It’s hard to remember a time the United States seemed as tense and divided as it does today. That should serve as a stark reminder of just how important it is to monitor the health of our own nation.
Today, our new report card on Australia’s progress will be launched in Canberra. It assesses progress on 80 economic, social and environmental targets and models a range of policy shifts that could boost progress.
We find that progress on more than half of these targets has either stagnated or is going backwards. And growing inequalities threaten the wellbeing of many Australians.
Our report comes on the heels of America’s own State of the Nation report, which puts the US near the bottom of global rankings on inequality, violence, trust and polarisation.
The situation in Australia is not yet as dire. However, our results signal a need to start thinking long-term and take bold action on inequality to avoid a similar fate.
Not an A+ student overall
Our report draws on the 17 UN Sustainable Development Goals (SDGs) to select a broad and balanced set of 80 economic, social and environmental indicators.
Each of our indicators can be grouped under one of these 17 goals and includes a 2030 target. We use this target to evaluate progress and allocate “traffic lights” that tell us about the direction in which the country is moving.
We also benchmark Australia against peer nations from the OECD, including the US.
The overall outlook for Australia is mixed. We aren’t completely on track to meet any of the 17 SDGs. And on some indicators, Australia is actually going backwards, away from the target.
Many areas of concern centre on increasing inequality. These include:
a 30% decline in the share of wealth held by the bottom 40% of Australians since 2004
almost 20% of Australians living in financial stress
over 40% of lower-income renter households living in housing stress
There are also some broader economic concerns. Australia’s level of investment in innovation is nearly 40% below OECD averages. Economic complexity – which measures the sophistication and diversity of what our economy produces – has fallen behind Honduras, Armenia and Uganda.
And there’s been a rapid decline in education outcomes for students from lower socio-economic groups.
Shining in some areas
On the other hand, Australia is on track and actually leading our peers in life expectancy, road fatalities, tertiary education, water efficiency and government debt.
We’re also above average on closing gender gaps in both income and political representation. Australia also has very low homicide rates and high feelings of safety and trust compared to our peers.
In some key areas, Australia is actually trending rapidly towards SDG targets.
The gender gap in superannuation, for example, has fallen from 53% in 2014 to 21% in 2021.
The share of renewable electricity in our national energy grid has climbed to 35% and greenhouse gas emissions are steadily falling.
And rates of unemployment, underemployment and youth unemployment have all declined to within or closer to SDG target levels of below 5-6%.
How does the US compare?
America’s State of the Nation report, which tracks progress on a range of similar measures to our report, paints a bleak picture.
There are only four measures where the US performs in the top 20% of high-income countries – economic output, productivity, years of education and long-term unemployment.
Compared to Australia, the US outperforms us on average per-capita income, investments in research and development and knowledge-based capital, economic complexity, household debt and broadband connection speeds.
But despite their apparent economic success, mental health and life satisfaction have deteriorated. Social connections are fraying with increased social isolation, polarisation and eroding trust.
Tragically, suicide rates, fatal overdoses and shootings have increased.
Far worse on some measures
In areas where Australia is also trending backwards, things in the US are often far worse.
Income and wealth inequality, for example, are much higher in the US. The top 1% of Americans hold around 35% of wealth – compared to 24% for the top 1% of Australians.
US welfare payments are almost 90% below the poverty line and the poverty rate is 30% higher than in Australia. Yet US government debt as a share of GDP is almost double that of Australia.
This stark contrast suggests America’s approach to pursuing material prosperity is undermining social wellbeing, with rising inequalities fuelling social tensions and polarisation.
Bold action needed
For the first time, our new report models two future scenarios for Australia, exploring policies that reverse negative trends and accelerate progress towards SDG targets by 2050.
Our modelling shows that with increased policy ambition, Australia can halve poverty and reduce income inequality by a third. We can also boost health, education and productivity, improve biodiversity, and deliver net-zero greenhouse gas emissions.
To do it, we’d need to increase public investment by around 7% a year over 10 years in key areas such as education and health, disaster resilience, sustainable food, energy and urban systems and the natural environment.
Our modelling shows that with these measures, Australia could achieve 90% of our Sustainable Development Goal targets by 2050.
Without them, our future prosperity is projected to stagnate and decline by 2050, reaching just 55% progress towards our targets and with GDP around A$300 billion lower than our more ambitious scenario.
There’s a famous aphorism that in the long run, economic productivity is almost everything. The social fissures in the US despite a strong economy would suggest otherwise.
Australia should take note and take action to ensure the long-term sustainable prosperity of our nation.
Cameron Allen receives funding from the Australian Research Council.
John Thwaites is Chair of Monash Sustainable Development Institute and Climateworks Centre which receive funding for research, education and action projects from the Commonwealth and state governments as well as from philanthropy and industry. He is a former Deputy Premier of Victoria (1999 – 2007)
The fight against organised crime is a shared challenge and priority for the EU and Mexico. The EU closely follows the Mexican government’s new security strategy,
As indicated in the reply to your Question E -002382/2024 from 31 October 2024, the EU remains committed to cooperating with and supporting Mexico to address security and drug trafficking, notably through the programme of the EU with Latin America and the Caribbean against Transnational Organised Crime EL PACCTO[1] and the Cooperation Program between Latin America, the Caribbean and the EU on drug policy COPOLAD[2].
The EU makes use of the appropriate tools to ensure a sound management of EU funds at all stages of the project management cycle, notably through monitoring and evaluation.
Reinforcing EU-Mexico cooperation in the fight against firearms trafficking is also a shared priority. The EU seeks to improve international cooperation of law enforcement services.
The EU has been encouraging Mexico to increase its involvement in the operational actions of the European Multiplatform against criminal threats (EMPACT) firearms and of the network of Police Specialized in Arms Trafficking (red ARCO), which is part of the EU programme El PACCTO.
Regarding allegations that a percentage of firearms seized in Mexico is originating from EU Member States, the Commission underlines that it has no access to the operations of exportation, as it is a national competence. EU law governing the export of firearms for civilian use[3] has safeguards to ensure legal transactions.
The EU recently adopted a recast Regulation that introduces, inter alia, more safeguards such as the issue of a user statement regarding the final use, the need for a proof of receipt and the possibility to carry out post-shipment checks.
February 12, 2025Annadale, VA, United StatesEnforcement and Removal
ANNANDALE, Va. — U.S. Immigration and Customs Enforcement, assisted by the FBI, apprehended seven illegally present aliens during a routine enforcement operation in Annandale, Feb. 5.
“These seven individuals were in the Northern Virginia area in violation of U.S. immigration laws,” said ICE Enforcement and Removal Operations Washington, D.C. acting Field Office Director Patrick Divver. “ICE Washington, D.C.’s mission is to ensure the safety and security of our District of Columbia and Virginia communities through the arrest and removal of those individuals who undermine the safety of our communities and the integrity of our immigration laws. We take this mission extremely seriously, and we will continue to arrest and remove alien offenders.”
During the targeted operation, ICE officers and FBI special agents arrested:
A 51-year-old, previously deported Mexican national convicted of DWI in Prince William County, Virginia, in April 2024.
A 36-year-old Nicaraguan national who refused to depart the United States to Nicaragua after being ordered to do so on Jan. 24 by a Department of Justice immigration judge.
A 24-year-old Honduran national, with no previous encounters with ICE, who illegally entered the U.S. without inspection, admission, or parole by a designated immigration official.
A 22-year-old Salvadoran national previously apprehended after illegally entering the U.S. in June 2019.
A 32-year-old Guatemalan national who entered the U.S. lawfully and violated the terms of his lawful admission.
A 24-year-old Guatemalan national, with no previous encounters with ICE, who illegally entered the U.S. without inspection, admission, or parole by a designated immigration official.
A 30-year-old Guatemalan national, with no previous encounters with ICE, who illegally entered the U.S. without inspection, admission, or parole by a designated immigration official.
Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.
Learn more about ICE’s mission to increase public safety in our communities on X: @EROWashington.
BOSTON – A Brazilian man has been indicted by a federal grand jury in Boston for illegally reentering the United States after deportation.
Rafael De Jesus-Ribeiro, 39, was indicted on one count of unlawful reentry of a deported alien. De Jesus-Ribeiro was detained by Immigration and Customs Enforcement on Jan. 13, 2025. He will appear in federal court in Boston at a later date.
According to the indictment, De Jesus-Ribeiro was deported from the United States on July 17, 2019. It is alleged that sometime after his July 2019 removal, De Jesus-Ribeiro illegally reentered the United States without permission.
The charge of unlawful reentry of a deported alien provides for a sentence of up to two years in prison, one year of supervised release and a fine of up to $250,000. The defendant will be subject to deportation proceedings upon completion of an imposed sentence. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.
United States Attorney Leah Foley and Todd M. Lyons, Field Office Director, Boston, U.S. Immigration and Customs Enforcement’s Enforcement and Removal Operations made the announcement today. Assistant U.S. Attorney Eric L. Hawkins of the Major Crimes Unit is prosecuting the case.
The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)
ATLANTA, Ga. – Thirty-eight members of a drug trafficking organization, including several State of Georgia prison inmates, have been sentenced for their roles in coordinating and distributing deadly heroin, methamphetamine, and fentanyl throughout the metro-Atlanta area, as well as laundering drug proceeds to Mexico.
“The successful dismantling of this large organization is a result of a tenacious multi-year effort from federal, state, and local authorities to root out narcotics trafficking originating from state prisons,” said Acting U.S. Attorney Richard S. Moultrie, Jr. “Our office will continue to work closely with our law enforcement partners to leverage all resources to identify, apprehend, and prosecute entire networks of offenders responsible for distributing deadly drugs into our communities.”
“These sentences mirror the destructive impact on the community caused by this violent drug trafficking organization,” said Jae W. Chung, Acting Special Agent in Charge of the DEA Atlanta Division. “Wherever you operate, if you distribute dangerous drugs, DEA will find you and hold you accountable.”
“Thanks to the hard work and collaboration of our local, state, and federal law enforcement partners, thirty-eight members of this extensive drug distribution network will spend significant time behind bars where they will no longer be able to plague our community with poison,” said Sean Burke, Special Agent in Charge of FBI Atlanta.
According to Acting U.S. Attorney Moultrie, the charges and other information presented in court: During the investigation, federal special agents learned that a network of prison inmates was using contraband cell phones to broker drug transactions throughout the metro-Atlanta area, including importing drug shipments from Mexico and other states. These prison brokers relied on conspirators on the outside to store, package and distribute multiple types of illegal drugs. Other members of the organization were responsible for laundering the proceeds from the drug sales to Mexico using local money remitters. The organization also repeatedly threatened violence to uncooperative members. In one case, agents learned of a plot to abduct and murder a narcotics dealer. In response, law enforcement quickly mobilized to disrupt the plan.
After the first phase of the investigation concluded, a Grand Jury sitting in the Northern District of Georgia returned an indictment against 19 of the conspirators for drug trafficking and money laundering offenses. During the second phase of the investigation, agents identified additional conspirators including two of the high-level prison brokers, Jesus Sanchez-Morales and Juan Ramirez, who were later indicted by the Grand Jury for drug trafficking offenses. After Ramirez was brought into federal custody, he used another contraband cell phone to broker drug deals, including the attempted distribution of fentanyl. The Grand Jury later charged him with this new conduct.
Through this multi-year investigation, agents seized over 250 kilograms of methamphetamine, 25 gallons of liquid methamphetamine, more than 12,000 fentanyl pills, kilogram-quantities of fentanyl powder, heroin, and marijuana, and over $450,000 in drug proceeds.
The defendants were convicted and sentenced by U.S. District Judge Leigh Martin May:
Juan Ramirez was sentenced earlier today to 27 years in prison to be followed by five years of supervised release . Ramirez was convicted of ten drug trafficking counts including Conspiracy and Possession with the Intent to Distribute Methamphetamine, Heroin, and Fentanyl, after a jury found him guilty of these charges on July 25, 2024.
Jesus Sanchez-Morales was sentenced to 27 years in prison to be followed by five years of supervised release. Sanchez-Morales was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Heroin, and Fentanyl on June 22, 2020, after he pleaded guilty.
Martin Maldonado was sentenced to 19 years, seven months in prison to be followed by five years of supervised release. Maldonado was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Heroin, and Fentanyl on April 26, 2021, after he pleaded guilty.
Benjamin Villareal Perez was sentenced to 19 years, seven months in prison to be followed by five years of supervised release. Perez was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Heroin, and Fentanyl on September 17, 2019, after he pleaded guilty.
Jaime Chavez was sentenced to 17 years in prison to be followed by five years of supervised release. Chavez was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Heroin, and Fentanyl and Possession of a Firearm in Furtherance of a Drug Trafficking Crime on April 30, 2021, after he pleaded guilty.
Aszavious Anderson was sentenced to 15 years in prison to be followed by five years of supervised release. Anderson was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Heroin, and Fentanyl and Possession of a Firearm in Furtherance of a Drug Trafficking Crime on May 28, 2020, after he pleaded guilty.
Kristofer Ty Armistead was sentenced to 15 years in prison to be followed by five years of supervised release. Armistead was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine on June 7, 2021, after he pleaded guilty.
Mario Castillo was sentenced to 15 years in prison to be followed by five years of supervised release. Castillo was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine and Possession of a Firearm in Furtherance of a Drug Trafficking Crime on September 25, 2019, after he pleaded guilty.
Aricus Cantrell Holloway was sentenced to 15 years in prison to be followed by five years of supervised release. Holloway was convicted of Conspiracy and Possession with Intent to Distribute Methamphetamine on April 24, 2023, after he pleaded guilty.
Cristian Hernandez-Lovo was sentenced to 15 years in prison to be followed by five years of supervised release. Hernandez-Lovo was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Heroin, and Fentanyl and Possession of a Firearm in Furtherance of a Drug Trafficking Crime on September 24, 2019, after he pleaded guilty.
Jesus Antonio Molina-Ortiz was sentenced to 15 years in prison to be followed by five years of supervised release. Molina-Ortiz was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Heroin, and Fentanyl and Possession of a Firearm in Furtherance of a Drug Trafficking Crime on August 10, 2020, after he pleaded guilty.
Jamar Tyrone Zanders was sentenced to 15 years in prison to be followed by five years of supervised release. Zanders was convicted of Conspiracy and Possession with Intent to Distribute Methamphetamine on September 24, 2020, after he pleaded guilty.
Brandon Richard Duncan was sentenced to 14 years in prison to be followed by five years of supervised release. Duncan was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine on July 9, 2021, after he pleaded guilty.
Joseph Dominic Edwards was sentenced to 14 years in prison to be followed by five years of supervised release. Edwards was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Heroin, and Fentanyl on August 4, 2023, after he pleaded guilty.
Rafael Alvarez was sentenced to 13 years in prison to be followed by five years of supervised release. Alvarez was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Heroin, and Fentanyl on August 13, 2019, after he pleaded guilty.
Jason Garcia-Lara was sentenced to 13 years in prison to be followed by five years of supervised release. Garcia-Lara was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine on June 23, 2020, after he pleaded guilty.
Jordan Duane Bowers was sentenced to 12 years, six months in prison to be followed by five years of supervised release. Bowers was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Fentanyl, and Heroin on May 10, 2022, after he pleaded guilty.
Emmanuel De Santos Nieto was sentenced to 12 years in prison to be followed by five years of supervised release. De Santos Nieto was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Heroin, and Fentanyl on September 9, 2019, after he pleaded guilty.
Salvador Valencia-Zavala was sentenced to 11 years, three months in prison to be followed by five years of supervised release. Valencia-Zavala was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Heroin, and Fentanyl on January 27, 2020, after he pleaded guilty.
Marvin Gaye Banks was sentenced to 11 years in prison to be followed by five years of supervised release. Banks was convicted of Possession with Intent to Distribute Methamphetamine on July 15, 2020, after he pleaded guilty.
Samantha Fagundes was sentenced to 11 years in prison to be followed by five years of supervised release. Fagundes was convicted of Conspiracy and Possession with the Intent to Distribute Methamphetamine, Heroin, and Fentanyl, on January 15, 2020, after she pleaded guilty.
Alejandro Vasquez-Lopez was sentenced to 10 years, nine months in prison to be followed by five years of supervised release. Vasquez-Lopez was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine on May 24, 2021, after he pleaded guilty.
Shelly Denise Class was sentenced to 10 years in prison to be followed by five years of supervised release. Class was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Heroin, and Fentanyl on October 10, 2019, after she pleaded guilty.
Edgar Ochoa Martinez was sentenced to 10 years in prison to be followed by five years of supervised release. Martinez was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Heroin, and Fentanyl on July 22, 2019, after he pleaded guilty.
Allison Nichole Daniel was sentenced to 10 years in prison to be followed by five years of supervised release. Daniel was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine on May 27, 2020, after she pleaded guilty.
Enrique Rodriguez-Govea was sentenced to 10 years in prison to be followed by five years of supervised release. Rodriguez-Govea was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Heroin, and Fentanyl on May 30, 2019, after he pleaded guilty.
Taurus Basil Stephens was sentenced to 10 years in prison to be followed by five years of supervised release. Stephens was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine on December 16, 2020, after he pleaded guilty.
Raheem Jamal Morris was sentenced to nine years in prison to be followed by three years of supervised release. Morris was convicted of Conspiracy and Possession with Intent to Distribute Methamphetamine on June 26, 2023, after he pleaded guilty.
Lilia Martinez Rodriguez was sentenced to eight years in prison to be followed by three years of supervised release. Martinez Rodriguez was convicted of Conspiracy to Commit Money Laundering on September 21, 2020, after she pleaded guilty.
Roberto Rojas was sentenced to eight years in prison to be followed by five years of supervised release. Rojas was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine on January 13, 2023, after he pleaded guilty.
Nicholas Charles Johnson was sentenced to seven years, eight months in prison to be followed by five years of supervised release. Johnson was convicted of Conspiracy and Possession with Intent to Distribute Methamphetamine on July 10, 2023, after he pleaded guilty.
Leonardo Rosas was sentenced to six years in prison to be followed by five years of supervised release. Rosas was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Heroin, and Fentanyl on October 3, 2019, after he pleaded guilty.
Daniel Gonzalez was sentenced to five years, four months in prison to be followed by five years of supervised release. Gonzalez was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Heroin, and Fentanyl on July 11, 2019, after he pleaded guilty.
Juan Torres Chavez was sentenced to a time-served sentence of approximately four years, nine months in prison to be followed by three years of supervised release. Chavez was convicted of Possession with Intent to Distribute Methamphetamine on December 14, 2023, after he pleaded guilty.
David Chavez-Ortiz was sentenced to four years in prison to be followed by five years of supervised release. Chavez-Ortiz was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine, Heroin, and Fentanyl on October 21, 2019, after he pleaded guilty.
Antwonette Jarnez Thomas was sentenced to four years in prison to be followed by five years of supervised release. Thomas was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine on January 7, 2021, after she pleaded guilty.
Erin Cortez was sentenced to three years in prison to be followed by three years of supervised release. Cortez was convicted of Conspiracy to Possess with Intent to Distribute Methamphetamine on January 22, 2020, after she pleaded guilty.
Joaquin Flores, Jr. was sentenced to three years in prison to be followed by three years of supervised release. Flores was convicted of Conspiracy and Possession with Intent to Distribute Methamphetamine on January 19, 2024, after he pleaded guilty.
Eusebio Paniagua-Paz remains a fugitive. If you have any information about his whereabouts, please contact your local law enforcement agency.
This case was investigated by the Drug Enforcement Administration and the Federal Bureau of Investigation, with valuable assistance provided by the Bureau of Alcohol, Tobacco, Firearms, and Explosives, U.S. Immigration and Customs Enforcement’s Homeland Security Investigations, Federal Bureau of Investigation, United States Marshals Service, Atlanta Police Department, Cobb County Sheriff’s Office, Coweta County Sheriff’s Office, DeKalb County Police Department, Forsyth County Sheriff’s Office, Georgia Department of Corrections, Georgia State Patrol, and the South Fulton Police Department.
Assistant United States Attorneys Alison B. Prout, Amy M. Palumbo, Elizabeth M. Hathaway, Sarah Klapman, and Nicholas Evert, together with former Assistant United States Attorneys Tyler Mann, Scott McAfee, and Erin H. Harris, prosecuted the case.
This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.
For further information please contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6280. The Internet address for the U.S. Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.
SAN JUAN, Puerto Rico, Feb. 12, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced it has entered into an agreement for up to $20 million and closed on the initial tranche of $16.5 Million in debt financing with The Lind Partners, a New York based institutional fund manager (“Lind”). Details of the agreement include:
Debt Financing convertible at $16.15 share price
Initial Tranche proceeds of $15 million
1 million warrants exercisable at $15.00 per share non cashless
Additionally, Red Cat has applied for $58 million in debt financing from the Department of Defense Office of Strategic Capital (OSC). OSC implements strategies and partnerships to accelerate and scale private investment in critical supply chain technologies needed for national security. They have identified 14 critical technology areas vital to maintaining the United States’ national security. These have been grouped into three categories as found in the 2023 National Defense Science and Technology Strategy.
Seed Areas of Emerging Opportunity
Effective Adoption Areas
Defense-Specific Areas
The investment is expected to provide Red Cat with the working capital needed to scale up production and the ongoing development of its Arachnid Family of Systems, which includes Black Widow™, Edge 130, and a new line of FANG™ First-Person View (FPV) drones. The goal of the Family of Systems is to meet the needs of the U.S. Department of Defense and NATO Allies for drone systems that are low-cost, portable, field repairable, and recoverable.
“The recent financing will allow us to expedite and expand the Edge 130 factory and build-out and ramp up mass production of the Black Widow,” said Jeff Thompson. Red Cat CEO. “As a company focused on technology that advances the Department of Defense capabilities, we are a strong candidate for the Office of Strategic Capital’s low-cost debt program. The potential total financing of $93 million is the least dilutive option for our shareholders.”
About Red Cat, Inc. Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a Family of Systems. This includes the Black Widow™, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON™, a fixed wing VTOL for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.
About The Lind Partners The Lind Partners manages institutional funds that are leaders in providing growth capital to small- and mid-cap companies publicly traded in the US, Canada, Australia and the UK. Lind’s funds make direct investments ranging from US$1 to US$30 million, invest in syndicated equity offerings and selectively buy on market. Having completed more than 150 direct investments totaling over US$1.5 Billion in transaction value, Lind’s funds have been flexible and supportive capital partners to investee companies since 2011.
Forward-Looking Statements This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.
A four-count indictment was unsealed yesterday in the Middle District of Tennessee charging eight defendants with various offenses arising from their respective roles in a transnational commercial sex enterprise.
According to court documents, the defendants, all of Venezuela, Yilibeth del Carmen Rivero-De Caldera, 51; Kleiver Daniel Mota-Rivero, 35; Yuribetzi Del Valle Gomez Machuca, 39; Wilmarys Del Valle Manzano Solorzano, 22; Frankyanna Del Valle Romero-Rivero, 30; Endrik Alexander Morales-Rivero, 25; Jesus Enrique Castillo Rodriguez, 24; and Ariannys Beatriz Gutierrez-Carrillo, 24, operated an illegal commercial sex and sex trafficking enterprise out of Nashville motels from July 2022 through March 2024.
According to the indictment, once the defendants facilitated the victims’ arrival in the United States, the defendants utilized online commercial sex websites to post advertisements for the victims and then used the internet and their cellular phones to direct commercial sex buyers to engage in commercial sex with the victims at the motels before collecting the proceeds from that commercial sex for the defendants’ benefit.
“This indictment demonstrates our commitment to stop human trafficking whenever and wherever we find it, and to hold those involved accountable” said Acting U.S. Attorney Robert E. McGuire for the Middle District of Tennessee. “We are coming after transnational criminal organizations like TdA, but this case shows that we will also do whatever it takes to stop those who would traffick women and girls no matter who is behind their suffering.”
“The success of this operation to stop Tren da Aragua operating in our communities is a significant step forward in our ongoing battle against human trafficking and transnational organized crime,” said Special Agent in Charge Rana Saoud of the Homeland Security Investigations (HSI) Nashville. “This investigation exemplifies the importance of collaboration among local, state, and federal agencies in ending these crimes in our communities while leaving a trail of suffering in their wake.”
“We will not allow TdA – or any criminal organization – to get a stronghold in Tennessee,” said Director David Rausch of the Tennessee Bureau of Investigation. “We are thankful for our local, state, and federal partners who joined us in investigating this case, and we stand prepared to continue aggressively investigating human trafficking in our state, holding traffickers and buyers accountable and helping victims take their first steps toward becoming survivors.”
“Human trafficking is among the most heinous crimes the FBI encounters,” said Special Agent in Charge Joseph E. Carrico of the FBI Nashville Field Office. “This devastating crime exploits vulnerable members of communities nationwide, including those in Tennessee. The FBI and our partners are committed to rescuing victims, investigating and prosecuting traffickers, and supporting survivors.”
“While the focus of this investigation centers around human trafficking, Tren de Aragua is involved in all manner of criminal activity, to include the sale of narcotics and dangerous drugs,” said Special Agent in Charge Jim Scott of the Drug Enforcement Administration’s (DEA)’s Louisville Division. “The dedicated men and women of DEA will continue to work side by side with our federal, state and local partners to rid our communities of the transnational criminal gangs, like TdA.”
“The trafficking of human beings is abhorrent to all of us, it’s a modern-day form of slavery,” said Chief John Drake of the Metro Nashville Police. “I want to be very clear, our police department will always make human trafficking an investigative priority regardless of where the suspects are from and will work with our partners for an intentional and coordinated law enforcement response.”
A grand jury in the Middle District of Tennessee previously returned the four-count indictment charging all eight defendants for their respective roles in facilitating the recruiting of young women from impoverished parts of Venezuela and other South and Central American countries, then facilitating their transportation across the U.S. southern border and across state lines to engage in commercial sex in the Nashville area.
Three of the defendants — Yilibeth del Carmen Rivero-De Caldera, Kleiver Daniel Mota-Rivero, and Yuribetzi Del Valle Gomez Machuca — are additionally charged with a sex trafficking conspiracy for conspiring to use force, fraud, and coercion to compel the women into engaging in commercial sex acts for the defendants’ profit that include invoking alleged ties to the Venezuelan gang Tren de Aragua (TdA) and its reputation for violence.
The indictment further charges defendant Kleiver Daniel Mota-Rivero with one count of possession of a firearm by an illegal alien.
Mother and son defendants Rivero-De Caldera and Mota-Rivero are charged with conspiring to impose a coercive debt scheme upon the victims to compel them to continue engaging in commercial sex acts until the defendants deemed their debts repaid. Defendants Rivero-De Caldera and Mota-Rivero previously were arrested and detained on state charges relating to their conduct.
If convicted of conspiracy to commit sex trafficking, the defendants face a maximum penalty of life in prison. A conspiracy to commit interstate transportation for purposes of prostitution carries a maximum penalty of five years in prison, and a conspiracy to commit interstate and foreign travel or transportation in aid of racketeering enterprises carries a maximum penalty of five years in prison.
If convicted of possession of a firearm by an illegal alien, Mota-Rivero also faces a maximum penalty of 15 years in prison.
The case was investigated by the Tennessee Bureau of Investigation (TBI), Homeland Security Investigations (HSI), the FBI, and additional federal, state, and local Organized Crime and Drug Enforcement Task Force (OCDETF) partners who coordinated related law enforcement operations across multiple jurisdictions. OCDEFT identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach.
Assistant U.S. Attorney Brooke K. Schiferle for the Middle District of Tennessee and Trial Attorneys Lindsey Roberson and Jessica Arco of the Civil Rights Division’s Human Trafficking Prosecution Unit are prosecuting the case.
If you or someone you know is a victim of human trafficking, please call the National Human Trafficking Hotline at 1 (888) 373-7888 which is available 24 hours a day, seven days a week. For more information about human trafficking, please visit www.humantraffickinghotline.org. Information on the Justice Department’s efforts to combat human trafficking can be found at www.justice.gov/humantrafficking.
An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
A four-count indictment was unsealed yesterday in the Middle District of Tennessee charging eight defendants with various offenses arising from their respective roles in a transnational commercial sex enterprise.
According to court documents, the defendants, all of Venezuela, Yilibeth del Carmen Rivero-De Caldera, 51; Kleiver Daniel Mota-Rivero, 35; Yuribetzi Del Valle Gomez Machuca, 39; Wilmarys Del Valle Manzano Solorzano, 22; Frankyanna Del Valle Romero-Rivero, 30; Endrik Alexander Morales-Rivero, 25; Jesus Enrique Castillo Rodriguez, 24; and Ariannys Beatriz Gutierrez-Carrillo, 24, operated an illegal commercial sex and sex trafficking enterprise out of Nashville motels from July 2022 through March 2024.
According to the indictment, once the defendants facilitated the victims’ arrival in the United States, the defendants utilized online commercial sex websites to post advertisements for the victims and then used the internet and their cellular phones to direct commercial sex buyers to engage in commercial sex with the victims at the motels before collecting the proceeds from that commercial sex for the defendants’ benefit.
“This indictment demonstrates our commitment to stop human trafficking whenever and wherever we find it, and to hold those involved accountable” said Acting U.S. Attorney Robert E. McGuire for the Middle District of Tennessee. “We are coming after transnational criminal organizations like TdA, but this case shows that we will also do whatever it takes to stop those who would traffick women and girls no matter who is behind their suffering.”
“The success of this operation to stop Tren da Aragua operating in our communities is a significant step forward in our ongoing battle against human trafficking and transnational organized crime,” said Special Agent in Charge Rana Saoud of the Homeland Security Investigations (HSI) Nashville. “This investigation exemplifies the importance of collaboration among local, state, and federal agencies in ending these crimes in our communities while leaving a trail of suffering in their wake.”
“We will not allow TdA – or any criminal organization – to get a stronghold in Tennessee,” said Director David Rausch of the Tennessee Bureau of Investigation. “We are thankful for our local, state, and federal partners who joined us in investigating this case, and we stand prepared to continue aggressively investigating human trafficking in our state, holding traffickers and buyers accountable and helping victims take their first steps toward becoming survivors.”
“Human trafficking is among the most heinous crimes the FBI encounters,” said Special Agent in Charge Joseph E. Carrico of the FBI Nashville Field Office. “This devastating crime exploits vulnerable members of communities nationwide, including those in Tennessee. The FBI and our partners are committed to rescuing victims, investigating and prosecuting traffickers, and supporting survivors.”
“While the focus of this investigation centers around human trafficking, Tren de Aragua is involved in all manner of criminal activity, to include the sale of narcotics and dangerous drugs,” said Special Agent in Charge Jim Scott of the Drug Enforcement Administration’s (DEA)’s Louisville Division. “The dedicated men and women of DEA will continue to work side by side with our federal, state and local partners to rid our communities of the transnational criminal gangs, like TdA.”
“The trafficking of human beings is abhorrent to all of us, it’s a modern-day form of slavery,” said Chief John Drake of the Metro Nashville Police. “I want to be very clear, our police department will always make human trafficking an investigative priority regardless of where the suspects are from and will work with our partners for an intentional and coordinated law enforcement response.”
A grand jury in the Middle District of Tennessee previously returned the four-count indictment charging all eight defendants for their respective roles in facilitating the recruiting of young women from impoverished parts of Venezuela and other South and Central American countries, then facilitating their transportation across the U.S. southern border and across state lines to engage in commercial sex in the Nashville area.
Three of the defendants — Yilibeth del Carmen Rivero-De Caldera, Kleiver Daniel Mota-Rivero, and Yuribetzi Del Valle Gomez Machuca — are additionally charged with a sex trafficking conspiracy for conspiring to use force, fraud, and coercion to compel the women into engaging in commercial sex acts for the defendants’ profit that include invoking alleged ties to the Venezuelan gang Tren de Aragua (TdA) and its reputation for violence.
The indictment further charges defendant Kleiver Daniel Mota-Rivero with one count of possession of a firearm by an illegal alien.
Mother and son defendants Rivero-De Caldera and Mota-Rivero are charged with conspiring to impose a coercive debt scheme upon the victims to compel them to continue engaging in commercial sex acts until the defendants deemed their debts repaid. Defendants Rivero-De Caldera and Mota-Rivero previously were arrested and detained on state charges relating to their conduct.
If convicted of conspiracy to commit sex trafficking, the defendants face a maximum penalty of life in prison. A conspiracy to commit interstate transportation for purposes of prostitution carries a maximum penalty of five years in prison, and a conspiracy to commit interstate and foreign travel or transportation in aid of racketeering enterprises carries a maximum penalty of five years in prison.
If convicted of possession of a firearm by an illegal alien, Mota-Rivero also faces a maximum penalty of 15 years in prison.
The case was investigated by the Tennessee Bureau of Investigation (TBI), Homeland Security Investigations (HSI), the FBI, and additional federal, state, and local Organized Crime and Drug Enforcement Task Force (OCDETF) partners who coordinated related law enforcement operations across multiple jurisdictions. OCDEFT identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach.
Assistant U.S. Attorney Brooke K. Schiferle for the Middle District of Tennessee and Trial Attorneys Lindsey Roberson and Jessica Arco of the Civil Rights Division’s Human Trafficking Prosecution Unit are prosecuting the case.
If you or someone you know is a victim of human trafficking, please call the National Human Trafficking Hotline at 1 (888) 373-7888 which is available 24 hours a day, seven days a week. For more information about human trafficking, please visit www.humantraffickinghotline.org. Information on the Justice Department’s efforts to combat human trafficking can be found at www.justice.gov/humantrafficking.
An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
Source: United States Senator Ben Ray Luján (D-New Mexico)
Gabbard Has History of Defending Our Adversaries, Will Use Intelligence Agencies for Political Retribution
Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M) issued the following statement after Senate Republicans voted to confirm Tulsi Gabbard as the Director of National Intelligence on a party-line vote:
“At a time when we should focus on strengthening our national security and defending Americans from adversaries like Russia and China, the confirmation of Tulsi Gabbard as Director of National Intelligence is a troubling move that will make us less safe. The Trump administration is abandoning our allies around the world, undermining our long-standing alliances, and politicizing our national security.
“Ms. Gabbard has a long history of spreading lies, defending America’s adversaries, and sympathizing with dictators like Vladimir Putin and Bashar al-Assad. As Director of National Intelligence, Ms. Gabbard will oversee every intelligence agency and be entrusted to provide the president with our most sensitive intelligence, and I believe that her lack of qualifications and history of poor judgment will make her a liability for American intelligence. Put simply, Ms. Gabbard has and will continue to undermine our country’s national security.”
Grown in Ecuador (Équateur en français), sold in Paris. Robert Crum / shutterstock
As you read this, planes full of roses are heading from east Africa and South America to almost every corner of the world. If you buy someone a rose this Valentine’s Day, it may be in the air right now or perhaps in a refrigerated warehouse in the Netherlands.
A huge logistical operation ensures those flowers are timed to be perfectly in bloom on the 14th. From flower farm to bouquet can take just a few days. In all, hundreds of millions of roses will be shipped internationally this week, and many will die before they can be sold.
Can all this flying be justified?
You’re reading the Imagine newsletter – a weekly synthesis of academic insight on solutions to climate change, brought to you by The Conversation. I’m Will de Freitas, energy and environment editor, covering for my colleague Jack Marley who is lovesick. This week, we’re looking at flowers.
Many people don’t realise just how far a Valentine’s rose has probably travelled. Though roses can be grown in the UK (and some species are native), most of them won’t flower for at least another few months.
Jill Timms and David Bek, academics at the University of Coventry who have researched the global flower trade point out: “This sort of localised growing does not satisfy the demand for volume, variety and year-round supply, or indeed guarantee sustainability in terms of energy, pesticide use and so on.”
This means most roses are imported from countries with more land, more sunshine, and a cheaper workforce. Major growers include Colombia, Ecuador, Kenya and Ethiopia. The Netherlands is actually the biggest exporter of roses, partly due to its own production in greenhouses but mostly thanks to its position as a crucial hub for the global trade. Flowers sent to the UK from the Netherlands were probably grown elsewhere.
To ensure they stay fresh, those flowers are kept cool as they’re transported in a series of refrigerated lorries, planes or boats, while some are sprayed with chemicals to freeze them.
“Geography matters,” say Timms and Bek. “Some flowers travel by sea, some cargo plane and others in the hold of passenger jets, all with very different carbon footprints.”
Figuring out a flower’s carbon footprint is not straightforward. Jennifer Lavers and Fiona Kerslake from the University of Tasmania compared cut flowers grown in heated or refrigerated greenhouses in the Netherlands with those grown in Kenya.
“Maintaining the controlled environmental conditions inside these [Dutch] buildings requires artificial light, heat and cooling, so each rose grown in The Netherlands contributes an average of around 2.91kg of CO₂ to the atmosphere.”
“In contrast”, they write, “a single rose grown on a farm in Kenya contributes only 0.5kg. This is largely because Kenyan hot houses do not use artificial heating or lighting, and most farm workers walk or cycle to work. As a result, flowers grown in tropical regions are sometimes considered low-carbon (of course, this doesn’t always factor in international transport).”
Paul D. Larson of the University of Manitoba points out that, while local production would ground some of the international flower flights, “growing flowers in greenhouses can use as much energy as shipping them [to North America] from Colombia by air freight”.
Larson, a professor of supply chain management, does highlight one major issue with “low carbon” flowers in the global south, however:
“Since flowers are not classified as edible, they are often exempt from pesticide regulations. Thus, many flower production workers in Ecuador and Colombia have suffered from respiratory problems, rashes and eye infections caused by exposure to toxic chemicals in fertilizers, fungicides and pesticides.”
The flower trade in Ecuador and Colombia was actually engineered a few decades ago to try and stem the flow of cocaine into the US, says Jay L. Zagorsky, an associate professor at Boston University’s business school.
“One part of the strategy was to convince farmers in Colombia to stop growing coca leaves – a traditional Andean plant that provides the raw ingredient for making cocaine – by giving them preferential access to US markets if they grew something else.”
Whether this policy helped stop drug production is unclear, says Zagorsky, but American domestic rose growing has collapsed and “many businesses in Colombia and Ecuador started growing and shipping flowers north”.
No one expects you to know exactly how a flower was grown, what conditions were like for workers, or to conduct a full “life cycle assessment” of their carbon footprint. But what can you do to help this Valentine’s Day?
Timms and Bek, the flower trade experts at Coventry University, wrote about five ways to ensure your flowers are ethical. They contrast flowers grown in the Netherlands and Kenya and say that “your priorities need to guide your purchase: environmental issues include carbon footprint, chemical use, ecological degradation and water use; social issues include health and safety standards, gender discrimination, precarious employment and land rights.”
Source: The Conversation – Canada – By Jennifer Clapp, Professor and Canada Research Chair in Global Food Security and Sustainability, and Member of the International Panel of Experts on Sustainable Food Systems, University of Waterloo
History has shown us again and again that, so long as inequality goes unchecked, no amount of technology can ensure people are well fed.
Today, the world produces more food per person than ever before. Yet hunger and malnutrition persist in every corner of the globe — even, and increasingly, in some of its wealthiest countries.
The major drivers of food insecurity are well known: conflict, poverty, inequality, economic shocks and escalating climate change. In other words, the causes of hunger are fundamentally political and economic.
The urgency of the hunger crisis has prompted 150 Nobel and World Food Prize laureates to call for “moonshot” technological and agricultural innovations to boost food production, meaning monumental and lofty efforts. However, they largely ignored hunger’s root causes — and the need to confront powerful entities and make courageous political choices.
Food is misallocated
To focus almost exclusively on promoting agricultural technologies to ramp up food production would be to repeat the mistakes of the past.
The Green Revolution of the 1960s-70s brought impressive advances in crop yields, though at considerable environmental cost. It failed to eliminate hunger, because it didn’t address inequality. Take Iowa, for example — home to some of the most industrialized food production on the planet. Amid its high-tech corn and soy farms, 11 per cent of the state’s population, and one in six of its children, struggle to access food.
Even though the world already produces more than enough food to feed everyone, it’s woefully misallocated. Selling food to poor people at affordable prices simply isn’t as profitable for giant food corporations.
They make far more by exporting it for animal feed, blending it into biofuels for cars or turning it into industrial products and ultra-processed foods. To make matters worse, a third of all food is simply wasted.
Meanwhile, as the laureates remind us, more than 700 million people — nine per cent of the world’s population — remain chronically undernourished. A staggering 2.3 billion people — more than one in four — cannot access an adequate diet.
Women queue up to receive food distributed by local volunteers at a camp in Somalia in May 2019. Conflicts hinder the effective delivery of humanitarian aid during food security crisis. (AP Photo/Farah Abdi Warsameh)
Confronting inequity
Measures to address world hunger must start with its known causes and proven policies. Brazil’s Without Hunger program, for example, has seen dramatic 85 per cent reduction in severe hunger in just 18 months through financial assistance, school food programs and minimum wage policies.
Our politicians must confront and reverse gross inequities in wealth, power and access to land. Hunger disproportionately affects the poorest and most marginalized people, not because food is scarce, but because people can’t afford it or lack the resources to produce it for themselves. Redistribution policies aren’t optional, they’re essential.
Governments must put a stop to the use of hunger as a weapon of war. The worst hunger hotspots are conflict zones, as seen in Gaza and Sudan, where violence drives famine. Too many governments have looked the other way on starvation tactics — promoting emergency aid to pick up the pieces instead of taking action to end the conflicts driving hunger.
Governments must also break the stranglehold of inequitable trade rules and export patterns that trap the poorest regions in dependency on food imports, leaving them vulnerable to shocks.
Instead, supporting local and territorial markets is critical in helping build resilience to economic and supply chain disruptions. These markets provide livelihoods and help ensure diverse, nutritious foods reach those who need them.
Mitigating and adapting to climate change requires massive investments in transformative approaches that promote resilience and sustainability in food systems.
Agroecology — a farming system that applies ecological principles to ensure sustainability and promotes social equity in food systems — is a key solution, proven to sequester carbon, build resilience to climate shocks and reduce dependence on expensive and environmentally damaging synthetic fertilizers and pesticides.
More research should explore agroecology’s full potential. And we must adopt plant-rich, local and seasonal diets, ramp up measures to tackle food waste and reconsider using food crops for biofuels.
This means pushing back against Big Meat and biofuel lobbies, while investing in climate-resilient food systems.
Bold political action needed
This is not to say that technology has no role — all hands need to be on deck. But the innovations most worth pursuing are those that genuinely support more equitable and sustainable food systems, and not corporate profits. Unless scientific efforts are matched by policies that confront power and prioritize equity over profit, then hunger is likely to here to stay.
The solutions to hunger are neither new nor beyond reach. What’s missing is the political will to address its root causes.
This message is shared by my colleagues with the International Panel of Experts on Sustainable Food Systems, IPES-Food, whose work covers a range of expertise and experience. Hunger persists because we allow injustice to endure. If we are serious about ending it, we need bold political action, not just scientific breakthroughs.
Jennifer Clapp receives funding from the Canada Research Chairs program and the Social Sciences and Humanities Research Council of Canada. She is a member of the International Panel of Experts on Sustainable Food Systems (IPES-Food).
ALBUQUERQUE – A Shiprock woman pleaded guilty to federal charges related to the straw purchase of a firearm that was later used in a violent crime spree and murder.
According to court documents, on April 24, 2024, Brittania Navaho, 29, an enrolled member of the Navajo Nation, purchased a revolver and ammunition from a pawn shop in Gallup, New Mexico, on behalf of Rydell Happy, a convicted felon prohibited from possessing firearms or ammunition.
At sentencing, Navaho faces up to 15 years in prison followed by three years of supervised release.
U.S. Attorney Alexander M.M. Uballez, and Raul Bujanda, Special Agent in Charge of the FBI Albuquerque Field Office, made the announcement today.
The Farmington Resident Agency of the FBI Albuquerque Field Office investigated this case with assistance from Navajo Nation Police Department, the Navajo Nation Department of Criminal Investigations and the McKinley County Sheriff’s Office. Assistant United States Attorney R. Eliot Neal is prosecuting the case.
This case is being prosecuted as part of the Department of Justice’s Missing or Murdered Indigenous Persons (MMIP) Regional Outreach Program, which aims to aid in the prevention and response to missing or murdered Indigenous people through the resolution of MMIP cases and communication, coordination, and collaboration with federal, Tribal, state, and local partners.
This case is being prosecuted under the Bipartisan Safer Communities Act. The Act is a federal statute specifically designed to target the unlawful trafficking and straw-purchasing of firearms.
Source: The White House
class=”has-text-align-center”>BY THE PRESIDENT OF THE UNITED STATES OF AMERICA A PROCLAMATION
1. On January 19, 2018, the Secretary of Commerce (Secretary) transmitted to me a report on his investigation into the effect of imports of aluminum on the national security of the United States under section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862) (section 232). The Secretary found and advised me of the Secretary’s opinion that aluminum is being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States.
2. In Proclamation 9704 of March 8, 2018 (Adjusting Imports of Aluminum Into the United States), I concurred in the Secretary’s finding that aluminum was being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States, and decided to adjust the imports of aluminum articles by imposing a 10 percent ad valorem tariff on such articles imported from most countries. Proclamation 9704 further stated that any country with which the United States has a security relationship is welcome to discuss alternative ways to address the threatened impairment of the national security caused by imports from that country, and noted that, should the United States and any such country arrive at a satisfactory alternative means to address the threat to the national security such that I determine that imports from that country no longer threaten to impair the national security, I may remove or modify the restriction on aluminum articles imports from that country and, if necessary, adjust the tariff as it applies to other countries, as the national security interests of the United States require.
3. In Proclamation 9704, I also directed the Secretary to monitor imports of aluminum articles and inform me of any circumstances that in the Secretary’s opinion might indicate the need for further action under section 232 with respect to such imports. Pursuant to Proclamation 9704, the Secretary was authorized to provide relief from the additional duties, based on a request from a directly affected party located in the United States, for any aluminum article determined not to be produced in the United States in a sufficient and reasonably available amount or of a satisfactory quality, or based upon specific national security considerations. Proclamation 9776 of August 29, 2018, and Proclamation 9980 of January 24, 2020, similarly authorized the Secretary to provide relief from certain tariffs on other aluminum products and derivatives set forth in those proclamations.
4. In subsequent proclamations, the President adjusted the tariffs applicable to aluminum articles imports from Argentina, Australia, Canada, Mexico, the European Union (EU), and the United Kingdom (UK), after engaging in discussions with each of those parties on alternative ways to address the threat to the national security from such imports.
5. The Secretary has informed me that, notwithstanding the 10 percent ad valorem tariff imposed by Proclamation 9704 that mitigated the threatened impairment of our national security, aluminum imports into the United States have continued at unacceptable levels as the global aluminum excess capacity crisis continues. In addition, the exclusion of certain countries and products from the tariff and efforts by foreign producers to circumvent the tariff have undermined the purpose of Proclamation 9704, which was to adjust the level of imports of aluminum to remove the threatened impairment of the national security. This has again resulted in aluminum smelter capacity utilization rates in the domestic aluminum industry that are well below the target level recommended in the Secretary’s January 19, 2018, report. This indicates that the initial tariff of 10 percent ad valorem is not high enough to address the threatened impairment to our national security posed by aluminum imports.
6. In particular, the Secretary has informed me that global primary aluminum capacity has continued to increase, fueled by expansions in the People’s Republic of China (China) and South America, which is seen in rising aluminum imports that continue to weigh on the price domestic aluminum producers may charge. There has also been a significant increase in Chinese investment in Mexico, driven by massive Chinese government subsidies and the continued ability to exploit loopholes in U.S. trade policy.
7. Domestic aluminum producers have been forced to idle additional production and shut down facilities. Two primary aluminum smelters within the United States have closed since Proclamation 9704 was promulgated. In addition, U.S. primary aluminum production decreased by 30 percent from 2020 to 2024, and U.S. smelter capacity utilization was only 52 percent in 2024. Overcapacity for primary aluminum has harmed downstream aluminum producers, including producers of aluminum extrusions and aluminum sheet. To allow U.S. aluminum producers to restart production and to incentivize new capacity, additional adjustments to section 232 tariffs on aluminum need to be made, including limiting exemptions and increasing the tariff rate.
8. The Secretary has informed me that imports of aluminum articles from countries that are excluded from the tariff regime or have alternative arrangements have remained significantly elevated at levels that once again threaten to impair the national security of the United States. The volume of U.S. imports of aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the UK in 2024 was approximately 14 percent higher than the average volume of such imports in 2015 through 2017. In particular, the volume of U.S. imports of primary aluminum from Canada in 2024 was approximately 18 percent higher than the average volume for 2015 through 2017.
Notwithstanding Proclamation 10782 of July 10, 2024, which imposed higher tariffs on certain aluminum imports from Mexico, imports of aluminum from Mexico have continued to surge beyond historical volumes. The volume of U.S. imports of aluminum articles from Mexico in 2024 was approximately 35 percent higher than the average volume for 2015 through 2017. Proclamation 10782 did not resolve the surge of imports of aluminum from Mexico. Mexican producers are using unfair trade to gain market share in the United States and are leveraging their access to unfairly traded global primary aluminum to do so. I understand that Mexican producers are commingling primary aluminum from China and the Russian Federation (Russia) with primary aluminum from other countries to produce downstream aluminum articles. These practices are distortive and provide continued outlets to absorb the massive amount of global excess capacity and must be remedied. The volume of U.S. imports of primary aluminum from Australia has also surged and in 2024 was approximately 103 percent higher than the average volume for 2015 through 2017. Australia has disregarded its verbal commitment to voluntarily restrain its aluminum exports to a reasonable level.
9. These volume increases occurred even though demand for aluminum in the United States and Canada (the market measured by industry) has generally remained flat, averaging about 20 percent since 2018.
10. These increasing import volumes support the conclusion that aluminum producers in countries subject to the additional ad valorem tariff proclaimed in Proclamation 9704 are engaging in transshipment or further processing of upstream aluminum products in countries that have since been exempted from that tariff. Foreign producers have shifted assembly or manufacturing operations to third countries, such as Mexico. For example, Chinese producers are using Mexico’s general exclusion from the tariff to funnel Chinese aluminum to the United States through Mexico while avoiding the tariff.
11. The Secretary has informed me that producers in countries that remain subject to the ad valorem tariff have continued to evade the tariff by processing covered aluminum articles into additional downstream derivative products that were not included in the additional ad valorem tariffs proclaimed in Proclamation 9704 and Proclamation 9980. Foreign producers are continuing to expand downstream production to absorb the global excess capacity. Imports of additional derivative aluminum products have increased significantly since the issuance of Proclamation 9704 and Proclamation 9980, eroding the domestic industry’s customer base and resulting in depressed demand for aluminum articles produced in the United States.
12. The Secretary has also informed me of the impact of the product exclusion process authorized by Proclamation 9704, Proclamation 9776, and Proclamation 9980 and implemented by subsequent regulations. This process has resulted in exclusions for a significant volume of imports, in a manner that undermines the purpose of the section 232 measures and threatens to impair the national security of the United States. Certain general approved exclusions remain in effect for entire tariff lines of aluminum imports, notwithstanding the domestic industry’s potential to produce many excluded products.
13. I determine that these developments and modifications to the original tariff regime as proclaimed in Proclamation 9704 have undermined the regime’s national security objectives by preventing the domestic aluminum industry (including derivatives) from achieving sustained production capacity utilization of at least 80 percent, as determined in the Secretary’s January 19, 2018, report. I also determine that the modifications failed to achieve their articulated objectives. As a result, I determine that these modifications have resulted in significantly increasing imports of aluminum articles that once again threaten to impair the national security of the United States.
14. In light of the Secretary’s findings, I have determined that it is necessary and appropriate to adjust the tariff proclaimed by Proclamation 9704, as amended, and the tariff proclaimed by Proclamation 9980, as amended, to increase the tariff rate from 10 percent ad valorem to 25 percent ad valorem. These actions are necessary and appropriate to remove the threatened impairment of the national security of the United States.
15. In light of the Secretary’s findings regarding the alternative agreements with Argentina proclaimed in Proclamation 9758 of May 31, 2018; Australia proclaimed in Proclamation 9758; Canada proclaimed in Proclamation 9893 of May 19, 2019, and Proclamation 10106 of October 27, 2020; Mexico proclaimed in Proclamation 9893 and Proclamation 10782 of July 10, 2024; the European Union proclaimed in Proclamation 10327 of December 27, 2021, and Proclamation 10690 of December 28, 2023; and the United Kingdom proclaimed in Proclamation 10405 of May 31, 2022, I have decided that it is necessary to terminate these agreements as of March 12, 2025. As of March 12, 2025, all imports of aluminum articles and derivative aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the UK shall be subject to the additional ad valorem tariff proclaimed in Proclamation 9704, as amended, with respect to aluminum articles and Proclamation 9980, as amended, with respect to derivative aluminum articles. Imports of aluminum articles and derivative aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the UK shall be subject to the revised tariff rate of 25 percent ad valorem established in clause 2 of this proclamation, commensurate with the tariff rate imposed on such articles imported from most other countries. In my judgment, these modifications are necessary to address the significantly increasing imports of aluminum articles and derivative aluminum articles from these sources, which threaten to impair the national security of the United States. Replacing the alternative agreements with the additional ad valorem tariffs will be a more robust and effective means of ensuring that the objectives articulated in the Secretary’s January 19, 2018, report and subsequent proclamations are achieved.
16. In light of the information provided by the Secretary that the significant increase of imports of certain derivative aluminum articles has depressed demand for aluminum articles produced by domestic aluminum producers, I have determined that it is necessary to adjust the tariff proclaimed in Proclamation 9704 and Proclamation 9980 to apply to additional derivative aluminum articles.
17. I have also determined that it is necessary to terminate the product exclusion process as authorized in clause 3 of Proclamation 9704, clause 1 of Proclamation 9776, and clause 2 of Proclamation 9980.
18. Section 232, as amended, authorizes the President to take action to adjust the imports of an article and its derivatives that are being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security of the United States.
19. Section 604 of the Trade Act of 1974, as amended, authorizes the President to embody in the Harmonized Tariff Schedule of the United States (HTSUS) the substance of statutes affecting import treatment, and actions thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction.
NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by the authority vested in me by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code, section 604 of the Trade Act of 1974, as amended, and section 232, do hereby proclaim as follows:
(1) The provisions of Proclamation 9758 with respect to imports of aluminum articles from the Argentina; Proclamation 9758 with respect to imports of aluminum articles from the Australia; Proclamation 9893 and Proclamation 10106 with respect to imports of aluminum articles from Canada; Proclamation 9893 and Proclamation 10782 with respect to imports of aluminum articles and derivative aluminum articles from Mexico; Proclamation 10327 and Proclamation 10690 with respect to imports of aluminum articles and derivative aluminum articles from the European Union; and Proclamation 10405 with respect to imports of aluminum articles and derivative aluminum articles from the United Kingdom shall be ineffective as of 12:01 a.m. eastern time on March 12, 2025. The provisions of clause 1 of Proclamation 9980 as applicable to imports of derivative aluminum articles from Argentina, Australia, Canada, and Mexico shall be ineffective as of 12:01 a.m. eastern time on March 12, 2025; all imports of aluminum articles and derivative aluminum articles from these countries shall be subject to the additional ad valorem tariffs proclaimed in Proclamation 9704, as amended, and Proclamation 9980, as amended. Imports of aluminum articles and derivative aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the United Kingdom will be subject to the revised tariff rate of 25 percent ad valorem established in clauses (2) and (3) of this proclamation, commensurate with the tariff rate imposed on such articles imported from most countries, as amended by this proclamation.
(2) As of 12:01 a.m. on March 12, 2025, the tariff proclaimed by Proclamation 9704, as amended, and the tariff proclaimed by Proclamation 9980, as amended, are adjusted to increase the respective tariff rates from an additional 10 percent ad valorem to an additional 25 percent ad valorem.
(3) Clause 2 of Proclamation 9704, as amended, is further amended in the second sentence by deleting “and” before “(k)”; replacing “11:59 p.m. eastern standard time on December 31, 2025” after (k) with “12:01 a.m. eastern time on March 12, 2025”; and inserting before the period at the end: “, and (l) on or after 12:01 a.m. on March 12, 2025, at a revised rate of an additional 25 percent ad valorem rate, from all countries except from Russia.”
(4) The first two sentences of clause 1 of Proclamation 9980 are revised to read as follows:
(5) Except as otherwise provided in this proclamation, all imports of derivative aluminum articles specified in Annex I to this proclamation or any subsequent annex published in the Federal Register pursuant to this Proclamation shall be subject to an additional 25 percent ad valorem rate of duty, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after the Commerce certification date in accordance with clause 9. For any derivative aluminum article identified in Annex I that is not in Chapter 76 of the HTSUS, the additional ad valorem duty shall apply only to the aluminum content of the derivative article. These rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported derivative aluminum articles, shall apply to imports of derivative aluminum articles described in Annex I to this proclamation from all countries, except Russia, but shall not apply to derivative aluminum articles processed in another country from aluminum articles that were smelted and cast in the United States. Further, all imports of derivative aluminum articles specified in Annex I to this proclamation that are the product of Russia and all imports of derivative aluminum articles specified in Annex I to this proclamation where any amount of primary aluminum used in the manufacture of the derivative aluminum articles is smelted in Russia, or the derivative aluminum articles are cast in Russia, shall be subject to the 200 percent ad valorem rate of duty established in Proclamation 10522, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after the Commerce certification date in accordance with clause 9. Primary aluminum is defined as new aluminum metal that is produced from alumina (or aluminum oxide) by the electrolytic Hall-Heroult process. The Secretary shall continue to monitor imports of the derivative articles described in Annex I to this proclamation, and shall, from time to time, in consultation with the United States Trade Representative, the Secretary of Defense, or other officials as appropriate, review the status of such imports with respect to the national security of the United States.
(6) The Secretary shall not consider any new product exclusion requests under clause 3 of Proclamation 9704, clause 1 of Proclamation 9776, or clause 2 of Proclamation 9980, or renew any such product exclusions in effect as of the date of this proclamation. Granted product exclusions shall remain effective until their expiration date or until excluded product volume is imported, whichever occurs first. The Secretary shall take all actions, including publication in the Federal Register, necessary to terminate the product exclusion process. In addition, all general approved exclusions shall be ineffective as of March 12, 2025, and the Secretary shall publish a notice in the Federal Register to this effect. I have determined that this is necessary to ensure that these general exclusions do not allow high volumes of imports, including of products that the domestic industry can produce and supply, to undermine the objectives articulated in the Secretary’s January 2018 report and relevant subsequent proclamations. Following the elimination of quantitative restrictions on certain sources pursuant to this proclamation, and subject to any restrictions set forth in or pursuant to other provisions of applicable law, imports of any aluminum article or derivative article from any source and in any quantity will be available to domestic importers, provided that the additional ad valorem tariffs are paid upon entry or withdrawal from warehouse for consumption. For purposes of implementing the requirements in this proclamation, importers of aluminum derivative articles shall provide to CBP any information necessary to identify the aluminum content used in the manufacture of aluminum derivative articles imports covered by this Proclamation. CBP is hereby authorized and directed to publish regulations or guidance implementing this requirement as soon as practicable.
(7) Within 90 days after the date of this proclamation, the Secretary shall establish a process for including additional derivative aluminum articles within the scope of the ad valorem duties proclaimed in Proclamation 9704, as amended, Proclamation 9980, as amended, and clause 5 of this proclamation. In addition to inclusions made by the Secretary, this process shall provide for including additional derivative aluminum articles at the request of a producer of an aluminum article or derivative aluminum article within the United States, or an industry association representing one or more such producers, establishing that imports of a derivative aluminum article have increased in a manner that threatens to impair the national security or otherwise undermine the objectives set forth in the Secretary’s January 19, 2018 report or any Proclamation issued pursuant thereto. When the Secretary receives such a request from a domestic producer or industry association, it shall issue a determination regarding whether or not to include the derivative aluminum article or articles within 60 days of receiving the request.
(8) The provisions of clause 3 of Proclamation 9704, clause 1 of Proclamation 9776, and clause 2 of Proclamation 9980, or any other provisions authorizing the Secretary to grant relief for certain products from the additional ad valorem duties or quantitative restrictions set forth in the prior proclamations described herein are hereby revoked, except to the extent required to implement clause 5 of this proclamation.
(9) The modifications made by this proclamation with respect to derivative aluminum articles identified in the annex that are not in chapter 76 of the HTSUS shall be effective upon public notification by the Secretary of Commerce, that adequate systems are in place to fully, efficiently, and expediently process and collect tariff revenue for covered articles.
(10) Any aluminum article or derivative article, except those eligible for admission under “domestic status” as defined in 19 CFR 146.43, that is subject to the duty imposed by this proclamation and that is admitted into a U.S. foreign trade zone on or after the Commerce certification date, in accordance with clause 9, may be admitted only under “privileged foreign status” as defined in 19 CFR 146.41, and will be subject upon entry for consumption to any ad valorem rates of duty related to the classification under the applicable HTSUS subheading.
(11) The United States International Trade Commission, in consultation with the Secretary, the Commissioner of United States Customs and Border Protection (CBP) within the Department of Homeland Security, and the heads of other relevant executive departments and agencies, shall revise the HTSUS so that it conforms to the amendments and effective dates directed in this proclamation within ten days of the date of this proclamation. The Secretary is authorized and directed to publish any such modifications to the HTSUS in the Federal Register.
(12) CBP shall prioritize reviews of the classification of imported aluminum articles and derivative aluminum articles and, in the event that it discovers misclassification resulting in loss of revenue of the ad valorem duties proclaimed herein, it shall assess monetary penalties in the maximum amount permitted by law.In addition, CBP shall promptly notify the Secretary regarding evidence of any efforts to evade payment of the ad valorem duties proclaimed herein through processing or alteration of aluminum articles or derivative aluminum articles as a disguise or artifice prior to importation.In such circumstances, the Secretary shall consider the processed or altered aluminum articles or derivative aluminum articles for inclusion as derivative aluminum articles pursuant to clause 5 of this proclamation.
(13) No drawback shall be available with respect to the duties imposed pursuant to this proclamation.
(14) The Secretary may issue regulations and guidance consistent with this proclamation, including to address operational necessity.
(15) Any provision of a previous proclamation or Executive Order that is inconsistent with the actions taken in this proclamation is superseded to the extent of such inconsistency.
IN WITNESS WHEREOF, I have hereunto set my hand thistenth day of February, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and forty-ninth.
WHO Director-General Dr Tedros Adhanom Ghebreyesus provided opening remarks at the World Summit on the Information Society +20 High-Level Event, alongside other global leaders, setting the stage for this significant event.
This first global convening of the Global Initiative on Digital Health was co-hosted by the Global Initiative on Digital Health, the Brazil G20 Presidency under the framework of the World Summit of the Information Society (WSIS) and Action line C7: E-Health. The event commenced with remarks from:
Dr Alain Labrique, Director, Department of Digital Health and Innovation, World Health Organization
Ms Ana Estela Haddad, Secretary of Information and Digital Health of the Brazilian Ministry of Health
Ms Rachel Toku-Appiah, Director, Policy, Advocacy and Communication, Africa, Bill and Melinda Gates Foundation
Ms Monique Vledder, Head for Health, Nutrition and Population, World Bank
Mr Tomas Lamanauskas, Deputy Secretary-General, the International Telecommunications Union.
Participants included representatives from over 60 countries and 150 organizations across ministries of health and Information Communication and Technology, government agencies, bilateral agencies, philanthropic organizations, academia, civil society, private sector and technologists. Through both in-person and online participation – enabled with support from the International Telecommunication Union – participants shared their experiences and lessons learned with standards-based and country-led development of digital health architecture.
The discussions focused on several critical topics, including:
the role of digitalization in health financing and the need for digital public infrastructure in the health sector;
policy legislation and regulations that enable digital health adoption, data sharing and interoperability standards;
the impact of internet connectivity and bandwidth, level of digital literacy and data governance on national digital governance;
what constitutes a good digital health investment and how to track this;
the opportunities for government-to-government collaboration to strengthen national governance of digital health transformation;
the opportunity for public private partnerships for resilient digital health; and
how to measure progress on the Global Strategy on Digital Health.
The second GIDH global convening will be held at the end of May in Geneva, Switzerland. Visit the GIDH webpage for updates and information on how to get involved.
SINGAPORE, Feb. 12, 2025 (GLOBE NEWSWIRE) — With the price of bitcoin once again trading below $100,000, many analysts believe it will enter a long period of high volatility. Holding spot positions may not continue to generate profits in the short term. BexBack Exchange is stepping up its efforts to provide traders with irresistible preferential packages. The platform now offers a 100% deposit bonus, a $50 welcome bonus for new users, and a 100x leverage on cryptocurrency trading, creating unparalleled opportunities for investors.
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About BexBack?
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Disclaimer: This content is provided by BexBack. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.
Photos accompanying this announcement are available at
Headline: Unveiled: 2024 ICC Arbitration and ADR preliminary statistics
Alexander G. Fessas, Secretary General of the ICC International Court of Arbitration and Director of ICC Dispute Resolution Services, said:
“The preliminary figures highlight once more the confidence companies and states place in ICC as their preferred institution for resolving disputes. Staying close to the needs of ICC Arbitration and ADR users worldwide, we remain committed to delivering fair, efficient and transparent services that meet the evolving needs of domestic and international commerce”.
Caseload
In 2024, the number of new cases remained strong, with 831 cases filed under the ICC Arbitration Rules (of which 17 began with Emergency Arbitrator applications) and 10 cases under the ICC Appointing Authority Rules. This is similar to the average caseload of the last five years. In October, ICC reached a milestone when it registered its 29,000th case under the ICC Arbitration Rules. In total 1,789 cases were pending at the end of 2024.
Expedited procedure
In 2024, 152 new cases were administered under the Expedited Procedure Provisions (‘EPP’). The ICC Court has administered a total of 865 cases under the EPP since the procedure was established in 2017.
Parties
A total of 2,392 parties participated in ICC arbitrations in 2024, of which 1,100 were claimants and 1,292 were respondents. Parties originated from 136 jurisdictions, with an increased presence compared to 2023 in North and West Europe, Sub-Saharan Africa, Latin America and the Caribbean, South and East Asia, and the Pacific.
For new cases, the top 10 countries from which parties originated were the United States (167 parties) followed by Brazil (156), Spain (137), Mexico (106), Italy (101), the People’s Republic of China and Hong Kong SAR (98), Germany (85), Türkiye (80), and France and the United Arab Emirates (73 parties each).
A total of 45 states and 143 state-owned entities were involved in 159 cases filed during the year, accounting for 19% of new cases.
Place of arbitration
ICC arbitral tribunals were seated in 107 cities across 62 countries or independent territories on all continents. The top 10 jurisdictions were the United Kingdom (96 cases), France (91), Switzerland (83), the United States (72), the United Arab Emirates (38), Spain (33), Brazil and Mexico (30 each), Singapore (28), and Germany (20).
Amounts in dispute
Amounts in dispute in new cases varied significantly, ranging from just below US$10,000 to US$53 billion. The aggregate amount in dispute for new cases reached US$103 billion, with an average of US$130 million and a median of approximately US$5 million.
With a total of US$354 billion, the aggregate amount in dispute for pending cases sets an all-time record. The corresponding average and median amounts were US$211 million and US$14 million, respectively.
Claudia Salomon, President of the ICC International Court of Arbitration, said:
“The 2024 statistics underscore the ICC Court’s role as the leading arbitral institution. With so many parties from jurisdictions around the world and a record value of pending cases, it is clear that arbitration remains a vital tool for resolving domestic and cross-border disputes. As we move forward, we continue to prioritise accessibility, efficiency and innovation, ensuring that ICC remains a trusted and effective solution for businesses and States worldwide”.
ICC International Centre for ADR
A total of 61 requests were filed with the ICC ADR Centre in 2024: 37 under ICC Mediation Rules, 20 under the Expert Rules, three under DOCDEX Rules and one under the Dispute Board Rules.
The full 2024 ICC Dispute Resolution Statistics report will be released later this year. ICC DRS statistical reports since 1997 are available on the ICC Dispute Resolution Library (jusmundi.com).
Information presented herewith is subject to verification prior to publication in the complete 2024 annual statistical report.
Brian Bryant, International President of the 600,000-member IAM Union, and David Chartrand, IAM Canadian General Vice President, issued the following statement regarding President Trump’s announcement of a 25% tariff on all steel and aluminum imports into the United States:
“A 25% tariff on Canadian steel and aluminum imports would be a gut punch to workers on both sides of the border. It will lead to job losses, higher consumer prices, and broken supply chains vital to industries like automotive, aerospace and defense.
“These proposed tariffs will not protect or grow American jobs – it will destroy them. The U.S. and Canadian economies are linked at the hip. Slapping a 25% tariff on these critical materials from Canada would put our national security at risk.
“Many of our members in aerospace and defense depend on parts and materials flowing freely between the U.S. and Canada. These tariffs will throw a wrench into the whole system, putting thousands of IAM Union and other jobs at risk. Our union doesn’t oppose tariffs, but we are advocates for strategic tariffs that protect domestic manufacturing and enhance national security.
“Instead of fighting with our closest ally, we should collaborate with Canada to take on real threats like China and Mexico. Unfair trade practices by China and Mexico have decimated the American aluminum industry, not Canada. We need cooperation, not conflict, to build a strong North American manufacturing sector.
“We urge President Trump to pull all stakeholders – government, business, and labor – together to forge a comprehensive strategy to protect and grow critical manufacturing in the United States and Canada.”
The International Association of Machinists and Aerospace Workers is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, healthcare, automotive, and other industries.
NEWARK, N.J. – Two individuals have been charged in connection with possessing distribution quantities of fentanyl, and one of the individuals has additionally been charged with possession of a firearm with an obliterated serial number, U.S. Attorney Vikas Khanna announced.
Pablo Suruy Hernandez, 41, of Guatemala, and Giovanni Guzman, 41, of El Salvador, were charged by complaint with one count of conspiracy to distribute fentanyl, and one count of possession with intent to distribute fentanyl. Hernandez is also charged with one count of possession of a firearm with an obliterated serial number. Hernandez and Guzman appeared before U.S. Magistrate Judge Stacey D. Adams in Newark federal court on February 10, 2025, and were detained.
According to documents filed in this case and statements made in court:
In January 2025, law enforcement officials received information that Hernandez was engaged in narcotics trafficking in New Jersey. On January 16, 2025, Hernandez met with a confidential source to discuss the potential purchase of firearms, fentanyl, and cocaine. On January 21, 2025, Hernandez sold a defaced firearm to the confidential source. On February 7, 2025, Hernandez and Guzman met with the confidential source to sell 100,000 fentanyl pills. Along with the seizure of approximately eleven kilograms of fentanyl, law enforcement also recovered approximately $65,000 during a lawfully executed search of Hernandez’s residence.
The fentanyl conspiracy and distribution counts carry a mandatory minimum penalty of 10 years in prison, maximum potential penalty of life in prison, and a $10 million fine. The possession of a firearm with an obliterated serial number carries a maximum penalty of 5 years in prison and a fine of not more than $250,000.
Acting U.S. Attorney Khanna credited the Drug Enforcement Administration (DEA) New York Division’s Special Agent in Charge Frank Tarentino, and the work of New York Drug Enforcement Task Force Group T-42, which is comprised of Special Agents from the DEA and Task Force Officers from the New York City Police Department (NYPD) and the New York State Police (NYSP).
The government is represented by Assistant U.S. Attorney Ingrid Eicher of the Office’s Criminal Division in Newark.
The charges and allegations contained in the complaint are merely accusations, and the defendant is presumed innocent unless and until proven guilty.
MIAMI, Feb. 12, 2025 (GLOBE NEWSWIRE) — International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), a leading omnichannel money remittance services company, will release Fourth Quarter and Full Year 2024 earnings before the start of trading on Wednesday, February 26, 2025. The Intermex management team will be hosting a conference call on the same day at 9:00 AM ET.
Interested parties are invited to join the conference and gain firsthand knowledge about Intermex’s financial performance and operational achievements through the following channels:
A live broadcast of the conference call may be accessed via the Investor Relations section of Intermex’s website at https://investors.intermexonline.com/.
To participate in the live conference call via telephone, please register HERE. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.
Following the conference call, an archived webcast of the call will be available for one year on Intermex’s website at https://investors.intermexonline.com/.
Investor Day Event
On the same day, Intermex will host an Investor Day at The Westin New York at Times Square, beginning at 1:00 PM ET. Management will provide strategic updates, insights into key business areas, and future growth opportunities.
The in-person event is open to institutional investors and research analysts. A live stream and supporting materials will be available for those unable to attend the live event at https://edge.media-server.com/mmc/p/5ymy6w9u. Please note that remote attendees will have listen-only access, as the Q&A session will be reserved for in-person attendees.
To register for in-person attendance, contact Laurie Berman of PondelWilkinson at lberman@pondel.com or 310-279-5980.
As part of its ongoing commitment to maximizing shareholder value, Intermex continues to evaluate strategic alternatives. This review may include, among other options, a potential sale, spin-off, or other strategic transaction. The process is ongoing, with no set deadline or definitive timeline for completion. There is no assurance that this review will result in any specific transaction or outcome.
About International Money Express, Inc. Founded in 1994, Intermex applies proprietary technology enabling consumers to send money from the United States, Canada, Spain, Italy, the United Kingdom and Germany to more than 60 countries. The Company provides the digital movement of money through the Company’s website and mobile app, as well as through its network of agent retailers in the United States, Canada, Spain, Italy, the United Kingdom and Germany, and its Company-operated stores. Transactions are fulfilled and paid through thousands of retail locations and banks around the world. Intermex is headquartered in Miami, Florida, with international offices in Puebla, Mexico, Guatemala City, Guatemala, London, England, and Madrid, Spain. For more information about Intermex, please visit www.intermexonline.com.
Investor Relations: Alex Sadowski Investor Relations Coordinator ir@intermexusa.com tel. 305-671-8000
Q4 Revenue of $78.1million, GAAP Operating Income of $12.8million and Adjusted EBITDA of $12.1million
2024Revenue of $305.4million, GAAP Operating Income of $27.7million anda 25-yearRecordAdjusted EBITDA of $42.2million
Expects 2025 Revenues to increase by36%-50%
Announces New Reporting Segments
PETAH TIKVA, Israel, Feb. 12, 2025 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its unaudited results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024Financial Highlights
Revenue of $78.1 million, up 3% compared with $75.6 million in Q4 2023;
GAAP operating income of $12.8 million, compared with $2.9 million in Q4 2023;
Non-GAAP operating income of $9.7 million, compared with $6.1 million in Q4 2023;
GAAP net income of $11.8 million, or $0.21 per diluted share, compared with $3.4 million, or $0.06 per diluted share, in Q4 2023;
Non-GAAP netincome of $8.5 million, or $0.15 per diluted share, compared with $6.5 million, or $0.11 per diluted share, in Q4 2023;
Adjusted EBITDA of $12.1 million, up 30% compared with $9.4 million in Q4 2023.
Full year 2024Financial Highlights
Revenue of $305.4 million, up 15% compared with $266.1 million in 2023;
GAAP operating income of $27.7 million, compared with $28.1 million in 2023;
Non-GAAP operating income of $31.9 million, up 35% compared with $23.5 million in 2023;
GAAP net income of $24.8 million, or $0.44 per diluted share, compared with $23.5 million, or $0.41 per diluted share in 2023;
Non-GAAP net income of $28.2 million, or $0.49 per diluted share, compared with $19.9 million, or $0.35 per diluted share 2023;
Adjusted EBITDA was $42.2 million, up 16% compared with adjusted EBITDA of $36.4 million in 2023.
2025 Guidance
Management’s financial guidance for 2025 is for revenues of between $415 to $455 million, and Adjusted EBITDA is expected to be between $47 to $53 million1.
Adi Sfadia, Gilat’s CEO, commented, “Gilat delivered strong results with profitability of Adjusted EBITDA of $12.1 million for the fourth quarter and $42.2 million for the entire year. These results alongside our strong generation of cash flow underscore the strength and resilience of our core business model, demonstrating both operating leverage and the positive impact of our current product revenue mix.”
“During the fourth quarter our Defense and In-Flight Connectivity business continued to experience strong momentum with increased orders and awards. The Defense segment, with a focus on the US DoD, represents a significant growth opportunity for Gilat. We are pleased with our progress in expanding opportunities to serve the specialized needs of government and military customers with our innovative satellite solutions,” Mr. Sfadia continued. “With the closing of the Stellar Blu acquisition, our Commercial business is poised for significant growth as we establish our leadership in the expanding Electronically Steerable Antenna (ESA) market. Our portfolio of IFC GEO, LEO and multi-orbit solutions will be instrumental in capitalizing on increasing demand for inflight connectivity by airlines and passengers.”
Mr. Sfadia concluded, “Looking ahead into 2025, given the significant potential we see in the defense market and our view of this as a strategic growth engine, we plan to increase our investment in R&D, Sales and Marketing of the Defense Segment. We believe that this targeted increase will allow us to take advantage of the opportunities we see quicker and more decisively to ensure a long term growth in this market. Coupled with our recent acquisitions and positioning in the Satcom market, Gilat has the resource base to scale the IFC and Defense businesses and our track record of profitable, cash generating growth, provides a strong foundation for Gilat’s continued success.”
Commencing January 1, 2025, the company has implemented a new organizational structure and reportable segments. The new organizational structure and segment reporting are designed to better target the diverse and attractive end markets the company serves and to provide investors with greater insight into Gilat’s business lines and strategic growth opportunities. The company will report financial results based on the following three divisions: Gilat Defense, Gilat Commercial and Gilat Peru.
Gilat Defense Division: provides secure, rapid-deployment solutions for military organizations, government agencies, and defense integrators, with a strong focus on the U.S. Department of Defense resulting from our strategic acquisition of DataPath Inc. By integrating technologies from Gilat, Gilat DataPath, and Gilat Wavestream, the division delivers resilient battlefield connectivity with multiple layers of communication redundancy for high availability.
Gilat Commercial Division: provides advanced broadband satellite communication networks for IFC, Enterprise and Cellular Backhaul, supporting HTS, VHTS, and NGSO constellations with turnkey solutions for service providers, satellite operators, and enterprises. Our acquisition of Stellar Blu serves as the cornerstone of this division, strengthening our position in the IFC market and enabling us to provide cutting-edge connectivity solutions that meet the demands of passengers, airlines, and service providers worldwide.
Gilat Peru Division: specializes in end-to-end telco solutions, including the operation and implementation of large-scale network projects. With expertise in terrestrial fiber optic, wireless, and satellite networks, Gilat Peru provides technology integration, managed networks and services, connectivity solutions, and reliable internet and voice access across the region.
Gilat has prepared unaudited illustrations of the company’s financial reports for Fiscal Years 2023 and 2024 to reflect the company’s results based on the new segment reporting, which can be found in the IR section on Gilat’swebsite. For additional information about Gilat’s new divisional structure, please click here: Link
Key Recent Announcements
Gilat Secures Over $18 Million Orders Addressing Demand for In-Flight Connectivity Solutions
Gilat Receives $9 Million in Orders for Multi-Orbit SkyEdge Platforms
Gilat Completes Acquisition of Stellar Blu Solutions LLC
Gilat and Hispasat Provided Immediate Satellite Communication to Support Disaster Recovery Efforts After Hurricane Helene
Gilat Receives Over $3 Million in Orders to Support LEO Constellations
Gilat Awarded Over $5 Million in orders to Support Critical Connectivity for Defense Forces
Gilat Receives $4M in Orders for Advanced Portable Terminals from Global Defense Customers
Conference Call Details
Gilat’s Management will discuss its fourth quarter and full year 2024 results and business achievements and participate in a question-and-answer session:
The webcast will also be archived for a period of 30 days on the Company’s website and through the link above.
Non-GAAP Measures
The attached summary unaudited financial statements were prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). To supplement the consolidated financial statements presented in accordance with GAAP, the Company presents non-GAAP presentations of gross profit, operating expenses, operating income, income before taxes on income, net income, Adjusted EBITDA, and earnings per share. The adjustments to the Company’s GAAP results are made with the intent of providing both management and investors with a more complete understanding of the Company’s underlying operational results, trends, and performance. Non-GAAP financial measures mainly exclude, if and when applicable, the effect of stock-based compensation expenses, amortization of purchased intangibles, lease incentive amortization, other non-recurring expenses, other integration expenses, other operating expenses (income), net, and income tax effect on the relevant adjustments.
Adjusted EBITDA is presented to compare the Company’s performance to that of prior periods and evaluate the Company’s financial and operating results on a consistent basis from period to period. The Company also believes this measure, when viewed in combination with the Company’s financial results prepared in accordance with GAAP, provides useful information to investors to evaluate ongoing operating results and trends. Adjusted EBITDA, however, should not be considered as an alternative to operating income or net income for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under GAAP and may not be comparable to other similarly titled measures for other companies. Reconciliation between the Company’s net income and adjusted EBITDA is presented in the attached summary financial statements.
Non-GAAP presentations of gross profit, operating expenses, operating income, income before taxes on income, net income, adjusted EBITDA and earnings per share should not be considered in isolation or as a substitute for any of the consolidated statements of operations prepared in accordance with GAAP, or as an indication of Gilat’s operating performance or liquidity.
About Gilat
Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.
Together with our wholly-owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.
Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the terrorist attacks by Hamas, and the hostilities between Israel and Hamas and Israel and Hezbollah. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.
_________________ 1 We do not provide forward-looking guidance on a GAAP basis because we are unable to reasonably provide forward-looking guidance for certain financial data, such as amortization of purchased intangibles and earnout-based expenses related to recent acquisitions. As a result, we are not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort.
GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands (except share and per share data)
Twelve months ended
Three months ended
December 31,
December 31,
2024
2023
2024
2023
Unaudited
Audited
Unaudited
Revenues
$
305,448
$
266,090
$
78,128
$
75,612
Cost of revenues
192,117
161,145
47,107
46,692
Gross profit
113,331
104,945
31,021
28,920
Research and development expenses, net
38,136
41,173
10,108
11,624
Selling and marketing expenses
27,381
25,243
6,657
7,119
General and administrative expenses
26,868
19,215
6,192
6,312
Other operating expenses (income), net
(6,751
)
(8,771
)
(4,706
)
986
Total operating expenses
85,634
76,860
18,251
26,041
Operating income
27,697
28,085
12,770
2,879
Financial income, net
1,504
109
63
1,196
Income before taxes on income
29,201
28,194
12,833
4,075
Taxes on income
(4,352
)
(4,690
)
(1,069
)
(628
)
Net income
$
24,849
$
23,504
$
11,764
$
3,447
Earnings per share (basic and diluted)
$
0.44
$
0.41
$
0.21
$
0.06
Weighted average number of shares used in
computing earnings per share
Basic
57,016,920
56,668,999
57,017,032
56,820,774
Diluted
57,016,920
56,672,537
57,017,032
56,820,774
GILAT SATELLITE NETWORKS LTD.
RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME
FOR COMPARATIVE PURPOSES
U.S. dollars in thousands (except share and per share data)
Three months ended
Three months ended
December 31, 2024
December 31, 2023
GAAP
Adjustments (*)
Non-GAAP
GAAP
Adjustments (*)
Non-GAAP
Unaudited
Unaudited
Gross profit
$
31,021
$
575
$
31,596
$
28,920
$
617
$
29,537
Operating expenses
18,251
3,680
21,931
26,041
(2,615
)
23,426
Operating income
12,770
(3,105
)
9,665
2,879
3,232
6,111
Income before taxes on income
12,833
(3,105
)
9,728
4,075
3,232
7,307
Net income
$
11,764
$
(3,252
)
$
8,512
$
3,447
$
3,097
$
6,544
Basic earnings per share
$
0.21
$
(0.06
)
$
0.15
$
0.06
$
0.06
$
0.12
Diluted earnings per share
$
0.21
$
(0.06
)
$
0.15
$
0.06
$
0.05
$
0.11
Weighted average number of shares used in
computing earnings per share
Basic
57,017,032
57,017,032
56,820,774
56,820,774
Diluted
57,017,032
57,024,316
56,820,774
56,987,939
(*)
Adjustments reflect the effect of stock-based compensation expenses as per ASC 718, amortization of purchased intangibles, other operating income (expenses), net,other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate.
Three months ended
Three months ended
December 31, 2024
December 31, 2023
Unaudited
Unaudited
GAAP net income
$
11,764
$
3,447
Gross profit
Stock-based compensation expenses
133
129
Amortization of purchased intangibles
389
448
Other integration expenses
53
40
575
617
Operating expenses
Stock-based compensation expenses
653
796
Stock-based compensation expenses related to business combination
140
662
Amortization of purchased intangibles
216
162
Other operating income (expenses), net and other integration expenses
(4,689
)
995
(3,680
)
2,615
Taxes on income
(147
)
(135
)
Non-GAAP net income
$
8,512
$
6,544
GILAT SATELLITE NETWORKS LTD.
RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME
FOR COMPARATIVE PURPOSES
U.S. dollars in thousands (except share and per share data)
Twelve months ended
Twelve months ended
December 31, 2024
December 31, 2023
GAAP
Adjustments (*)
Non-GAAP
GAAP
Adjustments (*)
Non-GAAP
Unaudited
Audited
Unaudited
Gross profit
$
113,331
$
3,673
$
117,004
$
104,945
$
895
$
105,840
Operating expenses
85,634
(500
)
85,134
76,860
5,434
82,294
Operating income
27,697
4,173
31,870
28,085
(4,539
)
23,546
Income before taxes on income
29,201
4,173
33,374
28,194
(4,539
)
23,655
Net income
$
24,849
$
3,376
$
28,225
$
23,504
$
(3,597
)
$
19,907
Basic earnings per share
$
0.44
$
0.06
$
0.50
$
0.41
$
(0.06
)
$
0.35
Diluted earnings per share
$
0.44
$
0.05
$
0.49
$
0.41
$
(0.06
)
$
0.35
Weighted average number of shares used in
computing earnings per share
Basic
57,016,920
57,016,920
56,668,999
56,668,999
Diluted
57,016,920
57,041,778
56,672,537
56,784,601
(*)
Adjustments reflect the effect of stock-based compensation expenses as per ASC 718, amortization of purchased intangibles, other operating income, net, other non-recurring expenses, other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate.
Twelve months ended
Twelve months ended
December 31, 2024
December 31, 2023
Unaudited
Unaudited
GAAP net income
$
24,849
$
23,504
Gross profit
Stock-based compensation expenses
518
407
Amortization of purchased intangibles
2,412
448
Other non-recurring expenses
466
–
Other integration expenses
277
40
3,673
895
Operating expenses
Stock-based compensation expenses
2,771
2,354
Stock-based compensation expenses related to business combination
3,437
662
Amortization of purchased intangibles
988
312
Other operating income, net and other integration expenses
(6,696
)
(8,762
)
500
(5,434
)
Taxes on income
(797
)
942
Non-GAAP net income
$
28,225
$
19,907
GILAT SATELLITE NETWORKS LTD.
SUPPLEMENTAL INFORMATION
U.S. dollars in thousands
ADJUSTED EBITDA:
Twelve months ended
Three months ended
December 31,
December 31,
2024
2023
2024
2023
Unaudited
Unaudited
GAAP net income
$
24,849
$
23,504
$
11,764
$
3,447
Adjustments:
Financial income, net
(1,504
)
(109
)
(63
)
(1,196
)
Taxes on income
4,352
4,690
1,069
628
Stock-based compensation expenses
3,289
2,761
786
925
Stock-based compensation expenses related to business combination
3,437
662
140
662
Depreciation and amortization (*)
13,777
13,627
3,068
3,862
Other operating expenses (income), net
(6,751
)
(8,771
)
(4,706
)
986
Other non-recurring expenses
466
–
–
–
Other integration expenses
332
49
70
49
Adjusted EBITDA
$
42,247
$
36,413
$
12,128
$
9,363
(*) Including amortization of lease incentive
SEGMENT REVENUES:
Twelve months ended
Three months ended
December 31,
December 31,
2024
2023
2024
2023
Unaudited
Audited
Unaudited
Satellite Networks
$
198,174
$
168,527
$
49,064
$
53,517
Integrated Solutions
54,925
46,133
17,257
9,503
Network Infrastructure and Services
52,349
51,430
11,807
12,592
Total revenues
$
305,448
$
266,090
$
78,128
$
75,612
GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
December 31,
December 31,
2024
2023
Unaudited
Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
119,384
$
103,961
Restricted cash
853
736
Trade receivables, net
53,554
44,725
Contract assets
20,987
28,327
Inventories
38,890
38,525
Other current assets
21,963
24,299
Total current assets
255,631
240,573
LONG-TERM ASSETS:
Restricted cash
12
54
Long-term contract assets
8,146
9,283
Severance pay funds
5,966
5,737
Deferred taxes
11,896
11,484
Operating lease right-of-use assets
6,556
5,105
Other long-term assets
5,288
9,544
Total long-term assets
37,864
41,207
PROPERTY AND EQUIPMENT, NET
70,834
74,315
INTANGIBLE ASSETS, NET
12,925
16,051
GOODWILL
52,494
54,740
TOTAL ASSETS
$
429,748
$
426,886
GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED BALANCE SHEETS (Cont.)
U.S. dollars in thousands (except share data)
December 31,
December 31,
2024
2023
Unaudited
Audited
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Short-term debt
$
–
$
7,453
Trade payables
17,107
13,873
Accrued expenses
45,368
51,906
Advances from customers and deferred revenues
18,587
34,495
Operating lease liabilities
2,557
2,426
Other current liabilities
17,817
16,431
Total current liabilities
101,436
126,584
LONG-TERM LIABILITIES:
Long-term loan
2,000
2,000
Accrued severance pay
6,677
6,537
Long-term advances from customers and deferred revenues
580
1,139
Operating lease liabilities
4,014
3,022
Other long-term liabilities
10,606
12,916
Total long-term liabilities
23,877
25,614
SHAREHOLDERS’ EQUITY:
Share capital – ordinary shares of NIS 0.2 par value
2,733
2,733
Additional paid-in capital
943,294
937,591
Accumulated other comprehensive loss
(6,120
)
(5,315
)
Accumulated deficit
(635,472
)
(660,321
)
Total shareholders’ equity
304,435
274,688
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
429,748
$
426,886
GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Twelve months ended
Three months ended
December 31,
December 31,
2024
2023
2024
2023
Unaudited
Audited
Unaudited
Cash flows from operating activities:
Net income
$
24,849
$
23,504
$
11,764
$
3,447
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
13,554
13,402
3,012
3,805
Capital gain from sale of property
–
(2,084
)
–
–
Stock-based compensation *)
6,726
3,423
926
1,587
Accrued severance pay, net
(89
)
167
(72
)
12
Deferred taxes, net
1,834
2,662
298
(1,203
)
Decrease (increase) in trade receivables, net
(9,347
)
13,448
(2,328
)
9,561
Decrease (increase) in contract assets
8,519
(1,694
)
11,506
(7,804
)
Decrease (increase) in other assets and other adjustments (including
short-term, long-term and effect of exchange rate changes on cash and cash equivalents)
11,661
(351
)
8,590
(3,949
)
Decrease (increase) in inventories, net
(1,928
)
(2,387
)
544
3,798
Increase (decrease) in trade payables
3,196
(7,635
)
(1,884
)
(2,314
)
Increase (decrease) in accrued expenses
(5,906
)
735
(8,581
)
3,517
Increase (decrease) in advances from customers and deferred revenues
(16,390
)
803
(4,228
)
(1,843
)
Increase (decrease) in other liabilities
(5,010
)
(12,049
)
(3,265
)
1,343
Net cash provided by operating activities
31,669
31,944
16,282
9,957
Cash flows from investing activities:
Purchase of property and equipment
(6,610
)
(10,746
)
(2,515
)
(2,090
)
Acquisitions of subsidiary, net of cash acquired
–
(4,107
)
–
(4,107
)
Receipts from sale of property
–
2,168
–
–
Net cash used in investing activities
(6,610
)
(12,685
)
(2,515
)
(6,197
)
Cash flows from financing activities:
Repayment of credit facility, net
(7,453
)
(1,590
)
–
(1,590
)
Repayments of short-term debts
(7,836
)
–
(3,793
)
–
Proceeds from short-term debts
7,836
–
1,066
–
Costs associated with entering into a long-term debt
(654
)
–
(654
)
–
Net cash used in financing activities
(8,107
)
(1,590
)
(3,381
)
(1,590
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1,454
)
(63
)
(896
)
2,288
Increase in cash, cash equivalents and restricted cash
15,498
17,606
9,490
4,458
Cash, cash equivalents and restricted cash at the beginning of the period
104,751
87,145
110,759
100,293
Cash, cash equivalents and restricted cash at the end of the period
$
120,249
$
104,751
$
120,249
$
104,751
*)
Stock-based compensation including expenses related to business combination in the amounts of $3,437 and $662 for the twelve months ended December 31, 2024 and 2023, respectively.
Stock-based compensation including expenses related to business combination in the amounts of $140 and $662 for the three months ended December 31, 2024 and 2023, respectively.
In 2024, some 787,000 people who are migrants and refugees were present in Libya, according to the International Organization for Migration. While some of them come in search of work, others try from to reach Europe by crossing the Mediterranean Sea.
In Libya, they live in precarious conditions and are subjected to a range of violence and abuse, both inside and outside the country’s detention centres. Abducted, subjected to extortion and trafficking practices, assaulted or sexually abused, their access to healthcare is severely hampered at a time when they desperately need it.
“I fainted under the blows, and when I woke up, they were still beating me,” says Ahmed*, a young Sudanese boy arrested and thrown into prison while trying to travel to Tunisia. “I was disfigured, I had no teeth, and my friend Saud told me they had hit my head with a brick.”
Ahmed, a Sudanese boy who was detainedI fainted under the blows, and when I woke up, they were still beating me.
Taken care of by Médecins Sans Frontières (MSF) teams in Zuwara, a coastal town around 100 kilometers from the capital, Tripoli, Ahmed spent a month in hospital.
“People living undocumented in Libya have no protection, either in law or from the country’s fragile institutions, which prevents them from accessing healthcare,” says Steve Purbrick, MSF’s head of programmes in Libya. “They are exposed to violence on a daily basis. We see people who have been trafficked, others who have been tortured, raped.”
No protection and no access to healthcare
Libya is the first country of departure for people attempting to cross the Mediterranean Sea to Italy. Like Ahmed, undocumented migrants and refugees arriving there are exposed to violence throughout their journey. On the spot, they live in places often overcrowded, dangerous and unhealthy – shared rooms, but also sometimes abandoned sheds or building sites where they are also at risk of contracting diseases.
In Libya, migrants and refugees live in precarious conditions and are subjected to various forms of violence and abuse, both inside and outside the country’s detention centers. Kidnapped, subjected to extortion and trafficking, assaulted or sexually abused, their access to healthcare is severely hindered despite their desperate need for it.MSF
“Their state of health reflects both their living conditions and the extreme violence they face,” says Issam Abdullah, a doctor and the deputy medical manager for MSF in Libya. “Without protection and access to care, their injuries and traumas are rapidly worsening.”
MSF teams provide medical support in the cities of Misrata, Tripoli and Zuwara for basic healthcare, sexual and reproductive health, mental health, diagnosis and treatment of tuberculosis, and sexual violence. The most serious medical cases requiring hospitalisation are referred to the capital. Ahmed’s jaw operation was financed by MSF and carried out in a Tripoli hospital as there was no alternative solution.
In 2024, MSF teams carried out over 15,000 consultations. The majority of those receiving mental healthcare were suffering from post-traumatic stress disorders linked to the violence they had endured.
“Your destiny can change at any moment in Libya, all it takes is one little thing and your life is turned upside down, you can die, you can end up in prison,” says Nelson, a man from Cameroon who has been under the care of an MSF psychologist since the sinking of the boat he had boarded with his wife and two children to reach Europe. His wife and children did not survive the shipwreck.
Nelson, a Cameroonian who lost his wife and daughter in a shipwreckYour destiny can change at any moment in Libya, all it takes is one little thing and your life is turned upside down, you can die, you can end up in prison.
“To go and see a doctor, for example, or to buy bread, you can take the wrong road and run into police. If it’s your lucky day, they don’t see you; if it’s not your lucky day, they arrest you,” says Nelson.
Delayed care
Faced with the risk of abduction and arrest by the police or militia, people are forced underground in isolated places where they are even more vulnerable. They seek medical care only as a last resort when their state of health has already seriously deteriorated.
In 2024, MSF teams diagnosed and treated more than 250 people with tuberculosis. Sixteen died because they were not treated in time.
“We receive people suffering from tuberculosis who seek treatment very late, which leads to high mortality and further spread of the disease,” say Dr Abdullah. “Our teams are also seeing the negative impact of interrupted treatment.”
Salma* is 37 and has diabetes. She fled the war that broke out in Sudan in April 2023. “Diabetes requires regular meals and medication, and in Libya that’s not possible,” says the university professor.
Salma, a diabetic woman from SudanDiabetes requires regular meals and medication, and in Libya that’s not possible.
“When I had to leave, my health deteriorated rapidly as the days went by – I became incapable of doing anything, not cooking, not even getting dressed… I became completely dependent on my daughters,” she says.
More evacuations from Libya
“People on the move are an integral part of an economic model set up by militias, with the complicity of the European Union and its member states, with the aim of extorting money from them. They have to pay in exchange for their crossing, in exchange for their release and the continuation of their journey, but always with the risk of falling victim to criminal networks once again,” says Purbrick, MSF’s head of programmes.
“This is why, in addition to providing access to healthcare in the country, we are also focusing our efforts on opening up safe and legal pathways to evacuate people from Libya, in particular via the humanitarian corridor that exists between Libya and Italy,” he says. “MSF participates in this corridor by identifying vulnerable people to be evacuated and taking charge of some of them in Italy. But these options need to be drastically increased.”
Since 2021, this corridor has already enabled the evacuation of more than 700 people, around 60 of whom were patients of MSF in Libya. Fourteen people were subsequently cared for by MSF in Palermo, Sicily.
In April 2023, the United Nations published a report concluding there were grounds to believe a wide array of crimes against humanity have been committed against migrants in Libya.
*Names have been changed.
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In February 2025, multiple fires raged along the eastern slopes of the Andes Mountains in Patagonia. The fires had burned about 30,000 hectares (115 square miles) of forest in south-central Argentina by February 11, forcing hundreds of people to evacuate their homes, according to news reports. Smoke from the Magdalena Valley fire—burning in Lanín National Park—was visible in this image, captured by the MODIS (Moderate Resolution Imaging Spectroradiometer) instrument on NASA’s Aqua satellite on February 9, 2025 (above). A detailed view of the smoke moving through the Magdalena Valley can be seen in the image below, acquired on the same day by the OLI-2 (Operational Land Imager-2) on Landsat 9. The Magdalena Valley fire ignited in late January and had charred more than 15,000 hectares (58 square miles) of Lanín National Park as of February 10. The forested park, located in Argentina, shares a border with Villarrica National Park in Chile. Both parks share the two snowcapped dormant volcanoes pictured here: Lanín and Quetrupillán.
The austral summer (December through February) is the dry season in Chile and Argentina when wildfires are more common. This year, strong winds and unusually high temperatures fueled the region’s blazes, which began in December 2024. Warm, dry wind from the west crossed the Andes and swept through Lanín National Park at speeds up to 45 kilometers (28 miles) per hour in early February. As the wind flowed down the lee side of the Andes, it compressed, increasing the air temperature and driving down humidity. A similar phenomenon occurs during the Chinook Winds, which flow down the east side of the Rocky Mountains. René Garreaud, an atmospheric scientist at the University of Chile, noted that westerly winds crossing the Andes were stronger than average from early January to early February. Central and northern Argentina were especially hot in January and early February 2025. Maximum temperatures hovered around 35-45 degrees Celsius (95-113 degrees Fahrenheit), which is 3-5°C above normal, according to Argentina’s national weather service. The weather service noted that these “extreme temperatures” were expected to persist in parts of the country until February 12. Two other fires burned south of the Magdalena Valley fire in Argentina on February 11. By that day, the Los Manzanos fire had scorched 10,000 hectares of the Nahuel Huapi National Park, according to officials, and the Confluencia fire had burned over 3,600 hectares near the town of El Bolsón. NASA Earth Observatory images by Michala Garrison, using Landsat data from the U.S. Geological Survey and MODIS data from NASA EOSDIS LANCE and GIBS/Worldview. Story by Emily Cassidy.
Retail sector trends with high growth and postings
The global job market dynamics in 2024 revealed a positive year-over-year (YoY) trend, despite companies continuing optimization efforts, with over 500 companies announcing layoffs. The retail sector experienced a rise in postings, driven by companies such as Amazon and Walgreens. The technology and communications sector, with major recruiters including Accenture, Reliance Jio, and Microsoft, also saw a rise in postings. Key technology themes driving hiring trends include artificial intelligence (AI), cloud, big data, cybersecurity, and batteries, reveals the Job Analytics Database of GlobalData, a leading data and analytics company.
GlobalData’s latest report, Global Hiring Activity Trends & Signals – 2024, reveals that the new job postings for 2024 were driven by roles for AI/ML Engineers, Cloud Architects, and Generative AI Solution Architects.
Sherla Sriprada, Business Fundamentals Analyst at GlobalData, comments: “The AI theme has experienced a notable 61% increase in job postings, driven by the need for AI/ML Engineers, Cloud Architects, and Generative AI Solution Architects in 2024. There is a growing demand for professionals skilled in ChatGPT and Copilot, reflecting a heightened focus on GenAI, AI Agents, and Agentic AI roles.”
Countries such as China, Brazil, India, and Australia had a growth in job postings compared to the previous year. The US companies increased their hiring exposure to India while scaling back in China. The North American job onshoring declined in favor of postings in European and APAC nations.
Meanwhile, Infrastructure-as-a-Service (IaaS) gained traction, driven by Cloud Infra Leads, Infra Security Engineers, and Data Center InfraOps Managers. Additionally, office productivity applications and enterprise resource planning applications were trending in 2024.
Sriprada concludes: “2024 marks a pivotal year for the global job market, with tech themes driving much of the hiring activity. On the other hand, it is important to note that the shift towards onshoring in regions like India, coupled with reduced hiring in China, underscores the broader geopolitical and economic trends influencing talent acquisition strategies. This dynamic landscape presents both opportunities and challenges for organizations as they navigate the complexities of a rapidly evolving global workforce.”
Multiple gangs responsible for human rights abuses against children
Extreme violence and intimidation rife in Port-au-Prince and surrounding areas
“The lives of far too many children in Haiti are being wrecked” – Agnès Callamard
The relentless gang violence in Port-au-Prince and surrounding areas has resulted in a brutal attack on childhood in Haiti, Amnesty International said in a new report.
“I’m a child, why did this happen to me?”: Gangs’ assault on childhood in Haiti, documents how children are being subjected to a litany of human rights abuses including recruitment into gangs, rape and other forms of sexual violence, abductions, killings and injuries. The disproportionate impact on children with disabilities is also documented.
Since the assassination of President Jovenel Moïse in July 2021, violence by armed gangs has escalated significantly in Haiti, claiming an estimated 5,600 lives last year. Gangs control the majority of the capital Port-au-Prince, while more than 5.5 million people require urgent humanitarian assistance.
Gangs have caused widespread distress in Haiti… Haiti needs urgent assistance to protect children and to prevent further cycles of violence.
Agnès Callamard, Amnesty International’s Secretary General
“Gangs have caused widespread distress in Haiti. They threaten, beat, rape and kill children. They have committed multiple abuses of children’s rights, including the rights to life, to education, and to freedom of movement,” said Agnès Callamard, Amnesty International’s Secretary General.
“The lives of far too many children in Haiti are being wrecked, and they have nowhere to go for protection or justice. They are chased and at times killed by self-defence groups, while the authorities arbitrarily detain them. Childhood is being stolen.
“It is time for Haitian authorities and the international community, including donors, to step up their efforts. Empty expressions of concern are not enough. Children’s bodies, minds and hearts are violated every day. Haiti needs urgent assistance to protect children and to prevent further cycles of violence.”
More than 1 million children are estimated to be living in areas controlled by or under the influence of gangs. Researchers interviewed 112 people and visited Port-au-Prince in September 2024. Interviewees included children, government officials, Haitian and international aid workers and UN staff members. The research covered violations and abuses in eight communes of the West Department.
In December 2024, Amnesty International wrote to the office of Prime Minister Alix Didier Fils-Aimé, presenting a summary of the findings. At the time of publication, no response had been received.
Union Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri chaired a Ministerial Roundtable on Clean Cooking on the second day of India Energy Week 2025. Shri Puri highlighted India’s remarkable success in ensuring universal access to clean cooking gas through targeted subsidies, strong political will, digitization of distribution networks by Oil Marketing Companies (OMCs), and nationwide campaigns promoting cultural shifts towards clean cooking.
The session brought together representatives from Brazil, Tanzania, Malawi, Sudan, Nepal, and industry leaders including the International Energy Agency (IEA), Total Energy, and Boston Consulting Group (BCG).
Shri Puri emphasized that India’s model is not only successful but also highly replicable in other Global South nations facing similar energy access challenges. The Union Minister noted that under India’s Pradhan Mantri Ujjwala Yojana (PMUY), beneficiaries receive LPG access at a highly affordable cost of just 7 cents per day, while other consumers can avail themselves of clean cooking fuel at 15 cents per day. This affordability has been a game-changer in driving widespread adoption.
During the discussion, international representatives shared their experiences and challenges in expanding access to clean cooking solutions. Hon. Dkt. Doto Mashaka Biteko, Deputy Prime Minister and Minister of Energy, Tanzania outlined its strategy to enable 80% of households to transition to clean cooking by 2030, leveraging subsidies and a mix of energy sources, including LPG, natural gas, and biogas. However, he acknowledged significant challenges, including financing constraints, the high cost of infrastructure, and the need for regulatory reforms to encourage private-sector participation.
H.E. Dr. Mohieldien Naiem Mohamed Saied, Minister of Energy and Oil, Sudan, emphasized the need for private sector engagement to bridge gaps in LPG supply, as the country still imports a significant portion of its energy needs. Encouraging local cylinder production and ensuring cost-effective imports remain key hurdles in achieving broader adoption. Representatives of Rwanda and Nepal shared their efforts in reducing firewood dependency through electric stoves and biogas expansion.
Mary Burce Warlick, Deputy Executive Director of IEA noted that India’s success offers valuable lessons for other countries, particularly in tackling challenges related to affordability, access, and infrastructure. She further emphasized the role of concessional financing and public-private partnerships (PPP) in expanding clean cooking access globally. Addressing cultural acceptance and regulatory adjustments, such as tax reductions, were also highlighted as crucial measures for large-scale adoption.
Rahool Panandiker, Partner at Boston Consulting Group (BCG) highlighted India’s clean cooking transformation, underscoring its strong political commitment, effective subsidy targeting, and robust public awareness campaigns. He further credited India’s Oil Marketing Companies (OMCs) for enabling last-mile LPG delivery through digital platforms, making adoption seamless. Panadiker also underscored the need for refining the cylinder refill model to ensure sustained usage and balancing affordability with economic sustainability.
Responding to the potential of solar cookers in expanding clean cooking technologies across the Global South, Shri Puri highlighted that IOCL’s advanced solar cookers, featuring integrated solar panels, are priced at approximately $500 per unit with no additional costs over their lifecycle. The Union Minister added that while the current price point remains a challenge for widespread adoption, leveraging carbon financing and collaborating with the private sector could drive costs down, making solar cooking a viable alternative for millions.
This initiative aligns with India’s broader efforts to diversify clean cooking options beyond LPG, reinforcing the country’s commitment to reducing reliance on traditional biomass fuels and cutting carbon emissions.
Shri Puri concluded the discussion by reaffirming India’s commitment to supporting energy access initiatives worldwide. He underscored that the Indian model, backed by smart subsidies and sustainable policies, provides a scalable solution for other developing nations striving to achieve clean cooking access. He stressed that achieving universal clean cooking access is not merely an economic imperative but a moral one, given the severe health and environmental impacts of traditional biomass cooking.
This roundtable reaffirmed India’s position as a global leader in energy transition and clean cooking solutions, setting the stage for greater international cooperation in achieving universal access to clean energy.
About India Energy Week 2025
India Energy Week was envisioned as more than just another industry conference—it was designed to be a dynamic platform redefining global energy dialogues. In just two years, this self-funded initiative has achieved precisely that, becoming the world’s second-largest energy event. The third edition, scheduled from February 11-14, 2025, at Yashobhoomi, New Delhi, represents a significant milestone in shaping the global energy narrative.
Participants from over 100 countries, including government leaders, international organisations, representatives of civil society, the private sector, and the academic and research communities gathered in Paris on February 10 and 11, 2025, to hold the AI Action Summit. Rapid development of AI technologies represents a major paradigm shift, impacting our citizens, and societies in many ways. In line with the Paris Pact for People and the Planet, and the principles that countries must have ownership of their transition strategies, we have identified priorities and launched concrete actions to advance the public interest and to bridge digital divides through accelerating progress towards the Sustainable Development Goals (SDGs). Our actions are grounded in three main principles of science, solutions – focusing on open AI models in compliance with countries frameworks – and policy standards, in line with international frameworks.
This Summit has highlighted the importance of reinforcing the diversity of the AI ecosystem. It has laid an open, multi-stakeholder and inclusive approach that will enable AI to be human rights based, human-centric, ethical, safe, secure and trustworthy while also stressing the need and urgency to narrow the inequalities and assist developing countries in artificial intelligence capacity-building so they can build AI capacities.
Acknowledging existing multilateral initiatives on AI, including the United Nations General Assembly Resolutions, the Global Digital Compact, the UNESCO Recommendation on Ethics of AI, the African Union Continental AI Strategy, and the works of the Organization for Economic Cooperation and Development (OECD), the Council of Europe and European Union, the G7 including the Hiroshima AI Process and G20, we have affirmed the following main priorities:
Promoting AI accessibility to reduce digital divides
Ensuring AI is open, inclusive, transparent, ethical, safe, secure and trustworthy, taking into account international frameworks for all
Making innovation in AI thrive by enabling conditions for its development and avoiding market concentration driving industrial recovery and development
Encouraging AI deployment that positively shapes the future of work and labour markets and delivers opportunity for sustainable growth
Making AI sustainable for people and the planet
Reinforcing international cooperation to promote coordination in international governance
To deliver on these priorities:
Founding members have launched a major Public Interest AI Platform and Incubator, to support, amplify, decrease fragmentation between existing public and private initiatives on Public Interest AI and address digital divides. The Public interest AI Initiative will sustain and support digital public goods and technical assistance and capacity building projects in data, model development, openness and transparency, audit, compute, talent, financing and collaboration to support and co-create a trustworthy AI ecosystem advancing the public interest of all, for all and by all.
We have discussed, at a Summit for the first time and in a multi-stakeholder format, issues related to AI and energy. This discussion has led to sharing knowledge to foster investments for sustainable AI systems (hardware, infrastructure, models), to promoting an international discussion on AI and environment, to welcoming an observatory on the energy impact of AI with the International Energy Agency, to showcasing energy-friendly AI innovation.
We recognize the need to enhance our shared knowledge on the impacts of AI in the job market, though the creation of network of Observatories, to better anticipate AI implications for workplaces, training and education and to use AI to foster productivity, skill development, quality and working conditions and social dialogue.
We recognize the need for inclusive multistakeholder dialogues and cooperation on AI governance. We underline the need for a global reflection integrating inter alia questions of safety, sustainable development, innovation, respect of international laws including humanitarian law and human rights law and the protection of human rights, gender equality, linguistic diversity, protection of consumers and of intellectual property rights. We take notes of efforts and discussions related to international fora where AI governance is examined. As outlined in the Global Digital Compact adopted by the UN General Assembly, participants also reaffirmed their commitment to initiate a Global Dialogue on AI governance and the Independent International Scientific Panel on AI and to align on-going governance efforts, ensuring complementarity and avoiding duplication.
Harnessing the benefits of AI technologies to support our economies and societies depends on advancing Trust and Safety. We commend the role of the Bletchley Park AI Safety Summit and Seoul Summits that have been essential in progressing international cooperation on AI safety and we note the voluntary commitments launched there. We will keep addressing the risks of AI to information integrity and continue the work on AI transparency.
We look forward to next AI milestones such as the Kigali Summit, the 3rd Global Forum on the Ethics of AI hosted by Thailand and UNESCO, the 2025 World AI Conference and the AI for Good Global Summit 2025 to follow up on our commitments and continue to take concrete actions aligned with a sustainable and inclusive AI.
Source: United Kingdom – Executive Government & Departments
Energy Secretary travels to New Delhi to champion UK businesses, strengthen our partnership with India and accelerate work to tackle climate change.
UK and India agree action to accelerate economic growth from global clean energy transition
Energy Secretary travelled to New Delhi to champion for British interests; supporting UK businesses, increase clean energy investment opportunities and deliver on the government’s Plan for Change
closer working through fourth UK-India Energy Dialogue to boost renewables and cut emissions, protecting British families and businesses from the climate crisis
The UK and India joined forces this week to unlock economic growth from the clean energy transition, supporting new jobs, creating export opportunities and tackling the climate crisis.
During a visit to New Delhi, the Energy Secretary Ed Miliband backed British businesses at India Energy Week – a major international energy event. He met with UK companies who are using their expertise to speed up India’s transition from fossil fuels to clean power, including offshore wind, solar, battery storage and hydrogen.
He met a number of UK companies who are using the UK’s world leading technology to speed up the global clean energy transition, create job opportunities and protect the climate. These include:
Sherwood Power – Sherwood Power has developed energy storage technology that converts excess, low-cost, renewable energy into compressed air and heat. When demand is high, this stored energy is released to generate electricity, reducing grid load and customer costs. The company is based in Richmond, North Yorkshire.
Oomph EV – Oomph EV designs and manufacture a range of rapid, mobile, electric vehicle charging solutions. They are addressing the Indian market with a view to local manufacture. They offer hardware, software and data services to the global EV market and are based in Cambridge.
Flock Energy – London based Flock Energy is building the digital infrastructure for the global energy transition. Using advanced AI, Flock Energy enables energy providers to analyse customer energy data usage in detail, all on one digital platform, to improve demand forecasting, demand-side management and energy efficiency.
Venterra Group – Venterra Group, established in 2021, is a London based offshore wind services company. Venterra operates globally with over 700 employees and specialises in providing comprehensive technical services across the wind farm lifecycle to reduce project risks, time, and costs.
India is one of the fastest growing economies in the world and one which is projected to be the fourth largest global importer by 2035. Delivering on the UK Government’s Plan for Change, the Energy Secretary used his visit to increase UK clean energy investment opportunities and place British businesses at the forefront of the global race for renewables.
As one of the world’s biggest emitters, working with India on clean energy and climate is crucial to protecting British families and businesses from the threat of climate change. Increasing investment in renewables and clean technology supports the government’s mission to become a clean energy superpower, protecting households from unstable fossil fuel markets and helping keep bills down for good.
Energy Secretary Ed Miliband said:
We are standing up for the British people by fighting for investment into our country, and setting the example for all countries play their part in protecting our planet for future generations.
The UK and India are strengthening our partnership under our Plan for Change to unlock investment and accelerate the global transition to clean, secure, affordable energy.
Both our countries are determined to address the climate emergency to protect our way of life, while reaping the rewards of the industrial and economic opportunity of our time.
The Energy Secretary took part in the fourth UK-India Energy Dialogue with India’s Minister of Power Manohar Lal Khattar, and met with G20 Sherpa Amitabh Kant.
Both countries agreed:
a new shared ambition on offshore wind, including a UK-India Offshore Wind Taskforce to drive the progress needed across the offshore wind supply chains and financing models
funding to reform in India’s power sector to support decarbonisation through UKPACT, which aims to deliver grid transformation as part of India’s renewables rollout
an extension of the bilateral Accelerating Smart Power and Renewable Energy in India (ASPIRE) programme, which will work to deliver round-the-clock power supply, accelerate industrial decarbonisation and roll out renewables
This builds on the UK and India’s close collaboration to tackle climate change through innovation agreed as part of the Technology Security Initiative in 2024, from using AI to increase resilience, to bringing together experts to safeguard the critical minerals needed for renewable technologies like wind turbines and batteries.
Talks come ahead of expected negotiations with India on a Free Trade Agreement and Bilateral Investment Treaty, led by the Business and Trade Secretary, at the end of the month.
Striking a deal would increase economic growth across both countries, facilitating the trade of renewable technologies and sustainable materials, supporting the government’s mission to become a clean energy superpower.
There are over 950 Indian-owned companies in the UK and over 650 UK companies in India supporting over 600,000 jobs and driving innovation across both economies.
Engagement with India comes ahead of COP30, due to take place in Brazil later this year, where both countries will be pushing for ambitious outcomes to address the climate emergency.
The United States shares the pathologies of all dying empires with their mixture of buffoonery, rampant corruption, military fiascos, economic collapse and savage state repression.
ANALYSIS: By Chris Hedges
The billionaires, Christian fascists, grifters, psychopaths, imbeciles, narcissists and deviants who have seized control of Congress, the White House and the courts, are cannibalising the machinery of state. These self-inflicted wounds, characteristic of all late empires, will cripple and destroy the tentacles of power. And then, like a house of cards, the empire will collapse.
Blinded by hubris, unable to fathom the empire’s diminishing power, the mandarins in the Trump administration have retreated into a fantasy world where hard and unpleasant facts no longer intrude. They sputter incoherent absurdities while they usurp the Constitution and replace diplomacy, multilateralism and politics with threats and loyalty oaths.
Agencies and departments, created and funded by acts of Congress, are going up in smoke.
The rulers of all late empires, including the Roman emperors Caligula and Nero or Charles I, the last Habsburg ruler, are as incoherent as the Mad Hatter, uttering nonsensical remarks, posing unanswerable riddles and reciting word salads of inanities. They, like Donald Trump, are a reflection of the moral, intellectual and physical rot that plague a diseased society. Cartoon: Mr Fish/The Chris Hedges Report
They are removing government reports and data on climate change and withdrawing from the Paris Climate Agreement,. They are pulling out of the World Health Organisation.
They are sanctioning officials who work at the International Criminal Court — which issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former defence minister Yoav Gallant over war crimes in Gaza.
They suggested Canada become the 51st state. They have formed a task force to “eradicate anti-Christian bias.” They call for the annexation of Greenland and the seizure of the Panama Canal.
They propose the construction of luxury resorts on the coast of a depopulated Gaza under US control which, if it takes place, would bring down the Arab regimes propped up by the US.
Uttering nonsensical remarks The rulers of all late empires, including the Roman emperors Caligula and Nero or Charles I, the last Habsburg ruler, are as incoherent as the Mad Hatter, uttering nonsensical remarks, posing unanswerable riddles and reciting word salads of inanities. They, like Donald Trump, are a reflection of the moral, intellectual and physical rot that plague a diseased society.
These Christian fascists, who define the core ideology of the Trump administration, are unapologetic about their hatred for pluralistic, secular democracies. They seek, as they exhaustively detail in numerous “Christian” books and documents such as the Heritage Foundation’s Project 2025, to deform the judiciary and legislative branches of government, along with the media and academia, into appendages to a “Christianised” state led by a divinely anointed leader.
They openly admire Nazi apologists such as Rousas John Rushdoony, a supporter of eugenics who argues that education and social welfare should be handed over to the churches and Biblical law must replace the secular legal code, and Nazi party theorists such as Carl Schmitt.
They are avowed racists, misogynists and homophobes. They embrace bizarre conspiracy theories from the white replacement theory to a shadowy monster they call “the woke.” Suffice it to say, they are not grounded in a reality based universe.
Christian fascists come out of a theocratic sect called Dominionism. This sect teaches that American Christians have been mandated to make America a Christian state and an agent of God. Political and intellectual opponents of this militant Biblicalism are condemned as agents of Satan.
“Under Christian dominion, America will no longer be a sinful and fallen nation but one in which the 10 Commandments form the basis of our legal system, creationism and ‘Christian values’ form the basis of our educational system, and the media and the government proclaim the Good News to one and all,” I noted in my book.
“Labour unions, civil-rights laws and public schools will be abolished. Women will be removed from the workforce to stay at home, and all those deemed insufficiently Christian will be denied citizenship. Aside from its proselytising mandate, the federal government will be reduced to the protection of property rights and ‘homeland’ security.”
Chris Hedges talks to Marc Lamont Hill on Up Front on why “democracy doesn’t exist in the United States” today. Video: Al Jazeera
Comforting to most Americans The Christian fascists and their billionaire funders, I noted, “speak in terms and phrases that are familiar and comforting to most Americans, but they no longer use words to mean what they meant in the past.”
They commit logocide, killing old definitions and replacing them with new ones. Words — including truth, wisdom, death, liberty, life and love — are deconstructed and assigned diametrically opposed meanings.Life and death, for example, mean life in Christ or death to Christ, a signal of belief of unbelief. Wisdom refers to the level of commitment and obedience to the doctrine.
Liberty is not about freedom, but the liberty that comes from following Jesus Christ and being liberated from the dictates of secularism. Love is twisted to mean an unquestioned obedience to those, such as Trump, who claim to speak and act for God.As the death spiral accelerates, phantom enemies, domestic and foreign, will be blamed for the demise, persecuted and slated for obliteration.
Once the wreckage is complete, ensuring the immiseration of the citizenry, a breakdown in public services and engendering an inchoate rage, only the blunt instrument of state violence will remain. A lot of people will suffer, especially as the climate crisis inflicts with greater and greater intensity its lethal retribution.
The near-collapse of our constitutional system of checks and balances took place long before the arrival of Trump. Trump’s return to power represents the death rattle of the Pax Americana. The day is not far off when, like the Roman Senate in 27 BC, Congress will take its last significant vote and surrender power to a dictator. The Democratic Party, whose strategy seems to be to do nothing and hope Trump implodes, have already acquiesced to the inevitable.
The question is not whether we go down, but how many millions of innocents we will take with us. Given the industrial violence our empire wields, it could be a lot, especially if those in charge decide to reach for the nukes.
Foreign aid is not benevolent. It is weaponised to maintain primacy over the United Nations and remove governments the empire deems hostile. Those nations in the UN and other multilateral organisations who vote the way the empire demands, who surrender their sovereignty to global corporations and the US military, receive assistance. Those who don’t do not.
Foreign aid builds infrastructure projects so corporations can operate global sweatshops and extract resources. It funds “democracy promotion” and “judicial reform” that thwart the aspirations of political leaders and governments that seek to remain independent from the grip of the empire.
USAID, for example, paid for a “political party reform project” that was designed “as a counterweight” to the “radical” Movement Toward Socialism (Movimiento al Socialismo) and sought to prevent socialists like Evo Morales from being elected in Bolivia. It then funded organisations and initiatives, including training programmes so Bolivian youth could be taught the American business practices, once Morales assumed the presidency, to weaken his hold on power.
Kennard in his book, The Racket: A Rogue Reporter vs The American Empire, documents how US institutions such as the National Endowment for Democracy, the World Bank, the International Monetary Fund, the Inter-American Development Bank, USAID and the Drug Enforcement Administration, work in tandem with the Pentagon and Central Intelligence Agency to subjugate and oppress the Global South.
Client states that receive aid must break unions, impose austerity measures, keep wages low and maintain puppet governments. The heavily funded aid programmes, designed to bring down Morales, eventually led the Bolivian president to throw USAID out of the country.
The lie peddled to the public is that this aid benefits both the needy overseas and us at home. But the inequality these programmes facilitate abroad replicates the inequality imposed domestically. The wealth extracted from the Global South is not equitably distributed. It ends up in the hands of the billionaire class, often stashed in overseas bank accounts to avoid taxation.
Our US tax dollars, meanwhile, disproportionately funds the military, which is the iron fist that sustains the system of exploitation. The 30 million Americans who were victims of mass layoffs and deindustrialisation lost their jobs to workers in sweatshops overseas. As Kennard notes, both home and abroad, it is a vast “transfer of wealth from the poor to the rich globally and domestically”.
Legitimises theft at home “The same people that devise the myths about what we do abroad have also built up a similar ideological system that legitimises theft at home; theft from the poorest, by the richest,” he writes. “The poor and working people of Harlem have more in common with the poor and working people of Haiti than they do with their elites, but this has to be obscured for the racket to work.”
Foreign aid maintains sweatshops or “special economic zones” in countries such as Haiti, where workers toil for pennies an hour and often in unsafe conditions for global corporations.
“One of the facets of special economic zones, and one of the incentives for corporations in the US, is that special economic zones have even less regulations than the national state on how you can treat labour and taxes and customs,” Kennard told me in an interview.
“You open these sweatshops in the special economic zones. You pay the workers a pittance. You get all the resources out without having to pay customs or tax. The state in Mexico or Haiti or wherever it is, where they’re offshoring this production, doesn’t benefit at all. That’s by design. The coffers of the state are always the ones that never get increased. It’s the corporations that benefit.”
These same US institutions and mechanisms of control, Kennard writes in his book, were employed to sabotage the electoral campaign of Jeremy Corbyn, a fierce critic of the US empire, for prime minister in Britain.
The US disbursed nearly $72 billion in foreign aid in fiscal year 2023. It funded clean water initiatives, HIV/Aids treatments, energy security and anti-corruption work. In 2024, it provided 42 percent of all humanitarian aid tracked by the United Nations.
Humanitarian aid, often described as “soft power,” is designed to mask the theft of resources in the Global South by US corporations, the expansion of the footprint of the US military, the rigid control of foreign governments, the devastation caused by fossil fuel extraction, the systemic abuse of workers in global sweatshops and the poisoning of child labourers in places like the Congo, where they are used to mine lithium.
The demise of American power I doubt Musk and his army of young minions in the Department of Government Efficiency (DOGE) — which isn’t an official department within the federal government — have any idea about how the organisations they are destroying work, why they exist or what it will mean for the demise of American power.
The seizure of government personnel records and classified material, the effort to terminate hundreds of millions of dollars worth of government contracts — mostly those which relate to Diversity, Equity and Inclusion (DEI), the offers of buyouts to “drain the swamp” including a buyout offer to the entire workforce of the Central Intelligence Agency — now temporarily blocked by a judge — the firing of 17 or 18 inspectors generals and federal prosecutors, the halting of government funding and grants, sees them cannibalise the leviathan they worship.
They plan to dismantle the Environmental Protection Agency, the Department of Education and the US Postal Service, part of the internal machinery of the empire. The more dysfunctional the state becomes, the more it creates a business opportunity for predatory corporations and private equity firms. These billionaires will make a fortune “harvesting” the remains of the empire. But they are ultimately slaying the beast that created American wealth and power.
Once the dollar is no longer the world’s reserve currency, something the dismantling of the empire guarantees, the US will be unable to pay for its huge deficits by selling Treasury bonds. The American economy will fall into a devastating depression. This will trigger a breakdown of civil society, soaring prices, especially for imported products, stagnant wages and high unemployment rates.
The funding of at least 750 overseas military bases and our bloated military will become impossible to sustain. The empire will instantly contract. It will become a shadow of itself. Hypernationalism, fueled by an inchoate rage and widespread despair, will morph into a hate-filled American fascism.
Despite the aura of omnipotence empires often project, most are surprisingly fragile, lacking the inherent strength of even a modest nation-state. Indeed, a glance at their history should remind us that the greatest of them are susceptible to collapse from diverse causes, with fiscal pressures usually a prime factor. For the better part of two centuries, the security and prosperity of the homeland has been the main objective for most stable states, making foreign or imperial adventures an expendable option, usually allocated no more than 5 percent of the domestic budget. Without the financing that arises almost organically inside a sovereign nation, empires are famously predatory in their relentless hunt for plunder or profit — witness the Atlantic slave trade, Belgium’s rubber lust in the Congo, British India’s opium commerce, the Third Reich’s rape of Europe, or the Soviet exploitation of Eastern Europe.
When revenues shrink or collapse, McCoy points out, “empires become brittle.”
“So delicate is their ecology of power that, when things start to go truly wrong, empires regularly unravel with unholy speed: just a year for Portugal, two years for the Soviet Union, eight years for France, 11 years for the Ottomans, 17 for Great Britain, and, in all likelihood, just 27 years for the United States, counting from the crucial year 2003 [when the US invaded Iraq],” he writes.
The array of tools used for global dominance — wholesale surveillance, the evisceration of civil liberties, including due process, torture, militarised police, the massive prison system, militarised drones and satellites — will be employed against a restive and enraged population.
The devouring of the carcass of the empire to feed the outsized greed and egos of these scavengers presages a new dark age.
Rich nations pledged to contribute at least $300 billion annually to the global fight against climate change as UN climate talks came to a contentious end early Sunday morning in Baku. Developing nations who had sought over $1 trillion in assistance called the agreement “insulting” and argued it did not give them the vital resources they required to truly address the complexities of the climate crisis.
After two weeks of intense negotiations, delegates at COP29, formally the 29th Conference of Parties to the UN Framework Convention on Climate Change (UNFCCC), agreed to provide this funding annually, with an overall climate financing target to reach “at least $1.3 trillion by 2035”.
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Countries also agreed on the rules for a UN-backed global carbon market. This market will facilitate the trading of carbon credits, incentivizing countries to reduce emissions and invest in climate-friendly projects.
These were among the big-ticket issues decided upon as the summit, underway since 11 November in the enormous Baku Stadium in the Azerbaijan capital, ran into double overtime.
Other steps forward at COP29 included:
This summit had been dubbed the ‘climate finance COP’, and representatives from all countries were seeking to establish a new, higher climate finance goal.
The target, or new collective quantified goal (NCQG), will replace the existing $100 billion goal that is due to expire in 2025.
In the closing days at COP29, negotiating teams from the developed and developing worlds were deadlocked over a final deal, with reports that representatives for least developed countries and the Alliance of Small Island States (AOIS) had walked out of the talks.
But he continued, this agreement provides a base on which to build and added: It must be honoured in full and on time. Commitments must quickly become cash. All countries must come together to ensure the top-end of this new goal is met.”
For many vulnerable nations, it represents a glimmer of hope—but only if commitments translate into swift action. “Commitments must quickly become cash,” the Secretary-General stressed, urging all countries to work together to meet the upper end of the new financial goal.
Beyond finance, COP29 built on previous gains in emissions reduction targets, the acceleration of the energy transition, and a long-sought agreement on carbon markets. These achievements come despite an “uncertain and divided geopolitical landscape,” which threatened to derail negotiations.
The UN chief commended negotiators for finding common ground, noting, “You have shown that multilateralism – centred on the Paris Agreement – can find a path through the most difficult issues.”
‘An insurance policy for humanity’
UN Climate Change Executive Secretary Simon Stiell described the new finance goal agreed at COP29 as “an insurance policy for humanity.”
“This deal will keep the clean energy boom growing and protect billions of lives. It will help all countries to share in the huge benefits of bold climate action: more jobs, stronger growth, cheaper and cleaner energy for all. But like any insurance policy – it only works – if the premiums are paid in full, and on time.”
He acknowledged that no country got everything they wanted, and that the world leaves Baku with a mountain of work to do. “So, this is no time for victory laps. We need to set our sights and redouble our efforts on the road to Belém,” in the eastern Amazonian region of Brazil, which is set to host COP30 next year.
‘Weak, insulting deal’
While some delegations applauded the deal, many from the developing world, including Bolivia and Nigeria, expressed their deep disappointment at what they argued was an “insultingly low” financing target and that the agreed text failed to significantly build on an agreement last year at COP28 in Dubai calling for nations to “transition away from fossil fuels”.
India’s representative strongly denounced the new goal, calling it a “paltry sum” and emphasizing, “We seek a much higher ambition from the developed countries [and the amount agreed] does not inspire trust that we will come out of this grave problem of climate change.”
A representative from a group of small island nations said: “After this COP29 ends, we cannot just sail off into the sunset. We are literally sinking,” and the conference outcome highlighted “what a very different boat our vulnerable countries are in, compared to the developed countries”.
UNFCCC/Kiara Worth
Civil society actors at COP29 in Baku, Azerbaijan, advocate for climate financing initiatives.
Sierra Leone’s representative said African nations were disappointed in the outcome, which “signals a lack of goodwill by developed countries.” Indeed, the $300 billion deal was “less than a quarter of what science shows is needed and barely enough to forestall a climate catastrophe”.
Striking a different tone, a representative from the delegation of the European Union said the new climate finance goal would “simply will bring much, much more private money on the table, and that is what we need. And with these funds, we are confident we will reach the 1.3 trillion objective.”
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The latest round of UN climate negotiations, COP29, opened this past Monday in Baku, Azerbaijan, following a year that broke multiple extreme heat records and saw widespread climate-driven chaos – from wildfires to destructive floods and hurricanes – hit nearly every corner of the world. A major increase in financial commitments to assist vulnerable countries in mitigating and adapting to climate impacts is the main goal of this year’s conference, which has been dubbed the “climate finance COP.”
Can countries agree on a new climate finance target?
The UN’s main climate science body, the Intergovernmental Panel on Climate Change (IPCC), has issued increasingly dire warnings about the accelerating pace of global warming. To limit temperature rise to 1.5°C above pre-industrial levels, substantial investments are needed in clean energy technologies, infrastructure, and adaptation measures.
Developing countries, particularly small island nations and least developed countries, are disproportionately vulnerable to climate impacts like sea level rise, extreme weather events, and droughts. They require significant financial support to build resilience, transition to low-carbon economies, and compensate for loss and damage.
Round-the-clock negotiations in Baku on the always thorny topic of money are reportedly moving slowly. Delegates from developing nations are calling for more and faster progress on new funding for loss and damage and accelerated clean energy goals.
Simon Stiell, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), which convenes the annual COP meetings, had a message for G20 leaders early on Saturday before they hopped on their planes for Rio de Janeiro:
“Climate finance progress outside of [the UNFCCC process] is equally crucial, and the G20’s role is mission-critical…the global climate crisis should beorder of business Number One, in Rio next week. The [G20] Summit must send crystal clear global signals. That more grant and concessional finance will be available; that further reform of multilateral development banks is a top priority, and G20 governments – as their shareholders and taskmasters – will keep pushing for more reforms.”
Finally, the UN climate chief said that “in turbulent times and a fracturing world, G20 leaders must signal loud and clear that international cooperation is still the best and only chance humanity has to survive global heating. There is no other way.”
Earlier in the week, Mr. Stiell gave a stark assessment of the stakes: Worsening climate change and the socioeconomic damage it inflicts mean “billions of people simply cannot afford for their government to leave COP29 without a global climate finance goal.”
“So, for leaders here and back in capitals – make it clear that you expect a strong set of outcomes. Tell your negotiators – skip the posturing – and move directly to finding common ground,” he said.
In his opening remarks on Tuesday to the World Leaders Climate Action Summit, UN Secretary-General António Guterres said that 2024 has been “a masterclass in climate destruction.” He emphasized the critical role of climate finance in addressing the crisis: “The world must pay up, or humanity will pay the price…climate finance is not charity, it’s an investment. Climate action is not optional, it’s an imperative.”
Mr. Stiell later echoed this sentiment: “Let’s dispense with the idea that climate finance is charity. An ambitious new climate finance goal is entirely in the self-interest of every single nation, including the largest and wealthiest.”
Beyond the $100 billion pledge
In 2009 at the 15th Conference of UNFCCC Parties (COP15) in Copenhagen, developed countries committed to mobilizing $100 billion per year in climate finance by 2020. While this target was finally met in 2022, it has been criticized as insufficient and delayed.
At COP29, negotiators are aiming to set a new, more ambitious target for climate finance. Developing countries are pushing for a significantly higher figure, potentially in the trillions of dollars per year. However, discussions on the exact amount and the modalities for delivering the funds remain contentious.
An early breakthrough on carbon
A significant breakthrough on the opening day at COP29 was the adoption of Article 6 of the Paris Agreement, paving the way for a UN-backed global carbon market. This market will facilitate the trading of carbon credits, incentivizing countries to reduce emissions and invest in climate-friendly projects.
James Grabert, head of the Mitigation Division at UN Climate Change, the shorthand by which the UNFCCC secretariat is known, said that this historic agreement will provide countries with a “valuable tool” to meet their climate targets and drive sustainable development.
With COP29 coming on the heels of presidential polls in the United States, impact of a new US Administration on global climate action has been on the minds of many in the corridors of Baku Centre.
At a press conference, President Hilda Heine of the Marshall Islands and Ireland’s Environment Minister Eamon Ryan stressed that despite worries about a US withdrawal from the Paris Agreement, the combat against climate change is a global effort that requires global cooperation towards a better economy for all. The two leaders also cited the ongoing progress by states and cities as reasons for hope.
UNFCCC/Kiara Worth
Around the clock negotiations are underway at COP29 in Baku, Azerbaijan, on a new global climate finance deal.
A just transition, not a ‘stampede of greed’
Before heading to the G20 summit in Brazil, Mr. Guterres held several climate-related meetings, including one on critical minerals essential for renewable energy technologies like solar panels, wind turbines, and electric vehicles.
These minerals, such as copper, lithium, nickel, cobalt, and rare earth elements, are crucial for the transition away from fossil fuels, with demand expected to triple by 2030.
Many of these minerals are found in Africa, which could benefit financially. However, there’s concern about a “resource curse,” where countries where these resources are located don’t benefit.
Mr. Guterres emphasized managing demand without triggering a “stampede of greed” that exploits and crushes the poor but instead ensures local communities benefit.
Dario Liguti from the UN Economic Commission for Europe (UNECE) also highlighted the need for “sustainable exploitation of these minerals”, especially in emerging markets, to protect the environment and support local communities. In April, the UN chief formed a High-Level Panel to ensure countries and communities with these resources benefit the most.
Young people around the world are increasingly demanding climate action and climate justice. They are calling on governments and businesses to take bold steps to reduce emissions, protect vulnerable communities, and create a sustainable future for all.
After meeting with youth representatives and climate advocates at COP29, the Secretary-General posted on social media that he understood their frustrations: “You have every right to be angry. I am angry too…because we are on the verge of the climate abyss, and I don’t see enough urgency or political will to address the emergency.”
Basmallah Rawash, a Climate Activist with Care About Climate, said, “We are not the ones that are supposed to carry the burden of mitigation. We are not the ones who have caused this, but we are the ones that will carry the burden of the biggest struggle at the moment.”
The decisions made in Baku will have far-reaching consequences for generations to come. It is imperative that negotiators reach an ambitious agreement that delivers the finance needed to build a resilient and low-carbon future for all.
Stay tuned to UN News! Our team in Baku will be following the action through the end of next week.
Want to know more? Check out our special events page, where you can find all our coverage of COP29, including stories and videos, explainers and our newsletter.
