico trade agreement.
Canada has retaliated with tariffs on C$59.8 worth of U.S. goods and has earmarked potential tariffs on an additional C$100 billion worth of U.S. goods if needed.
The U.S. is Alberta’s largest trading partner and Alberta is the second largest provincial exporter to the U.S.

In 2024, Alberta’s exports to the U.S. totalled C$162.6 billion, accounting for 88.7 per cent of total provincial exports.
Energy products accounted for approximately C$132.8 billion, about 82.2 per cent of Alberta’s exports to the U.S. in 2024.
In 2024, Alberta imported approximately C$25 billion in products from the U.S., including energy, machinery, vehicles, electrical equipment, and plastics. However, these figures are under reported, as they do not account for trans-shipments.

Canada buys more from the U.S. than it does from Germany, Italy, France, the UK and Vietnam combined.
The U.S. is an important source of industrial inputs and consumer goods for the province.

Itinerary for Premier Smith*

March 26-27	Travel to south Florida. Interview with Marissa Streit, CEO of PragerU. Participate in on stage fireside discussion at the PragerU 2025 East Coast event.
March 28	Travel to Alberta.

*Subject to change.

Related information

PragerU 2025 East Coast event

MIL OSI Canada News –

March 27, 2025

MIL-OSI: Dassault Systèmes: filing of the English version of the 2024 Universal Registration Document
Source: GlobeNewswire (MIL-OSI)

Press Release
VELIZY-VILLACOUBLAY, France — March 26, 2025

Publication of the English version of the 2024 Universal Registration Document

Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) announces that the English version of its 2024 Universal Registration Document (constituting the Annual Financial Report) is now available on Dassault Systèmes’ website at https://investor.3ds.com/ (sections Regulated information or Events & Publications/Reports).

Hard copies of the 2024 Universal Registration Document in English are also available upon request at Dassault Systèmes’ headquarters (10, rue Marcel Dassault, CS 40501 – 78946 Vélizy-Villacoublay, France).

###

ABOUT DASSAULT SYSTÈMES

Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 350 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact. For more information, visit www.3ds.com.

Dassault Systèmes Investor Relations Team                FTI Consulting
Béatrix Martinez :                                        Arnaud de Cheffontaines: +33 1 47 03 69 48
+33 1 61 62 40 73                                        Jamie Ricketts : +44 20 3727 1600
investors@3ds.com

Dassault Systèmes Press Contacts
Corporate / France
Arnaud Malherbe: +33 1 61 62 87 73
arnaud.malherbe@3ds.com

© Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

Attachment
- Dassault Systèmes: filing of the English version of the 2024 Universal Registration Document
The MIL Network –
March 27, 2025
MIL-OSI: QUADIENT SA: Appointment and renewals to Quadient’s Board of directors to be proposed to the Annual General Meeting on June 13, 2025
Source: GlobeNewswire (MIL-OSI)

Appointment and renewals to Quadient’s Board of directors to be proposed to the Annual General Meeting on June 13, 2025
- Delphine Segura Vaylet to be proposed to the Annual General Meeting on June 13, 2025 for appointment as non-executive and independent director
- Didier Lamouche and Nathalie Wright to be proposed for renewal to the Annual General Meeting on June 13, 2025
- Martha Bejar and Paula Felstead will not stand for re-election, and resignation of Vincent Mercier with effect at the close of the Board meeting which will be held on 2 June 2025
- Downsizing of the Board of directors from 10 to 8 members (excluding employee directors) as from the next Annual General Meeting, on June 13, 2025
Paris, 26 March 2025

Upon recommendation of the Appointments and Remuneration Committee, Quadient’s Board of directors (the “Board”) has approved the list of Directors for appointment and renewal to be put forward at the Company’s Annual General Meeting that will be held on June 13, 2025.

At the next Annual General Meeting, shareholders will be asked to approve the appointment of Delphine Segura Vaylet as a new independent Director for a three-year term, until the Annual General Meeting approving the financial statements for the fiscal year ending January 31, 2028.

Shareholders will also be asked to approve the renewal for additional three-year terms of:
- Didier Lamouche, with the Board’s intention, if renewed, to subsequently reappoint him as Chairman of the Board, and
- Nathalie Wright, with the Board’s intention, if renewed, to subsequently appoint her as Chair of the Appointments and Remuneration Committee, replacing Martha Bejar.
Additionally, it is noted that Martha Bejar and Paula Felstead will not stand for re-election, and that Vincent Mercier will step down from the Board with effect at the close of the meeting to be held on 2 June 2025.

The Board wishes to express its sincere gratitude for their dedication and significant contributions to the Company — Paula for her thoughtful oversight as a member of the Audit Committee, Martha for her leadership and governance as Chair of the Appointment and Remuneration Committee, and Vincent for his 16 years of committed service across various strategic and leadership roles. Their expertise, integrity, and steadfast support have been instrumental in guiding the Company through key phases of growth and transformation.

Following these changes, subject to shareholders approval of the resolutions, the Board, which consists of 10 members (excluding employee directors) until June 2, 2025, will be reduced to 8 members (excluding employee directors) after the June 13, 2025 Annual General Meeting. The Board’s composition will continue to align with best governance practices, keeping a highly independent representation, with 75% independent directors, and complying with French legal parity rules, with a balanced structure of 5 men and 3 women, while ensuring a well-balanced mix of experience.

Delphine Segura Vaylet is 54 years old and a French citizen. She holds a Master’s degree (DEA) in Social Law, European Law from the University of Paris I Panthéon-Sorbonne. Delphine Segura Vaylet began her career at Groupe Bayard Press from 1993 to 1994 before joining Thales in 1994, where she held various operational Human Resources (HR) leadership roles until 2006. In 2007, she joined STMicroelectronics as HR Director for the Digital Consumer division. In parallel, she led Talent and Organizational Development as well as Training at the Group level for four years. In 2014, she became Group HR Director of Zodiac Aerospace, serving as a member of the Executive Committee until the company’s acquisition by Safran. She then joined Total in 2017 as Vice-President Strategy and HR Policy. Since January 2021, Delphine Segura Vaylet held the position of Senior Executive Vice President Human Resources at Groupe SEB. She also holds non-executive roles at Soitec and Artelia.

Didier Lamouche has been the Chairman of the Board of Quadient S.A. since June 28, 2019. He holds a PhD in Semiconductor Technology from École Centrale de Lyon. Didier Lamouche has had a distinguished career, including serving as President and CEO of Idemia until 2018, the world leader in cyber security and digital identity technologies, which he had headed since 2013. From 2005 to 2013, he also held key leadership roles at ST-Microelectronics, ST-Ericsson, and Bull Group, where he successfully turned the company around and repositioned on growth segments. Earlier in his career, Didier Lamouche worked at Philips, IBM Microelectronics, Motorola Semiconductor, and Altis Semiconductor. Didier Lamouche has extensive experience in corporate governance, in both public and private environments, having served as a director of eight public and four private-equity backed companies for nearly 20 years.

Nathalie Wright has been a member of the Board of Quadient S.A. since September 25, 2017. Nathalie Wright is a graduate in economics from Paris Assas University, IAE, and INSEAD. She began her career at Digital Equipment France and NewBridge Networks France, later holding roles at MCI, Easynet, and AT&T, where she oversaw commercial strategy for Southern Europe and the Middle East. In 2009, she joined Microsoft, serving as director of the Public Sector division and General Manager for Enterprise & Strategic Alliances. She became Vice President of Software France at IBM in 2017, then joined Rexel in 2018 as Chief Digital Officer and member of the executive committee until September 2023, overseeing digital transformation and ESG strategy. Since 2024, Nathalie Wright has focused on non-executive roles at Quadient, Keolis, and Amundi, supporting organizations with transformation challenges.

***

CALENDAR
- 26 March 2025: FY2024 results release (after close of trading on the Euronext Paris regulated market)
- 3 June 2025: Q1 2025 sales release (after close of trading on the Euronext Paris regulated market)
- 13 June 2025: Annual General Meeting
***

About Quadient®

Quadient is a global automation platform powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing.

For more information about Quadient, visit https://invest.quadient.com/en-US.

Contacts

Attachment
- Quadient-press-release-Board-2025-vGB
The MIL Network –
March 27, 2025

MIL-OSI: Sidetrade Annual Results for 2024: Operating Margin exceeds 15% of Revenue and Net Profit up 40%

Source: GlobeNewswire (MIL-OSI)

New record in year-over-year bookings (+13% in ACV)

Strong revenue growth: up 26% with SaaS subscriptions up 22%

Operating margin ⁽³⁾exceeds 15% of revenue (+45%)

Surge in net profit to €7.9 million, up 40%

Operating cash flow strongly supporting the acquisition of SHS Viveon

Recognized ESG commitment: Platinum by EthiFinance and Silver by EcoVadis

Sidetrade, the global leader in AI-powered Order-to-Cash applications, today announces a 26% increase in revenue for 2024, with a surge in operating margin ⁽³⁾of €8.4 million (+45%) and in net profit of €7.9 million (+40%).

Sidetrade (€m)	2024	2023	Change

Revenue	55.0 ⁽¹⁾	43.7	+26%
SaaS subscriptions	45.5 ⁽²⁾	36.6	+22%

Gross margin	43.1	35.3	+22%

Operating expenses (OPEX)	(34.6)	(29.4)	+18%

Operating margin ⁽³⁾	8.4	5.8	+45%
as a % of revenue	15%	13%
Net profit	7.9	5.6	+40%

2024 information is from consolidated, unaudited data.
(1) includes €4.4m in SHS Viveon revenue
(2) includes €3.0m in SHS Viveon recurring revenue
(3) Operating margin corresponds to operating profit based on 2024 accounting standards in France, including the French Research Tax Credit.

Olivier Novasque, CEO of Sidetrade commented:

“2024 once again illustrates the strength of Sidetrade’s business model, combining growth with profitability. Our 26% revenue increase was driven by a major breakthrough in the North American market, a leading-edge AI offering embraced by large enterprises, and the acquisition of SHS Viveon in Germany, which has further solidified our leadership in Order-to-Cash solutions across Europe. For the first time in our history, we have surpassed €8 million in operating profit, a significant 45% increase, highlighting the effectiveness and balance of our expansion strategy. But the real story goes beyond this impressive performance. We are witnessing an accelerated revolution in how businesses leverage artificial intelligence, marked by the emergence of specialized AI agents. Unlike traditional automation models that rely on rigid rule-based programming and constant human oversight, AI agents bring a new level of autonomous decision-making and real time operational optimization. These are no longer mere automation tools; they are intelligent entities capable of anticipating needs and acting independently within a company’s IT infrastructure, with minimal human intervention. Where traditional software simply organizes workflows using pre-defined rules, an AI agent trains, learns, adapts, and executes complex processes on its own. And this agentic revolution is only just beginning! At Sidetrade, Aimie represents the next generation of AI, evolving into an agentic AI that will orchestrate a network of AI agents, each managing a specific link in the Order-to-Cash cycle: risk, disputes, collections, cash application, and more. Aimie will direct, coordinate, and interconnect these high-specialized agents. Backed by the Sidetrade Data Lake, the most unique in the Order-to-Cash market and built on $7.2 trillion in B2B transactions spanning over 39.9 million businesses, Aimie is already powered by a one-of-a-kind training dataset in our field that will give its AI agents unmatched intelligence. Thanks to intensified R&D investments in 2024, we are set to launch our first next-gen AI agent in 2025, one that will redefine the boundaries of autonomy and capability. Companies that fail to embrace this paradigm shift will be rapidly outpaced by those that embed AI agents at the core of their operational excellence. With Aimie, Sidetrade is fully aligned with this AI agent revolution and is uniquely positioned to lead the race in its field.”

New record in year-over-year bookings (+13% in ACV)
Sidetrade maintained its growth trajectory in 2024 and set a new record with Annual Contract Value (ACV) reaching €12.73 million, up 13% compared to 2023. Annual Recurring Revenue (New ARR), increased by 6%, amounting to €6.53 million while Services bookings grew by 21%, totaling €6.2 million.

Bookings by new customers (“New Business”) accounted for 63% of total new bookings in 2024, while contract extensions (“Cross-sell”) and additional modules to existing customers (“Upsell”) contributed 18% and 19% of bookings, respectively.

Strong revenue growth in 2024: up 26% with SaaS subscriptions up 22%

In 2024, Sidetrade reported annual revenue of €55.0 million, marking a 26% increase compared to the previous year, and a 16% increase on a reported basis (excluding the acquisition of SHS Viveon finalized in June 2024). Several factors contributed to this strong performance:

Sustained organic growth: Overall revenue (excluding the acquisition of SHS Viveon) grew by 16%, while SaaS subscriptions increased by 15%. Meanwhile, Services showed impressive growth of 24%, driven by global implementation projects.
Strategic acquisition of SHS Viveon opening the DACH region: Since July 1, 2024, SHS Viveon has contributed €4.4 million to Sidetrade’s revenue, now accounting for 15% of total revenue in the second half of 2024.
Expanding international reach: The integration of SHS Viveon has increased the share of revenue generated outside of France to 65%. With 70% of its workforce now based internationally, Sidetrade demonstrates its ability to scale globally while maintaining strong local client relationships, key to building trust and driving operational efficiency.
Outstanding performance in North America: North America recorded the highest growth in 2024, with a 36% increase, bringing annual revenue to €16.6 million. This strategic market is central to Sidetrade’s ambitions.

Sidetrade continues to strengthen its position among multinationals, with a 44% increase in subscriptions from companies generating over €2.5 billion in revenue. These contracts now represent 50% of total subscriptions. More broadly, companies generating over €1 billion in revenue account for 79% of the portfolio, cementing Sidetrade’s status as a preferred partner for large enterprises.

Gross margin and operating margin: strongly accelerating performance

Strong growth in gross margin: +22% with an increase of €7.8 million

The sustained momentum in subscription growth continued to drive the expansion of the gross margin in 2024. On a like-for-like basis (excluding SHS Viveon), the gross margin rate for subscriptions remained particularly high at 92%, compared to 93% in 2023. SaaS subscriptions now represent 97% of the total gross margin.

Sidetrade’s overall gross margin rate on a like-for-like basis stood at 80%, versus 81% the previous year. Including the impact of SHS Viveon acquisition, the consolidated gross margin rate reached 78% of total revenue for the 2024 fiscal year.

In total, in 2024, Sidetrade delivered an incremental gross margin increase of €7.8 million compared to 2023, representing a +22% year-over-year growth.

Operating margin exceeding 15% of revenue (vs 13% in 2023)

Sidetrade’s operating margin showed a remarkable increase, reaching €8.4 million in 2024, up 45% from €5.8 million in 2023. This profitability is driven by sustained business growth, an excellent gross margin and disciplined cost management.

Thanks to this momentum, Sidetrade has continued its investment strategy, with an increase in expenditure of €5.2 million over 2023, and a particular focus on R&D (+€2.4 million), notably to accelerate the integration of generative AI into its core product offering.

The 2024 operating margin includes a French Research Tax Credit of €2.6 million (versus €2.4 million in 2023) as well as activation of €0.16 million in marginal R&D costs, i.e., 2% of R&D costs for the full year.

As a result, Sidetrade’s operating margin stands at 15% of revenue versus 13% in 2023, representing a 2-point gain year-over-year.

Surge in net profit to €7.9 million: up 40%

Sidetrade’s financial income, recorded as of December 31, 2024, stands at €0.7 million, up significantly from 2023 (€0.4 million). This performance is mostly due to interest earned on short-term investments during the year and the foreign exchange gains realized over the period.

Corporate income tax for 2024 is estimated at €1.1 million, versus €0.6 million in 2023.

All told, Sidetrade’s net profit for 2024 was €7.9 million, an increase of 40%, confirming the solid balance between growth and profitability.

Operating cash flow strongly supporting the acquisition of SHS Viveon

In 2024, Sidetrade generated a solid operating cash flow of €9.6 million, up €3.3 million (excluding the timing impact of the French Research Tax Credit refund). This level of cash generation enabled the Company to fully self-finance the acquisition of SHS Viveon, with a net cash outlay of €5.2 million (€6.6 million for the purchase of shares, offset by €1.4 million in available cash held by SHS Viveon).

As of December 31, 2024, Sidetrade reported €25.2 million in gross cash, up €1.3 million compared to year-end 2023.

In addition, Sidetrade held 85,437 of its own shares, valued at €19.1 million as of December 31, 2024.

Financial debt stood at €7.9 million, down €2.3 million year-over-year. Even after the SHS Viveon acquisition, Sidetrade retains substantial investment capacity, well-positioned to support its continued expansion strategy.

Recognized ESG commitment: Platinum by EthiFinance and Silver by EcoVadis

In 2024, Sidetrade accelerated its transition toward becoming a more responsible company and was awarded a Platinum medal from EthiFinance and a Silver medal from EcoVadis, with respective scores of 84/100 and 70/100. Now ranked among the top 15% of the most highly rated companies audited by EcoVadis, demonstrating its leadership in social responsibility.

These accolades confirm the relevance of Sidetrade’s strategy and its ability to anticipate the environmental and social challenges of tomorrow.

Sidetrade looks ahead to the fiscal year 2025 with confidence and a clear vision, and has the resources to fulfill its ambitions.

Next financial announcement
First Quarter Revenue for 2025: April 15, 2025, after the stock market closes.
Investor relations
Christelle Dhrif 00 33 6 10 46 72 00 cdhrif@sidetrade.com
Media relations @Sidetrade
Becca Parlby 00 44 7824 5055 84 bparlby@sidetrade.com

About Sidetrade (www.sidetrade.com)
Sidetrade (Euronext Growth: ALBFR.PA) provides a SaaS platform designed to revolutionize how cash flow is secured and accelerated. Leveraging its next-generation AI, nicknamed Aimie, Sidetrade analyzes $7.2 trillion worth of B2B payment transactions daily in its Cloud, thereby anticipating customer payment behavior and the attrition risk of 39.9 million buyers worldwide. Aimie recommends the best operational strategies, dematerializes and intelligently automates Order-to-Cash processes to enhance productivity, results and working capital across organizations.
Sidetrade has a global reach, with 400+ talented employees based in Europe, the United States and Canada, serving global businesses in more than 85 countries. Amongst them: Bidcorp, Biffa, Bunzl, Engie, Inmarsat, KPMG, Lafarge, Manpower, Page, Randstad, Saint-Gobain, Securitas, Tech Data, UGI, and Veolia.
Sidetrade is a participant of the United Nations Global Compact, adhering to its principles-based approach to responsible business.

For further information, visit us at www.sidetrade.com and follow @Sidetrade on LinkedIn.
In the event of any discrepancy between the French and English versions of this press release, only the French version is to be taken into account.

Attachment

Sidetrade Annual Results for 2024: Operating Margin exceeds 15% of Revenue and Net Profit up 40%

The MIL Network –

March 27, 2025

MIL-OSI: Quadient SA: FY 2024 results: Solid 1st year delivery of “Elevate to 2030” strategic plan, with Digital Solution achieving €267m in revenue and 61% EBITDA growth to €47m

Source: GlobeNewswire (MIL-OSI)

Quadient FY 2024 results:
Solid 1^st year delivery of “Elevate to 2030” strategic plan, with Digital Solution achieving €267m in revenue and 61% EBITDA growth to €47m

Key highlights

FY 2024 financial targets achieved
Two operating profitability milestones reached:
Digital EBITDA margin at 17.5%, up 5.7pts yoy, reflecting strong profitability improvement
All three solutions are EBITDA positive
Consolidated sales of €1,093 million, up +2.8% on a reported basis, including the contribution of the latest acquisitions
FY 2024 subscription-related revenue up +10.2% in Digital and up +11.5% in Lockers
FY 2024 subscription-related revenue of €777m, representing 71% of total revenue, up +€30m yoy,
vs. +€90m 2026 target
FY 2024 Group current EBIT of €146 million, up +2.2% organically
Proposed dividend of €0.70 per share, up by €0.05 for the fourth consecutive year
FY 2025 outlook: acceleration both in organic revenue growth and in current EBIT organic growth vs. 2024

Paris, 26 March 2025

Quadient S.A. (Euronext Paris: QDT), an Intelligent automation platform powering secure and sustainable business connections, today announces its 2024 fourth-quarter consolidated sales and full-year results (period ended on 31 January 2025). The full year 2024 results were approved by the Board of Directors during a meeting held on 25 March 2025.

Geoffrey Godet, Chief Executive Officer of Quadient S.A., stated: “We have delivered a solid first year of our Elevate to 2030 strategic plan.

Our Digital Automation platform has reached the record level of c.€270 million in revenue thanks to both the addition of 2,600+ new customers and the contribution from the increased usage and upsell from our existing 16,500 customer base. This strong revenue increase has been delivered together with a significant improvement in profitability with EBITDA rising by 61% to reach €47 million. We are now in a good position to exceed the 20% EBITDA margin ambition set for 2026.

2024 also saw the highest level of Digital cross-sold deals into our Mail customer base while at the same time our Mail business continues to outpace competition. In Lockers, investments made over the past couple of years are paying off, contributing to a strong performance in H2 with double digit growth in revenue thanks to increased usage of the locker base across all regions. In addition, Lockers have reached EBITDA breakeven over the full year and profitability will further improve as we continue to increase the size of our network, grow its usage and take advantage of the recent addition of Package Concierge in the US residential sector.

At Company level, this solid performance translates into a €30 million increase in annual recurring revenue, well on track to deliver the €90 million increase targeted by 2026. Based on this solid start to the strategic plan, we are confident in our ability to continue building a €1bn recurring revenue platform by 2030, generating €250 million current EBIT. Therefore, we are proposing to increase our dividend for the fourth consecutive year in a row, to €0.70.

While macro uncertainties have recently been growing, we are expecting an acceleration of organic growth in revenue and current EBIT in 2025 against 2024 levels.”

Comments on FY 2024 performance

Group sales came in at €1,093 million in FY 2024, a +2.8% increase on a reported basis, and +0.4% organic growth compared to FY 2023, in line with Quadient’s expectations. The reported growth includes a positive currency impact of €2 million and a positive scope effect of €24 million, which is related to the acquisitions of Daylight (September 2023), Frama (February 2024) and Package Concierge (December 2024).

In the fourth quarter of 2024, reported revenue growth stood at +4.1% and organic revenue growth was broadly flat, at -0.2%, compared to Q4 2023.

Subscription-related revenue reached €777 million in FY 2024, growing +1.6% organically, and representing 71% of total sales. This represents a €30 million increase year-on-year (compared to the +€90 million target by 2026), progressing toward the €1 billion subscription-related revenue target by 2030. Performance in the fourth quarter of 2024 was steady, up 2.1% organically against Q4 2023, driven by a double-digit organic increase in Digital and in Lockers. Non-recurring revenue declined by 2.4% organically in FY 2024, including a 5.1% decline in Q4 2024, essentially due to a high comparison basis in Mail hardware sales.

By geography, North America (58% of revenue) continued to outperform other regions with a +2.8% organic growth achieved in FY 2024.

Consolidated sales and EBITDA by Solution

FY 2024 consolidated sales

In € million	FY 2024	FY 2023	Change	Organic change
Digital	267	245	+9.1%	+7.7%
Mail	732	729	+0.4%	(2.5)%
Lockers	94	88	+5.7%	+4.3%
Group total	1,093	1,062	+2.8%	+0.4%

EBITDA and EBITDA margin

	FY 2024		FY 2023
In € million	EBITDA	EBITDA margin	EBITDA	EBITDA margin
Digital	47	17.5%	29	11.8%
Mail	200	27.4%	218	29.9%
Lockers	1	0.6%	(3)	(3.0)%
Group total	247	22.6%	244	23.0%

Digital

In FY 2024, revenue from Digital reached €267 million, up 7.7% organically (+10.1% in Q4 2024 vs. Q4 2023) and up 9.1% on a reported basis (including the contribution from Daylight) compared to FY 2023.

This solid performance was driven by a strong 10.2% organic growth in subscription-related revenue in FY 2024 (+10.5% in Q4 2024 vs. Q4 2023), including a good contribution from North America and continued positive commercial trends across the platform with further solid cross-selling and up-selling. In FY 2024, subscription-related revenue was representing 82% of Digital total sales, a further increase compared to 80% in FY 2023.

At the end of FY 2024, annual recurring revenue (ARR), which is a forward-looking indicator of future subscription-related revenue, reached €232 million, up from €206 million at the end of FY 2023, representing a 12.7% organic growth.

EBITDA for Digital was €47 million in FY 2024, up +61% year-on-year. EBITDA margin was at 17.5%, a strong improvement of 5.7 points compared to FY 2023. In H2 2024, EBITDA margin further improved, reaching 19.1%, after 15.7% in H1 2024. This positive evolution in profitability reflects the combination of subscription-related revenue growth and platform maturity. The Digital solution is well on track to reach its target of EBITDA margin greater than 20% in 2026.

As part of its customer acquisition strategy, Digital continues to demonstrate strong commercial momentum. Over
2,600 new customers were added in FY 2024 thanks in particular to robust cross-selling with Mail, especially in North America. Digital experienced a dynamic fourth quarter, with several key deals secured in the US. Additionally, a new partnership was established with Avaloq to deliver Customer Communications Management capabilities to the financial services industry.

As part of the customer expansion process, the focus continues to be on further increasing up-selling, notably in financial automation process. Several platform innovations have been made, to bring added value to customers, including the ramp-up and extension of Repay for direct supplier invoice payments in the US and Canada, and new electronic invoice formats (UBL, CII, Factur-X) to align with upcoming European e-invoicing regulation.

In Quadient’s core geographies, the addressable demand for its Digital automation platform is set to grow from
c.€6 billion in 2023 to c.€9 billion in 2027, representing a +10% CAGR, creating substantial growth opportunities in both communication and financial automation.

To capture this growth, Quadient is strongly positioned, leveraging on:

a sound base of highly predictable business, with over 16,500 customers, 82% subscription-based revenue,
and a churn rate well below 5%,
a highly recognized platform in financial & communication automation, and 84.5% of Saas customers,
across three regions,
a fully scalable and modulable platform, for small to large customers, driving new client acquisition (+2,600 in FY 2024) and record cross-sell of Digital solutions into Quadient Mail customers and increased upsell opportunities among existing customers,
an efficient go-to-market organisation that driving a 34% year-on-year increase in bookings in Q4 2024 and +12.7% growth of ARR at the end of the year.

Mail

Mail revenue reached €732 million in FY 2024, down 2.5% on an organic basis (-4.6% in Q4 2024 vs. Q4 2023). The reported growth stood at +0.4%, including the contribution of Frama.

Hardware sales recorded a minor -1.7% organic decline in FY 2024, despite a 7.3% drop registered in Q4 2024, mainly reflecting a high comparison basis related to deals signed in H2 2023.

Subscription-related revenue (68% of Mail sales) recorded a 2.9% organic decline in FY 2024.

EBITDA for Mail was €200 million for FY 2024. EBITDA margin reached 27.4%, down 2.5 points compared to FY 2023. Mail EBITDA margin was impacted by the dilutive effect of Frama acquisition, including integration costs. Frama’s performance is due to improve significantly from 2025 onward, with positive current EBIT already reached in FY 2024 and payback of the acquisition expected in FY 2025.

Thanks to its strong focus on customer acquisition, Quadient’s Mail business continues to outperform the market. In Q4 2024, commercial performance remained resilient in North America, particularly in highly regulated industries where secure mail communications are key.

As part of the customer expansion focus, outlook remains strong driven by a high customer satisfaction rate of 95.7% and robust cross-selling performance, especially in the US where a record-breaking performance in placement of Digital solutions was recorded in Q4 2024. Mail business also benefited from the positive impact of the ongoing US mailing systems decertification, though this impact is expected to conclude in Q1 2025. Lastly, Quadient aims at upgrading Frama’s installed base and initiating some cross-selling to promote its Digital offer to Frama’s customers.

At the end of January 2025, already 42.4% of Quadient installed base has been upgraded with its newest technology.

Lockers

Lockers revenue reached €94 million in FY 2024, a +4.3% increase on an organic basis, with strong momentum in the latter part of the year (+8.0% in Q4 2024 vs. Q4 2023, after a strong Q3 2024, up +14.3% year-on-year) and a +5.7% increase on a reported basis compared to FY 2023, including a marginal contribution from Package Concierge.

Subscription-related revenue was up 11.5% organically in FY 2024 (+19.6% in Q4 2024 vs. Q4 2023), benefiting from:

the continued strong volumes ramp up in the British and the French open networks;
the sustained strong momentum in the US, driven by higher monetization of usage fees;
a resilient performance in Japan, despite an unfavorable e-commerce environment.

Overall, subscription-related revenue stood at 64% of total revenue in FY 2024, up from 61% in FY 2023.

Non-recurring revenue (license & hardware sales and professional services) were down 6.8% organically in FY 2024. Hardware sales were still impacted by slower new installations in North America.

Quadient’s global locker installed base reached c.25,700 units at the end of FY 2024, including c. 3,000 units from Package Concierge, vs. c.20,200 units at the end of FY 2023. This is reflecting an acceleration in the pace of installation of new lockers, notably in the UK, fueled by the partnerships signed by Quadient to host parcel lockers in new suitable locations.

EBITDA for Lockers was above breakeven, at €1 million in FY 2024. EBITDA margin stood at 0.6%, up by 3.6 points compared to FY 2023. This significant profitability improvement, illustrated by a 6.7% EBITDA margin in H2 2024, was driven by growing recurring revenue and increased usage. Additionally, the revised commercial agreement with Yamato for the Japanese installed base was implemented at the beginning of H2 2023.

As part of the customer acquisition focus, Quadient is accelerating the pace of installation for new lockers in its open networks in Europe, mostly in France and the UK, with installed base up 145% year-on-year. This is supported by the additional deals signed for premium locations (including Morrisons Daily Stores and ScotRail…). Additionally, the trend for new installations in North America has turned positive in Q4, where market share leadership position in Residences and Universities remains robust.

As part of the customer expansion strategy, volumes from both pick-up and drop-off in European open networks saw a significant increase, growing sevenfold between Q4 2023 and Q4 2024. The momentum in North America for the locker network, particularly across the multifamily sector and higher education campuses was strong in Q4 2024. In Japan, macroeconomic conditions have impacted parcel volumes, but new initiatives, such as the new partnership with Japan Post, are aimed at driving volume growth and increasing adoption.

REVIEW OF 2024 FULL-YEAR RESULTS

Simplified P&L

In € million	FY 2024	FY 2023	Change
Sales	1,093	1,062	+2.8%
Gross profit	818	788	+3.7%
Gross margin	74.8%	74.2%
EBITDA	247	244	+1.2%
EBITDA margin	22.6%	23.0%
Current EBIT	146	147	(0.5)%
Current EBIT margin	13.4%	13.8%
Optimization expenses and other operating income & expenses	(23)	(15)	+58.0%
EBIT	123	132	(7.0)%
Financial income/(expense)	(39)	(31)	+24.8%
Income before tax	84	101	(16.8)%
Share of results of associated companies	1	(0)	n/a
Income taxes	(17)	(17)	+2.8%
Net income of continued operations	68	84	(19.4)%
Net income from discontinued operations	(0)	(14)	(98.7)%
Net attributable income	66	69	(3.4)%
Earnings per share	1.94	2.02
Diluted earnings per share	1.94	2.01

Gross margin stood at 74.8% in FY 2024 slightly up compared to FY 2023, due to lower cost of sales.

EBITDA⁽¹⁾ for the Group reached €247 million in FY 2024, up €3 million compared to FY 2023. EBITDA grew by 3.0% organically, driven by strong growth of 80% in Digital and improved profitability in Lockers, which more than compensated for the softer EBITDA performance in Mail. The EBITDA margin reached 22.6% in FY 2024. It was almost stable compared to FY 2023: despite the impact of the change in revenue mix and the dilutive effect of Frama acquisition, the Group EBITDA margin was supported by significant profitability gains in Digital and Lockers.

Depreciation and amortization stood at €101 million in FY 2024, compared to €98 million in FY 2023. This slightly higher depreciation mainly reflects the increase in Lockers’ asset base.

Current operating income (current EBIT) reached €146 million in FY 2024 compared to €147 million in FY 2023, up 2.2% on an organic basis. Current EBIT margin stood at 13.4% of sales in FY 2024 compared to 13.8% in FY 2023.

Optimization costs and other operating expenses stood at €23 million in FY 2024, versus €15 million in FY 2023. This increase mainly relates to the write-off of an IT project, additional office optimization and Frama restructuring costs.

Consequently, EBIT reached €123 million in FY 2024, versus €132 million recorded in FY 2023.

Net attributable income

Net cost of debt was up from €29 million in FY 2023 to €39 million in FY 2024, impacted by higher interest rates. The currency gains & losses and other financial items was broadly flat in FY 2024, compared to a loss of €2 in FY 2023. Overall, net financial result was a loss of €39 million in FY 2024 compared to a loss of €31 million in FY 2023.

Income tax expense was stable year-on-year at €17 million.

Net income from discontinued operations of the Mail Italian subsidiary was null in FY 2024, compared to a €14 million loss in FY 2023. This loss included exceptional charges related to the sale process for this subsidiary, which was sold to a local mail distribution company in October 2024.

Net attributable income after minority interests amounted to €66 million in FY 2024 compared to €69 million in FY 2023.

Earnings per share⁽²⁾ stood at €1.94 in FY 2024 compared to €2.02 in FY 2023. The fully diluted earnings per share⁽²⁾ was €1.94 in FY 2024 compared to €2.01 in FY 2023.

Cash flow generation

The change in working capital was a net cash inflow of €9 million in FY 2024 compared to a net cash outflow of €6 million in FY 2023, mostly reflecting the positive impact from timing on prepaid expenses and customers deposits.

The leasing portfolio and other financing services stood at €623 million as of 31 January 2025, compared to €598 million as of 31 January 2024, up on an organic basis (i.e. excluding currency impact of €18 million) for the first time in several years thanks to good hardware placements in Mail. While generating future subscription-related revenue, this increase in lease receivables resulting from the good performance in the placement of new equipment translates into a cash outflow of
€7 million in FY 2024. At the end of FY 2024, the default rate of the leasing portfolio stood at around 1.1% compared to c.1.3% at the end of FY 2023.

Interest and taxes paid increased to €67 million in FY 2024 versus the amount of €55 million paid in FY 2023. The difference was mostly explained by higher interest rates in FY 2024.

Capital expenditure reached €108 million in FY 2024, up €7 million compared to FY 2023, mostly due to UK locker open network deployment. Capex for Digital reached €24 million in FY 2024, slightly up compared to €22 million in FY 2023 and was mainly focused on R&D and platform development. Capex for Mail remained at fairly high level of €51 million
(vs. €53 million in FY 2023), due to continued high placement of machines related to the US decertification, which is expected to end in Q1 2025. Capex for Lockers increased from €26 million to €33 million to support the ramp-up of the deployment of the open network in the UK. The sale of Frama real estate in Switzerland generated €6 million in cash inflows in FY 2024.

All in all, cash flow after capital expenditure (free cash flow) reached €66 million in FY 2024, compared to €64 million in FY 2023.

Leverage and liquidity position

Net debt stood at €741 million as of 31 January 2025, a slight increase against €709 million as of 31 January 2024. In FY 2024, Quadient successfully raised approximately €325 million in new facilities, including the following transactions in H2 2024:

in October 2024, the Company secured EBRD financing, including a €25 million Schuldschein;
in December 2024, the Company secured a USD 50 million bank loan;
in January 2025, Quadient further strengthened its financial position with the issuance of a USD 100 million USPP.

These new facilities enabled Quadient to repay post-closing its €260 million bond due in February 2025 and settle the repayment of Schuldschein loans for €29 million, also due in early 2025. As a result of these transactions, the Company’s average debt maturity has been extended to four years as of the end of February 2025, compared to three years at the end of FY 2023.

The leverage ratio (net debt/EBITDA) remained broadly stable at 3.0x⁽³⁾ as of 31 January 2025 compared to 2.9x⁽³⁾ as of 31 January 2024. Excluding leasing, Quadient leverage ratio remained stable at 1.7x⁽³⁾ as of 31 January 2025, despite the acquisitions of Frama and Package Concierge in 2024, as well as the implementation of a share buyback programs.

As of 31 January 2025, the Group had a strong liquidity position of €667 million, split between €367 million in cash and a €300 million undrawn credit line, maturing in 2029.

Shareholders’ equity stood at €1,113 million as of 31 January 2025 compared to €1,069 million as of 31 January 2024. The gearing ratio⁽⁴⁾ stood at 66.6% as of 31 January 2025.

SHAREHOLDER’ RETURN

Proposed dividend for FY 2024 stands at €0.70 per share, representing an 8% increase against FY 2023, and a payout ratio of 36.1% of net income, higher than Quadient’s minimum 20% pay-out ratio of net income as per the Group’s dividend policy. This represents a €0.05 year-on-year increase, for the fourth consecutive year. The dividend is subject to approval by the Annual General Meeting, scheduled for 13 June 2025, and will be paid in cash in one instalment on 6 August 2025.

In addition, Quadient’s announced in September 2024 the launch of a share buyback program for a total consideration of up to €30 million. To date, €10 million worth of shares have been repurchased, with the program set to be executed over an
18-month⁽⁵⁾ period. This operation demonstrates Quadient’s confidence in the value creation potential of its “Elevate to 2030” strategic plan, its ability to reach its FY 2026 leverage ratio target⁽⁶⁾ and is in line with the capital allocation policy of the Company, while improving shareholders’ return.

OUTLOOK

The evolving dynamics within Quadient’s business portfolio, characterized by strong growth in Digital and Lockers revenue alongside a moderate decline in Mail revenue, will naturally drive a year-on-year acceleration in the Company’s total revenue growth.

As Digital and Lockers continue to expand their share of Quadient’s revenue and profit, while simultaneously improving their profitability, this shift is expected to contribute to a higher growth in current EBIT

As a result, Quadient targets an acceleration in organic revenue growth and in current EBIT organic growth in 2025 compared to 2024.

Quadient also confirms its 3-year guidance for the 2024-2026 period of minimum 1.5% organic revenue CAGR and minimum 3% organic current EBIT CAGR.

Q4 2024 BUSINESS HIGHLIGHTS

Avaloq and Quadient Partner to Elevate Client Communications for Financial Services
On 3 December 2024, Quadient and Avaloq announced today their partnership to offer unrivaled customer communications management (CCM) capabilities for the financial services industry. Avaloq has selected Quadient Inspire as its standard CCM solution, seamlessly integrating it into the Avaloq platform.

Quadient Launches SimplyMail in Europe to Help Small Businesses Leverage Digital Solutions to Enhance Efficiency in Mail Operations
On 11 December 2024, Quadient announced the launch in Europe of SimplyMail, a solution designed to address the growing needs for smaller businesses to automate and optimize their mail operations with ease.

Quadient Named a Worldwide Automated Document Generation and CCM Leader by IDC
On 12 December 2024, Quadient announced it has been named a Leader in the IDC MarketScape: Worldwide Automated Document Generation and Customer Communication Management 2024 Vendor Assessment.

Quadient Recognized in Two IDC MarketScape Reports for Accounts Receivable Automation Applications
On 16 December 2024, announced it has been named a Leader in the IDC MarketScape: Worldwide Accounts Receivable Automation Applications for Small and Midmarket 2024 Vendor Assessment. Additionally, Quadient has been recognized for the first time as a Major Player in the IDC MarketScape: Worldwide Accounts Receivable Automation Applications for the Enterprise 2024 Vendor Assessment.

Quadient Surpasses 25,000 Global Locker Installations with US Package Concierge Acquisition, Setting Sights on Exceeding €100M of Locker Revenue in 2025
On 18 December 2024, Quadient announced the acquisition of US-based parcel management solutions provider Package Concierge®, exceeding the 25,000-unit mark in its global installed base. Package Concierge provides innovative digital locker technology that addresses the growing challenges of package management in residential, commercial, retail and university campuses across the United States.

Quadient strengthens its financial position with a USD50 million bank loan from Bank of America
On 20 December 2024, announced a USD50 million bank loan from Bank of America. This new credit facility, which comes with a 3-year maturity at a variable rate, strengthens Quadient’s financial position ahead of debt maturities due in 2025.

Report by Leading Analyst Firm Shows Quadient Recorded the Fastest Growth in 2023 Among CCM Market Leaders
On 10 January 2025, Quadient announced that a newly released report by market research and consulting firm IDC shows Quadient rapidly closing the gap on the top position. Quadient’s 13.7% year-on-year revenue growth in 2023 has accelerated from its 11% growth in 2022. This is also the fastest growth among the major Customer Communications Management (CCM) vendors globally, outperforming the overall market growth.

Quadient Secures New c.$1.6 Million Contract to Enhance US Government Agency’s Mail Automation Capacity
On 14 January 2025, Quadient announced that it has been selected by a US government agency to modernize its mail automation infrastructure in a contract valued at c.$1.6 million. This follows a previous announcement in October 2024, where Quadient was awarded a contract worth nearly $1 million for a similar modernization project with another federal agency.

Leading Human Resources Technology Company Selects Quadient for Accessibility Compliance in Customer Communications
On 16 January 2025, Quadient announced that a leading US provider of integrated benefits, payroll, and human resources cloud solutions has selected customer communications management (CCM) platform Quadient Inspire to ensure accessibility compliance for its US federal agency client.

Quadient Partners with ScotRail to Introduce Parcel Lockers at Stations Across Scotland
On 21 January 2025, Quadient announced a partnership with ScotRail to deploy Parcel Pending by Quadient automated lockers across Scotland’s rail network. ScotRail, Scotland’s national rail operator, is enhancing its passenger experience and operational efficiency with the installation of parcel lockers in its stations.

Quadient strengthens its financial position through a USD100 million US Private Placement from MetLife
On 22 January 2025, Quadient announced that it has signed a new USD100 million US Private Placement (USPP) with MetLife Investment Management (“MIM”), reinforcing its financial position. This new USPP of USD 100 million senior notes has a
7-year average maturity and comes with an additional shelf facility allowing the issue of senior notes for a maximum aggregate principal amount of USD50 million.

Quadient Teams Up with Buzz Bingo to Bring Convenient Parcel Lockers to Bingo Clubs Across the UK
On 28 January 2025, Quadient announced a partnership with Buzz Bingo to deploy Parcel Pending by Quadient automated lockers in 35 of its 81 bingo clubs across the UK, with plans for further installations in the future. This collaboration enhances parcel collection, delivery, and return convenience while improving the customer experience at Buzz Bingo locations.

Leading US Law Firm Chooses Quadient in a Deal Over $1M to Streamline Mailing, Shipping, and Accounting Processes
On 30 January 2025, Quadient announced a new contract with one of the largest injury law firms in the US, transitioning the firm from its long-standing provider to Quadient. Under the new agreement, worth over 1 million dollars, the firm is rolling out nearly 100 Quadient iX-Series mailing systems at offices across the country, all seamlessly integrated with Quadient’s cloud-based S.M.A.R.T. accounting and shipping software.

Quadient Reports Strong Year-End Locker Usage Growth in Multifamily and Higher Education Campuses in North America
On 31 January 2025, Quadient announced strong year-end momentum in the adoption and usage of its Parcel Pending by Quadient locker network across multifamily and higher education campuses in North America.

POST-CLOSING EVENTS

Morrisons Partners with Quadient for Convenient Parcel Delivery at its Morrisons Daily Stores
On 18 February 2025, Quadient announced a new partnership with Morrisons. The partnership will see Parcel Pending by Quadient parcel lockers installed at 230 Morrisons Daily stores by spring 2025.

Quadient Enables New Shipping Service with Japan Post on its Open Locker Network, Driving Convenience and Increased Parcel Volume
On 3 March 2025, Quadient announced an expanded partnership between Japan Post and Packcity Japan, a joint venture between Quadient and Yamato Transport. Thanks to the extended partnership, consumers will not only receive Japan Post deliveries at Packcity Japan’s nationwide open network of automated parcel lockers, but they will also now be able to ship parcels from the lockers, called PUDO stations. Consumers using Japan Post’s Yu-Pack parcel service use a mobile app to ship from a PUDO station, eliminating the need to wait at delivery counters or manually handling shipping slips.

Quadient Maintains Leader Position on Aspire Leaderboard for Customer Communications and Interaction Experience Software
On 13 March 2025, Quadient announced it has maintained its leadership position on the Aspire Leaderboard. Produced by independent advisory firm Aspire CCS, the Aspire Leaderboard highlights and compares vendors in the customer communications management (CCM) and customer experience management software space. It is updated in real-time as vendors release enhancements and adjust strategies.

To know more about Quadient’s news flow, previous press releases are available on our website at the following address: https://invest.quadient.com/en/newsroom.

CONFERENCE CALL & WEBCAST

Quadient will host a conference call and webcast today at 6:00 pm Paris time (5:00 pm London time).

To join the webcast, click on the following link: Webcast.

To join the conference call, please use one of the following phone numbers:

▪ France: +33 (0) 1 70 37 71 66.
▪ United States: +1 786 697 3501.
▪ United Kingdom (standard international): +44 (0) 33 0551 0200.

Password: Quadient

A replay of the webcast will also be available on Quadient’s Investor Relations website for 12 months.

Calendar

3 June 2025: Q1 2025 sales release (after close of trading on the Euronext Paris regulated market)
13 June 2025: Annual General Meeting

About Quadient®

Quadient is a global automation platform provider powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing.

For more information about Quadient, visit https://invest.quadient.com/en/.

Contacts

APPENDIX

Digital: New name for Intelligent Communication Automation

Mail: New name for Mail-Related Solutions

Lockers: New name for Parcel Locker Solutions

FY 2024 and Q4 2024 consolidated sales

FY 2024 consolidated sales by geography

In € million	2024	2023	Change	Organic change
North America	632	607	+4.0%	+2.8%
Main European countries^(a)	369	354	+4.5%	(2.0)%
International^(b)	92	101	(9.7)%	(5.4)%
Group total	1,093	1,062	+2.8%	+0.4%
Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom International includes the activities of Digital, Mail and Lockers outside of North America and the Main European countries

Q4 2024 consolidated sales by Solution

In € million	Q4 2024	Q4 2023	Change	Organic change
Digital	73	65	+11.5%	+10.1%
Mail	196	196	(0.3)%	(4.6)%
Lockers	27	22	+20.2%	+8.0%
Group total	295	284	+4.1%	(0.2)%

Q4 2024 consolidated sales by geography

In € million	Q4 2024	Q4 2023	Change	Organic change
North America	171	160	+7.0%	+2.5%
Main European countries^(a)	100	97	+3.3%	(2.9)%
International^(b)	24	27	(10.7)%	(6.9)%
Group total	295	284	+4.1%	(0.2)%
Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom International includes the activities of Digital, Mail and Lockers outside of North America and the Main European countries

Financial statements – Full-year 2024

Consolidated income statement

In € million	FY 2024 (period ended on 31 January 2025)	FY 2023 (period ended on 31 January 2024)
Sales	1,093	1,062
Cost of sales	(275)	(274)
Gross margin	818	788
R&D expenses	(63)	(63)
Sales and marketing expenses	(287)	(275)
Administrative and general expenses	(187)	(176)
Service and support expenses	(116)	(109)
Employee profit-sharing, share-based payments and other expenses	(10)	(7)
M&A and strategic projects expenses	(8)	(11)
Current operating income	146	147
Optimization expenses and other operating income & expenses	(23)	(15)
Operating income	123	132
Financial income/(expense)	(39)	(31)
Income before taxes	84	101
Income taxes	(17)	(17)
Share of results of associated companies	1	(0)
Net income from continued operations	68	84
Net income of discontinued operations	(0)	(14)
Net income	67	70
Of which: Minority interests	1	1
Net attributable income	66	69

Simplified consolidated balance sheet

Assets In € million	FY 2024 (period ended on 31 January 2025)	FY 2023 (period ended on 31 January 2024)
Goodwill	1,131	1,082
Intangible fixed assets	119	121
Tangible fixed assets	170	156
Other non-current financial assets	65	65
Other non-current receivables	2	2
Leasing receivables	623	598
Deferred tax assets	38	17
Inventories	75	67
Receivables	240	228
Other current assets	79	84
Cash and cash equivalents	367	118
Current financial instruments	1	2
Assets held for sale	0	9
TOTAL ASSETS	2,910	2,550

Liabilities In € million	FY 2024 (period ended on 31 January 2025)	FY 2023 (period ended on 31 January 2024)
Shareholders’ equity	1,113	1,069
Non-current provisions	12	12
Non-current financial debt	722	715
Current financial debt	347	66
Lease obligations	38	46
Other non-current liabilities	3	2
Deferred tax liabilities	101	104
Financial instruments	5	5
Trade payables	104	79
Deferred income	223	212
Other current liabilities	242	225
Liabilities held for sale	0	15
TOTAL LIABILITIES	2,910	2,550

Simplified cash flow statement

In €millions	FY 2024 (period ended on 31 January 2025)	FY 2023 (period ended on 31 January 2024)
EBITDA	247	244
Other elements	(15)	(19)
Cash flow before net cost of debt and income tax	233	225
Change in the working capital requirement	9	(6)
Net change in leasing receivables	(7)	(0)
Cash flow from operating activities	235	219
Interest and tax paid	(67)	(55)
Net cash flow from operating activities	168	165
Capital expenditure	(108)	(101)
Disposal of assets	6	0
Net cash flow after investing activities	66	64
Impact of changes in scope	(37)	(5)
Net cash flow after acquisitions and divestments	29	59
Dividends paid	(22)	(21)
Change in debt and others	219	(39)
Net cash flow after financing activities	226	(1)
Cumulative translation adjustments on cash	(6)	(2)
Net cash from discontinued operations	(1)	(9)
Change in net cash position	219	(11)

^([1]) EBITDA = current operating income + provisions for depreciation of tangible and intangible fixed assets.
^([2]) For the FY 2024, the average compounded number of shares is 34,114,060. Diluted number of shares is 34,486,288.
([3]) Including IFRS 16
([4]) Net debt / shareholder’s equity
([5]) Subject to the renewal of the share buyback authorizations at the 2025 AGM
([6]) FY 2026 leverage ratio excluding leasing target of 1.5x

Attachment

The MIL Network –

March 27, 2025

MIL-OSI Global: Trump’s purported ‘Art of the Deal’ negotiating skills aren’t likely to end the Russia-Ukraine war
Source: The Conversation – Canada – By Anton Oleinik, Professor of Sociology, Memorial University of Newfoundland

The White House says Russia and Ukraine have agreed to a ceasefire in the Black Sea, with Ukrainian President Volodymyr Zelenskyy asserting the truce was effective immediately while also accusing Russia of lying about the deal’s terms.

Needless to say, it’s far from clear that United States President Donald Trump’s supposed “Art of the Deal” negotiating skills are enough to broker sustainable peace between Russia and Ukraine given the protagonists’ unwillingness to make concessions and the volatile nature of attempts to broker a peace agreement.

The war waged by Russia has reached the stage where both Russian and Ukrainian officials fear losing face if they make concessions.

Both view their enemy as an existential threat. Russian President Vladimir Putin has argued Russian defeat would spell “the end of the 1,000-year history of the Russian state,” while Zelenskyy says Russia’s protracted assault is an overt existential threat and the absence of U.S. support threatens the very survival of his country.

Both sides have seemed prepared to fight until the bitter end. The involvement of a mediator in the form of the United States, therefore, could potentially change the deadly dynamics of the conflict.

‘Love to beat them’

Trump declares being up to this formidable task. He positions himself as a mediator occupying a middle ground between the protagonists, unlike his predecessor in the Oval Office who supported Ukraine.

In his ghost-written book The Art of the Deal, Trump claimed to enjoy these sorts of challenges:

“In New York real estate… you are dealing with some of the sharpest, toughest, and most vicious people in the world… I happen to love to go up against these guys, and I love to beat them.”

But if mediators, including Trump, are to successfully persuade opposing sides to make a deal, they need to properly understand each side’s motives. To what extent is each side malleable so some common ground can be found? Making a deal always requires compromises and concessions.

Trump is well aware of this, saying recently of any prospective Russia-Ukraine agreement: “You’re going to have to always make compromises. You can’t do any deals without compromises.”

Understanding motivations

David McClelland’s theory of human motivation may be relevant in terms of attempts to broker peace between Ukraine and Russia. The social psychologist argued that three motives — the need for achievement, the need for affiliation and the need for power — explains most human behaviour:
1. The need for achievement explains the desire to be productive and get results;
2. Concern about establishing, maintaining or restoring a positive relationship with another person or people underpins the need for affiliation;
3. The will to dominate, to have an impact on another person or people, is the essence of the need for power.
McClelland predicted that when the need for power significantly exceeds the need for affiliation, conflicts and wars are likely. He viewed a high “power-minus-affiliation” gap as indicative of what he called the “imperial power motive syndrome.”

Read more:
Too much power can do very odd things to a leader’s head

The metaphor of an empire lies at its origin. The empire’s declared mission is to enlighten, civilize and bring order to its subjects. Leaders with the imperial power motive syndrome show reformist zeal to save others, whether they like it or not.

The social psychologist Robert Hogenraad subsequently adapted McClelland’s theory for computer-assisted content analysis by developing dictionaries of the three needs.

If the words associated with the need for power — control, domination, victory, for example — occur more often in a text, speech or news reports than words associated with the need for affiliation — like love, family, friends — then the speaker has the imperial power motive syndrome.

Hawks vs. doves

My recently published analysis of war-related speeches delivered by Russian, Ukrainian, American, British and French leaders during the three years of Russia’s full-scale invasion of Ukraine gives some clues about the motivations of the parties involved.

Compared with their western counterparts, Putin and Zelenskyy exhibit the strongest imperial power motive syndrome and are “hawks.” Their need for power, as expressed through their public speeches, significantly exceeds their need for affiliation. Trump, however, appears similar to that of his arch-rival, former president Joe Biden. Both are closer to the “dovish” end of the scale.

The preliminary outcomes of talks on a potential ceasefire reveal the challenges faced by mediators.

First, the talks being held in Saudi Arabia were bilateral, with American officials meeting separately with Russian and Ukrainian delegations, as opposed to trilteral.

Second, no joint statement followed the talks, although it was widely expected.

Third, the White House issued two separate statements, one on talks with Ukraine’s representatives and the other on discussions with Russia’s representatives.

The Ukraine statement includes the commitment to continue the exchange of prisoners of war, the release of civilian detainees and the return of forcibly transferred Ukrainian children, whereas the statement on the talks with Russia does not mention any of this.

This is despite the fact that the International Criminal Court has accused Putin of committing war crimes via the unlawful deportation of children.

Trump’s antipathy toward Zelenskyy

The prospects of a peace agreement is further complicated by the history of Trump’s attempts to broker deals in Ukraine.

The war in Ukraine actually began in 2014 with the annexation of Crimea and a proxy war in Donbas. Trump was elected president two years later.

His discourse about Ukraine did not differ significantly from Obama’s and Biden’s until his first impeachment in 2020 for soliciting “the interference of a foreign government, Ukraine, to benefit his re-election.”

His call to Zelenskyy in July 2019 triggered the impeachment. He pushed for two investigations aimed at helping his re-election bid — one into Hunter Biden’s business dealings in Ukraine and another into the hack of Democratic National Committee servers in 2016 — in exchange for releasing about $400 million of military assistance already approved by Congress and inviting Zelenskyy to the White House at that time.

During and after the first impeachment, Trump’s language on Ukraine significantly diverged from Obama’s and Biden’s. He began using words like “corruption,” “lies” and “hoax” in relation to Ukraine.

Moving forward

All this suggests that Trump’s first impeachment has had a lasting impact on his perception of Ukraine and its leader.

And so in addition to dealing with two protagonists who are unwilling to make concessions, Trump as a mediator faces challenges related to his past.

One protagonist, Zelenskyy, may unwittingly remind him of one of the darkest moments in his political career — his first impeachment. This fact should be kept in mind when trying to make sense of the treatment received by Zelenskyy during his most recent visit to the White House and Trump’s references to him as a “dictator.”

To truly succeed in mediation, Trump must move forward, leaving biases and prejudices related to Ukraine and its leader in the past. But can he?

Anton Oleinik 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. Trump’s purported ‘Art of the Deal’ negotiating skills aren’t likely to end the Russia-Ukraine war – https://theconversation.com/trumps-purported-art-of-the-deal-negotiating-skills-arent-likely-to-end-the-russia-ukraine-war-252666
MIL OSI – Global Reports –
March 27, 2025
MIL-OSI Russia: “Studying at the University of Bologna is very different from how we study at the HSE”

Translartion. Region: Russians Fedetion –

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

Alina Pakhomova

Photo from personal archive

Alina Pakhomova, 4th year student of the educational program “Computer Science and Engineering» MIEM HSE, studied for six months at the oldest university in Europe — the University of Bologna. She went to Italy under the academic mobility program, and upon returning to Moscow, she told about her impressions of life and study in another country, leisure, new friends and, of course, the famous Italian cuisine.

University of Bologna and the educational system

The University of Bologna is considered the oldest university in the Western world, where Dante Alighieri, Francesco Petrarca, Nicolaus Copernicus, and Umberto Eco studied. In addition, it is one of the top universities in Italy. Therefore, when I saw that Bologna was on the list of universities to which HSE had the opportunity to apply, there was no doubt: I applied only there. Besides, the programs at other universities, to be honest, were not very suitable.

When you go on mobility, you replace your courses with those at the university where you will study, regardless of the field. I am in my 4th year of bachelor’s degree, and it turned out that I studied on master’s courses, since they were the best fit for replacement. In addition, there are more master’s programs in English than bachelor’s, which means there is more choice.

The semester lasts from September to February. Exams were, as in HSE, in autumn and winter, but, unfortunately, in winter they are there both before and after the New Year. After the free winter holidays at HSE, it was difficult to sit and chat during the winter holidays in Italy…

Lectures and practical classes

Studying at the University of Bologna is very different from how we study at the HSE. Classes last three hours, sometimes two. Frankly, you lose focus after the usual hour and a half. In Italy, it is important to sit down after a class and reread the lectures, delve into the material and take notes, otherwise you simply won’t remember anything. At the HSE, seminars are very helpful in consolidating the material, which the University of Bologna doesn’t have.

There are laboratory works, but, unlike HSE, where you most often do the work at home, and in the practical class you only ask questions or already defend the work, in Bologna they are done by students right in the practical classes and only finished at home, which happens rarely, only if you did not have time.

Probably my favorite course is Artificial Intelligence in Industry, because it was a course where you delve into how everything works in real life, and lectures were often given by invited lecturers from foreign companies. By the way, in Bologna, another common practice in IT areas is a project as an exam. That is, you just pass one big project, and the grade for it is your final grade for the course.

Where to live in Bologna

Housing is hard here. The university does not provide dormitories: they are there, but it is almost impossible to get them. If you do not have 1000 euros for a room in a student co-living, where exchange students from other European countries (Erasmus students) usually live, then welcome to the “Hunger Games”. Here you will not choose an apartment, but the landlord (landlord) will choose the one he likes best from the mass of students who want to rent housing.

Then you need to look for either a double (bed in a double room) or a single (bed in a single room). The prices are 350 and 500 euros respectively. Another option is to join someone and rent the entire apartment.

Tip 1: try to look for housing through acquaintances or students who were on mobility before you, and do it in advance. Also look through chats, as students often post the housing they lived in and find a replacement.

Tip 2: Don’t be upset if you can’t find anything in advance. You can rent temporary accommodation and then continue searching in Bologna itself once you’ve arrived there.

What did you like most about Italy?

Here it is easy to arrange a mini-vacation and travel to another city or country. For example, I flew for the weekend to France, Denmark and other European countries, because the tickets cost 15-20 euros (1500-2000 rubles) one way. And the journey takes very little time.

Speaking about Italy itself, it really helped me slow down. In Moscow, you are constantly in some kind of hustle and bustle, constantly going somewhere on the metro, wasting a lot of time on it. In Bologna, on foot, 20 minutes — and you are already there. Here, it is much easier to meet for a short walk or a get-together in a cafe, invite someone for a coffee before work or for an Aperol after classes.

How the vision of the future profession has changed

Before Italy, I thought I had decided on the direction I wanted to develop in. My study and work experience combines several areas: IT, marketing, and events. All this makes me an excellent devrel. But after studying abroad, I realized that I don’t want to stop there. I plan to continue my education in a master’s degree. Now I am most interested in product management in the field of high technologies.

Communication and extracurricular student life

People and networking were one of the main goals of my trip. There were 7 of us from HSE who went on mobility, and we didn’t know each other before Italy. But the circumstance of finding ourselves alone in another country and trying to figure out a lot of new rules and bureaucratic requirements really brought us together. In Moscow, we would most likely never have crossed paths, and even if we had, we would hardly have become friends: we are all very different. But in another country, everything is different, the very circumstances of life brought us closer. And communication with completely different people, unlike your usual environment in Moscow, changes you a lot.

In Europe, there is an organization called ESN (Erasmus Student Network). Their branches are usually in every student city. Either students or graduates work there. They organize various meetings and events for dating, trips and travel with big discounts. They also have partners, and you can get discounts in establishments or companies with an ESN member card (it costs 10 euros). For example, one of the partners is a low-cost airline that provides 10% discounts and free luggage space with an ESN card.

I wouldn’t say that there is some kind of super-organization of all events, but there are simply a lot of them. The events are mainly aimed at introducing people, uniting them by interests and providing an opportunity to have a good time together. For example, one of the events is The Babel Nights: people gather in different audiences and communicate in a certain language. English, Italian, Spanish, French, German – you can choose whichever is closer to you and go to the right audience. You can also go to the theater together (cheaper with ESN) and to exhibitions. In general, everyone will find something to their liking.

There are other student clubs. For example, some guys just organized a hiking chat and every Saturday they go somewhere on a short day hike. When I left, they decided to expand and create sub-chats for basketball and volleyball fans.

It’s easy to meet anyone here, but the common problem is that communication is very superficial. To be honest, sometimes you get tired of the huge amount of small talk.

Local cuisine and favourite dishes

Food in Italy is a separate topic. What is interesting here is not so much what food is the most delicious, but how Italians treat their food and the order of eating. Take a cappuccino after 12, order a pizza for two, drink autumn special coffee from Starbucks with pumpkin syrup – get ready for deportation, as we often joked when doing something like this. Italians are very sensitive to their gastronomic culture and really don’t like it when someone doesn’t follow the rules.

My favorite dishes are: croissant with pistachio, cappuccino and lasagne. I won’t mention pizza and pasta because I feel sick from eating so much of them. I don’t understand how Italians can eat pasta every day. Once we asked a friend: “Are there days when you don’t eat pasta for lunch?” His answer perfectly describes the Italian culture: “Of course, but then I’ll definitely have it for dinner.”

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 –

March 27, 2025
MIL-OSI United Kingdom: Spring Statement 2025 speech

Source: United Kingdom – Executive Government & Departments 3

Speech

Spring Statement 2025 speech

Spring Statement 2025 speech as delivered by Chancellor Rachel Reeves.

Mr Speaker, [political content redacted].

To provide security for working people.

And to deliver a decade of national renewal.

That work began in July – and I am proud of what we have delivered in just nine months.

Restoring stability to our public finances…

… giving the Bank of England the foundation to cut interest rates…

… three times since the General Election.

Rebuilding our public services…

… with record investment in our NHS…

… bringing waiting lists down for 5 months in a row.

And increasing the National Living Wage…

… to give 3 million people a pay rise from next week.

Now our task is to secure Britain’s future…

… in a world that is changing before our eyes.

The threat facing our continent was transformed when Putin invaded Ukraine.

It has since escalated further…

… and continues to evolve rapidly.

At the same time, the global economy has become more uncertain…

… bringing insecurity at home…

… as trading patterns become more unstable…

… and borrowing costs rise for many major economies.

Mr Speaker, the job of a responsible government is not simply to watch this change.

This moment demands an active government.

A government not stepping back, but stepping up.

A government on the side of working people…

… helping Britain to reach its potential.

We have the strengths to do just that…

… as one of the world’s largest economies …

… an ally to trading partners across the globe…

… and a hub for global innovation.

These strengths…

… and the progress we have made so far…

… mean we can act quickly and decisively in a more uncertain world…

… to secure Britain’s future…

… and to deliver prosperity for working people.

Mr Speaker, as I set out at the Budget last year…

… I am today returning to the House to provide an update on our public finances…

… supported by a new forecast from the independent Office for Budget Responsibility…

… ahead of a full Spending Review in June.

I will then return to the House in the autumn to deliver a budget…

… in line with our commitment to deliver just one major fiscal event a year.

So let me turn now to the OBR’s forecasts…

… and I want to thank Richard Hughes and his team for their dedicated work.

The increased global uncertainty has had two consequences.

First, on our public finances.

And second, on our economy.

I will take each in turn.

In the autumn, I set out new fiscal rules that would guide this government.

These fiscal rules are non-negotiable.

They are the embodiment of this government’s unwavering commitment…

… to bring stability to our economy…

… and to ensure security for working people.

[political content redacted]

But we must earn that trust every single day.

The two fiscal rules that I set out at the Budget were…

First, our “Stability Rule”, which ensures that public spending is under control…

… balancing the current budget by 2029-30…

… so that day-to-day spending is met by tax receipts.

Second, our “Investment Rule” to drive growth in the economy…

… ensuring that net financial debt falls by the end of the forecast period…

… while enabling us to invest alongside business.

Turning first to the Stability Rule, the OBR’s forecast shows that…

… before the steps that I will take in this statement…

… the current budget would have been in deficit by £4.1bn in 2029-30…

… having been in surplus by £9.9bn in the autumn…

… as the UK, alongside our international peers like France and Germany…

… has seen the cost of borrowing rise during this period of heightened uncertainty in global markets.

As a result of the steps that I am taking today…

… I can confirm that I have restored in full our headroom against the “stability rule”…

… moving from a deficit of £36.1bn in 2025-26 and £13.4bn in 2026-27…

… to a surplus of £6.0bn in 2027-28, £7.1bn in 2028-29 and a surplus of £9.9bn in 2029-30.

[political content redacted]

That means that we are continuing to meet the Stability Rule two years early…

… building resilience to shocks in this, a more uncertain world.

The OBR forecast that the “investment rule” is also met two years early…

… with net financial debt of 82.9% of GDP in 2025-26 and 83.5% in 2026-27…

… before falling from 83.4% in 2027-28, to 83.2% in 2028-29 and 82.7% in 2029-30…

… providing headroom of £15.1bn in the final year of the forecast…

… broadly unchanged from the autumn.

[political content redacted]

… debt interest payments now stands at £105.2bn this year…

… Mr Speaker, that is more than we allocate on Defence, the Home Office and Justice combined.

[political content redacted]

So the responsible choice is to reduce our levels of debt and borrowing in the years ahead…

… so that we can spend more on the priorities of working people. And that is exactly what this government will do.

Mr Speaker.

I said that our fiscal rules were non-negotiable.

And I meant it.

I will always deliver economic stability.

And I will always put working people first.

[political content redacted]

I said it at the Budget.

And I say it again today.

Let me now set out the steps the government has taken.

At the Budget we protected working people…

… by keeping our promise not to raise their rates of National Insurance, income tax or VAT.

At the same time, we began to rebuild our public services…

[political content redacted]

Ours were the right choices, the right choices for stability and the right choices for renewal…

… funded by the decisions that we took on tax.

As I promised in the autumn, this Statement does not contain any further tax increases.

But when working people are paying their taxes, while still struggling with the cost-of-living…

…it cannot be right that others are still evading what they rightly owe in tax.

In the Budget, I delivered the most ambitious package of measures that we have ever seen…

… to cut down on tax evasion…

… raising £6.5bn per year by the end of the forecast.

Today, I go further…

… continuing our investment in cutting-edge technology …

… investing in the HMRC’s capacity to crack down on tax avoidance…

… and setting out plans to increase the number of tax fraudsters charged every year by 20%.

These changes raise a further £1bn…

… taking the total revenue raised from reducing tax evasion under this [political content redacted] government to £7.5bn…

… figures verified by the Office for Budget Responsibility…

… and I want to thank my Honourable Friend the Exchequer Secretary for his continued work in this area.

Mr Speaker, last week my Right Honourable Friend the Secretary of State for Work and Pensions, set out this government’s plans to reform the welfare system.

[political content redacted]

We believe that if you can work, you should work…

… but if you can’t work, you should be properly supported.

This government inherited a broken system.

More than 1,000 people are qualifying for Personal Independence Payments.

And 1 in 8 young people are not in employment, education or training.

If we do nothing, we are writing off an entire generation.

That cannot be right and we will not stand it.

It is a waste of their potential and it is a waste of their futures and we will change it.

As my Right Honourable Friend said in her statement last week…

… the final costings would be subject to the OBR’s assessment.

Today, the OBR have said…

… that they estimate the package will save £4.8bn in the welfare budget…

… reflecting their judgements on behavioural effects and wider factors.

This also reflects final adjustments to the overall package…

… consistent with the Secretary of State’s statement last week…

… and the government’s Pathways to Work Green Paper.

The Universal Credit Standard Allowance will increase from £92 per week in 2025-26 to £106 per week by 2029-30…

… while the Universal Credit Health element will be cut for new claimants by 50% and then frozen.

On top of this, we are investing £1bn to provide guaranteed, personalised employment support to help people back into work…

… and £400m to support the Department for Work and Pensions and our Job Centres to deliver these changes effectively and fairly…

… taking total savings after that for the package to £3.4bn.

Whilst spending on disability and sickness benefits will continue to raise, these plans

mean that welfare spending as a share of GDP will fall between 2026-27 and the end of the forecast period.

[political content redacted]

We are reforming our welfare system…

… making it more sustainable…

… protecting the most vulnerable…

… and supporting more people back into secure work lifting them out of poverty.

Mr Speaker, at the Budget, I fixed the foundations of our economy to deliver on the promise of change.

That work has already begun.

2 million extra appointments in our NHS.

Waiting lists down.

New breakfast clubs opening across England.

The largest settlements in real terms for Scotland, Wales and Northern Ireland in the history of devolution.

Asylum costs, falling.

Promises made, promises kept.

[political content redacted]

At the Budget…

… alongside providing an increase in funding for this year and next…

… I set the envelope for the Spending Review…

… which we will deliver in June…

led by my RHF the Chief Secretary to the Treasury

… to set departmental budgets until 2028-29 for day-to-day spending…

… and until 2029-30 for capital spending.

Today, I am reflecting two steps that we have taken in our spending plans.

First, because we are living in an uncertain world…

… as the Prime Minister has set out…

… we will increase defence spending to 2.5% of GDP, reducing overseas aid to 0.3% of Gross National Income.

This means we save £2.6bn in day-to-day spending in 2029-30…

… to fund our more capital-intensive defence commitments.

Second, in recent months, we have begun to fundamentally reform the British state…

… driving efficiency and productivity across government…

… to deliver tangible savings…

… and improve services across our country.

Earlier this month, the Prime Minister set out our plans to abolish the arms-length body NHS England…

… and ensure that money goes directly to improving the service for patients.

My Right Honourable Friend the Health Secretary is driving forward vital reforms to increase NHS productivity…

… bearing down on costly agency spend…

… to save money so that we can improve patient care.

And my Right Honourable Friend the Chancellor of the Duchy of Lancaster is taking forward work to significantly reduce the costs of running government…

… by 15%, worth £2bn, by the end of the decade.

This work shows that we can make our state leaner, and more agile…

… delivering more resources to the frontline…

… while ensuring we control day-to-day spending to meet our fiscal rules.

Today, I build on that work…

… by bringing forward £3.25bn of investment…

… to deliver the reforms that our public services need…

… through a new Transformation Fund.

That is money brought forward now…

… to bring down the costs of running government by the end of the forecast period…

… by making public services more efficient, more productive and more foucssed on the user.

I can confirm today the first allocations from this fund…

… including funding for Voluntary Exit Schemes to reduce the size of the Civil Service…

… pioneering AI tools to modernise the state…

… investment in technology for the Ministry of Justice to deliver probation services more effectively…

… and up-front investment so we can support more children in foster care…

… to give them the best possible start in life…

… and reduce cost pressures in the future.

Our work to make government leaner…

… more productive…

… and more efficient…

… will help deliver a further £3.5bn of day-to-day savings by 2029-30.

Overall, day-to-day spending will be reduced by £6.1bn by 2029-30…

… and it will now grow by an average of 1.2% a year above inflation…

… compared to 1.3% in the Autumn.

Mr Speaker, I can confirm to the House that day-to-day spending will increase in real terms, above inflation, in every single year of the forecast.

And in the Spending Review, apart from the reduction in overseas aid…

… day-to-day spending across government has been fully protected.

I can also confirm our approach to capital investment.

In the Autumn Budget I announced £100bn of additional capital spending…

… to crowd in investment from the private sector…

… to fix our crumbling infrastructure…

… and to create jobs in every corner of our country.

[political content redacted]

Today, I am instead increasing capital spending …

… by an average of £2bn per year compared to the Autumn…

… to drive growth in our economy…

… and to deliver in full our vital commitments on defence.

This government will ensure that every pound we spend will deliver for the British people…

… by increasing productivity…

… driving growth in our economy…

… and improving our frontline public services.

Mr Speaker, let me turn now to the impact of increased uncertainty on our economy.

To deliver economic stability, we must work closely with the Bank of England…

… supporting the independent Monetary Policy Committee to meet their 2% inflation target.

There have been three interest rate cuts since the General Election and today’s data showed that inflation fell in February.

[political content redacted]

… the OBR forecast that CPI inflation will average 3.2% this year…

… before falling rapidly to 2.1% in 2026 and meeting the 2% target from 2027 onwards…

… giving families and businesses the security that they need…

… and providing our economy with the stable platform it needs to grow.

Mr Speaker…

… earlier this month, the OECD downgraded this year’s growth forecast for every G7 economy, including the UK.

And the OBR have today revised our growth forecast for 2025…

… from 2% in the autumn…

… to 1% today.

I am not satisfied with these numbers.

That is why we on this side of the house are serious about taking the action needed to grow our economy.

Backing the builders, not the blockers…

… with a third runway at Heathrow Airport…

… and the Planning and Infrastructure Bill.

Increasing investment…

… with reforms to our pension system…

… and a new National Wealth Fund.

And tearing down regulatory barriers…

… in every sector of our economy.

That is a serious plan for growth.

That is a serious plan to improve living standards.

That is a serious plan to renew our country.

Mr Speaker, a changing world presents challenges.

But it also presents new opportunities.

For new jobs.

… and new contracts…

… in our world-class defence industrial centres…

… from Belfast to Deeside, and from Plymouth to Rosyth.

In February, the Prime Minister set out our government’s commitment to increase spending on defence to 2.5% of GDP from April 2027…

The biggest sustained increase in defence spending since the end of the Cold War

…and an ambition to spend 3% of GDP on defence in the next parliament.

That was the right decision in a more insecure world…

… putting an extra £6.4bn into defence spending by 2027.

But we have to move quickly in this changing world.

And that starts with investment.

So today I can confirm that I will provide an additional £2.2bn for the Ministry of Defence in the next financial year…

… a further downpayment on our plans to deliver 2.5% of GDP by 2027.

This additional investment is not just about increasing our national security…

… but increasing our economic security, too.

As defence spending rises, I want the whole country to feel its benefits.

So I will set out the immediate steps that we are taking to boost Britain’s defence industry…

… and to make the UK a defence industrial superpower.

We will spend a minimum of 10% of the Ministry of Defence’s equipment budget on novel technologies …

… including drones and AI enabled technology…

… driving forward advanced manufacturing production in places like Glasgow, in Derby and in Newport…

… creating demand for highly skilled engineers and scientists…

… and delivering new business opportunities for UK tech firms and start-ups.

We will establish a protected budget of £400m within the Ministry of Defence…

… a budget that will rise over time for UK Defence Innovation…

… with a clear mandate to bring innovative technology to the front line at speed.

We will reform our broken defence procurement system…

… making it quicker, more agile and more streamlined….

… and giving small businesses across the UK better access to Ministry of Defence contracts.

Something welcomed by the Federation of Small Businesses.

We will take forward our Plan for Barrow, a town at the heart of our nuclear security…

… working with my Honourable Friend the Member for Barrow and Furness…

… and providing £200m, supporting the creation of thousands of jobs there.

We will regenerate Portsmouth naval base, securing its future…

… as called for by my Honourable Friend the Member for Portsmouth South.

We will secure better homes for thousands of military families… the homes that they deserve [political content redacted].

… homes for our military families in the constituencies of my Honourable Friends for Plymouth Moor View, Plymouth Sutton & Devonport, York Outer and in Aldershot.

That is the difference that this [political content redacted] government is making.

Finally, Mr Speaker, we will provide £2bn of increased capacity for UK Export Finance…

… to provide loans for overseas buyers of UK defence goods and services…

Because I want to do more with our defence budget so we can buy and make and sell things here in Britain.

… giving further opportunities for our world leading defence companies and those who work in them…

… to grow and create jobs here in Britain…

… as military spending rises right across Europe.

To oversee all of this vital work…

… my Right Honourable Friend the Defence Secretary and I will establish a new Defence Growth Board…

… to maximise the benefits from every pound of taxpayers’ money that we spend.

And we will put defence at the heart of our modern industrial strategy…

… to drive innovation that can deliver huge benefits back into the British economy.

Mr Speaker, that is how we make our country a defence industrial superpower…

… so the skills of the future…

… the jobs of the future…

… and the opportunities of the future…

… can be found right here in the United Kingdom.

Mr Speaker, [political content redacted] there are no shortcuts to economic growth.

It will take long-term decisions.

It will take hard yards.

It will take time for the reforms that we are introducing to be felt in the everyday economy.

It is right that the Office for Budget Responsibility consider the evidence…

… and look carefully at measures before recognising a growth impact in their forecast.

But, Mr Speaker, I can announce to the House…

… that the OBR have considered – and have scored – one of the central planks of our plan for growth.

In my first week as Chancellor, I announced that we were pursuing the most ambitious set of planning reforms in decades…

… to get Britain building again.

And in December – we published changes to the National Planning Policy Framework…

… driven forward tirelessly by my Right Honourable Friend the Deputy Prime Minister…

… reintroducing mandatory housing targets…

… and bringing “grey belt” land into scope.

The OBR have today concluded that these reforms will permanently increase the level of real GDP…

… by point 0.2% by 2029-30…

… an additional £6.8bn in our economy…

… and by point 0.4% of GDP within 10 years…

… an additional £15.1bn in our British economy.

Mr Speaker, that is the biggest positive growth impact that the OBR have ever reflected in their forecast, for a policy with no fiscal cost.

And taken together with our plans to increase capital spending that we set out in the Budget last year…

… this government’s policies will increase the level of real GDP by point 0.6% in the next ten years.

Mr Speaker, that is the difference that this [political content redacted] government is making.

Policies to grow our economy.

[political content redacted]

The OBR have concluded that our reforms will lead to housebuilding reaching a forty-year high…

… of 305,000 a year by the end of the forecast period.

And changes to the National Planning Policy Framework alone…

… will help build over 1.3 million homes in the UK over the next five years…

… taking us within touching distance…

… of delivering our manifesto promise to build 1.5 million homes in England in this parliament.

[political content redacted]

The impact on our economy goes further still.

[political content redacted]

We need economic growth.

So I can today confirm…

… that the effect of our growth policies…

… including our planning reforms…

… means an additional £3.4 billion to support our public finances and our public services by 2029-30.

The proceeds of growth.

[political content redacted]

Mr Speaker, earlier this week…

… we provided an additional £2bn of investment in social and affordable homes next year…

… delivering up to 18,000 new homes…

… and allowing local areas to bid for new developments across our country…

… including sites in Thanet, in Sunderland and in Swindon.

More security for families across our country.

[political content redacted]

And to build these new homes…

… we need people with the right skills.

Earlier this week, my Right Honourable Friend the Education Secretary announced more than £600m…

… to train up 60,000 more construction workers…

… including with 10 new Technical Excellence colleges across every region of our country…

… giving working people the chance to fulfil their potential.

New opportunities for our young people.

[political content redacted]

Mr Speaker, all this is just the start.

The Planning and Infrastructure Bill passed its second reading on Monday.

[political content redacted]

Once this Bill completes its passage…

… it will help deliver the homes and infrastructure our country badly needs.

[political content redacted]

And today, I can confirm to the House…

… that the OBR have upgraded their growth forecast next year…

… and every single year thereafter…

… with GDP growth of 1.9% in 2026, 1.8% in 2027, 1.7% in 2028, and 1.8% in 2029.

Mr Speaker,

By the end of the forecast…

… our economy is larger compared to the OBR’s forecast at the time of the Budget.

[political content redacted]

But Mr Speaker, this isn’t just about lines on a graph.

It is about improving people’s lives.

Working people are still feeling the pinch after a cost of living crisis [political content redacted] that saw prices spiral.

So I am pleased that the OBR confirm today …

… that Real Household Disposable Income…

… will now grow this year at almost twice the rate expected in the autumn.

[political content redacted]

… and after taking into account inflation…

… the OBR say today…

… that people will be on average over £500 a year better off under this [political content redacted] government.

That will mean more money in the pockets of working people. Higher living standards.

[political content redacted]

Mr Speaker, the world is changing.

We can see that…

… and we can feel it.

A changing world demands a government that is on the side of working people.

Acting in their interest.

Acting in the national interest.

Not retreating from challenges.

Not stepping back.

But a government with the courage to step up…

… to secure Britain’s future…

… and to seize the opportunities that are out there before us.

I am impatient for change, the British people are impatient for change, [political content redacted].

And we are beginning to see change happen.

Our Plan for Change is working.

Defence spending is rising.

Waiting lists are falling.

Wages are up.

Interest rates are cut.

[political content redacted]

And today, Mr Speaker…

… the OBR confirm…

… that our plan to get Britain building…

… will drive growth in our economy…

… and put more money in people’s pockets.

There are no quick fixes.

But we have taken the right choices.

[political content redacted]

Delivering security for our country and security for working people.

That is what drives this government.

That is what drives me as Chancellor.

And that is what drives the choices that I have set out today.

And I commend this statement to the House.

Updates to this page

Published 26 March 2025

MIL OSI United Kingdom –

March 27, 2025
MIL-OSI China: China boosts global confidence for win-win cooperation

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

Beijing, March 26 — Against the backdrop of global economic fragmentation and rising uncertainties, China reaffirmed its commitment to innovation-driven high-quality development and global cooperation at the just-concluded China Development Forum (CDF) 2025.

Chinese Premier Li Qiang, who delivered a keynote speech at the opening ceremony of CDF 2025, underscored China’s commitment to its 2025 growth target of around 5 percent, signaling strong confidence in the country’s economic prospects.

The decision reflects both China’s profound understanding of its economic conditions, and confidence in its governance capacity and future development potential, Li said, calling for the combination of more proactive and impactful macro policies with structural reforms, and voicing hope that China will continue to welcome enterprises from around the world with open arms.

The premier added that the country will safeguard free trade, and contribute to the smooth and stable operation of global industrial and supply chains.

Themed “Unleashing Development Momentum for Stable Growth of Global Economy,” the high-profile gathering held from March 23 to 24 in Beijing brought together Chinese policymakers, global business leaders, and leading international scholars to chart a course for sustainable growth amid uncertainties.

“China is open for business and China is set for growth,” said Ola Kallenius, chairman of the board of management of Mercedes-Benz Group AG, on the sidelines of the event.

STABILITY AMID UNCERTAINTIES

As the theme of stability resonated throughout the forum discussions, Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, provided insight into China’s economic resilience and stability to counteract global uncertainties.

“Amid rising external instability and uncertainty, China will remain firmly focused on pursuing its own development, leveraging the certainty of high-quality growth to offset external uncertainties and striving to serve as a stabilizing anchor for the global economy,” Han added.

International observers echoed confidence in China’s economic prospects. Jeffrey Sachs, renowned economist and director of Columbia University’s Center for Sustainable Development, told Xinhua that China’s around-5-percent growth target is “perfectly achievable,” adding that the country is “booming in key sectors, especially digital, artificial intelligence, robotics, and this is going to propel a Chinese growth.”

In the eyes of Standard Chartered Group Chief Executive Bill Winters, China’s growth story has shifted. “It is now about transformation and unleashing new productive forces to flourish to support high-quality growth,” he said.

A PwC report released at the CDF noted that over the past two years, driven by new quality productive forces, China has demonstrated a commercial evolution path distinct from those of the traditional industrialized nations, marked by improvements in production factors, transformations in business models, and the intelligent reshaping of industrial chains.

“This has opened up new opportunities for global business investment and development in China, highlighting the new advantages of the Chinese market during the global economic transition period,” the report read.

INNOVATION AS NEW GROWTH ENGINE

Finance Minister Lan Fo’an offered concrete details about China’s supportive fiscal policies, emphasizing their role in stimulating innovation and consumption. “We’re implementing targeted measures to convert potential demand into real growth drivers,” Lan explained.

“This includes increasing fiscal support for tech innovation and providing tangible assistance to private enterprises.” He specifically highlighted plans to “accelerate the development of new quality productive forces” through strategic investments in artificial intelligence (AI) and other cutting-edge technologies.

Data showcased China’s progress: its global innovation index ranking rose to 11th in 2024, with 19.6 percent, 27 percent, 64 percent, and 91.5 percent year-on-year growth in semiconductor wafers, industrial robots, bullet trains, and drones respectively in early 2024.

The nation’s emphasis on innovation as a driver for high-quality growth resonated strongly throughout the forum. Siemens AG President and CEO Roland Busch pointed to China’s advances in AI and high-tech manufacturing.

“China gave the answer for where growth would come from: Growth from high tech, growth by higher efficiency, and high-quality growth,” he remarked, adding that China surprises the world with innovations like the open foundational model R-1 developed by DeepSeek.

Kallenius also praised China’s innovation-driven market. “China’s competitive advantage lies in its passion for innovation,” he said. “That is why Mercedes-Benz continues to deepen its presence in China.”

Reflecting this trend, AstraZeneca CEO Pascal Soriot emphasized the country’s emergence as a global leader in life sciences. “Today, China is home to one of AstraZeneca’s Global R&D Centres, where our researchers in Shanghai are spearheading 20 global clinical trials and advancing over 200 pipeline projects,” he said.

Prior to the forum, the British pharmaceutical giant signed a landmark 2.5-billion-U.S. dollar agreement on Friday to invest in Beijing over the next five years, the largest single investment in Beijing’s biopharmaceutical sector in recent years.

Under the agreement, AstraZeneca will establish a global strategic R&D center in Beijing, its sixth worldwide and second in China after one in Shanghai. The new center, equipped with an advanced AI and data science laboratory, will accelerate early-stage drug research and clinical development.

“Looking ahead, China will not only serve as a global innovation hub but also a core arena for setting standards and reshaping industrial chains,” the PwC report added.

OPEN COLLABORATION FOR SHARED FUTURE

From CDF 2025 in Beijing to the Boao Forum for Asia (BFA) Annual Conference 2025 in south China’s Hainan Province, foreign executives reaffirmed their commitment to China as a key market for investment and collaboration: China’s complete industrial system, rich application scenarios, vast market scale, and large talent pool offer extensive collaboration opportunities for international industrial and technological innovation.

The Japanese Chamber of Commerce and Industry in China said in its latest survey that 58 percent of its member firms plan to expand or maintain investments in China through 2025, while 53 percent of U.S. companies are expected to invest more in the country, according to the American Chamber of Commerce in China.

BMW AG Chairman Oliver Zipse stressed that “economic prosperity comes from openness, not protectionism,” while criticizing trade barriers. “The best response to ‘de-risking’ strategies is more cooperation, not less.”

Speaking to global business leaders attending the CDF, Lan also emphasized that China’s fiscal policy will support high-standard opening up, and that China will ensure equal treatment for all types of business entities and continue to improve the business environment.

“For global companies, China’s commitment to high-tech innovation and open collaboration makes it an indispensable partner for long-term growth,” said Busch, highlighting China’s rapid technological advancements and collaborative spirit.

Jean-Pascal Tricoire, chairman of Schneider Electric, said: “China is not only our second-largest worldwide market but it’s also a vital source of innovation.” For the French industrial giant, China will remain a key partner as it navigates the complexities of a rapidly changing world, he added.

While China accelerates its push toward innovation-led growth and deepens its commitment to openness, global businesses continue to see the country as a critical partner in achieving long-term economic prosperity, and as the premier put it, there is a growing need for countries to open their markets and for enterprises to share resources, in order to address challenges and pursue common prosperity.

MIL OSI China News –

March 27, 2025
MIL-OSI United Kingdom: UK is absolutely committed to securing a just and lasting peace in Ukraine: UK Statement to the OSCE
Source: United Kingdom – Executive Government & Departments

Speech

UK is absolutely committed to securing a just and lasting peace in Ukraine: UK Statement to the OSCE

Politico-Military Counsellor, Ankur Narayan, commends Ukraine as the party of peace for proposing a full, immediate and unconditional ceasefire – and urges Russia to agree to this without further delay.
Thank you, Mr Chair. Our Helsinki Final Act commitments include sovereignty, territorial integrity and the non-violability of borders. As per the first line of the Helsinki Final Act, these principles are designed to protect “true and lasting peace” in our region. This is why we remain unwavering in our support for Ukraine defending its territorial integrity, its right to exist, its sovereignty, and its independence.

We welcome the progress President Trump has made towards a ceasefire in Ukraine and in negotiations with Russia and Ukraine. We are in close contact with US and Ukraine following the conclusion of talks in Riyadh yesterday. President Zelenskyy has already shown Ukraine is the party of peace by proposing a full, immediate and unconditional ceasefire. We hope that President Putin will agree to this without further delay.

Any lasting peace must ensure Ukraine’s sovereignty and security – in line with the Helsinki Final Act and the UN Charter. With robust security arrangements to ensure Russia is never able to invade again. The UK will play its full part – and is already taking a leading role, alongside France, to build a coalition of the willing to support Ukraine’s future security.

Over the last week, Russia has continued to launch brutal attacks that cause daily suffering for innocent Ukrainians. The drone strike on Kyiv on March 23rd exemplifies another horrific assault, tragically killing a 5-year-old girl and severely injuring ten others. A Russian missile strike on Sumy in northeastern Ukraine injured 88 people, including 17 children. In Donetsk, Russian shelling over the past three days across the eastern Oblast province has resulted in the deaths of seven civilians. We must emphasise the need for accountability for these actions and renew our commitment to collaborating towards achieving enduring peace.

Mr Chair, we are absolutely committed to securing a just and lasting peace in Ukraine and are engaging with key allies in support of this effort. A just and lasting peace is vital for Ukraine and for wider Euro-Atlantic and international security and prosperity.

Updates to this page

Published 26 March 2025

Invasion of Ukraine

UK visa support for Ukrainian nationals

Move to the UK if you’re coming from Ukraine

Homes for Ukraine: record your interest

Find out about the UK’s response
MIL OSI United Kingdom –
March 27, 2025
MIL-OSI Global: Politicians’ attacks on immigrants lack solid evidence: New data set the record straight

Source: The Conversation – Canada – By Edward Koning, Associate professor, University of Guelph

Immigration dominated recent election campaigns in countries that include the United Kingdom, France, Germany and the United States.

The subject sparked particularly fierce debates over welfare. While some politicians called for more support for typically economically vulnerable immigrant populations, others argued that welfare systems are already too generous and accommodating to newcomers.

Unfortunately, many debates on this subject lack solid evidence. A newly launched data set could change that. The data, which provides systematic information on immigrants’ access to social programs across different countries and different time periods, can help ground some of these discussions in empirical reality.

The data set reveals key insights. One striking observation is that the countries where politicians most frequently complain that immigrants are treated too generously are among the most exclusionary from a comparative perspective.

It also shows that although most welfare systems were moving towards greater inclusion up until the 2010s, since then social programs in many countries have become more inclusive in some respects but more exclusive in others.

A new data set for 22 countries

The data set, called the Immigrant Exclusion from Social Programs Index (IESPI), measures how much immigrants’ access to pensions, health care, unemployment benefits, housing benefits, social assistance and active labour market programs compares to that of native-born citizens.

The index uses 32 indicators to measure factors like whether immigrants have to have resided in the country for a certain period of time, held a specific type of residence status, or met standards of successful integration before they can access social programs.

The data covers the years 1990 to 2023 and includes information for 22 countries.

Complaints about inclusion

In the United States, President Donald Trump has voiced concerns about immigrants’ welfare access repeatedly, both during his first term and since taking office again this year.

In last year’s British election, a staple of Rishi Sunak’s campaign was the insistence that immigrants threaten the sustainability of the welfare state.

On the other side of the North Sea, the political party that won the Dutch elections made the argument that immigrants are “pampered” a central feature of its election platform.

Ironically, all three of these countries are among the most exclusionary, according to the most recent IESPI data, as the graph below illustrates. (Note that the IESPI is organized such that a value of 0 is maximally inclusionary and 100 is maximally exclusionary.)

Inclusionary trends have ended

A second observation is that the era of social welfare systems becoming more inclusive for immigrants has ended.

From 1990 until the 2010s, most western welfare systems were removing barriers for immigrant access to social programs. But since then, levels of immigrant welfare exclusion have not changed dramatically over time.

Closer inspection shows that this picture of stability since the 2010s hides negative trends in different social programs.

On the one hand, health-care programs and active labour market policies have gradually become more inclusionary. More and more countries have been making health-care services accessible for vulnerable immigrant populations, and rolling out targeted programs to improve newcomers’ chances on the labour market.

On the other hand, social assistance policies have generally become more exclusionary over time. Many countries have intensified restrictions for recent arrivals, migrants without permanent residence status and migrants who cannot demonstrate successful integration.

Large differences in historical trajectories

When we look beyond aggregate trends, we also note very different trajectories in different countries.

In some countries (Austria, Germany, Finland, Iceland, Malta, New Zealand, Portugal and Spain), social programs have become consistently more inclusionary.

Other countries (Canada, Luxembourg and Sweden) have also undergone an inclusionary development, although at a more modest pace of change.

In a third set of countries (Australia, Belgium, Denmark, France, Ireland, Italy, Norway and Switzerland), policies initially became more inclusionary but this trend was halted or reversed around 2010. The social programs of three other countries (the Netherlands, the United Kingdom and the United States), finally, have consistently become more exclusionary over time.

These comparisons within the IESPI data set hopefully enable us to make sense of the frequently charged nature of discussions about immigrants’ access to social programs.

Most obviously, they show we should be cautious when listening to some of the politicians who are most critical of immigrant welfare access, like Donald Trump, Rishi Sunak and Geert Wilders.

If their arguments that exclusionary reforms in their countries are nothing but reasonable adjustments to overly generous approaches ever had any merit, that merit is quickly evaporating.

Edward Koning received funding from the Social Science and Humanities Research Council of Canada to collect the data for this project.

– ref. Politicians’ attacks on immigrants lack solid evidence: New data set the record straight – https://theconversation.com/politicians-attacks-on-immigrants-lack-solid-evidence-new-data-set-the-record-straight-251853

MIL OSI – Global Reports –

March 27, 2025
MIL-OSI Global: Forget booing the anthem, Canada must employ strategic communications to fight Trump’s lies

Source: The Conversation – Canada – By Matthew Hefler, Senior Research Fellow, Center for Statecraft and Strategic Communication, Stockholm School of Economics

Since his return to office, United States President Donald Trump has launched a trade war on Canada. The White House has twice set deadlines for the imposition of sweeping 25 pre cent tariffs — and twice pulled back.

Trump has also threatened to use “economic force” to compel Canada to become the 51st state, remarks that are a focal point of the ongoing federal election campaign.

Canadians are offended. They’ve voiced this displeasure, with Canadian sports fans continuing to boo the American anthem at recent events.

This might be counterproductive.

Trump says Canada is ‘nasty’

In this trade war, Canada faces more than tariffs: it’s confronting a communications effort by the president to paint Canadians as mean, disrespectful and “nasty.”

Trump’s most consistent line is that Canadians are “not fair,” “very abusive” and taking advantage of the U.S. on trade.

Regardless of the truth, the president repeats these allegations over and over and over again.

The repetition is the point — it’s an important practice in strategic communications or what’s known as StratCom, the use of communication to achieve objectives.

The repetition is key to Trump’s StratCom — it’s a way of making his message stick. Hard as it is for Canadians to believe this, there’s a danger of this “nasty Canadian” narrative taking hold south of the border.

Take it from a communications expert who often works in the U.S. and Europe: not everyone is as well-versed on the dispute as Canadians are. Even actions like booing the American anthem risk reinforcing Trump’s slurs against Canada.

Canada must devise its own strategy to counter Trump’s message and remind Americans — and the world — that Canada trades on fair terms. By dampening American support for the president’s trade war, this StratCom effort could actually help protect the Canada-U.S. relationship for the long term.

Creating false counter-narratives

Trump has long mastered the art of swapping one narrative with a preferred alternative. This tactic has arguably helped save his political career.

For millions of Americans, the president turned Russian interference in the 2016 election into the “Russia Hoax” — something he raised as recently as the infamous Oval Office meeting with Ukrainian President Volodymyr Zelenskyy.

Rather than concede the 2020 election, Trump and his allies adopted the mantra “Stop the Steal.” And in a most striking StratCom effort, Trump and supporters recast the events of Jan. 6, 2021 at the U.S. Capitol into “a day of love.” Trump also issued a blanket pardon of all those convicted over the attack.

These are astounding examples of strategic communications, whatever we might think of the president’s honesty or his objectives.

Every time Trump repeats claims that Canada is taking advantage of the U.S., that narrative becomes further entrenched. So far, Ottawa has reminded Americans that Canada is a good partner and that tariffs would hurt both countries.

But it’s not clear that appealing to the long Canadian-American history as allies is having much effect in the White House. In early February, Vice President JD Vance posted: “Spare me the sob story about how Canada is our ‘best friend’” and noted Canada’s low defence spending.

A Canadian StratCom strategy

The Canadian government therefore must invest in an ambitious campaign of strategic communications. It should drive home that Canadians trade on fair terms and that Canada buys more American goods than China, Japan, the United Kingdom and France combined.

This StratCom effort must make clear that Canadians can and will be forced to buy elsewhere. It must note that Trump renegotiated a new Canada-U.S.-Mexico trade deal in 2018 and that the agreement was a win for the U.S.

The campaign can employ humility and humour, but it must reinforce the mutual benefit of trade and make clear that Trump’s anti-Canada comments are not based in reality.

Some specific claims must be targeted. Trump often notes that Canada has high tariffs on specific American products, like milk. But this can be misleading, as these are part of a negotiated supply control quota system.

Rather than simply counter Trump’s narrative, the campaign should advance a Canadian one.

Canadian leaders are starting to recognize this. Before leaving office, Prime Minister Justin Trudeau compared Trump’s treatment of Canada over trade with his conciliatory stance toward Russia over its invasion of Ukraine.

Former finance minister Chrystia Freeland has underscored the importance of communicating directly to regular Americans. The federal government has paid for anti-tariff ads on digital billboards along key highways in red states, including Florida, Nevada, Georgia, Michigan and Ohio.

Canadians themselves are in on the act. Decades after Canadian actor and broadcaster Jeff Douglas appeared in the iconic “I am Canadian” commercial, he’s come out with a new rendition.

“We are Canadian” rejects the president’s “51st State” threats. Its polite but firm tone is the sort of quintessentially Canadian response that should form the basis of a national StatCom effort.

A new Jeff Douglas ‘We Are Canadian’ video.

Controlling the narrative

Given time and space, Trump can reshape the terms of the debate or even perceptions of reality. The Canadian government should therefore lead the way in defending the country’s trading practices and its value as a partner.

This effort should reflect Canada’s traditional emphasis on respect and decency. Canadians are offended. But they should resist responses like booing another nation’s anthem — especially if it contributes to the president’s effort to paint Canadians as mean or disrespectful.

The Canada-U.S. relationship will be changed by this experience. But whether the rift is lasting depends in part on whether Canadians believe regular Americans accept or reject the president’s narrative.

A good communications effort could help Canada counter the president’s StratCom campaign and reduce the longer-term fallout from this unfair attack — no matter the repeated threats and slurs emanating from the Oval Office.

Matthew Hefler 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. Forget booing the anthem, Canada must employ strategic communications to fight Trump’s lies – https://theconversation.com/forget-booing-the-anthem-canada-must-employ-strategic-communications-to-fight-trumps-lies-252704

MIL OSI – Global Reports –

March 27, 2025
MIL-OSI USA: Social Workers Are a Vital Part of Care Teams

Source: US State of Connecticut

Broadly defined, sometimes overlooked and often misunderstood, social work is a crucial component in health care.

It can even be life-saving.

“I had a patient who wrote a message in [UConn Health’s patient portal] MyChart to their physical therapist saying, ‘I’m not coming in today, because I think I’m going to end my life,’” says Rachel Boxwell, a licensed clinical social worker who supports many of UConn Health’s outpatient practices. “The physical therapist lets me know, and I’m able to call the patient. They’re sitting in their car, we have a conversation, try to figure out what’s going to be the next step to keep them safe.”

It’s possible that intervention prevented a suicide, and is an example of how social workers can support patients even outside of scheduled face-to-face interactions.

Eleanor Szmurlo ’17 MSW is a licensed clinical social worker who supports UConn Health’s outpatient practices. (Photo provided by Eleanor Szmurlo)

UConn Health employs 35 social workers. Collectively they work with patients in both inpatient and outpatient settings.

Boxwell works in tandem with Eleanor Szmurlo ’17 MSW to cover more than 50 of UConn Health’s outpatient practices as part of UConn Health’s population health team.

“I previously worked as a substance abuse counselor and have seen first-hand how stigma can prevent people from getting appropriate care,” Szmurlo says. “In my role supporting the outpatient clinics, I have the opportunity to show compassion and care to our patients and to connect them with the supports they need to live happier, healthier lives.”

Amanda Mundo works with hospitalized patients, primarily on the fourth floor of UConn’s John Dempsey Hospital, a medical-surgical floor.

Amanda Mundo is a licensed clinical social worker in UConn’s John Dempsey Hospital. (Photo by Chris DeFrancesco)

“I go through the entire floor and look at every single patient and familiarize myself with those I’m not familiar with yet,” Mundo says. “In this setting, social work is a universal service available to all patients where we offer both ‘case finding,’ where we’ll review patients’ charts, see if there’s anything documented in an area that we feel we could help, and we also get consultations from the team. Once I go through the list in the morning of the whole floor, I triage to see who might need to be seen first, and build my day from there.”

Five stories below her, in the Connecticut Children’s Neonatal Intensive Care Unit at UConn Health, Brittney Niro works with every parent whose child is admitted to the NICU.

Brittney Niro is a licensed clinical social worker in the Connecticut Children’s NICU at UConn Health. (Photo by Chris DeFrancesco)

“I assist families with psychosocial needs and community resources,” Niro says. “Parents don’t anticipate a NICU stay, even if they are counseled on it or prepped. The reality hits once their baby is admitted to the NICU. I value being a part of a multidisciplinary team and providing emotional support and resources during their baby’s NICU stay.”

Niro also facilitates a support group for NICU parents.

Many of the inpatient social workers report to Lori Pawlow, UConn Health nursing director who oversees case management.

“Social work services span from birth to end of life,” Pawlow says. “They are present to provide support during the most vulnerable times in patients’ and families’ life experiences. They help by supporting them and guide them in difficult life choices. One very important aspect of the work that social workers do is that they approach all situations in a holistic manner that supports individuals and the whole family. We are very fortunate to have such a talented and dedicated team of social workers here at UConn Health.”

How patients find their way to a social worker will vary. In the outpatient setting, providers can refer patients to social workers. When that happens, Szmurlo or Boxwell will contact the patient and evaluate their psychosocial needs.

Rachel Boxwell is a licensed clinical social worker who supports UConn Health’s outpatient practices. (Photo by Chris DeFrancesco)

“If you’re having a housing challenge, that could really be exacerbated if you are wheelchair-bound or you need certain levels of accessibility,” Boxwell says. “Or you might need home care, and in theory that sounds simple, but if you can’t self-direct your care due to mental health or cognitive decline, those have additional barriers. So I really can assess all of those, help identify what resources are available to our patients, and really talk it through and help them make an informed decision. Sometimes a resource can sound great, but it’s not a great fit for our patients for reasons like medical complexity, their cognitive ability, maybe a familial relationship, where they live and who they live with.”

Anne Horbatuck is chief operating officer of the UConn Medical Group and vice president for ambulatory operations.

“Social workers play a vital role in our outpatient clinic settings,” Horbatuck says. “They address social, emotional, and environmental factors that impact patients’ health. They provide counseling, connect patient with community resources and support care coordination to improve treatment outcomes. Their involvement helps reduce barriers to care, enhance patient well-being and promote a more holistic approach to health care. Rachel and Eleanor cover our UMG clinics along with many others that are department-based. We thank them for all for all they do.”

Why Social Work

Boxwell, who arrived at UConn Health in 2022, has been a social worker since 2016. She found her way to the profession after a year of teaching high school English in Malden, Massachusetts.

“A lot of my students were living in shelters, were teenage parents, were in foster homes, and getting them to the point where they’re even in a spot where they could actually be present in class was social work, was connecting them to resources, was meeting their psychosocial needs,” Boxwell says. “And I realized I had a passion for it, and there was such a need for that.”

From left: Brittney Niro, a social worker in the Connecticut Children’s Neonatal Intensive Care Unit at UConn Health, speaks with nurse colleagues Jacqueline Calderon and Tess Connor at their NICU nurse’s station. (Photo by Chris DeFrancesco)

Niro has been a social worker since 2009 and joined UConn Health in 2018 as an inpatient social worker on the sixth floor of John Dempsey Hospital. She moved to the NICU in 2022.

“What draws me to the profession is helping families navigate during a vulnerable time,” Niro says. “I knew I wanted to be in the helping profession; I was involved as a peer advocate during high school. The peer advocate program allowed me to be a peer support for younger peers, and I had a mentor who suggested, ‘You’d be a great social worker, you really should look into social work.’”

Mundo joined UConn Health two years ago and has been a social worker since 2016.

“I like relating with people and really being able to build relationships,” Mundo says. “Being able to be there for someone in a moment of need or vulnerability is an honor and not something that everyone has the opportunity to do. You can really make a big difference even with seemingly smaller gestures or tasks.”

She says every day on the job is different.

“It ranges from smaller tasks such as helping a patient to get clothing, helping to coordinate transportation home, to helping them make a phone call that they’ve been really struggling to make, to more serious matters such as substance use, safety issues, crisis intervention, and end-of-life hospice,” Mundo says.

Szmurlo, who graduated with a Master of Social Work from the UConn School of Social Work in 2017, has spent her nearly three years at UConn Health in an outpatient role.

“The social and medical systems we work with can be overwhelming and complicated to manage when things are going well — even more so when people are undergoing a health crisis,” Szmurlo says. “By helping patients navigate services, we can make this less overwhelming and reinforce to patients that UConn Health is here to treat the whole person.”

Misperceptions

Boxwell and Mundo both say it’s common for people to associate their profession with child protective services and people whose job is to separate children from their families.

“Of course, part of our role is to assess for safety, but our job is so much more than that,” Mundo says. “It’s very multifaceted. It can range from smaller, simple tasks to really intense clinically, emotionally draining, and taxing interactions. A lot of people don’t know what we do day-to-day. A lot of it is behind the scenes, but it does make a really big difference, for the medical team and for the patients.”

She says it’s about an even split between those who understand the social worker is there to help and those who would rather not have an interaction with a social worker, as they may not understand a social worker’s role in this setting.

Niro points out that patients or families may not always realize that social workers are independently licensed clinicians.

“We can diagnose and assess mental health needs,” Niro says. “A social worker can be an autonomous, independent mental health professional. Sometimes the term ‘social work’ is used to explain many different roles and responsibilities. Being a medical social worker is a rewarding career.”

What I find most rewarding about being a social worker is being able to be there for people when they’re at their most vulnerable. &#8212 Amanda Mundo

‘An Honor’

Niro says she appreciates the multidisciplinary team approach, working with nurses, physicians, advanced practice providers and others, and the comradery that naturally comes with it.

“I find my job to be rewarding in the sense that families need someone to be in their corner,” Niro says. “I truly enjoy being a constant support and advocate to each family during a challenging time.”

“What I find most rewarding about being a social worker is being able to be there for people when they’re at their most vulnerable,” Mundo says. “It’s really an honor to be there for someone when they need it the most and to be that support when oftentimes a lot of patients don’t have any support.”

Similarly, Szmurlo says, “It’s an honor to be a social worker and to be able to support people through some of the most difficult times in their lives.”

Boxwell says what may seem like a small thing can make big difference in the lives of patients and families who have been struggling.

“It can be life-changing for them, and knowing the ripple effect that that then can have on their life — not just their quality of life, but their relationships with others, their ability to be financially solvent, to then be able to have a solvent retirement, to not be concerned about what’s going to happen with their disease process because they know they have a team to support them, being able to relieve folks of that — it’s a great feeling,” Boxwell says. “You have changed that person’s life for the better, and that will continue having a ripple effect.”

March is National Social Work Month.

MIL OSI USA News –

March 27, 2025
MIL-OSI Banking: Secretary-General of ASEAN welcomes Minister of Europe and Foreign Affairs of France to the ASEAN Headquarters/ASEAN Secretariat

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today welcomed H.E. Jean-Noël Barrot, Minister of Europe and Foreign Affairs of the Republic of France, at the ASEAN Headquarters/ASEAN Secretariat. Their discussion revolved around seeking ways and means to further enhance ASEAN-France relations as both sides mark the fifth anniversary of their Development Partnership this year.

The post Secretary-General of ASEAN welcomes Minister of Europe and Foreign Affairs of France to the ASEAN Headquarters/ASEAN Secretariat appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

March 27, 2025

	Fitch Ratings	Standard & Poor’s
Long-Term rating	Aa3	AA-
Outlook	Negative	Negative
Short-Term rating	P-1	A-1+

CalAmp Investor Contact:	CalAmp Media Contact:
Jikun Kim	Mark Gaydos
SVP & CFO	Chief Marketing Officer
ir@calamp.com	Mgaydos@calamp.com

Category: France

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