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  • MIL-OSI: YieldMax™ Introduces New Weekly Pay R2000 0DTE Covered Call Strategy ETF

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, March 06, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of the following ETF:

    YieldMax™ R2000 0DTE Covered Call Strategy ETF (Nasdaq: RDTY)

    RDTY Overview
    RDTY follows an active management approach that utilizes a synthetic covered call strategy designed to generate weekly income while also providing exposure to the price return of an Index.

    • RDTY is designed to generate weekly income, while also providing exposure to the price return of the Russell 2000 Index (the “Index”).
    • RDTY seeks to generate income primarily by utilizing zero days to expiry (“0DTE”) options on the Index and/or passively managed ETFs that tracks the Index’s performance (the “Index ETFs”).

    Index

    The Russell 2000 Index is a widely recognized benchmark index that tracks the performance of approximately 2000 small-cap companies in the United States. These are the smallest companies listed in the Russell 3000 Index, representing about 10% of that index’s total market capitalization. The Russell 2000 Index is diversified and includes companies from various sectors such as financial services, healthcare, technology, consumer discretionary, industrials, and others.

    RDTY’s Option Strategy

    RDTY employs a synthetic covered call strategy by selling and purchasing call options on the Index or Index ETFs. Each business day, typically at market open, the Fund sells out-of-the-money (OTM) call options with zero days to expiration (“0DTE”), which expire the same day they are sold. OTM options have a strike price above the current Index value. RDTY’s synthetic covered call strategy is established by combining the call options sold to generate income with buying call options for exposure to the Index.

    RDTY’s Return Profile and Index Performance

    RDTY earns income by selling out-of-the-money 0DTE call options daily. The premiums from these options add to income but limit participation in Index gains. If the Index rises past the strike price, losses on sold options can offset gains. This strategy balances income generation with limited Index upside exposure while premiums can help mitigate losses if the Index declines.

    RDTY’s Distribution Schedule
    Like all YieldMax™ ETFs, RDTY aims to generate income for investors. With respect to distributions, RDTY aims to make distributions on a weekly basis, and its first weekly distribution is expected to be announced on March 19, 2025.
            
    Why Invest in RDTY?

    • RDTY seeks to generate weekly income, which is not dependent on the value of the Index (or the Index ETFs).
    • RDTY aims to participate in a portion of the Index gains, which may be capped.

    Please see the table below for distribution information for all outstanding YieldMax™ ETFs as of March 5, 2025.

    ETF
    Ticker    1    		 ETF Name Distribution
    Frequency    		 Distribution
    per Share    		 Distribution
    Rate    2,4    		 30-Day
    SEC Yield3    		 ROC5
    TSLY YieldMax™ TSLA Option Income Strategy ETF Every 4 weeks $0.5793 80.76%   4.69%   93.03%  
    OARK YieldMax™ Innovation Option Income Strategy ETF Every 4 weeks $0.4269 62.70%   3.25%   93.84%  
    APLY YieldMax™ AAPL Option Income Strategy ETF Every 4 weeks $0.3625 28.83%   3.15%   88.56%  
    NVDY YieldMax™ NVDA Option Income Strategy ETF Every 4 weeks $1.6118 121.96%   4.02%   96.84%  
    AMZY YieldMax™ AMZN Option Income Strategy ETF Every 4 weeks $0.5480 40.96%   3.79%   0.00%  
    FBY YieldMax™ META Option Income Strategy ETF Every 4 weeks $0.4767 33.09%   3.47%   0.00%  
    GOOY YieldMax™ GOOGL Option Income Strategy ETF Every 4 weeks $0.3877 38.11%   4.12%   0.00%  
    NFLY YieldMax™ NFLX Option Income Strategy ETF Every 4 weeks $0.4008 28.95%   3.23%   0.00%  
    CONY YieldMax™ COIN Option Income Strategy ETF Every 4 weeks $0.5989 76.38%   4.56%   94.78%  
    MSFO YieldMax™ MSFT Option Income Strategy ETF Every 4 weeks $0.2845 22.22%   3.53%   83.81%  
    DISO YieldMax™ DIS Option Income Strategy ETF Every 4 weeks $0.4574 37.39%   4.48%   90.80%  
    XOMO YieldMax™ XOM Option Income Strategy ETF Every 4 weeks $0.2541 23.76%   3.38%   0.00%  
    JPMO YieldMax™ JPM Option Income Strategy ETF Every 4 weeks $0.2951 21.95%   3.40%   0.00%  
    AMDY YieldMax™ AMD Option Income Strategy ETF Every 4 weeks $0.2533 40.36%   4.02%   92.00%  
    PYPY YieldMax™ PYPL Option Income Strategy ETF Every 4 weeks $0.3773 34.96%   4.20%   90.73%  
    SQY YieldMax™XYZ Option Income Strategy ETF Every 4 weeks $0.5840 61.30%   5.21%   93.58%  
    MRNY YieldMax™ MRNA Option Income Strategy ETF Every 4 weeks $0.2308 87.29%   5.01%   95.55%  
    AIYY YieldMax™ AI Option Income Strategy ETF Every 4 weeks $0.3710 90.28%   4.64%   94.49%  
    YMAX YieldMax™ Universe Fund of Option Income ETFs Weekly $0.2405 83.31%   85.03%   48.89%  
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs Weekly $0.1514 47.70%   61.87%   55.46%  
    MSTY YieldMax™ MSTR Option Income Strategy ETF Every 4 weeks $2.0216 116.16%   0.21%   33.44%  
    ULTY* YieldMax™ Ultra Option Income Strategy ETF Every 4 weeks $0.4653 80.34%   0.00%   78.20%  
    YBIT YieldMax™ Bitcoin Option Income Strategy ETF Every 4 weeks $0.5506 66.36%   1.61%   0.00%  
    CRSH YieldMax™ Short TSLA Option Income Strategy ETF Every 4 weeks $0.3810 69.54%   3.00%   12.68%  
    GDXY YieldMax™ Gold Miners Option Income Strategy ETF Every 4 weeks $0.4424 37.46%   3.08%   92.35%  
    SNOY YieldMax™ SNOW Option Income Strategy ETF Every 4 weeks $0.9210 64.27%   2.45%   89.86%  
    ABNY YieldMax™ ABNB Option Income Strategy ETF Every 4 weeks $0.4805 41.86%   2.98%   92.39%  
    FIAT YieldMax™ Short COIN Option Income Strategy ETF Every 4 weeks $0.6834 105.59%   3.52%   96.91%  
    DIPS YieldMax™ Short NVDA Option Income Strategy ETF Every 4 weeks $0.5845 61.48%   2.90%   31.40%  
    BABO YieldMax™ BABA Option Income Strategy ETF Every 4 weeks $1.9190 116.35%   2.36%   0.00%  
    YQQQ YieldMax™ Short N100 Option Income Strategy ETF Every 4 weeks $0.2498 18.88%   3.79%   0.00%  
    TSMY YieldMax™ TSM Option Income Strategy ETF Every 4 weeks $0.6019 47.96%   3.59%   47.33%  
    SMCY YieldMax™ SMCI Option Income Strategy ETF Every 4 weeks $2.0901 110.65%   2.63%   97.65%  
    PLTY YieldMax™ PLTR Option Income Strategy ETF Every 4 weeks $5.9377 121.00%   2.63%   0.00%  
    BIGY YieldMax™ Target 12™ Big 50 Option Income ETF Monthly $0.5025 12.55%   0.03%   100.00%  
    SOXY YieldMax™ Target 12™ Semiconductor Option Income ETF Monthly $0.4883 12.77%   0.00%   46.21%  
    MARO YieldMax™ MARA Option Income Strategy ETF Every 4 weeks $1.5575 72.45%   4.21%   95.82%  
    FEAT YieldMax™ Dorsey Wright Featured 5 Income ETF Every 4 weeks $1.9096 63.70%   122.88%   0.00%  
    FIVY YieldMax™ Dorsey Wright Hybrid 5 Income ETF Every 4 weeks $1.1203 36.49%   67.34%   0.00%  
    LFGY YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF Weekly $0.4637 58.67%   0.00%   0.00%  
    GPTY YieldMax™ AI & Tech Portfolio Option Income ETF Weekly $0.3094 37.23%   0.00%   0.00%  
    CVNY YieldMax™ CARVANA Option Income Strategy ETF Every 4 weeks $3.9149 –   –   96.80%  
    SDTY YieldMax™ S&P 500 0DTE Covered Call Strategy ETF Weekly $0.1709 –   –   100.00%  
    QDTY YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF Weekly $0.1580 –   –   33.90%  


    Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling     (833) 378-0717.

    Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs.”

    Distributions are not guaranteed.   The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    *Starting March 12, 2025, ULTY intends to distribute weekly income to shareholders. The dates for ULTY ’s future distributions will be those set forth in the YieldMax Distribution Schedule.

    1 All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.   

    2The Distribution Rate shown is as of close on March 5, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3 The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended February 28, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    4 Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

    5ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Standardized Performance

    For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here. For QDTY, click here.

    Important Information

    This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures

    Investing involves risk. Principal loss is possible.

    Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

    Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other Index (or ETFs that track the Index’s performance)holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary Index (or ETFs that track the Index’s performance) securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time.

    High Index (or Index ETF) Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high Index (or Index ETF) turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI: Questor Announces Sale of Clean Combustion Solution

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 06, 2025 (GLOBE NEWSWIRE) — Questor Technology Inc. (“Questor”, the “Company”), (TSX Venture Exchange: QST) announced today a $0.9 million purchase order to supply a clean combustion solution to manage a variety of railcar vapours at a Caltrax Inc. full-service railcar repair and maintenance facility in Calgary.

    Questor’s partnership with Caltrax highlights the versatility of Questor’s clean combustion units, used in this application to safely and cleanly combust hydrocarbon vapours in urban settings, such as Calgary. Questor’s ISO 14034-certified clean combustion units are engineered to safely manage rail car vapours through a variety of waste gas compositions, eliminating methane and other harmful pollutants at a 99.99% combustion efficiency. These units meet and exceed the most stringent global emissions standards.

    Designed with innovation and efficiency at the forefront, the units deliver significant cost savings to clients in capital, fuel, and operations. Designed, engineered, and manufactured in Canada, Questor’s clean combustion units are specifically developed to meet evolving global emission standards, addressing the unique challenges of sour gas and other complex pollutants.

    ABOUT QUESTOR TECHNOLOGY INC.

    Questor Technology Inc., incorporated in Canada under the Business Companies Act (Alberta) is an environmental emissions reduction technology company founded in 1994, with global operations. The Company is focused on clean air technologies that safely and cost effectively improve air quality, support energy efficiency and greenhouse gas emission reductions. The Company designs, manufactures and services high efficiency clean combustion systems that destroy harmful pollutants, including Methane, Hydrogen Sulfide gas, Volatile Organic Hydrocarbons, Hazardous Air Pollutants and BTEX (Benzene, Toluene, Ethylbenzene and Xylene) gases within waste gas streams at 99.99 percent efficiency per its ISO 14034 Certification. This enables its clients to meet emission regulations, reduce greenhouse gas emissions, address community concerns and improve safety at industrial sites.

    The Company also has proprietary heat to power generation technology and is currently targeting new markets including landfill biogas, syngas, waste engine exhaust, geothermal and solar, cement plant waste heat in addition to a wide variety of oil and gas projects. The combination of Questor’s clean combustion and power generation technologies can help clients achieve net zero emission targets for minimal cost. The Company is also doing research and development on data solutions to deliver an integrated system that amalgamates all the emission detection data available to demonstrate a clear picture of the site’s emission profile.

    The Company’s common shares are traded on the TSX Venture Exchange under the symbol “QST”. The address of the Company’s corporate and registered office is 2240, 140 – 4 Avenue S.W. Calgary, Alberta, Canada, T2P 3N3.

    QUESTOR TRADES ON THE TSX VENTURE EXCHANGE UNDER THE SYMBOL ‘QST’

    Investor Relations Contact

    Aly Sumar – Chief Financial Officer

    investor@questortech.com 

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    This document is not intended for dissemination or distribution in the United States.

    The MIL Network –

  • MIL-OSI: Sachem Capital Corp. Announces Dividend of $0.05 Per Share

    Source: GlobeNewswire (MIL-OSI)

    BRANFORD, Conn., March 06, 2025 (GLOBE NEWSWIRE) — Sachem Capital Corp. (NYSE American: SACH) (the “Company”) announced today that its board of directors authorized and declared a quarterly dividend of $0.05 per common share to be paid to shareholders of record as of the close of trading on the NYSE American on March 17, 2025. The dividend is payable on March 31, 2025.

    The Company expects to release its fourth quarter 2024 financial results before market open on Thursday, March 27, 2025. A webcast and conference call to discuss the results will be held on Thursday, March 27, 2025, at 8:00 a.m. Eastern Time.

    Webcast:
    A webcast of the conference call will be available on the Investors section of the Company’s website www.sachemcapitalcorp.com. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register and install any necessary audio software.

    To Participate in the Telephone Conference Call:
    Dial in at least 15 minutes prior to the start time.

    Domestic: 1-877-704-4453
    International: 1-201-389-0920

    Conference Call Playback:
    Domestic: 1-844-512-2921
    International: 1-412-317-6671
    Passcode: 13750432
    The playback can be accessed through Thursday, April 10, 2025

    About Sachem Capital Corp.
    Sachem Capital Corp. is a mortgage REIT that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property. It offers short-term (i.e., three years or less) secured, nonbanking loans to real estate investors to fund their acquisition, renovation, development, rehabilitation, or improvement of properties. The company’s primary underwriting criteria is a conservative loan to value ratio. The properties securing the loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Each loan is secured by a first mortgage lien on real estate and is personally guaranteed by the principal(s) of the borrower. The company also makes opportunistic real estate purchases apart from its lending activities.

    Forward Looking Statements
    This press release may contain forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. The words “anticipate,” “estimate,” “expect,” “project,” “plan,” “seek,” “intend,” “believe,” “may,” “might,” “will,” “should,” “could,” “likely,” “continue,” “design,” and the negative of such terms and other words and terms of similar expressions are intended to identify forward-looking statements. These forward-looking statements are based primarily on management’s current expectations and projections about future events and trends that management believes may affect the company’s financial condition, results of operations, strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to several risks, uncertainties and assumptions as described in the Annual Report on Form 10-K for 2023 filed with the U.S. Securities and Exchange Commission on April 1, 2024, as supplemented by our subsequently filed Quarterly Reports on Form 10-Q. Because of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, the company cannot guarantee future results, level of activity, performance, or achievements. In addition, neither the company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The company disclaims any duty to update any of these forward-looking statements. All forward-looking statements attributable to the company are expressly qualified in their entirety by these cautionary statements as well as others made in this press release. You should evaluate all forward-looking statements made by the company in the context of these risks and uncertainties.

    The MIL Network –

  • MIL-OSI: Marex Group plc announces record fourth quarter and full year 2024 results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 06, 2025 (GLOBE NEWSWIRE) — Marex Group plc (‘Marex’ or the ‘Group’; Nasdaq: MRX) a diversified global financial services platform, providing essential liquidity, market access and infrastructure services to clients in the energy, commodities and financial markets, today reported financial results for the fourth quarter (‘Q4 2024’) and year ended 31 December 2024 (‘2024’).

    Ian Lowitt, Group Chief Executive Officer, stated, “I’m pleased to confirm that robust levels of client activity and positive market conditions led to another strong performance in the fourth quarter, typically a slower quarter seasonally. This delivered a full year Adjusted Profit Before Tax1 of $321.1 million, up 40% year-over-year. Our performance in 2024 demonstrates the strength and scalability of our diversified global platform, as we delivered strong organic growth, gained market share and continued our track record of sequential profit growth. We have continued to execute our strategy of expanding our geographic footprint and product capabilities through both organic growth initiatives and strategic acquisitions, increasing our relevance to a growing client base, and are confident of achieving sustainable growth through a variety of market conditions. We have had a strong start to 2025 with positive momentum continuing into the first two months of the year, reflecting strong levels of client activity on our platform consistent with higher exchange volumes.”

    Financial and Operational Highlights:

    • Strong Q4 performance: robust client activity and supportive market conditions drove positive momentum and strong organic growth across the business. Average invested assets grew 12% over the quarter to $15.5bn delivering net interest income of $62.6m, broadly in line with the third quarter
    • Record full year 2024 profit: Adjusted Profit Before Tax1 increased 40% to $321.1m on a 28% increase in revenue, extending our track record of sequential profit growth to 10 years, as we continued to scale our platform
    • Executed growth strategy: expanded our geographic footprint and product capabilities through both organic growth and strategic acquisitions, increasing our market share and relevance to a broader client base
    • Successful IPO and secondary placing, supported by strong investor demand: publicly listed on Nasdaq in April, with successful first follow-on transaction in October increasing public float to 52%
    • Prudent approach to capital and funding: maintained a strong capital and liquidity position and further diversified funding sources with a $600m senior unsecured issuance
    • Dividend: $0.14 per share to be paid in the first quarter of 2025
    Financial Highlights: ($m) 3 months ended 31 December 2024   3 months ended 31 December 2023   Change   Year ended 31 December 2024   Year ended 31 December 2023   Change
          Restated2                
    Revenue 415.6   325.6   28%   1,594.7   1,244.6   28%
    Profit Before Tax 77.8   39.4   97%   295.8   196.5   51%
    Profit Before Tax Margin (%) 19%   12%   700 bps   19%   16%   300 bps
    Profit After Tax 56.7   28.1   102%   218.0   141.3   54%
    Profit After Tax Margin (%) 14%   9%   500 bps   14%   11%   300 bps
    Return on Equity (%) 23%   15%   800 bps   25%   19%   600 bps
    Basic Earnings per Share ($)3 0.76   0.37   105%   2.96   1.94   53%
    Diluted Earnings per Share ($)3 0.70   0.35   100%   2.72   1.82   49%
                           
    Adjusted Profit Before Tax1 81.4   52.6   55%   321.1   230.0   40%
    Adjusted Profit Before Tax Margin (%)1 20%   16%   400 bps   20%   18%   200 bps
    Adjusted Profit after Tax
       Attributable to Common Equity1    		 57.8   38.2   51%   231.0   162.6   42%
    Adjusted Return on Equity (%)1 27%   23%   400 bps   30%   26%   400 bps
    Adjusted Basic Earnings per Share ($)1,3 0.82   0.58   41%   3.34   2.46   36%
    Adjusted Diluted Earnings per Share ($)1,3 0.76   0.54   41%   3.07   2.31   33%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable non-IFRS measure. The Group changed the labelling of its non-IFRS measures during 2024 to better align to the equivalent IFRS reported metric and enhance transparency and comparability.
    2. During 2023 an impairment of goodwill was recorded against the Volatility Performance Fund S.A. CGU (‘VPF’) . This impairment was previously disclosed in the Group’s discrete Q4 2023 numbers as part of the Group’s Q1 2024 earnings release update. Subsequent to this, management reassessed the impairment triggers as part of the Group’s interim results and concluded that the impairment triggers existed also as at 30 June 2023 and restated accordingly.  There has been no impact to the Group’s year to date 31 December 2023 impairment, only that the VPF impairment was restated to be reflected in three months ended Q2 2023 rather than the three months ended Q4 2023.
    3. Weighted average number of shares have been restated as applicable for the Group’s reverse share split (refer to Appendix 1 for further detail).
      Conference Call Information:
    Marex’s management will host a conference call to discuss the Group’s financial results today, 6 March 2025, at 9am Eastern Time. A live webcast of the call can be accessed from Marex’s Investor Relations website. An archived version will be available on the website after the call. To participate in the Conference Call, please register at the link here https://edge.media-server.com/mmc/p/59s7enfq.

    Investor Day:
    Marex plans to host an investor day 2 April 2025 in New York City to provide investors with a further understanding of its four businesses.

    Enquiries please contact:
    Marex
    Investors – Robert Coates
    +44 7880 486 329  / rcoates@marex.com

    		  

    Financial Review

    The following table presents summary financial results and other data as of the dates and for the periods indicated:

    Summary Financial Results

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
          Restated2                
      $m   $m   Change   $m   $m   Change
    – Net commission income 226.0   181.4   25%   856.1   704.9   21%
    – Net trading Income 128.1   111.5   15%   492.4   411.4   20%
    – Net interest income 62.6   30.2   107%   227.1   121.6   87%
    – Net physical commodities income (1.1)   2.5   (144)%   19.1   6.7   185%
    Revenue 415.6   325.6   28%   1,594.7   1,244.6   28%
                           
    Compensation and benefits (243.5)   (206.9)   18%   (971.1)   (770.3)   26%
    Depreciation and amortisation (7.1)   (6.1)   16%   (29.5)   (27.1)   9%
    Other expenses (90.3)   (71.7)   26%   (306.3)   (237.4)   29%
    Impairment of goodwill —   —   n.m.3   —   (10.7)   n.m.3
    Provision for credit losses (1.1)   (2.4)   (54)%   1.7   (7.1)   (124)%
    Bargain purchase gain on acquisitions —   —   n.m.3   —   0.3   n.m.3
    Other income 4.2   0.9   367%   6.3   3.4   85%
    Share of results in associates and joint ventures —   —   n.m.3   —   0.8   n.m.3
    Profit Before Tax 77.8   39.4   97%   295.8   196.5   51%
    Tax (21.1)   (11.3)   87%   (77.8)   (55.2)   41%
    Profit After Tax 56.7   28.1   102%   218.0   141.3   54%
                           
    Profit Before Tax 77.8   39.4   97%   295.8   196.5   51%
    Goodwill impairment charge2 —   —   n.m.3   —   10.7   n.m.3
    Acquisition related costs —   1.2   n.m.3   —   1.5   n.m.3
    Amortisation of acquired brands and customer lists 1.7   0.7   143%   5.5   2.1   162%
    Shareholder related activities —   3.4   n.m.3   9.3   9.1   2%
    IPO preparation and public offering of ordinary shares 1.9   7.9   (76)%   10.5   10.1   4%
    Adjusting items 3.6   13.2   (73)%   25.3   33.5   (24)%
    Adjusted Profit Before Tax1 81.4   52.6   55%   321.1   230.0   40%
                
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2. During 2023 an impairment of goodwill was recorded against the Volatility Performance Fund S.A. CGU (‘VPF’). This impairment was previously disclosed in the Group’s discrete Q4 2023 numbers as part of the Group’s Q1 2024 earnings release update. Subsequent to this, management reassessed the impairment triggers as part of the Group’s interim results and concluded that the impairment triggers existed also as at 30 June 2023 and restated accordingly.  There has been no impact to the Group’s year to date 31 December 2023 impairment, only that the VPF impairment was restated to be reflected in three months ended Q2 2023 rather than the three months ended Q4 2023.
    3. n.m. = not meaningful to present as a percentage.

    Costs and Group Headcount

    The Board and Senior Management also monitor costs split between Front Office Costs and Control and Support Costs to better understand the Group’s performance. The table below provides the Group’s management view of costs:

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Front office costs1 (231.8)   (188.0)   23%   (881.5)   (690.4)   28%
    Control and support costs1 (100.1)   (76.0)   32%   (376.1)   (294.2)   28%
    Total (331.9)   (264.0)   26%   (1,257.6)   (984.6)   28%

    1) Management review Front Office Costs and Control and Support Costs when assessing Adjusted Profit Before Tax performance. These costs are included within compensation and benefits, other expenses and depreciation and amortisation in the Statutory Income Statement provided above.

    The following table provides a breakdown of Front Office and Control and Support Headcount

    Full Time Equivalent (‘FTE’) headcount1 2024   2023       2024   2023    
      Average   Average   Change   End of Year   End of Year   Change
    Front Office 1,250   1,028   22%   1,265   1,195   6%
    Control and Support 1,084   886   22%   1,160   972   19%
    Total 2,334   1,914   22%   2,425   2,167   12%

    1) For analysis purposes, average headcount is used in the performance commentary outlined below. 

    Performance for the three months ended 31 December 2024

    Revenue grew by 28% to $415.6m (Q4 2023: $325.6m) with strong organic growth across all businesses driven by robust client activity, market share gains and supportive market conditions. We continued to strengthen our position in the market outpacing growth in overall volumes in almost all markets in which we operate, particularly in Securities.

    Net commission income increased by 25% to $226.0m (Q4 2023: $181.4m). The growth was driven mainly in Agency and Execution, which grew 22% to $160.7m (Q4 2023: $131.3m), reflecting higher client activity in Energy, as well as in Securities, driven primarily by our acquisition of TD Cowen’s prime services business in December 2023.

    Net trading income rose by 15% to $128.1m (Q4 2023: $111.5m). The growth was driven mainly by Hedging and Investment Solutions which grew 24% to $52.6m (Q4 2023: $42.3m) as client demand grew for financial products.

    Net interest income increased by 107% to $62.6m (Q4 2023: $30.2m). This growth was primarily driven by higher average balances.

    Front office costs increased by 23% to $231.8m (Q4 2023: $188.0m), largely reflecting a 14% increase in average front office headcount and increased compensation on higher revenues.

    Control and Support costs increased 32% to $100.1m (Q4 2023: $76.0m), primarily reflecting investment in our Finance, Risk, Technology and Compliance functions, as we continue to invest in our systems and processes to support future sustainable growth.

    Reported Profit Before Tax increased by 97% to $77.8m (Q4 2023: $39.4m), driven by strong revenue growth and improved operating margins.

    Adjusting items reduced by $9.6m to $3.6m (Q3 2023: $13.2m). These costs are primarily related to corporate activities and are recognised within our Corporate segment. Adjusting items reduced mainly due to the non-recurrence of costs incurred in preparation for and associated with our successful IPO and owner fees in the prior period.

    As a result of the revenue and cost trends noted above, Adjusted Profit Before Tax1 increased 55% to $81.4m (Q4 2023: $52.6m) and Adjusted Profit Before Tax Margin1 improved to 20% (Q4 2023: 16%). In addition, as a result of the revenue, cost trends and adjusting items noted above, Profit After Tax Margin increased to 14% (Q4 2023: 9%). 

    Performance for the year ended 31 December 2024

    Revenue grew by 28% to $1,594.7m (2023: $1,244.6m) driven by momentum across all our business, continued market share gains and a supportive market backdrop. Growth during 2024 was predominantly organic as we continued to invest in our businesses, as well as benefiting from the integration of our prior acquisitions.

    Revenue growth was driven by net commission income which increased by 21% to $856.1m (2023: $704.9m). The increase occurred mainly in Agency and Execution, which increased by 28%, reflecting increased customer activity in Energy as well as strong performance in Credit and our prime services business, which we acquired from TD Cowen in December 2023. Net commission income also increased in our Clearing segment, up 11%, driven by our Metals business.

    Net trading income rose by 20% to $492.4m (2023: $411.4m). Within our Market Making segment net trading income was significantly higher, primarily from Metals, reflecting exceptional market conditions and market sentiment in the second quarter across Copper, Aluminium and Nickel.

    Net trading income was also driven by our Hedging and Investment Solutions business, which increased by 27% to $210.3m (2023: $165.7m) as demand grew for commodity hedging and financial products.

    Net physical commodities income increased by 185% to $19.1m (2023: $6.7m). This increase was primarily due to an increase in sales volumes from physical recycled metal, largely driven by growth in demand for recycled metals.

    Front office costs represent staff, systems and infrastructure costs associated with running our revenue generating operations. These costs increased 28% to $881.5m (2023: $690.4m), largely reflecting a 22% increase in average front office headcount.

    Control and Support Costs primarily reflect staff and property related costs, along with professional fees and other administrative expenses associated with support functions. These costs increased 28% to $376.1m (2023: $294.2m), primarily reflecting investment in our Finance, Risk, Compliance and Technology functions, as we continue to invest in our systems and processes to support future sustainable growth. Total control and support average FTE grew 22% to 1,084 for 2024 (2023: 886).

    Reported Profit Before Tax increased 51% to $295.8m (2023: $196.5m), driven by strong revenue growth and improved operating margins.

    Adjusting items decreased by 24% to $25.3m (2023: $33.5m). These costs are primarily related to corporate activities and are recognised within our Corporate segment. Adjusting items decreased primarily due to the non-recurrence of goodwill impairment recognised in 2023. For full year 2024, adjusting items were mainly costs incurred in preparation for and associated with our successful IPO, including growth shares, owner fees and secondary sell down costs.

    As a result of the revenue and cost trends noted above, Adjusted Profit Before Tax1 increased 40% to $321.1m (2023: $230.0m) and Adjusted Profit Before Tax Margin1 improved to 20% (2023: 18%) demonstrating our platform’s ability to deliver scale benefits. Profit after Tax Margins increased to 14% (2023: 11%).

    Net interest income increased by 87% to $227.1m (2023: $121.6m). This growth was driven by higher average balances and investment returns, as well as the acquisition of Cowen’s prime services business in December 2023.

      3 months ended 31 December 2024   3 months ended 31 December 2023   Change   Year ended 31 December 2024   Year ended 31 December 2023   Change
    Average Fed Funds rate 4.7%   5.3%   (60)bps   5.2%   5.0%   20bps
                           
    Average balances1 15.5   11.3   4.2   13.5   12.9   0.6
                           
    Interest income ($m) 185.2   141.5   43.7   702.4   520.4   182.0
    Interest paid out ($m) (62.4)   (60.6)   (1.8)   (257.7)   (219.0)   (38.7)
    Interest on balances ($m) 122.8   80.9   41.9   444.7   301.4   143.3
                           
    Net yield on balances 3.1%   2.8%   30bps   3.3%   2.3%   100bps
                           
    Average notional debt securities ($bn) (3.2)   (2.3)   (0.9)   (2.8)   (2.1)   (0.7)
    Yield on debt securities % 7.5%   8.6%   (110)bps   7.8%   8.4%   (60)bps
                           
    Interest expense ($m) (60.2)   (50.7)   (9.45)   (217.6)   (179.8)   (37.8)
                           
    Net Interest Income ($m) 62.6   30.2   32.4   227.1   121.6   105.5
    1. Average balances are calculated using an average of the daily holdings in exchanges, banks and other investments over the period. Previously, average balances were calculated as the average month end amount of segregated and non-segregated client balances that generated interest income over a given period.

    Segmental performance

    Clearing

    Marex provides clearing services across the range of energy, commodity and financial markets. We face the exchange on behalf of our clients providing access to 60 exchanges globally.

    Performance for the three months ended 31 December 2024

    Our Clearing business performed well with revenue increasing 48% to $124.7m (Q4 2023: $84.1m). This was driven by net interest income which rose by 81% to $56.4m (Q4 2023: $31.2m) primarily reflecting higher average balances, and commission income.

    Adjusted Profit Before Tax1 increased by 68% to $65.8m (Q4 2023: $39.2m). Adjusted Profit Before Tax Margin1 increased by 600 bps to 53% (Q4 2023: 47%).

    Performance for the year ended 31 December 2024

    Our Clearing business performed well in 2024, benefiting from higher levels of client activity on our platform as we continued to gain market share, with the total number of contracts cleared up 30% to 1,116.0m in 2024 (2023: 856.0m). This increase reflects a combination of factors, including an increase in the number of higher volume clients as well as a larger mix of clients transacting in financial securities.

    Revenue increased 25% to $466.3m (2023: $373.6m), driven by net interest income which rose by 45% to $198.1m (2023: $136.2m) as a result of both higher average interest rates in 2024 compared to 2023 and higher average balances. Net commission income also grew by 11% to $263.0m (2023: $236.2m). Average balances increased 5% to $13.5bn in 2024 (2023: $12.9bn). This growth was driven by a record number of new Clearing clients combined with a high retention of existing clients.

    Revenue growth was supported by investment in staff with average front office headcount increasing by 10% to 278 (2023: 253).

    Adjusted Profit Before Tax1 increased by 34% to $247.3m (2023: $185.0m) while Adjusted Profit Before Tax Margin1 increased by 300bps to 53% (2023: 50%).

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Net commission income 65.6   52.5   25%   263.0   236.2   11%
    Net interest income 56.4   31.2   81%   198.1   136.2   45%
    Net trading income 2.7   0.4   575%   5.2   1.2   333%
    Revenue 124.7   84.1   48%   466.3   373.6   25%
    Front office costs (40.2)   (29.2)   38%   (149.2)   (117.1)   27%
    Control and support costs (18.6)   (15.7)   18%   (69.6)   (67.7)   3%
    Recovery/(provision) for credit losses —   0.1   —%   0.1   (3.6)   (103%)
    Depreciation and amortisation (0.1)   (0.1)   —%   (0.4)   (0.3)   33%
    Other Income and share of results of associates 0.1   —   n.m.3   0.1   0.1   n.m.3
                           
    Adjusted Profit Before Tax ($m)1 65.8   39.2   68%   247.3   185.0   34%
    Adjusted Profit Before Tax Margin1 53%   47%   600 bps   53%   50%   300 bps
                           
    Front office headcount (No.)2 284   259   10%   278   253   10%
    Contracts cleared (m) 290.0   228.0   27%   1,116.0   856.0   30%
    Market volumes (m) 2,853.0   2,677.0   7%   11,471.0   10,220.0   12%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period. Management have re-assessed headcount for Clearing and Market Making and re-allocated for FY24, FY23, 4Q24 and 4Q23.
    3. n.m. = not meaningful to present as a percentage.

    Agency and Execution

    Agency and Execution provides essential liquidity and execution services to our clients primarily in the energy and financial securities markets.

    Our energy division provides essential liquidity to clients by connecting buyers and sellers in the OTC energy markets to facilitate price discovery. We have leading positions in many of the markets we operate in, including key gas and power markets in Europe; environmental, petrochemical and crude markets in North America; and fuel oil, LPG (liquefied petroleum gas) and middistillates globally. We achieve this through the breadth and depth of the service we offer to customers, including market intelligence for each product we transact in, based on the extensive knowledge and experience of our teams.

    Our presence in the financial markets is growing as we integrate and optimise recent acquisitions, enabling Marex to diversify its asset class coverage away from traditional commodity markets. We are starting to see a maturation of our offering across all asset classes, contributing to enhanced revenue growth and margin expansion for the overall business.

    Performance for the three months ended 31 December 2024

    Revenue increased by 22% to $192.2m (Q4 2023: $157.9m). This was driven by Securities revenues, up 25% to $119.0m (Q4 2023: $95.3m) reflecting growth in prime services. There was also strong organic revenue growth in the quarter, notably in Rates and FX owing to higher volumes and a new structured rates desk which commenced in 2024. This was further supplemented by the strong growth in our Energy business where revenues increased 17% to $72.7m (Q4 2023: $62.4m), reflecting a combination of increased activity levels in European Energy markets, good demand for our environmentals offering and the benefit of our bolt-on acquisitions.

    Adjusted Profit Before Tax1 increased 29% to $37.4m (Q4 2023: $28.9m) while Adjusted Profit Before Tax Margin1 increased 100 bps to 19% (Q4 2023: 18%).

    Performance for the year ended 31 December 2024

    Revenue increased by 28% to $695.2m (2023: $541.5m), reflecting the benefit of recent acquisitions, primarily the prime services business we acquired from TD Cowen that completed in December 2023, as well as positive market conditions in the energy markets.

    Energy revenue increased 30% to $286.3m (2023: $219.8m). This growth was a reflection of strong levels of demand for our environmentals offering as we continue to support our clients’ transition toward a low carbon economy, investments in new desks and capabilities and continued improvement in activity levels in European Energy markets.

    Securities revenue increased by 27% to $407.2m (2023: $319.8m), driven by our prime services business, as well as growth across Equities, FX and Rates.

    Adjusted Profit Before Tax1 increased 50% to $107.9m (2023: $71.9m) while Adjusted Profit Before Tax Margin1 increased 300bps to 16% (2023: 13%), as we continued to optimise and integrate our acquisitions.

    Average front office headcount increased by 20% to 666 (2023: 553).

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Securities 119.0   95.3   25%   407.2   319.8   27%
    Energy 72.7   62.4   17%   286.3   219.8   30%
    Other revenue 0.5   0.2   150%   1.7   1.9   (11)%
    Revenue 192.2   157.9   22%   695.2   541.5   28%
    Front office costs (138.7)   (121.4)   14%   (524.5)   (417.1)   26%
    Control and support costs (16.5)   (7.5)   120%   (62.0)   (51.1)   21%
    Provision for credit losses 0.2   (0.3)   —%   (0.1)   (0.9)   (89)%
    Depreciation and amortisation 0.1   (0.1)   (200)%   (0.8)   (0.8)   0%
    Other Income and share of results of associates 0.1   0.3   n.m.3   0.1   0.3   n.m.3
                           
    Adjusted Profit Before Tax ($m)1 37.4   28.9   29%   107.9   71.9   50%
    Adjusted Profit Before Tax Margin1 19%   18%   100 bps   16%   13%   300 bps
                           
    Front office headcount (No.)2 657   603   9%   666   553   20%
    Marex volumes: Energy (m) 13.8   13.6   0%   57.4   44.7   27%
    Marex volumes: Securities (m) 73.7   64.7   14%   295.3   239.5   23%
    Market volumes: Energy (m) 442.3   376.7   17%   1,721.0   1,404.8   22%
    Market volumes: Securities (m) 2,744.0   2,601.0   5%   10,920.6   9,969.6   10%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2.  The headcount is the average for the period.
    3. n.m. = not meaningful to present as a percentage.

    Market Making

    Our Market Making business provides direct liquidity to our clients across a variety of products, primarily in the energy, metals and agriculture markets. This ability to make prices and trade as principal in a wide variety of energy, environmentals and commodity markets differentiates us from many of our competitors.

    Performance for the three months ended 31 December 2024

    Revenue increased by 19% to $44.5m (Q4 2023: $37.5m). Higher revenue in Agriculture, Securities and Energy was partly offset by a more subdued operating environment in Metals.

    Revenue growth was supported by Front Office hiring, with average headcount increasing by 14% to 131 (2023: 115).

    Adjusted Profit Before Tax1 increased to $9.0m (Q4 2023: $8.3m), while Adjusted Profit Before Tax Margin1 decreased 200 bps to 20% (Q4 2023: 22%).

    Performance for the year ended 31 December 2024

    Revenue increased by 35% to $207.8m (2023: $153.9m). This was driven by Metals trading which benefited from unusual market conditions across Copper, Aluminium, Nickel in the second quarter. While this activity normalised in the third quarter, we continued to see strong performance. Revenue from Securities also grew primarily reflecting a stronger performance from Equities.

    Adjusted Profit Before Tax1 increased by 97% to $65.6m (2023: $33.3m), while Adjusted Profit Before Tax Margin1 increased 10 percentage points to 32% (2023: 22%) reflecting strong revenue growth.

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Metals 5.7   26.5   (78)%   105.9   69.3   53%
    Agriculture 15.7   0.3   5,133%   33.8   27.5   23%
    Energy 12.7   7.3   74%   32.5   31.6   3%
    Securities 10.4   3.4   206%   35.6   25.5   40%
    Revenue 44.5   37.5   19%   207.8   153.9   35%
    Front office costs (27.2)   (19.9)   37%   (111.4)   (88.5)   26%
    Control and support costs (8.2)   (9.0)   (9)%   (30.4)   (32.7)   (7)%
    Depreciation and amortisation (0.1)   (0.1)   0%   (0.4)   (0.3)   33%
    Other Income and share of results of associates —   (0.2)   n.m.3   —   0.9   n.m.3
                           
    Adjusted Profit Before Tax ($m)1 9.0   8.3   8%   65.6   33.3   97%
    Adjusted Profit Before Tax Margin1 20%   22%   (200) bps   32%   22%   1,000 bps
                           
    Front office headcount (No.)2 131   115   14%   129   109   18%
    Marex volumes: Metals (m) 11.3   6.8   57%   44.6   26.8   67%
    Marex volumes: Agriculture (m) 8.2   7.1   14%   35.1   28.1   25%
    Marex volumes: Energy (m) 0.7   0.6   17%   2.2   2.1   0%
    Marex volumes: Financials (m) 0.2   1.4   (86)%   1.6   5.3   (60)%
    Market volumes: Metals (m) 98.6   92.4   8%   422.7   343.5   23%
    Market volumes: Agriculture (m) 146.8   127.9   15%   581.3   521.1   12%
    Market volumes: Energy (m) 442.3   376.7   17%   1,721.0   1,404.8   22%
    Market volumes: Financials (m) 2,744.0   2,601.0   5%   10,920.6   9,969.6   10%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period. Management have re-assessed headcount for Clearing and Market Making and re-allocated for FY24, FY23, 4Q24 and 4Q23.
    3. n.m. = not meaningful to present as a percentage.

    Hedging and Investment Solutions

    Our Hedging and Investment Solutions business provides high quality bespoke hedging and investment solutions to our clients.

    Tailored commodity hedging solutions enable corporates to hedge their exposure to movements in energy and commodity prices, as well as currencies and interest rates, across a variety of different time horizons.

    Our financial products offering allows investors to gain exposure to a particular market or asset class, for example equity indices, in a cost-effective manner through a structured product.

    Performance for the three months ended 31 December 2024

    Revenue grew 20% to $39.9m (Q4 2023: $33.2m) driven by an expansion of the sales team leading to the onboarding of new clients.

    Adjusted Profit Before Tax1 increased by 47% to $8.7m (Q4 2023: $5.9m), while Adjusted Profit Before Tax Margin1 increased by 400 bps to 22% (Q4 2023: 18%).

    Performance for the year ended 31 December 2024

    Revenue grew 26% to $161.5m (2023: $128.1m) driven by increased client activity across both businesses. Hedging Solutions increased 12% to $69.2m (2023: $62.0m) benefiting from volatility across Cocoa and Coffee and favourable market events, while Financial Products increased 40% to $92.3m (2023: $66.1m) benefiting from positive investor sentiment and equity market performance. We also expanded our product coverage with custom index and FX capabilities and our global footprint which now includes business from Australia and the Middle East, bringing new clients onto our platform.

    Adjusted Profit Before Tax1 increased by 24% to $42.0m (2023: $33.8m), while Adjusted Profit Before Tax Margin1 remained at 26% as we continued to invest in the business infrastructure and distribution network. We have also invested in our people with average front office headcount up 57% to 177 (2023: 113). Other income and share or results of associates represents the tax credit from qualifying research and development costs.

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Hedging solutions 7.7   16.0   (52)%   69.2   62.0   12%
    Financial products 32.2   17.2   87%   92.3   66.1   40%
    Revenue 39.9   33.2   20%   161.5   128.1   26%
    Front office costs (25.7)   (17.5)   47%   (96.4)   (67.7)   42%
    Control and support costs (7.3)   (6.1)   20%   (27.2)   (23.7)   15%
    Recovery/(provision) for credit losses (0.6)   (3.6)   (83)%   2.2   (3.8)   (158)%
    Depreciation and amortisation (0.2)   (0.1)   100%   (0.7)   (0.3)   133%
    Other Income and share of results of associates 2.6   —   n.m.4   2.6   1.2   n.m.4
                           
    Adjusted Profit Before Tax ($m)1 8.7   5.9   47%   42.0   33.8   24%
    Adjusted Profit Before Tax Margin1 22%   18%   400 bps   26%   26%   0 bps
                           
    Front office headcount (No.)2 184   128   44%   177   113   57%
    Structured notes balance ($m)3 2,667.4   1,850.4   44%   2,667.4   1,850.4   44%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period.
    3. The structured notes portfolio consisted of 4,029 notes with an average maturity of 17 months and a total value of $2,667.4m at the end of 2024 compared to a total value of $1,850.4m in 2023 with an average maturity of 15 months.
    4. n.m. = not meaningful to present as a percentage.

    Corporate

    The Corporate segment includes the Group’s control and support functions. Corporate manages the resources of the Group, makes investment decisions and provides operational support to the business segments. Corporate net interest income is derived through earning interest on house cash balances placed at banks and exchanges. Revenue in Q4 2024 was $14.3m (Q4 2023: $12.9m), while full year Revenue in 2024 was $63.9m (2023: $47.5m), driven by net interest income primarily reflecting higher average balances.    

      3 months ended 31 December 2024   3 months ended 31 December 2023       Year ended 31 December 2024   Year ended 31 December 2023    
      $m   $m   Change   $m   $m   Change
    Revenue 14.3   12.9   11%   63.9   47.5   35%
    Control and support costs4 (49.5)   (37.7)   31%   (186.9)   (119.0)   57%
    (Provision)/recovery for credit losses (0.7)   1.4   n.m.3   (0.5)   1.2   (142%)
    Depreciation and amortisation (5.1)   (7.0)   (27%)   (21.7)   (25.4)   (15%)
    Other Income and share of results of associates 1.4   0.7   100%   3.5   1.7   106%
                           
    Adjusted Loss Before Tax ($m)1 (39.6)   (29.7)   33%   (141.7)   (94.0)   51%
                           
    Control and support headcount (No.)2 1,145   947   21%   1,084   886   22%
    1. These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.
    2. The headcount is the average for the period.
    3. n.m. = not meaningful to present as a percentage
    4. Control and support costs are presented on an unallocated basis.

    Summary Financial Position

    The Group’s equity base increased during the year with total equity increasing by $201.0m, 26% to $976.9m as a result of strong profitability during the year and an increase in the share premium balance reflecting the primary issuance of shares as part of the IPO.

    Total assets and total liabilities have grown significantly during 2024 as a result of client activity driving customer balances and in addition our funding activities to support this increase. Our balance sheet continues to consist of high-quality liquid assets which underpin client activity on our platform. Total assets increased from $17.6bn as at 31 December 2023 to $24.3bn as at 31 December 2024 with the growth largely due to the increase in the Securities, Cash and liquid assets, balances with exchanges offset by a reduction in the reverse repurchase agreement balances.

    Securities balances increased to $6.5bn, up $2.5bn from December 2023 driven by hedging activity to support our prime brokerage clients and increased stock lending activity within our Agency and Execution business.

    Cash and liquid assets increased by $1.7bn primarily reflecting cash placed by clients, the Group’s US Senior issuance and growth in structured notes issuance under the Financial Products Program.

      31 December 2024   31 December 2023    
          Restated1    
      $m   $m   Change
    Cash & Liquid Assets² 6,213.0   4,465.9   39%
    Trade Receivables 7,553.2   4,789.8   58%
    Reverse Repo Agreements 2,490.4   3,199.8   (22%)
    Securities³ 6,459.7   4,022.7   61%
    Derivative Instruments 1,163.5   655.6   77%
    Other Assets⁴ 199.7   258.2   (23%)
    Goodwill and Intangibles 233.0   219.6   6%
    Total Assets 24,312.5   17,611.6   38%
    Trade Payables 9,740.4   6,785.9   44%
    Repurchase Agreements 2,305.8   3,118.9   (26%)
    Securities⁵ 6,656.7   4,248.1   57%
    Debt Securities 3,604.5   2,216.3   63%
    Derivative Instruments 751.7   402.2   87%
    Other Liabilities⁶ 276.5   64.3   330%
    Total Liabilities 23,335.6   16,835.7   39%
    Total Equity 976.9   775.9   26%
    1. Prior period comparatives have been restated. Refer to note 3(b) and note 37 in our Group Annual Report for further information.
    2. Cash & Liquid Assets are cash and cash equivalents, treasury instruments pledged as collateral, treasury instruments unpledged and fixed income securities.
    3. Securities assets are equity instruments and stock borrowing.
    4. Other Assets are inventory, corporate income tax receivable, deferred tax, investments, right-of-use assets, and property plant and equipment.
    5. Securities liabilities are stock lending and short securities.
    6. Other Liabilities are short term borrowings, deferred tax liability, lease liability, provisions and corporation tax.

    Liquidity

      31 December   31 December
      2024   2023
      $m   $m
    Total available liquid resources 2,439.8   1,369.8
    Liquidity headroom 1,060.0   738.8

    A prudent approach to capital and liquidity and commitment to maintaining an investment grade credit rating are core principles which underpin the successful delivery of our growth strategy. As at 31 December 2024, the Group held $2,439.8m of total available liquid resources, including the undrawn portion of the RCF (2023: $1,369.8m).

    Group liquidity resources consist of cash and high-quality liquid assets that can be quickly converted to meet immediate and short-term obligations. The resources include non-segregated cash, short-term money market funds and unencumbered securities guaranteed by the U.S. Government. The Group also includes any undrawn portion of its committed revolving credit facility (‘RCF’) in its total available liquid resources. The unsecured revolving credit facility of $150m remains undrawn as at 31 December 2024 (2023: $150m, undrawn). Facilities held by operating subsidiaries, and which are only available to that relevant subsidiary, have been excluded from these figures as they are not available to the entire Group.

    Liquidity headroom is based on the Group’s Liquid Asset Threshold Requirement, which is prepared according to the principles of the UK Investment Firms Prudential Regime (IFPR). The requirement includes a liquidity stress impact calculated from a combination of systemic and idiosyncratic risk factors.

    In October, the Group successfully completed an offering of $600m 5-year senior unsecured notes, further diversifying its funding sources and supporting future growth. The notes have a coupon of 6.404%, mature in November 2029 and have been rated BBB- by both S&P and Fitch. This latest senior note issuance adds to the existing €300m notes issued in February 2023 under the Euro MTN programme.

    Regulatory capital

    The Group is subject to consolidated supervision by the UK Financial Conduct Authority and has regulated subsidiaries in jurisdictions both inside and outside of the UK.

    The Group is regulated as a MIFIDPRU investment firm under IFPR. The minimum capital requirement as at 31 December 2024 was determined by the Own Funds Threshold Requirement (‘OFTR’) set via an assessment of the Group’s capital adequacy and risk assessment conducted annually.

    The Group and its subsidiaries are in compliance with their regulatory requirements and are appropriately capitalised relative to the minimum requirements as set by the relevant competent authority. The Group maintained a capital surplus over its regulatory requirements at all times.

    The Group manages its capital structure in order to comply with regulatory requirements, ensuring its capital base is more than adequate to cover the risks inherent in the business and to maximise shareholder value through the strategic deployment of capital to support the Group’s growth and strategic development. The Group performs business model assessment, business and capital forecasting, stress testing and recovery planning at least annually. The following table summarises the Group’s capital position as at 31 December 2024 and 2023:

      31 December
    2024    		   31 December
    2023
      $m   $m
    Core equity Tier 1 Capital1 623.9   437.7
    Additional Tier 1 Capital (net of issuance costs) 97.6   97.6
    Tier 2 Capital 1.6   3.1
    Total Capital resources 723.1   538.4
           
           
    Own Funds Threshold Requirement2 308.8   235.1
    Total Capital ratio3 234%   229%
    1. The own funds threshold requirement is the amount of own funds (i.e. capital) that a firm needs to hold at any given time to comply with the overall financial adequacy rule under the Investment Firm Prudential Regulation. The overall financial adequacy rule requires a firm to hold the amount of own funds for its ongoing business operations, taking into account potential periods of financial stress during the economic cycle. This is determined based on Group’s latest annual internal assessment.
    2. Own Funds Requirement presented as Own Funds Threshold Requirement based on the latest approved Group Internal Capital Assessment.
    3. The Group’s total capital resources as a percentage of Own Funds Requirement.

    At 31 December 2024, the Group had a Total Capital Ratio of 234% (2023: 229%), representing significant capital headroom to minimum requirements. The increase in the Total Capital Ratio resulted from an increase in total capital resources due to profit (unaudited) in 2024.

    Dividend

    The Board of Directors approved an interim dividend of $0.14 per share, expected to be paid on 31 March 2025 to shareholders on record as at close of business on 17 March 2025.

    Forward looking statements:

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including expected financial results and Adjusted Profit Before Tax and Reported Profit Before Tax, expected growth and business plans, expected investments and dividend payments. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions.

    These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation: subdued commodity market activity or pricing levels; the effects of geopolitical events, terrorism and wars, such as the effect of Russia’s military action in Ukraine, on market volatility, global macroeconomic conditions and commodity prices; changes in interest rate levels; the risk of our clients and their related financial institutions defaulting on their obligations to us; regulatory, reputational and financial risks as a result of our international operations; software or systems failure, loss or disruption of data or data security failures; an inability to adequately hedge our positions and limitations on our ability to modify contracts and the contractual protections that may be available to us in OTC derivatives transactions; market volatility, reputational risk and regulatory uncertainty related to commodity markets, equities, fixed income, foreign exchange and cryptocurrency; the impact of climate change and the transition to a lower carbon economy on supply chains and the size of the market for certain of our energy products; the impact of changes in judgments, estimates and assumptions made by management in the application of our accounting policies on our reported financial condition and results of operations; lack of sufficient financial liquidity; if we fail to comply with applicable law and regulation, we may be subject to enforcement or other action, forced to cease providing certain services or obliged to change the scope or nature of our operations; significant costs, including adverse impacts on our business, financial condition and results of operations, and expenses associated with compliance with relevant regulations; and if we fail to remediate the material weaknesses we identified in our internal control over financial reporting or prevent material weaknesses in the future, the accuracy and timing of our financial statements may be impacted, which could result in material misstatements in our financial statements or failure to meet our reporting obligations and subject us to potential delisting, regulatory investments or civil or criminal sanctions, and other risks discussed under the caption “Risk Factors” in our final prospectus filed pursuant to 424(b)(4) with the Securities and Exchange Commission (the “SEC”) on 31 October 2024 and our other reports filed with the SEC.

    The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

    Appendix 1

    Non-IFRS Financial Measures and Key Performance Indicators

    This press release contains non-IFRS financial measures, including Adjusted Profit Before Tax, Adjusted Profit Before Tax Margin, Adjusted Earnings per Share, Adjusted Diluted Earnings per Share, Adjusted Profit After Tax Attributable to Common Equity and Adjusted Return on Equity. These non-IFRS financial measures are presented for supplemental informational purposes only and should not be considered a substitute for profit after tax, profit margin, return on equity or any other financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS financial measures used by other companies. The Group changed the labelling of its non-IFRS measures during 2024 to better align to the equivalent IFRS reported metric and enhance transparency and comparability.

    Adjusted Profit Before Tax (formerly labelled Adjusted Operating Profit)

    We define Adjusted Profit Before Tax as profit after tax adjusted for (i) tax, (ii) goodwill impairment charges, (iii) acquisition costs, (iv) bargain purchase gains, (v) owner fees, (vi) amortisation of acquired brands and customer lists, (vii) activities in relation to shareholders, (viii) employer tax on the vesting of Growth Shares, (ix) IPO preparation costs and (x) fair value of the cash settlement option on the Growth Shares. Items (i) to (x) are referred to as “Adjusting Items.” Adjusted Profit Before Tax is the primary measure used by our management to evaluate and understand our underlying operations and business trends, forecast future results and determine future capital investment allocations. Adjusted Profit Before Tax is the measure used by our executive board to assess the financial performance of our business in relation to our trading performance. The most directly comparable IFRS Accounting Standards measure is profit after tax. We believe Adjusted Profit Before Tax is a useful measure as it allows management to monitor our ongoing core operations and provides useful information to investors and analysts regarding the net results of the business. The core operations represent the primary trading operations of the business.

    Adjusted Profit Before Tax Margin (formerly labelled Adjusted Operating Profit Margin)

    We define Adjusted Profit Before Tax Margin as Adjusted Profit Before Tax (as defined above) divided by revenue. We believe that Adjusted Profit Before Tax Margin is a useful measure as it allows management to assess the profitability of our business in relation to revenue. The most directly comparable IFRS Accounting Standards measure is profit margin, which is Profit after Tax divided by revenue.

    Adjusted Profit After Tax Attributable to Common Equity (formerly labelled Adjusted Operating Profit after Tax Attributable to Common Equity)

    We define Adjusted Profit After Tax Attributable to Common Equity as profit after tax adjusted for the items outlined in the Adjusted Profit Before Tax paragraph above. Additionally, Adjusted Profit After Tax Attributable to Common Equity is also adjusted for (i) tax and the tax effect of the Adjusting Items to calculate Adjusted Profit Before Tax and (ii) profit attributable to Additional Tier 1 (“AT1”) note holders, net of tax, which is the coupons on the AT1 issuance and accounted for as dividends, adjusted for the tax benefit of the coupons. We define Common Equity as being the equity belonging to the holders of the Group’s share capital. We believe Adjusted Profit After Tax Attributable to Common Equity is a useful measure as it allows management to assess the profitability of the equity belonging to the holders of the Group’s share capital. The most directly comparable IFRS Accounting Standards measure is profit after tax.

    Adjusted Return on Equity (formerly labelled Return on Adjusted Operating Profit after Tax Attributable to Common Equity)

    We define the Adjusted Return on Equity as the Adjusted Profit After Tax Attributable to Common Equity (as defined above) divided by the average Common Equity for the period. Common Equity is defined as being the equity belonging to the holders of the Group’s share capital. Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital. For the years ended 31 December 2024, Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital as at 31 December of the prior year, 31 March, 30 June, 30 September and 31 December of the current year. For the year ended 31 December 2023, Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital as at 31 December of the prior year and 31 December of the current year. For the three months ended 31 December 2024 and 2023 Common Equity is calculated as the average of 30 September and 31 December of the current period. For the years ended 31 December 2024 and 2023, Return on Adjusted Profit After Tax Attributable to Common Equity is calculated as Adjusted Profit After Tax Attributable to Common Equity for the year divided by average Common Equity for the year. For the three months ended 31 December 2024 and 2023, Adjusted Return on Equity is calculated for comparison purposes on an annualised basis as Adjusted Profit After Tax Attributable to Common Equity for the period multiplied by four and then divided by average Common Equity for the period. It is presented on an annualised basis for comparison purposes.

    We believe Adjusted Return on Equity is a useful measure as it allows management to assess the return on the equity belonging to the holders of the Group’s share capital. The most directly comparable IFRS Accounting Standards measure for Adjusted Return on Equity is return on equity, which is calculated as profit after tax for the period divided by average equity. Average equity for the years ended 31 December 2024 and 2023 is calculated as the average of total equity s at 31 December of the prior year, 31 March, 30 June, 30 September and 31 December of the current year. For the three months ended 31 December 2024 and 2023 Average Equity is calculated as the average of 30 September and 31 December of the current year. For the years ended 31 December 2024 and 2023, return on equity is calculated as profit after tax for the year divided by Average Equity for the year. For the three months ended 31 December 2024 and 2023, Adjusted Return on Equity is calculated for comparison purposes on an annualised basis as Adjusted Profit After Tax Attributable to Equity for the period multiplied by four and then divided by Average Equity for the period. It is presented on an annualised basis for comparison purposes.

    Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share

    Adjusted Basic Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity (as defined above) for the period divided by weighted average number of ordinary shares for the period. We believe Adjusted Basic Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share. The most directly comparable IFRS Accounting Standards metric is basic earnings per share. This metric has been designed to highlight the Adjusted Profit After Tax Attributable to Common Equity over the available share capital of the Group. Adjusted Diluted Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity for the period divided by the diluted weighted average shares for the period. We believe Adjusted Diluted Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share on a diluted basis. Dilution is calculated in the same way as it has been for diluted earnings per share. The most directly comparable IFRS Accounting Standards metric is diluted earnings per share.

    We believe that these non-IFRS financial measures provide useful information to both management and investors by excluding certain items that management believes are not indicative of our ongoing operations. Our management uses these non-IFRS financial measures to evaluate our business strategies and to facilitate operating performance comparisons from period to period. We believe that these non-IFRS financial measures provide useful information to investors because they improve the comparability of our financial results between periods and provide for greater transparency of key measures used to evaluate our performance. In addition these non-IFRS financial measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to us, many of which present related performance measures when reporting their results.

    These non-IFRS financial measures are used by different companies for differing purposes and are often calculated in different ways that reflect the circumstances of those companies. In addition, certain judgments and estimates are inherent in our process to calculate such non-IFRS financial measures. You should exercise caution in comparing these non-IFRS financial measures as reported by other companies.

    These non-IFRS financial measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under IFRS Accounting Standards. Some of these limitations are:

    • they do not reflect costs incurred in relation to the acquisitions that we have undertaken;
    • they do not reflect impairment of goodwill;
    • other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures; and
    • the adjustments made in calculating these non-IFRS financial measures are those that management considers to be not representative of our core operations and, therefore, are subjective in nature.

    Accordingly, prospective investors should not place undue reliance on these non-IFRS financial measures.

    We also use key performance indicators (“KPIs”) such as Average Balances, Trades Executed, and Contracts Cleared to assess the performance of our business and believe that these KPIs provide useful information to both management and investors by showing the growth of our business across the periods presented.

    Our management uses these KPIs to evaluate our business strategies and to facilitate operating performance comparisons from period to period. We define certain terms used in this release as follows:

    “FTE” means the number of our full-time equivalents as of the end of a given period, which includes permanent employees and contractors.

    “Average FTE” means the average number of our full-time equivalents over the period, including permanent employees and contractors.

    “Average Balances” means the average of the daily holdings in exchanges, banks and other investments over the period. Previously, average balances were calculated as the average month end amount of segregated and non-segregated client balances that generated interest income over a given period.

    “Trades Executed” means the total number of trades executed on our platform in a given year.

    “Total Capital Ratio” means our total capital resources in a given period divided by the capital requirement for such period under the IFPR.

    “Contracts Cleared” means the total number of contracts cleared in a given period.

    “Market Volumes” are calculated as follows:

    • All volumes traded on Marex key exchanges (CBOT, CME, Eurex, Euronext, ICE, LME, NYMEX COMEX, SGX)
    • Energy volumes on CBOT, Eurex, ICE, NYMEX, SGX
    • Financial securities (corporate bonds, equities, FX, repo, volatility) on CBOE, CBOT, CME, Eurex, Euronext, ICE, SGX
    • Metals, agriculture and energy volumes on CBOT, CME, Eurex, Euronext, ICE, LME, NYMEX COMEX, SGX

    Reconciliation of Non-IFRS Financial Measures and Key Performance Indicators:

      3 months ended 31 December 2024   3 months ended 31 December 2023   Year ended 31 December 2024   Year ended 31 December 2023
          Restated1        
      $m   $m   $m   $m
    Profit After Tax 56.7   28.1   218.0   141.3
    Taxation charge 21.1   11.3   77.8   55.2
    Profit Before Tax 77.8   39.4   295.8   196.5
    Goodwill impairment charge1 —   —   —   10.7
    Bargain purchase gains2 —   —   —   (0.3)
    Acquisition costs3 —   1.2   —   1.8
    Amortisation of acquired brands and customer lists4 1.7   0.7   5.5   2.1
    Activities relating to shareholders5 —   2.2   2.4   3.1
    Employer tax on vesting of the growth shares6 —   —   2.2   —
    Owner fees7 —   1.2   2.4   6.0
    IPO preparation costs8 —   7.9   8.6   10.1
    Fair value of the cash settlement option on the growth shares9 —   —   2.3   —
    Public offering of ordinary shares10 1.9   —   1.9   —
    Adjusted Profit Before Tax 81.4   52.6   321.1   230.0
    Tax and the tax effect on the Adjusting Items11 (20.43)   (11.1)   (76.8)   (54.1)
    Profit attributable to AT1 note holders12 (3.3)   (3.3)   (13.3)   (13.3)
    Adjusted Profit After Tax Attributable to Common Equity 57.8   38.2   231.0   162.6
                   
    Profit after Tax Margin 14%   9%   14%   11%
    Adjusted Profit Before Tax Margin13 20%   16%   20%   18%
                   
    Basic Earnings per Share ($) 0.76   0.37   2.96   1.94
    Diluted Earnings per Share ($) 0.70   0.35   2.72   1.82
                   
    Adjusted Basic Earnings per Share ($)14 0.82   0.58   3.34   2.46
    Adjusted Diluted Earnings per Share ($)15 0.76   0.54   3.07   2.31
                   
    Common Equity16 870.7   662.6   775.6   629.2
    Return on Equity 23%   15%   25%   19%
    Adjusted Return on Equity (%) 27%   23%   30%   26%
    1. Goodwill impairment charges in 2023 relates to the impairment recognised for goodwill relating to the Volatility Performance Fund S.A. CGU (‘VPF’) largely due to declining projected revenue.
    2. A bargain purchase gain was recognised as a result of the ED&F Man Capital Markets division acquisition.
    3. Acquisition costs are costs, such as legal fees incurred in relation to the business acquisitions of ED&F Man Capital Markets business, the OTCex group and Cowen’s prime services and Outsourced Trading business.
    4. This represents the amortisation charge for the period of acquired brands and customers lists.
    5. Activities in relation to shareholders primarily consist of dividend-like contributions made to participants within certain of our share-based payments schemes.
    6. Employer tax on vesting of the growth shares represents the Group’s tax charge arising from the vesting of the growth shares.
    7. Owner fees relate to management services fees paid to parties associated with the ultimate controlling party based on a percentage of our EBITDA in each year, presented in the income statement within other expenses.
    8. IPO preparation costs related to consulting, legal and audit fees, presented in the income statement within other expenses.
    9. Fair value of the cash settlement option on the growth shares represents the fair value liability of the growth shares at $2.3m. Subsequent to the initial public offering when the holders of the growth shares elected to settle the awards in ordinary shares, the liability was derecognised.
    10. Costs relating to the public offerings of ordinary shares by certain selling shareholders.
    11. Tax and the tax effect on the Adjusting Items represents the tax for the period and the tax effect of the other Adjusting Items removed from Profit After Tax to calculate Adjusted Profit Before Tax. The tax effect of the other Adjusting Items was calculated at the Group’s effective tax rate for the respective period.
    12. Profit attributable to AT1 note holders are the coupons on the AT1 issuance, which are accounted for as dividends.
    13. Adjusted Profit Before Tax Margin is calculated by dividing Adjusted Profit Before Tax (as defined above) by revenue for the period.
    14. The weighted average numbers of shares used in the calculation for the years ended 31 December 2024 and 2023 were 69,231,625 and 66,018, 514 respectively. The weighted average numbers of shares used in the calculation for the three months ended 31 December 2024 and 2023 were 70,290,886 and 66,018,514 respectively. Weighted average number of shares have been restated as applicable for the Group’s reverse share split.
    15. The weighted average numbers of diluted shares used in the calculation for the years ended 31 December 2024 and 2023 were 75,279,454 and 70,323,467 respectively. The weighted average numbers of shares used in the calculation for the three months ended 31 December 2024 and 2023 were 76,338,715 and 70,323,467 respectively. Weighted average number of shares have been restated as applicable for the Group’s reverse share split.
    16. Common Equity is calculated as the average balance of total equity minus additional Tier 1 capital. For the years ended 31 December 2024, Adjusted Return on Equity is calculated as the average balance of total equity minus additional Tier 1 capital, as at 31 December of the prior year, 31 March, 30 June, 30 September and 31 December of the current year. For the years ended 31 December 2023, Adjusted Return on Equity is calculated as the average balance of total equity minus additional Tier 1 capital, as at 31 December of the prior year and 31 December of the current year. For the three months ended 31 December 2024 and 2023 Common Equity is calculated as the average of 30 September and 31 December of the current period.

    Appendix 2 – Supplementary Financial Information

    Revenue

    The following tables presents the Group’s segmental revenue for the periods indicated:

    3 months ended 31 December 2024 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income/(expense) 65.6   160.7   (0.3)   —   —   226.0
    Net trading income 2.7   21.1   51.7   52.6   —   128.1
    Net interest income/(expense) 56.4   9.5   (4.9)   (12.7)   14.3   62.6
    Net physical commodities income —   0.9   (2.0)   —   —   (1.1)
    Revenue 124.7   192.2   44.5   39.9   14.3   415.6
    3 months ended 31 December 2023 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income/(expense) 52.5   131.3   (2.4)   —   —   181.4
    Net trading income/(expense) 0.4   23.2   45.9   42.3   (0.3)   111.5
    Net interest income/(expense) 31.2   3.4   (8.5)   (9.1)   13.2   30.2
    Net physical commodities income —   —   2.5   —   —   2.5
    Revenue 84.1   157.9   37.5   33.2   12.9   325.6
    Year ended 31 December 2024 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income/(expense) 263.0   597.1   (4.0)   —   —   856.1
    Net trading income 5.2   61.3   215.6   210.3   —   492.4
    Net interest income/(expense) 198.1   34.6   (20.7)   (48.8)   63.9   227.1
    Net physical commodities income —   2.2   16.9   —   —   19.1
    Revenue 466.3   695.2   207.8   161.5   63.9   1,594.7
    Year ended 31 December 2023 Clearing   Agency and Execution   Market Making   Hedging and Investment Solutions   Corporate   Total
      $m   $m   $m   $m   $m   $m
                           
    Net commission income/(expense) 236.2   473.4   (4.7)   —   —   704.9
    Net trading income/(expense) 1.2   62.1   182.8   165.7   (0.4)   411.4
    Net interest income/(expense) 136.2   6.0   (30.9)   (37.6)   47.9   121.6
    Net physical commodities income —   —   6.7   —   —   6.7
    Revenue 373.6   541.5   153.9   128.1   47.5   1,244.6

    Consolidated Income Statement

    For the Year Ended 31 December 2024

        2024 2023
        $m $m
    Commission and fee income   1,618.1 1,342.4
    Commission and fee expense   (762.0) (637.5)
    Net commission income   856.1 704.9
    Net trading income   492.4 411.4
    Interest income   765.2 591.8
    Interest expense   (538.1) (470.2)
    Net interest income   227.1 121.6
    Net physical commodities income   19.1 6.7
    Revenue   1,594.7 1,244.6
           
    Expenses:      
    Compensation and benefits   (971.1) (770.3)
    Depreciation and amortisation   (29.5) (27.1)
    Other expenses   (306.3) (237.4)
    Impairment of goodwill   — (10.7)
    Provision for credit losses   1.7 (7.1)
    Bargain purchase gain on acquisitions   — 0.3
    Other income   6.3 3.4
    Share of results in associates and joint ventures   — 0.8
    Profit before tax   295.8 196.5
    Tax   (77.8) (55.2)
    Profit after tax   218.0 141.3
           

    Consolidated Statement of Financial Position

    As at 31 December 2024

        31 December 31 December
        2024 2023
        $m $m
          Restated1
    Assets      
    Non-current assets      
    Goodwill   176.5 163.6
    Intangible assets   56.5 56.0
    Property, plant and equipment   20.8 16.6
    Right-of-use asset   59.9 40.6
    Investments   24.0 16.2
    Deferred tax   46.7 21.4
    Treasury instruments (unpledged)   53.5 60.8
    Treasury instruments (pledged as collateral)   46.1 300.4
    Total non-current assets   484.0 675.6
           
    Current assets      
    Corporate income tax receivable   12.5 0.1
    Trade and other receivables   7,553.2 4,789.8
    Inventory   35.8 163.4
    Equity instruments (unpledged)   231.4 189.6
    Equity instruments (pledged as collateral)   4,446.6 1,331.7
    Derivative instruments   1,163.5 655.6
    Stock borrowing   1,781.7 2,501.4
    Treasury instruments (unpledged)   556.2 481.8
    Treasury instruments (pledged as collateral)   2,912.9 2,062.6
    Fixed income securities (unpledged)   87.7 76.7
    Reverse repurchase agreements   2,490.4 3,199.8
    Cash and cash equivalents   2,556.6 1,483.5
    Total current assets   23,828.5 16,936.0
    Total assets   24,312.5 17,611.6
    1. Prior period comparatives have been restated. Refer to note 3(b) and note 37 in the Group Annual Report for further information.

    Consolidated Statement of Financial Position

    As at 31 December 2024

        31 December 31 December
        2024 2023
        $m $m
          Restated1
    Liabilities      
    Current liabilities      
    Repurchase agreements   2,305.8 3,118.9
    Trade and other payables   9,740.4 6,785.9
    Stock lending   4,952.1 2,323.3
    Short securities   1,704.6 1,924.8
    Short-term borrowings   152.0 —
    Lease liability   10.5 13.2
    Derivative instruments   751.7 402.2
    Corporation tax   41.9 7.6
    Debt securities   2,119.6 1,308.4
    Provisions   0.6 0.4
    Total current liabilities   21,779.2 15,884.7
    Non-current liabilities      
    Lease liability   67.0 39.4
    Long-term borrowings   — —
    Debt securities   1,484.9 907.9
    Deferred tax liability   4.5 3.7
    Total non-current liabilities   1,556.4 951.0
    Total liabilities   23,335.6 16,835.7
    Total net assets   976.9 775.9
           
    Equity      
    Share capital   0.1 0.1
    Share premium   202.6 134.3
    Additional Tier 1 capital (AT1)   97.6 97.6
    Retained earnings   722.4 555.3
    Own shares   (23.2) (9.8)
    Other reserves   (22.6) (1.6)
    Total equity   976.9 775.9
    1. Prior year comparatives have been restated. Refer to note 3(b) and note 37 in the Group Annual Report for further information.

    The MIL Network –

  • MIL-OSI: PHH Mortgage Receives 2024 Fannie Mae Star Performer Award for Servicing Excellence

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., March 06, 2025 (GLOBE NEWSWIRE) — PHH Mortgage (“PHH” or the “Company”), a subsidiary of Onity Group Inc. (NYSE: ONIT) and a leading non-bank mortgage servicer and originator, today announced the Company achieved Fannie Mae’s 2024 Servicer Total Achievement and Rewards™ (STAR™) Performer recognition in the General Servicing category. PHH has earned STAR Performer recognition for four consecutive years.

    “We are honored to be recognized again by Fannie Mae for excellence in mortgage servicing, and we want to thank our team for their hard work and dedication toward maintaining superior operational performance and creating positive outcomes for our customers,” said Scott Anderson, Executive Vice President and Chief Servicing Officer of PHH Mortgage. “We have built a servicing platform that delivers industry-leading performance, supported by an experienced team with a customer-first focus and innovative technology solutions. We are proud of the work we do for our customers, clients, investors and the housing industry, and we look forward to continuing to deliver on our commitments to all those we serve.”

    STAR Performer recognition is reserved for top performing servicers. For 2024, STAR Program participants are measured on the basis of their performance managing General Servicing (Transition to 60+ and Investor Reporting Score), Solution Delivery (60+ to Cure, Retention Efficiency, Liquidation Efficiency, and Six-Month Modification Performance), and Timeline Management (Transition to Beyond Time Frame). Each servicer’s performance in these metrics is compared against the performance of other Fannie Mae loans with similar credit characteristics.

    PHH serviced or subserviced approximately 1.4 million loans with a total unpaid principal balance of more than $300 billion on behalf of approximately 4,000 investors and 125 subservicing clients as of December 31, 2024. The Company’s extensive servicing capability includes forward, reverse, business purpose residential and small-balance commercial mortgages.

    About Onity Group

    Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

    For Further Information Contact:

    Dico Akseraylian, SVP, Corporate Communications
    (856) 917-0066
    mediarelations@onitygroup.com

    The MIL Network –

  • MIL-OSI United Kingdom: Managing woodlands with community groups in the National Forest

    Source: United Kingdom – Executive Government & Departments

    Case study

    Managing woodlands with community groups in the National Forest

    Read how the National Forest’s community groups support sustainable woodland management, improve health and wellbeing, enhance woodland access, and support wildlife.

    National Forest facts:

    • established in the 1990s: the first broadleaf forest to be created at scale in England for more than 900 years 
    • spans 200 square miles of the Midlands (Leicestershire, Derbyshire, and Staffordshire) 
    • overseen by the National Forest Company (NFC), with a mission to increase forest cover from 6% in the early 1990s to 33%; 25% cover has been achieved to date 
    • mainly rural and peri-urban native broadleaf woodlands 
    • woodlands are planted on both private and public land 
    • most community woods are managed for recreation and wildlife rather than timber production 
    • aims for 80% of the woodlands to have some level of public access, for walking and, in some cases, cycling and horse riding

    Community groups play a vital role in maintaining woods. By engaging local residents, these groups contribute to the sustainable management of woodlands through activities including:  

    • tree thinning 
    • habitat management and creation 
    • wildlife surveys 
    • litter picking 
    • organising local events 
    • helping to maintain newly planted trees 
    • leading guided walks  

    Thousands of people are already involved, volunteering through 70 community woods groups and conservation organisations. In 2021, these groups were brought together in an informal Community Woods network.

    Zoe Sewter, NFC Volunteer and Wellbeing Officer said:

    We have found that the range of works volunteers can undertake is limited only by skills, time and available resources. Given sufficient training, access to funding and a pool of able and motivated volunteers, the sky is the limit.

    Two community woods volunteers carrying out woodland thinning operations. Copyright Darren Cresswell Photography.

    Growing urban woodlands 

    In the National Forest, urban woodlands are typically on reclaimed land or within housing developments. It’s normally these types of woodlands that are community-managed, close to homes, often planted in the last 30 years and publicly owned. As part of a recent National Lottery Heritage Fund funded project, 9 new sites have been planted and 3 older woods brought under community management. 

    Public rights of way and permissive routes connect communities to the woods and link to nearby footpath networks. In urban woodlands, paths are mostly surfaced enabling year-round access. In the rural and peri-urban sites the paths are usually grassed rides, meaning that maintaining the paths and woodland can be tricky in wet winters.

    Pupils from Fairmeadow Primary School helping to create Oversetts community wood, a new woodland on the outskirts of Swadlincote. Copyright NFC.

    Funding and income 

    The NFC has secured external grants over the past 6 years to support its Community Woods programme, covering staff salaries, setup costs, land purchases, capital purchases, community engagement and volunteer training. Outside the National Forest, local councils, parish councils, or voluntary sector organisations may be able to provide seed funding for similar projects.  

    To ensure financial sustainability, community groups have also generated income through various methods, including: 

    • selling community shares 
    • charging annual membership fees 
    • paid events (such as wreath making and guided walks) 
    • renting space/facilities 
    • plant sales and charity events 
    • selling products (such as charcoal and wooden ornaments) 
    • obtaining grants for woodland management and tool purchases 

    Groups like the Heartwood Community Woodland Group have introduced schemes such as ‘logs for labour’, where volunteers can exchange work (helping to fell some trees in thinning operations) for wood fuel or green crafts.

    Heartwood volunteer starting the retort to make charcoal in the woods. Copyright Rod Kirkpatrick.

    Benefits for woodlands and people 

    The involvement of community groups has brought a wide range of benefits, including: 

    • for the woodlands: positive management improves biodiversity and habitat condition, as well as enhancing amenity value
    • for the owners: support with their woodland management; landowners gain committed volunteers who help maintain paths, monitor wildlife, and tackle conservation tasks
    • for the volunteers and local community: volunteering has health and wellbeing benefits and provides a closer connection to nature. Local people feel a stronger sense of connection to the woodlands as they develop, helping reduce anti-social issues like littering and vandalism
    • for visitors: improved quality of access to the woodlands and richer biodiversity to enjoy

    Zoe Sewter, NFC Volunteer and Wellbeing Officer said:

    It also means more eyes are looking at the wood and checking that everything is OK. Volunteers can report issues, flag safety concerns and keep pathways clear. Of increasing importance, regular visits in different seasons can spot signs of pests and disease early, and get reported to the landowner so mitigating action can take place as required.

    Creating a network 

    Before the introduction of the Community Woods programme, volunteer groups within the National Forest largely worked in isolation, each managing their own woodland without broader connections.

    The creation of the Community Woods network has been a transformative initiative, nurturing collaboration and knowledge exchange among these groups. By connecting volunteers, the network provides a platform for sharing experiences, skills, and resources, creating a vibrant community of practice. This peer-to-peer support has been particularly valuable for new groups, who can now learn from the successes and challenges faced by more experienced counterparts. 

    Overcoming challenges 

    Many groups face difficulties with volunteer recruitment, particularly in attracting younger members, but offering varied tasks and flexible schedules can help engage a broader range of people.  

    The departure of important volunteers can lead to a loss of momentum; however, building strong committees and sharing responsibilities can help maintain energy and focus over time. 

    A standout achievement of the Community Woods project has been the tailored training programme. Designed in consultation with the community groups themselves, the programme addresses their specific needs and has been funded through various grants. Training topics have included: 

    • leadership and organisation: leadership sessions for volunteer task days, to enhance confidence and team coordination
    • practical skills: coppicing, small tree felling, pond management, and hedge-laying
    • accredited certifications: emergency First Aid and Forestry, brush-cutter and chainsaw use, and tree inspections

    The programme has received strong engagement and overwhelmingly positive feedback, significantly enhancing the skills and confidence of volunteers across the network. As a result, groups are now better equipped to manage their woodlands effectively, ensuring sustainable conservation practices and fostering stronger community ties. This combined approach of networking and training has proven instrumental in building a resilient, interconnected community of woodland volunteers, capable of sustaining long-term benefits for both people and nature. 

    Volunteers network at the inaugural Community Woods Network gathering at Timber Festival, 2021. Copyright NFC.

    Zoe Sewter, NFC Volunteer and Wellbeing Officer said:

    It’s not just about the trees. Community woodland groups are made up of people with diverse motivations to give their time – passionate individuals committed to making a difference, as well as those seeking solace in nature, such as those dealing with bereavement, health challenges, or life changes. Understanding these personal stories and motivations is vital for creating a supportive and successful volunteer environment.

    Top tips for working with community groups 

    For anyone considering partnering with community groups in their woodland management, here are some top tips: 

    • establish trust and clear communication: building mutual trust between volunteers and landowners is essential; set expectations early and ensure open, ongoing communication
    • set realistic work expectations: ensure that the group has the necessary tools and support to complete tasks, for example, if the use of power tools is not permitted, avoid assigning overly large tasks that could lead to frustration
    • involve the group in management planning: having volunteers contribute to the woodland management plan ensures that potential issues are addressed early and everyone is aligned
    • enter into a formal agreement: use contracts, licences, or leases with clear terms (ideally 5+ years) to outline expectations and responsibilities. Include break clauses to allow for flexibility if circumstances change
    • plan for changes: if the relationship needs to end, ensure there’s an exit strategy in place, with plenty of notice to avoid frustration or feelings of wasted effort
    • build in flexibility: site constraints, such as wildlife designations or securing capital funding, can be challenging. A clear plan of action and thorough research before starting can help, but other problems such as bad weather can be unavoidable. Build flexibility into timescales and have contingency plans

    Zoe Sewter, NFC Volunteer and Wellbeing Officer said:

    Also, be prepared for the unexpected! The Covid pandemic disrupted plans and presented unforeseen challenges for many groups within the Community Woods network. But with resilience and flexibility, these obstacles can be overcome.

    Learn more about the National Forest

    For more information on the National Forest and how you can get involved, visit National Forest.

    Updates to this page

    Published 6 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Economics: EOLO chooses Thales to expand high-speed Internet access in Italy

    Source: Thales Group

    Headline: EOLO chooses Thales to expand high-speed Internet access in Italy

    • EOLO partners with Thales to bring ultrafast broadband to underserved Italian communities.
    • Thales’ eSIM solution enables seamless 5G connectivity for EOLO’s new Internet offerings, based on Fixed Wireless Access (FWA) technology.
    • This initiative supports the EU’s goal of ‘universal 1Gbps broadband by 2030’ as well as EOLO’s and Thales Commitment to Digital Inclusion and to Innovation.

    The European Union aims to ensure that all citizens have access to 1Gbps broadband by 2030 and EOLO selected Thales for its leading connectivity solutions. Achieving this vision requires innovative solutions like Fixed Wireless Access (FWA), which delivers high-speed internet to areas lacking traditional fiber or copper networks. FWA is crucial for connecting people in small towns and rural regions, supporting economic growth, and bridging the digital divide.

    EOLO’s Vision for Faster Connectivity

    As Italy’s leading FWA provider, EOLO has been pioneering radio technology to deliver affordable, high-speed internet. Currently, the company serves more than 700.000 households and FWA connectivity can reach speeds of up to 300 Mbps in download. To furtherly improve customer experience and reach Italian territories with a service able to bridge digital speed divide, EOLO is launching a 1Gbps FWA service in 2025, combining 5G and millimeter wave (mmWave) technology. This rollout will include a new 5G antenna network and thousands of eSIM-enabled devices installed at customer locations.

    Thales’ Expertise in Secure Connectivity

    Thales is playing a key role in this expansion by providing its eSIM Management platform, Thales On-Demand Subscription Manager (OSM). This technology allows EOLO’s 5G Routers to be pre-configured with mobile subscriptions, making installation faster and easier. Customers will benefit from instant activation as soon as they power on their devices, ensuring seamless connectivity.

    “The infrastructure that we are building together will play a pivotal role by complementing fiber coverage in our country. With a connectivity able to reach 1 Gbps, we will meet the ambitious goals of both European and Italian agendas, helping citizens and enterprises to overcome digital divide and digital speed divide”, commented Guido Garrone, CEO at EOLO.

    “Reliable, secure connectivity is essential for digital transformation,” said Eva Rudin, VP Mobile Connectivity Solutions at Thales. “By supporting EOLO with our advanced eSIM technology, we are enabling faster broadband deployment and helping to bridge the digital divide across Europe.”

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence, Aerospace and Cyber & Digital. It develops products and solutions that help make the world safer, greener and more inclusive.

    The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.

    Thales has nearly 83,000 employees in 68 countries. In 2024, the Group generated sales of €20.6 billion.

    MIL OSI Economics –

  • MIL-OSI USA: The Next Full Moon is the Worm Moon

    Source: NASA

    The next full moon is called the Worm Moon. Also, there will be a total lunar eclipse this full moon. The Moon will be full early Friday morning, March 14, at 2:55 a.m. EDT, but will appear full for about three days around this time, from Wednesday evening into Saturday morning.

    As the Moon passes opposite the Sun it will move through the shadow of Earth creating a total eclipse of the Moon. The Moon will begin entering the partial shadow Thursday night at 11:57 p.m. EDT, but the gradual dimming of the Moon will not be noticeable until it starts to enter the full shadow Friday morning at 1:09 a.m. The round shadow of Earth will gradually shift across the face of the Moon (from lower left to upper right) until the Moon is fully shaded beginning at 2:26 a.m. The period of full shadow, or total eclipse, will last about 65 minutes, reaching the greatest eclipse at 2:59 a.m. and ending at 3:31 a.m. Even though it will be in full shadow, the Moon will still be visible. The glow of all of the sunrises and sunsets on Earth will give the Moon a reddish-brown hue, sometimes called a “Blood Moon” — although this name is also used for one of the full moons near the start of fall. From 3:31 a.m. until 4:48 a.m., the Moon will exit the full shadow of Earth, with the round shadow again shifting across the face of the Moon (from upper left to lower right). The Moon will leave the last of the partial shadow at 6 a.m. ending this eclipse.
    The Maine Farmers’ Almanac began publishing Native American names for full moons in the 1930s, and these names are now widely known and used. According to this almanac, the tribes of the northeastern U.S. called the full moon in March the Crow, Crust, Sap, Sugar, or Worm Moon. The more northern tribes of the northeastern United States knew this as the Crow Moon, with the cawing of crows signaling the end of winter. Other northern names were the Crust Moon, because the snow cover became crusted from thawing by day and freezing by night, or the Sap (or Sugar) Moon as this was the time for tapping maple trees. The more southern tribes called this the Worm Moon after the earthworm casts that appeared as the ground thawed. It makes sense that only the southern tribes called this the Worm Moon. When glaciers covered the northern part of North America they wiped out the native earthworms. After these glaciers melted about 12,000 years ago the more northern forests grew back without earthworms. Most of the earthworms in these areas are invasive species introduced from Europe and Asia.
    Continuing the tradition of naming moons after prominent phenomena tied to the time of year, a few years ago my friend Tom Van Wagner suggested naming this the Pothole Moon. It may be a case of confirmation bias, but whether in my car or on my bicycle I’ve noticed more potholes lately.

    As usual, the wearing of suitably celebratory celestial attire is encouraged in honor of the full moon. Enjoy the total lunar eclipse (if you are in a part of the world that can see it), anticipate the coming of spring and watch out for potholes!

    Gordon johnston
    NASA Program Executive (Retired)

    Here are the other celestial events between now and the full moon after next with times and angles based on the location of NASA Headquarters in Washington:
    As winter in the Northern Hemisphere ends and spring begins, the daily periods of sunlight continue to lengthen, changing fastest around the vernal (spring) equinox on March 20. On Friday, March 14 (the day of the full moon), morning twilight will begin at 6:23 a.m. EDT, sunrise will be at 7:20 a.m., solar noon will be at 1:17 p.m. when the Sun will reach its maximum altitude of 48.9 degrees, sunset will be at 7:14 p.m., and evening twilight will end at 8:12 p.m. By Saturday, April 12 — the day of the full moon after next — morning twilight will begin at 5:36 a.m., sunrise will be at 6:36 a.m., solar noon will be at 1:09 p.m. when the Sun will reach its maximum altitude of 60.1 degrees, sunset will be at 7:43 p.m., and evening twilight will end at 8:43 p.m.
    During this lunar cycle, a backyard telescope should still provide interesting views of Jupiter and Mars high in the evening sky. Venus and Mercury will only be visible near the start at this cycle and will be too low to see easily unless you have access to a location with clear views toward the western horizon. With a telescope, you should be able to see Jupiter’s four bright moons, Ganymede, Callisto, Europa, and Io, noticeably shifting positions in the course of an evening. Jupiter was at its closest and brightest in early December. Mars was at its closest and brightest for the year just a month ago. The planet Uranus will be too dim to see without a telescope when the Moon is in the sky, but later in the lunar cycle, if you are in a very dark area with clear skies and no interference from moonlight, it will still be brighter than the faintest visible stars, making it barely visible. Uranus was at its closest and brightest in mid-November.
    Comets and Meteor Shower
    No meteor showers are predicted to peak during this lunar cycle, and no comets are expected to be visible without a telescope.
    Evening Sky Highlights
    On the evening of Thursday, March 13 — the night of the full moon — as twilight ends at 8:11 p.m. EDT, the rising Moon will be 14 degrees above the eastern horizon. The brightest planet in the sky will be Venus at 4 degrees above the west-southwestern horizon, appearing as a thin, 4% illuminated crescent through a telescope. Next in brightness will be Jupiter at 62 degrees above the west-southwestern horizon. Third in brightness will be Mars at 72 degrees above the southeastern horizon. Mercury, to the left of Venus, will also be 4 degrees above the western horizon. Uranus, on the edge of what is visible under extremely clear, moonless, and dark skies, will be 45 degrees above the western horizon. The bright star closest to overhead will be Capella at 75 degrees above the northwestern horizon. Capella is the 6th brightest star in our night sky, and the brightest star in the constellation Auriga (shaped like a charioteer). Although we see Capella as a single star it is actually four stars — two pairs of stars orbiting each other. Capella is about 43 light-years from Earth.
    Also high in the sky will be the constellation Orion, easily identifiable because of the three stars that form Orion’s Belt. This time of year, we see many bright stars at evening twilight, with bright stars scattered from the south-southeast toward the northwest. We see more stars in this direction because we are looking toward the Local Arm of our home galaxy (also called the Orion Arm, Orion-Cygnus Arm, or Orion Bridge). This arm is about 3,500 light years across and 10,000 light years long. Some of the bright stars we see from this arm are the three stars of Orion’s Belt, along with Rigel (860 light-years from Earth), Betelgeuse (548 light-years), Polaris (about 400 light-years), and Deneb (about 2,600 light-years).
    As this lunar cycle progresses, the background of stars will rotate by about a degree westward each evening around the pole star Polaris. March 16 will be the last evening Venus will be above the horizon, and March 17 will be the last evening Mercury will be above the horizon as twilight ends. On March 30, Mars will pass by the bright star Pollux for the third time in 6 months, having passed by in mid-October 2024, changed direction (called apparent retrograde motion) and passed again in mid-January, then changed directions again for this March 30 pass. The waxing moon will appear near the Pleiades star cluster on April 1, Jupiter on April 2, Mars and Pollux on April 5, and Regulus on April 7 and 8.
    By the evening of Saturday, April 12 — the evening of the night of the full moon after next — as twilight ends at 8:43 p.m. EDT, the rising Moon will be 10 degrees above the east-southeastern horizon with the bright star Spica about a half degree to the upper left. The brightest planet in the sky will be Jupiter at 38 degrees above the western horizon. Next in brightness will be Mars at 70 degrees above the southwestern horizon. Uranus, on the edge of what is visible under extremely clear, moonless dark skies, will be 18 degrees above the western horizon. The bright star closest to overhead will be Pollux at 71 degrees above the west-southwestern horizon. Pollux is the 17th brightest star in our night sky and the brighter of the twin stars in the constellation Gemini the twins. It is an orange-tinted star about 34 light-years from Earth. Pollux is not quite twice the mass of our Sun, but is about 9 times the diameter and 33 times the brightness.
    Morning Sky Highlights
    On the morning of Friday, March 14 — the morning of the full moon — as twilight begins at 6:23 a.m. EDT, the setting full moon will be 12 degrees above the western horizon. No visible planets will appear in the sky. The bright star closest to overhead will be Vega at 68 degrees above the eastern horizon. Vega is the 5th brightest star in our night sky and the brightest star in the constellation Lyra (the lyre). Vega is one of the three bright stars of the “Summer Triangle” along with Deneb and Altair. It is about 25 light-years from Earth, has twice the mass of our Sun, and shines 40 times brighter than our Sun.
    As this lunar cycle progresses, the background of stars will rotate westward by about a degree each morning around the pole star Polaris. The waning moon will appear near Spica on March 16 and 17, and Antares on March 20. Bright Venus — now the morning star — will begin to emerge from the glow of dawn around March 21 and will be above the horizon as twilight begins after March 29. Mercury and Saturn will begin emerging from the glow of dawn in early April, rising after morning twilight begins. Initially Saturn will appear brighter than Mercury, but Mercury will brighten each morning as it becomes a fuller crescent, showing more illuminated area to Earth. After about April 8, Mercury will appear brighter than Saturn.
    By the morning of Sunday, April 13 — the morning of the night of the full moon after next — as twilight begins at 5:34 a.m. EDT, the setting full moon will be 10 degrees above the west-southwestern horizon with the bright star Spica 4 degrees to the right. The only planet in the sky as twilight begins will be bright Venus as the morning star at 5 degrees above the eastern horizon. However, both Mercury and the fainter Saturn should be visible below Venus after they rise 4 and 7 minutes later (Saturn at 5:37 a.m. and Mercury at 5:40 a.m.). The bright star closest to overhead still will be Vega at 81 degrees above the eastern horizon.

    Here for your reference is a day-by-day listing of celestial events between now and the full moon on April 12, 2025. The times and angles are based on the location of NASA Headquarters in Washington, and some of these details may differ for where you are (I use parentheses to indicate times specific to the D.C. area). If your latitude is significantly different than 39 degrees north (and especially for my Southern Hemisphere readers), I recommend using an astronomy app that is set up for your location or a star-watching guide from a local observatory, news outlet, or astronomy club.
    March 8 Just after midnight on Saturday morning, March 8, the planet Mercury will reach its greatest angular separation from the Sun as seen from Earth for this apparition (called greatest elongation).
    Saturday evening, March 8, Mercury will appear at its highest (6 degrees) above the western horizon as evening twilight ends (at 7:06 p.m. EST). Mercury will set 34 minutes later (at 7:40 p.m.). This will also be the evening Mercury will have dimmed to the brightness of Mars, after which Mars will be the third brightest visible planet again.
    March 8 – 9 On Saturday evening into Sunday morning, March 8 to 9, Mars will appear near the waxing gibbous moon with the bright star Pollux (the brighter of the twin stars in the constellation Gemini) nearby. As evening twilight ends at 7:06 p.m. EST, Mars will be 1.5 degrees to the lower right of the Moon and Pollux will be 6 degrees to the lower left. As the Moon reaches its highest for the night more than an hour later at 8:22 p.m., Mars will be 1.5 degrees to the lower right of the Moon and Pollux will be 5.5 degrees to the upper left. By the time Mars sets on the northwestern horizon (at 4:53 a.m.) it will be 4 degrees to the lower left of the Moon and Pollux will be 3 degrees above the Moon.
    March 9 Don’t forget to reset your clocks (if they don’t automatically set themselves) as we “spring forward” to Daylight Saving Time! For much of the U.S., 2 to 3 a.m. on March 9, 2025, might be a good hour for magical or fictional events (as it doesn’t actually exist).
    March 11 – 12 Tuesday evening into Wednesday morning, March 11 to 12, the bright star Regulus will appear near the nearly full moon. As evening twilight ends at 8:09 p.m. EDT, Regulus will be 4 degrees to the lower right of the Moon. When the Moon reaches its highest for the night at 11:52 p.m., Regulus will be 3 degrees to the lower right. By the time morning twilight begins at 6:26 a.m., Regulus will be about one degree below the Moon.
    Wednesday morning, March 12, Saturn will be passing on the far side of the Sun as seen from Earth, called conjunction. Because Saturn orbits outside of the orbit of Earth it will be shifting from the evening sky to the morning sky. Saturn will begin emerging from the glow of dawn on the eastern horizon in early April (depending upon viewing conditions).
    Wednesday evening, March 12, will be when Venus and Mercury will appear closest to each other low on the western horizon, 5.5 degrees apart. They will be about 5 degrees above the horizon as evening twilight ends at 8:10 p.m. EDT, and Mercury will set first 27 minutes later at 8:37 p.m.
    March 14 As mentioned above, the full moon will be early Friday morning, March 14, at 2:55 a.m. EDT. There will be a total eclipse of the Moon. As the Moon passes opposite the Sun it will move through the shadow of Earth. The Moon will begin entering the partial shadow Thursday night at 11:57 p.m., but the gradual dimming of the Moon will not be noticeable until it starts to enter the full shadow Friday morning at 1:09 a.m. The round shadow of Earth will gradually shift across the face of the Moon (from lower left to upper right) until the Moon is fully shaded beginning at 2:26 a.m. The period of full shadow or total eclipse will last about 65 minutes, reaching the greatest eclipse at 2:59 a.m. and ending at 3:31 a.m. Even though it will be in full shadow, the Moon will still be visible. The glow of all of the sunrises and sunsets on Earth will give the Moon a reddish-brown hue, sometimes called a “Blood Moon” — although this name is also used for one of the full moons near the start of fall. From 3:31 a.m. until 4:48 a.m. the Moon will exit the full shadow of Earth, with the round shadow of Earth again shifting across the face of the Moon (from upper left to lower right). The Moon will leave the last of the partial shadow at 6 a.m., ending this eclipse. This full moon will be on Thursday evening from Pacific Daylight Time and Mountain Standard Time westward to the International Date Line in the mid Pacific. The Moon will appear full for about three days around this time, from Wednesday evening into Saturday morning.
    March 16 Sunday morning, March 16, the bright star Spica will appear near the waning gibbous moon. As the Moon reaches its highest at 2:34 a.m. EDT, Spica will be 6.5 degrees to the lower left. As morning twilight begins at 6:20 a.m. Spica will be 5 degrees to the upper left.
    During the day on Sunday, March 16, for parts of Eastern Africa, the southern tip of the Arabian Peninsula, the Indian Ocean, and the southern tip of Western Australia, the Moon will pass in front of Spica.
    Sunday evening, March 16, will be the last evening that Venus will be above the west-northwestern horizon as evening twilight ends at 8:14 p.m. EDT, with Venus setting 1 minute later.
    March 16 – 17 Sunday night into Monday morning, March 16 to 17, the waning gibbous moon will have shifted to the other side of the bright star Spica. As the Moon rises on the east-southeastern horizon at 9:49 p.m. EDT, Spica will be 4 degrees above the Moon. By the time the Moon reaches its highest at 3:15 a.m., Spica will be 6.5 degrees to the upper right. As morning twilight begins at 6:18 a.m., Spica will be 7.5 degrees to the right of the Moon.Monday midday, March 17, at 12:27 p.m. EDT, the Moon will be at apogee, its farthest from Earth for this orbit.Monday evening, March 17, will be the last evening that Mercury will be above the western horizon as evening twilight ends at 8:15 p.m. EDT, with Mercury setting 3 minutes later.
    March 19 Wednesday evening, March 19, Neptune will be passing on the far side of the Sun as seen from Earth, called conjunction. Because it orbits outside of the orbit of Earth, Neptune will be shifting from the evening sky to the morning sky. Neptune is faint enough that it is only visible with a telescope.
    March 20 Thursday morning, March 20, the bright star Antares will appear near the waning gibbous moon. As Antares rises on the southeastern horizon at 1:17 a.m. EDT, it will be 5 degrees to the lower left of the Moon. By the time the Moon reaches its highest for the night at 5:31 a.m., Antares will be 3.5 degrees to the left of the Moon. Morning twilight will begin 42 minutes later at 6:13 a.m. For parts of Australia and New Zealand the Moon will pass in front of Antares.
    Thursday morning at 5:01 a.m. EDT will be the vernal equinox, the astronomical end of winter and start of spring.
    March 21 Starting around Friday morning, March 21, Venus as the morning star will begin to emerge from the glow of dawn, rising on the east-northeastern horizon more than 30 minutes before sunrise. Interestingly, this is just before inferior conjunction, when Venus passes “between” Earth and the Sun (passing through the same ecliptic longitude as the Sun as seen from Earth).
    March 22 Saturday morning, March 22, the waning moon will appear half-full as it reaches its last quarter at 7:29 a.m. EDT.
    Saturday night, Venus will be passing through the same ecliptic longitude as the Sun as seen from Earth, called inferior conjunction. Planets that orbit inside of the orbit of Earth can have two types of conjunctions with the Sun, inferior (when passing between Earth and Sun) and superior (when passing on the far side of the Sun as seen from Earth). Venus will be shifting from the evening sky to the morning sky but will be passing far enough away from the Sun that it may have already begun to be visible in the glow of dawn on the east-northeastern horizon (depending upon viewing conditions).
    March 24 Monday afternoon, March 24, Mercury will be passing between Earth and Sun as seen from Earth, called inferior conjunction. It also will be shifting from the evening sky to the morning sky and will begin emerging from the glow of dawn on the eastern horizon in early April (depending upon viewing conditions).
    March 29 Saturday morning, March 29, will be the first morning that Venus as the morning star will be above the horizon as twilight begins at 5:59 a.m. EDT.
    Saturday morning, March 29, at 6:58 a.m. EDT, will be the new moon, when the Moon passes between Earth and the Sun and is usually not visible from Earth. However, for parts of northwestern Africa, northwestern Eurasia, and northeastern North America, part of the silhouette of the Moon will be visible as it passes in front of the Sun in a partial solar eclipse. The viewing from the Washington area will not be very good. As the Sun rises on the eastern horizon at 6:57 a.m., the Moon will be blocking a small sliver of the left side of the Sun, with the eclipse ending 5 minutes later at 7:02 a.m.
    March 30 Early Sunday morning, March 30, at 1:19 a.m. EDT, the Moon will be at perigee, its closest to Earth for this orbit.
    For the third time since mid-October 2024, Mars will be passing by the bright star Pollux, the brighter of the twin stars in the constellation Gemini (the twins). Planets that orbit farther from the Sun than Earth’s orbit usually appear to shift westward each night, like the stars, but more slowly, so that they shift eastward relative to the stars. This is because the planets all move in the same direction around the Sun. But around the time when an outer planet is closest to Earth it appears to move the other direction, shifting westward relative to the stars, called apparent retrograde motion. This tendency to “wander” relative to the stars is where the word “planet” comes from (based on the Greek word for “wanderer”). In mid-October 2024 Mars passed by Pollux for the first time as it moved eastward relative to the stars. Beginning Dec. 6, 2024, Mars started its retrograde motion. On Jan. 15, 2025, Mars was at its closest and brightest for the year. On January 23 Mars passed by Pollux for the second time, just 2.5 degrees apart, this time shifting westward relative to the stars. Mars ended its retrograde motion on February 23. It is now shifting eastward again relative to the stars and will pass Pollux a third time on March 30, this time 4 degrees apart. Mars and Pollux will be nearly overhead as evening twilight ends at 8:29 p.m. EDT. Mars will set first on the west-northwestern horizon the morning of March 31 at 3:43 a.m.
    This also is the first morning that Mercury will be above the eastern horizon 30 minutes before sunrise. Mercury will be relatively dim, as it will only present a narrow crescent toward Earth. It will brighten significantly each morning, but it’s difficult to predict when it will be bright enough to see in the glow of dawn.
    April 1 Tuesday morning, April 1, will be the first morning that Saturn will be above the eastern horizon 30 minutes before sunrise, a rough approximation of when it might start being visible in the glow of dawn.
    Tuesday evening, the Pleiades star cluster will appear 1.5 degrees below the waxing crescent moon. The Moon will be 36 degrees above the western horizon as evening twilight ends at 8:31 p.m. EDT, and the Pleiades will set first on the west-northwestern horizon 3 hours later at about 11:40 p.m.
    April 2 Wednesday evening, April 2, Jupiter will appear 5.5 degrees to the lower left of the waxing crescent moon. The Moon will be 49 degrees above the western horizon as evening twilight ends at 8:32 p.m. EDT. Jupiter will set first on the west-northwestern horizon 4 hours later Thursday morning at 12:43 a.m.
    April 4 Friday night, April 4, the Moon will appear half-full as it reaches its first quarter at 10:15 p.m. EDT.
    April 5 – 6 Saturday night into Sunday morning, April 5 to 6, the waxing gibbous moon, Mars, and the bright star Pollux will appear to form a triangle. As evening twilight ends at 8:35 p.m. EDT, Mars will be 3 degrees to the lower right and Pollux 5 degrees to the upper right. As the night progresses, Mars and Pollux will appear to rotate clockwise and away from the Moon. As Mars sets first on the west-northwestern horizon 7 hours later at 3:26 a.m. it will be 6 degrees to the lower right, with Pollux 8.5 degrees to the right of the Moon.
    April 7 – 8 Monday night into Tuesday morning, April 7 to 8, the bright star Regulus will appear near the waxing gibbous moon. As evening twilight ends at 8:37 p.m. EDT, Regulus will be 7 degrees below the Moon. As the Moon reaches its highest in the sky at 9:51 p.m., Regulus will be 6.5 degrees to the lower left. By the time Regulus and the Moon set together on the west-northwestern horizon at 4:52 a.m., Regulus will be 3.5 degrees to the left of the Moon.
    Tuesday morning, April 8, will be when Mercury will become as bright as Saturn in the glow of dawn (with both Mercury and Saturn rising after morning twilight begins). After this, Mercury will continue brightening each morning as more of its sunlit crescent faces Earth.
    April 8 – 9 Tuesday night into Wednesday morning, April 8 to 9, the waxing gibbous moon will have shifted to the other side of the bright star Regulus. As evening twilight ends at 8:38 p.m. EDT, Regulus will be 6 degrees to the upper right of the Moon. As the Moon reaches its highest in the sky at 10:34 p.m., Regulus will be 7 degrees to the right. The pair will continue to separate as the night progresses.
    April 10 Thursday morning, April 10, the planets Mercury and Saturn will appear nearest each other, 2 degrees apart, in the glow of dawn. Mercury — the brighter of the two — will be on the left and Saturn will be on the right. Saturn will rise last on the eastern horizon at 5:48 a.m. EDT, 9 minutes after morning twilight begins. You will only have about 20 minutes to view the pair, as by 30 minutes before sunrise (i.e., 6:09 a.m.) the sky will become too bright to see them.
    April 12 Saturday, April 12, 2025, is the International Day of Human Space Flight as declared by the United Nations to mark the date of the first human space flight.
    The full moon after next will be April 12 at 8:22 p.m. EDT. This will be on April 13 in Coordinated Universal Time (UTC) and from the Azores, Iceland, Liberia, and Senegal times zones eastward across Africa, Eurasia, and Australia to the International Date Line in the mid-Pacific. Most commercial calendars are based on UTC and will show this full moon on April 13. The Moon will appear full for about three days around this time, from Friday evening into Monday morning, making this a full moon weekend.
    Saturday evening into Sunday morning, the bright star Spica will appear close to the full moon. As evening twilight ends at 8:43 p.m., Spica will be less than a degree to the upper left of the Moon. Spica will appear to rotate clockwise and shift away from the Moon as the night progresses.

    MIL OSI USA News –

  • MIL-OSI USA: Public Invited to Review Flood Maps in Pocahontas County, WV

    Source: US Federal Emergency Management Agency

    Headline: Public Invited to Review Flood Maps in Pocahontas County, WV

    Public Invited to Review Flood Maps in Pocahontas County, WV

    PHILADELPHIA– FEMA is proposing updates to the Flood Insurance Rate Map (FIRM) for Pocahontas County, West Virginia. Community partners are invited to participate in a 90-day appeal and comment period. The 90-day appeal period will begin on March 6, 2025. The updated maps were produced in coordination with local, state and FEMA officials. Significant community review of the maps has already taken place, but before the maps become final, community partners can identify any corrections or questions about the information provided and submit appeals or comments. Residents, business owners and other community partners are encouraged to review the updated maps to learn about local flood risks and potential future flood insurance requirements. They may submit an appeal if they perceive that modeling or data used to create the map is technically or scientifically incorrect.An appeal must include technical information, such as hydraulic or hydrologic data, to support the claim. Appeals cannot be based on the effects of proposed projects or projects started after the study is in progress.If property owners see incorrect information that does not change the flood hazard information—such as a missing or misspelled road name in the Special Flood Hazard Area or an incorrect corporate boundary—they can submit a written comment.The next step in the mapping process is the resolution of all comments and appeals. Once they are resolved, FEMA will notify communities of the effective date of the final maps.Submit appeals and comments by contacting your local floodplain administrator:For the Town of Durbin, please contact David Cain by email at chiefcain@hotmail.com or by phone at 304-456-4688.For the Town of Marlinton, please contact Bruce Van Meter by email at brucebuildinginspector@gmail.com or by phone at 304-799-4315.For Pocahontas County, please contact Scott Triplett by email at pocahontas_floodplain@outlook.com or by phone at 304-799-4549.The new preliminary maps for Pocahontas County may be viewed online at the FEMA Region 3 Flood Map Changes Viewer.For more information about the flood maps:Use a live chat service about flood maps at FEMA Mapping and Insurance eXchange (FMIX). Click on the “Live Chat” icon.Contact a FEMA Map Specialist by telephone; toll free, at 1-877-FEMA-MAP (1-877-336-2627) or by email at FEMA-FMIX@fema.dhs.gov. Most homeowner’s insurance policies do not cover flooding. There are cost-saving options available for those newly mapped into a high-risk flood zone. Learn more about your flood insurance options by talking with your insurance agent and visiting https://www.floodsmart.gov.Pocahontas County Flood Mapping MilestonesDec. 9, 2022 — Flood Risk Review Meeting to review draft flood hazard data.March 4, 2024 — Preliminary Flood Insurance Rate Map released.April 18, 2024 — Community Coordination and Outreach Meeting to review Preliminary Flood Insurance Rate Map and discuss updates to local floodplain management ordinance and flood insurance.March 6, 2025 –Appeal Period starts.Spring 2026* — New Flood Insurance Rate Map becomes effective and flood insurance requirements take effect. (*Timeline subject to change pending completion of the appeal review process.)If you have any questions, please contact FEMA Region 3 Office of External Affairs at femar3newsdesk@fema.dhs.gov. ###FEMA’s mission is helping people before, during, and after disasters. FEMA Region 3’s jurisdiction includes Delaware, the District of Columbia, Maryland, Pennsylvania, Virginia, and West Virginia.Follow us on “X” at twitter.com/femaregion3 and on LinkedIn at linkedin.com/company/femaregion3
    erika.osullivan
    Wed, 03/05/2025 – 19:44

    MIL OSI USA News –

  • MIL-OSI Europe: GENERAL AUDIENCE – Pope Francis’ Catechesis on the Childhood of Jesus: “Mary and Joseph felt the pain of parents with a missing child”

    Source: Agenzia Fides – MIL OSI

    Wednesday, 5 March 2025

    Vatican City (Agenzia Fides) – The Virgin is a pilgrim of hope, in the strong sense that she becomes the “daughter of her Son”, the first of His disciples. Mary brought into the world Jesus, Hope of humanity; she nourished Him, made Him grow, followed Him, letting herself be the first to be shaped by the Word of God”. This is what can be read in the text of the catechesis that Pope Francis, hospitalized at the Gemelli Hospital in Rome since February 14 for bilateral pneumonia, should have delivered today in the Paul VI Hall for the traditional Wednesday general audience.The Pope, continuing the cycle of catecheses dedicated to the life of Jesus read in the light of the themes of the Ordinary Jubilee that the Church is experiencing, focuses on the last of the stories of Jesus’ childhood narrated in the Gospel of Luke, namely the discovery of Jesus in the Temple, when “at twelve years old, he stayed in the Temple without telling His parents, who were anxiously looking for Him and found Him three days later”. A text – underlines the catechesis of Pope Francis – which presents us “with a very interesting dialogue between Mary and Jesus, which helps us to reflect on the path of the mother of Jesus, a journey that was certainly not easy. Indeed, Mary set out on a spiritual itinerary during which she advanced in her understanding of the mystery of her Son”.The catechesis of Pope Francis retraces all the stages, from the Annunciation to the tears shed under the Cross, up to Mary’s choice to remain in Jerusalem after the Resurrection “as Mother of the disciples, sustaining their faith while awaiting the outpouring of the Holy Spirit”.In the episode of the discovery of Jesus in the Temple – we read in the papal text released today – “The experience of twelve-year-old Jesus going missing during the annual pilgrimage to Jerusalem frightens Mary to the point that she also speaks for Joseph as they take their son back: “Son, why have you done this to us? Your father and I have been looking for you with great anxiety” (Lk 2:48). Mary and Joseph felt the pain of parents with a missing child: they both thought that Jesus was in the caravan with their relatives, but after not seeing Him for an entire day, they began the search that would lead them to retrace their steps. Upon returning to the Temple, they discover that He who, in their eyes, until a short time before, was still a child to protect, suddenly seems grown up, capable now of getting involved in discussions on the Scriptures, of holding His own with the teachers of the Law”.Faced with His mother’s rebuke – Pope Francis continues in his catechesis – “Jesus answers with disarming simplicity: “Why were you looking for me? Did you not know that I must be in my Father’s house?” (Lk 2:49). Mary and Joseph do not understand: the mystery of God made child exceeds their intelligence. The parents want to protect that precious son under the wings of their love; instead, Jesus wants to live His vocation as the Son of the Father who is at His service and lives immersed in His Word”.The Pope defines Mary as a “pilgrim of hope.” And in this regard, he quotes what Benedict XVI wrote in the Encyclical Deus caritas est, 41: “We see how completely at home Mary is with the Word of God … we see how her thoughts are attuned to the thoughts of God, how her will is one with the will of God. Since Mary is completely imbued with the Word of God, she is able to become the Mother of the Word Incarnate”.However, the Pontiff points out, “this unique communion with the Word of God does not however save her the effort of a demanding ‘apprenticeship’”, such as the rebuke that Mary and Joseph address to the twelve-year-old Jesus. The response that reaches them, however, is not understood: “the mystery of God made child exceeds their intelligence”.Luke’s infancy narratives thus close “with Mary’s final words, which recall Joseph’s paternity towards Jesus, and with Jesus’ first words, which recognize that this paternity traces His origins from that of His heavenly Father, whose undisputed primacy He acknowledges”. (FB) (Agenzia Fides, 5/3/2025)
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    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Best AI Awards Officially Launched: Accelerating AI Talent Development and Innovation to Propel Taiwan Towards an AI-driven

    Source: Republic Of China Taiwan 2

    On February 26, The Ministry of Economic Affairs (MOEA) held the Best AI Awards launch press conference, officially kicking off Taiwan’s premier AI software competition. The competition features two main categories: AI Applications and IC Design, and is divided into four groups: Student, Startup & SME, Corporate Open, and International. More than just a platform for showcasing cutting-edge AI applications, the event serves as a gateway for discovering Taiwan’s rising stars and attracting top global talent to the island. Through this competition, MOEA aims to accelerate AI-driven technological advancements and foster a thriving startup ecosystem, reinforcing Taiwan’s position as a competitive AI powerhouse. Registration is now open and will remain available until April 8. All interested participants are encouraged to apply.

    The Best AI Awards is envisioned as the “Oscars” of AI in Taiwan, emphasizing diversity, international collaboration, and future-oriented innovation. The competition seeks to inspire creativity among younger generations, encourage deeper industry-academic partnerships, and cultivate AI-savvy innovators and enterprises. Ultimately, the goal is to drive AI industrialization and the AI-driven transformation of industries, laying a stronger foundation for Taiwan’s AI sector. The grand prize for the Student group is NTD 300,000, while the top prize in the Corporate Open, Startup & SME, and International groups is NTD 1,000,000. The final round and awards ceremony are scheduled for May 3, 2025.

    For more details, visit the competition website: www.bestaiawards.com.tw. Interested teams are encouraged to register and compete for the highest honor in AI!

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: With rain incoming, California takes action to protect fire-impacted communities in Los Angeles County

    Source: US State of California 2

    Mar 5, 2025

    What you need to know: Governor Newsom has directed his Office of Emergency Services to coordinate with key partners during this next round of winter weather to strategically preposition critical resources to protect the public. 

    Los Angeles, California – As another round of winter weather is forecasted to make its way across California starting today, Governor Gavin Newsom has directed the California Office of Emergency Services (Cal OES) to coordinate with key partners to strategically preposition critical resources to protect the public. Bringing the potential for rain that could increase the likelihood of debris flow risk in the Eaton and Palisades fire areas in Los Angeles, Cal OES has prepositioned the following Fire and Rescue resources in the area:

    • 5 Local Government Engines
    • 1 Local Government Dispatcher
    • 4 Local Government Rescue swimmers

    Actively working to keep communities safe, the state continues coordinating with Los Angeles City Emergency Management Department and the Los Angeles County Office of Emergency Management to ensure their region has the resources it needs ahead of this inclement weather.

    The National Weather Service has forecasted light to moderate rain Tuesday through Thursday with a chance of isolated thunderstorms for areas near burn scars in Los Angeles County.

    As a new round of storms moves toward our state, California remains ever ready to protect lives and keep our communities safe.

    Governor Gavin Newsom

    In addition to the prepositioned resources, state specialized staff have continued their recovery coordination efforts in the Los Angeles area since the start of the fires. Together with other state, local and federal partners, crews stand ready for any weather impacts and have additional storm fighting resources readily available for timely response. Actions to protect communities also include:

    • The California Conservation Corps has 35 regional crews ready to respond.
    • Watershed materials are staged and remain available for local government use, including: K-rail, muscle wall, sock wattles and sandbags.
    • Los Angeles County Public Works is conducting 24-hour operations to clear debris basins and flood channels and will conduct 24-hour storm patrols to monitor vulnerable areas.

    Previously, the Governor directed state agencies to ensure Los Angeles communities were prepared during this storm season. The California National Guard cleared debris basins near burn scars, proactively removed 298,335 cubic yards of debris and materials from the Sierra Madre Villa Basin and Eaton Canyon Reservoir which worked as intended to protect homes from debris runoff. Additionally, Cal OES deployed over 120 miles of protective measures in an unprecedented effort to protect vulnerable communities.

    As the incoming storm rolls in, the state encourages residents to reduce injury risks from falling limbs and trees by staying inside, not driving through flooded roadways and preparing in advance for power outages.
     
    Residents in the affected counties are urged to stay informed and listen to local authorities about actions they should take including evacuation orders or safety recommendations. In burn scar areas, officials recommend preparing for possible sudden debris flows by having a go-bag packed and knowing evacuation routes.
     
    Go to ready.ca.gov for tips to prepare for the incoming storm.

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    MIL OSI USA News –

  • MIL-OSI Asia-Pac: SITI attends Mobile World Congress 2025 in Barcelona, Spain (with photos)

    Source: Hong Kong Government special administrative region

    SITI attends Mobile World Congress 2025 in Barcelona, Spain (with photos)
    *************************************************************************

    The Secretary for Innovation, Technology and Industry, Professor Sun Dong, leading a delegation of representatives from the innovation and technology (I&T) sector, continued his visit in Barcelona, Spain on March 5 (Barcelona time) and attended the Mobile World Congress (MWC) 2025.     Delivering a keynote speech at the Global System for Mobile Communications Association (GSMA) Ministerial Programme “2025+: A Tech Odyssey”, Professor Sun said Hong Kong is actively building a smart city and a digitally inclusive society to bridge digital divide. “One of the best testimonies to a city’s I&T achievement is the degree of digitalisation. In Hong Kong, all submissions and payments to the Government have electronic options. More than three millions of people are enjoying the convenience and efficiency of accessing government services and online identity verification through a mobile application called ‘iAM Smart’. A corporate version of ‘iAM Smart’, nick-named CorpID, is upcoming too.”     He noted that on digital inclusiveness, Hong Kong’s household broadband penetration rate and smartphone penetration rate are both approximately 97 per cent. The internet usage rate among Hong Kong citizens aged 65 and above rocketed, from 56 per cent in 2018 to 84 per cent in 2023, slightly ahead of the European rate of around 78 per cent.     He added, “As society becomes so digitally knitted and increasingly mobile, we recently launched the ‘Smart Silver’ Digital Inclusion Programme for Elders, to address the challenges of an increasingly aging society. This programme fortifies our digital inclusive efforts by providing elders with community-based training and on-the-spot helpdesks to enhance elders’ knowledge on new digital technologies and support their navigation by common mobile applications.”     During the Congress, Professor Sun met with the Head of Greater China of GSMA, Ms Sihan Bo Chen, to learn about the international mobile industry association’s work in developing the mobile communications industry and ecosystem as well as promoting industrial innovation in Asia.     Professor Sun visited various exhibition pavilions on-site, including the EU Quantum Flagship, to learn about the latest quantum technologies and initiatives of companies under the flagship.     Professor Sun and the delegation also visited the Barcelona Supercomputing Center. They were briefed on the technology of MareNostrum 5, one of the most powerful supercomputers in Spain, and quantum computers, the establishment of AI factories, and the innovative achievements in promoting the development of high-performance computing in Spain and the whole of Europe as well as applications.     Members of the delegation include heads from the Hong Kong Science and Technology Parks Corporation (HKSTPC), Cyberport, the Hong Kong Applied Science and Technology Research Institute and the Hong Kong Microelectronics Research and Development Institute, as well as representatives of 24 local I&T enterprises or institutions. The HKSTPC and the Hong Kong Trade Development Council co-ordinated the participation of the I&T representatives of the enterprises and institutions at the MWC 2025.     Professor Sun Dong will proceed to Lisbon, Portugal on March 6 (Lisbon time) to continue his visit.

    Ends/Thursday, March 6, 2025Issued at HKT 9:00

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    MIL OSI Asia Pacific News –

  • MIL-OSI: EBC Financial Group Launches Second Million Dollar Trading Challenge with USD $1 Million Prize

    Source: GlobeNewswire (MIL-OSI)

    LONDON, March 06, 2025 (GLOBE NEWSWIRE) —  EBC Financial Group (EBC), a global leader in financial brokerage, announces the return of its flagship Million Dollar Trading Challenge (MDTC) for its second edition, one of the world’s largest and a global benchmark for skill-based trading competitions, as industry demand for structured, transparent trading opportunities continues to grow.

    The 2025 edition of MDTC comes at a time when traders are seeking greater accountability and access to proven strategies amid increasingly volatile markets. From 1 March to 30 May 2025, thousands of traders worldwide will compete for a $1 million trading account in a challenge that integrates real-time strategy sharing and zero-fee copy trading, setting a new standard for competitive trading.

    For the first time, top traders will be invited to an exclusive awards ceremony at the FC Barcelona Museum (Barça Immersive Tour), marking a historic moment as a global trading event is recognised within one of football’s most prestigious institutions. The partnership reflects a growing convergence between financial markets and elite sports, reinforcing trading as a profession that demands the same level of skill, precision, and discipline as world-class athletics.

    The inaugural MDTC in 2023 set multiple industry benchmarks, with 324 traders achieving profitable accounts and the top 10 traders recording an average return of 3,472.91%. The champion delivered an extraordinary 11,630.98% return in just 30 days, demonstrating the potential of skill-driven trading in a competitive environment.

    This year, MDTC II takes it further—allowing traders to access professional-grade trading signals and instantly replicate top-performing strategies for free via copy trading. By combining competition with real-time strategy sharing and zero-fee copy trading, EBC is setting a new standard for transparency and accessibility in trading.

    Real-Time Copy Trading: Automatically Replicate Top Traders’ Strategies
    The rise of retail trading has transformed financial markets, yet many traders struggle to access transparent, structured learning environments that allow them to develop real skills. MDTC II is designed to bridge this gap—giving traders a unique opportunity to refine their strategies by actively engaging with top-performing traders through real-time copy trading.

    Unlike traditional contests that reward high-risk speculation, MDTC II introduces an open, strategy-sharing ecosystem where traders can analyse, track, and instantly replicate the trades of leading participants at no cost. This levels the playing field, allowing both novice and experienced traders to benefit from collective insights while maintaining individual control over their trades.

    “When you’re a growing company, you aim to create an event that truly reflects your values and passion—MDTC is ours. We are here to be a light in the industry, proving that traders can succeed; traders can be successful at trading, it requires education and grit, and it’s not just for the 1%. That’s the real beauty of MDTC—every participant must show their trading history, show the world what they are doing. Anyone can log in and take a look, and you can see for yourself what the winners are trading.

    “At EBC, we don’t measure this (or any activity) by the number of signups or deposits we get—we measure it by the conversations we create. With this second iteration, we’re introducing more trading tools and enhanced features, another key aspect we’re all really proud of, because at EBC, ‘perfect’ is never enough,” said Samuel Hertz, Director of Operations at EBC Financial Group.

    $1 Million Prize and A Once-in-a-Lifetime FC Barcelona VIP Experience
    At the heart of MDTC II is one of the industry’s largest prizes—a $1 million trading account—designed to reward skill, discipline, and strategy execution. Rather than a one-time cash payout, the grand prize provides a unique opportunity for the winner to manage significant capital while retaining 100% of their profits, with a maximum allowable loss of $200,000. Alternatively, the winner can choose a $200,000 cash prize.

    MDTC II is structured into two categories to ensure accessibility and fair competition. The Rising Stars category is open to traders with a minimum balance of $500, ranked by profit rate, providing an opportunity for those looking to refine their skills in a structured environment.

    For more experienced traders, the Dream Squad category is designed for participants with balances between $10,000 and $200,000, ranked by net profit. This category recognises traders who can navigate market conditions effectively while managing larger capital.

    Beyond financial rewards, top traders will gain industry recognition and a once-in-a-lifetime experience at the FC Barcelona Museum. In an exclusive awards ceremony, winners will be celebrated at the home of one of the world’s greatest multi-sports clubs—bridging the gap between trading and elite performance in professional sports.

    “For EBC Financial Group, the Million Dollar Trading Challenge is a fantastic way for new and seasoned traders to be involved in a real-time event. It allows clients to see traders of all levels to engage with live market conditions, see real-time the trades executed by all entrants, and gives emerging traders the change to follow and learn from those with more experience, in a way that suits their trading style.

    “This opportunity to watch, learn, and develop in a fully transparent environment is invaluable, and an excellent way to encourage new traders to understand what strategy works, when, and why. The trades that do not work are as much as lesson as those that do,” said David Barrett, CEO of EBC Financial Group (UK) Ltd.

    Maximising Opportunities through Community Management and Cutting-Edge Trading Platforms
    To further encourage community participation, MDTC II introduces an enhanced Referral Program, offering participants up to $300 per successful referral, with no cap on the number of referrals. This initiative encourages greater community participation, allowing traders to expand their network while benefiting from the competition.

    With a focus on driving innovation in the financial markets, MDTC II expands trading opportunities by integrating Contracts for Difference (CFDs) on US stocks into the competition for the first time. US stocks account for over 65% of global market capitalisation, making them among the most liquid and dynamic assets across industries. This addition allows participants to access some of the world’s most influential companies, providing new opportunities to navigate volatile and fast-moving markets.

    The competition takes place on industry-leading MT4 and MT5 platforms, enabling participants to trade Forex, Commodities, Indices, and US Stock CFDs with advanced charting tools, automated strategies, and real-time execution. By combining diverse asset classes, cutting-edge technology, and expanded market access, MDTC II continues to redefine the landscape of competitive trading.

    Refining the Contest Experience: MDTC 2023’s Legacy
    The first Million Dollar Trading Challenge in 2023 saw strong participation, with traders executing 431,827 trades and generating a total profit of $1,096,718.57. The event highlighted the growing interest in structured trading competitions and the role of copy trading in improving accessibility for traders at different experience levels.

    Community engagement was a key aspect of the challenge, with many participants leveraging copy trading features to track and replicate successful strategies. The results underscored the potential for shared market insights to shape trading outcomes.

    With MDTC II, the competition continues to evolve, incorporating past insights while maintaining a focus on transparency, strategy development, and trader engagement.

    For more information and to be part of the journey that reshapes what’s possible in financial markets, visit https://www.ebc.com/million-dollar-challenge-2.

    About EBC Financial Group
    Founded in London’s esteemed financial district, EBC Financial Group (EBC) is renowned for its expertise in financial brokerage and asset management. With offices in key financial hubs—including London, Sydney, Hong Kong, Singapore, the Cayman Islands, Bangkok, Limassol, and emerging markets in Latin America, Asia, and Africa—EBC enables retail, professional, and institutional investors to access a wide range of global markets and trading opportunities, including currencies, commodities, shares, and indices.

    Recognised with multiple awards, EBC is committed to upholding ethical standards and these subsidiaries are licensed and regulated within their respective jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK’s Financial Conduct Authority (FCA); EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA); EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia’s Securities and Investments Commission (ASIC).

    At the core of EBC are a team of industry veterans with over 40 years of experience in major financial institutions. Having navigated key economic cycles from the Plaza Accord and 2015 Swiss franc crisis to the market upheavals of the COVID-19 pandemic. We foster a culture where integrity, respect, and client asset security are paramount, ensuring that every investor relationship is handled with the utmost seriousness it deserves.

    As the Official Foreign Exchange Partner of FC Barcelona, EBC provides specialised services across Asia, LATAM, the Middle East, Africa, and Oceania. Through its partnership with the UN Foundation and the world’s largest grassroots campaign, United to Beat Malaria, the company contributes to global health initiatives. EBC also supports the ‘What Economists Really Do‘ public engagement series by Oxford University’s Department of Economics, helping to demystify economics and its application to major societal challenges, fostering greater public understanding and dialogue.

    https://www.ebc.com/

    Media Contact:
    Savitha Ravindran
    Global Public Relations Manager (EMEA, LATAM)
    savitha.ravindran@ebc.com   

    Chyna Elvina
    Global Public Relations Manager (APAC, LATAM)
    chyna.elvina@ebc.com

    Douglas Chew
    Global Public Relations Lead
    douglas.chew@ebc.com

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/90e3f81c-a0fc-4bd3-9cd4-155c6a5a0fcf

    https://www.globenewswire.com/NewsRoom/AttachmentNg/67625ee9-b2fb-48a5-aed2-c12b1830acae

    https://www.globenewswire.com/NewsRoom/AttachmentNg/34b28968-b7b2-4340-b114-57bcd09b90ac

    https://www.globenewswire.com/NewsRoom/AttachmentNg/b1dfd2dc-eb46-44e4-a2e1-cf90e948c91a

    The MIL Network –

  • MIL-OSI Europe: European Commission and EIB Group sign €2 billion guarantee under Ukraine Facility to support country’s reconstruction and resilience

    Source: European Investment Bank

    • The agreement further supports urgent recovery and reconstruction projects in Ukraine.
    • The financing will target critical infrastructure, including energy, transport, housing, water and heating, to sustain essential services and economic stability.
    • Part of the EU’s €50 billion Ukraine Facility, this investment supports Ukraine’s priorities: to build back better and advance its EU integration.
    • Additionally, an agreement signed between the EIB and the Government of Ukraine will deploy experts under the EIB’s JASPERS advisory programme to help accelerate the projects on the ground.

    The European Investment Bank (EIB) Group and the European Commission signed a guarantee agreement at the EIB Group Forum that will allow the EIB to invest at least €2 billion in urgent recovery and reconstruction efforts in Ukraine. Aligned with the Ukrainian government’s needs and priorities, this funding is part of the European Union’s €50 billion Ukraine Facility for the period 2024-2027. 

    The funds will support public sector operations across key sectors. Investments will focus on strengthening Ukraine’s energy networks, including energy grids, expanding hydropower and renewable energy production, and improving energy efficiency. They will also go toward modernising railways, improving urban public transport, and upgrading transport connectivity, including EU-Ukraine Solidarity Lanes and border crossing points along key export routes. In addition, the financing will help restore municipal infrastructure, such as water and heating systems, public lighting, as well schools, hospitals and higher education institutions. The first projects under this Ukraine Facility guarantee were announced during EIB President Nadia Calviño’s recent visit to Kyiv.

    To further support the implementation of EIB investments under the Ukraine Facility, the EIB and the government of Ukraine have also signed an agreement to deploy a team of advisory experts on the ground in Kyiv. This team will provide hands-on expertise to accelerate the preparation and execution of critical projects and strategic documents – starting with energy, transport and housing and expanding to other sectors, including Ukraine’s public investment management reform. This initiative is being delivered by EIB advisory through a €20 million JASPERS advisory package for Ukraine, jointly financed by the European Commission and the EIB’s EU for Ukraine advisory programme in 2024, ensuring targeted and effective support for the country’s recovery.

    EIB President Nadia Calviño said: “Ukraine’s security is the European Union’s security. We stand by the country. Today, we express that commitment once again with the signature of agreements with the European Commission and the Ukrainian government to step up our support. This will allow us to make crucial investments in the recovery of Ukraine’s critical infrastructure and key public services, reinforcing the country’s resilience and its path towards integration into the European Union.”

     “Ukraine’s recovery and reconstruction are at the heart of the Team Europe approach, and we are working together to ensure that vital investments reach the areas where they are needed most in Ukraine. This is not just about today. We are helping Ukraine build back better and lay the foundations for a stronger, more sustainable future within the EU,” added EIB Vice-President Teresa Czerwińska, who oversees the Bank’s operations in Ukraine.

    European Commissioner for Enlargement Marta Kos said: “This guarantee agreement with the EIB underscores the European Union’s important role in supporting Ukraine as it faces the fourth year of Russia’s brutal war of aggression. We will stand by Ukraine for as long as necessary and with the intensity required. This new guarantee will help Ukrainians rebuild their country. It will help restore water and heating systems, schools and hospitals.”

    European Commissioner for Economy and Productivity, Implementation and Simplification Valdis Dombrovskis said: “The European Commission and the EIB Group have been working hand in hand to provide crucial support to Ukraine since Russia began its brutal, full-scale invasion. Today, our commitment to Ukraine has never been stronger. With this €2 billion agreement, we are providing further support for Ukraine’s urgent recovery and reconstruction needs, which includes repairing critical infrastructure and ensuring essential public services are maintained. The EU’s support for Ukraine is, and will remain, steadfast.”

    Yuliia Svyrydenko, Ukraine’s First Deputy Prime Minister and Minister of Economy, said, “The European Union and its institutions, particularly the EIB, remain steadfast partners in Ukraine’s recovery. We are accelerating investment projects that address our most pressing strategic needs, ensuring rapid reconstruction and modernisation. Each project brings Ukraine closer to the EU, strengthening our resilience and integration into the European family. We also welcome the deployment of JASPERS advisory support on the ground, which will help ensure the efficient implementation of these critical investments.”

    Background information  

    The Ukraine Facility is the European Union’s financial assistance programme for Ukraine. During the 2024-2027 period, €50 billion will be allocated by the European Union to finance the state budget, stimulate investment and provide technical support in the implementation of the programme.

    The Guarantee Agreement signed today is covered by the Ukraine Investment Framework (UIF), as part of Ukraine Facility. The UIF is designed to attract public and private investments for the recovery and reconstruction of Ukraine. It is endowed with financial instruments totalling €9.3 billion, with €7.8 billion in loan guarantees and €1.5 billion in blended finance.

    The aim of the UIF is to mobilise €40 billion of investments for the recovery, reconstruction, and modernisation of Ukraine.

    The EIB in Ukraine 

    The EIB Group has been supporting Ukraine’s resilience, economy and efforts to rebuild since the very first day of Russia’s full-scale invasion, with €2.2 billion disbursed since the start of the war. In 2024, the Bank supported projects aimed at securing Ukraine’s energy supply, repairing critical infrastructure that has been damaged, and ensuring that essential services continue to be delivered across the country.

    MIL OSI Europe News –

  • MIL-OSI Europe: Press release – European Parliament Press Kit for the Special European Council of 6 March 2025

    Source: European Parliament

    European Parliament President Roberta Metsola will represent the European Parliament at the special summit, where she will address the heads of state or government at 12.30.

    European Council President António Costa convened the Special European Council to discuss continued support for Ukraine and European defence, with the participation of Ukrainian President Volodymyr Zelenskyy.

    Russia’s war of aggression against Ukraine

    On 24 February 2025, the President of the European Parliament, the President of the European Council and the President of the European Commission issued a joint statement, saying “Russia and its leadership bear sole responsibility for this war and the atrocities committed against the Ukrainian population. We continue to call for accountability for all war crimes and crimes against humanity committed. We welcome the recent steps made towards the establishment of a Special Tribunal for the Crime of Aggression against Ukraine.”

    The three Presidents highlighted that “Ukraine is part of our European family” and that “the future of Ukraine and its citizens lies within the European Union.”. They said “the need to ensure the international community’s continued focus on supporting Ukraine in achieving a comprehensive, just, and lasting peace based on the Ukrainian peace formula. We stand firm with Ukraine, reaffirming that peace, security, and justice will prevail.”

    On 11 February, Parliament’s Conference of Presidents issued a statement on continuing the EU’s unwavering support for Ukraine, after three years of Russia’s full-scale war of aggression. EP leaders reaffirmed their “steadfast solidarity with the people of Ukraine, who continue to demonstrate extraordinary resilience and courage in defending their sovereignty, independence, and territorial integrity. The European Union must remain united in its commitment to support Ukraine that includes political, military, economic, humanitarian and financial assistance. (…) . We call on the EU and its member states to increase and speed up the delivery of its support, in particular of its military support and establish a legal regime allowing for the confiscation of Russian-owned assets frozen by the EU.”

    Also on 11 February, the Chair of the Ukrainian Verkhovna Rada, Ruslan Stefanchuk, addressed a formal sitting of the European Parliament. Welcoming Mr Stefanchuk, European Parliament President Roberta Metsola said: “I am proud that this Parliament has stood with Ukraine from the very first moment – united, unwavering, and resolute. We will keep pushing for peace. Peace must be just, it must be dignified, and it must be based on the principle of ‘Nothing about Ukraine without Ukraine’.”

    In a resolution adopted on 23 January, MEPs condemn the Russian regime’s systematic falsification of historical arguments to justify its illegal war of aggression against Ukraine. The text rejects historical claims by the Russian regime used to undermine Ukraine’s history and national identity as futile attempts to justify its ongoing illegal war. Parliament issues a strong call for the EU and its member states to increase and better coordinate their efforts to promptly and rigorously counter Russian disinformation and foreign information manipulation and interference. This is essential, they say, to protect the integrity of democratic processes and strengthen the resilience of European societies.

    The resolution also calls on the EU to expand its sanctions against Russian media outlets conducting disinformation campaigns championing Russia’s war of aggression against Ukraine. It urges EU countries to implement these sanctions thoroughly and to dedicate sufficient resources to effectively addressing hybrid warfare. MEPs also want the EU to step up its support for exiled independent Russian media to facilitate diverse voices in the Russian-language media.

    On 28 November 2024, MEPs adopted a resolution calling for more military support for Ukraine amid the involvement of China and North Korea. They condemn Russia’s use of North Korean troops against the Ukrainian army and its testing of new ballistic missiles in Ukraine. These recent escalatory steps represent a new phase in the war and a new risk for Europe’s security as a whole, MEPs argue, calling on the EU and Ukraine’s other international partners to respond accordingly.

    Insisting that “no negotiations about Ukraine can take place without Ukraine”, MEPs urge the EU to work towards achieving the broadest possible international support for Ukraine and identifying a peaceful solution to the war. The resolution also demands the Council extend its sanctions against Russia, particularly against sectors of special economic importance, such as the metallurgical, nuclear, chemical, agricultural and banking sectors, and on Russian raw materials.

    Extraordinary plenary session with Volodymyr Zelenskyy

    On 19 November 2024, Parliament held an extraordinary plenary session with Ukraine’s President Volodymyr Zelenskyy, marking 1000 days since Russia’s full-scale invasion. Opening the sitting, EP President Roberta Metsola said Parliament would stand with Ukraine until it has “freedom and real peace, for as long as it takes.” She added that the Ukrainian people’s sacrifice over the previous 1,000 days was not just for themselves but for every European’s freedom and way of life.

    In his address, President Zelenskyy thanked the EU for its support and said that Ukraine, all of Europe, and our partners in America and around the world have succeeded not only in “preventing Putin from taking Ukraine” but also in defending the freedom of all European nations. “Putin remains smaller than the united strength of Europe. I urge you not to forget this, and not to forget how much Europe is capable of achieving. We can surely push Russia towards a just peace. Peace is what we desire the most,” he added. President Zelenskyy concluded by saying: “No one can enjoy calm water amid the storm. We must do everything we can to end this war fairly and justly. 1,000 days of war is a tremendous challenge. We must make the next year the year of peace.”

    Statement by EP leaders marking 1,000 days of Russia’s full-scale invasion of Ukraine

    Also on 19 November 2024, Parliament’s President and political group leaders adopted a statement marking 1,000 days of Russia’s illegal and unjustified war against Ukraine. “We have started EU accession talks with Ukraine as it moves towards taking its rightful place in our European family. The gradual integration of Ukraine into the Union will be a central task for all EU institutions in this legislature, along with providing long-term financial and military assistance and much-needed support,” they said. They said, “The ultimate goal remains to achieve a just and lasting peace in Ukraine on Ukraine’s terms, ensuring the safety and dignity of its people within a peaceful and stable Europe. Together, the democratic world must send a clear, simple message: we stand with and support Ukraine in every possible way until its victory.”

    Measures against the Russian “shadow fleet”

    In a resolution adopted on 14 November 2024, Parliament calls for more targeted EU sanctions against Russia’s so-called ‘shadow fleet’, which provides a key financial lifeline for Moscow’s war in Ukraine. MEPs demand measures against these vessels in the next EU sanctions packages, including all individual ships as well as their owners, operators, managers, accounts, banks and insurance companies. They also call for the systematic sanctioning of vessels sailing through EU waters without known insurance and urge the EU to enhance its surveillance capabilities, especially drone and satellite monitoring, and to conduct targeted inspections at sea. MEPs want EU member states to designate ports capable of handling sanctioned vessels carrying crude oil and Liquified Natural Gas (LNG) and to seize illegal cargo without compensation.

    Financial assistance to Ukraine

    On 22 October 2024, MEPs approved an extraordinary loan of up to €35 billion to Ukraine, to be repaid with future revenues from frozen Russian assets. Parliament endorsed the new macro-financial assistance (MFA) to help Ukraine against Russia’s brutal war of aggression. This loan is the EU’s part of a G7 package agreed last June, to provide up to $50 billion (approximately €45 billion) in financial support to Ukraine. The final amount the EU will contribute could be lower, depending on the size of the loans provided by other G7 partners.

    The Ukraine Loan Cooperation Mechanism, a newly established framework, will make future revenues from the frozen Russian Central Bank assets located in the EU available to Ukraine. These funds will help Ukraine service and repay the EU’s MFA loan as well as loans from other G7 partners. While the mechanism’s funds can be used to service and repay loans, Kyiv may allocate the MFA funds as it sees fit.

    Further reading

    Joint statement on the third anniversary of Russia’s invasion of Ukraine

    EP Conference of Presidents’ statement on EU support for Ukraine

    Ruslan Stefanchuk: “Peace in Ukraine can only be achieved if we stay strong”

    MEPs condemn Russia’s use of disinformation to justify its war in Ukraine

    More military support for Ukraine amid the involvement of China and North Korea

    Zelenskyy to MEPs: “We must end this war fairly and justly”

    1000 days: Statement on Ukraine by European Parliament’s leaders

    Parliament calls for an EU crackdown on Russia’s ’shadow fleet’

    Parliament approves up to €35 billion loan to Ukraine backed by Russian assets

    MEPs: Ukraine must be able to strike legitimate military targets in Russia

    Newly elected Parliament reaffirms its strong support for Ukraine

    MEPs approve trade support measures for Ukraine with protection for EU farmers

    Joint Statement by the Presidents of the European Union Institutions on the occasion of the 2 year anniversary of the Russian invasion of Ukraine

    Parliament calls on the EU to give Ukraine whatever it needs to defeat Russia

    EU sanctions: new rules to crack down on violations

    MEPs: EU must actively support Russia’s democratic opposition

    Yulia Navalnaya: “If you want to defeat Putin, fight his criminal gang”

    Debate 12 March 2024: Preparation of the European Council meeting of 21 and 22 March 2024

    Debate 13 March 2024: Need to address the urgent concerns surrounding Ukrainian children forcibly deported to Russia

    Parliament wants tougher enforcement of EU sanctions against Russia

    A long-term solution for Ukraine’s funding needs

    How the EU is supporting Ukraine

    EU stands with Ukraine

    European Defence

    At the informal European Council meeting on defence on 3 February 2025, European Parliament President Metsola outlined her vision for how Europe can and must strengthen its own security and defence. “More action, more financing, and more cooperation,” must be the EU’s goals, she argued.

    “We need to do more, much more, to ramp up defence production and increase our defence industrial readiness” she said, stressing that “the best investment in European security is investing in the security of Ukraine.”

    President Metsola argued “investing in security, is not just about protection – it is about boosting European competitiveness, driving growth, creating quality high-skilled jobs and powering everyday breakthroughs that improve how we live, work and connect. The real incentive lies in addressing fragmentation within our markets. Different rules, standards, and systems are putting up barriers and risk holding us back. It makes no sense for Europe to have 178 different weapons systems, when the United States has 30.”

    “Fragmentation costs us billions: between €25 and €75 billion are lost due to duplication and inefficiencies. The answer to this is staring us right in the face. Now is the time to move forward with a single market for defence. Europe must be responsible for its own security. No one else will do this for us,” she added

    In a report adopted by the Foreign Affairs Committee on 30 January, MEPs push for the EU to strengthen its defence capacity against a backdrop of multiple security threats. The report emphasises the absolute need for the EU to recognise and meet the current challenges posed by multiple and evolving security threats. The EU, they say, needs to engage in new and better policies that will enable the European Union and its member states to strengthen their defence in Europe. Noting the limited progress and underinvestment in common European defence capability development, industrial capacity, and defence readiness since the establishment of the EU’s Common Security and Defence Policy (CSDP) 25 years ago, MEPs restate need for a truly common European approach, policies and joint efforts in the area of defence. They say a paradigm shift in EU CSDP is essential to enable the European Union to act decisively in its neighbourhood, and on the global stage, to safeguard its values, interests, citizens, and promote its strategic objectives.

    On 13 January, MEPs discussed the security situation in Europe and beyond, as well as defence and EU-NATO cooperation, with NATO Secretary General Mark Rutte.

    Regarding EU-NATO cooperation, MEPs quizzed Mr Rutte on the EU’s contribution. Defence is not limited to military issues, MEP said, adding that it includes international relations, as well as social, economic and diplomatic relations. MEPs also asked about future cooperation with the incoming Trump Administration and expressed concern about the role of Türkiye in NATO.

    Other MEPs pointed out that there are differences between NATO allies on defence issues, but unity is necessary to secure a sustainable peace in Ukraine. They also highlighted the difficult security situation in the Mediterranean and the Western Balkans.

    Several MEPs enquired about the avoidance of duplication in military production as well accelerating the development of weapons, and others raised the issue of the need to tackle hybrid threats, particularly on the eastern flank of Europe and in the Western Balkans.

    Further reading

    “Europe must be responsible for its own security”, Metsola tells EU leaders

    MEPs call on Europe to strengthen its defence capacity

    Rutte to MEPs: “We are safe now, we might not be safe in five years”

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses Winter Tourism Program at Harsil, Uttarakhand

    Source: Government of India (2)

    Prime Minister Shri Narendra Modi addresses Winter Tourism Program at Harsil, Uttarakhand

    Blessed to be in Devbhoomi Uttarakhand once again: PM

    This decade is becoming the decade of Uttarakhand: PM

    Diversifying our tourism sector, making it perennial, is very important for Uttarakhand: PM

    There should not be any off season, tourism should be on in every season in Uttarakhand: PM

    Our governments at Center and state are working together to make Uttarakhand a developed state: PM

    Posted On: 06 MAR 2025 12:54PM by PIB Delhi

    The Prime Minister Shri Narendra Modi participated in the Winter Tourism Program after flagging off a trek and bike rally at Harsil, Uttarakhand. He also performed pooja and darshan at the winter seat of Maa Ganga in Mukhwa. Addressing the gathering, he expressed his deep sorrow over the tragic incident in Mana village and extended his condolences to the families of those who lost their lives in the accident. He said the people of the nation stand in solidarity during this time of crisis, which has provided immense strength to the affected families.

    “The land of Uttarakhand, known as Devbhoomi, is imbued with spiritual energy and blessed by the Char Dham and countless other sacred sites”, said the Prime Minister, highlighting that this region serves as the winter abode of the life-giving Maa Ganga. He expressed his gratitude for the opportunity to visit again and meet the people and their families, calling it a blessing. He emphasized that it is by Maa Ganga’s grace that he had the privilege of serving Uttarakhand for decades. “Maa Ganga’s blessings guided me to Kashi, where I now serve as a Member of Parliament”, said Shri Modi, recalling his statement in Kashi that Maa Ganga had called him and shared his recent realization that Maa Ganga has now embraced him as her own. The Prime Minister described this as Maa Ganga’s affection and love for her child, which brought him to her maternal home in Mukhwa village and had the honor of performing darshan and puja at Mukhimath-Mukhwa. Remarking on his visit to the land of Harsil, expressing his fond memories of the affection shown by the local women, whom he referred to as “Didi-Bhuliyas”, Shri Modi highlighted their thoughtful gestures of sending him Harsil’s rajma and other local products. He expressed his gratitude for their warmth, connection, and gifts. 

    The Prime Minister recalled his visit to Baba Kedarnath, where he had declared that, “this decade would be the decade of Uttarakhand”. He remarked that the strength behind those words came from Baba Kedarnath himself and highlighted that, with Baba Kedarnath’s blessings, this vision is gradually becoming a reality. Emphasizing that new avenues for Uttarakhand’s progress are opening up, fulfilling the aspirations that led to the state’s formation, Shri Modi noted that the commitments made for Uttarakhand’s development are being realized through continuous achievements and new milestones. He added, “winter tourism is a significant step in this direction, aiding in harnessing Uttarakhand’s economic potential” and congratulated the Uttarakhand government for this innovative effort and extended his best wishes for the state’s progress.

    “Diversifying and making the tourism sector a year-round activity is important and necessary for Uttarakhand”, said the Prime Minister, remarking that there should be no “off-season” in Uttarakhand, and tourism should thrive in every season. He mentioned that currently, tourism in the hills is seasonal, with a significant influx of tourists during March, April, May, and June. However, he added that the number of tourists drops drastically afterward, leaving most hotels, resorts, and homestays vacant during winters. He pointed out that this imbalance leads to economic stagnation for a large part of the year in Uttarakhand and also poses challenges to the environment.

    “Visiting Uttarakhand during winters offers a true glimpse of the divine aura of Devbhoomi”, said Shri Modi, highlighting the thrill of activities like trekking and skiing that winter tourism in the region provides. He stressed that winters hold special significance for religious journeys in Uttarakhand, with many sacred sites hosting unique rituals during this time. He pointed out the religious ceremonies in Mukhwa village as an integral part of the region’s ancient and remarkable traditions. The Prime Minister noted that the Uttarakhand government’s vision for year-round tourism will provide people with opportunities to connect with divine experiences. He underlined that this initiative will create year-round employment opportunities, significantly benefiting the local population and the youth of Uttarakhand.

    “Our governments at Center and state are working together to make Uttarakhand a developed state”, said the Prime Minister, remarking on the significant progress achieved in the past decade, including the Char Dham All-Weather Road, modern expressways, and the expansion of railways, air, and helicopter services in the state. He also mentioned that the Union Cabinet had recently approved the Kedarnath Ropeway Project and the Hemkund Ropeway Project. He noted that the Kedarnath Ropeway will reduce the travel time from 8-9 hours to approximately 30 minutes, making the journey more accessible, especially for the elderly and children. Shri Modi emphasized that thousands of crores of rupees will be invested in these ropeway projects. He extended his congratulations to Uttarakhand and the entire nation for these transformative initiatives.

    Underlining the focus on developing eco-log huts, convention centers, and helipad infrastructure in the hills, Shri Modi said, “tourism infrastructure is being newly developed in locations such as Timmer-Sain Mahadev, Mana village, and Jadung village”. He added that the Government has worked to ensure the erstwhile emptied villages of Mana and Jadung in 1962, have been restored. He noted that as a result, the number of tourists visiting Uttarakhand has increased significantly over the past decade. He shared that before 2014, an average of 18 lakh pilgrims visited the Char Dham Yatra annually, which has now risen to approximately 50 lakh pilgrims each year. The Prime Minister announced that this year’s budget includes provisions to develop 50 tourist destinations, granting hotels at these locations the status of infrastructure. He emphasized that this initiative will enhance facilities for tourists and promote local employment opportunities. 

    Emphasising the Government’s efforts to ensure that border areas of Uttarakhand also benefit from tourism, the Prime Minister said, “villages once referred to as the “last villages” are now being called the “first villages” of the country”. He highlighted the launch of the Vibrant Village Program for their development, under which 10 villages from this region have been included. He noted that efforts have begun to resettle Nelong and Jadung villages and mentioned the flagging off of a bike rally to Jadung from the event earlier. He also declared that those building homestays will be provided benefits under the Mudra Yojana. Shri Modi appreciated the Uttarakhand government’s focus on promoting homestays in the state. He highlighted that villages deprived of infrastructure for decades are now witnessing the opening of new homestays, which is boosting tourism and increasing the income of local residents. 

    Making a special appeal to people from all corners of the country, particularly the youth, Shri Modi highlighted that while much of the country experiences fog during winters, the hills offer the joy of basking in sunlight, which can be turned into a unique event. He suggested the concept of “Gham Tapo Tourism” in Garhwali, encouraging people from across the country to visit Uttarakhand during winters. He specifically urged the corporate world to participate in winter tourism by organizing meetings, conferences, and exhibitions in the region, emphasizing the vast potential of the MICE sector in Devbhoomi Uttarakhand. The Prime Minister remarked that Uttarakhand provides opportunities for visitors to recharge and re-energize through yoga and Ayurveda. He also appealed to universities, private schools, and colleges to consider Uttarakhand for students’ winter trips.

    Pointing out the significant contribution of the wedding economy, worth thousands of crores, the Prime Minister reiterated his appeal to the people of the country to “Wed in India” and encouraged prioritizing Uttarakhand as a destination for winter weddings. He also expressed his expectations from the Indian film industry, noting that Uttarakhand has been awarded the title of the “Most Film-Friendly State.” He emphasized the rapid development of modern facilities in the region, making Uttarakhand an ideal destination for film shootings during winters.

    Shri Modi underscored the popularity of winter tourism in several countries and emphasized that Uttarakhand can learn from their experiences to promote its own winter tourism. He urged all stakeholders in Uttarakhand’s tourism sector, including hotels and resorts, to study these countries’ models. He called on the Uttarakhand government to actively implement actionable points derived from such studies. He stressed the need to promote local traditions, music, dance, and cuisine. The Prime Minister remarked that Uttarakhand’s hot springs can be developed into wellness spas, and serene, snow-covered areas can host winter yoga retreats, urging the Yoga gurus to arrange a yoga camp in Uttarakhand annually. He also suggested organizing special wildlife safaris during the winter season to establish a unique identity for Uttarakhand. He emphasized adopting a 360-degree approach and working at every level to achieve these goals.

    The Prime Minister emphasized that alongside developing facilities, spreading awareness is equally important and appealed to the country’s young content creators to play a vital role in promoting Uttarakhand’s winter tourism initiative. Mentioning the significant contribution of content creators in boosting the tourism sector, Shri Modi urged them to explore new destinations in Uttarakhand and share their experiences with the public. He suggested the State Government to organize a competition of making short films by content creators to promote tourism in Uttarakhand. He concluded by expressing confidence that the sector will witness rapid growth in the coming years and congratulated Uttarakhand for its year-round tourism campaign.

    The Chief Minister of Uttarakhand, Shri Pushkar Singh Dhami, Union Minister of State for Road Transport and Highways, Shri Ajay Tamta were present among other dignitaries at the event. 

    Background

    The Uttarakhand government has initiated a Winter Tourism programme this year. Thousands of devotees have already visited the winter seats of Gangotri, Yamunotri, Kedarnath, and Badrinath. The programme is aimed to promote religious tourism and boost the local economy, homestays, tourism businesses, among others.

     

     

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    MJPS/SR

    (Release ID: 2108742) Visitor Counter : 83

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: International conference focuses on role of PLI Schemes, India’s green transition and inclusive sustainability in shaping India’s industrial policy

    Source: Government of India

    International conference focuses on role of PLI Schemes, India’s green transition and inclusive sustainability in shaping India’s industrial policy

    Panel discussions highlight industrial policy evolution and global competitiveness amid evolving geopolitics

    WTO experts underscore key insights on trade policy and industrial policy linkages

    Posted On: 06 MAR 2025 12:29PM by PIB Delhi

    Discussions around shaping the contours of India’s industrial policy in light of the evolving geopolitical landscape, the role of Production Linked Incentive (PLI) schemes in driving manufacturing competitiveness, India’s green transition and inclusive sustainability in shaping India’s industrial policy and creating resilient global supply chains was at the central of the international conference organised by the Centre for Trade and Investment Law (CTIL).

    The international conference was based on the theme “Navigating the Future: Industrial Policy and Global Competitiveness” organised by the Centre for Trade and Investment Law (CTIL), established by the Ministry of Commerce and Industry, Government of India, in collaboration with the Centre for International Trade and Business Laws, NALSAR University of Law and the World Trade Institute, University of Bern, together with the WTO India Chairs Programme. The international conference was held during 17th to 19th January 2025 at the NALSAR University of Law, Hyderabad.

    Importantly, the conference discussed the role of WTO disciplines in ensuring that industrial policy measures do not negate the core principle of the ruled-based international trading system. The conference featured key insights into the current geopolitical landscape and energy transition.

    The central theme of the conference ‘Navigating the Future: Industrial Policy and Global Competitiveness’ was explored through a series of panel discussions and technical sessions. The inaugural sessions featured discussions on the resurgence and evolution of industrial policy, metrics to measure its impact, and their compatibility with WTO rules in a changing global context. Prof. James J. Nedumpara, Head, CTIL, in his welcome speech, highlighted the relevance of the conference theme and the importance of green industrial policy in fostering innovation and technology in the current global context. This was followed by the presidential address delivered by Prof. Srikrishna Deva Rao, Vice Chancellor of NALSAR University of Law. Shri. Ujal Singh Bhatia and Professor Peter Vanden Bosche, former members of the WTO Appellate Body, also emphasised the need for an in-depth examination of the linkages between trade policy and industrial policy.

    Shri Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs, during his address highlighted that emerging economies can play a catalyzing role in energy transition and pioneer an economic transformation. The Secretary emphasised the role that India can play in the global critical raw material supply chains and underscored that any strategy for value chain integration must be focused on creating value within India, including creating employment opportunities. 

    In the plenary session, Shri Montek Singh Ahluwalia, Former Deputy Chairman of the Planning Commission highlighted the global shift from free trade to protectionism in response to challenges from China’s rise and evolving U.S. policies. Shri. Ahluwalia emphasized the need for clear, cost-effective interventions in critical sectors, transparency in initiatives like PLIs, and adherence to WTO rules, as part of a balanced approach to security and economic priorities.

    Several renowned scholars and policy experts of in the field of international trade and policy including Dr. Werner Zdouc, former Director of the Appellate Body, Mr. Sumanta Chaudhuri, Head Trade Policy, CII, Dr. Pritam Banerjee, Head, Centre for WTO Studies, Prof. Henry Gao, Professor, Singapore Management University, Professor Abhijit Das, former Head, Centre for WTO Studies, Dr. Alicia Gracia, Senior Fellow at Brugel, Dr. Isabelle Van Damme, Director, World Trade Institute, Dr. Rosmy Joan, Associate Professor, NALSAR University, among others spoke in the programme.

    In the inaugural session, CTIL launched its monthly investment law newsletter, ‘Investment Law Compass: Navigating through the Global Investment Framework’ which aims to highlight the developments in the investment law landscape and transform it into an accessible and insightful journey for enthusiasts and professionals alike. The newsletter will be available online at www.ctil.org.in.

    At the valedictory address, Professor James J Nedumpara reflected on the rich discussions on industrial policy and its various dimensions over the three days and highlighted that the conference was enriched by global participation. He extended his felicitations to the co-collaborators NALSAR and WTI and congratulated them on the successful conclusion of the Conference.

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    Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

    (Release ID: 2108731) Visitor Counter : 67

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Dr. Mansukh Mandaviya to Lead Chintan Shivir on Olympic Preparation & Sports Governance

    Source: Government of India (2)

    Dr. Mansukh Mandaviya to Lead Chintan Shivir on Olympic Preparation & Sports Governance

    States, Experts, and Stakeholders to Strategize India’s Journey to Global Sporting Excellence

    Posted On: 06 MAR 2025 12:05PM by PIB Delhi

    With a strategic vision for the 2028 Los Angeles Olympics and India’s ambitious bid to host the 2036 Summer Games, Union Minister of Youth Affairs & Sports and Labour & Employment, Dr. Mansukh Mandaviya, will chair a high-level Chintan Shivir in Hyderabad on March 7-8.

    The two-day brainstorming session, hosted at Kanha Shanti Vanam, will bring together sports ministers from various States/UTs, senior sports administrators, key government officials, and domain experts to exchange ideas and craft a roadmap for India’s emergence as a global sports powerhouse. The deliberations will focus on enhancing sports governance, grassroots talent identification, infrastructure development, inclusivity, and fostering collaborations.

    Dr. Mandaviya, who is spearheading Hon’ble Prime Minister Narendra Modi’s vision to elevate India’s sporting landscape, will engage in strategic discussions with stakeholders on India’s Olympic ambitions and strengthening the sports ecosystem. State representatives will present their best practices and innovative models during the Chintan Shivir.

    Key Focus Areas of the Chintan Shivir:

    • Overview of various schemes of Government of India and Co-ordination with States/UTs
    • Sports Development & Sports Infrastructure Partnership with Corporates
    • Talent Search and Nurturing of Grass-root Talent
    • Promoting Good Governance in Sports
    • Deliberations on expanding Khelo India & Fit India
    • Encouraging Inclusivity in Sports
    • Welfare of Sportspersons & Coaches

    Emphasizing the significance of a collaborative and result-oriented approach, Dr. Mandaviya remarked, “The success of Indian athletes at the recent Uttarakhand National Games highlights our immense potential. Our goal is clear, which is, achieving Olympic excellence and making India a global sports power. By sharing ideas and best practices, we can ensure a structured and sustainable sporting framework. Hosting the Olympics is a national mission, and we must move forward together.”

    A critical aspect of the discussions will be leveraging the expertise of former athletes. Dr. Mandaviya has urged states to identify top sportspersons who can transition into coaching roles, bridging gaps in the sporting ecosystem and strengthening the talent development pipeline.

    This Chintan Shivir will serve as a catalyst for transformative changes in Indian sports ecosystem, setting the stage for long-term success on the global stage.

    *****

    Himanshu Pathak

    (Release ID: 2108723) Visitor Counter : 24

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: International Women’s Day 2025

    Source: Government of India (2)

    International Women’s Day 2025

    Empowered Women Empower the World

    Posted On: 06 MAR 2025 9:39AM by PIB Delhi

    Introduction

    International Women’s Day is celebrated around the world on 8th March. It is a day when women are recognized for their achievements across national, ethnic, linguistic, cultural, economic or political boundaries. The theme of International Women’s Day 2025 is “For ALL Women and Girls: Rights. Equality. Empowerment.” This year’s theme calls for action to unlock equal rights, power and opportunities for all and an inclusive future where no one is left behind. Central to this vision is empowering the next generation—youth, particularly young women and adolescent girls—as catalysts for lasting change.

    Further, the year 2025 is a pivotal moment as it marks the 30thanniversary of the Beijing Declaration and Platform for Action. This document is the most progressive and widely endorsed blueprint for women’s and girls’ rights worldwide, transforming the women’s rights agenda in terms of legal protection, access to services, youth engagement, and change in social norms, stereotypes, and ideas stuck in the past.

    In India, the government has been actively working towards women’s empowerment and gender equality through various policies, schemes, and legislative measures. The country is witnessing a transition from women’s development to women-led development, ensuring equal participation in national progress. Women are playing a crucial role in shaping India’s socio-economic landscape, breaking barriers in education, health, digital inclusion, and leadership roles.

    On March 3, 2025, Prime Minister Narendra Modi encouraged women across India to share their inspiring life journeys on the NaMo App Open Forum ahead of International Women’s Day. He praised the remarkable stories already submitted, highlighting the resilience and achievements of women from different walks of life. As a special initiative, he announced that selected women would take over his social media accounts on March 8 to amplify their voices and experiences. This initiative aims to celebrate women’s contributions and inspire others by showcasing their journey of empowerment, perseverance, and success.

    Constitutional and Legal Framework

    The Indian Constitution guarantees gender equality through provisions in its Preamble, Fundamental Rights, and Directive Principles of State Policy. Article 14 ensures equality before the law, while Article 15 prohibits discrimination based on sex. Article 51(a)(e) encourages citizens to renounce practices derogatory to women’s dignity. The Directive Principles, particularly Articles 39 and 42, emphasize equal livelihood opportunities, equal pay, and maternity relief.

    India is a signatory to international treaties such as:

    • Universal Declaration of Human Rights (1948)
    • International Covenant on Civil and Political Rights (ICCPR, 1966)
    • Convention on the Elimination of All Forms of Discrimination Against Women (CEDAW, 1979)
    • Beijing Declaration and Platform for Action (1995)
    • United Nations Convention Against Corruption (2003)
    • Agenda 2030 for Sustainable Development

     

    Government Schemes for Women’s Upliftment

    1. Education

    Education is the key to women’s empowerment and economic independence. India has undertaken several initiatives to ensure that girls have equal access to quality education from primary schooling to higher education. Gender parity in education has improved significantly, with female enrolment surpassing male enrolment in recent years.

    • Right to Free and Compulsory Education Act, 2009 ensures schools are within reach for all children.
    • Beti Bachao Beti Padhao (BBBP): Focuses on improving the child sex ratio and promoting girls’ education.
    • Samagra Shiksha Abhiyan: Supports school infrastructure and girl-friendly facilities.
    • National Education Policy (NEP) 2020 prioritizes gender equity and inclusion in education.
    • Eklavya Model Residential Schools: Promote quality education for tribal girls
    • Female Gross Enrollment Ratio (GER) has overtaken Male GER since 2017-18.
    • Female enrolment in higher education: 2.07 crore (2021-22), which is nearly 50% of the total number 4.33 crore.
    • The female to 100 male faculty ratio has also improved to 77 in 2021-22 from 63 in 2014-15.
    • Women in STEM: 42.57% (41.9 lakh) of total STEM enrolment.
    • STEM Initiatives:
      • Vigyan Jyoti (2020) promotes STEM education for girls in underrepresented areas.
    • Overseas Fellowship Scheme supports women scientists in global research opportunities.
    • National Digital Library, SWAYAM, and SWAYAM PRABHA ensure access to online learning.
    • Over 10 lakh girl students benefitted under various scholarships for STEM fields.
    • Skill Development Initiatives:
      • Skill India Mission, Pradhan Mantri Kaushal Vikas Yojana (PMKVY), Women Industrial Training Institutes provide vocational and technical training to women.
      • Women Technology Parks (WTPs) serve as hubs for training and capacity building.

     

    2. Health and Nutrition

    Access to healthcare services is crucial for improving the well-being of women and reducing gender-based health disparities. The government has introduced several policies to ensure maternal and child health, nutrition, and medical support for women across all sections of society.

    • Pradhan Mantri Matru Vandana Yojana (PMMVY): Provides cash incentives to pregnant and lactating mothers, with ₹17,362 crore disbursed to 3.81 crore women, as of January 2025.
    • Improved Maternal Health:
      • Maternal Mortality Rate (MMR) reduced from 130 (2014-16) to 97 (2018-20) per lakh live births.
      • Under-5 Mortality Rate (U5MR) decreased from 43 (2015) to 32 (2020).
      • Life expectancy for women increased to 71.4 years (2016-20), expected to reach 74.7 years by 2031-36.
    • Nutrition and Sanitation:
      • Jal Jeevan Mission provided potable tap water to 15.4 crore households, reducing health risks.
      • Swachh Bharat Mission led to the construction of 11.8 crore toilets, improving sanitation and hygiene.
      • Poshan Abhiyaan: Strengthens maternal and child nutrition programs
      • Over 10.3 crore clean cooking gas connections distributed under the Ujjwala Yojana.

     

    3. Economic Empowerment and Financial Inclusion

    Women’s participation in the workforce is a key driver of economic growth. The government has launched multiple initiatives to promote financial independence, entrepreneurship, and employment opportunities for women.

    • Women’s participation in major household decisions: Increased from 84% (2015) to 88.7% (2020).
    • Financial Inclusion:
      • PM Jan Dhan Yojana: Over 30.46 crore accounts (55% belonging to women) opened.
      • Stand-Up India Scheme: 84% of loans under ₹10 lakh to ₹1 crore sanctioned to women entrepreneurs.
      • MUDRA Scheme: 69% of microloans given to women-led enterprises.
    • Self-Help Groups under NRLM: 10 crore (100 million) women connected to 9 million SHGs.
    • Bank Sakhis Model: 6,094 women banking correspondents processed transactions worth $40 million in 2020.
    • Employment and Leadership:
      • Women in Armed Forces: Entry into NDA, combat roles, and Sainik Schools.
      • Civil Aviation: India has over 15% women pilots, higher than the global average of 5%.
      • Working Women’s Hostels (Sakhi Niwas): 523 hostels benefiting 26,306 women.
    • Women Entrepreneurs in Startups: 10% of funds in the Small Industries Development Bank of India reserved for women-led startups

     

    4. Digital and Technological Empowerment

    In the digital era, access to technology and digital literacy are crucial for women’s socio-economic progress. The government has been proactive in ensuring women are part of the digital revolution through various initiatives.

    • Digital India Initiatives:
      • PMGDISHA (Prime Minister’s Digital Saksharta Abhiyan): 60 million rural citizens trained in digital literacy.
      • Common Service Centres (CSCs): 67,000 women entrepreneurs running digital service centers.
      • Ayushman Bharat Digital Mission (ABDM): Bridging healthcare accessibility through digital solutions.
      • SANKALP Hubs for Women Empowerment: Functioning in 742 districts across 35 States/UTs
    • Financial Technology and Inclusion:
      • Digital banking and Aadhaar-linked services ensure financial security for women.
      • Government e-marketplaces encourage female entrepreneurship and online businesses.

     

    5. Safety and Protection

    Ensuring women’s safety is a top priority for the Indian government. Several legislative measures, dedicated funds, and fast-track courts have been established to curb crimes against women and provide legal and institutional support.

    • Key Legal Frameworks:
      • Criminal Law (Amendment) Act, 2018: Enhanced penalties for crimes against women.
      • Protection of Women from Domestic Violence Act, 2005.
      • Sexual Harassment of Women at Workplace Act, 2013.
      • POCSO Act, 2012: Strengthened laws against child abuse.
      • Ban on Triple Talaq (2019): Criminalizing instant divorce practices.
      • Dowry Prohibition Act, 1961: Penalizes dowry-related offenses.
      • Prohibition of Child Marriage Act, 2006: Protects minors from forced marriages.
    • Nirbhaya Fund Projects (₹11,298 crore allocated):
      • One Stop Centres (OSCs): 802 centers functional, assisting over 1 million women.
      • Emergency Response Support System (ERSS – 112): 38.34 crore calls handled.
      • Fast Track Special Courts (FTSCs): 750 operational courts, 408 exclusively for POCSO cases.
      • Cyber Crime Helpline (1930) and cyber forensic labs for digital safety.
      • Safe City Projects: Implemented in 8 cities to enhance women’s safety.
      • 14,658 Women Help Desks in Police Stations, 13,743 headed by women.
    • Institutional and Legislative Reforms
      • Bharatiya Nyaya Sanhita (BNS), 2023: Strengthens provisions for gender justice.
      • Marital rape (for wives under 18) criminalized.
      • Enhanced punishment for sexual offenses and trafficking.
      • Witness protection and digital evidence admissibility improved.
      • Women’s representation in CAPFs: 33% reservation in select forces.
      • Nari Adalat: Piloted in 50 Gram Panchayats each in Assam and J&K, now expanding.

     

    Conclusion

    India has made remarkable progress in women’s empowerment through comprehensive policies, targeted schemes, and legal frameworks. From economic participation to safety, digital inclusion to education, the government’s initiatives have led to significant improvements in women’s lives. On this International Women’s Day, it is crucial to reaffirm the commitment to building an inclusive, gender-equal society where women play a central role in shaping the nation’s future. Sustained efforts in policy-making, community engagement, and digital inclusion will ensure that women continue to drive India’s growth story in the years to come.

    References

    Ministry of Women and Child Development

    https://www.pmindia.gov.in/en/news_updates/pm-encourages-women-to-share-their-inspiring-life-journeys/

    https://www.un.org/en/observances/womens-day/background

    https://www.un.org/en/observances/womens-day

    Click here to see PDF.

    *****

    Santosh Kumar | Ritu Kataria | Rishita Aggarwal

    (Release ID: 2108690) Visitor Counter : 141

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Salford and Manchester present draft proposals for major Strangeways and Cambridge regeneration

    Source: City of Salford

    Salford City Council (SCC)  and Manchester City Council (MCC) are working in collaboration on the ambitious long-term regeneration proposals for the Strangeways and Cambridge areas ahead of public consultation.

    The draft Strategic Regeneration Framework (SRF) reports will be heard by both Councils’ respective executive and cabinet committees outlining the vision that will guide widescale investment and development across the 130 hectare city fringe location over the coming decades.

    The draft Strangeways and Cambridge SRF presents a high-level vision for the area, building on the work of the Operation Vulcan policing operation, to provide a platform for legitimate businesses to grow and thrive, alongside a major new urban park, significant new housing – including affordable homes – and significant commercial and employment opportunities.   

    The programme of investment estimates the combined development areas could see up to 7,000 new homes across seven distinct ‘neighbourhood’ areas, increased commercial floorspace of around 1.75m sqft, and the regeneration could support an additional 4,500 jobs.   

    The draft SRF presents a development approach that will support Manchester’s target to become a zero-carbon city by 2038 and reacts to other environmental factors in the areas, including potential flooding linked to climate change.    

    The SRF also reflects how HM Prison Manchester – formerly Strangeways Prison – remains a significant barrier to the regeneration ambitions in this part of the city and the framework will act as an engagement tool with the Ministry of Justice around the long-term future of the prison.  

    The key themes of the SRF include:  

    • Business and employment: Increase business and employment opportunities – supporting ongoing economic growth in both Manchester and Salford 
    • Green and blue infrastructure: Create a network of green spaces and celebrate the River Irwell – including the creation of a large new city centre park (working title: Copper Park) – and respond to flood risk  
    • Movement: Prioritise a ‘people first’ approach to the regeneration, including active travel while carefully managing parking, servicing and delivery requirements.   
    • Heritage and culture: Celebrate the existing architecture and heritage buildings in the area as part of the comprehensive regeneration plans. 

    Salford City Mayor, Paul Dennett added: “We’ve been on a journey of growth and regeneration in recent years, and our work has changed the landscape in different parts of Salford for the benefit of our residents. It’s now time to focus on the Cambridge area and working with colleagues in Manchester, this framework provides us with a once in a lifetime opportunity to do that. 

    “This framework proposes options for the Salford part of the SRF, taking into account the requirements of residents and local businesses, and the need for quality housing in the area. The key will be to balance these needs with what the long-term flood data is telling us and how we future-proof the area against climate change. 

    “The proposals in the framework seek to identify the best possible options for this area. These include the exciting opportunity to create a new city park for all, with an option for appropriate levels of mixed-use development, to continue to drive sustainable growth. 

    “I’d urge everyone with a vested interest in this area, whether you’re a resident or business to engage with the consultation process and work with us help shape the future of this part of the city.” 

    Leader of the Council Bev Craig said: “This framework is our shared long-term vision, alongside our colleagues in Salford, to deliver a transformation in the Strangeways and Cambridge communities. 

    “We have an opportunity to create a platform for development and investment, enabled by the successful work carried out by the Operation Vulcan partnership, to support businesses to grow and prosper in these neighbourhoods – creating thousands of new jobs and support the ongoing growth of our city – alongside a major new public park and new homes, including Council, social and genuinely affordable housing. 

    “We know this area has challenges, including the prison that presents a key barrier to the regeneration of the area, but we also know that there is energy and a community brimming with potential. 

    “We will deliver huge change in Strangeways in the coming years, working alongside the people who live and work there, and as we move to consultation in the coming weeks, we want to speak to local people and businesses about how we can make this part of the city thrive.” 
     
    This  draft Strangeways and Cambridge SRF document has been prepared on behalf of MCC and SCC by Avison Young with Maccreanor Lavington Architects, Feilden Clegg Bradley Studios, Schulze+Grassov, Civic Engineers, Useful Projects and PLACED. 
     
    Salford’s Cabinet will meet on Tuesday 11 March.  
    Find the Salford City Council Cabinet Report   

    Manchester’s executive will meet on Friday 14 March. 
    Find the Manchester City Council Executive Report – available from Thursday 6 March  
      
    Following the respective Council approvals, consultation around the SRF document will begin at the end of March, the results of which will be reported to future Executive and Cabinet meetings.   

    Further information will be made available shortly at www.strangewaysandcambridgeSRF.info  

    The draft SRF was in part delivered using Government Funding.

    Share this

    Date published
    Thursday 6 March 2025

    Press and media enquiries

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Manchester and Salford present draft proposals for major Strangeways and Cambridge regeneration

    Source: City of Manchester

    Manchester City Council (MCC) and Salford City Council (SCC) are working in collaboration on the ambitious long-term regeneration proposals for the Strangeways and Cambridge areas.

    The draft Strategic Regeneration Framework (SRF) reports will be heard by both Councils’ respective executive and cabinet committees outlining the vision that will guide wide-scale investment and development across the 130hectare city fringe location over the coming decades.  

    The draft Strangeways and Cambridge SRF presents a high-level vision for the area, building on the work of the Operation Vulcan policing operation, to provide a platform for legitimate businesses to grow and thrive, alongside a major new urban park, significant new housing – including affordable homes – and significant commercial and employment opportunities.  

    The programme of investment estimates the combined development areas could see up to 7,000 new homes across seven distinct ‘neighbourhood’ areas, increased commercial floorspace of around 1.75m sqft, and the regeneration could support an additional 4,500 jobs.  

    The draft SRF presents a development approach that will support Manchester’s target to become a zero-carbon city by 2038 and reacts to other environmental factors in the areas, including potential flooding linked to climate change.   

    The SRF also reflects how HM Prison Manchester – formerly Strangeways Prison – remains a significant barrier to the regeneration ambitions in this part of the city and the framework will act as an engagement tool with the Ministry of Justice around the long-term future of the prison. 

    The key themes of the SRF include: 
    • Business and Employment: Increase business and employment opportunities – supporting ongoing economic growth in both Manchester and Salford 
    • Green and Blue Infrastructure: Create a network of green spaces and celebrate the River Irwell – including the creation of a large new city centre park (working title: Copper Park) – and respond to flood risk 
    • Movement: Prioritise a ‘people first’ approach to the regeneration, including active travel while carefully managing parking, servicing and delivery requirements.  
    • Heritage and Culture: Celebrate the existing architecture and heritage buildings in the area as part of the comprehensive regeneration plans.

    This  draft Strangeways and Cambridge SRF document has been prepared on behalf of MCC and SCC by Avison Young with Maccreanor Lavington Architects, Feilden Clegg Bradley Studios, Schulze+Grassov, Civic Engineers, Useful Projects and PLACED.

    Salford’s Cabinet will meet on Tuesday 11 March. 

    Find the Salford City Council Cabinet Report  

    Manchester’s executive will meet on Friday 14 March 

    Find the Manchester City Council Executive Report – see agenda item 8

    Following the respective Council approvals, consultation around the SRF document will begin at the end of March, the results of which will be reported to future Executive and Cabinet meetings.  

    Further information on the SRF can be found here. 

    The draft SRF was in part delivered using Government Funding.

    Leader of the Council Bev Craig said:  
    “This framework is our shared long-term vision, alongside our colleagues in Salford, to deliver a transformation in the Strangeways and Cambridge communities.  

    “We have an opportunity to create a platform for development and investment, enabled by the successful work carried out by the Operation Vulcan partnership, to support businesses to grow and prosper in these neighbourhoods – creating thousands of new jobs and support the ongoing growth of our city – alongside a major new public park and new homes, including Council, social and genuinely affordable housing. 

    “We know this area has challenges, including the prison that presents a key barrier to the regeneration of the area, but we also know that there is energy and a community brimming with potential.  

    “We will deliver huge change in Strangeways in the coming years, working alongside the people who live and work there, and as we move to consultation in the coming weeks, we want to speak to local people and businesses about how we can make this part of the city thrive.” 

    Salford City Mayor, Paul Dennett added:  
    “We’ve been on a journey of growth and regeneration in recent years, and our work has  changed the landscape in different parts of Salford for the benefit of our residents. It’s now time to focus on the Cambridge area and working with colleagues in Manchester, this framework provides us with a once in a lifetime opportunity to do that. 

    “This framework proposes options for the Salford part of the SRF, taking into account the requirements of residents and local businesses, and the need for quality housing in the area. The key will be to balance these needs with what the long-term flood data is telling us and how we future-proof the area against climate change. 

    “The proposals in the framework seek to identify the best possible options for this area. These include the exciting opportunity to create a new city park for all, with an option for appropriate levels of mixed-use development, to continue to drive sustainable growth. 

    “I’d urge everyone with a vested interest in this area, whether you’re a resident or business to engage with the consultation process and work with us help shape the future of this part of the city.” 

    MIL OSI United Kingdom –

  • MIL-OSI: JD.com Announces Fourth Quarter and Full Year 2024 Results, and Annual Dividend

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, March 06, 2025 (GLOBE NEWSWIRE) — JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter), the “Company” or “JD.com”), a leading supply chain-based technology and service provider, today announced its unaudited financial results for the three months and the full year ended December 31, 2024 and an annual cash dividend for the year ended December 31, 2024.

    Fourth Quarter and Full Year 2024 Highlights

    • Net revenues were RMB347.0 billion (US$147.5 billion) for the fourth quarter of 2024, an increase of 13.4% from the fourth quarter of 2023. Net revenues were RMB1,158.8 billion (US$158.8 billion) for the full year of 2024, an increase of 6.8% from the full year of 2023.
    • Income from operations was RMB8.5 billion (US$1.2 billion) for the fourth quarter of 2024, compared to RMB2.0 billion for the fourth quarter of 2023. Operating margin was 2.4% for the fourth quarter of 2024, compared to 0.7% for the fourth quarter of 2023. Non-GAAP2income from operations was RMB10.5 billion (US$1.4 billion) for the fourth quarter of 2024, compared to RMB7.8 billion for the fourth quarter of 2023. Non-GAAP operating margin was 3.0% for the fourth quarter of 2024, compared to 2.5% for the fourth quarter of 2023. Income from operations was RMB38.7 billion (US$5.3 billion) for the full year of 2024, compared to RMB26.0 billion for the full year of 2023. Operating margin was 3.3% for the full year of 2024, compared to 2.4% for the full year of 2023. Non-GAAP income from operations was RMB44.0 billion (US$6.0 billion) for the full year of 2024, compared to RMB35.4 billion for the full year of 2023. Non-GAAP operating margin was 3.8% for the full year of 2024, compared to 3.3% for the full year of 2023.
    • Net income attributable to the Company’s ordinary shareholders was RMB9.9 billion (US$1.4 billion) for the fourth quarter of 2024, compared to RMB3.4 billion for the fourth quarter of 2023. Net margin attributable to the Company’s ordinary shareholders was 2.8% for the fourth quarter of 2024, compared to 1.1% for the fourth quarter of 2023. Non-GAAP net income attributable to the Company’s ordinary shareholders was RMB11.3 billion (US$1.5 billion) for the fourth quarter of 2024, compared to RMB8.4 billion for the fourth quarter of 2023. Non-GAAP net margin attributable to the Company’s ordinary shareholders was 3.3% for the fourth quarter of 2024, compared to 2.7% for the fourth quarter of 2023. Net income attributable to the Company’s ordinary shareholders was RMB41.4 billion (US$5.7 billion) for the full year of 2024, compared to RMB24.2 billion for the full year of 2023. Net margin attributable to the Company’s ordinary shareholders was 3.6% for the full year of 2024, compared to 2.2% for the full year of 2023. Non-GAAP net income attributable to the Company’s ordinary shareholders was RMB47.8 billion (US$6.6 billion) for the full year of 2024, compared to RMB35.2 billion for the full year of 2023. Non-GAAP net margin attributable to the Company’s ordinary shareholders was 4.1% for the full year of 2024, compared to 3.2% for the full year of 2023.
    • Diluted net income per ADS was RMB6.47 (US$0.89) for the fourth quarter of 2024, an increase of 203.8% from RMB2.13 for the fourth quarter of 2023. Non-GAAP diluted net income per ADS was RMB7.42 (US$1.02) for the fourth quarter of 2024, an increase of 40.0% from RMB5.30 for the fourth quarter of 2023. Diluted net income per ADS was RMB26.86 (US$3.68) for the full year of 2024, an increase of 76.4% from RMB15.23 for the full year of 2023. Non-GAAP diluted net income per ADS was RMB31.07 (US$4.26) for the full year of 2024, an increase of 40.1% from RMB22.17 for the full year of 2023.

    “We are pleased to report a strong quarter to close out 2024 amidst rebounding consumption. Our topline growth returned to double digits year-on-year, and bottom line also achieved healthy expansion. In addition, most of our product categories as well as key metrics such as our quarterly active users and shopping frequency saw strong double-digit growth year-on-year in Q4, reflecting our growing mindshare among consumers,” said Sandy Xu, Chief Executive Officer of JD.com. “We head into 2025 with more optimism, as consumption sentiment steadily picks up, and we continue to unlock high-quality growth potentials with our strong execution of strategic priorities.”

    “In the fourth quarter, our total revenues increased by 13.4% year-on-year. The momentum was broad-based across multiple categories and revenue streams, reflecting positive macro consumption trends and JD’s expanding market share,” said Ian Su Shan, Chief Financial Officer of JD.com. “Our profitability also continued to rise year-on-year throughout 2024, driven by our optimization in cost and operating efficiency. As we are confident to head towards our long-term profitability target, we are excited to announce an increased annual cash dividend for 2024 which, alongside our on-going US$5.0 billion share repurchase program, further demonstrates JD’s commitment to shareholder return.”

    Dividend Payment

    The Company announced that its board of directors (the “Board”) approved an annual cash dividend for the year ended December 31, 2024 of US$0.5 per ordinary share, or US$1.0 per ADS, to holders of ordinary shares and holders of ADSs, respectively, as of the close of business on April 8, 2025 Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The aggregate amount of the dividend is expected to be approximately US$1.5 billion, as calculated on the current number of the Company’s total issued and outstanding shares, which may be subject to minor adjustment by the record date. The payment date is expected to be on or around April 23, 2025 and on or around April 29, 2025 for holders of ordinary shares and holders of ADSs, respectively.

    Updates of Share Repurchase Program

    The Company repurchased a total of approximately 255.3 million Class A ordinary shares (equivalent of 127.6 million ADSs) for a total of approximately US$3.6 billion during the year ended December 31, 2024. All of these ordinary shares were repurchased from both Nasdaq and the Hong Kong Stock Exchange pursuant to the Company’s share repurchase programs publicly announced. The total number of shares repurchased by the Company for the year ended December 31, 2024 amounted to approximately 8.1% of its ordinary shares outstanding as of December 31, 20233.

    The Company has fully utilized the repurchase amount authorized under its US$3.0 billion share repurchase program announced in March 2024, with all of the 207 million Class A ordinary shares (equivalent of 104 million ADSs) repurchased under the program cancelled.

    In addition, the Company adopted and announced a new share repurchase program (the “New Share Repurchase Program”) in August 2024. Pursuant to the New Share Repurchase Program effective from September 2024, the Company may repurchase up to US$5.0 billion worth of its shares (including ADSs) over the next 36 months through the end of August 2027.

    Business Highlights

    • JD Retail:

      In January 2025, JD.com announced comprehensive upgrades to its PLUS membership, introducing a “Lifestyle Service Package” that allows members to redeem PLUS credits for seven services, including home cleaning, laundry, car wash and delivery, among other things. JD PLUS members will also enjoy a new “180-Day Replacement over Repair” policy for self-operated electronics and home appliances products in cases of any quality defects. Additionally, the “Unlimited Free Shipping” service has been expanded to cover the self-operated offerings on JD NOW, the on-demand retail business of the Company.

    • JD Health:

      In the fourth quarter of 2024, JD Health further boosted up its service offerings with the expansion of its “Express Test at Your Doorstep” program, safeguarding more people’s health during periods of high incidence of respiratory illnesses. As of the end of the quarter, JD Health had launched 149 express testing products, with the service available in 12 core cities in China, covering a total population of over 150 million.

    • JD Logistics:

      During the 2024 JD Singles Day Grand Promotion, JD Logistics’s (“JDL’s”) express delivery business celebrated the first anniversary of its upgraded offerings in Hong Kong and Macau. It provides seamless door-to-door delivery and other differentiated services in the regions, such as night-time pickups and intra-city delivery within as fast as four hours, significantly improving the online shopping and shipping experience for local customers. This in turn drives JDL’s rapid order volume growth in the regions.

      In the fourth quarter of 2024, JDL further outlined its overseas roadmap. In particular, it will drive simultaneous progress of building its global warehouse network, air freight network, and express delivery capabilities. These efforts will enable JDL to provide integrated supply chain solutions to overseas customers, China-based brands expanding overseas, and cross-border merchants, driving toward the ultimate in delivering hassle-free and efficient supply chain logistics services globally.

    Environment, Social and Governance

    • JD.com has been committed to providing admirable, fulfilling, and rewarding job opportunities for its workforce from day one. As of December 31, 2024, over 1,200 frontline employees have retired from JDL, with roles spanning from couriers to sorters, freight drivers and others from across China. These retirees have received comprehensive retirement benefits including elderly care, medical treatment, and injury compensation, and headed to post-career lives with safeguards.
    • As a testament to JD.com’s unwavering commitment to creating more jobs and making contribution to the society, the Company’s total expenditure for human resources, including both its own employees and external personnel who work for the Company, amounted to RMB116.1 billion for the year ended December 31, 2024. The Company’s total number of employees was approximately 570,000 as of December 31, 2024. Together with the Company’s part-time staff and interns, as well as the personnel of the Company’s affiliates, the total personnel under the JD Ecosystem4 was approximately 670,000.
    • In January 2025, JDL’s independently developed MRV-T digital carbon reduction technology (carbon footprint monitoring, reporting, verification, and tracking) was included in the “Green Technology Promotion Catalogue (2024 Edition)” issued by the National Development and Reform Commission and other authorities, the only green technology that won the honor in the logistics industry with a focus on environmental sustainability.

    Fourth Quarter 2024 Financial Results

    Net Revenues. Net revenues increased by 13.4% to RMB347.0 billion (US$47.5 billion) for the fourth quarter of 2024 from RMB306.1 billion for the fourth quarter of 2023. Net product revenues increased by 14.0%, while net service revenues increased by 10.8% for the fourth quarter of 2024, compared to the fourth quarter of 2023.

    Cost of Revenues. Cost of revenues increased by 11.9% to RMB293.9 billion (US$40.3 billion) for the fourth quarter of 2024 from RMB262.6 billion for the fourth quarter of 2023.

    Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 16.4% to RMB20.1 billion (US$2.8 billion) for the fourth quarter of 2024 from RMB17.3 billion for the fourth quarter of 2023. Fulfillment expenses as a percentage of net revenues was 5.8% for the fourth quarter of 2024, compared to 5.6% for the fourth quarter of 2023.

    Marketing Expenses. Marketing expenses increased by 28.4% to RMB16.8 billion (US$2.3 billion) for the fourth quarter of 2024 from RMB13.1 billion for the fourth quarter of 2023. Marketing expenses as a percentage of net revenues was 4.9% for the fourth quarter of 2024, compared to 4.3% for the fourth quarter of 2023, primarily due to the increased spending in promotion activities.

    Research and Development Expenses. Research and development expenses increased by 1.0% to RMB4.4 billion (US$0.6 billion) for the fourth quarter of 2024 from RMB4.3 billion for the fourth quarter of 2023. Research and development expenses as a percentage of net revenues was 1.3% for the fourth quarter of 2024, compared to 1.4% for the fourth quarter of 2023.

    General and Administrative Expenses. General and administrative expenses increased by 3.3% to RMB2.5 billion (US$0.3 billion) for the fourth quarter of 2024 from RMB2.4 billion for the fourth quarter of 2023. General and administrative expenses as a percentage of net revenues was 0.7% for the fourth quarter of 2024, compared to 0.8% for the fourth quarter of 2023.

    Income from Operations and Non-GAAP Income from Operations. Income from operations increased by 319.3% to RMB8.5 billion (US$1.2 billion) for the fourth quarter of 2024 from RMB2.0 billion for the fourth quarter of 2023. Operating margin was 2.4% for the fourth quarter of 2024, compared to 0.7% for the fourth quarter of 2023. Non-GAAP income from operations increased by 34.4% to RMB10.5 billion (US$1.4 billion) for the fourth quarter of 2024 from RMB7.8 billion for the fourth quarter of 2023. Non-GAAP operating margin was 3.0% for the fourth quarter of 2024, compared to 2.5% for the fourth quarter of 2023. Operating margin of JD Retail before unallocated items for the fourth quarter of 2024 was 3.3%, compared to 2.6% for the fourth quarter of 2023.

    Non-GAAP EBITDA. Non-GAAP EBITDA increased by 29.7% to RMB12.5 billion (US$1.7 billion) for the fourth quarter of 2024 from RMB9.7 billion for the fourth quarter of 2023. Non-GAAP EBITDA margin was 3.6% for the fourth quarter of 2024, compared to 3.2% for the fourth quarter of 2023.

    Others, net. “Others, net” was a gain of RMB3.5 billion (US$0.5 billion) for the fourth quarter of 2024, compared to a gain of RMB1.7 billion for the fourth quarter of 2023, the variance was primarily due to fluctuations in investment gains or losses from equity investments.

    Net Income Attributable to the Company’s Ordinary Shareholders and Non-GAAP Net Income Attributable to the Company’s Ordinary Shareholders. Net income attributable to the Company’s ordinary shareholders increased by 190.8% to RMB9.9 billion (US$1.4 billion) for the fourth quarter of 2024 from RMB3.4 billion for the fourth quarter of 2023. Net margin attributable to the Company’s ordinary shareholders was 2.8% for the fourth quarter of 2024, compared to 1.1% for the fourth quarter of 2023. Non-GAAP net income attributable to the Company’s ordinary shareholders increased by 34.2% to RMB11.3 billion (US$1.5 billion) for the fourth quarter of 2024 from RMB8.4 billion for the fourth quarter of 2023. Non-GAAP net margin attributable to the Company’s ordinary shareholders was 3.3% for the fourth quarter of 2024, compared to 2.7% for the fourth quarter of 2023.

    Diluted EPS and Non-GAAP Diluted EPS. Diluted net income per ADS increased by 203.8% to RMB6.47 (US$0.89) for the fourth quarter of 2024 from RMB2.13 for the fourth quarter of 2023. Non-GAAP diluted net income per ADS increased by 40.0% for the fourth quarter of 2024 to RMB7.42 (US$1.02) from RMB5.30 for the fourth quarter of 2023.

    Cash Flow and Working Capital

    As of December 31, 2024, the Company’s cash and cash equivalents, restricted cash and short-term investments totaled RMB241.4 billion (US$33.1 billion), compared to RMB197.7 billion as of December 31, 2023. For the fourth quarter of 2024, free cash flow of the Company was as follows:

        For the three months ended
        December 31,
    2023
    		   December 31,
    2024    		     December 31,
    2024
        RMB
    		   RMB     US$
        (In millions)
         
    Net cash provided by operating activities   19,613     24,891     3,410  
    Add: Impact from consumer financing receivables included in the operating cash flow   251     1,243     170  
    Less: Capital expenditures, net of related sales proceeds        
    Capital expenditures for development properties   (4,596 )   (875 )   (120 )
    Other capital expenditures*   (1,969 )   (1,789 )   (245 )
    Free cash flow   13,299     23,470     3,215  

    * Including capital expenditures related to the Company’s headquarters in Beijing and all other CAPEX.

    Net cash used in investing activities was RMB12.5 billion (US$1.7 billion) for the fourth quarter of 2024, consisting primarily of net cash paid for purchase of time deposits and wealth management products, cash paid for equity investments, and cash paid for capital expenditures.

    Net cash used in financing activities was RMB2.8 billion (US$0.4 billion) for the fourth quarter of 2024, consisting primarily of net repayment of borrowings.

    Full Year 2024 Financial Results

    Net Revenues. Net revenues increased by 6.8% to RMB1,158.8 billion (US$158.8 billion) for the full year of 2024 from RMB1,084.7 billion for the full year of 2023. Net product revenues increased by 6.5%, while net service revenues increased by 8.1% for the full year of 2024, compared to the full year of 2023.

    Cost of Revenues. Cost of revenues increased by 5.4% to RMB975.0 billion (US$133.6 billion) for the full year of 2024 from RMB925.0 billion for the full year of 2023.

    Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 9.1% to RMB70.4 billion (US$9.6 billion) for the full year of 2024 from RMB64.6 billion for the full year of 2023. Fulfillment expenses as a percentage of net revenues was 6.1% for the full year of 2024, compared to 6.0% for the full year of 2023.

    Marketing Expenses. Marketing expenses increased by 19.5% to RMB48.0 billion (US$6.6 billion) for the full year of 2024 from RMB40.1 billion for the full year of 2023. Marketing expenses as a percentage of net revenues was 4.1% for the full year of 2024, compared to 3.7% for the full year of 2023, primarily due to the increased spending in promotion activities.

    Research and Development Expenses. Research and development expenses increased by 3.9% to RMB17.0 billion (US$2.3 billion) for the full year of 2024 from RMB16.4 billion for the full year of 2023. Research and development expenses as a percentage of net revenues remained stable of 1.5% for the full year of 2024 and 2023.

    General and Administrative Expenses. General and administrative expenses decreased by 8.5% to RMB8.9 billion (US$1.2 billion) for the full year of 2024 from RMB9.7 billion for the full year of 2023. General and administrative expenses as a percentage of net revenues was 0.8% for the full year of 2024, compared to 0.9% for the full year of 2023.

    Income from Operations and Non-GAAP Income from Operations. Income from operations increased by 48.8% to RMB38.7 billion (US$5.3 billion) for the full year of 2024 from RMB26.0 billion for the full year of 2023. Operating margin was 3.3% for the full year of 2024, compared to 2.4% for the full year of 2023. Non-GAAP income from operations increased by 24.2% to RMB44.0 billion (US$6.0 billion) for the full year of 2024 from RMB35.4 billion for the full year of 2023. Non-GAAP operating margin was 3.8% for the full year of 2024, compared to 3.3% for the full year of 2023. Operating margin of JD Retail before unallocated items was 4.0% for the full year of 2024, compared to 3.8% for the full year of 2023.

    Non-GAAP EBITDA. Non-GAAP EBITDA increased by 22.3% to RMB51.9 billion (US$7.1 billion) for the full year of 2024 from RMB42.5 billion for the full year of 2023. Non-GAAP EBITDA margin was 4.5% for the full year of 2024, compared to 3.9% for the full year of 2023.

    Others, net. “Others, net” was a gain of RMB13.4 billion (US$1.8 billion) for the full year of 2024, compared to a gain of RMB7.5 billion for the full year of 2023, the variance was primarily due to fluctuations in investment gains or losses from equity investments.

    Net Income Attributable to the Company’s Ordinary Shareholders and Non-GAAP Net Income Attributable to the Company’s Ordinary Shareholders. Net income attributable to the Company’s ordinary shareholders increased by 71.1% to RMB41.4 billion (US$5.7 billion) for the full year of 2024 from RMB24.2 billion for the full year of 2023. Net margin attributable to the Company’s ordinary shareholders was 3.6% for the full year of 2024, compared to 2.2% for the full year of 2023. Non-GAAP net income attributable to the Company’s ordinary shareholders increased by 35.9% to RMB47.8 billion (US$6.6 billion) for the full year of 2024 from RMB35.2 billion for the full year of 2023. Non-GAAP net margin attributable to the Company’s ordinary shareholders was 4.1% for the full year of 2024, compared to 3.2% for the full year of 2023.

    Diluted EPS and Non-GAAP Diluted EPS. Diluted net income per ADS increased by 76.4% to RMB26.86 (US$3.68) for the full year of 2024 from RMB15.23 for the full year of 2023. Non-GAAP diluted net income per ADS increased by 40.1% for the full year of 2024 to RMB31.07 (US$4.26) from RMB22.17 for the full year of 2023.

    Cash Flow and Working Capital

    For the full year of 2024, free cash flow of the Company was as follows:

        For the year ended
        December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024
        RMB
    		   RMB
    		   US$
        (In millions)
         
    Net cash provided by operating activities   59,521     58,095     7,959  
    Less: Impact from consumer financing receivables included in the operating cash flow   (492 )   (132 )   (18 )
    Less: Capital expenditures, net of related sales proceeds        
    Capital expenditures for development properties   (12,117 )   (7,286 )   (998 )
    Other capital expenditures*   (6,261 )   (6,937 )   (951 )
    Free cash flow   40,651     43,740     5,992  

    * Including capital expenditures related to the Company’s headquarters in Beijing and all other CAPEX.

    Net cash used in investing activities was RMB0.9 billion (US$0.1 billion) for the full year of 2024, consisting primarily of cash paid for capital expenditures and cash paid for equity investments, partially offset by net cash received from maturity of time deposits and wealth management products.

    Net cash used in financing activities was RMB21.0 billion (US$2.9 billion) for the full year of 2024, consisting primarily of cash paid for repurchase of ordinary shares and dividends, partially offset by net proceeds from issuance of convertible senior notes.

    Supplemental Information

    From the first quarter of 2024, the Company started to report three segments, JD Retail, JD Logistics and New Businesses, to reflect changes made to the reporting structure whose financial information is reviewed by the chief operating decision maker of the Company under its ongoing operating strategies. JD Retail, including JD Health and JD Industrials, among other components, mainly engages in online retail, online marketplace and marketing services in China. JD Logistics includes both internal and external logistics businesses. New Businesses mainly include Dada, JD Property, Jingxi and overseas businesses.

    The table below sets forth the segment operating results, with prior periods segment information retrospectively recast to conform to the current period presentation:

      For the three months ended   For the year ended
      December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024
    		   December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024
      RMB
    		   RMB
    		   US$
    		   RMB
    		   RMB
    		   US$
      (In millions, except percentage data)
    Net revenues:              
    JD Retail 267,646     307,055     42,066     945,343     1,015,948     139,184  
    JD Logistics 47,201     52,097     7,137     166,625     182,837     25,049  
    New Businesses 6,781     4,681     642     26,617     19,157     2,625  
    Inter-segment eliminations* (15,551 )   (16,847 )   (2,308 )   (53,923 )   (59,123 )   (8,100 )
    Total consolidated net revenues 306,077     346,986     47,537     1,084,662     1,158,819     158,758  
    Operating income/(loss):              
    JD Retail 6,937     10,036     1,375     35,925     41,077     5,628  
    JD Logistics 1,330     1,824     250     1,005     6,317     865  
    New Businesses (795 )   (885 )   (121 )   (329 )   (2,865 )   (393 )
    Including: gain on sale of development properties 802     1,527     209     2,283     1,527     209  
    Impairment of long-lived assets (1,123 )   (1,027 )   (141 )   (1,123 )   (1,027 )   (141 )
    Total segment operating income 7,472     10,975     1,504     36,601     44,529     6,100  
    Unallocated items** (5,447 )   (2,484 )   (341 )   (10,576 )   (5,793 )   (793 )
    Total consolidated operating income 2,025     8,491     1,163     26,025     38,736     5,307  
                   
    YoY% change of net revenues:              
    JD Retail 3.4 %   14.7 %       1.7 %   7.5 %    
    JD Logistics 9.7 %   10.4 %       21.3 %   9.7 %    
    New Businesses (8.9 )%   (31.0 )%       (10.7 )%   (28.0 )%    
                   
    Operating margin:              
    JD Retail 2.6 %   3.3 %       3.8 %   4.0 %    
    JD Logistics 2.8 %   3.5 %       0.6 %   3.5 %    
    New Businesses (11.7 )%   (18.9 )%       (1.2 )%   (15.0 )%    

    * The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD Logistics to JD Retail, on-demand delivery and retail services provided by Dada to JD Retail and JD Logistics, and property leasing services provided by JD Property to JD Logistics.

    ** Unallocated items include share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements, and impairment of goodwill and intangible assets, which are not allocated to segments.

    The table below sets forth the revenue information:

      For the three months ended  
      December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024
    		 YoY%
    Change
      RMB
    		   RMB
    		   US$
    		  
      (In millions, except percentage data)
    Electronics and home appliances revenues 150,353     174,149     23,858   15.8 %
    General merchandise revenues 96,148     106,829     14,636   11.1 %
    Net product revenues 246,501     280,978     38,494   14.0 %
    Marketplace and marketing revenues 23,626     26,634     3,649   12.7 %
    Logistics and other service revenues 35,950     39,374     5,394   9.5 %
    Net service revenues 59,576     66,008     9,043   10.8 %
    Total net revenues 306,077     346,986     47,537   13.4 %
      For the year ended  
      December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024
    		 YoY%
    Change
      RMB
    		   RMB
    		   US$
    		  
      (In millions, except percentage data)
    Electronics and home appliances revenues 538,799     564,982     77,402   4.9 %
    General merchandise revenues 332,425     363,025     49,734   9.2 %
    Net product revenues 871,224     928,007     127,136   6.5 %
    Marketplace and marketing revenues 84,726     90,111     12,345   6.4 %
    Logistics and other service revenues 128,712     140,701     19,277   9.3 %
    Net service revenues 213,438     230,812     31,622   8.1 %
    Total net revenues 1,084,662     1,158,819     158,758   6.8 %


    Conference Call

    JD.com’s management will hold a conference call at 7:00 am, Eastern Time on March 6, 2025, (8:00 pm, Beijing/Hong Kong Time on March 6, 2025) to discuss its financial results for the three months and the full year ended December 31, 2024.

    Please register in advance of the conference using the link provided below and dial in 15 minutes prior to the call, using participant dial-in numbers, the Passcode and unique access PIN which would be provided upon registering. You will be automatically linked to the live call after completion of this process, unless required to provide the conference ID below due to regional restrictions.

    PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10044957-x2nu4z.html

    CONFERENCE ID: 10044957

    A telephone replay will be available for one week until March 13, 2025. The dial-in details are as follows:

    US: +1-855-883-1031
    International: +61-7-3107-6325
    Hong Kong: 800-930-639
    Mainland China: 400-120-9216
    Passcode: 10044957

    Additionally, a live and archived webcast of the conference call will also be available on the JD.com’s investor relations website at http://ir.jd.com.

    About JD.com

    JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.

    Non-GAAP Measures

    In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP income/(loss) from operations, non-GAAP operating margin, non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders, non-GAAP net margin attributable to the Company’s ordinary shareholders, free cash flow, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income/(loss) per share and non-GAAP net income/(loss) per ADS, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company defines non-GAAP income/(loss) from operations as income/(loss) from operations excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements, gain on sale of development properties and impairment of goodwill and long-lived assets. The Company defines non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders as net income/(loss) attributable to the Company’s ordinary shareholders excluding share-based compensation, amortization of intangible assets resulting from assets and business acquisitions, effects of business cooperation arrangements and non-compete agreements, gain/(loss) on disposals/deemed disposals of investments and others, reconciling items on the share of equity method investments, loss/(gain) from fair value change of long-term investments, impairment of goodwill, long-lived assets and investments, gain on sale of development properties and tax effects on non-GAAP adjustments. The Company defines free cash flow as operating cash flow adjusting the impact from consumer financing receivables included in the operating cash flow and capital expenditures, net of related sales proceeds. Capital expenditures include purchase of property, equipment and software, cash paid for construction in progress, purchase of intangible assets, land use rights and asset acquisitions. The Company defines non-GAAP EBITDA as non-GAAP income/(loss) from operations plus depreciation and amortization excluding amortization of intangible assets resulting from assets and business acquisitions. Non-GAAP basic net income/(loss) per share is calculated by dividing non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Non-GAAP diluted net income/(loss) per share is calculated by dividing non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effects of share-based awards as determined under the treasury stock method and convertible senior notes. Non-GAAP net income/(loss) per ADS is equal to non-GAAP net income/(loss) per share multiplied by two.

    The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. Non-GAAP income/(loss) from operations, non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders and non-GAAP EBITDA reflect the Company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons. Free cash flow enables management to assess liquidity and cash flow while taking into account the impact from consumer financing receivables included in the operating cash flow and the demands that the expansion of fulfillment infrastructure and technology platform has placed on financial resources. The Company believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the Company’s current operating performance and future prospects in the same manner as management does, if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook.

    The non-GAAP financial measures have limitations as analytical tools. The Company’s non-GAAP financial measures do not reflect all items of income and expense that affect the Company’s operations or not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.

    CONTACTS:

    Investor Relations
    Sean Zhang
    +86 (10) 8912-6804
    IR@JD.com

    Media Relations
    +86 (10) 8911-6155
    Press@JD.com

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as JD.com’s strategic and operational plans, contain forward-looking statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JD.com’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JD.com’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to the industries in which JD.com or its business partners operate; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which JD.com or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; risks associated with JD.com’s acquisitions, investments and alliances, including fluctuation in the market value of JD.com’s investment portfolio; natural disasters and geopolitical events; change in tax rates and financial risks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risks is included in JD.com’s filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided herein is as of the date of this announcement, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law.

    JD.com, Inc.
    Unaudited Condensed Consolidated Balance Sheets
    (In millions, except otherwise noted)
         
        As of
        December 31,
    2023     		   December 31,
    2024     		   December 31,
    2024 
        RMB    RMB    US$ 
    ASSETS                  
    Current assets                  
    Cash and cash equivalents   71,892     108,350     14,844  
    Restricted cash   7,506     7,366     1,009  
    Short-term investments   118,254     125,645     17,213  
    Accounts receivable, net (including consumer financing receivables of RMB2.3 billion and RMB2.0 billion as of December 31, 2023 and December 31, 2024, respectively)(1)   20,302     25,596     3,507  
    Advance to suppliers   2,753     7,619     1,044  
    Inventories, net   68,058     89,326     12,238  
    Prepayments and other current assets   15,639     15,951     2,185  
    Amount due from related parties   2,114     4,805     658  
    Assets held for sale   1,292     2,040     279  
    Total current assets   307,810     386,698     52,977  
    Non-current assets                  
    Property, equipment and software, net   70,035     82,737     11,335  
    Construction in progress   9,920     6,164     845  
    Intangible assets, net   6,935     7,793     1,068  
    Land use rights, net   39,563     36,833     5,046  
    Operating lease right-of-use assets   20,863     24,532     3,361  
    Goodwill   19,980     25,709     3,522  
    Investment in equity investees   56,746     56,850     7,788  
    Marketable securities and other investments   80,840     59,370     8,134  
    Deferred tax assets   1,744     2,459     337  
    Other non-current assets   14,522     9,089     1,245  
    Total non-current assets   321,148     311,536     42,681  
    Total assets   628,958     698,234     95,658  
    JD.com, Inc.
    Unaudited Condensed Consolidated Balance Sheets
    (In millions, except otherwise noted)
         
        As of
        December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024
        RMB
    		   RMB
    		   US$
    LIABILITIES                  
    Current liabilities                  
    Short-term debts   5,034     7,581     1,039  
    Accounts payable   166,167     192,860     26,422  
    Advance from customers   31,625     32,437     4,443  
    Deferred revenues   2,097     2,097     287  
    Taxes payable   7,313     9,487     1,300  
    Amount due to related parties   1,620     1,367     187  
    Accrued expenses and other current liabilities   43,533     45,985     6,300  
    Operating lease liabilities   7,755     7,606     1,042  
    Liabilities held for sale   506     101     14  
    Total current liabilities   265,650     299,521     41,034  
    Non-current liabilities                  
    Deferred revenues   964     502     69  
    Unsecured senior notes   10,411     24,770     3,393  
    Deferred tax liabilities   9,267     9,498     1,301  
    Long-term borrowings   31,555     31,705     4,344  
    Operating lease liabilities   13,676     18,106     2,481  
    Other non-current liabilities   1,055     835     114  
    Total non-current liabilities   66,928     85,416     11,702  
    Total liabilities   332,578     384,937     52,736  
                       
    MEZZANINE EQUITY   614     484     66  
                       
    SHAREHOLDERS’ EQUITY                  
    Total JD.com, Inc. shareholders’ equity (US$0.00002 par value, 100,000 million shares authorized, 3,188 million shares issued(2) and 2,903 million shares outstanding as of December 31, 2024)   231,858     239,347     32,791  
    Non-controlling interests   63,908     73,466     10,065  
    Total shareholders’ equity   295,766     312,813     42,856  
                       
    Total liabilities, mezzanine equity and shareholders’ equity   628,958     698,234     95,658  
                       
    (1) JD Technology performs credit risk assessment services for consumer financing receivables business and absorbs the credit risk of the underlying consumer financing receivables. Facilitated by JD Technology, the Company periodically securitizes consumer financing receivables through the transfer of those assets to securitization plans and derecognizes the related consumer financing receivables through sales type arrangements.
    (2) The number of ordinary shares issued as of February 28, 2025 was 2,981 million, with all of the 207 million Class A ordinary shares (equivalent of 104 million ADSs) repurchased under the US$3.0 billion share repurchase program announced in March 2024 cancelled.
    JD.com, Inc.
    Unaudited Condensed Consolidated Statements of Operations
    (In millions, except per share data)
     
      For the three months ended   For the year ended
      December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024    		   December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024
      RMB
    		   RMB
    		   US$   RMB
    		   RMB
    		   US$
    Net revenues              
    Net product revenues 246,501     280,978     38,494     871,224     928,007     127,136  
    Net service revenues 59,576     66,008     9,043     213,438     230,812     31,622  
    Total net revenues 306,077     346,986     47,537     1,084,662     1,158,819     158,758  
    Cost of revenues (262,575 )   (293,869 )   (40,260 )   (924,958 )   (974,951 )   (133,568 )
    Fulfillment (17,283 )   (20,121 )   (2,757 )   (64,558 )   (70,426 )   (9,648 )
    Marketing (13,110 )   (16,832 )   (2,306 )   (40,133 )   (47,953 )   (6,570 )
    Research and development (4,341 )   (4,384 )   (601 )   (16,393 )   (17,031 )   (2,333 )
    General and administrative (2,377 )   (2,455 )   (336 )   (9,710 )   (8,888 )   (1,218 )
    Impairment of goodwill (3,143 )   (799 )   (109 )   (3,143 )   (799 )   (109 )
    Impairment of long-lived assets (2,025 )   (1,562 )   (214 )   (2,025 )   (1,562 )   (214 )
    Gain on sale of development properties 802     1,527     209     2,283     1,527     209  
    Income from operations(3)(4) 2,025     8,491     1,163     26,025     38,736     5,307  
    Other income/(expenses)              
    Share of results of equity investees 497     556     76     1,010     2,327     319  
    Interest expense (927 )   (926 )   (127 )   (2,881 )   (2,896 )   (397 )
    Others, net(5) 1,711     3,493     479     7,496     13,371     1,832  
    Income before tax 3,306     11,614     1,591     31,650     51,538     7,061  
    Income tax expenses (1,394 )   (750 )   (103 )   (8,393 )   (6,878 )   (943 )
    Net income 1,912     10,864     1,488     23,257     44,660     6,118  
    Net income/(loss) attributable to non-controlling interests shareholders (1,477 )   1,010     138     (910 )   3,301     452  
    Net income attributable to the Company’s ordinary shareholders 3,389     9,854     1,350     24,167     41,359     5,666  
                   
    Net income per share:              
    Basic 1.08     3.39     0.47     7.69     13.83     1.90  
    Diluted 1.07     3.23     0.44     7.61     13.43     1.84  
    Net income per ADS:              
    Basic 2.15     6.79     0.93     15.37     27.67     3.79  
    Diluted 2.13     6.47     0.89     15.23     26.86     3.68  
    JD.com, Inc.
    Unaudited Condensed Consolidated Statements of Operations
    (In millions, except per share data)
     
      For the three months ended   For the year ended
      December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024    		   December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024
      RMB
    		   RMB
    		   US$   RMB
    		   RMB
    		   US$
                   
    (3) Includes share-based compensation as follows:
    Cost of revenues (34 )   (26 )   (4 )   (133 )   (80 )   (11 )
    Fulfillment (127 )   (115 )   (16 )   (697 )   (424 )   (58 )
    Marketing (96 )   (50 )   (7 )   (426 )   (273 )   (37 )
    Research and development (169 )   (88 )   (12 )   (859 )   (599 )   (82 )
    General and administrative (554 )   (517 )   (70 )   (2,689 )   (1,623 )   (223 )
    Total (980 )   (796 )   (109 )   (4,804 )   (2,999 )   (411 )
                   
    (4) Includes amortization of business cooperation arrangement and intangible assets resulting from assets and business acquisitions as follows:
    Fulfillment (103 )   (72 )   (10 )   (414 )   (288 )   (39 )
    Marketing (221 )   (229 )   (31 )   (880 )   (903 )   (123 )
    Research and development (66 )   (53 )   (7 )   (305 )   (205 )   (28 )
    General and administrative (32 )   —     —     (128 )   (64 )   (9 )
    Total (422 )   (354 )   (48 )   (1,727 )   (1,460 )   (199 )
            
    (5) “Others, net” consists of interest income; gains/(losses) related to long-term investments without significant influence, including fair value changes, acquisitions or disposals gains/(losses), and impairments; government incentives; foreign exchange gains/(losses); and other non-operating income/(losses).
    JD.com, Inc.
    Unaudited Non-GAAP Net Income Per Share and Per ADS
    (In millions, except per share data)
     
      For the three months ended   For the year ended
      December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024
    		   December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024
      RMB
    		   RMB
    		   US$
    		   RMB
    		   RMB
    		   US$
                                       
    Non-GAAP net income attributable to the Company’s ordinary shareholders 8,415     11,294     1,547     35,200     47,827     6,552  
                                       
    Weighted average number of shares:
    Basic 3,147     2,903     2,903     3,144     2,990     2,990  
    Diluted 3,166     3,041     3,041     3,171     3,076     3,076  
                                       
    Non-GAAP net income per share:
    Basic 2.67     3.89     0.53     11.20     16.00     2.19  
    Diluted 2.65     3.71     0.51     11.08     15.53     2.13  
                                       
    Non-GAAP net income per ADS:
    Basic 5.35     7.78     1.07     22.39     31.99     4.38  
    Diluted 5.30     7.42     1.02     22.17     31.07     4.26  
    JD.com, Inc.
    Unaudited Condensed Consolidated Statements of Cash Flows and Free Cash Flow
    (In millions)
     
      For the three months ended   For the year ended
      December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024    		   December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024
      RMB
    		   RMB
    		   US$   RMB
    		   RMB
    		   US$
                   
    Net cash provided by operating activities 19,613     24,891     3,410     59,521     58,095     7,959  
    Net cash used in investing activities (63,072 )   (12,483 )   (1,710 )   (59,543 )   (871 )   (119 )
    Net cash used in financing activities (745 )   (2,784 )   (381 )   (5,808 )   (21,004 )   (2,877 )
    Effects of exchange rate changes on cash, cash equivalents and restricted cash (213 )   1,136     155     125     98     13  
    Net (decrease)/increase in cash, cash equivalents and restricted cash (44,417 )   10,760     1,474     (5,705 )   36,318     4,976  
    Cash, cash equivalents, and restricted cash at beginning of period, including cash and cash equivalents classified within assets held for sale 123,868     104,956     14,379     85,156     79,451     10,884  
    Less: Cash, cash equivalents, and restricted cash classified within assets held for sale at beginning of period —     (2 )   —*     (41 )   (53 )   (7 )
    Cash, cash equivalents, and restricted cash at beginning of period 123,868     104,954     14,379     85,115     79,398     10,877  
    Cash, cash equivalents, and restricted cash at end of period, including cash and cash equivalents classified within assets held for sale 79,451     115,716     15,853     79,451     115,716     15,853  
    Less: Cash, cash equivalents, and restricted cash classified within assets held for sale at end of period (53 )   —*     —*     (53 )   —*     —*  
    Cash, cash equivalents and restricted cash at end of period 79,398     115,716     15,853     79,398     115,716     15,853  
                   
    Net cash provided by operating activities 19,613     24,891     3,410     59,521     58,095     7,959  
    Add/(Less): Impact from consumer financing receivables included in the operating cash flow 251     1,243     170     (492 )   (132 )   (18 )
    Less: Capital expenditures, net of related sales proceeds              
    Capital expenditures for development properties (4,596 )   (875 )   (120 )   (12,117 )   (7,286 )   (998 )
    Other capital expenditures (1,969 )   (1,789 )   (245 )   (6,261 )   (6,937 )   (951 )
    Free cash flow 13,299     23,470     3,215     40,651     43,740     5,992  

    *Absolute value is less than RMB1 million or US$1 million.

    JD.com, Inc.
    Supplemental Financial Information and Business Metrics
    (In RMB billions, except turnover days data)
     
        Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
    Cash flow and turnover days            
    Operating cash flow – trailing twelve months (“TTM”)   59.5 69.8 74.0 52.8 58.1
    Free cash flow – TTM   40.7 50.6 55.6 33.6 43.7
    Inventory turnover days(6) – TTM   30.3 29.0 29.8 30.4 31.5
    Accounts payable turnover days(7) – TTM   53.2 51.8 57.0 57.5 58.6
    Accounts receivable turnover days(8) – TTM   5.6 5.4 5.7 5.8 5.9
     
    (6) TTM inventory turnover days are the quotient of average inventory over the immediately preceding five quarters, up to and including the last quarter of the period, to cost of revenues of retail business for the last twelve months, and then multiplied by 360 days.
    (7) TTM accounts payable turnover days are the quotient of average accounts payable for retail business over the immediately preceding five quarters, up to and including the last quarter of the period, to cost of revenues of retail business for the last twelve months, and then multiplied by 360 days.
    (8) TTM accounts receivable turnover days are the quotient of average accounts receivable over the immediately preceding five quarters, up to and including the last quarter of the period, to total net revenues for the last twelve months and then multiplied by 360 days. Presented are the accounts receivable turnover days excluding the impact from consumer financing receivables.
    JD.com, Inc.  
    Unaudited Reconciliation of GAAP and Non-GAAP Results  
    (In millions, except percentage data)
      For the three months ended   For the year ended
      December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024    		   December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024
      RMB
    		   RMB
    		   US$   RMB
    		   RMB
    		   US$
                   
    Income from operations 2,025     8,491     1,163     26,025     38,736     5,307  
    Add: Share-based compensation 980     796     109     4,804     2,999     411  
    Add: Amortization of intangible assets resulting from assets and business acquisitions 309     241     33     1,281     1,010     137  
    Add: Effects of business cooperation arrangements 113     113     15     446     450     62  
    Reversal of: Gain on sale of development properties (802 )   (1,527 )   (209 )   (2,283 )   (1,527 )   (209 )
    Add: Impairment of goodwill and long-lived assets 5,168     2,361     323     5,168     2,361     323  
    Non-GAAP income from operations 7,793     10,475     1,434     35,441     44,029     6,031  
    Add: Depreciation and other amortization 1,868     2,054     281     7,011     7,894     1,083  
    Non-GAAP EBITDA 9,661     12,529     1,715     42,452     51,923     7,114  
                   
    Total net revenues 306,077     346,986     47,537     1,084,662     1,158,819     158,758  
                   
    Non-GAAP operating margin 2.5 %   3.0 %       3.3 %   3.8 %    
                   
    Non-GAAP EBITDA margin 3.2 %   3.6 %       3.9 %   4.5 %    
    JD.com, Inc.
    Unaudited Reconciliation of GAAP and Non-GAAP Results
    (In millions, except percentage data)
     
      For the three months ended   For the year ended
      December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024    		   December 31,
    2023
    		   December 31,
    2024
    		   December 31,
    2024
      RMB
    		   RMB
    		   US$   RMB
    		   RMB
    		   US$
                   
    Net income attributable to the Company’s ordinary shareholders 3,389     9,854     1,350     24,167     41,359     5,666  
    Add: Share-based compensation 744     649     89     3,817     2,429     333  
    Add: Amortization of intangible assets resulting from assets and business acquisitions 144     116     16     669     458     63  
    Add: Reconciling items on the share of equity method investments(9) 69     563     77     1,071     1,227     168  
    Add: Impairment of goodwill, long-lived assets, and investments 4,430     2,971     406     6,202     5,667     775  
    Add/(Reversal of): Loss/(Gain) from fair value change of long-term investments 453     (611 )   (83 )   848     (1,083 )   (148 )
    Reversal of: Gain on sale of development properties (601 )   (1,145 )   (157 )   (1,721 )   (1,145 )   (157 )
    Reversal of: Gain on disposals/deemed disposals of investments and others (71 )   (574 )   (78 )   (126 )   (853 )   (117 )
    Add: Effects of business cooperation arrangements 113     113     15     446     450     62  
    Reversal of: Tax effects on non-GAAP adjustments (255 )   (642 )   (88 )   (173 )   (682 )   (93 )
    Non-GAAP net income attributable to the Company’s ordinary shareholders 8,415     11,294     1,547     35,200     47,827     6,552  
                   
    Total net revenues 306,077     346,986     47,537     1,084,662     1,158,819     158,758  
                   
    Non-GAAP net margin attributable to the Company’s ordinary shareholders 2.7 %   3.3 %       3.2 %   4.1 %    
                   
    (9) To exclude the GAAP to non-GAAP reconciling items on the share of equity method investments and share of amortization of intangibles not on their books.

    1 The U.S. dollar (US$) amounts disclosed in this announcement, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this announcement is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2024, which was RMB7.2993 to US$1.00. The percentages stated in this announcement are calculated based on the RMB amounts.
    2 See the sections entitled “Non-GAAP Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this announcement.
    3 The number of ordinary shares outstanding as of December 31, 2023 was approximately 3,138 million shares.
    4 JD Ecosystem is a closely integrated business network providing comprehensive service for customers and comprises the Company and certain affiliates who share the “JD” brand name, currently including Jingdong Technology Holding Co., Ltd. and Allianz Jingdong General Insurance Company Ltd..

    The MIL Network –

  • MIL-OSI Europe: AMERICA/HAITI – “Educating to create a supportive and fraternal community”: literacy school for young people and adults

    Source: Agenzia Fides – MIL OSI

    Wednesday, 5 March 2025

    MM

    Jeremie (Agenzia Fides) – “I have returned to Jeremie for a few days to stock up on supplies so I can continue with community activities. With the March 8th celebration approaching, the parish, together with the women of Pourcine-Pic Makaya, is organizing a day of training, dialogue and celebration. I hope to return to the parish with all the necessary material to begin adult literacy classes in mid-March,” said Father Massimo Miraglio, Camillian missionary and parish priest of the Pourcine-Pic Makaya community, to Fides.“Thanks to the support of the humanitarian organization Heks Eper,” he continued, “I should be able to transport the sheets for the roof of the guest house to the bottom of the valley. Then the local people will take them to the village.” However, he warns that the work on the house is progressing slowly despite having greatly simplified the project. “There are many difficulties,” he added.Haiti is the poorest country on the American continent, with a very high rate of illiteracy among young people and adults, especially in rural areas, where access to education for these two categories of people is almost impossible. Illiteracy is an obstacle to the human and socio-economic development of communities, reducing employment opportunities and the participation of citizens in civil society. In the complex Haitian rural context, this reality aggravates discrimination against women and the most vulnerable groups. Thanks to the support of Madian Orizzonti ETS, the non-profit organization of the Camillian Religious, the literacy project for young people and adults (Alfa) in the rural mountain community of Pourcine-Pic Makaya continues with the aim of improving the living conditions of its inhabitants. “In mid-February, Alfa teachers participated in a training day on teaching in these schools for adults. It was a very enriching experience for everyone and we hope to be able to organize more sessions soon. It is another small step forward for our community. 150 people have already signed up and we have 12 teachers involved.” “Education,” insists Father Massimo Miraglio, “is a fundamental tool for Pourcine-Pic Makaya to fight poverty. Literacy is key both for individuals, as it expands their development possibilities, and for the local community, by strengthening their resilience and promoting a sustainable development model.”Father Miraglio also talks about another project he is working on, which he describes as “more delicate” and complex: a microcredit program for 20 women with children in the Pourcine-Pic Makaya community. “It is a program with a significant potential impact, but it must be managed with caution. The situation in Haiti is difficult everywhere at the moment, but, like our brothers and sisters in Port-au-Prince, we remain firm in our place. And we work…”Experience in various countries has shown that, with even limited financial capital, the poor can achieve profound changes in their lives. This microcredit project is aimed especially at women with children and seeks to enhance their personal background and skills, enabling them to start activities that, due to lack of resources, they cannot carry out. Its main objectives are to strengthen the self-confidence of the beneficiaries, improve the economic stability of their households and help them overcome the poverty line.“We are entering the great planting season for beans and corn, a period of intense work for the community of Pourcine-Pic Makaya,” says Father Miraglio, who is involved on multiple fronts. “I am also preparing part of the parish land for planting, in the hope that there will be a good harvest for everyone, God willing. It is important to share the same hopes and work alongside them.” In the meantime, the Camillian missionary has also launched a project for coffee production, although its progress has been slowed by heavy rains, which have delayed the germination of the seeds sown at the end of 2024. “In addition, the phytocells – small bags bought in Italy – are still stuck in Port-au-Prince, as land access to Jérémie remains blocked,” he explains. “Reviving coffee cultivation is essential for the Pourcine-Pic Makaya community. In the meantime, the first seedbed is germinating and I have finally obtained a first batch of small bags for the seedlings. We will soon have to prepare the physical space for the nursery.” This nursery will be managed by students in grades 4, 5 and 6 of the parish school, boys and girls between 12 and 16 years old, under the guidance of an elderly coffee farmer. “From time to time, an agronomist who passes through the area will offer us theoretical training,” concludes Father Miraglio. (AP) (Agenzia Fides, 5/3/2025)
    Share:

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: New UK–Japan Economic Partnership to propel growth

    Source: United Kingdom – Executive Government & Departments

    Press release

    New UK–Japan Economic Partnership to propel growth

    Foreign Secretary and Business Secretary travel to Japan for the Economic 2+2, a new way for the UK and Japan to coordinate international economic policy.

    • Huge Japanese market to be further unlocked through new partnership between UK and Japan as Foreign Secretary and Secretary of State for Business and Trade visit to the world’s 4th largest economy  
    • Japan already invests £86 billion in the UK economy; a business delegation travelling alongside the ministers will drive more investment and opportunities for British companies in Japan.
    • UK and Japanese defence industrial cooperation will deliver jobs for Brits and security across the Indo Pacific – building our defence capability and our economy.

    A new partnership between the UK and Japan will unlock further growth for British business – advancing a relationship worth £27 billion annually and driving forward the government’s Plan for Change.

    It comes as the Foreign Secretary and Business Secretary travel to Japan today (6th March 2025), for the Economic 2+2, a new strategic way for the UK and Japan to coordinate international economic policy. The visit is part of the government delivering its Plan for Change, to boost growth, create jobs and put more money in people’s pockets.

    Economic growth and future prosperity depend upon strong security foundations, a reliable trading system, resilient supply-chains, energy security, and an economy resilient to shocks.

    Japan’s decision to enter into an Economic 2+2 with the UK, a Dialogue that they only currently have with the US, demonstrates that Japan and other major world economies view the UK as an important partner for driving long-term sustainable growth and security. 

    UK-Japan joint defence industrial projects are driving jobs across the UK while providing new defence capabilities and protecting British security interests in the Indo-Pacific.  

    This is delivered through programmes like GCAP (Global Combat Air Programme), the UK, Japan and Italy’s joint future fighter jet programme. The programme currently employs more than 3,500 people, including engineers and programmers, across the UK, and British workers are building jets that will protect British security interests and international trade, whilst boosting jobs in the UK.  The 2+2 will encourage future opportunities to collaborate on growth and defence. The Foreign Secretary will see the impact these programmes are having first hand during a visit to Japan’s Ministry of Defence and meetings with UK companies actively engaged in GCAP.  

    This further builds on the Prime Minister’s announcement that defence spending will increase to 2.5% of GDP from April 2027. Investments in defence like GCAP will protect UK citizens from threats at home but will also create a secure and stable environment in which businesses can thrive and increase jobs, supporting the Government’s number one mission to deliver economic growth. In 2023-24, defence spending by the UK Government supported over 430,000 jobs across the UK, the equivalent to one in every 60. 

    The Foreign Secretary, David Lammy, said: 

    This government is boosting growth to the UK by taking our relationships with major economies like Japan to new heights. It’s fantastic to arrive in Tokyo with a business delegation as we start a first of its kind economic dialogue.

    The UK and Japan’s interests have never been more closely aligned. From our shared understanding of the indivisibility of Euro-Atlantic and Indo-Pacific security, to our desire to grow more together as we embrace the opportunities of new technologies like AI.

    By working more closely with Japan, we will give UK firms more business, puts money in people’s pockets and help deliver our Plan for Change.

    Business and Trade Secretary Jonathan Reynolds said:

    I’m looking forward to having the chance to discuss how the UK and Japan can strengthen the many economic ties that bind our two countries together as we deliver on our Plan for Change.

    The UK and Japan share a proud, historic trading relationship that has only deepened in recent years, opening up new opportunities for businesses in both of our countries, and with our upcoming Industrial Strategy we will find even more common ground.

    The Economic 2+2 will strengthen UK and Japan cooperation in a range of areas– such as continued commitment to a fair-trading system, joint research into the technologies of the future and mutual investment to support growth, innovation and jobs in the defence industry. 

    The joint visit will also move forward work with Japan on our modern, ambitious Industrial Strategy. Japan is an incredibly important investment partner, with 1,000 Japanese companies supporting 160,000 jobs in the UK. The UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) combined with the new economic partnership announced today will strengthen that relationship even further. 

    A business delegation, representing the key high growth sectors of the future, will travel alongside the ministers to see firsthand the opportunities for growth and development UK-Japanese collaboration will bring. The Foreign Secretary and Business and Trade Secretary’s discussions with Japan will give UK businesses access to Japanese industry and further open up trade. Japan is a manufacturing powerhouse – ranking third globally in terms of value added to the manufacturing industry.  

    Chief Economist at the CBI – member of the travelling business delegation – Lousie Hellem, said:

    Cooperation with like-minded partners like Japan will be critical to achieving the government’s Growth Mission.  

    As a significant and growing trading partner, Japan’s economy offers unique opportunities for UK firms looking to expand and internationalise. This delegation is an important next step in our relationship, enabling both governments to explore deeper collaboration across topics like digital and technology, advanced manufacturing, and sustainability. 

    As the voice of business, the CBI will continue to work closely with our Japanese sister federation – Keidanren – in the B7, B20 and bilaterally to promote a strong and mutually beneficial UK-Japan relationship.” 

    In Tokyo the Foreign Secretary and Business and Trade Secretary will host an AI Business Reception to promote the UK’s AI Opportunities Action Plan and discuss with Japanese AI leaders the scope for new growth opportunities between British and Japanese AI. 

    During the visit, the Business and Trade Secretary will announce plans to develop a new Industrial Strategy partnership – the first of its kind for Britain, as well as sign a UK-Japan Memorandum of Cooperation on Offshore Wind as the UK races ahead to net zero.  He will meet with global automotive manufacturers Nissan and Toyota, and with CPTPP Minister Akazawa – their first meeting since the UK’s accession to the trade group last year. 

    While in Tokyo Reynolds will also tour some iconic UK exporters, visiting major brands including Warhammer, Brompton and Burberry. UK exports to Japan totalled £14.7 billion in the 12 months to September 2024 – an increase of 5% from the previous year. 

    The Foreign Secretary will travel onto the Philippines, where he will drive forward cooperation with one of our key security partners in the region. Growth and security go hand in hand – a third of global maritime passes through the South China Sea – and so the Filipinos’ work to stand up for freedom of navigation and international law in the region is vital to ensure these trade routes remain safe and secure.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 6 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: ‘Tons of Ideas!’: World Urban Forum in Cairo hears calls for youth-led solutions to urban challenges

    Source: United Nations MIL OSI b

    Young people gathered in Cairo for the World Urban Forum led calls on Tuesday for action to ease the housing crisis impacting billions globally, and to boost local action – especially youth-led urban development movements – to secure resilient and environmentally just cities.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Looming famine in Rakhine signals wider crisis in Myanmar

    Source: United Nations MIL OSI b

    By Vibhu Mishra

    Peace and Security

    Up to two million people in Myanmar’s Rakhine state face the dire prospect of famine, amid a broader economic collapse and worsening humanitarian crisis triggered by the military’s 2021 overthrow of the democratically elected government.

    In a report released on Thursday, the UN Development Programme (UNDP) described the situation in the poverty-struck province as an “unprecedented disaster”.

    “A perfect storm is brewing,” it said, citing a combination of interlinked issues – restrictions on domestic and international flow of goods, hyperinflation, loss of livelihoods, dwindling agricultural production and lack of essential services.

    Without urgent action nearly the entire population (about 95 per cent) “will regress into survival mode”, UNDP warned.

    “They will be left to fend for themselves amid a drastic reduction in domestic production, skyrocketing prices, widespread unemployment and heightened insecurity.”

    Rakhine is home to the mostly-Muslim Rohingya community who fled a brutal military crackdown in 2017 in their hundreds and thousands, in what the former UN High Commissioner for Human Rights Zeid Ra’ad Al Hussein called ethnic cleansing.

    Today, nearly one million Rohingya refugees remain in neighbouring Bangladesh, where UN aid teams have had to cut food rations amid major funding shortages.

    Collective punishment

    Data collected across Rakhine in 2023 and 2024, also pointed to a virtual halt in the state’s economy, with critical sectors such as trade, agriculture and construction nearly at a standstill.

    “People’s incomes are collapsing because export-oriented, agrarian livelihoods in Rakhine are disappearing as the domestic and international markets are no longer accessible due to blockades,” UNDP said.

    It added that the restrictions put in place by the military’s State Administration Council were “clearly aimed at isolating Rakhine from the rest of the country and exacting ‘collective punishment’ on an already vulnerable population”.

    Repercussions beyond borders

    UNDP further warned that the recent escalation in manipulating ethnic identity along with an imminent economic catastrophe, will deepen marginalization, disenfranchisement and put intercommunal relationships at even greater risk than ever before.

    “As the crisis worsens, the lack of resources and opportunities will continue to fuel tensions and trigger a greater exodus of youth and families…this would have repercussions both within Myanmar and beyond its borders,” it said.

    “Without safe avenues for escape, we anticipate an increase in human trafficking, particularly among the vulnerable Rohingya population.”

    Knock-on effects

    The knock-on effects of the situation Rakhine are contributing to a pattern of internal migration across Myanmar.

    As the economic situation worsens, many families see relocation as their only option for survival, a separate UNDP report on migration patterns revealed. Many young adults are leaving their communities for urban centres in search of work and stability.

    However, what they find is often far from what they had hoped – jobs are scarce and those who migrate for safety rather than economic opportunity frequently encounter severe mental health challenges.

    Women face an additional burden: lower wages, higher rates of discrimination and greater obstacles in the job market.

    © UNDP

    A girl scavenges for recyclable materials at a garbage dump in Mandalay, Myanmar’s second-largest city, where impoverished families are often forced to search for items to sell for minimal income. (file)

    Brain drains

    The migration crisis extends beyond Myanmar’s borders, with comparisons revealing stark differences between internal migrants and those who flee to neighbouring countries, such as Thailand.

    Those who moved abroad often earned better wages, experiencing improved living conditions. This could potentially lead to labour shortages and hinder any future recovery, UNDP said.

    “With nearly 25 per cent of the population already living abroad, addressing these migration trends is essential to retaining a productive workforce within the country,” it added.

    Dwindling human capital

    Compounding this, the conflict and economic strife are accelerating the degradation of Myanmar’s human capital and prospects look equally bleak.

    Essential services like healthcare, education, and access to clean water and sanitation are becoming luxuries out of reach for many, according to data released by UNDP in September, with nearly 25 per cent of children no longer attending school.

    The dropout rates are climbing in regions hardest hit by violence and economic hardship, such as Rakhine and neighbouring Chin state.

    The healthcare systems are strained to the breaking point and basic medical needs remain unmet, UNDP said.

    “A mass exodus of skilled workers is depleting the nation’s productive capacity, exacerbating the long-term effects of this crisis.”

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Rebuilding beyond bricks: World Urban Forum focuses on housing, community support in war-torn cities

    Source: United Nations MIL OSI b

    SDGs

    Delegates discussed a complicated urban development issue at the World Urban Forum on Tuesday: What is needed to safeguard residents and guarantee they have access to housing and basic services when war breaks out in a city crowded with people and critical infrastructure?

    The penultimate day of the Forum’s twelfth biennial session, or WUF12, examined the situation in the Gaza Strip, where the urban fabric and urban life in the enclave are in ruins following a year of intense bombardment and the war is now affecting the West Bank, Lebanon, and Syria.

    Participants grappled with all aspects of this challenge, particularly the need for local-level action. Seeking solutions that looked beyond physical damage caused by crises and conflicts, they focused on the loss of homes, places that “are filled with memories and community connections.”

    Anacláudia Rossbach, Executive Director of UN-Habitat, the UN agency dealing with sustainable urban development which convenes the Forum, told the gathering that “when we talk about building and rebuilding, we are not talking about housing only; we are talking about social support and working with communities to see a possible future.”

    Housing ‘close to home’

    Participants echoed that message throughout the discussion and stressed the crucial role of joint rebuilding and reconstruction efforts.

    UN News/Khaled Mohamed

    Sami Hijjawi, Minister of Local Government, State of Palestine, told UN News that “reconstruction can only be achieved through joint efforts, in an organized and structured manner. That way we can benefit from previous experiences and not repeat any mistakes that occurred during prior periods.”

    He went on to note that when addressing the issue of sheltering people and rebuilding infrastructure, it is critical that they be housed as close to their hometowns as possible.

    Despite the “difficult circumstances” in Gaza, development and urbanization efforts are continuing, said Mr. Hijjawi, explain that “we are still working, planning, programming, and providing services to our people within the available budgets.” 

    ‘Holistic approach’ in Somalia

    The participants shared many ideas and experiences about responses to other urban crises, including in Somalia.

    UN News/Khaled Mohamed

    Zahra Abdi Mohamed, Director of Poverty Reduction and Durable Solutions at Somalia’s Ministry of Planning, shared and example with UN News: “The Semantic Project integrates housing, land, and property issues with access to livelihoods and social services. And we are trying to ensure that when IDPs are being given support, it is holistic and integrated.”

    She urged moving from a solely humanitarian approach to a development approach and stressed the importance of integrated development services for internally displaced persons (IDPs), refugees, and returnees.

    Ms. Mohamed added that in order to get people to return, rural regions must be developed.

    ‘A crisis of destruction’

    UN News/Khaled Mohamed

    The key is stopping destruction of homes before it occurs, said to Jenia Gubkina, a Ukrainian architect who spoke at a related dialogue on the Loss of home.

    She told UN News: “We have a massive crisis, not only of reconstructions and construction of new types of architecture, but first of all, of destruction.”

    If it is not made clear that homes must not be destroyed, Ms. Gubkina warned that “we will construct, aggressors will come and deconstruct, making this a challenging and frustrating situation for the whole world.”

    Fixing urban crisis response

    There are 117 million displaced persons in the world, and cities are increasingly serving as both refuges for displaced populations and focal points of global crises. As a result, urban crisis response needs to be rethought immediately.

    UN News/Khaled Mohamed

    In that context, Sameh Wahba, World Bank Regional Director for Sustainable Development, Europe and Central Asia, told UN News that displacement is “an urban phenomenon” because the majority of people displaced by natural hazards and conflict seek refuge in cities.

    The solution, he said, is to this issue is to provide integrated solutions for “refugees, the internally displaced, the forcibly displaced, and their host communities.

    “The second thing is to consider solutions that are people-based…and place-based. When you think about people-based solutions – whether cash transfers or housing vouchers to enable housing access – it’s about helping them access jobs,” Mr. Whaba added.

    UN News/Khaled Haridy Mohamed

    Participants at the opening of the World Urban Forum in Cairo.

    What’s ahead on the closing day of WUF12

    WUF12 has been running in Cairo since Monday, 8 November. The biennial Forum, considered the world’s foremost gathering examining rapid urbanisation and its impact on communities, cities, economies, climate change and policies, will wrap up on Friday.

    The main highlight tomorrow will be the launch of the Cairo Call to Action, one of the three outcome documents capturing the key messages that will have emerged from WUF12.

    In addition, Forum participants will have the opportunity to attend roundtables on civil society and academia, as well as other partner-led events.

    The Closing Ceremony will feature remarks from high-level officials, including representatives from UN-Habitat and the Egyptian Government, thought leaders, and creative performances.

    The event will conclude with the official handover to Baku, Azerbaijan, the hosts of WUF13, marking the next steps in the global journey toward sustainable urbanization.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: World News in Brief: Death toll rises in Darfur, Cyclone Chido latest, São Tomé and Príncipe takes development step

    Source: United Nations MIL OSI b

    Peace and Security

    UN humanitarians expressed alarm on Monday at the rising numbers of civilian casualties in and around the besieged Sudanese city of El Fasher, in northern Darfur.

    According to news reports citing local sources, paramilitaries from the so-called Rapid Support Forces who have been battling the forces of the military Government for 18 months, launched a missile attack at the weekend which killed more than 30 people in the city, while a drone attack on Friday reportedly killed nine and wounded 20 at the Saudi Hospital in El Fasher.

    Attacks include the repeated shelling of the Zamzam displacement camp since the beginning of this month, said UN Spokesperson Stéphane Dujarric, briefing correspondents in New York.

    “The camp hosts hundreds of thousands of people and famine conditions were confirmed there earlier this year.”

    In response to the deaths in the city in recent days, Mr. Dujarric condemned all civilian killings “wherever they occur”.

    ‘Deplorable’ attacks

    WHO Director-General Tedros Adhanom Ghebreyesus said of the attack on the main hospital that it was no longer operational, describing all attacks on healthcare as “deplorable”, in a post on X. The hospital is no longer operational. (repeat)

    “This is part of a broader escalation of attacks across Darfur and in other areas of Sudan,” the Spokesperson added, reiterating the call from UN humanitarian affairs office, OCHA, for an immediate ceasefire

    “We reiterate that international humanitarian law must be respected. Civilians and civilian infrastructure, including hospitals, are not targets,” he added.

    Cyclone Chido: Humanitarians rush aid to affected areas

    After Cyclone Chido made landfall in the French island territory of Mayotte at the weekend, leaving an unknown number of dead and destruction on a massive scale, UN teams began aid distribution in Cabo Delgado province, in northern Mozambique – following the deadly storm making landfall there.

    Around two million people are at risk in Mozambique, including 627,000 identified as being at “high risk”.

    In an alert, the UN World Food Programme (WFP) said that voluntary evacuation plans began to be circulated on 8 December, reaching more than 400,000 people.

    The UN agency reported that in less than 24 hours, emergency food assistance reached around 500 cyclone-affected families in temporary accommodation centres in Pemba district alone.

    Humanitarians have been on high alert since the French Indian Ocean territory of Mayotte experienced its worst cyclone in almost a century on Saturday. Media reports showed trees uprooted and houses smashed, while communities faced power cuts and fears over a lack of drinking water.

    Close cooperation

    The UN is working closely with the Government in Mozambique to assess the damage and humanitarian impact.

    For its part, UN Children’s Fund, UNICEF, and partners are providing water and sanitation supplies to mitigate disease risks as the region is already grappling with a cholera outbreak.

    Preliminary figures indicate that 140,000 people have been impacted across Cabo Delgado Province, where more than one million people are already in need of assistance due to the ongoing conflict, said UN Spokesperson Stéphane Dujarric.

    “Our humanitarian colleagues tell us that in the most impacted districts – including Mecufi and Metuge – people urgently need shelter, they need water, they need sanitation, hygiene, health and protection assistance,” he added.

    Emergency Relief Coordinator, Tom Fletcher, allocated $4 million from the Central Emergency Response Fund to support early response efforts.

    São Tomé and Príncipe takes major development step

    The UN has congratulated São Tomé and Príncipe on its official graduation from the Least Developed Countries (LDC) category.

    The Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UNOHRLLS) said the milestone “marks a significant achievement in the country’s development journey and reflects its sustained efforts to achieve robust economic growth, enhance human development, and improve resilience against vulnerabilities.”

    The graduation also underscores the international community’s collective push to support LDCs overall and is “the result of years of strategic planning, effective policymaking, and international partnerships,” added OHRLLS in a statement.

    The UN Committee for Development Policy recommended the country’s graduation after it met the necessary criteria based on per capita income, human assets, and economic and environmental vulnerability indices.

    Notable accomplishments include the increase in universal health coverage from 47 per cent in 2010 to 59 per cent by 2021 and being ranked 11th among 54 African nations in the 2021 Ibrahim Index of African Governance.

    “The graduation of São Tomé and Príncipe is a historic milestone that underscores the resilience, vision, and determination of its government and people,” said Rabab Fatima, High Representative for OHRLLS.

    “This achievement is a powerful testament to the impact of effective partnership and multilateral cooperation, offering both a model and an inspiration for other LDCs working to overcome structural challenges and achieve sustainable development.”

    MIL OSI United Nations News –

  • MIL-OSI United Nations: World’s largest urban development forum concludes with Cairo Call to Action

    Source: United Nations MIL OSI b

    SDGs

    The twelfth edition of the World Urban Forum wrapped up on Friday with the adoption of the Cairo Call to Action, after intense discussions focused on the global housing crisis and financing urbanization, all under the theme “It All Starts at Home.”

    Ahead of the closing ceremony, UN-Habitat Executive Director, Anaclaudia Rossbach, emphasised the Forum’s timely emphasis on local action.

    “Over half of the world’s population now resides in urban areas,” she said, as she highlighted the pivotal role of local governments in shaping cities and human settlements.

    WUF12 was “a turning point in the journey of the World Urban Forum,” she declared.

    Record-breaking Forum

    Over the past five days, WUF12, convened biennially by UN-Habitat, explored urbanization through six main dialogues, roundtables, assemblies, and partner-led events.

    “We have broken many records and scaled new heights at this World Forum,” Ms. Rossbach stated, citing impressive metrics, including the attendance of over 24,000 participants from 182 countries.

    UN-Habitat head Rossbach addressing the closing of WUF12.

    In addition, four heads of state, 60 ministers, 45 deputy ministers and 96 mayors, attended more than 700 events from 1,500 organizers.  

    In all over 63,000 people, in person or online, attended dialogues, sessions and discussions. 

    Crucial issues tackled

    Discussions at WUF12, she said, highlighted key challenges central to promoting sustainable cities. These included the urgency of addressing the global housing crisis, recognizing that adequate housing is a human right and its links to climate and humanitarian crises.

    Alongside, finance for urban sustainability must be prioritizing, through tapping into unused financial resources in cities, as needed.

    Capturing, sharing, and learning from best practices to accelerate action effectively and at scale, is equally important, she said, as is leveraging the potential of coalitions and partnerships in the face of complex and unprecedented challenges. 

    UN News/Khaled Mohamed

    Manal Awad, Minister of Local Development, Egypt presenting Cairo Call to Action.

    The Cairo Call to Action  

    On the final day, delegations adopted the Cairo Call to Action, pledging to act with urgency to address the global housing crisis as well as leveraging local action to achieving global goals and targets.

    The Cairo Call to Action also emphasized, among other points, the need for sustaining a systemic representation of local actors at all levels, sharing urban spaces and opportunities inclusively, urban planning to deliver better local outcomes, and unlocking finance for cities and communities.  

    Delegations also committed to ensuring equity and justice for sustainable cities, leveraging local and grassroots data for decision-making, harnessing culture and heritage as an asset for sustainability, and building coalitions and alliances to scale local impact.

    Ensuring a decent life

    Speaking at the closing, Egypt’s Minister of Housing, Sherif El-Sherbiny, reinforced the theme’s importance, stating, “everything starts locally, from where we live.”

    He pledged that Egypt’s government will continue to work toward providing a “decent life” and sustainable development for all citizens.

    “We are able. We can build a better future for us and for the next generation,” he added.

    UN News/Khaled Mohamed

    Sherif El-Sherbiny, Egypt’s Minister of Housing.

    Hard work continues

    Several non-governmental organization (NGOs) and civil society organizations emphasized safety and inclusivity, such as the Van Leer Foundation, which supports young children, caregivers and communities worldwide.

    Chief Programme Officer Rushda Majeed highlighted the foundation’s mission to foster inclusive communities, noting that WUF12 was valuable for showcasing actions from prior Forums.

    She highlighted the many conversations and presentations, building upon earlier outcomes.

    “We find this of great value in terms of not only meeting people and advocating for particular causes but really learning about what has been done.”

    On the closing day, discussions focused on creating safer spaces for future generations.

    One roundtable featured Professor Anna Barker from the University of Leeds, in the United Kingdom, who shared her research on women’s and girls’ safety in public parks.

    “We spoke to a diverse range of women and girls,” she said, “and used their feedback to create new guidance.”

    This guidance has been implemented through the Green Flag Award programme across 17 countries.

    UN News/Khaled Mohamed

    Anna Barker is an associate professor in criminal justice and criminology at the University of Leeds.

    Looking ahead

    In the coming weeks and months, UN-Habitat will highlight the outcomes of WUF12 at key events, including COP29 in Baku, Azerbaijan.  

    Ms. Rossbach said the outcomes would inform discussions within UN-Habitat and the first open-ended Intergovernmental Working Group on Adequate Housing for All.  

    “We are excited about the journey to Baku,” she added, referencing the 2026 WUF13, as the Forum continues to address the challenges of urbanization. 

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