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  • MIL-OSI Canada: Global aviation giant lands in Alberta

    Lufthansa Technik Canada is establishing a state-of-the-art maintenance and repair facility at Calgary International Airport, specializing in Leading Edge Aviation Propulsion (LEAP) engines. As one of just five certified global operators for these next-generation engines, this $120-million investment positions Alberta at the heart of the global narrow-body aircraft market. This investment is a key catalyst for WestJet to enter into a 15-year, multi-billion-dollar maintenance contract with Lufthansa Technik, which will build and support Alberta’s aviation industry for years to come.

    “Alberta’s government is proud to welcome this historic partnership between WestJet and Lufthansa Technik Canada right here in Calgary. This agreement will have a far-reaching impact on our economy and it serves as a testament to the strong levels of investor confidence in our province. Alberta is a place where you can grow your business and thrive into the future. With our low corporate tax rate and highly educated workforce, Alberta continues to be one of the most business-friendly jurisdictions in North America. Today’s investment is further proof of Alberta’s national and international reputation as a leading aerospace and aviation hub.”

    Danielle Smith, Premier of Alberta

    “This new, state-of-the-art facility is a major step toward making Calgary and Alberta global leaders in aviation innovation. Our government is proud to partner with the Calgary Airport Authority, industry leaders, and all levels of government to strengthen Canada’s aviation sector. We beat out strong competition to secure this opportunity, showcasing our region’s innovative spirit and commitment to  reducing emissions. Together, we’re developing and adopting cutting-edge technologies that will boost the competitiveness of small- and medium-sized businesses across the aviation supply chain.”

    Terry Duguid, federal minister of Sport and minister responsible for Prairies Economic Development

    Lufthansa Technik Canada is the latest grant recipient of Alberta’s Investment and Growth Fund (IGF), receiving $3 million in provincial funding to build a new aerospace maintenance facility at the Calgary airport. The IGF is one of several investor support services and programs offered by Alberta’s government.

    Alberta’s government is also providing $4.45 million through the Aerospace Workforce Development Grant to provide training and employment supports to ensure Lufthansa Technik Canada has the skilled workers it needs to expand into the province. This grant is administered through Calgary Economic Development as part of the Opportunity Calgary Investment Fund to attract investment, drive innovation and spur transformative economic development in the aerospace sector. 

    Lufthansa’s investment is helping to further diversify Alberta’s economy and create important jobs for hard-working Albertans. Lufthansa Technik Canada’s investment will create up to 160 permanent jobs and up to 170 temporary construction jobs, giving Albertans more access to stable, well-paying jobs in a growing sector. These jobs will span across various roles, from highly skilled technicians to engineers and support staff, catering to the demands of the next-generation LEAP engines. This surge in jobs is taking off at a time when Alberta is diversifying its economy and expanding key industries, making these roles a vital part of the province’s economic growth trajectory.

    “Lufthansa Technik Canada’s investment is the latest addition to our growing aviation and aerospace sector. Alberta continues to attract world-class companies like Lufthansa Technik Canada because of its pro-business policies, low taxes and innovative talent. This investment will create hundreds of jobs for hard-working Albertans and further diversify our economy.”

    Matt Jones, Minister of Jobs, Economy and Trade

    Lufthansa Technik Canada will offer mobile engine maintenance and test cell services at Calgary International Airport, providing Canadian aviation operators with a more cost-effective, efficient alternative to overseas maintenance. This boosts operational efficiency while cutting costs. Its new Calgary facility will contribute to the growth of Alberta’s aerospace and aviation sector and create valuable jobs for Albertans.

    “Our agreement with WestJet represents one of the largest awards ever granted to any maintenance, repair and overhaul provider for CFM LEAP engines worldwide. It’s a contract that underlines Lufthansa Technik’s leading position in the support of new generation engine types. At the same time, we are grateful for the strong support from our local allies in Canada, which is essential in advancing the creation of a new engine repair shop and test cell facility in Calgary.” 

    Soeren Stark, chief executive officer, Lufthansa Technik

    This investment builds on a memorandum of understanding signed in 2022 between WestJet and Alberta’s government. WestJet committed to make Calgary its global headquarters, with both parties agreeing to work together to grow Alberta’s aerospace and aviation industry – including through attracting important aviation infrastructure investments. The facility is expected to break ground in mid-2025, with completion expected in 2027. WestJet will be Lufthansa Technik Canada’s first customer at the newly created engine maintenance facility, underscoring the partnership’s confidence in local expertise and innovation. WestJet’s request for proposal award was the largest contract in WestJet’s history and the largest award granted to any premier maintenance and repair provider for such engines in the Americas.

    “WestJet was founded on the idea of improving air travel and making it affordable for Canadians. This historic contract award will allow us to bring critical engine repair operations home to Canada and provide greater efficiency and cost certainty to a critical part of our operations, all while demonstrating our commitment to improving our competitiveness and supporting the Alberta economy. We are proud to partner with Lufthansa Technik. This is an extraordinary moment for WestJet, our guests, WestJetters, Western Canada’s communities and our suppliers.”

    Alexis von Hoensbroech, chief Executive officer, WestJet Group

    “After years of hard work and collaboration to showcase our city and build connections with industry partners, we are excited to see Lufthansa Technik land in the Blue Sky City. Calgary’s competitive business environment and deep talent pool position us for future growth, and the establishment of Lufthansa Technik’s Western Canada hub in our city proves what’s possible as we continue to establish ourselves as a global aerospace leader.”

    Brad Parry, president and CEO, Calgary Economic Development

    “This project is a remarkable example of what can be achieved when our aviation ecosystem and all levels of government come together – Lufthansa Technik as the premier supplier, WestJet as a vital cornerstone customer, critical support from Calgary Economic Development and the Government of Alberta through the Ministry of Jobs, Economy and Trade along with funding from the Calgary Airport Authority, the Canada Infrastructure Bank, Prairies Economic Development Canada and Opportunity Calgary Investment Fund. By building this cutting-edge facility in Calgary, we ensure that WestJet and all Canadian airlines will have access to reliable, cost-effective and efficient maintenance services while building essential infrastructure in engineering, training and enterprise to make Calgary and Alberta a centre of aviation excellence within North America.”

    Chris Dinsdale, president and CEO, Calgary Airport Authority

    “We are proud to commit $172 million in financing towards infrastructure that supports aviation services at the Calgary International Airport. Our collaboration with the Calgary Airport Authority moves its project from the planning stage into shovels in the ground. The world-class facilities will strengthen Canada’s aviation infrastructure, and bring long-term, high-quality jobs and economic growth to the region.”

    Ehren Cory, CEO, Canada Infrastructure Bank

    Alberta’s government will continue to work with Lufthansa Technik Canada to expand its footprint in Alberta once this project is in operation. With strong government support and a strategic position in the international market, Alberta remains the best place to live, work and invest in the future.

    Quick facts

    • The Investment and Growth Fund (IGF) is designed to be offered in select late-stage investment decisions, when Alberta may be competing with comparable jurisdictions that may offer other benefits or incentives to investors.
    • Since fall 2021, 12 IGF grants have been announced that will create more than 1,100 permanent full-time jobs and more than 1,100 temporary jobs, with a total capital investment of more than $765 million.
      • The IGF has helped to secure nearly $29 in private investments for every $1 in IGF funding.
    • The aviation and aerospace industry in Alberta is thriving with a growth in revenues of more than 17 per cent from 2021 to 2023.
    • Alberta’s Aerospace Workforce Development Grant supports attraction and training in the aviation and aerospace sector and aims to attract new investment while supporting the expansion of aerospace companies in Alberta.

    Related information:

    • Aviation, aerospace industries to take flight
    • WestJet news release
    • Lufthansa news release

    MIL OSI Canada News –

  • MIL-OSI USA: AFSCME’s Saunders: Front-line health care workers need a leader at HHS who shares their values – not RFK Jr.

    Source: American Federation of State, County and Municipal Employees Union

    WASHINGTON – AFSCME President Lee Saunders released the following statement in opposition to Robert F. Kennedy Jr.’s confirmation to lead the Department of Health and Human Services (HHS):

    “Front-line health care workers need a leader at HHS who shares their values – someone who believes, as they do, in safeguarding public health. But Robert F. Kennedy Jr.’s values could not be further from the front lines. Instead of increasing our communities’ access to vital care, he is only interested in increasing profits for his billionaire backers. RFK Jr. has made it clear that he will execute his boss’s orders to dismantle critical HHS programs like Head Start, Temporary Assistance for Needy Families, Medicaid and end negotiations to lower prescription drug prices for Medicare beneficiaries. He is an accomplice in their plan to rob our most vulnerable communities of critical health services to make the ultra-rich even richer.

    “AFSCME’s 1.4 million members – including hundreds of thousands who work in health care, social work, home care, early childhood education and beyond – make sacrifices daily to care for the health of our communities. We will keep organizing to make sure that Kennedy and his anti-worker friends don’t get in the way of their essential work.”

    MIL OSI USA News –

  • MIL-OSI: Euronext publishes Q4 and full year 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Euronext publishes Q4 and full year 2024 results

    Euronext delivered double-digit revenue growth in 2024 thanks to its diversified revenue profile and confirms the achievement of its 2024 targets. Euronext reached record adjusted EPS in 2024 through cost discipline and strategic capital allocation. 2025 will be a year of investment for innovation and growth.

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 13 February 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the fourth quarter and full year 2024.

    • Full year 2024 revenue and income was up +10.3% at €1,626.9 million:
      • Non-volume related revenue and income represented 58% of total revenue and income (compared to 60% in 2023) and covered 153% of underlying operating expenses, excluding D&A0F1 (vs. 145% in 2023):
        • Custody and Settlement revenue grew to €270.5 million (+8.7%), driven by higher assets under custody, dynamic settlement activity and strong growth of value-added services;
        • Advanced Data Services revenue grew to €241.7 million (+7.5%), driven by continued demand for fixed income trading data, power trading data and dynamic retail usage. Revenue was supported by the acquisition of GRSS, a leading provider of services to benchmark administrators;
        • Listing revenue grew to €231.9 million (+5.1%), despite headwinds from the NOK1F2 depreciation. This reflects the continued strong performance of corporate solutions and resilient listing revenue. With 53 new equity listings and over 14,700 new bond listings in 2024, Euronext confirms its leading European position in equity listing and its worldwide leadership in debt listing;
        • Technology Solutions reported €106.2 million of revenue (-3.4%), reflecting the termination of Borsa Italiana legacy services in March 2024 following the migration to Optiq®.
    • Trading revenue grew to €559.4 million (+14.2%), driven by record results in fixed income, FX and power trading and solid growth in cash trading revenue;
    • Clearing revenue grew to €144.3 million (+19.0%), powered by the European expansion of Euronext Clearing, dynamic fixed income activity and the strong performance of commodities clearing. Net treasury income was at €56.8 million (+21.8%).
    • Underlying operating expenses excluding D&A1were in line with the revised guidance of €620 million, at €620.5 million (+1.7% compared to 2023). Cost discipline, synergies, and positive one-off items partly offset growth investments and acquisition impacts.
    • Adjusted EBITDA1was €1,006.4 million (+16.4%) and adjusted EBITDA margin was 61.9% (+3.3pts).
    • Adjusted net income1was €682.5 million (+16.7%) and adjusted EPS was €6.59 (+19.6%).
    • Reported net income was €585.6 million (+14.0%), despite the negative comparison base related to the €41.6 million capital gain received in 2023 for the disposal of Euronext’s 11.1% stake in LCH SA.
    • Net debt to EBITDA2F3was at 1.4x at the end of December 2024, within Euronext’s target range. Euronext’s S&P rating was upgraded to ‘A-, Stable Outlook’ in February 2025.
    • Achievement of 2024 financial targets is confirmed. Euronext revenue reached +4.7% CAGR2020PF-2024, above the +3% to +4% targeted. Euronext attained an adjusted EBITDA growth of +6.4% CAGR2020PF-2024, above the +5% to +6% targeted.
    • Key figures for full year 2024:
    In €m, unless stated otherwise 2024 2023 % var % var l-f-l3F4
    Revenue and income 1,626.9 1,474.7 +10.3% +10.0%
    Underlying operational expenses excluding D&A2 (620.5) (610.0) +1.7% +1.0%
    Adjusted EBITDA 1,006.4 864.7 +16.4% +16.3%
    Adjusted EBITDA margin 61.9% 58.6% +3.3pts +3.4pts
    Net income, share of the parent company shareholders 585.6 513.6 +14.0%  
    Adjusted net income, share of the parent company shareholders 682.5 584.7 +16.7%  
    Adjusted EPS (basic, in €) (share count differs between the two periods4F5) 6.59 5.51 +19.6%  
    Reported EPS (basic, in €) (share count differs between the two periods) 5.65 4.84 +16.7%  
    Adjusted EPS (diluted, in €) (share count differs between the two periods) 6.56 5.50 +19.3%  
    Reported EPS (diluted, in €) (share count differs between the two periods) 5.63 4.83 +16.6%  
    • Dividend proposal to the 2025 Annual General Meeting

    A dividend of €292.8 million will be proposed to the Annual General Meeting on 15 May 2025. This represents 50% of 2024 reported net income, in line with Euronext’s dividend policy. This dividend represents an increase of +14.0% compared to 20235F6.

    • Euronext continues its cost discipline and invests in strategic growth

    In 2024, Euronext reported underlying expenses (excl. D&A) in line with the revised guidance of €620 million. This compares to an initial guidance of €625 million, which did not take into account the impact of any acquisitions executed over the course of 2024.

    2024 normalised underlying expenses (excl. D&A) were at approximately €640 million, taking into account approximately €8 million of positive one-off items and the full-year impact of bolt-on acquisitions.

    Euronext expects its total underlying expenses (excl. D&A) for 2025 to be around €670 million. Euronext expects its 2025 underlying expenses (excl. D&A) to be stable at around €640 million compared to 2024 normalised underlying expenses (excl. D&A), as savings and synergies are expected to entirely offset inflationary impacts. In addition, Euronext plans to invest around 5% of its normalised underlying expenses (excl. D&A) to deliver strategic growth projects, as highlighted during the Investor Day on 8 November 2024.

    • Progress with the delivery of “Innovate for Growth 2027”
      • Euronext will accelerate the delivery of its power futures ambition with the contemplated acquisition of Nasdaq’s Nordic power futures business, announced on 28 January 2025.
      • Euronext continues to leverage its clearing house to launch innovative derivatives products. Euronext will launch fixed income derivatives on major European government bonds, including the first-ever cash-settled mini futures in September 2025, delivering unparalleled accessibility and flexibility to investors.
      • Euronext announced a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. This collaboration is a major enabler of Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds.

    Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

    “In 2024, we delivered double-digit topline growth thanks to the solid performance of non-volume related activities, excellent performance of FICC trading, and the successful clearing expansion in Europe. For the first time, Euronext reached the significant threshold of over €1 billion in adjusted EBITDA, an increase of +16.4% compared to last year. Our notable adjusted net income growth of +16.7% compared to last year, to €682.5 million underscores our profitability and our robust financial health. Adjusted EPS (basic) was up +19.6% in 2024, at €6.59 per share, compared to €5.51 per share in 2023. This increase reflects Euronext’s strong performance and a lower number of outstanding shares over 2024 due to Euronext’s share repurchase programme.

    In 2024, Euronext achieved several key milestones that allowed us to expand our presence across the entire capital markets value chain, as we have finalised the integration of the Borsa Italiana Group. We have exceeded our 2024 financial targets for revenue and EBITDA growth. We have also strengthened our non-volume business with strategic acquisitions such as GRSS, Substantive Research, and Acupay.

    In 2025, we are building the foundations to achieve our 2027 growth targets and we are investing to innovate for growth. We have already begun with the announced acquisition of Nasdaq’s Nordic power futures business6F7. This addition will significantly contribute to the growth of our FICC trading and clearing business. We are pleased to announce the most significant innovation in financial derivatives in recent years, the launch of cash-settled mini futures on European government bonds. Finally, we have made a first major step in the expansion of our Repo clearing franchise through a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. Euronext has promising growth opportunities ahead, which will further reinforce our position as the leading capital market infrastructure in Europe.”

    2024 financial performance

    In €m, unless stated otherwise FY 2024 FY 2023 % var % var
    (like-for-like, constant currencies)
    Revenue and income 1,626.9 1,474.7 +10.3% +10.0%
    Listing 231.9 220.6 +5.1% +5.4%
    Trading revenue, of which 559.4 490.0 +14.2% +14.3%
    Cash trading 284.0 265.4 +7.0% +7.0%
    Derivatives trading 53.1 54.2 -2.0% -2.0%
    Fixed income trading 145.5 107.4 +35.5% +35.5%
    FX trading 31.7 25.6 +24.2% +24.2%
    Power trading 45.1 37.4 +20.4% +22.6%
    Investor Services 14.1 11.4 +24.2% +14.8%
    Advanced Data Services 241.7 224.8 +7.5% +5.3%
    Post-Trade, of which 414.7 370.2 +12.0% +11.9%
    Clearing 144.3 121.3 +19.0% +19.0%
    Custody and Settlement 270.5 248.9 +8.7% +8.8%
    Euronext Technology Solutions & Other 106.2 109.9 -3.4% -3.3%
    NTI through CCP business 56.8 46.7 +21.8% +21.8%
    Other income 2.0 1.4 +45.5% +44.5%
    Transitional revenues – (0.2) N/A N/A
    Underlying operational expenses excl. D&A (620.5) (610.0) +1.7% +1.0%
    Adjusted EBITDA 1,006.4 864.7 +16.4% +16.3%
    Adjusted EBITDA margin 61.9% 58.6% +3.3pts +3.4pts
    Operating expenses excl. D&A (651.3) (688.3) -5.4% +1.0%
    EBITDA 975.6 786.4 +24.1% +9.9%
    Depreciation & Amortisation (188.7) (170.1) +10.9% +11.2%
    Total Expenses (incl. D&A) (840.1) (858.5) -2.1% -2.6%
    Adjusted operating profit 922.9 790.4 +16.8% +16.7%
    Operating Profit 786.8 616.2 +27.7%  
    Net financing income / (expense) 17.5 (0.2)    
    Results from equity investments 34.7 83.1 -58.3%  
    Profit before income tax 839.1 699.1 +20.0%  
    Income tax expense (218.4) (162.7) +34.2%  
    Share of non-controlling interests (35.1) (22.8) +53.7%  
    Net income, share of the parent company shareholders 585.6 513.6 +14.0%  
    Adjusted Net income, share of the parent company shareholders7F8 682.5 584.7 +16.7%  
    Adjusted EPS (basic, in €) 6.59 5.51 +19.6%  
    Reported EPS (basic, in €) 5.65 4.84 +16.7%  
    Adjusted EPS (diluted, in €) 6.56 5.50 +19.3%  
    Reported EPS (diluted, in €) 5.63 4.83 +16.6%  

    Share count differs between the two periods.

    • 2024 revenue and income

    In 2024, Euronext’s revenue and income was €1,626.9 million, up +10.3% compared to 2023. This resulted from solid organic growth in non-volume related businesses, a dynamic trading environment across asset classes, and the positive contribution of the Euronext Clearing European expansion.

    On a like-for-like basis and at constant currencies, Euronext consolidated revenue and income was up +10.0% in 2024, at €1,618.2 million, compared to 2023.

    Non-volume related revenue accounted for 58% of underlying Group revenue in 2024, compared to 60% in 2023. This reflects the strong growth in trading and post-trade revenue, and solid performance of non-volume-related revenue. Non-volume-related revenue covered 153% of underlying operating expenses excluding D&A, compared to 145% in 2023.

    • 2024 adjusted EBITDA

    Underlying operational expenses excluding depreciation and amortisation increased slightly to €620.5 million, up +1.7%, in line with the revised guidance of €620 million, and lower than the initial guidance of €625 million. Cost discipline, FX impacts and positive one-offs (around €8.3 million) partly offset growth investments and acquisitions impacts.

    On a like-for-like basis at constant currencies, underlying operational expenses excluding depreciation and amortisation increased by +1.0% compared to 2023, which highlights the impact of acquisitions on a reported basis.

    Consequently, adjusted EBITDA for the year totalled €1,006.4 million, up +16.4% compared to 2023. This represents an adjusted EBITDA margin of 61.9%, up +3.3 points compared to 2023. On a like-for-like basis, adjusted EBITDA for 2024 was up +16.3%, to €1,003.2 million, and adjusted EBITDA margin was 62.0%, up +3.4 points compared to 2023.

    • 2024 net income, share of the parent company shareholders

    Depreciation and amortisation accounted for €188.7 million in 2024, up +10.9%, resulting from migration projects and acquisitions. PPA related to acquired businesses accounted for €81.2 million and is included in depreciation and amortisation.

    2024 adjusted operating profit was €922.9 million, up +16.8% compared to 2023 adjusted operating profit.

    €136.1 million of non-underlying expenses, including depreciation and amortisation, were reported in 2024, related to the implementation of the ‘Growth for Impact 2024’ strategic plan and the PPA of acquired businesses.

    Net financing income for 2024 was €17.5 million, compared to a net financing expense of €0.2 million in 2023. This increase resulted from higher interest income due to higher interest rates and strong cash generation, offsetting the cost of debt in 2024.

    Results from equity investments amounted to €34.7 million in 2024, including €23.4 million of dividend received from Euroclear and the €10.1 million of dividend earned from Sicovam. In 2023, Euronext reported €83.1 million of results from equity investments. This was a result of the capital gain on the disposal of Euronext’s stake in LCH SA and the disposal of Euronext’s investment in Tokeny, as well as the dividend received from Euroclear and Sicovam.

    Income tax for 2024 was €218.4 million. This translated into an effective tax rate of 26.0% for 2024. In 2023, the income tax rate was 23.3%, positively impacted by non-taxable income. Income tax amounted to €162.7 million.

    Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €35.1 million in 2024.

    As a result, the reported net income, share of the parent company shareholders, increased by +14.0% for 2024 compared to 2023, to €585.6 million. This represents a reported EPS of €5.65 basic and €5.63 diluted in 2024, compared to €4.84 basic and €4.83 diluted in 2023. This increase reflects the strong results and a lower number of shares over 2024 compared to 2023.

    Adjusted net income, share of the parent company shareholders was up +16.7% to €682.5 million. Adjusted EPS (basic) was up +19.6% in 2024, at €6.59 per share, compared to an adjusted EPS (basic) of €5.51 per share in 2023.

    The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.

    In 2024, Euronext reported a net cash flow from operating activities of €708.6 million, compared to €826.1 million in 2023. The difference results from higher profit before tax, higher income tax, lower results from equity investments and negative changes in working capital. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 72.3% of EBITDA in 2024.

    2024 business highlights

    In €m, unless stated otherwise FY 2024 FY 2023 % change
    Revenue 231.9 220.6 +5.1%
    Equity 106.6 105.1 +1.4%
    o/w Annual fees 72.4 69.0 +5.0%
    o/w Follow-ons 18.7 20.8 -10.1%
    o/w IPOs 15.5 15.4 +0.9%
    Debts 40.4 36.0 +12.2%
    ETFs, Funds & Warrants 24.0 23.3 +3.0%
    Corporate Solutions 50.3 45.4 +10.7%
    ELITE and Other 10.2 10.8 -5.8%
             
    Money raised (€m) FY 2024 FY 2023 % change  
    Equity listings 3,840 2,481 +54.8%  
    Follow-ons 15,782 20,177 -21.8%  
    Bonds 1,190,154 1,156,035 +3.0%  
           
    Listed securities FY 2024 FY 2023 % change  
    New equity listings over the period 53 64 -17.2%  

    Money raised from follow-ons has been restated for previous periods.

    Listing revenue was €231.9 million in 2024, an increase of +5.1% compared to 2023, driven by the resilience of the offering and sustained leadership in listing, partially offset by the NOK depreciation.

    Euronext recorded 33% of equity listings in Europe8F9 with 53 new equity listings.

    Euronext Corporate Solutions revenue grew by +10.7% compared to 2023 to €50.3 million, thanks to a strong performance of the SaaS and advisory offering.

    Debt listing revenue grew by +12.2% compared to 2023 to €40.4 million, driven by dynamic bond issuance activity.

    On a like-for-like basis at constant currencies, listing revenue increased by +5.4% compared to 2023.

    • Trading
      • Cash trading
      FY 2024 FY 2023 % change
    Cash trading revenue (€m) 284.0 265.4 +7.0%
    ADV Cash market (€m) 10,405 10,053 +3.5%

    Cash trading revenue increased by +7.0% to €284.0 million in 2024, supported by efficient yield management and higher volumes.

    Over the year, Euronext cash trading yield was 0.53 bps, up from 0.52 bps in 2023 despite continued high order sizes. Euronext market share of cash trading averaged 64.8% in 2024.

    On a like-for-like basis at constant currencies, cash trading revenue was up +7.0%.

    • Derivatives trading
      FY 2024 FY 2023 % change
    Derivatives trading revenue (€m) 53.1 54.2 -2.0%
    ADV Derivatives market (in lots) 619,833 619,244 +0.1%
    ADV Equity & Index derivatives (in lots) 503,506 528,368 -4.7%
    ADV Commodity derivatives (in lots) 116,328 90,876 +28.0%

    Derivatives trading revenue decreased by -2.0% to €53.1 million in 2024, reflecting the continuing trend of lower volatility for equity and index derivatives, offset by very dynamic commodity trading. Euronext revenue capture on derivatives trading was €0.33 per lot for the year. On a like-for-like basis at constant currencies, derivatives trading revenue was down -2.0% in 2024 compared to 2023.

    • Fixed income trading
      FY 2024 FY 2023 % change
    Fixed income trading revenue (€m) 145.5 107.4 +35.5%
    o/w MTS Cash 103.1 67.1 +53.7%
    o/w MTS Repo 26.5 25.2 +4.9%
    ADV MTS Cash (€m) 37,021 23,026 +60.8%
    TAADV MTS Repo (€m) 483,247 436,039 +10.8%
    ADV other fixed income (€m) 1,612 1,266 +27.4%

    Fixed income revenue reached €145.5 million in 2024, up +35.5% compared to 2023. MTS Cash reached record results, driven by strategic positioning of the solutions provided to market participants and issuers and favourable market conditions. On a like-for-like basis at constant currencies, fixed income trading revenue was up +35.5% compared to 2023.

    • FX trading
      FY 2024 FY 2023 % change
    Spot FX trading revenue (€m) 31.7 25.6 +24.2%
    ADV spot FX Market (in $m) 26,493 22,450 +18.0%

    FX trading revenue was €31.7 million in 2024, up +24.2% compared to 2023. This reflects growing volumes, bolstered by a favourable volatility environment and commercial expansion. On a like-for-like basis at constant currencies, FX trading revenue was up +24.2% compared to 2023.

    • Power trading
      FY 2024 FY 2023 % change
    Power trading revenue (€m) 45.1 37.4 +20.4%
    ADV Day-ahead power market (in TWH) 2.74 2.74 +0.3%
    ADV Intraday power market (in TWH) 0.31 0.20 +55.0%

    Power trading revenue reached €45.1 million in 2024, up +20.4% compared to 2023, reflecting continued strong growth of intraday volumes. This strong result was partially offset by the depreciation of the NOK. On a like-for-like basis at constant currencies, power trading revenue was up +22.6% compared to 2023.

    • Investor Services

    Investor Services reported €14.1 million revenue in 2024, representing a +24.2% increase compared to 2023, supported by continued commercial expansion and the contribution of Substantive Research, acquired on 17 September 2024. On a like-for-like basis at constant currencies, Investor Services revenue was up +14.8% compared to 2023.

    • Advanced Data Services

    Advanced Data Services revenue reached €241.7 million in 2024, up +7.5% from 2023, driven by continued demand for fixed-income and power trading data and dynamic retail usage. It was also supported by the contribution of GRSS, acquired as announced on 3 June 2024, and rapid expansion of advanced data solutions. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +5.3% compared to 2023.

    • Post Trade
    in €m, unless stated otherwise FY 2024 FY 2023 % change
    Post-trade revenue (excl. NTI) 414.7 370.2 +12.0%
    Clearing 144.3 121.3 +19.0%
    o/w Revenue from LCH SA 62.8 71.8 -12.5%
    o/w Revenue from Euronext Clearing 81.5 49.5 +64.5%
    o/w Derivatives 18.1 5.6 +221.2%
    o/w Equities 24.4 16.6 +47.1%
    o/w Bonds 14.9 13.6 +10.0%
    o/w Other 24.1 13.7 +75.8%
    Custody, Settlement and other Post-Trade activities 270.5 248.9 +8.7%
    Number of transactions and lots cleared FY 2024 FY 2023 % change
    Shares (number of contracts – single counted) 234,777,332 83,486,969 +181.2%
    Bonds – Wholesale (nominal value in €bn – double counted) 29,717 27,177 +9.3%
    Bonds – Retail (number of contracts – double counted) 15,133,264 13,732,528 +10.2%
    Derivatives9F10 65,536,847 25,244,669 +159.6%

    Clearing revenue was up +19.0% to €144.3 million in 2024, reflecting the successful and timely execution of the last steps of the pan-Europeanisation of Euronext Clearing. Non-volume related clearing revenue (including membership fees, treasury income received from LCH SA prior to the migration) accounted for €41.9 million of the total clearing revenue in 2024. On a like-for-like basis at constant currencies, clearing revenue was up +19.0% compared to 2023.

    • Net treasury income

    Net treasury income for Euronext Clearing was at €56.8 million in 2024, up +21.8% compared to 2023. The increase was driven by higher collateral following the completion of the derivatives clearing migration on 7 September 2024 and a positive comparison base in Q1 2023 due to the disposal of the Euronext Clearing portfolio.

    • Custody, Settlement and other Post-Trade activities
    Euronext Securities activity FY 2024 FY 2023 % change
    Number of settlement instructions over the period 134,287,470 123,587,470 +7.8%
    Assets under Custody (in €bn), end of period 7,065 6,663 +6.0%

    Revenue from Custody, Settlement and other Post-Trade activities was €270.5 million in 2024, posting a strong growth of +8.7% compared to 2023. This reflects growing assets under custody, dynamic issuance activities and higher settlement activity. Euronext Securities’ value-added services business continued to post strong growth, supported by the acquisition of Acupay as announced on 2 October 2024. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +8.8% compared to 2023.

    • Technology Solutions and Other revenue

    Euronext Technologies and Other revenue was €106.2 million in 2024, down -3.4% from 2023, reflecting the termination of double-run connectivity revenues and Borsa Italiana legacy services following the migration to Optiq®, passing on synergies to clients. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was down -3.3% compared to 2023.

    Q4 2024 financial performance

    In €m, unless stated otherwise Q4 2024 Q4 2023 % var % var
    (like-for-like, constant currencies)
    Revenue and income 415.8 374.1 +11.1% +9.9%
    Listing 59.4 56.2 +5.8% +5.9%
    Trading revenue, of which 141.4 124.5 +13.5% +13.5%
    Cash trading 70.9 64.1 +10.6% +10.6%
    Derivatives trading 12.9 12.8 +0.3% +0.3%
    Fixed income trading 37.8 30.6 +23.7% +23.7%
    FX trading 8.5 6.7 +27.7% +26.4%
    Power trading 11.3 10.4 +8.8% +10.1%
    Investor Services 4.2 3.0 +39.8% +13.0%
    Advanced Data Services 61.1 56.1 +8.9% +4.8%
    Post Trade, of which 102.8 94.6 +8.6% +7.0%
    Clearing 32.9 32.3 +1.8% +1.8%
    Custody and Settlement 69.9 62.3 +12.2% +10.1%
    Euronext Technology Solutions & Other 28.4 27.6 +3.1% +3.2%
    NTI through CCP business 17.9 11.7 +53.3% +53.3%
    Other income 0.6 0.5 +37.5% +0.0%
    Underlying operational expenses excl. D&A (163.2) (157.8) +3.4% +1.1%
    Adjusted EBITDA 252.6 216.3 +16.7% +16.4%
    Adjusted EBITDA margin 60.7% 57.8% +2.9pts +3.4pts
    Operating expenses excl. D&A (174.4) (173.3) +0.6% -1.5%
    EBITDA 241.4 200.8 +20.2% +19.8%
    Depreciation & Amortisation (49.6) (45.6) +8.7% +8.6%
    Total Expenses (incl. D&A) (224.0) (218.9) +2.3% +0.6%
    Adjusted operating profit 231.1 196.3 +17.7% +17.3%
    Operating Profit 191.8 155.2 +23.6%  
    Net financing income / (expense) 6.5 4.7 +38.2%  
    Results from equity investments 10.1 17.0 -40.8%  
    Profit before income tax 208.4 176.9 +17.8%  
    Income tax expense (55.5) (40.0) +38.8%  
    Share of non-controlling interests (8.2) (6.4) +29.2%  
    Net income, share of the parent company shareholders 144.6 130.6 +10.8%  
    Adjusted Net income, share of the parent company shareholders10F11 172.3 148.2 +16.3%  
    Adjusted EPS (basic, in €) 1.66 1.42 +16.9%  
    Reported EPS (basic, in €) 1.40 1.25 +12.0%  
    Adjusted EPS (diluted, in €) 1.66 1.41 +17.7%  
    Reported EPS (diluted, in €) 1.39 1.24 +12.1%  

    Share count differs between the two periods

    • Q4 2024 revenue and income

    In Q4 2024, Euronext’s revenue and income amounted to €415.8 million, up +11.1% compared to Q4 2023, driven by record performance in fixed income trading, robust results in non-volume related businesses and the positive contribution of the Euronext Clearing European expansion at the end of November 2023.

    On a like-for-like basis and at constant currencies, Euronext revenue and income were up +9.9% in Q4 2024 compared to Q4 2023, to €411.1 million.

    Non-volume related revenue accounted for 59% of Group revenue in Q4 2024, compared to 60% in Q4 2023, reflecting continued strong performance of trading and post-trade in Q4 2024. The underlying operating expenses excluding D&A coverage by non-volume related revenue ratio was at 151% in Q4 2024, compared to 141% in Q4 2023.

    • Q4 2024 adjusted EBITDA

    Underlying operational expenses excluding depreciation and amortisation increased by +3.4% to €163.2 million, reflecting investments in growth and the impact of acquisitions. On a like-for-like basis, underlying operational expenses excluding depreciation and amortisation increased by +1.1% compared to Q4 2023, reflecting mainly the impact of acquisitions on a reported basis.

    Consequently, adjusted EBITDA for the quarter totalled €252.6 million, up +16.7% compared to Q4 2023. This represents an adjusted EBITDA margin of 60.7%, up +2.9 points compared to Q4 2023. On a like-for-like basis, adjusted EBITDA for Q4 2024 was up +16.4%, to €251.5 million, and adjusted EBITDA margin was 61.2%, up +3.4 points compared to the same perimeter in Q4 2023.

    • Q4 2024 net income, share of the parent company shareholders

    Depreciation and amortisation accounted for €49.6 million in Q4 2024, +8.7% more than in Q4 2023 due to the impact of migration projects and acquisitions. PPA related to acquired businesses accounted for €20.7 million and is included in depreciation and amortisation.

    Adjusted operating profit was €231.1 million, up +17.7% compared to Q4 2023. On a like-for-like basis, adjusted operating profit was up +17.3% compared to Q4 2023, at €230.1 million.

    €39.3 million of non-underlying expenses, including depreciation and amortisation, were reported in Q4 2024, related to the final steps of the Borsa Italiana Group integration and the PPA of acquired businesses.

    Net financing income for Q4 2024 was €6.5 million, compared to €4.7 million in Q4 2023. This increase results from higher interest income due to higher interest rates and strong cash generation, offsetting the cost of debt.

    Results from equity investments amounted to €10.1 million in Q4 2024, representing the dividend received from Sicovam. As a reminder, in Q4 2023, Euronext reported €17.0 million of results from equity investments due to the capital gain related to the disposal of the stake in Tokeny and the dividend received from Sicovam.

    Income tax for Q4 2024 was €55.5 million. This translated into an effective tax rate of 26.6% for the quarter. (Q4 2023: €40.0 million and 22.6% respectively, reflecting the positive impact of the tax-exempted one-off capital gain from the disposal of the Tokeny stake).

    Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €8.2 million in Q4 2024.

    As a result, the reported net income, share of the parent company shareholders, increased by +10.8% for Q4 2024 compared to Q4 2023, to €144.6 million. This represents a reported EPS of €1.40 basic and €1.39 diluted in Q4 2024, compared to €1.25 basic and €1.24 diluted in Q4 2023. Adjusted net income, share of the parent company shareholders was up +16.3% to €172.3 million. Adjusted EPS (basic) was up +16.9% in Q4 2024, at €1.66 per share, compared to an adjusted EPS (basic) of €1.42 per share in Q4 2023. This increase reflects higher profit and a lower number of outstanding shares over the fourth quarter of 2024 compared to the fourth quarter of 2023.

    The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.

    In Q4 2024, Euronext reported a net cash flow from operating activities of €175.0 million, compared to €194.5 million in Q4 2023, reflecting negative changes in working capital from short-term movement in outstanding power sales customers’ and suppliers’ invoices related to Nord Pool CCP activities and higher income tax. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 64.3% of EBITDA in Q4 2024.

    Q4 2024 business highlights

    in €m, unless stated otherwise Q4 2024 Q4 2023 % change
    Listing revenue 59.4 56.2 +5.8%
    Equity 26.6 26.6 -0.1%
    o/w Annual fees 18.0 17.1 +5.2%
    o/w Follow-ons 4.6 5.8 -19.2%
    o/w IPOs 3.9 3.7 +4.6%
    Debts 9.8 9.1 +7.7%
    ETFs, Funds & Warrants 6.1 5.9 +3.5%
    Corporate Solutions 14.0 12.3 +13.6%
    ELITE and Other 2.9 2.2 +31.9%

    Listing revenue was €59.4 million in Q4 2024, an increase of +5.8% compared to Q4 2023 driven by dynamic listing and follow-on activity and strong performance of corporate solutions, partially offset by the depreciation of the NOK.

    On a like-for-like basis at constant currencies, listing revenue increased by +5.9% compared to Q4 2023.

    Money raised (€m) Q4 2024 Q4 2023 % change
    Equity listings 164 247 -33.7%
    Follow-ons 2,556 6,667 -61.7%
    Bonds 244,356 290,524 -15.9%
    Listed securities Q4 2024 Q4 2023 % change
    New equity listings over the period 16 13 +23.1%
    Number of ETFs listed, end of period 4,018 3,821 +5.2%
    Number of Bonds listed, end of period 55,804 55,098 +1.3%

    Euronext ranked as the leading listing venue in Europe with 30% of European listings. Equity listing revenue was solid at €26.6 million.

    Euronext Corporate Solutions revenue grew +13.6% compared to Q4 2023 to a new record level of €14.0 million, resulting from the strong performance of its SaaS products and events.

    Debt listing activity was strong with revenue at €9.8 million, supported by dynamic bond listing activity and favourable market conditions.

    • Trading
      • Cash trading
      Q4 2024 Q4 2023 % change
    Cash trading revenue (€m) 70.9 64.1 +10.6%
    ADV Cash market11F (€m) 10,545 9,558 +10.3%

    Cash trading revenue increased by +10.6% to €70.9 million in Q4 2024, driven by a more positively geared volume environment.

    Over the fourth quarter of 2024, Euronext cash trading yield was 0.52 bps, reflecting more dynamic volumes and high average order sizes. Euronext market share on cash trading averaged 64.4% in Q4 2024.

    On a like-for-like basis at constant currencies, cash trading revenue was up +10.6%.

    • Derivatives trading
      Q4 2024 Q4 2023 % change
    Derivatives trading revenue (€m) 12.9 12.8 +0.3%
    ADV Derivatives market (in lots) 580,555 598,894 -3.1%
    ADV Equity derivatives (in lots) 463,920 506,716 -8.4%
    ADV Commodity derivatives (in lots) 116,634 92,178 +26.5%

    Derivatives trading revenue increased by +0.3% to €12.9 million in Q4 2024. The strong performance of Euronext commodity derivatives, supported by new product launches, partly offset the continued low volatility environment for equity derivatives. Euronext revenue capture on derivatives trading was €0.35 per lot for the fourth quarter of 2024.

    On a like-for-like basis at constant currencies, derivatives trading revenue was up +0.3% in Q4 2024 compared to Q4 2023.

    • Fixed income trading
      Q4 2024 Q4 2023 % change
    Fixed income trading revenue (€m) 37.8 30.6 +23.7%
    o/w MTS Cash 27.0 19.6 +37.8%
    o/w MTS Repo 6.7 6.3 +5.9%
    ADV MTS Cash (€m) 39,381 27,741 +42.0%
    TAADV MTS Repo (€m) 516,173 469,134 +10.0%
    ADV other fixed income (€m) 1,656 1,504 +10.1%

    Fixed income recorded record revenue at €37.8 million in Q4 2024, up +23.7% compared to Q4 2023, reflecting record quarterly volumes in MTS Cash and Repo driven by an economic environment favouring money markets and supportive volatility, and strong growth in repo and other fixed income trading.

    On a like-for-like basis at constant currencies, fixed income trading revenue was up +23.7% compared to Q4 2023.

    • FX trading
      Q4 2024 Q4 2023 % change
    Spot FX trading revenue (€m) 8.5 6.7 +27.7%
    ADV spot FX Market (in $m) 26,475 23,943 +10.6%

    FX trading revenue was €8.5 million in Q4 2024, up +27.7% compared to Q4 2023 thanks to favourable market volatility and commercial expansion.

    On a like-for-like basis at constant currencies, FX trading revenue was up +26.4% compared to Q4 2023.

    • Power trading
      Q4 2024 Q4 2023 % change
    Power trading revenue (€m) 11.3 10.4 +8.8%
    ADV Day-ahead power market (in TWH) 2.99 3.10 -3.4%
    ADV Intraday power market (in TWH) 0.32 0.25 +27.1%

    Power trading revenue reached €11.3 million in Q4 2024, up +8.8% compared to Q4 2023, reflecting continued strong growth in intraday volumes and lower day-ahead volumes due to milder temperatures.

    On a like-for-like basis at constant currencies, power trading revenue was up +10.1% compared to Q4 2023. This reflects the negative impact from the NOK depreciation on a reported basis.

    • Investor Services

    Investor Services reported €4.2 million revenue in Q4 2024, up +39.8% compared to Q4 2023, resulting from continued commercial expansion and the full-quarter contribution from Substantive Research, acquired as announced in September 2024.

    On a like-for-like basis at constant currencies, Investor Services revenue was up +13.0% compared to Q4 2023.

    • Advanced Data Services

    Advanced Data Services revenue was €61.1 million in Q4 2024, up +8.9% from Q4 2023, driven by a solid performance of the core data business, solid demand for analytic products and diversified datasets and from retail investors. It also reflects the positive contribution of GRSS, acquired as announced in June 2024. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +4.8% compared to Q4 2023.

    • Post Trade
    in €m, unless stated otherwise Q4 2024 Q4 2023 % change
    Post-trade revenue (excl. NTI) 102.8 94.6 +8.6%
    Clearing 32.9 32.3 +1.8%
    o/w Revenue from LCH SA – 17.8  
    o/w Revenue from Euronext Clearing 32.9 14.6 +126.2%
    o/w Derivatives 14.3 1.4 +940.3%
    o/w Equities 6.4 5.2 +21.9%
    o/w Bonds 3.8 3.7 +3.4%
    o/w Other 8.4 4.2 +98.5%
    Net treasury income through CCP business 17.9 11.7 +53.3%
    Custody, Settlement and other Post-Trade activities 69.9 62.3 +12.2%
    Number of transactions and lots cleared Q4 2024 Q4 2023 % change
    Shares (#contracts – single counted) 60,645,852 30,675,375 +97.7%
    Bonds – Wholesale (nominal value in €bn – double counted) 7,580 7,118 +6.5%
    Bonds – Retail (# contracts – double counted) 4,340,444 3,888,898 +11.6%
    Derivatives (# contracts – single counted) 37,154,815 5,691,338 +552.8%

    Clearing revenue was up +1.8% to €32.9 million in Q4 2024, reflecting the increase in equity clearing volumes following the expansion of Euronext Clearing in November 2023, as well as dynamic commodity and retail bond clearing volumes, offset by the low volatility environment for equity derivatives. Euronext has internalised the clearing and net treasury income related to its derivatives flows in September 2024. Euronext therefore no longer receives revenue and net treasury income from LCH SA, previously recorded under non-volume related clearing revenue. Non-volume related clearing revenue, mostly related to membership fees, accounted for €8.4 million of the total clearing revenue in Q4 2024. On a like-for-like basis at constant currencies, clearing revenue was up +1.8% compared to Q4 2023.

    • Net treasury income

    Net treasury income amounted to €17.9 million in Q4 2024. The +53.3% increase compared to Q4 2023 reflects the increased level of cash collateral posted to the CCP following the migration of derivatives clearing for all Euronext markets to Euronext Clearing.

    • Custody, Settlement and other Post-Trade activities
    Euronext Securities activity Q4 2024 Q4 2023 % change
    Number of settlement instructions over the period 34,122,913 30,507,967 +11.8%
    Assets under Custody (in €bn), end of period 7,065 6,663 +6.0%

    Revenue from Custody, Settlement and other Post-Trade activities was €69.9 million in Q4 2024, up +12.2% compared to Q4 2023, reflecting higher assets under custody, a growing number of settlement instructions and continued growth of the services offering, supported by the acquisition of Acupay on 2 October 2024. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +10.1% compared to Q4 2023.

    • Technology Solutions and Other revenue

    Euronext Technologies and Other revenue grew to €28.4 million in Q4 2024, up +3.1% from Q4 2023, supported by Technology Solutions provided through Nord Pool and the launch of Euronext Wireless Network in July 2024, which offset the termination of Borsa Italiana legacy services following the migration of Italian markets to Optiq®. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was up +3.2% compared to Q4 2023.

    Corporate highlights since 1 January 2025

    • Euronext to acquire Nasdaq’s Nordic power futures business

    On 28 January 2025, Euronext and Nasdaq announced the signing of a binding agreement under which Euronext will acquire Nasdaq’s Nordic power futures business, subject to receipt of applicable regulatory approvals.
    The agreement entails the transfer of existing open positions in Nasdaq’s Nordic power derivatives, currently held in Nasdaq Clearing, to Euronext Clearing, with approval of the members. Trading of power futures will be operated from Euronext Amsterdam and will be cleared through Euronext Clearing. Nasdaq Clearing AB, Nasdaq Oslo ASA, and their respective infrastructure are not included in the sale. Nasdaq will continue to operate its European Markets Services business and multi-asset clearing house.
    The anticipated combination of Euronext Nord Pool’s market initiative with Nasdaq’s Nordic power futures business is fully aligned with Euronext’s “Innovate for Growth 2027” strategic priority to expand in power and accelerates the delivery of Euronext’s power futures ambitions. The transaction complies with Euronext’s capital allocation policy and will be fully financed with existing cash.

    • Euronext upgraded to A-, stable outlook, by S&P

    On 3 February 2025, Euronext welcomed the decision of S&P to upgrade Euronext from ‘BBB+, Positive Outlook’ to ‘A-, Stable Outlook’.
    S&P’s decision reflects the completion of the integration of the Borsa Italiana Group, the successful expansion of Euronext Clearing and the continued deleveraging thanks to the Group’s strong cash flow generation. 

    • Ongoing share buyback programme

    On 7 November 2024, Euronext announced a share repurchase programme for a maximum amount of €300 million. This programme is enabled by Euronext’s strong cash generation capabilities and demonstrates Euronext’s rigorous capital allocation strategy. Weekly reporting updates about the share repurchase programme are being published in the Share Buyback Programme section of our website. As of 7 February 2025, a total of 1,821,023 shares had been repurchased, representing 65.3% of the repurchase programme.

    • Fixed income derivatives status update

    Euronext announces the launch of fixed income derivatives on major European government bonds, marking a significant innovation in financial derivatives. This new offering includes the first-ever mini futures to be cash-settled on European government bonds, designed to provide greater accessibility and flexibility for retail investors, asset managers, and private investors. Powered by the Optiq® trading platform and supported by dedicated market makers and Euronext Clearing, these derivatives will be introduced on the Euronext Derivatives Milan market in September 2025.

    • Euronext volumes for January 2025

    In January 2025, the average daily transaction value on the Euronext cash order book stood at €11,538 million, up 23.1% compared to the same period last year. The overall average daily volume on Euronext derivatives stood at 606,267 lots, up +5.1%% compared to January 2024, and the open interest was 23,064,793 contracts at the end of January 2025, up +4.5% compared to January 2024. The average daily volume on Euronext FX’s spot foreign exchange market stood at $27.7 billion, up +11.2% compared to the same period last year.
    MTS Cash average daily volumes were up +57.5% to €50.8 billion in January 2025, MTS Repo term adjusted
    average daily volume stood at €467.6 billion, up +3.5% compared to the same period last year.
    Euronext Clearing cleared 23,472,063 shares in January 2025, +20.9% compared to January 2024. €2,782.6 billion of wholesale bonds were cleared in January 2025 (double counted), up +2.8% compared to the same period in 2024. 1,464,522 bond retail contracts were cleared in January 2025 (double counted), up +11.9% compared to January 2024. The number of derivatives contracts cleared was 13,337,872, +606.4% compared to January 2024 (single counted). This strong increase is due to the fact that the commodity derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 15 July 2024, and financial derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 9 September 2024. Euronext Securities reported 13,048,702 settlement instructions in January 2025, up +14.9% compared to the same period last year. The total Assets Under Custody reached over €7 trillion in January 2025, up +7.2%.

    • Euronext announces strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering

    On 11 February 2025, Euronext announced a new collaboration with Euroclear to support the development of Euronext Clearing’s collateral management services for repo and other asset classes. This collaboration is a first major step to enable Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds bringing an efficient value offering to European and international clients. This collaboration will pave the way for the rollout of Euronext’s new repo clearing offering in June 2025, enabling the onboarding of clients including international banks, with an updated risk framework. Clients will be able to use Euroclear as a triparty agent for repo clearing.

    Agenda

    A conference call and a webcast will be held on 14 February 2025, at 09:00 CET (Paris time) / 08:00 GMT (London time):

    Conference call:

    To connect to the conference call, please dial:

    UK Number: +44 33 0551 0200 NO Number: +47 2 156 3318
    FR Number: +33 1 70 37 71 66 PT Number: +351 3 0880 2081
    NL Number: +31 20 708 5073 IR Number: +353 1 436 0959
    US Number: +1 786 697 3501 IT Number: +39 06 8336 0400
    BE Number: +32 2 789 8603 DE Number: +49 30 3001 90612

    Password: Euronext

    Live webcast:

    For the live audio webcast go to: Euronext Q4/FY 2024 Results

    The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.

    ANALYSTS & INVESTORS – ir@euronext.com

    Investor Relations Aurélie Cohen  
      Judith Stein +33 6 15 23 91 97

    MEDIA – mediateam@euronext.com 

    Europe Aurélie Cohen  +33 1 70 48 24 45
      Andrea Monzani  +39 02 72 42 62 13 
    Belgium Marianne Aalders  +32 26 20 15 01 
    France, Corporate Flavio Bornancin-Tomasella +33 1 70 48 24 45
    Ireland Andrea Monzani  +39 02 72 42 62 13 
    Italy  Ester Russom  +39 02 72 42 67 56 
    The Netherlands Marianne Aalders +31 20 721 41 33 
    Norway  Cathrine Lorvik Segerlund +47 41 69 59 10 
    Portugal  Sandra Machado +351 91 777 68 97
    Corporate Solutions Coralie Patri  +33 7 88 34 27 44

    About Euronext

    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway, and Portugal.

    As of December 2024, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal host over 1,800 listed issuers with around €6 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

    For the latest news, go to euronext.com or follow us on X and LinkedIn. 

    Disclaimer

    This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

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    Appendix

    The figures in this appendix have not been audited or reviewed by our external auditor.

    Non-IFRS financial measures

    For comparative purposes, the company provides unaudited non-IFRS measures including:

    • Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation;
    • EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

    Non-IFRS measures are defined as follows:

    • Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses;
    • Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs;
    • Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;
    • Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include:
      • integration or double-run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group;
      • one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments;
      • amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA);
      • tax related to non-underlying items.
    • Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses;
    • EBITDA as the operating profit before depreciation and amortisation;
    • Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation;
    • EBITDA margin as EBITDA divided by total revenue and income;
    • Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
    • Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact.

    Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

    Non-volume related revenue definition

    Non-volume related revenue includes Listing excluding IPOs, Advanced Data Services, Custody & Settlement and other Post-Trade, fixed revenue from Clearing activities (including for instance NTI and membership fees), Investor Services, Technology Solutions, Other Income and Transitional Revenue.

    Adjusted EPS definition

      Q4 2024 Q4 2023 FY 2024 FY 2023
    Net income reported 144.6 130.6 585.6 513.6
    EPS reported 1.40 1.25 5.65 4.84
    Adjustments        
    of which Operating expenses excl. D&A (11.2) (15.5) (30.9) (78.3)
    of which Depreciation and amortisation (28.1) (25.6) (105.2) (95.9)
    of which Net financing expense – – – (0.2)
    of which results from equity investments – 11.4 1.2 53.0
    of which Minority interest 1.1 1.1 2.5 4.1
    Tax related to adjustments 10.5 11.1 35.5 46.2
    Adjusted net income 172.3 148.2 682.5 584.7
    Adjusted EPS 1.66 1.42 6.59 5.51

    Consolidated income statement

      Q4 2024 Q4 2023
    in € million, unless stated otherwise Underlying Non-underlying Reported Underlying Non-underlying Reported
    Revenue and income 415.8 – 415.8 374.1 – 374.1
    Listing 59.4 – 59.4 56.2 – 56.2
    Trading revenue, of which 141.4 – 141.4 124.5 – 124.5
    Cash trading 70.9 – 70.9 64.1 – 64.1
    Derivatives trading 12.9 – 12.9 12.8 – 12.8
    Fixed income trading 37.8 – 37.8 30.6 – 30.6
    FX trading 8.5 – 8.5 6.7 – 6.7
    Power trading 11.3 – 11.3 10.4 – 10.4
    Investor services 4.2 – 4.2 3.0 – 3.0
    Advanced data services 61.1 – 61.1 56.1 – 56.1
    Post Trade, of which 102.8 – 102.8 94.6 – 94.6
    Clearing 32.9 – 32.9 32.3 – 32.3
    Custody & Settlement and other 69.9 – 69.9 62.3 – 62.3
    Euronext Technology Solutions & other revenue 28.4 – 28.4 27.6 – 27.6
    Net Financing Income through CCP                                                             business 17.9 – 17.9 11.7 – 11.7
    Other income 0.6 – 0.6 0.5 – 0.5
    Operating expenses excluding D&A (163.2) (11.2) (174.4) (157.8) (15.5) (173.3)
    Salaries and employee benefits (90.0) (5.4) (95.4) (85.6) (7.8) (93.3)
    Other operational expenses, of which (73.2) (5.8) (79.0) (72.2) (7.8) (80.0)
    System & communication (25.7) (0.1) (25.8) (23.1) (2.0) (25.1)
    Professional services (15.5) (4.8) (20.3) (12.8) (4.7) (17.5)
    Clearing expense (0.4) – (0.4) (8.8) – (8.8)
    Accommodation (4.1) (0.1) (4.2) (6.0) (0.2) (6.2)
    Other operational expenses (27.6) (0.8) (28.4) (21.5) (0.9) (22.3)
    EBITDA 252.6 (11.2) 241.4 216.3 (15.5) 200.8
    EBITDA margin 60.7%   58.1% 57.8%   53.7%
    Depreciation & amortisation (21.5) (28.1) (49.6) (20.0) (25.6) (45.6)
    Total expenses (184.7) (39.3) (224.0) (177.8) (41.1) (218.9)
    Operating profit 231.1 (39.3) 191.8 196.3 (41.1) 155.2
    Net financing income / (expense) 6.5 – 6.5 4.7 – 4.7
    Results from equity investment 10.1 – 10.1 5.6 11.4 17.0
    Profit before income tax 247.7 (39.3) 208.4 206.6 (29.7) 176.9
    Income tax expense (66.0) 10.5 (55.5) (51.0) 11.1 (40.0)
    Non-controlling interests (9.3) 1.1 (8.2) (7.4) 1.1 (6.4)
    Net income, share of the parent company shareholders 172.3 (27.7) 144.6 148.2 (17.6) 130.6
    EPS (basic, in €) 1.66   1.40 1.42   1.25
    EPS (diluted, in €) 1.66   1.39 1.41   1.24
      FY 2024 FY 2023
    in € million, unless stated otherwise Underlying Non-underlying Reported Underlying Non-underlying Reported
    Revenue and income 1,626.9 – 1,626.9 1,474.7 – 1,474.7
    Listing 231.9 – 231.9 220.6 – 220.6
    Trading revenue, of which 559.4 – 559.4 490.0 – 490.0
    Cash trading 284.0 – 284.0 265.4 – 265.4
    Derivatives trading 53.1 – 53.1 54.2 – 54.2
    Fixed income trading 145.5 – 145.5 107.4 – 107.4
    FX trading 31.7 – 31.7 25.6 – 25.6
    Power trading 45.1 – 45.1 37.4 – 37.4
    Investor services 14.1 – 14.1 11.4 – 11.4
    Advanced data services 241.7 – 241.7 224.8 – 224.8
    Post Trade, of which 414.7 – 414.7 370.2 – 370.2
    Clearing 144.3 – 144.3 121.3 – 121.3
    Custody & Settlement and other 270.5 – 270.5 248.9 – 248.9
    Euronext Technology Solutions & other revenue 106.2 – 106.2 109.9 – 109.9
    Net Financing Income through CCP business 56.8 – 56.8 46.7 – 46.7
    Other income 2.0 – 2.0 1.4 – 1.4
    Transitional revenues – – – (0.2) – (0.2)
    Operating expenses excluding D&A 620.5 30.9 651.3 (610.0) (78.3) (688.3)
    Salaries and employee benefits (330.2) (11.5) (341.6) (319.5) (12.9) (332.4)
    Other operational expenses, of which (290.3) (19.4) (309.7) (290.6) (65.4) (355.9)
    System & communication (99.2) (3.1) (102.3) (94.9) (7.8) (102.6)
    Professional services (57.7) (12.8) (70.6) (58.3) (18.2) (76.5)
    Clearing expense (23.2) (1.1) (24.3) (34.5) – (34.5)
    Accommodation (16.0) (0.9) (16.9) (17.9) (0.8) (18.7)
    Other operational expenses (94.1) (1.4) (95.5) (85.0) (38.6) (123.6)
    EBITDA 1,006.4 (30.9) 975.6 864.7 (78.3) 786.4
    EBITDA margin 61.9%   60.0% 58.6%   53.3%
    Depreciation & amortisation (83.5) (105.2) (188.7) (74.2) (95.9) (170.1)
    Total expenses (704.0) (136.1) (840.1) (684.3) (174.2) (858.5)
    Operating profit 922.9 (136.1) 786.8 790.4 (174.2) 616.2
    Net financing income / (expense) 17.5 – 17.5 0.1 (0.2) (0.2)
    Results from equity investment 33.5 1.2 34.7 30.0 53.0 83.1
    Profit before income tax 973.9 (134.9) 839.1 820.5 (121.4) 699.1
    Income tax expense (253.8) 35.5 (218.4) (208.9) 46.2 (162.7)
    Non-controlling interests (37.6) 2.5 (35.1) (26.9) 4.1 (22.8)
    Net income, share of the parent company shareholders 682.5 (96.9) 585.6 584.7 (71.1) 513.6
    EPS (basic, in €) 6.59   5.65 5.51   4.84
    EPS (diluted, in €) 6.56   5.63 5.50   4.83

    Consolidated comprehensive income statement

      Q4 2024 Q4 2023
    Profit for the period 152.9 136.9
         
    Other comprehensive income    
    Items that may be reclassified to profit or loss:    
    – Exchange differences on translation of foreign operations 8.7 (2.0)
    – Income tax impact on exchange differences on translation of foreign operations (1.5) 0.5
    – Change in value of debt investments at fair value through other comprehensive income – 0.5
    – Income tax impact on change in value of debt investments at fair value through
    other comprehensive income    		 – (0.2)
         
    Items that will not be reclassified to profit or loss:    
    – Change in value of equity investments at fair value through other comprehensive income 85.0 –
    – Income tax impact on change in value of equity investments at fair value through
    other comprehensive income    		 (0.7) –
    -Remeasurements of post-employment benefit obligations (1.0) (4.2)
    – Income tax impact on remeasurements of post-employment benefit obligations 0.1 0.5
    Other comprehensive income for the period, net of tax 90.6 (4.8)
    Total comprehensive income for the period 243.5 132.1
         
    Comprehensive income attributable to:    
    – Owners of the parent 235.9 125.6
    – Non-controlling interests 7.6 6.5
      FY 2024 FY 2023
    Profit for the period 620.7 536.4
         
    Other comprehensive income    
    Items that may be reclassified to profit or loss:    
    – Exchange differences on translation of foreign operations (27.9) (57.8)
    – Income tax impact on exchange differences on translation of foreign operations 2.0 6.3
    – Change in value of debt investments at fair value through other comprehensive income 0.7 7.1
    – Income tax impact on change in value of debt investments at fair value through
    other comprehensive income    		    
      (0.2) (2.0)
    Items that will not be reclassified to profit or loss:    
    – Change in value of equity investments at fair value through other comprehensive income 91.5 11.9
    – Income tax impact on change in value of equity investments at fair value through
    other comprehensive income    		 (2.1) (3.1)
    – Remeasurements of post-employment benefit obligations 0.6 (1.4)
    – Income tax impact on remeasurements of post-employment benefit obligations (0.1) 0.2
    Other comprehensive income for the period, net of tax 64.6 (38.9)
    Total comprehensive income for the period 685.3 497.5
         
    Comprehensive income attributable to:    
    – Owners of the parent 651.8 475.7
    – Non-controlling interests 33.5 21.8

    Consolidated balance sheet

    in € million 31 December 2024 31 December 2023
    Non-current assets    
    Property, plant and equipment 106.2 114.4
    Right-of-use assets 57.5 55.7
    Goodwill and other intangible assets 6,096.2 6,108.2
    Deferred income tax assets 30.4 31.3
    Investments in associates and joint ventures 0.8 1.3
    Financial assets at fair value through OCI 357.0 262.7
    Other non-current assets 3.5 4.5
    Total non-current assets 6,651.6 6,578.0
         
    Current assets    
    Trade and other receivables 412.9 333.6
    Income tax receivable 11.4 15.512F12
    CCP clearing business assets 200,575.5 183,715.2
    Other current financial assets 63.8 103.1
    Cash & cash equivalents 1,673.5 1,448.8
    Total current assets 202,737.0 105,616.2
         
    Total assets 209,388.6 192,194.2 
         
    Equity    
    Shareholders’ equity 4,245.2 3,945.7
    Non-controlling interests 156.8 139.7
    Total Equity 4,402.0 4,085.3
         
    Non-current liabilities    
    Borrowings 2,537.0 3,031.6
    Lease liabilities 46.2 37.3
    Other non-current financial liabilities 3.5 –
    Deferred income tax liabilities 496.8 531.9
    Post-employment benefits 21.0 22.7
    Contract liabilities 56.4 60.0
    Other provisions 7.2 7.3
    Total Non-current liabilities 3,168.2 3,690.8
         
    Current liabilities    
    Borrowings 516.5 17.3
    Lease liabilities 15.8 22.2
    Derivative financial instruments 0.1 –
    CCP clearing business liabilities 200,644.7 183,832.2
    Income tax payable 91.1 46.1
    Trade and other payables 464.3 415.8
    Contract liabilities 80.1 79.3
    Other provisions 5.9 5.2
    Total Current liabilities 201,818.4 184,418.0
         
    Total equity and liabilities 209,388.6 192,194.2

    The Group adjusted the comparative period figures downwards by €43.1 million for both income tax receivables and income tax payables, to adjust for the netting of taxes in the Italian fiscal sub-group.

    Consolidated statement of cash flows

    in € million FY 2024 FY 2023
    Profit before tax 839.1 699.1
    Adjustments for:    
    – Depreciation and amortisation 188.7 170.1
    – Share based payments 15.6 14.4
    – Results from equity investments (33.3) (23.5)
    – Gain on sale of associate (1.2) (53.0)
    – Share of profit from associates and joint ventures (0.2) (6.5)
    – Changes in working capital (89.5) 155.5
         
    Cash flow from operating activities 919.2 956.1
    Income tax paid (210.6) (130.0)
    Net cash flows from operating activities 708.6 826.1
         
    Cash flow from investing activities    
    Business combinations, net of cash acquired (65.2) –
    Proceeds from sale of subsidiary – (0.2)
    Purchase of financial assets at FVOCI (2.8) (1.3)
    Proceeds from sale of associate 0.9 122.4
    Proceeds from disposal of equity investment at FVOCI – 0.2
    Purchase of current financial assets (27.7) (72.3)
    Redemption of current financial assets 65.9 155.5
    Purchase of property, plant and equipment (18.0) (27.7)
    Purchase of intangible assets (69.3) (75.3)
    Interest received 45.7 25.3
    Dividends received from equity investments 33.3 23.5
    Dividends received from associates 0.1 7.8
    Net cash flow from investing activities (37.1) 157.9
         
    Cash flow from financing activities    
    Interest paid (29.4) (28.7)
    Payment of lease liabilities (20.8) (28.4)
    Transactions in own shares (106.7) (219.1)
    Transactions with non-controlling interests (0.1) (2.5)
    Withholding tax paid at vesting of shares (1.6) (1.0)
    Dividends paid to the company’s shareholders (257.3) (237.2)
    Dividends paid to non-controlling interests (25.8) (5.3)
    Net cash flow from financing activities (441.7) (522.2)
         
    Total cash flow over the period 229.9 461.8
    Cash and cash equivalents – Beginning of period 1,448.8 1,001.1
    Non cash exchange gains/(losses) on cash and cash equivalents (5.2) (14.1)
    Cash and cash equivalents – End of period 1,673.5 1,448.8
    in € million Q4 2024 Q4 2023
    Profit before tax 208.4 176.9
    Adjustments for:    
    – Depreciation and amortisation 49.6 45.6
    – Share based payments 5.2 3.9
    – Results from equity investments (10.0) (5.6)
    – Gain on sale of associate – (11.4)
    – Share of profit from associates and joint ventures (0.1) –
    – Changes in working capital (8.8) 44.1
         
    Cash flow from operating activities 244.3 253.5
    Income tax paid (69.2) (59.1)
    Net cash flows from operating activities 175.0 194.5
         
    Cash flow from investing activities    
    Business combinations, net of cash acquired (18.3) –
    Purchase of financial assets at FVOCI (2.8) –
    Proceeds from sale of associate – 11.4
    Purchase of current financial assets (2.3) (3.7)
    Redemption of current financial assets – 71.4
    Purchase of property, plant and equipment (7.4) (12.0)
    Purchase of intangible assets (23.4) (17.5)
    Interest received 13.7 12.0
    Dividends received from equity investments 10.0 5.6
    Net cash flow from investing activities (30.5)    67.2
         
    Cash flow from financing activities    
    Interest paid (0.5) –
    Payment of lease liabilities (5.9) (7.2)
    Acquisitions of own shares (95.2) (138.0)
    Transactions with non-controlling interests (0.1) (2.5)
    Withholding tax paid at vesting of shares 0.2 –
    Dividends paid to non-controlling interests (3.0) (1.4)
    Net cash flow from financing activities (104.5) (149.0)
         
    Total cash flow over the period 40.0 112.6
    Cash and cash equivalents – Beginning of period 1,630.3 1,336.5
    Non cash exchange gains/(losses) on cash and cash equivalents 3.1 (0.2)
    Cash and cash equivalents – End of period 1,673.5 1,448.8

    Volumes for the fourth quarter and full year of 2024

    • Cash markets
      Q4 2024 Q4 2023 %var
    Number of trading days 64 63  
    Number of transactions (buy and sells, incl. reported trades)
    Total Cash Market 153,172,698 145,907,592 +5.0%
    ADV Cash Market 2,393,323 2,315,994 +3.3%
    Transaction value (€ million, single counted)      
    Total Cash Market 674,892 602,148 +12.1%
    ADV Cash Market 10,545 9,558 +10.3%
           
    Listings      
    Number of Issuers on Equities      
    Euronext 1,812 1,888 -4.0%
    SMEs 1,433 1,493 -4.0%
    Number of Listed Securities      
    Funds 2,319 2,434 -4.7%
    ETFs 4,018 3,821 +5.2%
    Bonds 55,804 55,098 +1.3%
           
    Capital raised on primary and secondary market      
    Total Euronext, (€ million)      
    Number of new equity listings 16 13  
    Money Raised – New equity listings (incl. over-allotment) 163.9 247.2 -33.7%
    Money Raised – Follow-ons on equities 2,556 6,667 -61.7%
    Money Raised – Bonds 244,356 290,524 -15.9%
    Total Money Raised 247,076 297,438 -16.9%
           
    of which SMEs      
    Number of new equity listings 14 12  
    Money Raised – New equity listings (incl. over- allotment) 163.9 247.2 -33.7%
    Money Raised – Follow-ons on equities 1,655 4,474 -63.0%
    Money Raised – Bonds 2,779 1,671 +66.3%
    Total Money Raised 4,598 6,393 -28.1%
      FY 2024 FY 2023 %var
    Number of trading days 256 255  
    Number of transactions (buy and sells, inc. reported trades)
    Total Cash Market 603,696,978 625,895,768 -3.5%
    ADV Cash Market 2,358,191 2,454,493 -3.9%
    Transaction value ( € million, single counted)      
    Total Cash Market 2,663,692 2,563,560 +3.9%
    ADV Cash Market 10,405 10,053 +3.5%
           
    Capital raised on primary and secondary market      
    Total Euronext, in €m      
    Number of new equity listings 53 64  
    Money Raised – New equity listings (incl. over-allotment) 3,839.5 2,480.8 +54.8%
    Money Raised – Follow-ons on equities 15,782 20,177 -21.8%
    Money Raised – Bonds 1,190,154 1,156,035 +3.0%
    Total Money Raised 1,209,776 1,178,693 +2.6%
    of which SMEs      
    Number of new equity listings 47 59  
    Money Raised – New equity listings (incl. over-allotment) 872 1,275 -31.7%
    Money Raised – Follow-ons on equities 9,071 9,176 -1.1%
    Money Raised – Bonds 4,384 3,160 +38.7%
    Total Money Raised 14,326 13,612 +5.2%
    • Fixed income markets
      Q4 2024 Q4 2023 %var
    Transaction value (€ million, single counted)      
    MTS      
    ADV MTS Cash 39,381 27,741 +42.0%
    TAADV MTS Repo 516,173 469,134 +10.0%
    Other fixed income      
    ADV Fixed income 1,656 1,504 +10.1%
      FY 2024 FY 2023 % var
    Transaction value (€ million, single counted)      
    MTS      
    ADV MTS Cash 37,021 23,026 +60.8%
    TAADV MTS Repo 483,247 436,039 +10.8%
    Other fixed income      
    ADV Fixed income 1,612 1,266 +27.4%
    • FX markets
      Q4 2024 Q4 2023 % var
    Number of trading days   64  
    FX volume ($m, single counted)      
    Total Euronext FX 1,720,896 1,532,340 +12.4%
    ADV Euronext FX 26,475 23,943 +10.6%
           
      FY 2024 FY 2023 % var
    Number of trading days   259  
    FX volume ($m, single counted)      
    Total Euronext FX 6,888,292 5,814,512 +18.5%
    ADV Euronext FX 26,493 22,450 +18.0%
    • Power markets
      Q4 2024 Q4 2023 % var
    Number of trading days 92 92  
    Power volume (in TWh)      
    ADV Day-ahead Power Market 2.99 3.10 -3.4%
    ADV Intraday Power Market 0.32 0.25 +27.1%
           
      FY 2024 FY 2023 % var
    Number of trading days         365 365  
    Power volume (in TWh)      
    ADV Day-ahead Power Market 2.74 2.74 +0.3%
    ADV Intraday Power Market 0.31 0.20 +55.0%
    • Derivatives markets
      Q4 2024 Q4 2023 % var
    Number of trading days 64 63  
    Derivatives Volume (in lots)      
    Equity 29,690,908 31,923,088 -7.0%
    Index 11,183,641 13,517,515 -17.3%
    Futures 6,723,915 7,914,354 -15.0%
    Options 4,459,726 5,603,161 -20.4%
    Individual Equity 18,507,267 18,405,573 +0.6%
    Futures 1,485,833 498,969 +197.8%
    Options 17,021,434 17,906,604 -4.9%
           
    Commodity 7,464,607 5,807,238 +28.5%
    Futures 7,133,617 5,478,945 +30.2%
    Options 330,990 328,293 +0.8%
           
    Total Euronext 37,155,515 37,730,326 -1.5%
    Total Futures 15,343,365 13,892,268 +10.4%
    Total Options 21,812,150 23,838,058 -8.5%
           
    Derivatives ADV (in lots)      
    Equity 463,920 506,716 -8.4%
    Index 174,744 214,564 -18.6%
    Futures 105,061 125,625 -16.4%
    Options 69,683 88,939 -21.7%
    Individual Equity 289,176 292,152 -1.0%
    Futures 23,216 7,920 +193.1%
    Options 265,960 284,232 -6.4%
           
    Commodity 116,634 92,178 +26.5%
    Futures 111,463 86,967 +28.2%
    Options 5,172 5,211 -0.8%
           
    Total Euronext 580,555 598,894 -3.1%
    Total Futures 239,740 220,512 +8.9%
    Total Options 340,815 378,382 -5.0%
           
      FY 2024 FY 2023 % var
    Number of trading days 256 255  
    Derivatives Volume (in lots)      
    Equity 128,897,410 134,733,803 -4.3%
    Index 50,472,727 55,863,644 -9.7%
    Futures 28,946,677 34,664,423 -16.5%
    Options 21,526,050 21,199,221 +1.5%
    Individual Equity 78,424,683 78,870,159 -0.6%
    Futures 6,237,384 1,955,140 +219.0%
    Options 72,187,299 76,915,019 -6.1%
           
    Commodity 29,779,883 23,173,370 +28.5%
    Futures 27,953,600 21,113,163 +32.4%
    Options 1,826,283 2,060,207 -11.4%
           
    Total Euronext 158,677,293 157,907,173 +0.5%
    Total Futures 63,137,661 57,732,726 +9.4%
    Total Options 95,539,632 100,174,447 -4.6%
           
    Derivatives ADV (in lots)      
    Equity 503,506 528,368 -4.7%
    Index 197,159 219,073 -10.0%
    Futures 113,073 135,939 -16.8%
    Options 84,086 83,134 +1.1%
    Individual Equity 306,346 309,295 -1.0%
    Futures 24,365 7,667 +217.8%
    Options 281,982 301,628 -6.5%
           
    Commodity 116,328 90,876 +28.0%
    Futures 109,194 82,797 +31.9%
    Options 7,134 8,079 -11.7%
           
    Total Euronext 619,833 619,244 +0.1%
    Total Futures 246,631 226,403 +8.9%
    Total Options 373,202 392,841 -5.0%
           
    • Derivatives open interest
      31 December 2024 31 December 2023 % var
    Open interest (in lots)      
           
    Equity 18,723,119 18,567,344 +0.8%
    Index 869,625 1,000,267 -13.1%
    Futures 410,598 517,679 -20.7%
    Options 459,027 482,588 -4.9%
    Individual Equity 17,853,494 17,567,077 +1.6%
    Futures 251,452 153,607 +63.7%
    Options 17,602,042 17,413,470 +1.1%
           
    Commodity 979,545 876,380 +11.8%
    Futures 787,929 656,667 +20.0%
    Options 191,616 219,713 -12.8%
           
    Total Euronext 19,702,664 19,443,724 +1.3%
    Total Futures 1,449,979 1,327,953 +9.2%
    Total Options 18,252,685 18,115,771 +0.8%

    1 Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
    2 Norwegian Krone
    3 Full year 2024 reported and adjusted EBITDA
    4 Like-for-like basis at constant currency
    5 The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.
    6 Euronext is currently performing a €300 million share repurchase programme. The repurchased shares will be cancelled, subject to shareholders’ approval at the upcoming annual general meeting on 15 May 2025. The repurchased shares will be excluded from the payment of the dividend.
    7 Subject to receipt of applicable regulatory approvals
    8 For the total adjustments performed please refer to the Appendix of this press release.
    9 According to data from Dealogic
    10 Euronext Clearing was expanded to Euronext legacy markets commodity derivatives on 15 July 2024 and Euronext legacy markets financial derivatives on 9 September 2024.
    11 For the total adjustments performed please refer to the Appendix of this press release.
    12 Income tax receivables and payables were restated by -€43.1m for Italian tax netting

    Attachment

    The MIL Network –

  • MIL-OSI Video: UK Big Ben 120 years on

    Source: United Kingdom UK Parliament (video statements)

    Then Big Ben in 1905

    Now 120 years later, with dials restored to the original Prussian blue

    Today’s agenda for business in the House of Commons chamber includes business questions to the Leader of the House and a general debate on LGBT+ History Month.

    In the House of Lords, there is a debate on National Holocaust Memorial Day and a short debate on bank closures in the past decade and the impact on people in rural communities.

    Both Houses rise for recess at the conclusion of today’s business and will return on Monday 24 February.

    Take a tour of Parliament over recess: https://www.parliament.uk/business/news/2025/january/easter-speakers-house-tours/

    https://www.youtube.com/watch?v=ttppxhVYG0U

    MIL OSI Video –

  • MIL-OSI United Kingdom: Landmark Wolverhampton building to be converted for new social housing

    Source: City of Wolverhampton

    The location is the historic former SJ Dixon & Son premises on Cleveland Road, Wolverhampton where the final phase of the Royal Quarter development is set to begin. The project, which will involve the conversion of the Victorian building, has received funding from the WM Mayor and will deliver 93 new social homes.

    Richard Parker, Mayor of the West Midlands, today (Thursday 13 February) announced another investment to build more social homes as part of his plans to help address the region’s housing crisis.

    The Mayor was at the historic former SJ Dixon & Son premises on Cleveland Road, Wolverhampton where the final phase of the Royal Quarter development is set to begin. The project, which will involve the conversion of the Victorian building, has received funding from the Mayor and will deliver 93 new social homes.

    It is the third social housing scheme the Mayor has invested in since Christmas as his mission to build thousands of new social homes across the region gains momentum.

    This third and final phase of the Royal Quarter development is being built by Morro Partnerships. It will see Dixon House, built in 1885 and once home to paint firm S.J. Dixon & Son’s, converted into 30 specialist social rented flats for the YMCA Black Country Group.

    A further 63 social rent homes are also being built by Morro Partnerships for whg right next to the Dixon House flats.

    With over 6,800 households and 13,500 children currently living in temporary accommodation, the development is the latest step towards addressing the housing shortage in the West Midlands.

    To help tackle the issue, the Mayor has committed to work with partners including local councils, Homes England, housing associations and developers to deliver 20,000 new social homes over the next decade.

    Richard Parker, Mayor of the West Midlands, said: “Too many people in the West Midlands don’t have a safe, affordable place to call home. They deserve better, and that’s why I’m committed to building thousands of new social and affordable homes.

    “This is the third social housing scheme I’ve backed since December, delivering 485 new social and affordable homes, including 337 homes for social rent, for those communities that need them most.

    “I’m making sure we build at the scale needed to tackle the housing crisis, working with Homes England and local partners to deliver the biggest social housing programme this region has seen in decades – changing thousands of lives for the better.”

    Key project partners joining the Mayor on the visit included representatives from Morro Partnerships, Homes England, YMCA Black Country Group, whg, and the City of Wolverhampton Council.

    They met residents who have benefited from the housing initiative at the nearby YMCA City Gateway site (completed in Phase 1), such as Clotilda Tiguera, an inspiring example of the impact of YMCA’s housing pathway.

    Highlighting the profound social impact of the project, Clotilda, a Y-Living resident, exemplifies the importance of investing in social housing.  

    After experiencing homelessness, she progressed through YMCA’s housing pathway and has just finished training as a nurse at New Cross Hospital and is entering further medical training.

    Clotilda has also joined the Board of Trustees for YMCA Black Country Group, underscoring the transformative power of stable and supportive housing.

    Clotilda said: “Having a home with YMCA has been life changing. It gave me the stability to complete my nursing training and build my future after a difficult time during my teenage years.

    “Y-Living provided a trusted, supportive environment where I could focus on my studies, connect with others whilst feeling secure. Housing like this is more important than ever for young people.

    “I’m excited about YMCA’s new Dixon’s House development, which will give even more young people the chance to have a safe place to call home and take their next steps with confidence.”

    This phase is being supported by a combined multi million pound investment by Homes England, West Midlands Combined Authority (WMCA), which is chaired by the Mayor, whg and YMCA Black Country marking a collaborative effort to regenerate underutilized land into a vibrant residential community.  

    City of Wolverhampton Council Leader, Councillor Stephen Simkins, said: “Strong collaborative working has seen a major transformation of the Royal Quarter, and we are delighted to be supporting partners to bring forward the development of this final phase.

    “It brings back into use a historic derelict building and will provide vital social and affordable housing for our residents in line with our city housing strategy to help local people secure good homes in well connected neighbourhoods.”

    Matt Moore, CEO of Morro Partnerships, praising the collaborative effort that made the project possible, said: “This development exemplifies what we can achieve when partners come together with a shared vision.

    “WMCA, Homes England, whg, YMCA Black Country and Wolverhampton Council have all played vital roles in creating homes that not only meet housing needs but also build sustainable communities.

    “Together, we’re delivering more than housing, we’re delivering hope and opportunity.”

    For more information on Morro Partnerships, please visit Morro Partnerships or follow on LinkedIn.

    To learn more about YMCA Black Country Group, please visit YMCA Black Country Group.

    Visit whg, for more information on whg. 

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: Aid surge into Gaza continues, UN teams prioritize immediate needs

    Source: United Nations 2

    Peace and Security

    Lifesaving aid continued to reach Gaza on Thursday while UN humanitarians warned that needs remain enormous after 15 months of constant Israeli bombardment.

    Amid reports that a return to full-scale war at the weekend may have been averted with the announcement by Hamas that it would comply with the agreed release of Israeli hostages, the UN Office for the Coordination of Humanitarian Affairs (OCHA) said that aid teams were “seizing every opportunity” to deliver as much relief as possible to Gazans in dire need.

    Speaking from northern Gaza, OCHA’s René Nijenhuis said that families’ main concern was that the ceasefire holds.

    He explained that the fragile truce had allowed aid teams to get water trucks and reach people in “desperate need of assistance. They need shelter, they need schooling,” Mr. Nijenhuis said. Children are pleading: “Where’s my school? I want to go to school,” the OCHA officer added.

    Truck lifeline

    Thousands of trucks carrying food, shelter and medicines have entered the Gaza Strip at a rate of around 600 a day since the ceasefire began on 19 January – far more than those allowed during the hostilities that were sparked by the Hamas-led terror attacks on southern Israel of 7 October 2023.

    On Wednesday alone, more than 800 trucks delivered life-saving goods into Gaza, OCHA said, while the UN agency for Palestine refugees, UNRWA, said that it has now reached 1.5 million people with food parcels since the start of the ceasefire – and has enough coming to reach the rest of Gaza’s population.

    Since Israeli forces withdrew from parts of the Netzarim corridor that separates north and south Gaza, more than 586,000 people are estimated to have crossed to the north, while over 56,000 were estimated to have moved southward, UN humanitarians reported.

    Two million in need

    Despite the massive aid boost, it is still not enough to provide the immediate relief that more than two million Gazans require. This will only happen when commercial goods begin to flow into the Strip once again, humanitarians have said repeatedly, including the UN Children’s Fund (UNICEF).

    “A lot of aid has come in. We have scaled up as fast as we possibly could over the last three weeks of this ceasefire, but of course we cannot undo 15 months of suffering in three weeks,” said UNICEF Communications Manager Tess Ingam, speaking to UN News.

    “There needs to be much more aid consistently coming in; also need commercial goods to come in so that markets can be stocked. We need the cash sector and the banking sector to restart again so that people can buy those commercial goods. There’s a lot that needs to happen fast to help resume a functioning goods society in the Gaza Strip.”

    UNICEF also warned that its teams cannot quickly repair the damage done by the damage caused by the Israeli military’s use of heavy weapons and high explosives across Gaza.

    Basic public services have been smashed and require equipment that is still not being allowed to enter the enclave.

    “We need to make sure that certain items that are currently restricted for entry to Gaza are able to enter, for example, pipes for the repair of water systems, generators to run water pumps,” Ms. Ingam said, shortly after finishing a two-week assessment mission in the enclave.

    Live fire threat

    “UNICEF needs this ceasefire to hold as much for us as for the children of Gaza,” she insisted. “Like all humanitarian actors, we are able to do our best work to save the lives of children and provide them with protection and support when we’re not operating in live fire.”

    Speaking exclusively to UN News, Ms. Ingam said that the agency’s three priorities were providing water, boosting healthcare and nutrition and helping people withstand the cold.

    “We’re focused on making sure that water flows again, particularly in the areas where water has been really badly damaged, pipes have been damaged, wells have been damaged in the north and in Rafah, so we’re trying to bring water back by doing repairs and also starting water trucking so families have immediate access to water.”

    UNRWA’s vital role

    Key to the humanitarian response across Gaza, UNRWA runs 120 shelters which host around 120,000 people. It has also opened 37 new emergency shelters, including seven in Gaza City and 30 in North Gaza, and on Thursday announced the reopening of a health centre in Rafah – the first UNRWA facility in the southern city to receive patients since the ceasefire.

    The agency said that while the risk of famine has mostly been averted, another immediate priority is providing shelter and warmth to people returning to their shattered homes.

    Since the ceasefire came began, 644,000 people have received shelter assistance, UNRWA said, specifically tents, blankets, plastic sheeting, warm winter clothing, sealing-off materials and tarpaulins.

    In and around the shelters, the UN agency has also committed to repairing water wells and to provide water and waste disposal services to close to half a million people.

    In addition to shelter and food deliveries, healthcare assistance and medical supplies have also increased, too.

    Health needs being met

    According to the head of the UN World Health Organization (WHO), Tedros Adhanom Ghebreyesus, the organization has assisted with the medical evacuation of 414 patients requiring treatment outside Gaza. WHO has also delivered supplies for 1.6 million people since the start of the ceasefire, he said.

    The UN sexual and reproductive health agency, UNFPA, meanwhile, reported the increased distribution of relief items including infant warmers, postpartum and dignity kits. The UN agency has also established a new shelter for women inside Gaza City to provide safety from gender-based violence.

    In anticipation of possible power cuts, the shelter can run on solar power.

    Between 7 October 2023 and 11 February 2025, the Gazan authorities reported that at least 48,219 Palestinians have reportedly been killed in Gaza and 111,665 have been injured. Some 1,250 people were killed in the Hamas-led attacks and more than 250 were taken hostage.

    MIL OSI United Nations News –

  • MIL-OSI USA: Unions Expand Suit to Block Elon Musk from Accessing Private Data at DOL, HHS and CFPB

    Source: American Federation of State, County and Municipal Employees Union

    The AFL-CIO, AFGE, AFSCME, AFT, CWA, SEIU, Economic Policy Institute, and partner organizations are expanding their legal challenge to stop DOGE’s takeover of Americans’ private data

    (Washington, D.C.)—A coalition of the AFL-CIO, unions, an economic think tank and partner organizations filed an amended lawsuit to protect the confidential information of America’s working people housed at the Department of Labor (DOL), Department of Health and Human Services (HHS), and the Consumer Financial Protection Bureau (CFPB).

    The lawsuit expands the initial challenge to the “Department of Government Efficiency” (DOGE)’s attempt to raid the DOL for key information on America’s workers in order to hobble the agency tasked with protecting their rights, health and safety on the job, as Elon Musk expands his slash-and-burn approach to Americans’ private data and their most essential government services.

    As the complaint lays out: “DOGE seeks to gain access to sensitive agency systems of data before courts can stop them, dismantle agencies before Congress can assert its Constitutional prerogatives in the federal budget, and intimidate and threaten employees who stand in their way, without regard for the consequences. The results have already been catastrophic. DOGE has seized control of some of the most carefully protected information systems housed at the Treasury Department, taken hold of all sensitive personnel information at the Office of Personnel Management, and dismantled an entire agency within a week.”

    “Elon Musk and DOGE continue to jeopardize Americans’ most sensitive, personal data, and threaten our health, safety, rights, paychecks, and the essential services we depend on,” said AFL-CIO President Liz Shuler. “Unions and allies will vigorously fight DOGE’s attempt to put working people at risk through reckless actions that endanger workers and our families. They must be stopped—and today we’re getting back in court to do just that.”

    “What Elon Musk is doing is not an audit—it’s an illegal violation of American citizens’ most sensitive personal information by an unelected billionaire who seems to believe he has been delegated the powers of the elected president,” said AFGE National President Everett Kelley. “Unions and our allies will continue to stand up against Elon Musk and anyone else who thinks they can buy the government of the United States.”

    “Together with our union partners and allies, we filed a lawsuit to protect working people from billionaires stealing their data. Elon Musk thinks his wealth and political contributions give him the right to disregard the law and masquerade as an elected official—but he is not,” said AFSCME President Lee Saunders. “Working people deserve a government that will protect their privacy and hold corporations that break the law accountable. We call on the courts to address this unlawful corruption and ensure that our government remains for the people.”

    “Elon Musk, under the guise of making bureaucracy more ‘efficient,’ is effectively eviscerating  Americans’ privacy and fundamental freedoms,” said American Federation of Teachers (AFT) President Randi Weingarten. “This may be one of the biggest data hacks in U.S. history—I doubt anyone who voted for Donald Trump thought he would enable Musk to vacuum up their Social Security numbers, spousal details, and kids’ medical records for his own ends. Americans want a better life for themselves and their families: lower costs and higher wages. Yet Musk’s goal is evidently to weaponize this invasion of privacy to cut support for working families and ram through tax cuts for himself and his billionaire buddies. We are joining this lawsuit to stop the heist, end the chaos and confusion, and prevent Musk from causing irreparable harm to millions of American lives.”

    “Elon Musk is a notorious union buster whose retaliation against workers exercising their union rights won praise from Donald Trump as thousands of CWA members went out on strike,” said Communications Workers of America (CWA) President Claude Cummings Jr. “Musk and the other billionaires who supported Trump aren’t looting our confidential records to find ways to help workers organize to join unions and collectively bargain. They aren’t feeding sensitive personal data into AI systems to make sure working families are able to secure the benefits they are entitled to or to stop the big banks from ripping us off. They are looking for ways to enrich themselves and punish anyone who stands in the way of their profits.”

    “Every person in our country—regardless of race, occupation or political party affiliation—should have the comfort of knowing that their government is attempting to work in their best interests,” said Service Employees International Union (SEIU) President April Verrett. “No one deserves to have their privacy violated when they visit their doctor and seek care for their sick child. Nurses, doctors and other healthcare professionals should be able to provide their patients with quality care without the threat of having their personal healthcare information being exposed to unelected billionaires. Medical privacy is the cornerstone of quality patient care and necessary for improving health outcomes across our nation. It is an injustice when our leaders willingly leave any person vulnerable to becoming a victim of fraud, scams, and discrimination. Today SEIU members and our allies are saying that working people will not back down to these attacks on our health and safety from the Trump-Musk Administration. We will not stop fighting to build a future where every worker, of every race and from every place, can join together in a union to win the wages, healthcare, and security we all deserve.”

    ​​“Elon Musk’s DOGE is illegally seizing Americans’ private data. No responsible policymaker—whatever their political party—should tolerate this, and we all have a moral obligation to stand up against Elon Musk’s takeover,” said Economic Policy Institute (EPI) President Heidi Shierholz.

    The lawsuit was brought in the U.S. District Court for the District of Columbia by the AFL-CIO and a coalition of unions representing workers across the federal government and public sector: the American Federation of Government Employees (AFGE), AFSCME, AFT, CWA and SEIU, as well as EPI, Economic Action Maryland Fund and Virginia Poverty Law Center.

    The full complaint can be found here.

    MIL OSI USA News –

  • MIL-OSI Security: Businessman sentenced to over nine years in prison for $1.5M fraud on employees, investors, and the Virginia Department of Agriculture and Consumer Services

    Source: Office of United States Attorneys

    NEWPORT NEWS, Va. – A Suffolk man was sentenced yesterday to nine years and two months in prison for defrauding investors and employees of his business out of hundreds of thousands of dollars. While on pretrial release and after his bond was revoked, he additionally attempted to defraud the Virginia Department of Agriculture and Consumer Services out of $1.1 million.

    According to court documents, in November 2017, Breon Clemons, 36, worked at a car dealership with P.C., whom he told about his plans to form an organic produce company. Clemons later formed GoGreen Farms and Greenhouses, Inc., GoGreen Farms, Inc., and GoGreen Farms, LLC, (collectively GoGreen Farms), and offered employment to P.C. In February 2020, P.C. began working at GoGreen Farms and Clemons, as the owner of GoGreen Farms, had access to P.C.’s personally identifying information.

    Also in 2020, Clemons invited his neighbor, C.F., to invest in GoGreen Farms. After C.F. invested $10,000, Clemons asked C.F. if she would like to be an unpaid officer or director of the business, and C.F. agreed. Clemons told C.F. that he needed a copy of her driver’s license for the articles of incorporation, and C.F. provided it. In November 2021, Clemons told C.F. that the company needed a revolving line of credit and asked if she would be a co-applicant. During discussions about the line of credit, Clemons asked C.F. for her Social Security number, and she provided it to him. Clemons later told C.F. that she would not need to co-sign for a line of credit because, he claimed, he would receive a loan from a professional basketball player.

    In March 2022, C.F. received a call from Capital One regarding late payments. Upon further inquiry, C.F. discovered that the card in question was a joint account with GoGreen Farms. C.F. conferred with an acquaintance at GoGreen Farms, who indicated that GoGreen Farms also utilized an American Express card and a line of credit with lender TVT Capital that were in C.F.’s name.

    The loan application submitted to TVT Capital falsely showed Clemons and C.F. as each owning 50% of GoGreen Farms, and a Virginia State Corporation Commission document was provided to TVT Capital as part of the loan application. The document, titled “Certificate of Entity Conversion,” contained a signature page dated July 6, 2021, with C.F. and Clemons’ purported signatures, when C.F. had not signed the document

    The TVT Capital loan amount was $100,000, with interest of $46,000, resulting in a total repayment amount of $146,000. When C.F. confronted Clemons, he denied taking out lines of credit in her name.  He also removed Capital One and American Express cards from his pocket and gave them to C.F. The balance on each card was over $100,000.

    P.C. later discovered that in November 2021, Clemons took out a $25,000 line of credit with Bluevine Inc. using P.C.’s personal information and without P.C.’s consent. Clemons further forged P.C.’s signature on a financing and security agreement, and guaranty agreement. Bluevine Inc. advanced approximately $30,390 to Clemons on the line of credit.

    While on pretrial release, Clemons continued committing fraud. He defrauded two individual investors, H.H. and J.B., taking $5,000 from each victim by promising to pay inordinate returns in one week. Clemons also applied for a $1.1 million Resilient Food Systems Infrastructure (RFSI) grant from the Virginia Department of Agriculture and Consumer Services. Clemons submitted a grant application with false representations from prison with the assistance of a family member.

    The total loss from Clemons’ fraud was approximately $1.5 million. The total amount of laundered funds was $218,442. Neither P.C. nor C.F. consented to or authorized the use of their personal identifying information being used for these credit cards and lines or credit.

    Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia, and Kareem A. Carter, IRS Criminal Investigation Special Agent in Charge of the Washington D.C. Field Office, made the announcement after sentencing by U.S. District Judge Arenda Wright Allen.

    Assistant U.S. Attorneys Mack Coleman and Brian J. Samuels prosecuted the case.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 4:24-cr-2.

    MIL Security OSI –

  • MIL-OSI Global: How Asian immigrants to the U.S. resisted pressures to assimilate, creating a vibrant American suburbia

    Source: The Conversation – Canada – By Bianca Mabute-Louie, Sociology PhD candidate, Rice University

    This article is adapted from UNASSIMILABLE: An Asian Diasporic Manifesto for the 21st Century by Bianca Mabute-Louie (HarperCollins, January 2025).

    I grew up in San Gabriel Valley — also referred to as SGV or the 626. SGV is an ethnoburb — an ethnic enclave — that grew out of the 1970s, with its own economy and ecosystem that includes banks, grocery stores, hair salons and restaurants.

    Since many early Asian immigrants to this country were barred from accessing white institutions, working together to build and protect this ethnic ecosystem was a matter of survival and necessity.

    Wei Li, a Chinese American geographer, first proposed the term “ethnoburb” to describe the hybridity of ethnic enclaves and middle-class suburbs: suburban ethnic clusters of people and businesses.

    The ethnoburb demonstrates that we can create our own power and belonging — without learning English, without participating in white institutions, and Americanizing. It is a communal endeavour, one that requires everybody’s imagination and care.

    The ‘Chinese Beverly Hills’

    Fuelled by foreign capital, ethnoburb immigrants redefined the entire landscape of the suburb and instigated an economic boom. The growth of Chinese American banking institutions, along with the political and economic factors that prompted the migration of wealthy ethnic Chinese from Taiwan and Hong Kong, played an important role in facilitating the Chinese economic growth in Monterey Park, a city in San Gabriel Valley.

    With their resources, Chinese immigrants bought homes and started businesses with distinct Chinese and Vietnamese language signs to cater to fellow Asian transplants. Valley Boulevard, which runs through 10 cities in San Gabriel Valley, became home to Asian-owned malls, commercial plazas, office complexes, shops, hotels and industrial plants, often with trilingual signage in Chinese, Vietnamese and English.

    Asian immigrants transformed neglected strip malls into prosperous Asian marketplaces and forged a sense of permanence and community. Monterey Park, and eventually the rest of San Gabriel valley, began to be referred to as “Little Taipei” or the “Chinese Beverly Hills” by journalists and Chinese diasporic media.

    By the 1980s, Monterey Park was known as “the first suburban Chinatown,” converting San Gabriel Valley from predominantly white suburbs into an Asian-majority ecosystem with a conspicuous and diverse first-generation, unassimilated immigrant presence.

    Bypassing urban Chinatowns for the suburbs

    The ethnoburb troubles the American construction of the suburbs as static sites of whiteness and socioeconomic mobility.

    The majority of new immigrants, especially those with resources, bypassed urban ethnic enclaves like Chinatown that previously served as immigrant gateway cities and settled immediately into suburbs instead.

    Min Zhou, a professor of sociology and Asian American Studies at UCLA, argues that the deliberate preservation of ethnic values, ties and institutions is what actually acclimates non-white immigrants to the U.S.

    Zhou also says the direct insertion of new Asian immigrants into traditionally white middle-class suburbs offends the conventional understanding of immigration and assimilation. Ethnoburb immigrants were non-white, didn’t always speak English, made considerably less effort to acculturate into whiteness, and many of them were already educated and affluent. They broke the bounds of the American imagination of an immigrant.

    In addition to higher levels of education and incomes, many ethnoburb immigrants also possessed expansive and transnational social networks that shaped their reluctance to acculturate. They did not need to learn English or go through the ethnic enclave to reach a middle-class dream of financial stability.

    The ethnoburb was not a “staging ground” for somewhere better or whiter. The ethnoburb was the final desired destination.

    In actuality, contrary to popular conceptions, the ethnoburb was not apolitical or insular at all. It was and remains a site of resistance against the confining, white imagination of suburbia. With the emergence of Monterey Park as an Asian ethnoburb, questions over group identity, spatial boundaries, and the character of Monterey Park became politicized.

    White hostility in an ‘all-American’ city

    Nativist white residents were at the forefront of erecting boundaries of belonging that stigmatized first-generation immigrants. In addition to Asian businesses changing the esthetic and cultural identity of Monterey Park, Asian immigrants took on local politics. This direct insertion of unassimilated Asian immigrants into traditionally white suburbs and its institutions troubled conventional American understandings of who an immigrant is, the norms they should follow, and how they should behave.

    Lily Lee Chen’s official portrait as mayor of Monterey Park, California, 1983. The Huntington Library, Art Museum, and Botanical Gardens.

    On Nov. 8, 1983, Lily Lee Chen, a first-generation immigrant from Taiwan, was inaugurated in Monterey Park as the first Chinese American mayor in the nation. Chen was relatable, charismatic, and not assimilated. The Los Angeles Times described Chen’s speech as “accented with pauses and grammatical errors, characteristic of someone speaking in their second language.”

    In another Times article from 1985, Chen told the reporter that she enjoyed dressing in bright reds and jade greens, despite being told by her consultant to look more subdued because her bright colours made her appear “aggressive.” During her campaign, she was met with fierce resistance from white residents, who commonly took down her neighbourhood campaign signs.

    As a response, Chen worked tirelessly on voter engagement among Asian Americans and Latinos, publishing multilingual voter handbooks, registering voters, and building relationships with ethnic communities, including working with Cesar Chavez to support the Latinos in Southern California.

    The same year as Chen’s election, Monterey Park’s five-member city council became multiethnic, with two Mexican Americans, one Filipino American, one Chinese American, and one white council member.

    As Monterey Park became touted as a “successful suburban melting pot” by journalists and even won an “All-American City” award in 1985 for its civic engagement and racial diversity, white flight accelerated and resentment festered among the minority of white residents.

    The large influx and increasing influence of Chinese immigrants over a short period of time caused racial tension to build, with mounting struggles over cultural differences, language barriers, and explicit mistrust of immigrants. Chinese businesses, political candidates, religious institutions, and entrepreneurs became racialized targets of nativist animus.

    A particularly contentious conflict emerged over the proliferation of business signs in languages other than English. In 1986, white hostility among the remaining white residents swept the council members of colour out of office, and replaced them with three long-established white residents, who promptly launched an anti-immigrant, “English-only” campaign attacking the proliferation of business signage in Chinese.

    A scene from the 2010 play by Annette Lee about the English only movement from the 80s. 17-year-old Scarlett Wong, an ‘all-American teenager’ struggles with her neighbors who don’t speak English.
    Angry Asian Man/Annette Lee

    The “English-only” movement in Monterey Park reflects the struggle to control the identity and narrative of a built environment. It represents the tension between America’s idea of how immigrants should assimilate, and how ethnoburb immigrants instead created their own unassimilable institutions and communities.

    Frank Arcuri, one of the Monterey Park residents and community activists who started the “English-only” petition campaign, insisted, “Immigrants are welcome here, but they must realize that English is the language we use in America… They must realize they are making a negative impact on our city. They must adapt to our ways. They must use our language and respect our culture.”

    The nativist, inflammatory rhetoric Arcuri employed to speak about immigrants is as American as apple pie, comparable to replacement theory touted by white nationalist conspiracists today.

    The English-only conflict illustrates the deeper, ideological tensions behind an increasingly diverse and polyglot constituency, composed of politically active immigrants, and nostalgic white residents desperately (and at times violently) clinging on to institutional power and a homogeneous past.

    Asian immigrants defied assimilation theories

    Traditionally, sociologists of immigration and assimilation theorists believed that all immigrant groups would eventually assimilate and integrate into white Protestant American institutions, culture, and society. They argued that doing so would be in the best interests of immigrants. They were also all white scholars. For the most part, what they theorized was true for European immigrants.

    However, Asian immigrants in the ethnoburb remained proudly unassimilable and trans-national. While the ethnoburb was their final destination, they maintained diasporic ties. Many with socioeconomic privilege shuttled back and forth to their home countries.

    It is our diasporic connections to our motherlands and our ethnic communities, not necessarily our assimilation into whiteness, that help us thrive in the U.S.

    Bianca Mabute-Louie is affiliated with Asian Texans for Justice.

    – ref. How Asian immigrants to the U.S. resisted pressures to assimilate, creating a vibrant American suburbia – https://theconversation.com/how-asian-immigrants-to-the-u-s-resisted-pressures-to-assimilate-creating-a-vibrant-american-suburbia-247184

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Nick Park CBE returns to Preston to open Animate

    Source: City of Preston

    Award-winning film director Nick Park CBE returns to Preston to open Animate – Preston’s New Entertainment and Leisure Destination in February Half Term.

    The Honorary Freeman of Preston Nick Park CBE, multi award-winning filmmaker and Preston-born creator of the animated, loveable heroes Wallace and Gromit, will be visiting his hometown to officially open the city’s £45m+ Animate entertainment and leisure destination.

    After 13 months of construction work that started in January 2023, the city’s new £45+m entertainment and leisure destination will officially open on Thursday 20 February with an official ceremony at 3pm.

    Nick will join The Mayor of Preston, Councillor Phil Crowe and other special guests to unveil a new piece of artwork for the city centre.

    Nick was previously guest of honour in the city in September 2021 when he unveiled the city’s iconic Wallace and Gromit bench at Preston Markets.

    To help us celebrate the opening of Animate and following on from the internationally-acclaimed and hugely popular family favourite, the latest Wallace and Gromit film – Vengeance Most Fowl, from 1pm Wallace and Gromit characters will also be making a special guest appearances at Animate and Preston Markets to meet and greet their fans of all ages!

    The film, which premiered on BBC One on Christmas Day, has been nominated for three Baftas and an Academy Award at this year’s prestigious international film festivals, and we wish the team at Aardman Studios the very best of luck on behalf of the people of Preston!

    The Preston Concert Band will be playing some family favourite theme tunes at the covered market from 4pm to 6pm and The Arc Cinema will be handing out delicious popcorn and other goodies to spectators and passers-by.

    Two of the new leading family restaurant brands, Argento Lounge and Taco Bell will also be open serving tasty food and drinks throughout the day. The Arc Cinema will open its doors to the public on Friday 21 February showing brand new blockbuster movies.

    The rest of the signed tenants to the scheme will phase their openings over the coming weeks:

    • Hollywood Bowl – early March
    • Ask Italian – early April
    • Mad Giant Food Hall, Northern Lights Group – late April
    • Cosmo All You Can Eat World Buffet – coming soon!

    Councillor Martyn Rawlinson, Deputy Leader and Cabinet Member for Resources at Preston City Council said:

    We thrilled to welcome Nick Park CBE and special guests help us celebrate the opening of Animate in partnership with the launch of The Arc Cinema. The transformation on the site of the former indoor Preston Market has been a long time in the planning, and seven years almost to the day when the old indoor market shut its doors for the very last time.

    “As we celebrate and welcome special guests and our new tenants to Animate, we’d like to say a big thank you to everyone who has been involved in this project over the years, and through their hard work and dedication have made the ideas into a reality that both residents and visitors to Preston can all now enjoy.

    Maple Grove Developments (MGD), part of Preston-based contractor Eric Wright Group, delivered the scheme on behalf of Preston City Council.

    The entertainment and leisure scheme supports the Council’s commitment to Community Wealth Building, a fair, inclusive, and ethical approach to fostering sustainable economic development and prosperity for all in Preston. Measures include using locally based businesses, creating approx.

    300 full and part-time jobs once fully open, and has supported 105 apprenticeship weeks worked throughout the build of the development.

    The Council-owned scheme is in part funded by UK Government.

    Visit the Animate website for more information

    Additional Information

    Projects included in Preston’s £200 million Harris Quarter Towns Fund Investment Programme are:

    • Animate – £45m multi-use entertainment and leisure complex anchored by a state-of-the-art cinema and bowling venue next to Preston Markets
    • Educate Preston: The creation of a new Careers and Employment, Information, Advice and Guidance Hub in the Harris Quarter.
    • Renewal of Harris Quarter Assets: Investment to support the redevelopment of publicly-owned buildings in the Harris Quarter to support new cultural and community uses, including Amounderness House.
    • Illuminate and Integrate: A project to deliver improved pedestrian and cycleway infrastructure, street lighting and other public realm improvements within the Harris Quarter.
    • Preston Youth Zone:The development of Preston Youth Zone as a state-of-the-art facility for young people in Preston aged eight to 19.
    • #HarrisYourPlace:The refurbishment of the Grade I listed Harris Museum, Art Gallery & Library, enhancing and protecting the building for future generations.
    • Preston Pop Ups: £1m pop-up programme of events bringing together new temporary event space, artworks and improvements to public realm infrastructure, aimed at boosting visitor activity in the Harris Quarter.

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: UNECE issues guidance to tackle methane emissions from coal mine ventilation systems

    Source: United Nations Economic Commission for Europe

    In the fight against climate change, emissions of methane – which has a warming effect over 80 times greater than CO2 over a 20-year timeframe – from coal mines remain a significant source of greenhouse gases (GHG). Coal mines account for over 10% of methane emissions from human activity. As long as coal’s share in the global energy mix remains significant, mitigating large emissions associated with its extraction presents an under-exploited and under-capitalized opportunity to deliver near-term GHG emissions cuts.  

    Gassy underground coal mines employ large-scale ventilation systems that pump fresh air into the workings to dilute and remove methane released during mining operations. This ventilation air, discharged through dedicated (ventilation) shafts, contains methane in concentrations typically ranging from 0.1% to 1.0% by volume, known as Ventilation Air Methane (VAM). While removing methane from the mine is necessary for maintaining safe underground working conditions, the continuous discharges of large volumes of VAM constitute a significant source of greenhouse gas emissions. 

    A new UNECE report developed by the UNECE Group of Experts on Coal Mine Methane and Just Transition sheds light on the urgency of tackling VAM emissions. A single ventilation shaft in an operating coal mine can expel up to 50,000 tonnes of methane annually – equivalent to the emissions (CO2e) generated by 2 million cars. Since coal mines are expected to continue to operate for at least the next two decades, reducing these emissions presents an immediate and effective way to slow down climate change, complementing scaled-up decarbonization efforts. 

    The report “Best Practice Guidance on Ventilation Air Methane Mitigation” highlights the cost-effectiveness of VAM mitigation. Advanced technologies, such as Regenerative Thermal Oxidation (RTO), have been successfully deployed in large-scale, long-term projects, proving the technical viability of VAM mitigation. RTO installations are actively reducing methane emissions at coal mines in the United States and China. For such projects to be economically sustainable, the value of emission reductions must reach approximately USD 20 per tonne of CO2e – an economically feasible target when compared to other climate mitigation efforts. 

    The cost of a VAM mitigation plant is all about the volume of air being processed, and therefore the methane content in the ventilation air to be processed is a key factor determining the revenue and thus also the economic viability of the plant. A plant processing VAM concentration of 0.2% will have a total cost per mitigated tCO2e around USD $20. Where such mechanisms exist, this cost could be balanced by Carbon Emission Reduction Credits, or by avoided emissions penalty. 

    Despite its potential, VAM mitigation faces technical challenges. Methane concentrations in ventilation air are often very low, and mine shafts release vast volumes of air. The report emphasizes that only one technology, RTO, has consistently reduced methane emissions from coal mines, though other catalytic processes are emerging. 

    The report aligns with global efforts to address methane emissions, including the Paris Agreement and the Global Methane Pledge, which aims to cut methane emissions by 30% by 2030. In this context, VAM mitigation could play a key role in achieving these ambitious objectives. 

    This Best Practice Guidance on VAM serves as a call to action for the mining industry and policymakers, underscoring the significant potential of VAM mitigation as a cost-effective solution to reduce emissions.  

    The report provides practical guidance on securing financial support, assessing the feasibility of VAM mitigation plants, and understanding the key aspects of technology integration. It also offers a clear 8-step model for preparing potential VAM projects, making this complex topic accessible and actionable. 

    For further information and/or to access the Best Practice Guidance report, please visit https://unece.org/sustainable-energy/publications/best-practice-guidance-ventilation-air-methane-mitigation   

    ———————————-

    In addition to the Best Practice Guidance, the UNECE Group of Experts on Coal Mine Methane and Just Transition – through its Task Force on Methane Emissions Reduction – has developed complementary resources to further support methane monitoring and mitigation efforts. These include: 

    • Template for Estimating Emissions from Underground Coal Mines – A user-friendly tool designed to improve emissions data collection for policymakers and companies. This template streamlines the tracking of methane emissions, destruction, and off-site transportation, and accounts for avoided methane emissions and CO2 emissions resulting from these processes.  

    Join the Discussion at the UNECE Resource Management Week 2025  

    The UNECE Resource Management Week 2025 (24–28 March, Geneva), and particularly the meeting of the Group of Experts on Coal Mine Methane and Just Transition, will provide a platform to discuss methane mitigation strategies, including the VAM Best Practice Guidance, which will be presented for endorsement.  

    Bringing together policymakers, industry representatives, and experts, the event will facilitate discussions on innovative solutions, financing mechanisms, and regulatory approaches to support methane emission reductions.  

    Register here.   

    MIL OSI United Nations News –

  • MIL-OSI Canada: Advancing midwifery access in Alberta

    As of January 2025, 181 midwives were practising across the province, reflecting a 26 per cent increase from 2020. Midwives play a crucial role in improving health outcomes for women, newborns and families by bringing maternal care closer to home. They build strong relationships with families, provide emotional support, help manage pregnancy risks and make referrals when needed.

    Alberta’s government is committed to ensuring Albertans can access high-quality maternal health care anywhere in the province. To help achieve this goal, $10 million is being invested over three years to implement the comprehensive new Alberta Midwifery Strategy.

    “Midwives play an important role in delivering primary health care to Albertans. Our goal is to continue leading the way in women’s and children’s health programs, and implementing initiatives through our midwifery strategy is an important part of achieving this goal.”

    Adriana LaGrange, Minister of Health

    The midwifery strategy outlines short-, medium-, and long-term goals to strengthen care and support midwifery pathways to practice. In the short term, the focus is on enhancing care for Indigenous populations through provider and community engagement. Medium-term efforts aim to address midwifery attrition and identify the supports needed to sustain the workforce. Long term, the strategy seeks to formalize guidelines and processes to integrate midwifery practice while monitoring supply and demand.

    First Nations, Métis and Inuit families have emphasized that increased access to midwifery services is critical, especially in rural and remote areas of the province. They believe that improved midwifery access will help to address physical, emotional and cultural barriers that affect health outcomes for mothers, babies and communities.

    “Implementing this strategy will support midwifery practice and improve rural Albertans’ access to the maternity services they need.”

    Martin Long, parliamentary secretary for rural health

    Funding will support engagement with Indigenous communities and birth workers, pilot innovative projects within Indigenous populations, assess data gaps and develop resources to provide midwifery services effectively. Additionally, it will help attract and retain internationally educated midwives and promote the integration of midwifery practice in team-based primary care. 

    “The Alberta Association of Midwives values the government’s commitment to supporting midwifery in Alberta through the provincial midwifery strategy. We look forward to collaborating on initiatives to grow and sustain midwifery in our province.”

    Marita Obst, president, Alberta Association of Midwives

    Midwifery services are in high demand across Alberta, and Alberta’s government recognizes the need to expand options and improve access to maternal care. This strategy will help ensure families receive the care they need, when and where they need it.

    Quick facts

    • Alberta’s government is investing $2 million for midwifery projects in 2024-25, followed by $3 million in 2025-26 and $5 million in 2026-27.
    • Alberta’s government worked with the Alberta Association of Midwives, the College of Midwives of Alberta, Mount Royal University, Alberta Health Services and internal stakeholders to develop the midwifery strategy.  
    • Midwifery is a publicly funded service in Alberta.
    • Midwives are regulated by the College of Midwives of Alberta under the Health Professions Act and must complete formal education in midwifery and pass written and practical examinations before practising in Alberta.
    • Midwives provide comprehensive care to individuals with low-risk pregnancies through labour and birth, continuing to support the health and safety of mothers and babies until six weeks after birth.

    Related information

    • Alberta Midwifery Strategy
    • Minister of Health 2023 mandate letter 

    Related news

    • Investing in women’s and children’s health (May 3, 2024)

    MIL OSI Canada News –

  • MIL-OSI Security: FBI Sacramento Offering Students Rare Educational Opportunity

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    The Federal Bureau of Investigation (FBI) Sacramento Field Office is now accepting applications for the Spring 2025 Sacramento FBI Teen Academy. All high school juniors—whether enrolled in public, private, charter, or home school—within the field office’s 34-county area of responsibility are eligible to apply. Ideal candidates are engaged with their respective academic and local communities; are curious about how the FBI serves their communities; and are eager to share the content with their peers. Students selected to attend the Sacramento FBI Teen Academy spend a full day at FBI Sacramento headquarters, interacting with FBI personnel at all levels, and engaging in unique experiences and discussions. Following graduation from the class, students are encouraged to share what they have learned to foster a safer, more informed community and inspire the next generation of FBI employees.

    The Spring 2025 FBI Sacramento Teen Academy will be held on April 4, 2025, at the field office’s headquarters in Roseville. Applications, available online on the FBI Sacramento Field Office’s Community Outreach web page, are being accepted until 5 p.m. February 21, 2025. Instructions for completion of the form, required signatures, essay composition, and submission are included in the application package. The single-day class Teen Academy class FBI is offered at no charge to families; the class, materials, and supplies are offered at no charge. Meals and refreshments are generously provided by the Sacramento FBI Citizens Academy Alumni Association. The FBI does not cover transportation necessary to attend the class.

    Families will be notified of the status of the applications approximately two weeks prior to the class. Students selected from the pool of candidates and invited to attend the class must confirm their planned attendance or an alternate will take their place.

    The FBI Sacramento Field Office serves the following 34 California’s counties: Alpine, Amador, Butte, Calaveras, Colusa, El Dorado, Fresno, Glenn, Inyo, Kern, Kings, Lassen, Madera, Mariposa, Merced, Modoc, Mono, Nevada, Placer, Plumas, Sacramento, San Joaquin, Shasta, Sierra, Siskiyou, Solano, Stanislaus, Sutter, Tehama, Tulare, Tuolumne, Trinity, Yolo, and Yuba.

    Links in copy:

    MIL Security OSI –

  • MIL-OSI United Kingdom: Diversifying income with planting for wood products at Grascott Farm

    Source: United Kingdom – Executive Government & Departments

    Case study

    Diversifying income with planting for wood products at Grascott Farm

    Find out how Grascott Farm diversified their business to generate income through timber, biomass, wood products and recreation.

    Forester Sam Whatmore reflects on his 85 hectare woodland creation project that has allowed local wildlife to thrive whilst also bringing long-term value to his business.

    Grascott Farm facts

    • location: Devon
    • size: 212 acres
    • type: conifer woodland with areas of broadleaf
    • species: predominantly Douglas fir, together with Sitka spruce, field maple, ash, chestnut and oak
    • date established: 1998-2000
    • grants: Forestry Commission woodland grant and South West Forest grant
    • main objective: grow high-quality Douglas fir to produce timber and wood fuel, combined with delivery of multi-objective and continuous cover management principles

    An aerial view of woodland on Grascott Farm. Copyright Grascott Farm.

    Establishing a thriving forest

    Set in over 85 hectares within the North Devon UNESCO Biosphere Reserve, Grascott Farm boasts a thriving woodland that is home to barn owls, badgers and elusive otters, as well as providing a steady income through timber, biomass, and recreation. But it hasn’t always been like this – so what is the story behind Grascott Farm’s success?

    Over 25 years ago, expert forester Sam Whatmore was determined to create his own forest. Having spent years managing other people’s woodlands with short-term objectives, Sam wanted to focus on a longer-term goal: maintaining continuity of forest management to see the fruits of his labour in the years to come. When the opportunity arose to purchase an initial 25 acres of woodland in 1993, Sam jumped at the chance, supplementing his holding with the addition of a larger mixed farm in 1998.

    The primary objective of the forest was to grow high-quality Douglas fir to produce timber and other wood products. Following extensive woodland planning, trees were planted during the 1998-99 and 1999-00 planting seasons, as part of the then South West Forest, taking advantage of Forestry Commission grants and local incentives.

    With over 150,000 trees to put in the ground, this was no mean feat. Devon has ideal growing conditions for Douglas fir with the warm and wet climate, and the landholding has sloping freely draining soils to support establishment. Slightly wetter soils around the site were more appropriate for Sitka spruce, and broadleaves were planted to complement and diversify the conifer species. Careful management was critical particularly in the first 5 years of establishment, with a lot of time dedicated to weeding, pest control, and beating up, to ensure full stocking.

    Sam Whatmore, Owner, Grascott Farm said:

    The most important thing for forestry is continuity of management.

    Watch the video on how Sam Whatmore diversified his business to generate income from timber.

    Opportunity and innovation

    Establishing a woodland brings challenges, with innovative thinking required to fill the income gap between tree establishment and future returns to turn those challenges into opportunities. Holiday cottages were built in the early years on Grascott Farm to generate revenue through recreation. Deer stalking led to the creation of a successful venison business, selling high-quality burgers and sausages at shows across the county.

    In 2000, the biomass renewable energy market was only just emerging, and with it the development of a whole new avenue for the forestry sector. Aiming to be ahead of the curve, Sam installed a biomass boiler in 2003 – the third in the UK – providing heat to the holiday cottages. From this point onwards, Sam was at the forefront of wood fuel development as it grew into an established market, changing the face of the UK forestry economy. Alongside delivering hundreds of seminars across the country, Sam set up his own wood fuel business in 2006.

    This start-up evolved into the biggest biomass supply company in the UK, and has since merged with an international energy company that continues to flourish to this day.

    Sam Whatmore, Owner, Grascott Farm said:

    I absolutely love the woodland! It is my total pleasure in life and key to my wellbeing.

    Top tips for timber production

    1. Consider stocking density if you’re looking to grow high-quality timber, a greater density will result in straighter trees.
    2. Woodland management is essential for creating a well-stocked forest: the more work you put in during establishment, the greater your future returns.
    3. Think outside the box to generate income, anything is possible.
    4. Remember the impact trees have on wellbeing!

    Delivering value through woodlands

    The principle of using woodlands to deliver long-term value to people and society is central to Sam’s management plan; generating products that people need and use. Grascott Farm now has a healthy turnover as a successful business, incorporating:

    • timber and firewood: no part of the tree goes to waste, with saw logs going to the sawmill, smaller roundwood being used as firewood, and the canopy woodchip feeding the biomass boiler, which in turn is used to heat both the holiday cottages and the kiln to dry the firewood
    • biomass, supported by the Renewable Heat Incentive scheme
    • 4 prospering holiday lets for recreation and tourism
    • innovative forest products: from wooden poles for glamping tepee construction and window displays for large retailers, to a ship’s mast and foliage for florists, to sawdust for horse bedding and pokers for the steel industry – the opportunities are endless

    Alongside delivering economic benefits and valuable wood products, Grascott Farm has boosted local biodiversity, with springtime carpets of bluebells and orchids, and even a family of lively otters.

    A bridleway running through the heart of the woodland provides public access for the local community to enjoy and explore, and visitors to the holiday cottages are spoilt with nature trails, lakes, and cycle paths on their doorstep.

    The enterprise is also involved in delivering wider benefits such as educational activities and seminars, and working in collaboration with Forest Research through ongoing sample plots and experiments across the forest.

    View the brochure for this case study: Grascott Farm: innovating with timber, biomass, and wood products (PDF, 1.02 MB, 3 pages).

    Find out how the Forestry Commission can help you create woodland, visit our Tree planting and woodland creation overview.

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: ATC Managers, LLC Closes $51 Million Loan for Multifamily Portfolio Acquisition and Refinance

    Source: GlobeNewswire (MIL-OSI)

    BAKERSFIELD, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — ATC Managers, LLC, a direct private lender specializing in flexible real estate financing, is pleased to announce the successful closing of a $51 million loan for the acquisition and refinance of a multifamily portfolio spanning Los Angeles, Miami, Dallas, Phoenix and Atlanta.

    The portfolio includes a strategic mix of properties in five cities:

    Dallas: 200 units of Class C Garden-Style Apartments, valued at $18 million, priced at $90K per unit with a 7.8% cap rate. The property focuses on increasing operational efficiencies and rent growth in affordable housing areas.

    Los Angeles: 100 units of Class B Workforce Housing, valued at $22 million, priced at $220K per unit with a 5.3% cap rate. Located in rapidly appreciating neighborhoods like Inglewood and North Hollywood, this property presents both stabilized and value-add opportunities.

    Miami: 150 units of Value-Add Mid-Rise properties, valued at $11 million, priced at $73K per unit with a 6.0% cap rate. Situated in high-demand areas such as Little Havana and Wynwood, these properties offer strong potential for renovations and upgrades.

    Phoenix: 120 units of Class B Garden-Style Apartments, valued at $8 million, priced at $67K per unit with a 6.2% cap rate. Located in areas with strong population growth and a demand for workforce housing, this property presents an opportunity for both operational improvements and rent increases.

    Atlanta: 90 units of Class C Workforce Housing, valued at $6 million, priced at $66K per unit with a 7.3% cap rate. This property, located in a rapidly growing suburban area, offers significant value-add potential with renovations and rent growth opportunities.

    The loan is structured with a fixed interest rate of 8.5% over a 5-year term, providing the borrower with the flexibility to execute their investment strategy, focusing on renovations, operational enhancements, and holding for long-term appreciation. This customized financing solution offers a more efficient, streamlined path to maximizing returns, without the restrictions typically associated with traditional bank financing.

    “At ATC Managers, LLC, we pride ourselves on offering flexible, tailored financing solutions that meet the specific needs of our clients,” said Vanmatre Wilbur, CEO of ATC Managers, LLC. “This $51 million deal is a prime example of how we can customize our services to accommodate the diverse needs of real estate investors. By providing 100% financing for both acquisition and refinance, we’re helping our clients optimize their portfolios without the constraints of traditional lending options.”

    For more information, please contact:

    Reisman Joel

    Loan Officer

    ATC Managers, LLC

    (661) 238-7997

    R.Joel@atcmanagers.com

    www.ATCManagers.com

    About ATC Managers, LLC

    ATC Managers, LLC is a direct private lender offering specialized real estate financing solutions for investors and developers. With loans starting at $5 million, ATC Managers provides customized capital for acquisitions, refinancing, and development projects across the United States.

    The MIL Network –

  • MIL-OSI United Kingdom: Great British Nuclear Announces Key Leaders to Power Next Phase

    Source: United Kingdom – Executive Government & Departments

    Great British Nuclear Transition Update

    Great British Nuclear (GBN) is making the step forward from start-up to a permanent organisation, marking a pivotal moment in its mission to deliver growth from nuclear and help deliver the Government’s Plan for Change and clean energy superpower mission.

    Since its inception, GBN has rapidly established itself as the Government’s delivery body for new nuclear, focusing initially on the Small Modular Reactor (SMR) Technology Partner selection process. GBN is currently in the negotiation phase of this process, with four remaining vendors: GE-Hitachi Nuclear Energy International LLC, Holtec Britain Ltd, Rolls Royce SMR Ltd, and Westinghouse Electric Company UK Ltd. Final decisions will be taken this Spring.

    Great British Nuclear (GBN) has also bought land for new nuclear development from Hitachi at both Wylfa on Ynys Môn/Anglesey and Oldbury-on-Severn in Gloucestershire. GBN is working closely with the local communities at these sites to consider how future new nuclear projects will benefit their communities.

    GBN Chair Simon Bowen said:

    “This is a great step for Great British Nuclear. We’ve benefitted from some incredibly talented people as we set up the organisation and launched the process of selecting the right small modular reactor technology for the UK, no mean feat! Now we’re consolidating and moving to the next phase. The country will benefit hugely from the new nuclear, not only in terms of GDP growth, jobs, skills and accelerating the path to Net Zero, but also in its real potential for export.”

    Key Leadership Appointments:

    • Brian Robinson, Chief Technology Officer

    • Florian Wagner, Strategy and Performance Director

    • Rachel Welch, Chief People Officer

    • Nick Smallwood, Programme Development and Assurance Director

    • Cory Reynolds, Director of Communications and Government Relations

    A high calibre CFO has been appointed and will be announced in due course. Kenny Douglas, the MD of the GBN Development Companies, remains seconded to GBN on a long-term basis.

    These appointments bring a wealth of experience and expertise to GBN, ensuring the organisation is well-positioned to achieve its goals. Both Brian Robinson and Florian Wagner have been with GBN since its inception, playing instrumental roles in its early successes.

    The permanent appointments of Chair and CEO are also underway to support the long-term stability of GBN.

    As GBN continues to grow, it remains committed to building a sustainable and secure energy future for the UK, in line with the Government’s growth mission to drive higher productivity, employment and skills development.

    For more information, please contact:

    Cory Reynolds, Director of Communications and Government Relations
    cory.reynolds@gbnuclear.gov.uk m: 07701 235045

    Ieuan Williams, Head of Stakeholder and Media Relations ieuan.williams@gbnuclear.gov.uk m: 07889 108555

    About Great British Nuclear (GBN)

    Great British Nuclear (GBN) is the Government delivery body dedicated to supporting the development and deployment of new nuclear technologies in the UK. As an executive non-departmental public body sponsored by the Department for Energy Security and Net Zero (DESNZ), GBN plays a crucial role in ensuring the UK’s energy security and achieving net-zero carbon emissions. GBN focuses on fostering innovation, facilitating investment, and coordinating efforts across the nuclear industry to build a resilient and sustainable energy future.

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: “The role of an academic supervisor is not about a fixed schedule”

    Translartion. Region: Russians Fedetion –

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

    Pavel Voloshchuk has been developing and researching educational products for 14 years. Since August 2024, he has headed two master’s programs at the HSE Faculty of Computer Science:Research and Entrepreneurship in AI” And “Master of Science in Data Science” Pavel Voloshchuk spoke about his career path, time management and the specifics of academic leadership in an interview.

    — Tell us about your background.

    — I have two main interests. The first is teaching adults. For the last 14 years, I have been creating educational products: first in consulting and corporations (the Sochi-2014 organizing committee, Russian Railways, Sber), and for the last five years at HSE. The second interest is product research and product management, especially in the area of customer research and working with product hypotheses. This year, AST publishing house released my textbook, “Shake the Client: How to Create Products Inspired by Real People.”

    Thus, I have a managerial, product background.

    — What are your scientific interests?

    — I’m interested in how people learn, especially in face-to-face programs that are delivered online. How user behavior and their perception of product value change. How we can easily assess the value of a product before investing in expensive design and development stages.

    — How did you get into HSE?

    — I worked at SberUniversity, a division that trains Sber executives and develops external educational programs for partner companies. At a certain point, I was offered to transfer to the Higher School of Economics.

    — What are your responsibilities?

    — I am responsible for two master’s programs.

    “Research and Entrepreneurship in Artificial Intelligence” is a classic full-time program with 30 students. It is designed for those who want to dedicate themselves to scientific work in the field of DS – to become an employee of a corporate or university laboratory, a founder or a member of a team of a technology startup.

    The Master of Science in Data Science is a large online program, currently enrolling around 450 students. The online master’s degree is suitable for those who have no technical experience and are looking to learn the Data Scientist profession from scratch.

    These programs differ in everything from the format of study (face-to-face vs. online) to the requirements for admission (having technical experience and a desire for scientific work vs. lack of technical knowledge and mastering the profession from scratch).

    In addition, I collaborate with colleagues from Center for Continuous Education of the Faculty of Computer Science, where we are developing several new projects in the field of additional professional education.

    I also, of course, teach product research and mentor seminars in my master’s programs.

    — How does your working day go?

    — My working day can vary greatly depending on the season.

    During the admissions campaign, I conduct consultations with applicants and prepare for the new academic year. In May and June, I participate in examination committees and accept defenses from students.

    At the same time, a typical day always includes meetings – with the program team, teachers and colleagues from different departments of the HSE – communication with students, preparation of materials and much more, which ends with evening classes.

    The role of an academic director is not about a fixed schedule. The program is not just a set of tasks, but people: students, teachers, university staff, the market and the situation. This means that every day you have a variety of tasks to ensure the effective operation of the program.

    — How do you manage to combine academic leadership of two such different master’s programs?

    “It’s difficult, and without a team it would not have been possible to cope with such a workload.”

    We are implementing the program “Research and Entrepreneurship in AI” together with our partner – MTS, the guys are very helpful. And we also have an amazing manager of the training office – Ilona Yakovleva.

    If we talk about the Master of Data Science program, there is also a huge amount of work. Several factors help: previous experience in online education, the project team and the amazing involvement of teachers, with whom we are friends and solve all the problems together. For such a large program, connections with the industry are important. For example, in the 2024/25 academic year, through joint efforts, we found academic supervisors for 190 students in two weeks.

    — Are there any special features in managing an online master’s degree program?

    — There are many, I will give a couple of examples. First of all, it is a much larger volume of communication with students and teachers. Due to the format, they cannot simply ask questions at a meeting, it is a little more difficult for them to remain involved. Therefore, we have special curators who work with students’ questions. Special attention is also paid to community management, so that students have the opportunity to get to know those with whom they study and expand their circle of social and professional connections.

    — What are the prospects for your educational programs?

    — In 2024, we launched the first intake for the AI Research and Entrepreneurship program. On the one hand, it is difficult to be the first, on the other hand, students receive maximum attention from partners and the program team. Now we are actively preparing for the start of a new admissions campaign, analyzing feedback and preparing the program design for the next academic year. In addition, the internship season is approaching, colleagues from MTS are preparing to accept our students who have applied for an internship.

    For the Master of Data Science program, 2025 is a very important year — we are completely redesigning the program: it has become Russian-language, classes are synchronous. That is, students will be able to attend online classes, and the studies will be as similar as possible to the full-time program. This is an important transition that will improve the quality of training in the program and maintain the maximum relevance of the competencies that students receive.

    — What do you do in your free time?

    — Tennis. I also like quizzes. This fall we picked up a kitten, named her Amber, and now our family leisure time is treating the cat. She is almost healthy, we will soon choose another hobby.

    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 –

  • MIL-OSI USA: Chairwoman McClain’s Statement on Passage of the Midnight Rules Relief Act

    Source: US House of Representatives Republicans

    The following text contains opinion that is not, or not necessarily, that of MIL-OSI –

    Chairwoman McClain’s Statement on Passage of the Midnight Rules Relief Act

    Washington, February 12, 2025

    WASHINGTON – House Republican Conference Chairwoman Lisa McClain (R-Mich.) released the following statement after the U.S. House of Representatives passed the Midnight Rules Relief Act. 

    “On his way out the door, Joe Biden saddled our small businesses with last-minute regulations,” Chairwoman McClain said. “Congressman Andy Biggs’ legislation will allow Congress to reverse these actions quickly while making the federal bureaucracy more efficient and America more competitive in the long-run. House Republicans are yet again working to restore efficiency and common-sense in our government.”  

    The Midnight Rules Relief Act would allow amend the Congressional Review Act to allow the overturning of multiple regulations issued within the final months of a presidential administration with a single vote, instead of addressing them one by one.

    ###

    MIL OSI USA News –

  • MIL-OSI: IGadgets and LONGER collaborate on promoting The LONGER Nano Duo: The Best AI Laser Engraver

    Source: GlobeNewswire (MIL-OSI)

    GARDEN GROVE, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — IGadgets is pleased to announce its collaboration with LONGER, who pushed the boundaries in 3d printing and laser engraver technology.

    The world of laser engraving is evolving, and the LONGER Nano Duo is at the forefront of this revolution. Designed for both professionals and hobbyists, this AI-driven engraver blends power, precision, and ease of use like never before.

    AI instant Text to Image Design

    No professional design skills needed, you can get your desired design in seconds with LONGER self-developed Laser burn Software and APP. Simply type in your ideas and Laser burn will turn them to up to 10 different designs with 3 image ratios selectable to choose from.

    AI Eye Auto Batch Production

    The AI Eyes 16MP camera ensures perfect focus with ease, automatically filling patterns and transforming ordinary materials into stunning 3D reliefs. It auto-recognizes material shapes making batch production faster and simpler than ever.

    20W Diode + 2W IR Laser

    Nano Duo delivers exceptional engrave and cut on almost any material. As it has combined the abilities of two lasers: a 2W infrared laser, perfect for precise metal engraving, and a 20W blue diode laser which is ideal for a wide range of materials.

    Detailed 3D Embossing on wood

    Nano Duo’s algorithm can automatically adjust lifting laser head engraving depth based on a material’s colour, achieving incredibly detailed and refined 3D embossing effects with precise and ease.

    Expanding Creative Possibilities

    Nano Duo offers a 160x140mm intrinsic working area, which can be expanded to an impressive 300x300mm with the dual-axis extension, giving you the freedom to push your creative boundaries and bring intricate ideas to life.

    Versatility & Efficiency

    Nano Duo has the Smart Track Vertical Cut pioneered by LONGER which preserves exceptional engraving detail and precision, while also enabling motion vertical cutting at any spots up to 16mm for greater versatility

    Speed Meets Precision

    The Nano Duo is capable of engraving at up to 10000 mm/s, delivering precise and rapid results that rival industrial-grade machines. Nano Duo minimizes wait times, whether you’re working on intricate designs or large-scale projects.

    0.00199mm Motion Accuracy

    With advanced laser components, the Nano Duo ensures every detail of your creations is captured with flawless precision. Paired with innovative 225-point position calibration, it delivers razor-sharp edges and guarantees exceptional accuracy.

    Ultimate Freedom & Accessibility

    Enjoy 360-degree engraving freedom with handheld capability, creating offline without constraints. The Nano Duo is more than just a tool—it’s an innovation that turns your visions into reality.

    Engrave like a master. Dream it. AI designs it. Nano Duo achieves it.

    About LONGER

    LONGER‘s story began in 2016 when the brand acquired RepRapPro, a British 3D printing pioneer that had spawned over 80% of the world’s 3D printers. This strategic merger broadened LONGER’s possibilities and drove unprecedented growth.

    In 2018, LONGER established its own ISO9001-compliant manufacturing facility to maintain the highest quality standards. This move significantly boosted the brand’s credibility and recognition in the industry. The same year, LONGER secured a round of large-scale financing from Dongfang Fuhai, which further fueled its innovation and development.

    Facing the future, LONGER began preparations for the establishment of a global operation center, warehousing facilities, and after-sales service outlets in 2019. This initiative aimed to ensure a seamless experience for its growing customer base

    For further information please visit longer3d.com or check the LONGER campaign page here.

    This article is being distributed with the help of IGadgets, who is interested in publishing and spreading new, innovative, and beneficial ideas, as well as exploring Crowdfunding projects on a wide range of platforms. And this article is about one of these ideas, which was found to be both interesting and useful.

    IGadgets Hub, one of the latest and most exciting players in the crowdfunding world. Founded in Garden Grove, California in 2019. This company is on a mission to support and assist any creative idea that comes their way. IGadgets offers a range of services to help Crowdfunding projects succeed, from concept development to finished campaigns and beyond, including newsletter and social media marketing, as well as public release services.

    SOURCE IGadgets

    The MIL Network –

  • MIL-OSI USA: Governor Lamont Announces $12.8 Million in Small Cities Grants Awarded to Eight Municipalities To Modernize and Rehabilitate Housing

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont and Connecticut Housing Commissioner Seila Mosquera-Bruno today announced that the Connecticut Department of Housing is awarding $12.8 million in grants to eight municipalities for infrastructure upgrades that will modernize and rehabilitate housing for low and moderate-income residents.

    The grants are being awarded as part of the Community Development Block Grant (CDBG) Small Cities program, which is administered by the Connecticut Department of Housing with funding from the U.S. Department of Housing and Urban Development. Eligible projects are required to be in a municipality with a population of fewer than 50,000 residents.

    “These housing grants go a long way to improving neighborhoods so that we can make our communities more attractive and encourage continued growth for the benefit of all our residents,” Governor Lamont said.

    “Connecticut has both large and small cities that contribute to its unique culture and quality of life,” Commissioner Mosquera-Bruno said. “Whether it’s helping families make essential renovations to their homes, ensuring senior living facilities are ADA compliant, or providing a fire truck for increased services, these grants are essential to upgrade and enhance our smaller towns. We’re aware that this funding is crucial and improves the day-to-day-lives of our residents.”

    The grants are being awarded to the following recipients:

    • Ashford – Pompey Hollow Senior Housing ($2,000,000): The Town of Ashford will use funds to renovate Pompey Hollow Senior Housing, a 32-unit low and moderate-income housing complex for elderly and disabled individuals. The proposed scope of work includes interior renovations replacing all common doors and hardware, installing automatic entry doors, full kitchen and bathroom upgrades, installing new mailboxes for the tenants, adding blown-in insulation, elevator upgrades, installing LED lighting, updates to the attic sprinklers, updates to emergency lighting, and replacement of all smoke detectors with hardwired combination smoke/carbon monoxide systems. All interior upgrades will focus on ADA compliance, where applicable. The exterior renovations include replacing the existing vinyl siding, replacing AC condensers, roof and chimney repairs, pathway and driveway repairs, sloping the existing patio for better drainage, installing a handrail at the front sidewalk, and installing new fuel tanks for the existing generator. Additionally, there will be mechanical upgrades including a new fire pump with transfer switch, new hot water circulating pumps, new expansion tanks, a new furnace air handler, and changing the heating system from oil to propane.
    • Canton – 21 Dowd Avenue ($2,000,000): The Town of Canton will use the funds to rehabilitate an SSHP property located at 40 Dowd Avenue in Canton. The property was built in 1979 with 40 residential units and a community building. The renovations include replacing roofing materials, installing new doors and windows, and replacing siding. ADA compliance improvements will be made to four residential units and the community building. The fire alarm and call-for-aid systems will be upgraded and replaced. Asphalt roofing systems will be installed in four of the six buildings. All windows will be replaced with Energy Star-rated windows. Improvements will include sidewalks, site railings, and parking areas.
    • East Windsor – Park Hill ($2,000,000): The Town of East Windsor will use the funds for capital improvements to the existing affordable housing development located at Park Hill, an 84-unit affordable housing development located at 1A Park Hill in Broad Brook. This phase will prioritize the oldest buildings, which include five buildings totaling 30 units. The remaining nine buildings (54 Units) will be addressed with SSHP funds to complete a similar scope. The improvements included in the proposed scope are energy efficiency upgrades through new heat pump heating systems (mini-splits); improved envelope with new siding, insulation, windows, and doors; and new kitchens, stoves, and flooring throughout units (excluding bathrooms). Additionally, handicapped accessibility upgrades to bathrooms through tub to shower conversions for elderly and disabled residents will be made.
    • Southington – General Pulaski Terrace ($2,000,000): General Pulaski Terrace consists of eleven buildings, including ten residential buildings with a total of 40 units and a community building. The project aims to modernize the property by replacing roofing materials, installing seamless aluminum gutters and leaf screens, replacing the existing heat pumps, and installing a monitored fire alarm system (call-for-aid) including a closed-circuit television system and the replacement of inefficient heat pumps with more energy-efficient units.
    • Stonington – Housing Rehabilitation Program ($400,000): The Town of Stonington will use the funds to complete up to 10 housing units, and the future use of any program income to be used to continue the Stonington Housing Rehabilitation Program (SHRP) into the future. It is the town’s goal to establish SHRP as a continuous town service for its residents and serve as a catalyst to improve the properties and the living conditions of the residents.
    • Tolland – Old Post Village ($2,000,000): Old Post Village was constructed in 1977, before the Americans with Disabilities Act of 1990. Currently, the housing complex does not have any fully ADA accessible units available for its residents. The scope of this project proposes to achieve full ADA compliance on three units. This conversion will not only benefit the tenants who need it most, it will also make the property fully compliant by meeting the minimum 10% “Type A” barrier-free handicapped- accessible units’ requirements. The proposed scope of work focuses on ADA improvements, energy efficiency, and safety. This will be achieved through renovations to the exterior building envelope, which includes replacing the roof, gutters, windows, entry and storm doors, as well as the entry door stoops; interior kitchen, bathroom and community room renovations, including ADA accessibility; new interior doors, water closets, sinks, showers, and flooring; blown-in attic insulation; replacement of all mini split units throughout the complex; electrical upgrades, including interior and exterior lighting, emergency lighting, smoke/carbon monoxide detectors, as well as building service panels and meter cans; and site work, including improving drainage, parking lot repairs and expansion, as well as ADA ramp additions and improvements.
    • Watertown – Country Ridge ($2,000,000): The proposed renovations for the complex include replacement of roofing materials, installation of new Energy Star-rated triple pane windows, and installation of new entry doors and storm doors. These renovations aim to improve the long-term sustainability and independence of the property.
    • Windsor – Housing Rehabilitation Program ($400,000): The Town of Windsor will use the funding to continue its Housing Rehabilitation Loan Program to help low and moderate-income homeowners rehabilitate their homes. Ten housing units are expected to be rehabilitated. Upgrades will include roof replacement, heating systems, window replacement, lead paint and asbestos removal, and electrical and code upgrades.

    For more information about the CDBG Small Cities program, visit portal.ct.gov/doh/doh/programs/small-cities-program.

     

    MIL OSI USA News –

  • MIL-OSI: Striim Relocates Headquarters to Historic Downtown Palo Alto, Marking a New Chapter of AI-Driven Innovation and Growth

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif., Feb. 13, 2025 (GLOBE NEWSWIRE) — Striim, Inc., a leader in real-time data integration, analytics, and real-time AI, is proud to announce the relocation of its corporate headquarters to a new state-of-the-art office at 500 Emerson Street in downtown Palo Alto, California, a landmark building formerly home to Facebook and Technology Crossover Ventures. This move reflects Striim’s continued growth and commitment to fostering a culture of innovation, collaboration, and technological excellence.

    After its foundation at 575 Middlefield Road, Striim’s relocation to its new headquarters marks a pivotal step in the company’s growth and evolution. Designed to enhance internal operations, the new space features upgraded coworking areas and meeting facilities tailored for hybrid work. This move also supports the expansion of Striim’s strategic partnerships with hyperscalers and system integrators (SIs) while continuing to grow its customer base. Additionally, the new headquarters include an executive briefing center, providing an ideal setting for engaging with clients and partners, fueling the next phase of Striim’s partnership-driven growth.

    “This move underscores Striim’s dedication to innovation and scaling our capabilities in real-time data processing,” said Ali Kutay, Chairman and CEO of Striim. “Our new Palo Alto headquarters provides an inspiring environment to drive advancements in real-time analytics, cloud integration, and AI-powered solutions, empowering us to deliver even greater value to our customers.”

    Alok Pareek, Co-founder and Executive Vice President of Engineering and Products at Striim, added: “It’s exciting to be a stone’s throw from my alma mater Stanford. We hope to collaborate, attract, and retain top Silicon Valley talent from our new spectacular location. The modern, collaborative workspace will foster a tighter engagement between industry and academia especially in next-generation Gen AI research and development, helping us continue to build a team that is as dynamic and forward-thinking as the real-time solutions we provide.”

    “As we continue to expand globally, this move reinforces our commitment to providing exceptional value to our customers,” said Nadim Antar, Chief Revenue Officer at Striim. “This new chapter enables us to deepen our collaboration with customers and partners, ensuring we remain at the forefront of delivering seamless, real-time solutions that help businesses tackle their most pressing data challenges.”

    The relocation to downtown Palo Alto also reinforces Striim’s strategy to embed itself within the heart of Silicon Valley, where the convergence of AI, cloud innovation, and big data analytics continues to shape the future of technology. By being at the center of this dynamic ecosystem, Striim aims to strengthen its collaborations with industry leaders, attract world-class talent, and accelerate the development of transformative AI-driven solutions.

    To learn more about the latest innovation in the recent launch of Striim 5.0:

    About Striim, Inc.

    Striim leads the way in real-time intelligence for AI by seamlessly integrating data across clouds, applications, and databases with its fully managed, SaaS-based platform. Tailored for modern cloud data warehouses, Striim’s platform quickly transforms both relational and unstructured data into actionable, AI-ready insights through advanced analytics and machine learning frameworks, enabling swift business decisions. With expertise in real-time data integration, streaming analytics, and database replication—including cutting-edge Oracle CDC technology—Striim processes over 100 billion daily events with sub-second latency, powering machine learning analytics and proactive decision-making. To learn more, visit www.striim.com.

    Media Contact:
    Dianna Spring, Vice President of Marketing at Striim
    Phone: (650) 241-0680 ext. 354
    Email: press@striim.com

    The MIL Network –

  • MIL-OSI Security: FBI Takes Action to Protect Your Hard-Earned Money

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

    As cryptocurrency investment fraud scams blanket the nation, causing unprecedented financial and psychological hardship to tens of thousands of Americans, the FBI is stepping up with a hands-on measure to protect the public.

    Operation Level Up is a proactive initiative to identify and notify victims of cryptocurrency investment fraud. Using sophisticated techniques, the FBI identifies victims who are actively being defrauded and promptly intervenes by contacting those victims.

    Since the start of Operation Level Up over a year ago, the FBI has notified more than 4,300 victims spanning all 50 states. Of these victims, 76 percent were not aware they were being scammed. Through these notification efforts, the FBI has saved victims more than $285 million.

    “The FBI is committed to protecting citizens from cryptocurrency investment fraud schemes,” said FBI Criminal Investigative Division Assistant Director Chad Yarbrough. “Unfortunately, we continue to see these scams grow and evolve every day. It doesn’t matter where the subjects are—we will use every tool at our disposal to stop them from targeting U.S. citizens. By raising awareness, we can prevent countless people from losing their savings and send a clear message to criminals that these schemes will not be tolerated.”

    Cryptocurrency investment frauds are elaborate schemes that often involve unsolicited online contact, a long period of trust building, fake investment opportunities, and a false sense of urgency to send money, perpetrated by individuals typically located overseas who target victims in the United States.

    In Operation Level Up, specially trained FBI and U.S. Secret Service Agents are contacting victims directly to prevent further victimization and financial loss. Agents also explain how these crimes work and how to avoid them in the future, outline how to file a report with federal law enforcement, and provide access to mental health and other resources to assist with the impacts of these crimes.

    In numerous instances, victims told the FBI that the notification stopped them from liquidating their entire retirement accounts, selling their homes, or taking out costly loans to continue investing in fake cryptocurrency applications. Due to the profound emotional toll these scams can have, dozens of victims contacted through Operation Level Up were referred to the FBI Victim Services Division and provided direct support and lifesaving measures.

    The FBI also works through our legal attaché offices located around the world to collaborate with international law enforcement partners and share hundreds of foreign victims identified through Operation Level Up for intervention. Information about illicit applications, websites, and social media accounts are also collected from victims and shared with technology companies for their awareness.

    Below are some tips to help protect yourself from these scams:

    • Do not release any financial or personal identifying information and do not send any money to someone you met online.
    • Do not invest solely based on the advice of someone you met online.
    • Do not download or use any unfamiliar applications or click on any links sent to you by someone you met online.
    • Do not pay any additional fees or taxes to withdraw money you have invested in a potential scheme.
    • Do not pay for services that claim to be able to recover lost funds, as these are often scams as well.

    The FBI knows some individuals involved in criminal activity may try to discourage victims from heeding our warnings. It’s important to stay vigilant and cautious if someone advises you to disregard communications from the FBI or provides you with instructions on how to respond to the FBI.

    The FBI is launching this public awareness campaign to educate the public, so no one falls victim to these fast-evolving schemes. We also want the public to have information readily available in case they are contacted by the FBI.

    If an FBI agent contacts you via phone or email, the FBI will never ask for money, or ask to move communications to private messaging applications, or request bank account details or personal identifying information, other than confirming your identity with information already possessed. When they call or email, agents will provide you with methods you can use to confirm they are truly FBI agents. When in doubt, visit or call your local FBI field office for further clarification.

    If you think you may be a potential victim, you should stop sending money immediately and file a report with the FBI’s Internet Crime Complaint Center at ic3.gov or call 1-800-CALL-FBI.

    For more information about Operation Level Up and what to look out for, please visit fbi.gov/levelup and fbi.gov/scams.

    MIL Security OSI –

  • MIL-OSI Video: Munich Security Conference 2025

    Source: European Commission (video statements)

    “The EU in the World”
    Keynote speech by Ursula von der LEYEN, President of the European Commission followed by Q&A

    Read more on the AI Action Summit here: https://europa.eu/!fnXHKg
    Find European Commission President Ursula von der Leyen’s speech here: https://ec.europa.eu/commission/presscorner/home/en

    Follow us on:
    -X: https://twitter.com/EU_Commission
    -Instagram: https://www.instagram.com/europeancommission/
    -Facebook: https://www.facebook.com/EuropeanCommission
    -LinkedIn: https://www.linkedin.com/company/european-commission/
    -Medium: https://medium.com/@EuropeanCommission

    Visit our website: http://ec.europa.eu/

    https://www.youtube.com/watch?v=rfIVRmShlis

    MIL OSI Video –

  • MIL-OSI United Kingdom: Council Leader reacts to new Government funding for new towns

    Source: City of Manchester

    Manchester has been allocated £1.5m by the Government to support the next phase of regeneration in Collyhurst in north Manchester – part of the major Victoria North regeneration programme.

    Leader of the Council Cllr Bev Craig said:

    “We welcome the news that the new Government wants to work with us to help us build more homes and create more jobs for Manchester residents.

    “Victoria North represents one of the most ambitious urban regeneration programmes in Europe and will see more than 15,000 homes built in the next decade, along with a range of employment, social, community, cultural and neighbourhood uses. Its delivery will transform 390 acres of brownfield and underutilised land in some of the most deprived wards of Manchester, creating a new town in Manchester, interconnected by quality green spaces which will open up and celebrate the River Irk.

    “Already, hundreds of homes have been built as part of the regeneration programme, including 130 new council homes in Collyhurst that will be available to residents very soon, alongside a new community park. 

    “This £1.5m Government funding will help to unlock a key element of the vision for Collyhurst by supporting the development of a business case for a new Metrolink stop at Sandhills, that will better connect the Collyhurst neighbourhood to the wider city and region, linking our residents to employment and other services and opportunities.

    “Investment in a new Metrolink stop in this community would be an important driver to deliver the ambitious next phase of the Collyhurst regeneration story, which looks build more than 2,500 new homes – including significant council and social housing – new shops, and further education and medical facilities.

    “We look forward to working closely with this Government in the coming months to realise the potential of Collyhurst, Victoria North and the wider area of North Manchester. Together with the news around the North Manchester General Hospital green light, this shows that Manchester is a priority for the new Government.”

    Find out more about the regeneration of Collyhurst

    Find out more about the Victoria North regeneration programme

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Next step for market proposal

    Source: City of Leicester

    A PROPOSAL to return Leicester Market to its original site and create a major new event space around it is to proceed to the next stage.

    City Mayor Peter Soulsby met with market trader representatives this morning (Thursday 13 February) to advise them that he intends to move forward with the scheme, creating a food-focused market next to the existing Food Hall, together with a versatile space that would become a focal point for outdoor events in the city.

    Final designs, new planning applications and detailed costs will now be drawn up, prior to a formal decision being taken. Subject to planning permission, work could start on site this summer – and market traders could be operating from the new market building by the end of 2026.

    “This proposal would give Leicester Market a fresh start and a sustainable future – and would give the traders what they wanted: a return to the site where they’ve stood for generations,” said the City Mayor.

    “But it’s also a once-in-a-generation opportunity to reopen the market place as a wonderful flexible space – as it was for hundreds of years.

    “The scale of the space, and the quality of the surrounding architecture, make it a very special site and my hope is that our investment in this scheme will act as a catalyst for the regeneration of the wider area.”

    The proposal to create a new market building, housing 48 stalls that could be fully dismantled if necessary, and a new event space for Leicester was welcomed by most of those who took part in a formal consultation last year.

    More than 1,600 (1,667) people gave their views in the online consultation, which was launched in October and ran for six weeks.

    Of those responding, 60% (1,008) supported the proposal, 38% (639) did not, and a further 20 respondents (1%) did not express a preference.

    “I’m grateful to everyone who took part in the consultation, as their views showed there’s support for the proposal,” said the City Mayor.

    “My focus now is on progressing this scheme, ahead of a formal decision. Our project team will now be developing the designs and preparing the planning applications, with a view to getting this important site redeveloped and open for business as quickly as possible.”

    A planning application for the new square is due to be submitted next month (March), with plans for the new building expected to be submitted in July. 

     

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Preserve the house of William Blake as a national cultural centre

    Source: Mayor of London

    William Blake, author of ‘Jerusalem’, regarded as the unofficial national anthem, is internationally revered as a Poet, Artist, and Visionary.  He lived at 17 South Molton Street in London for 17 years in two humble rooms in which he produced his most famous and influential illustrated works.

    Today, the London Assembly has called for the site to become a cultural and educational hub and visitor centre, boosting the local and London economy.

    Marina Ahmad AM, who proposed the motion, said:

    “Preserving our heritage is vital to our cultural identity, well-being, and economic growth. William Blake—renowned poet, artist, and visionary—lived and created some of his most influential works at 17 South Molton Street. Yet, this historic home is at risk of being lost.

    “We have a unique opportunity to transform Blake’s last remaining London residence into a world-class cultural and educational hub, honouring his legacy while boosting the local economy. The homes of Mozart, Rembrandt, and Burns are thriving visitor attractions – let’s do the same with William Blake’s house.

    “I ask the mayor to meet with the William Blake Fellowship, engage with the Grosvenor Group, and rally key stakeholders to support this vision. If action is not taken now, we risk losing this opportunity forever. Let’s secure Blake’s legacy for generations to come.”

    The full text of the motion is:

    This Assembly recognises that preserving our heritage is important to the cultural, well-being and economic growth of our country.

    William Blake, author of ‘Jerusalem’, regarded as the unofficial national anthem and sung at the 2012 Olympics and by all main political parties, is internationally revered as a Poet, Artist and Visionary.

    Last year international Blake exhibitions in Los Angeles, the Fitzwilliam Museum, Cambridge and in Europe attracted thousands of visitors. Blake is on the National Curriculum taught in UK Primary and Secondary schools.

    William Blake lived in 17 South Molton Street in London for 17 years in two humble rooms in which he produced his most famous and influential illustrated works, now in 56 galleries and private collections around the world.  The home is a Georgian townhouse similar to Handel House or Charles Dickens’ houses and has been cherished as The House of William Blake even when Blake still lived there in 1803, all the way up to present day.

    The building is listed with English Heritage as ‘more than of special interest’ to the nation and since the 1970’s has had a City of London blue plaque. Blake’s unique contribution to the arts and humanity should be proudly celebrated by his home city with this site becoming a cultural and educational hub and visitor centre which would boost the local and London economy.

    The William Blake Fellowship has been liaising for many months with the company who owns the property. The company’s plan is to renovate it as a private residence sold on the commercial market. It is instead now the time for this property to become a cultural hub, honouring and celebrating the life and works of William Blake.

    This would draw from the success of long standing historic houses in other European cities such as Mozart’s House in Vienna, Rembrandt’s House in Amsterdam, Dante’s House in Florence, nearby Handel House in London and Robert Burns’s House in Scotland, the legacy of which generates £200 million a year to the Scottish economy. The Fellowship has produced ample evidence of the social, cultural and economic value of this property being repurposed as a world class cultural visitor centre.

    The House of William Blake’s proposal is supported by the Deputy Mayor for Culture and the Creative Industries Justine Simons OBE, Lord Vaizey of Didcot, Rachel Blake, MP for Cities of London and Westminster, Westminster Council, Dee Corsi, Chief Executive Officer of New West End Company, a business partnership of 600 UK and international retailers, Mayfair residents and English Heritage.

    The Fellowship has submitted an application for Neighbourhood Community Infrastructure Levy funding and are soon meeting with Westminster Council to discuss its pre-app planning submission for the process of changing the use of the building from a private residence to a cultural centre.           

    However, the current owners of the building, although also supportive of the proposal in principle, are continuing with their planned renovation and marketing of Blake’s home as a private residence.

    The Fellowship retains the ambition to open a centre in 2027, which would mark both 200 years since Blake’s death and 270 years since his birth. If the property is continued to be developed as a luxury apartment, the opportunity to create a dedicated centre to William Blake at his last remaining London home will be lost for good.

    This Assembly resolves to:

    • Call on the Mayor to meet with the William Blake Fellowship to be updated on the current status of plans for the House of William Blake.
    • Convey the importance and need for this venture to the Grosvenor Group and board, as well as their Chair, the Duke of Westminster, and request the pausing of the ongoing commercial renovation work so that the House of William Blake proposal can continue to the next stages of development.
    • Call for Grosvenor Group to develop and work with the relevant public and private partnerships to enable the creation of the centre to go forward.
    • Call a meeting with key stakeholders (listed above) to discuss working together in the same way that the Government, councils and institutions of other major European cities have partnered to create the houses of Rembrandt, Mozart and Robert Burns as international cultural visitor attractions.
    • Write to the Secretary of State for Culture, Media and Sport, Lisa Nandy MP, and the Minister for Creative Industries, Arts and Tourism, Sir Chris Bryant MP, to convey the importance of the House of William Blake being preserved as a national cultural centre.

    The meeting can be viewed via webcast or YouTube.

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  • MIL-OSI United Kingdom: Sidcup bypass speed limits need to be investigated

    Source: Mayor of London

    The London Assembly has called on the Mayor of London to launch an independent investigation into temporary speed limits put in place on the A20 at the Sidcup bypass between October 2023 and October 2024.

    In a motion agreed today, the Assembly noted campaign groups’ concerns that:

    • Signage was insufficient and followed the wrong chapter of the signage manual
    • The signage installed was potentially hazardous with the top of the mounting post not fully covered by the sign
    • There are allegations that the traffic order (0622) was not published on the Transport for London (TfL) website or in compliance with statutory instruments

    Thomas Turrell AM, who proposed the motion, said:

    “There are serious questions to be raised about whether TfL have followed due procedure, and for that reason they cannot be allowed to mark their own homework in investigating what has happened.

    “The Assembly has spoken clearly: the Mayor should call an independent investigation, so that we might learn lessons from this and avoid the mistakes made with the A20.

    “This has affected drivers who say that they couldn’t possibly have known they were breaking the rules, and we owe it to them to thoroughly investigate this issue.”

    The full text of the motion is:

    This Assembly calls on the Mayor of London to launch an independent investigation into the implementation of the temporary speed limits on the A20 at the Sidcup by-pass, which were in place between October 2023 and October 2024.

    This Assembly notes the concerns raised by campaign groups which include:

    • Allegations that the traffic order (0622) was not published on the Transport for London (TfL) website or in compliance with statutory instruments, and that the Officer named on the order does not appear on the Audit record, and concerns at the possibility that the wrong Officer signed off on the order altogether.
    • Signage being insufficient and following the wrong chapter of the signage manual.
    • Concerns that the signage installed was potentially hazardous with the top of the mounting post not fully covered by the sign.

    This Assembly believes that TfL cannot be allowed to mark their own homework on this issue and therefore calls on the Mayor to launch an independent investigation into these concerns so that lessons can be learnt and the mistakes seen with the A20 are not repeated.

    The meeting can be viewed via webcast or YouTube.

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  • MIL-OSI United Kingdom: Mayor of London urged not to use Green Belt to meet housing targets

    Source: Mayor of London

    The Mayor of London has been urged to work with the government to ensure that London’s Green Belt is not put at risk to meet the new housing targets.

    A London Assembly motion, agreed today, expresses concerns that the target of 87,992 new homes per year in the capital may not be achievable on brownfield sites alone, and notes that the Greater London Authority has said that Green Belt land release “appears unavoidable given the changes to national policy”.

    The motion also notes that the Government’s top-down targets do not take into account the type of housing Londoners need, especially family-sized homes in many areas, focusing instead on overall unit numbers.

    The Assembly has therefore called on Sir Sadiq Khan to lobby the Government to:

    • Ensure that London’s housing targets are deliverable on brownfield land
    • Replace blanket unit-based targets for each area with housing-type targets, such as habitable room targets
    • Bring forward measures to incentivise, and remove obstacles from, schemes with planning permission being built out in a timely manner.

    Thomas Turrell AM, who proposed the motion, said:

    “London’s lungs, our greenbelt, is at risk from the implications of the NPPF, despite us having a wealth of brownfield sites in the city to utilise to meet housing targets.

    “There are also concerns about meeting the need for family housing in our city, rather than just dozens of high-rise flats.

    “The Assembly has backed this motion now calling on the Mayor to lobby for an amended NPPF to reflect these concerns which we share.”

    The full text of the motion is:

    The Assembly notes the publication of the Government’s new National Planning Policy Framework (NPPF) in December 2024, and the housing need figures published alongside it, including a total of 87,992 homes per year in London. The Assembly is concerned about the significant increases imposed on many London boroughs, and whether these are deliverable, in view of the availability of land, material and labour.

    The Assembly is concerned as to whether such high targets would be achievable on brownfield sites alone, and notes that the Greater London Authority (GLA) has already started contacting London boroughs about undertaking reviews of the Green Belt. Whereas the current and previous Mayors have been strongly supportive of protecting London’s Green Belt through the London Plan and in planning decisions, it is notable that in a recent submission to a planning inspector on a local plan, the GLA has said that Green Belt land release “appears unavoidable given the changes to national policy”.

    In addition, such top-down targets do not take into account the type of housing Londoners need, especially family-sized homes in many areas, focusing instead on overall unit numbers. The Assembly also notes that, according to the Planning London Datahub, there are over 800,000 homes in London with planning approval that have not yet been completed, including over 500,000 that have not yet been started.

    The Assembly therefore calls on the Mayor to lobby the Government to:

    • Ensure that London’s housing targets are deliverable on brownfield land and do not put the Green Belt at risk.
    • Replace blanket unit-based targets for each area with housing-type targets, such as habitable room targets.
    • Bring forward measures to incentivise, and remove obstacles from, schemes with planning permission being built out in a timely manner, including social, accessible and affordable housing schemes.

    The meeting can be viewed via webcast or YouTube.

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  • MIL-OSI United Kingdom: Commonhold V Leasehold – Assembly wants pilot project

    Source: Mayor of London

    The London Assembly has called on the Mayor to introduce a commonhold pilot project on Greater London Authority (GLA) land, to help provide Londoners with an alternative to leasehold homes.

    In a motion agreed today, the Assembly also urged the Mayor to lobby the Government to introduce legislation to develop commonhold as an alternative to leasehold “as soon as possible”.

    The motion notes that commonhold is a better alternative to leasehold, with each unit-holder owning the freehold of their home, along with a share of the commonhold association which owns and manages the common parts of the property.

    Andrew Boff AM, who proposed the motion, said:

    “The Mayor’s manifesto commitments included support for commonhold as an alternative to leasehold, and now the Assembly has iterated that he should be lobbying for changes in the law to provide this.

    “This is the better alternative to leasehold, and would bring us into line with international standards – now the onus is on the Mayor to ensure this happens.”

    The full text of the motion is:

    The Assembly notes that London has the highest proportion of leaseholders in the country. In 2022/23, 36% of London’s homes were leasehold, more than double the proportion in the rest of England. 62% of London’s flats are leasehold, comprising just over 1.3 million. London leaseholders typically pay higher service charges, with the median annual service charge £1,450 in 2022/23, compared with £1,222 across England. In 2023, 20% of London leaseholders paid more than £4,000 per year in service charges.

    The Assembly notes that commonhold offers a better alternative to leasehold, with each unit-holder owning the freehold of their home, along with a share of the commonhold association which owns and manages the common parts of the property. Similar forms of flat ownership are used around the world, with England being one of the only countries still to use the leasehold system.

    The Assembly also notes that the Mayor’s 2021 and 2024 election manifestos both gave strong support for commonhold as an alternative to leasehold, with the Mayor pledging in 2021 to “pilot a commonhold scheme to show how this form of ownership can become the new national standard for new flats” and in 2024 to “continue to campaign for an end to the feudal leasehold system and its replacement with commonhold”.

    The Assembly resolves to strongly support the development of commonhold as an alternative tenure to leasehold, and calls on the Mayor to lobby the Government to legislate for this as soon as possible.

    The Assembly also calls on the Mayor to introduce a pilot commonhold project on Greater London Authority (GLA) Group land, to ensure that new flats developed for sale on GLA Group land are either commonhold or freehold, and to use GLA housing funds to promote commonhold or freehold schemes where possible, rather than leasehold.

    The meeting can be viewed via webcast or YouTube.

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  • MIL-OSI Security: Defense News: NMCB 11 Seabees help stranded motorists

    Source: United States Navy

    The Seabees were convoying home from an exercise when they noticed a submerged vehicle near the site of a collision and quickly rushed to the aid of the two elderly occupants inside.
    “We spotted the car while stopped for a routine check and ran straight over,” said Builder 2nd Class Thomas McLaughlin, who helped with the rescue. “The occupants were frightened but felt reassured when they saw us get into the water to help.”
    After carrying the motorists to safety through waist-deep mud and water, the Seabees returned to the vehicle to retrieve personal belongings.
    Now safe on dry land, Hospital Corpsman 1st Class Marcos Ramirez assessed all motorists involved in the three-car accident for injuries while Equipment Operator 1st Class Andrew Warren coordinated with emergency services.
    Once first responders took over the scene, the convoy was back on the road and returned safely to Naval Construction Battalion Center Gulfport, Mississippi.
    NMCB-11, assigned to Naval Construction Group (NCG) 2, is homeported in Gulfport as part of the Naval Construction Force.
    The mission of NCG 2 is to organize, man, train, maintain, and equip Naval Construction Regiments (NCRs), NMCBs, the Construction Battalion Maintenance Unit (CBMU), and the Underwater Construction Team (UCT) to provide supported commanders with expeditionary engineering forces capable of general engineering and construction, and limited combat engineering across the full range of military operations.

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