Category: Middle East

MIL-OSI: PubMatic Announces Fourth Quarter and Fiscal Year Ended 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

FY Revenue of $291.3 million, up 9% over 2023;

Delivered FY 2024 net income of $12.5 million or 4% margin;

FY adjusted EBITDA increased 23% over 2023 and was $92.3 million or 32% margin;

Revenue in Q4 from CTV more than doubled year over year and represented 20% of total revenue;

Supply Path Optimization represented 53% of total activity in 2024;

Repurchased 4.3 million shares in 2024, representing 7.9% of fully diluted shares as of December 31, 2024

NO-HEADQUARTERS/REDWOOD CITY, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) — PubMatic, Inc. (Nasdaq: PUBM), an independent technology company delivering digital advertising’s supply chain of the future, today reported financial results for the fourth quarter and fiscal year ended December 31, 2024.

“Revenue growth in the year more than doubled over 2023, driven by strength in CTV, emerging revenue streams, and marquee customers choosing PubMatic to build and scale their ad businesses. Our revenue mix is evolving; in the fourth quarter, CTV more than doubled to 20% of total revenue. These achievements mark an inflection point in our underlying business that highlights critical scale on our platform and a significant shift in ad buying toward channels with the highest consumer engagement such as CTV, mobile app and commerce media,” said Rajeev Goel, co-founder and CEO at PubMatic. “Today, our omnichannel platform serves publishers, media buyers, commerce media networks, and curation/data providers, all of which are turning to sell side technology for critical end-to-end solutions needed to build their ad businesses. As we look to 2025, we expect accelerated growth in our underlying business as ad buyers seek premium, brand safe, curated inventory in the open internet.”

Fiscal Year 2024 Financial Highlights

Revenue for the full year 2024 was $291.3 million, an increase of 9% over $267.0 million in 2023;
Gross profit was $190.2 million, or 65% margin, an improvement of 250 basis points over 2023;
Revenue from omnichannel video in 2024 grew 37% over the same period last year;
Net dollar-based retention¹ was 107% for the year ended December 31, 2024;
GAAP net income was $12.5 million with a margin of 4%, or $0.23 per diluted share in 2024, an increase over net income² of $8.9 million with a margin of 3%, or $0.16 per diluted share in 2023;
Adjusted EBITDA was $92.3 million, or 32% margin, an increase over adjusted EBITDA of $75.3 million, or 28% margin, in 2023;
Non-GAAP net income was $42.5 million, or $0.78 per non-GAAP diluted share in 2024, an increase over non-GAAP net income of $32.0 million, or $0.57 per non-GAAP diluted share in 2023;
Net cash provided by operating activities in 2024 was $73.4 million, compared to $81.1 million in the full year 2023;
Generated free cash flow of $34.9 million in 2024, down 34% over 2023;
Ended 2024 with total cash, cash equivalents, and marketable securities of $140.6 million with no debt, a decrease of 20% over the full year 2023; and
Through December 31, 2024, used $134.6 million in cash to repurchase 8.3 million shares of Class A common stock with $40.4 million available from the 2024 repurchase program.

Fourth Quarter 2024 Financial Highlights

Revenue in the fourth quarter of 2024 was $85.5 million, an increase of 1% over $84.6 million in the same period of 2023;
GAAP net income was $13.9 million with a margin of 16%, or $0.26 per diluted share in the fourth quarter, compared to GAAP net income of $18.7 million with a margin of 22%, or $0.34 per diluted share in the same period of 2023;
Adjusted EBITDA was $37.6 million, or 44% margin, compared to $38.9 million, or 46% margin in the same period of 2023;
Non-GAAP net income was $21.4 million, or $0.41 per non-GAAP diluted share in the fourth quarter, compared to non-GAAP net income of $24.4 million, or $0.45 per non-GAAP diluted share in the same period of 2023; and
Net cash provided by operating activities was $18.0 million, compared to $28.7 million in the same period of 2023.

The section titled “Non-GAAP Financial Measures” below describes our usage of non-GAAP financial measures. Reconciliations between historical GAAP and non-GAAP information are contained at the end of this press release following the accompanying financial data.

“In 2024, we delivered record share of revenue for CTV, mobile app and emerging revenues, and achieved an all-time high of Supply Path Optimization activity. We also significantly expanded our margins, once again, demonstrating the strength of our durable model and our strategic commitment to steward both operational excellence and targeted investments for growth,” said Steve Pantelick, CFO at PubMatic. “In Q4, strong growth in the underlying business helped offset softer spending from the large DSP buyer we previously called out mid year. Going forward, we are taking a conservative approach as it relates to this buyer, and expect total revenues to grow year over year in the second half of the year once we lap this impact at the end of Q2 2025. Our underlying business, which excludes revenue from this DSP and political, is targeted to grow 15%+ and represent over two thirds of total company revenues in 2025.”

Business Highlights

Omnichannel platform drives revenue in key secular growth areas

Full year revenue from high value formats and channels, mobile and omnichannel video³, grew 17% over 2023.
In Q4, revenue from omnichannel video, which includes CTV, grew 37% year-over-year.
CTV reached scale, and was 20% of revenue in the fourth quarter, driven by growing inventory supply, SPO relationships, and strength in political advertising.
Revenue from mobile app grew 16% over 2023 as we scaled to over 900 mobile app publishers.

High consumer engagement channels fuel ad demand and sell-side data curation

New and expanded partnerships announced in 2024 with premium streaming brands including Roku, Dish Media, Disney+ Hotstar, TCL and Xumo. We now work with 80% of the top 30 streaming publishers.
The number of Activate customers grew nearly 6x over 2023.
Supply Path Optimization represented 53% of total activity on our platform in 2024, up from 45% in 2023.
Connect drives more performant, targeted ad campaigns across the open internet, offering 190 data sets to ad buyers on PubMatic. Connect is a leading platform for data providers and curators to integrate first-party data, package inventory, sell to, and optimize outcomes for ad buyers.

Focused investments drive long-term growth opportunities

More than doubled total addressable market to over $120 billion via products that address four key stakeholders across the digital advertising ecosystem: publishers, media buyers, curators and data providers, and commerce media networks.
Contribution from emerging revenue streams, which expand beyond ad monetization services, doubled from 2023.

Recent product launches

Launched CTV Marketplaces, offering ad buyers pre-curated CTV inventory available only on PubMatic, built directly from our sell side technology. CTV Marketplaces allows publishers to unlock more value from their inventory and provides ad buyers off-the-shelf, easy to buy premium content and targeted audiences, including curated live sports inventory.
Launched Creative Category Manager, a generative AI solution that scans and classifies each video ad creative on granular criteria. First used to unlock millions of dollars in political ad spend, it drove significant CTV revenue. This gen AI solution will soon expand to other use cases and verticals.
Launched PubMatic Assistant, a gen AI powered reporting tool that allows publishers to request any report or data using simple plain language text queries. As a result, publishers can streamline analytics, enhance productivity and unlock new growth opportunities by uncovering insights in big data. This powerful tool removes barriers to adoption and drives increased platform usage.

2024 operating priorities drove profitable growth

Aligned with our growth investments, increased global headcount in 2024 by 11% over 2023, adding new team members across product management, engineering and go-to-market teams to accelerate long-term revenue growth.
Infrastructure optimization initiatives and investments drove nearly 263 trillion impressions processed in 2024, an increase of 25% over 2023.
Cost of revenue per million impressions processed decreased 18% on a trailing twelve month period, as compared to the prior period.
Scaled adoption of generative AI drove increased engineering productivity by 15%+ which led to faster software development, testing and release processes.

Financial Outlook

Q1 outlook includes the continued headwind from one of our top DSP buyers that revised its auction approach in late May 2024. Adjusted EBITDA expectation assumes a negative FX impact predominately from Euro and Pound Sterling expenses. It also assumes that general market conditions do not significantly deteriorate as it relates to current macroeconomic and geopolitical conditions.

Accordingly, we estimate the following:

For the first quarter of 2025, we expect the following:

Revenue to be in the range of $61 million to $63 million.
Adjusted EBITDA to be in the range of $5 million to $7 million.

Although we provide guidance for adjusted EBITDA and free cash flow, we are not able to provide guidance for net income, the most directly comparable GAAP measure. Certain elements of the composition of GAAP net income, including stock-based compensation expenses, are not predictable, making it impractical for us to provide guidance on net income or to reconcile our adjusted EBITDA guidance to net income without unreasonable efforts. For the same reason, we are unable to address the probable significance of the unavailable information.

Conference Call and Webcast details

PubMatic will host a conference call to discuss its financial results on Thursday, February 27, 2025 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). A live webcast of the call can be accessed from PubMatic’s Investor Relations website at https://investors.pubmatic.com. An archived version of the webcast will be available from the same website after the call.

Non-GAAP Financial Measures

In addition to our results determined in accordance with U.S. generally accepted accounting principles (GAAP), including, in particular operating income, net cash provided by operating activities, and net income, we believe that adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP earnings per share and free cash flow, each a non-GAAP measure, are useful in evaluating our operating performance. We define adjusted EBITDA as net income adjusted for stock-based compensation expense, depreciation and amortization, unrealized loss and impairment of equity investment, interest income, acquisition-related and other expenses, and provision for income taxes. Adjusted EBITDA margin represents adjusted EBITDA calculated as a percentage of revenue. We define non-GAAP net income as net income adjusted for unrealized loss on equity investments, stock-based compensation expense, acquisition-related and other expenses, and adjustments for income taxes. We define non-GAAP free cash flow as net cash provided by operating activities reduced by purchases of property and equipment and capitalized software development costs.

In addition to operating income and net income, we use adjusted EBITDA and non-GAAP net income as measures of operational efficiency. We believe that these non-GAAP financial measures are useful to investors for period to period comparisons of our business and in understanding and evaluating our operating results for the following reasons:

Adjusted EBITDA and non-GAAP net income are widely used by investors and securities analysts to measure a company’s operating performance without regard to items such as stock-based compensation expense, depreciation and amortization, interest expense, and provision for income taxes that can vary substantially from company to company depending upon their financing, capital structures and the method by which assets were acquired; and,
Our management uses adjusted EBITDA and non-GAAP net income in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of operating performance and the effectiveness of our business strategies and in communications with our board of directors concerning our financial performance; and adjusted EBITDA provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.

Our use of non-GAAP financial measures has limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows:

Adjusted EBITDA does not reflect: (a) changes in, or cash requirements for, our working capital needs; (b) the potentially dilutive impact of stock-based compensation; or (c) tax payments that may represent a reduction in cash available to us;
Although depreciation and amortization expense are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; and
Non-GAAP net income does not include: (a) unrealized losses resulting from our equity investment; (b) the potentially dilutive impact of stock-based compensation; (c) income tax effects for stock-based compensation and unrealized losses from our equity investment; or (d) acquisition-related and other expenses.

Because of these and other limitations, you should consider adjusted EBITDA and non-GAAP net income along with other GAAP-based financial performance measures, including net income and our GAAP financial results.

Forward Looking Statements

This press release contains “forward-looking statements” regarding our future business expectations, including our guidance relating to our revenue and adjusted EBITDA for the first quarter of 2025, our expectations regarding our adjusted EBITDA, free cash flow, capital expenditures, future hiring, future market growth, our long-term revenue growth, target revenue and our ability to gain market share. These forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions and may differ materially from actual results due to a variety of factors including: our dependency on the overall demand for advertising and the channels we rely on; our existing customers not expanding their usage of our platform, or our failure to attract new publishers and buyers; our ability to maintain and expand access to spend from buyers and valuable ad impressions from publishers; the rejection of the use of digital advertising by consumers through opt-in, opt-out or ad-blocking technologies or other means; our failure to innovate and develop new solutions that are adopted by publishers; the war between Ukraine and Russia and the resumption of conflict between Israel and Palestine, and the related measures taken in response by the global community; the impacts of inflation as well as fiscal tightening and volatile interest rates; public health crises, including the resulting global economic uncertainty; limitations imposed on our collection, use or disclosure of data about advertisements; the lack of similar or better alternatives to the use of third-party cookies, mobile device IDs or other tracking technologies if such uses are restricted; any failure to scale our platform infrastructure to support anticipated growth and transaction volume; liabilities or fines due to publishers, buyers, and data providers not obtaining consents from consumers for us to process their personal data; any failure to comply with laws and regulations related to data privacy, data protection, information security, and consumer protection; and our ability to manage our growth. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. For more information about risks and uncertainties associated with our business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our SEC filings, including but not limited to, our annual report on Form 10-K and quarterly reports on From 10-Q, copies of are available on our investor relations website at https://investors.pubmatic.com and on the SEC website at www.sec.gov. All information in this press release is as of February 27, 2025. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

About PubMatic

PubMatic is an independent technology company maximizing customer value by delivering digital advertising’s supply chain of the future. PubMatic’s sell-side platform empowers the world’s leading digital content creators across the open internet to control access to their inventory and increase monetization by enabling marketers to drive return on investment and reach addressable audiences across ad formats and devices. Since 2006, PubMatic’s infrastructure-driven approach has allowed for the efficient processing and utilization of data in real time. By delivering scalable and flexible programmatic innovation, PubMatic improves outcomes for its customers while championing a vibrant and transparent digital advertising supply chain.



CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (unaudited)

	December 31, 2024			December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$	100,452		$	78,509
Marketable securities		40,135			96,835
Accounts receivable, net		424,814			375,468
Prepaid expenses and other current assets		10,145			11,143
Total current assets		575,546			561,955
Property, equipment and software, net		58,522			60,729
Operating lease right-of-use assets		44,402			21,102
Acquisition-related intangible assets, net		4,284			5,864
Goodwill		29,577			29,577
Deferred tax assets		24,864			13,880
Other assets, non-current		2,324			2,136
TOTAL ASSETS	$	739,519		$	695,243
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	386,602		$	347,673
Accrued liabilities		26,365			25,684
Operating lease liabilities, current		5,843			6,236
Total current liabilities		418,810			379,593
Operating lease liabilities, non-current		39,538			15,607
Other liabilities, non-current		3,908			3,844
TOTAL LIABILITIES		462,256			399,044
Stockholders’ Equity
Common stock		6			6
Treasury stock		(146,796	)		(71,103	)
Additional paid-in capital		275,304			230,419
Accumulated other comprehensive loss		(636	)		(4	)
Retained earnings		149,385			136,881
TOTAL STOCKHOLDERS’ EQUITY		277,263			296,199
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	739,519		$	695,243


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (unaudited)

	Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
Revenue	$	85,502	$	84,600	$	291,256	$	267,014
Cost of revenue⁽¹⁾		24,935		24,208		101,027		99,229
Gross profit		60,567		60,392		190,229		167,785
Operating expenses:⁽¹⁾
Technology and development		7,831		6,846		33,263		26,727
Sales and marketing		23,763		20,353		95,369		82,803
General and administrative⁽²⁾		14,171		12,780		57,670		56,219
Total operating expenses		45,765		39,979		186,302		165,749
Operating income		14,802		20,413		3,927		2,036
Total other income, net		3,618		2,632		13,847		8,469
Income before income taxes		18,420		23,045		17,774		10,505
Provision for income taxes		4,521		4,343		5,270		1,624
Net income	$	13,899	$	18,702	$	12,504	$	8,881
Net income per share attributable to common stockholders:
Basic	$	0.29	$	0.37	$	0.25	$	0.17
Diluted	$	0.26	$	0.34	$	0.23	$	0.16
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic		47,993		50,659		49,213		51,760
Diluted		52,623		54,940		54,294		56,027

⁽¹⁾Stock-based compensation expense includes the following:
STOCK BASED COMPENSATION EXPENSE (In thousands) (unaudited)

	Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
Cost of revenue	$	438	$	383	$	1,855	$	1,472
Technology and development		1,625		1,137		6,313		4,346
Sales and marketing		3,247		2,589		13,407		10,462
General and administrative		4,099		3,228		16,101		12,582
Total stock-based compensation	$	9,409	$	7,337	$	37,676	$	28,862

⁽²⁾On June 30, 2023, a Demand Side Platform buyer of our platform filed for Chapter 11 bankruptcy. As a result of this bankruptcy, we recorded incremental bad debt expense of $5.7 million which is reflected in our GAAP net income and adjusted EBITDA results for the year ended December 31, 2023.


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (In thousands) (unaudited)

	December 31,
		2024			2023
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income	$	12,504		$	8,881
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		45,352			44,770
Stock-based compensation		37,676			28,862
Provision for doubtful accounts		—			5,675
Deferred income taxes		(10,984	)		(13,406	)
Accretion of discount on marketable securities		(4,117	)		(4,093	)
Non-cash lease expense		6,801			6,145
Other		(25	)		45
Changes in operating assets and liabilities:
Accounts receivable		(49,345	)		(75,716	)
Prepaid expenses and other current assets		(5,826	)		3,918
Accounts payable		38,096			79,687
Accrued liabilities		9,627			3,035
Operating lease liabilities		(6,531	)		(5,789	)
Other liabilities, non-current		197			(893	)
Net cash provided by operating activities		73,425			81,121
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of and deposits on property and equipment		(17,592	)		(10,601	)
Capitalized software development costs		(20,936	)		(17,687	)
Purchases of marketable securities		(142,016	)		(140,603	)
Proceeds from sales of marketable securities		—			18,873
Proceeds from maturities of marketable securities		202,858			111,000
Net cash provided by (used in) investing activities		22,314			(39,018	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of business combination indemnification claims holdback		(2,148	)		—
Proceeds from issuance of common stock for employee stock purchase plan		2,368			1,869
Proceeds from exercise of stock options		1,765			1,549
Principal payments on finance lease obligations		(131	)		(126	)
Payments to acquire treasury stock		(75,332	)		(59,268	)
Net cash used in financing activities		(73,478	)		(55,976	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		22,261			(13,873	)
Effect of foreign currency on cash		(318	)		—
CASH AND CASH EQUIVALENTS – Beginning of year		78,509			92,382
CASH AND CASH EQUIVALENTS – End of year	$	100,452		$	78,509


RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EBITDA AND NON-GAAP NET INCOME (In thousands, except per share amounts) (unaudited)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Reconciliation of net income:
Net income	$	13,899		$	18,702		$	12,504		$	8,881
Add back (deduct):
Stock-based compensation		9,409			7,337			37,676			28,862
Depreciation and amortization		11,421			11,039			45,352			44,770
Interest income		(1,604	)		(2,515	)		(8,477	)		(8,828	)
Provision for income taxes		4,521			4,343			5,270			1,624
Adjusted EBITDA¹	$	37,646		$	38,906		$	92,325		$	75,309

Revenue	$	85,502		$	84,600		$	291,256		$	267,014
Adjusted EBITDA margin		44	%		46	%		32	%		28	%

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Reconciliation of net income per share:
Net income	$	13,899		$	18,702		$	12,504		$	8,881
Add back (deduct):
Stock-based compensation		9,409			7,337			37,676			28,862
Adjustment for income taxes		(1,865	)		(1,590	)		(7,728	)		(5,695	)
Non-GAAP net income¹	$	21,443		$	24,449		$	42,452		$	32,048
GAAP diluted EPS	$	0.26		$	0.34		$	0.23		$	0.16
Non-GAAP diluted EPS	$	0.41		$	0.45		$	0.78		$	0.57
GAAP weighted average shares outstanding—diluted		52,623			54,940			54,294			56,027
Non-GAAP weighted average shares outstanding—diluted		52,623			54,940			54,294			56,027


SUPPLEMENTAL CASH FLOW INFORMATION COMPUTATION OF FREE CASH FLOW, A NON-GAAP MEASURE (In thousands) (unaudited)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Reconciliation of cash provided by operating activities:
Net cash provided by operating activities	$	18,048		$	28,674		$	73,425		$	81,121
Less: Purchases of property and equipment		(4,324	)		(5,177	)		(17,592	)		(10,601	)
Less: Capitalized software development costs		(4,868	)		(3,962	)		(20,936	)		(17,687	)
Free cash flow	$	8,856		$	19,535		$	34,897		$	52,833

¹ Net income, Adjusted EBITDA, and Non-GAAP net income for the twelve months ended December 31, 2024 include other income of $4.0 million related to our efforts to build and test integrations with the Google Privacy Sandbox.

¹ Net dollar-based retention is calculated by starting with the revenue from publishers in the trailing twelve months ended December 31, 2023 (“Prior Period Revenue”). We then calculate the revenue from these same publishers in the trailing twelve months ended December 31, 2024 (“Current Period Revenue”). Current Period Revenue includes any upsells and is net of contraction or attrition, but excludes revenue from new publishers. Our net dollar-based retention rate equals the Current Period Revenue divided by Prior Period Revenue. Net dollar-based retention rate is an important indicator of publisher satisfaction and usage of our platform, as well as potential revenue for future periods.
² Fiscal year 2023 GAAP net income includes approximately $5.7 million of incremental bad debt expense related to the bankruptcy of a Demand Side Platform buyer of our platform.
³ Omnichannel video spans across desktop, mobile and CTV devices.

The MIL Network –

February 28, 2025

MIL-OSI Global: Trump mineral deal with Ukraine offers hope but little in the way of security

Source: The Conversation – UK – By Jonathan Este, Senior International Affairs Editor, Associate Editor

If you want to get an idea of how Donald Trump’s mind works (and this can change from day to day, as we know), it’s worth taking a look at his TruthSocial website. As I write, beneath a video pinned to the top of his feed featuring an AI-generated vision of “Trump Gaza” (complete with casinos, shopping malls and a giant golden statue of the man himself), can be found a clue to the frenetic presidential activity of the past month.

In a post threatening legal action against any writer or publisher whose “Fake books” offends, Trump refers to himself as “a President who is being given credit for having the Best Opening Month of any President in history”. Apparently George Washington is second on that list – and, given that Potus #1 took 33 days to sign the first bill passed under the new US constitution, you could say Potus #47 has left him trailing in his wake.

Of course #47 appears to face fewer constitutional constraints than his illustrious predecessor.

Sadly, though, Trump will be unable to include in this list the deal he has reportedly just struck with Volodymyr Zelensky which swaps a share in Ukraine’s mineral wealth for an as yet unspecified security guarantee.

Precise details of this deal aren’t confirmed. But we’re told that the original US$500 billion (£394 billion) demand has been dropped in return for a share in an investment fund into which Ukraine will contribute 50% of the revenue from its mineral resources. “What better could you have for Ukraine than to be in an economic partnership with the United States?” commented US national security adviser, Mike Waltz.

Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.

But for the sake of social media, a deal’s a deal and can be trumpeted as such. Zelensky is heading to Washington to sign the agreement and we shall find out in due course whether or not this will assure Ukraine’s future security. There is still the actual peace deal with Russia to work out, after all.

Another landmark foreign policy deal brokered by the Trump White House was with the Taliban in 2020 and concerned the future of Afghanistan. And, as Philip A. Berry writes, Zelensky can take little comfort in that.

Berry, a research fellow at King’s College London, who has extensive experience of working with anti-narcotics agencies in Afghanistan, points to similarities in the way Trump managed negotiations with the Taliban and his deal-making with Ukraine and discussions so far with Russia. The Afghan government was largely cut out of the negotiations, as Trump has threatened to do to Ukraine with regards a peace deal. And like the current situation, Trump’s regular public utterances seriously undermined the talks. Berry concludes:

Trump’s Taliban deal excluded the US’s ally, conceded too much to an adversary, and was partly motivated by the perception of wasting American dollars in a far-off land. Unfortunately, these hallmarks are all too evident in the president’s stance on Ukraine. Zelensky can only hope that things work out better this time around.

Read more:
How Trump the ‘master deal-maker’ failed when it came to negotiating with the Taliban in Afghanistan

Trust will be absolutely vital if the US and Ukraine are to conclude this agreement and, more critically, if they are to reach terms with Russia that will guarantee the “just peace deal” that Zelensky craves, writes David J. Wilcox of the University of Birmingham. Wilcox points to the relationship of trust built by Mikhail Gorbachev and Ronald Reagan in the 1980s which paved a way for a series of nuclear weapons reduction treaties between the Soviet Union and the US.

It has just been announced that preparations are being made for “expert-level” talks between the US and Russia, but, as Wilcox points out, “any negotiations to end the war will rest ultimately on those two states and their leaders”. And at present, nothing has been publicly said about whether Putin and Zelensky have even agreed to meet.

Read more:
Ukraine war: why negotiations depend on trust

Meanwhile, what do we know about Ukraine’s mineral wealth and what sort of return Trump can expect for the US? Dafydd Townley, an expert in international security at the University of Portsmouth, stresses that Trump’s recent decision to impose punitive tariffs against Beijing has closed off China as a source of key minerals on which the US has been reliant up until now.

It’s a clue, writes Townley, as to why the US president seemed very keen on bringing his deal-making facilities to bear on Greenland, which also has large deposits of desirable minerals.

Interestingly, as Townley points out, Russia has taken control of about 20% of Ukraine’s mineral deposits under the territory it now controls (which America would be open to exploiting according to an offer made by Vladimir Putin’s aides at the recent talks in Saudi Arabia).

It’s also worth noting that Ukraine’s extraction sector has suffered over the past decade from chronic under-investment, thanks to the ongoing hostilities between Russia and Ukraine. As a result it could be some years before the US gets what it needs from the deal it has reportedly struck with Kyiv.

Read more:
Why Trump really wants Ukraine’s minerals — China has put theirs off limits

Three long years

Amid all the shuttle diplomacy and wheeler-dealing taking place around them, at the start of the week the embattled Ukrainian population marked the third anniversary of Russia’s full-scale invasion. They were joined by more than a dozen foreign leaders who gathered in Kyiv to express their continuing support.

As the conflict moves into its fourth year, Stefan Wolff, an international security expert at the University of Birmingham, takes a look at the broader geopolitical implications of the conflict in the era of Trump.

He sees worrying parallels with the Munich conference of 1938 which sealed Czechoslovakia’s fate. Not, as you might expect, in terms of Trump’s apparent appeasement of Putin – but because, like Munich, talks on the fate of a sovereign nation are being held without that nation being present. Wolff writes:

There is every indication that Putin is unlikely to stop in or with Ukraine. And it is worth remembering that the second world war started 11 months after Neville Chamberlain thought he had secured “peace in our time”.

This, of course, is the prospect that has both terrified and stiffened the resolve of Ukraine’s western allies. But Wolff also points to limitations in this analogy, in that he doesn’t believe that Trump is acting out of fear that he is in a weaker position than Putin, as did Neville Chamberlain and the French prime minister Édouard Daladier.

It’s rather that Trump sees himself as part of a triumvirate of world leaders, along with Putin and China’s president, Xi Jinping, who have the opportunity to carve out spheres of influence and establish a new world order based on the exercise of raw power.

Read more:
Ukraine war: Trump is not trying to appease Putin – he has a vision of a new US-China-Russia order

Richard Youngs, meanwhile, sees the dawning of what he calls a “no world order”. Youngs, an international relations expert at the University of Warwick, sees an era of flux, where the stability of the past 80 years is disintegrating without anything stable or concrete to replace it.

Several European leaders, including Keir Starmer who is today visiting Trump in Washington, are due to meet this Sunday ahead of a bigger defence summit in Brussels next week, to continue discussions about how to respond to the changing Ukraine situation. Reports suggest a European defence bank or fund that would include the UK may be on the cards.

Youngs certainly believes that European powers will need to consider practical measures in order to bind themselves into more cohesive relationship and ensure their continuing autonomy. One of those will be in boosting their defence capabilities – something that is now gathering pace in the face of US pressure.

But more radical thinking will be needed, writes Youngs, who has coined the term “geoliberalism” as a way of visualising the sort of thinking about the values and certainties that can bind Europe together in the face of global turbulence.

Read more:
No world order: Europe needs more radical thinking for the Trump era

Alex Titov, meanwhile, believes that for all the talk of “deals” to end the violence, both sides have their reasons for wanting to continue, given that their stated positions remain diametrically opposed and irreconcilable.

Russia’s battlefield progress, while steady, is slow and there’s no real prospect of it forcing a capitulation from Kyiv in the next 12 months. But – particularly with the radically different US position under Donald Trump, neither is there any chance of Russia being forced off the territory it has captured. Ominously, Titov concludes, this could mean that “the bloodiest battles of the war are yet to come”.

Read more:
Ukraine war three years on: the bloodiest battles may be still to come

A new way of governing

After a whirlwind first month, Trump held his first cabinet meeting this week, with a special appearance from his right-hand man Elon Musk, who reportedly got to speak more than anyone else. Musk, of course, has been responsible for much of the maelstrom of activity that has caused so much disquiet and is providing a lot of work for lawyers who are pushing back against many of the new adminstration’s measures on the grounds they are unconstitutional.

Musk, Trump and his vice-president J.D. Vance have, in turn, pushed back against judges who have issued injunctions to either halt or delay some of their measures. Musk, in a fit of pique this week when three judges halted three of the administration’s policies, complained bitterly “What is the point of having democratic elections if unelected activist ‘judges’ can override the clear will of the people? Well, that’s no democracy at all!”

Stephen Lovell, professor of modern history at King’s College London, has been looking at the way that Trump and his team are attempting to bend the US constitution to their will, comparing their approach to that of Vladimir Putin. Putin, as we know, never saw a constitutional loophole he didn’t want to wriggle through or otherwise obliterate.

Read more:
Trump, Putin and the authoritarian take on constitutionalism

World Affairs Briefing from The Conversation UK is available as a weekly email newsletter. Click here to get updates directly in your inbox.

– ref. Trump mineral deal with Ukraine offers hope but little in the way of security – https://theconversation.com/trump-mineral-deal-with-ukraine-offers-hope-but-little-in-the-way-of-security-250962

MIL OSI – Global Reports –

February 28, 2025
MIL-OSI United Nations: UN chief calls for peace and justice as Ramadan begins

Source: United Nations MIL OSI

27 February 2025 UN Affairs

As Muslims around the world prepare to mark the beginning of the Holy Month of Ramadan, UN Secretary-General António Guterres issued a call on Thursday for compassion, empathy and generosity, urging people everywhere to embrace their common humanity and work towards a more just and peaceful world.

“In this Holy Month, let us all be uplifted by these values and embrace our common humanity to build a more just and peaceful world for all,” he said in a message.

He also extended a special message of support to those experiencing hardship, displacement and violence.

“I stand with all those who are suffering. From Gaza and the wider region, to Sudan, the Sahel and beyond,” he said, joining those observing Ramadan in calling for peace and mutual respect.

The first day of fasting for the Holy Month in Mecca, Saudi Arabia, will be Saturday, March 1, or Sunday, March 2, depending on the sighting of the new moon, according to media reports.

Other countries, especially in the western hemisphere, could see the Ramadan moon before Mecca due to alignments in the night sky.

Ramadan is determined by the Islamic lunar calendar, which begins with the sighting of the crescent moon.

[embedded content]
Secretary-General Guterres’ video message for the begining of Ramadan.

Solidarity visit to Bangladesh

As part of his annual Ramadan solidarity visit, Mr. Guterres will travel to Bangladesh from 13 to 16 March, where he will meet Rohingya refugees in Cox’s Bazar, one of the world’s largest refugee settlements, his Spokesperson Stéphane Dujarric announced at the regular news briefing at the UN Headquarters.

Mr. Guterres will also take part in an Iftar meal with refugees and members of the Bangladeshi host community, recognising the generosity of Bangladesh in sheltering nearly one million Rohingya who fled persecution and violence in Myanmar.

During his visit, he will also visit the capital, Dhaka, where he will meet Chief Adviser in the interim government, Professor Muhammed Yunus, as well as young representatives from civil society.

An annual tradition

The Secretary-General has made solidarity visits an annual tradition, beginning during his decade-long tenure as UN High Commissioner for Refugees, when he regularly observed Ramadan alongside displaced and marginalized communities.

“Every Ramadan, I undertake a solidarity visit and fast with a Muslim community around the globe. These missions remind the world of the true face of Islam,” Mr. Guterres said in his message.

“Ramadan embodies the values of compassion, empathy and generosity. It is an opportunity to reconnect with family and community…And I always come away even more inspired by the remarkable sense of peace that fills this season,” he added.

MIL OSI United Nations News –

February 28, 2025
MIL-OSI United Nations: Diverse disaster risks in the Arab States have led to inspiring solutions

Source: UNISDR Disaster Risk Reduction

SRSG Kamal Kishore visited Kuwait in February 2025 for the Arab Regional Platform for Disaster Risk Reduction. In this article he reflects on the region’s challenges and successes.

The Arab States region is known for its extremes: some of the world’s harshest conditions, but also the famous hospitality of its inhabitants. It is home to some of the wealthiest nations, but also many amongst the least-developed. It faces serious disaster risks – especially slow onset disasters like drought and desertification – but is also a source of innovative solutions.

I spent the past week in Kuwait where disaster risk management policy makers and practitioners from 22 countries from the Arab States region came together for the 6th Arab Regional Platform for Disaster Risk Reduction. This multi-stakeholder forum was called to take stock of progress against the Sendai Framework for Disaster Risk Reduction and devise ways to accelerate implementation over the next five years. Much of the success can be attributed to the generosity and professionalism of the host country, the State of Kuwait. The excellent organization of the Platform was the result of a tight partnership between the Kuwait Fire Force, the League of Arab States, and UNDRR’s Regional Office for Arab States, lining up a programme that covered a wide array of important topics for the region.

During the five intense days of deliberations, I learned many things. In a region that is beset by many challenges, disaster risk reduction issues do not always spring to mind as the most urgent. However the region has seen some of the worst disasters over the last few years – including floods in Libya (2023), Oman (2024) and UAE (2024); earthquakes in Syria and Morocco (2023); and a string of severe droughts across much of the region.

To say that the Arab States region is highly diverse is to state the obvious. However, this diversity goes beyond the nature of disaster risk (varying hazards, exposure, and socio-economic vulnerability) to the diverse institutional approaches adopted by countries of the region to manage disaster risk. The United Arab Emirates, in particular, have shown great leadership in the region, as champions of urban resilience and hosts of the COP28 UN Climate Change Conference.

During the Regional Platform I had so many enlightening conversations – formal and informal – and participated in numerous events and discussions. Considering all that I learned, I have the following reflections:

The next leap

Most of the countries in the region have established strong national level institutions for disaster risk management (these are variously named Disaster Management Agencies, or Emergency, Crisis and Disaster Management Authorities, and so on) and many have developed multi-year strategies for disaster risk management (for example, Morocco has a strategy for 2020 to 2030).

The next leap would be to pursue more integrative work with all development sectors. Interesting initiatives are already emanating from the region. For example: UNDRR’s Private Sector Alliance for Disaster Resilient Societies (ARISE) has helped develop and apply a resilience tool to aid the real estate sector in Dubai; and Libya and Iraq are modernizing the management of their irrigation dams.

Play closer attention to compounding risks

For example, sand and dust storms are getting more complex – in a region that has rapidly urbanized, not only are the impacts of these hazards evolving (such as the impacts on power transmission networks and renewable energy production), but these hazards are also combining with other threats such as soil and air pollution to create even bigger impacts.

ABCD (Align Biodiversity, Climate Change and Desertification) of Comprehensive Risk Management

This is a region where on-the-ground integration of the three Rio Conventions – Biodiversity, Climate Change, and Desertification – really comes alive. However, taking such a comprehensive approach requires that we align all of these interests across regional, national and sub-national institutions.

Blend tradition and innovation

The region is home to centuries of traditional wisdom to deal with extreme conditions and natural hazards – for example, this can be seen in how traditional housing and clothing have evolved to combat extreme heat. Traditional systems of finance such as Islamic Finance (and the notion of Zakat) provide a solid foundation for society’s financial resilience, particularly for the poorest. At the same time, many countries in the region are at the forefront of cutting-edge innovation – from advances in water management to the application of AI.

We can draw on both traditional wisdom and modern innovation to achieve disaster risk reduction objectives.

The energy and enthusiasm I witnessed during this past week gives me a sense of optimism that if we stay the course, this region can not only demonstrate on-the-ground disaster risk reduction results, but can also inspire action across the world.

The Global Platform for Disaster Risk Reduction, in June this year, will give an opportunity for all of the regions to share the outcomes of the Regional Platforms, and I look forward to the contributions arising from the Arab States Regional Platform.

MIL OSI United Nations News –

February 28, 2025
MIL-OSI USA: MEDIA ADVISORY: House Foreign Affairs Subcommittee on Europe Hearing

Source: US House Committee on Foreign Affairs

Media Contact 202-321-9747

WASHINGTON, D.C. – The House Foreign Affairs Subcommittee on Europe will hold a public hearing titled “Bridging the Gap: Turkey Between East and West” on Wednesday, March 5, 2025.

What: House Foreign Affairs Subcommittee on Europe Hearing

Date: Wednesday, March 5, 2025

Time: 2:00 p.m. ET

Location: 2172 Rayburn

Subject: Bridging the Gap: Turkey Between East and West

Witnesses:

Dr. Anna Borschevskaya

Harold Grinspoon Senior Fellow

Washington Institute for Near East Policy

Dr. Jonathan Schanzer

Executive Director

Foundation for Defense of Democracies

The Honorable Celeste Wallander

Adjunct Senior Fellow

Center for a New American Security

***Check here for updates. The hearing will be webcast live here and open to the public and press. Members of the media who would like to attend in-person should RSVP with Joe Clark at joseph.clark@mail.house.gov by 5 p.m. Tuesday, March 4, 2025. ***

MIL OSI USA News –

February 28, 2025
MIL-OSI Europe: Telephone conversation with President El-Sisi of Egypt

Source: Government of Italy (English)

Vai al Contenuto Raggiungi il piè di pagina

27 Febbraio 2025

The President of the Council of Ministers, Giorgia Meloni, had a telephone conversation today with the President of Egypt, Abdel Fattah El-Sisi.

The call provided an opportunity to review the main areas of bilateral cooperation, starting with the initiatives launched by Italy in the sectors of education, vocational training, renewable energy and sustainable agriculture within the framework of the Mattei Plan for Africa, as well as cooperation on the issue of migration in line with the memorandum of understanding between the EU and Egypt.

The two leaders also discussed the situation in the Middle East, agreeing on the need to keep working for the stabilisation and reconstruction of Gaza with the aim of reviving a political dialogue for a just and lasting peace in the region

MIL OSI Europe News –

February 28, 2025
MIL-OSI Europe: Written question – Establishing high-quality radiotherapy departments and modern oncology centres at public hospitals – E-000713/2025
Source: European Parliament
Question for written answer E-000713/2025
to the Commission
Rule 144
Giorgos Georgiou (The Left)

Europe’s Beating Cancer Plan (COM(2021) 44) and the European Parliament resolution of 16 February 2022 on strengthening Europe in the fight against cancer (paragraph 105) stress the importance of establishing high-quality radiotherapy departments and modern oncology centres at public hospitals, based on European guidelines and in line with the latest scientific evidence.

However, many patients in the EU sadly continue to face numerous difficulties as many oncology departments at public hospitals suffer from staff shortages and a lack of capacity. Cyprus is the only EU Member State without an integrated public oncology centre with a radiotherapy department, meaning that cancer patients have no other choice but to turn to the private sector.

In view of the above:

1.Will the Commission assess and provide published updates on the progress that each Member State makes in achieving the targets of the European strategy for quality public healthcare services?

2.What steps will it take to support Member States in achieving the targets they have not yet met, thereby ensuring a common European public health standard for cancer prevention and treatment in all EU Member States?

Submitted: 17.2.2025
Last updated: 27 February 2025
MIL OSI Europe News –
February 28, 2025
MIL-OSI Europe: Briefing – Surrogacy: The legal situation in the EU – 27-02-2025

Source: European Parliament

This analysis sets out the legal situation in the EU regarding surrogacy. A distinction can be drawn between traditional and gestational surrogacy, depending on the genetic connection of the surrogate to the child. A further distinction is made between altruistic and commercial surrogacy, depending on whether the surrogate receives remuneration. Among the Member States, Ireland, Greece, Cyprus and Portugal have introduced legislation permitting altruistic surrogacy, but for some of these the legislation has not yet entered into force or further regulations are still missing. The approaches taken by these Member States as to the conditions applying to the surrogate and the intended parents can be quite different. Many other Member States have banned surrogacy. Some of these bans explicitly prohibit the procedure, whereas others have regulated assisted reproduction in such a way that surrogacy is implicitly prohibited. Since 2014, the European Court of Human Rights has issued many judgments concerning surrogacy, especially concerning parenthood established abroad. This case law requires that, if the parenthood resulting from surrogacy established abroad is not recognised, the state has to provide for a means to regularise the ‘limping’ legal relationship. In 2022, the European Commission made a proposal for regulation on private international law rules relating to parenthood, which would also apply to surrogacy established in a Member State. Discussions in the Council are still ongoing as to how this issue should be dealt with. The 2024 directive on preventing and combating trafficking in human beings and protecting its victims explicitly identified, for the first time, the exploitation of surrogacy as a form of human trafficking.

MIL OSI Europe News –

February 28, 2025
MIL-OSI Europe: Cyprus gets €72 million EIB loan for new national archaeological museum as EU bank publishes 2024 financing results in country
Source: European Investment Bank
- EIB provides €72 million loan to Cypriot government to build state-of-the-art archaeological museum in capital Nicosia
- Credit for landmark Cypriot cultural project follows 2024 EIB Group financing in Cyprus totalling €225 million mainly for university-campus and road-network upgrades.
- Latest annual results bring EIB Group support in Cyprus to €1.3 billion over past five years.
The European Investment Bank (EIB) is providing the Cypriot government with a €72 million loan for a new national archaeological museum in the capital Nicosia. The EIB credit will be used to build the planned state-of-the-art Cyprus Archaeological Museum, which will serve as a cultural landmark while contributing to urban regeneration.

The EIB Group, which also includes the European Investment Fund (EIF), today also announced that new financing in Cyprus in 2024 totalled €225 million. Top projects last year included EIB loans of €125 million for the Cyprus University of Technology (CUT) to build affordable student housing and upgrade campus facilities in Paphos and Limassol and €100 million for the Cypriot government to improve and expand road networks.

“Our work in Cyprus is a testament to the transformative power of the EIB’s strategic financing,” said EIB Vice-President Kyriakos Kakouris. “In 2024, we reaffirmed our commitment to the country by supporting major projects in sustainable and affordable student housing as well as critical transport- infrastructure improvements, reinforcing social cohesion in the process.”

Cultural landmark

The planned Cyprus Archaeological Museum, whose construction is due to be completed in 2029 .will be located in the centre of Nicosia and transform the area into a vibrant cultural hub. The museum will feature spacious exhibition halls equipped with cutting-edge technologies to enhance the presentation of Cyprus’s rich archaeological heritage, which dates to the Neolithic period and extends to the Christian era.

“The new museum will offer dedicated spaces for research, education and engagement with the scientific and cultural community, further strengthening Cyprus’s role in the global archaeological and cultural dialogue,” said EIB Vice-President Kyriacos Kakouris.

It will house an extensive collection from Department of Antiquities of the Cypriot Culture Ministry’s

“The Cyprus Archaeological Museum will stand as the country’s most significant cultural initiative,” said Cypriot Minister of Finance Makis Keravnos. “This is a crucial project for the Cypriot government and the people as it will revitalise and showcase – in the most fitting way – our country’s rich and diverse history. It will also create a dynamic cultural, recreational, and social hub in the heart of the city.”

The new project includes a state-of-the-art 30,000 sqm museum and a 20,000 sqm landscaped public square, transforming the Nicosia area into a vibrant cultural hub.

“For many years, it has been the state’s vision to establish a museum capable of housing, with the dignity they deserve, the memories of our archaeological past,” said Cypriot Minister of Transport, Communications and Works Alexis Vafeades. “This museum will become a place of attraction for people of all ages and nationalities, fostering inclusivity and sharing Cyprus’s rich archaeological history with the world.”

2024 results

The latest annual results from the EIB Group bring its total financing in Cyprus over the past five years to €1.3 billion. The annual average in the country since 2000 is €256 million.

The EIB’s support for CUT last year included two financing agreements with the university totalling €108 million and one accord with the Municipality of Paphos amounting to €17 million. The project features the construction and renovation of academic and administrative spaces, along with the addition of 703 student accommodation units.

In Limassol, the planned upgrades include the creation of a solar energy park to power the campus, making it energy self-sufficient.

Part of the financing is supported by the InvestEU programme, marking its first initiative in Cyprus.

The EIB’s support for Cypriot road development in 2024 was part of a €200 million package for such infrastructure in the country, with a second €100 million tranche expected to be signed in 2025. The projects, which involve road upgrades in various Cypriot regions, are expected to be completed by 2029.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high -impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

High-quality, up-to-date photos of our headquarters for media use are available here.
MIL OSI Europe News –
February 28, 2025
MIL-OSI Asia-Pac: Dubai ETO greets Year of Snake with gala dinners in Riyadh and Dubai (with photos)

Source: Hong Kong Government special administrative region

     The Hong Kong Economic and Trade Office in Dubai (Dubai ETO), in collaboration with the Hong Kong Trade Development Council (HKTDC), hosted gala dinners in Riyadh, Saudi Arabia on February 24 (Riyadh time) and in Dubai, the United Arab Emirates (UAE) on February 25 (Dubai time) to celebrate the Year of Snake with Saudi and UAE communities, and promote Hong Kong as well as its unique advantages and culture to locals from various sectors.

     A total of over 450 guests from the government, business and cultural sectors as well as the local Hong Kong community attended the two gala dinners. Among them were the Minister of State for Foreign Trade of the UAE, Dr Thani bin Ahmed Al Zeyoudi, the Consul-General of the People’s Republic of China in Dubai, Ms Ou Boqian, and the Chairman of the Saudi Chinese Business Council, Mr Mohammed Al Ajlan.

     In his welcoming remarks to the guests, the Director-General of the Dubai ETO, Mr Damian Lee, highlighted the closer-than-ever relations and booming exchanges between Hong Kong and the Middle East region, marked by robust and active trade and economic co-operation as well as deepening collaboration in tourism, culture, education and many areas, since the establishment of the Dubai ETO more than three years ago and successive visits to Gulf countries by the Chief Executive and various Principal Officials.

     Mr Lee also shared with guests how Hong Kong’s distinctive advantages of having strong support of the country while maintaining unparalleled connectivity with the world render the city her role as a bridge linking the Mainland China and the rest of the world. He encouraged local business operators to make good use of Hong Kong’s measures dovetailing with national development strategies to expand their business in Hong Kong.

     “Like the virtuous snake in the Chinese zodiac, Hong Kong demonstrated her wisdom, flexibility and resilience amidst global uncertainties: in 2024, Hong Kong remained the world’s freest economy and the third-largest global financial centre with a record number of 10 000 non-local firms, a 10 per cent increase on the previous year and a testament to the abundant confidence of people from around the world. Hong Kong also launched the New Capital Investment Entrant Scheme last year, further enhancing our attractiveness to foreign capital and talents. In the Year of Snake ahead, Hong Kong and the Middle East will definitely build upon the strong foundation of our relationship for further collaborations.”

     The Dubai ETO also invited Legislative Council Member and Associate Vice-President of Lingnan University, Professor Lau Chi-pang, to deliver a keynote presentation, on Hong Kong’s rich intangible cultural heritage, as guests marvelled at the diversity, openness and the unique mix of Eastern and Western cultures of Hong Kong. During the dinners, representatives from Invest Hong Kong and HKTDC also shared respectively Hong Kong’s promising investment opportunities and the upcoming trade fairs and activities in Hong Kong, and encouraged local businesses to invest and join fairs in Hong Kong.

     The events also featured cultural performances, including the ancient Chinese theatrical art form from Sichuan opera – face-changing, as well as fascinating and interactive magic shows with Hong Kong elements by Louis Yan, an internationally renowned champion magician from Hong Kong who has won the Merlin Award, also known as the “Oscars” among professional magicians. The performances received enthusiastic applause from the audience who were deeply impressed by the beauty of the traditional Chinese culture and the authentic local culture of Hong Kong.

MIL OSI Asia Pacific News –

February 28, 2025
MIL-OSI United Nations: Human Rights Council: Türk calls out ‘dehumanizing’ narratives on Gaza

Source: United Nations 2

Mr. Türk – making his closing remarks during the session reporting on the Occupied Palestinian Territory at the Human Rights Council – said he was deeply troubled by the “dangerous manipulation of language” and disinformation that surrounds discussions over the Palestine-Israel conflict.

“We need to make sure that we resist all efforts to spread fear or incite hatred, including abhorrent, dehumanizing narratives, whether they’re insidious or explicit,” he said.

“My Office will continue to work for justice for every victim and survivor by establishing and documenting the facts and standing firmly for accountability and the rule of law without exception.”

Eritrean troops continue grave violations in Ethiopia

The rights body then turned its focus to Eritrea on Thursday, where despite some long-awaited progress in improving the lives of ordinary Eritreans, the country’s authorities remain responsible for widespread alleged serious crimes including inside neighbouring Ethiopia, the forum heard.

Ilze Brands Kehris, UN Assistant Secretary-General for Human Rights, said that the Eritrean Defence Forces have continued to carry out grave crimes in Ethiopia’s Tigray region and elsewhere with total impunity.

“Our Office (OHCHR) has credible information that Eritrean Defence Forces remain in Tigray and are committing violations, including abductions, rape, property looting, and arbitrary arrests,” she told the Council, before calling for the immediate withdrawal of Eritrean soldiers.

After a rapprochement between former enemies Eritrea and Ethiopia in 2018, Asmara sent troops to fight alongside Ethiopian federal troops against separatist rebels during the two-year conflict in Tigray, Amhara, Afar and Oromia.

No justice in sight

“In the current context, there is no likely prospect that the domestic judicial system will hold perpetrators accountable for the violations committed in the context of the Tigray conflict and in other cases,” the UN official told the Council, the world’s foremost human rights body.

In a debate seeking to address the Council’s longstanding concerns about Eritrea’s human rights record, Ms. Brands Kehris acknowledged the efforts being made by the authorities in boosting essential health services to more than one million newborns, children and women last year with the help of the UN – and in ratifying the Convention on the Rights of Persons with Disabilities in December.

Conscription abuses continue

However, “serious concerns remain” about Eritrea’s system of indefinite forced military conscription, the UN official continued.

The practice has long been linked to abusive labour, torture and sexual violence which continues to compel young people to escape from the country, Ms. Brands-Kehris insisted.

Furthermore, “the punishment of families of draft deserters remains very common – an inhumane practice, against which no steps have been taken”, she said.

Echoing previous disturbing reports requested by the Human Rights on Eritrea’s rights record, the UN official said that detention without trial “remains the norm” – with many politicians, journalists, religious believers and draft deserters held incommunicado.

There is no evidence that impunity will be tackled for well-documented past human rights violations, the senior UN official said.

In response for Eritrea, Habtom Zerai Ghirmai, Chargé d’affaires a.i. to the UN in Geneva, denied the accusations, calling them exaggerated and misleading.

Sudan: We are looking into the abyss, Türk warns

Next in the spotlight was the plight of Sudan’s war-ravaged people who have been subjected to appalling crimes by all parties to the conflict – some possibly constituting war crimes and other atrocity crimes.

Today, more than 600,000 Sudanese “are on the brink of starvation”, said rights chief Volker Türk. “Famine is reported to have taken hold in five areas, including Zamzam displacement camp in North Darfur, where the World Food Programme has just been forced to suspend its lifesaving operations due to intense fighting.”

Another five areas could face famine in the next three months and 17 more are at risk, he said, calling on all Member States to push urgently for a ceasefire and to ease the suffering of the Sudanese people.

Presenting his Office’s annual report on the situation in Sudan, Mr. Türk noted that the armed conflict between rival militaries that erupted in April 2023 following the breakdown in a transfer to civilian rule had generated “the world’s largest humanitarian catastrophe”.

The High Commissioner’s report details myriad violations and abuses committed in Sudan and underscores the need for accountability.

‘Utter impunity’

“We are looking into the abyss. Humanitarian agencies warn that without action to end the war, deliver emergency aid, and get agriculture back on its feet, hundreds of thousands of people could die,” Mr. Türk insisted.

He added that the spiralling situation in Sudan was “the result of grave and flagrant violations of international humanitarian and human rights law, and a culture of utter impunity”.

“As the fighting has spread across the country, appalling levels of sexual violence have followed. More than half of reported rape incidents took the form of gang rape – an indication that sexual violence is being used as a weapon of war,” Mr. Türk explained.

“Sudan is a powder keg, on the verge of a further explosion into chaos,” said the UN’s top human rights official.

Responding on behalf of Sudan, Minister of Justice Moawia Osman Mohamed Khair Mohamed Ahmed, rejected allegations that the Sudanese Armed Forces (SAF) were responsible for any of the rights violations detailed in the High Commissioner’s report.

Indifferent to suffering

Sudanese civil society representative Hanaa Eltigani described multiple mass killings of civilians attributed to the Rapid Support Forces paramilitaries including in Geneina, their shelling of Zamzan displacement camp in North Darfur and other extreme rights abuses including gang rape and the forced recruitment of children, including South Sudanese refugees.

In addition, the SAF “launched airstrikes and ground assaults, attacking Meneigo and Al-Igibesh villages in West Kordofan, bombing civilian areas in Nyala, South Darfur,” continued Ms Eltigani, Assistant Secretary-General of Youth Citizens Observers Network (YCON), insisting that while the suffering of her country’s people was “met with indifference, the flow of weapons [from abroad] continues unchecked”.

The SAF also carried out executions in Al-Jazira, Ms. Eltigani maintained, “where victims were slaughtered or thrown alive into the Nile”.

Taliban oppression deepens in Afghanistan

Turning to Afghanistan, the Council then heard that the de facto authorities’ oppression and persecution of women, girls and minorities has worsened, with no signs of improvement.

“Some 23 million people, almost half the population, are in need of humanitarian assistance, a situation drastically worsened by the pauses and cuts to international aid,” said Special Rapporteur on Afghanistan Richard Bennett.

The independent rights expert, who is not a UN staff member, warned that left unchecked, the Taliban was likely to “intensify, expand and further entrench its rights-violating measures on the people of Afghanistan, in particular women and girls and likely religious and ethnic minorities”.

“The lack of a strong, unified response from the international community has already emboldened the Taliban. We owe it to the people of Afghanistan to not embolden them still further through continued inaction.”

The Taliban seized power in 2021 and since then have passed a raft of laws that have severely stifled the freedoms of women and girls.

These include banning women and girls from most classrooms, singing or speaking outside their homes, as well as from travelling without a male guardian.

Institutionalised oppression

Women were also barred from studying medicine in December. Windows in residential buildings have also been banned on the grounds that women could be seen through them.

“Afghanistan is now the epicentre of an institutionalised system of gender-based discrimination, oppression, and domination which amounts to crimes against humanity, including the crime of gender persecution,” Mr. Bennett said, presenting his report.

Mr. Bennett urged States to ensure that any normalization of diplomatic ties with the Taliban should be dependent on demonstrated improvements in human rights.

“We must not allow history to repeat itself,” Mr. Bennett said. “Doing so will have catastrophic consequences in and beyond Afghanistan.”

Independent rights experts are not UN staff, receive no salary for their work and are independent of any organisation or government.

MIL OSI United Nations News –

February 28, 2025
MIL-OSI Europe: Latest news – Next meeting of DPAL – 12 March 2025 in Strasbourg – Delegation for relations with Palestine

Source: European Parliament

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Next meeting of the Delegation for Relations with Palestine will take place on Wednesday, 12 March 2025, in room WEISS S4.4, in Strasbourg
Further details on the agenda will follow

MIL OSI Europe News –

February 28, 2025
MIL-OSI Europe: Written question – Update of the EU entry price system: protecting the citrus sector against unfair competition – E-000705/2025
Source: European Parliament
Question for written answer E-000705/2025
to the Commission
Rule 144
Vicent Marzà Ibáñez (Verts/ALE)

The EU entry price system was designed to protect European farmers from unfair competition. It has become obsolete, however, and urgently needs updating. Imports of citrus fruit from Egypt at lower than standard import prices are having a serious effect on profitability for European producers, particularly in Spain. Data shows that the price of imports of oranges from Egypt to Spain in 2024 was on average EUR 0.51/kg, well below the farm-gate price of Spanish citrus fruit producers. This situation is a point of serious vulnerability for the citrus sector, which is calling for entry prices to be updated and for the safeguard clause in trade agreements to be applied.

In light of this:

1.What measures is the Commission taking to ensure the entry price system is properly upheld and to prevent citrus fruit from being imported at prices that do not reflect European production costs?

2.Is the Commission considering updating the minimum entry price, taking into account inflation and the current state of the market?

3.Is the Commission assessing whether to apply the safeguard clause to imports of Egyptian oranges and protect EU market stability?

Submitted: 17.2.2025
Last updated: 27 February 2025
MIL OSI Europe News –
February 28, 2025
MIL-OSI Europe: Written question – Discrimination against Baha’is in Egypt – E-000676/2025
Source: European Parliament
Question for written answer E-000676/2025
to the Commission
Rule 144
Per Clausen (The Left)

The Egyptian Government institutionalised its state-sponsored discrimination against the Baha’is by way of a decree issued in 1960 by President Gamal Abdel Nasser, which banned Baha’i activities, dissolved Baha’i institutions and confiscated Baha’i properties (Law 263/1960).

This pervasive discrimination has intensified, with the Egyptian authorities denying Baha’is national identity cards, their burial rights and access to cemeteries, as well as carrying out family separations.

Baha’is in Egypt are currently denied their ability to enjoy basic civil liberties and fundamental rights, including freedom of religion[1].

In the light of Egypt’s undertaking to guarantee respect for human rights as a precondition for receiving macro-financial assistance from the Commission, what EU strategy is in place to urge the Egyptian authorities to repeal the 1960 decree, upon which their entire mechanism of discrimination rests?

Submitted: 13.2.2025

[1] https://www.hrw.org/reports/2007/egypt1107/4.htm.
Last updated: 27 February 2025
MIL OSI Europe News –
February 28, 2025
MIL-OSI Economics: New administration can create a stronger AI tech export rule

Source: Microsoft

Headline: New administration can create a stronger AI tech export rule

A high-stakes race is underway that will determine which country will supply the technology that powers the world’s emerging AI economy. Vice President Vance got it right at the recent AI Summit in Paris, emphasizing the need to focus on AI opportunities, pursue lighter regulations, and prioritize bringing American AI to the world. However, a last-minute Biden administration regulation, if left unchanged, risks undermining America’s ability to succeed.

The Biden administration’s interim final AI Diffusion Rule caps the export of essential American AI components to many fast-growing and strategically vital markets. As drafted, the rule undermines two Trump administration priorities: strengthening U.S. AI leadership and reducing the nation’s near trillion-dollar trade deficit. Left unchanged, the Biden rule will give China a strategic advantage in spreading over time its own AI technology, echoing its rapid ascent in 5G telecommunications a decade ago.

As a company, we support the need to protect national security by preventing adversaries from acquiring advanced AI technology. And there are important elements in the rule that should be retained. For example, the rule’s qualitative provisions would ensure that AI technology components are deployed in certified, secure, and trusted datacenters. This avoids shipments of advanced chips to entities that do not meet these standards and thereby helps reduce the risk of chip diversion to China. Similarly, the rule rightly imposes strict requirements on these trusted datacenter operators to protect against chip diversion and to ensure that advanced AI services cannot be used by adversaries.

There is an important opportunity to further strengthen these provisions, including by ensuring the Commerce Department has the resources it will need to put the Rule into effect. This can help both expedite approval processes for companies and strengthen enforcement, including against unlawful chip diversion.

But a significant problem remains. Namely, the Biden rule goes beyond what’s needed. It puts many important U.S. allies and partners in a Tier Two category and imposes quantitative limits on the ability of American tech companies to build and expand AI datacenters in their countries. This includes many American friends, such as Switzerland, Poland, Greece, Singapore, India, Indonesia, Israel, the UAE, and Saudi Arabia. These are countries where we and many other American companies have significant datacenter operations.

This Tier Two status is undermining one of the essential requirements needed for a business to succeed—namely, confidence by our customers that they will be able to buy from us the AI computing capacity that they will need in the future. Customers in Tier Two countries now worry that an insufficient supply of critical American AI technology will restrict their opportunities for economic growth.

The unintended consequence of this approach is to encourage Tier Two countries to look elsewhere for AI infrastructure and services. And it’s obvious where they will be forced to turn. If left unchanged, the Diffusion Rule will become a gift to China’s rapidly expanding AI sector.

All this comes at precisely the time when the American tech sector wants to invest in AI computing capacity at an unprecedented level. Our own company’s plans are illustrative. This year alone, Microsoft will spend $80 billion to build AI infrastructure around the world, with more than half of this total on U.S. soil. As this reflects, the solid majority of our computing power will remain in the United States.

But our ability to continue growing and investing at this level, including in the United States, depends in important part on exporting our technology services. This requires building AI infrastructure in other countries, so AI services can be accessed and used with low latency by local enterprises and consumers. Ironically, the Diffusion Rule discourages what should be regarded as an American economic opportunity—the export of world-leading chips and technology services.

The potentially negative impact on American economic growth doesn’t stop there. As the tech sector invests billions of dollars to build datacenters around the world, we are developing global supply chains that combine international and American suppliers of more traditional manufactured goods. I saw this first-hand when I was in Warsaw last week to announce with Prime Minister Donald Tusk a $700 million expansion of Microsoft’s datacenter infrastructure in Poland. Among the beneficiaries are American workers manufacturing advanced electrical generators in Lafayette, Indiana, so they can be shipped to Poland.

The irony could not be clearer. At the very moment when the Trump administration is pressing Europe to buy more American goods, the Biden Diffusion Rule leaves the leaders of partners like Poland asking why they have been relegated to Tier Two status and an uncertain ability to buy more American AI chips in the future.

This puts the opportunity for the Trump administration in bold relief. It can take an overly complex rule that requires 41 pages in the Federal Register and right-size it. Make it simpler. Stop relegating American friends and allies into a second tier that undermines their confidence in ongoing access to American products. Eliminate the quantitative caps that would interfere with a well-functioning economic market. And keep what matters most, such as the qualitative security standards and AI use restrictions that protect national security.

We need to recognize the obvious. America’s AI race with China begins at home. It’s founded on the ability of innovative American firms to bring manufactured goods and technology services to like-minded countries around the world. We’re prepared to invest. What we need now is an AI diffusion rule that gives us the ability to do so.

Tags: AI diffusion rule, AI economy, supply chains

MIL OSI Economics –

February 28, 2025
MIL-OSI USA: News 02/27/2025 Blackburn, Rosen Introduce “No Immigration Benefits for Hamas Terrorists Act”

US Senate News:

Source: United States Senator Marsha Blackburn (R-Tenn)
WASHINGTON, D.C. – Today, U.S. Senators Marsha Blackburn (R-Tenn.) and Jacky Rosen (D-Nev.) introduced the No Immigration Benefits for Hamas Terrorists Act to prevent any migrant tied to Hamas from entering the country. This follows Hamas’ savage murder and release of four innocent hostages, including a young mother, her two toddlers, and a journalist, last week.
“The Biden-Harris administration released nearly 100 individuals on the terrorist watchlist into our country over the last four years, and we need to make certain anyone tied to Hamas is not allowed to enter or remain in the U.S.,” said Senator Blackburn. “This common-sense, bipartisan bill would ensure that no migrant tied to Hamas and its savage terrorist attack on October 7 can enter our nation or receive immigration benefits on the taxpayer dime.”
“No one who participated in Hamas’s brutal October 7 terrorist attack should be allowed to enter the United States,” said Senator Rosen. “That’s why I’m helping introduce bipartisan legislation to prohibit Hamas terrorists from being eligible to receive immigration benefits. I’ll always work across the aisle to keep our nation safe.”
NO IMMIGRATION BENEFITS FOR HAMAS TERRORISTS ACT
The No Immigration Benefits for Hamas Terrorists Act would:
Prohibit any migrant who carried out, participated in, planned, financed, afforded material support to, or otherwise facilitated in any way the attacks perpetrated by Hamas against Israel on October 7, 2023, from being admitted to the United States; and
Prohibit any such individual from being eligible for any immigration benefits.
RELATED
Click here for bill text.

MIL OSI USA News –

February 28, 2025
MIL-OSI Security: Former Navy Sailor Pleads Guilty to Plotting To Attack Naval Station Great Lakes in North Chicago, Ill.

Source: Office of United States Attorneys

CHICAGO — A former Navy sailor has pleaded guilty in federal court in Chicago to plotting to attack Naval Station Great Lakes in North Chicago, Ill., purportedly on behalf of Iran’s Islamic Revolutionary Guard Corps.

XUANYU HARRY PANG, 38, of North Chicago, Ill., pleaded guilty to conspiring to and attempting to willfully injure and destroy national defense material, national defense premises, and national defense utilities, with the intent to injure, interfere with, and obstruct the national defense of the United States. The guilty plea was entered on Nov. 5, 2024, in U.S. District Court for the Northern District of Illinois and ordered unsealed today.

Pang is currently detained without bond in law enforcement custody. U.S. District Judge Jeremy C. Daniel has not yet set a sentencing date. The conviction is punishable by a maximum sentence of 20 years in federal prison.

The guilty plea was announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, Sue Bai, head of the Justice Department’s National Security Division, David J. Scott of the FBI’s Counterterrorism Division, and Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI. Substantial assistance was provided by the Naval Criminal Investigative Service. The case was investigated by the Chicago Joint Terrorism Task Force, which is comprised of multiple federal, state, and local law enforcement agencies. The case is being prosecuted by Assistant U.S. Attorneys Aaron Bond, Vikas Didwania, and Brandon Stone of the Northern District of Illinois, with assistance from Trial Attorneys John Cella and Charles Kovats of the National Security Division’s Counterterrorism Section.

According to court records filed in the case, Pang communicated in the summer of 2021 with an individual in Colombia about potentially assisting with a plan involving Iranian actors to conduct an attack against the United States to avenge the death of Qasem Soleimani, a general of the IRGC Quds Force who was killed by the U.S. military in 2020. The Quds Force is a branch of the IRGC that conducts unconventional warfare and intelligence activities outside of Iran.

A covert FBI employee, posing as an affiliate of the Quds Force, subsequently communicated online with the individual in Colombia about conducting an attack. The individual in Colombia put the covert FBI employee in touch with Pang, who at the time was stationed and residing at Naval Station Great Lakes, court records show. The pair communicated online through an encrypted messaging application about possible targets for the attack, including the Naval Station Great Lakes and other locations in the Chicago area. Pang and the individual in Colombia agreed to help the covert FBI employee and his purported associates with their operation to conduct the attack in the United States, court records state.

On three occasions in the fall of 2022, Pang personally met with another individual working with the FBI who was posing as an associate of the covert FBI employee. The first meeting took place outside of the Ogilvie Transportation Center in downtown Chicago, and the two other meetings were held at a train station in Lake Bluff, Ill., court records show. During the meetings in Lake Bluff, as the plot coalesced into an attack on the Naval Station, Pang displayed photos and videos on his phone of multiple locations inside the Naval Station. He also provided two U.S. military uniforms – for operatives to wear inside the base during the attack – and a cell phone that could be used as a test for a detonator, the records show.

MIL Security OSI –

February 28, 2025
MIL-OSI Video: How to Lower the Temperature in the Middle East | World Economic Forum Annual Meeting 2025

Source: World Economic Forum (video statements)

The ongoing war in Gaza, a delicate ceasefire in Lebanon, a political changeover in Syria and heightened tensions in the Red Sea and Horn of Africa threaten to spill over into a wider regional conflict in the Middle East. At the same time, the region finds itself caught in the middle of a geoeconomic competition between superpowers.

What does the path to peace, security and cooperation look like in the Middle East?

This session was developed in collaboration with CNN International.

Speakers: Varsen Aghabekian, Asaad Hasan AlShaibani, Rebecca Anderson, Fuad Hussein, Ayman Al Safadi, Jean-Noël Barrot

The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

World Economic Forum Website ► http://www.weforum.org/
Facebook ► https://www.facebook.com/worldeconomicforum/
YouTube ► https://www.youtube.com/wef
Instagram ► https://www.instagram.com/worldeconomicforum/
X ► https://twitter.com/wef
LinkedIn ► https://www.linkedin.com/company/world-economic-forum
TikTok ► https://www.tiktok.com/@worldeconomicforum
Flipboard ► https://flipboard.com/@WEF

#Davos2025 #WorldEconomicForum #wef25

https://www.youtube.com/watch?v=2oktfbfSfcc

MIL OSI Video –

February 28, 2025
MIL-OSI USA: Former Navy Sailor Pleads Guilty to Plotting to Attack Naval Station Great Lakes in North Chicago

Source: US State of North Dakota

A former Navy sailor has pleaded guilty in federal court in Chicago to plotting to attack Naval Station Great Lakes in North Chicago, Illinois, purportedly on behalf of Iran’s Islamic Revolutionary Guard Corps (IRGC).

Xuanyu Harry Pang, 38, of North Chicago, Illinois, pleaded guilty to conspiring to and attempting to willfully injure and destroy national defense material, national defense premises, and national defense utilities, with the intent to injure, interfere with, and obstruct the national defense of the United States. The guilty plea was entered on Nov. 5, 2024, in U.S. District Court for the Northern District of Illinois and ordered unsealed today.

According to court records filed in the case, in the summer of 2021, Pang communicated with an individual in Colombia about potentially assisting with a plan involving Iranian actors to conduct an attack against the United States to avenge the death of Qasem Soleimani, a general of the IRGC Quds Force who was killed by the U.S. military in 2020. The Quds Force is a branch of the IRGC that conducts unconventional warfare and intelligence activities outside of Iran.

A covert FBI employee, posing as an affiliate of the Quds Force, subsequently communicated online with the individual in Colombia about conducting an attack. The individual in Colombia put the covert FBI employee in touch with Pang, who at the time was stationed and residing at Naval Station Great Lakes. The pair communicated online through an encrypted messaging application about possible targets for the attack, including Naval Station Great Lakes and other locations in the Chicago area. Pang and the individual in Colombia agreed to help the covert FBI employee and his purported associates with their operation to conduct the attack in the United States, court records state.

On three occasions in the fall of 2022, Pang personally met with another individual working with the FBI who was posing as an associate of the covert FBI employee. The first meeting took place outside of the Ogilvie Transportation Center in downtown Chicago, and the two other meetings were held at a train station in Lake Bluff, Illinois. During the meetings in Lake Bluff, as the plot coalesced into an attack on the Naval Station, Pang displayed photos and videos on his phone of multiple locations inside the Naval Station. He also provided two U.S. military uniforms – for operatives to wear inside the base during the attack – and a cell phone that could be used as a test for a detonator.

Pang is currently detained without bond and is scheduled to be sentenced at a later date. He faces a maximum penalty of 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Sue Bai, head of the Justice Department’s National Security Division, Acting U.S. Attorney Morris Pasqual for the Northern District of Illinois, Assistant Director David J. Scott of the FBI’s Counterterrorism Division, and Special Agent in Charge Douglas S. DePodesta of the FBI Chicago Field Office made the announcement.

The FBI Chicago Joint Terrorism Task Force – which is comprised of multiple federal, state, and local law enforcement agencies – is investigating the case, with valuable assistance provided by the Naval Criminal Investigative Service.

Assistant U.S. Attorneys Aaron Bond, Vikas Didwania, and Brandon Stone for the Northern District of Illinois and Trial Attorneys John Cella and Charles Kovats of the National Security Division’s Counterterrorism Section are prosecuting the case.

MIL OSI USA News –

February 28, 2025
MIL-OSI Security: Former Navy Sailor Pleads Guilty to Plotting to Attack Naval Station Great Lakes in North Chicago

Source: United States Attorneys General 1

A former Navy sailor has pleaded guilty in federal court in Chicago to plotting to attack Naval Station Great Lakes in North Chicago, Illinois, purportedly on behalf of Iran’s Islamic Revolutionary Guard Corps (IRGC).

Xuanyu Harry Pang, 38, of North Chicago, Illinois, pleaded guilty to conspiring to and attempting to willfully injure and destroy national defense material, national defense premises, and national defense utilities, with the intent to injure, interfere with, and obstruct the national defense of the United States. The guilty plea was entered on Nov. 5, 2024, in U.S. District Court for the Northern District of Illinois and ordered unsealed today.

According to court records filed in the case, in the summer of 2021, Pang communicated with an individual in Colombia about potentially assisting with a plan involving Iranian actors to conduct an attack against the United States to avenge the death of Qasem Soleimani, a general of the IRGC Quds Force who was killed by the U.S. military in 2020. The Quds Force is a branch of the IRGC that conducts unconventional warfare and intelligence activities outside of Iran.

A covert FBI employee, posing as an affiliate of the Quds Force, subsequently communicated online with the individual in Colombia about conducting an attack. The individual in Colombia put the covert FBI employee in touch with Pang, who at the time was stationed and residing at Naval Station Great Lakes. The pair communicated online through an encrypted messaging application about possible targets for the attack, including Naval Station Great Lakes and other locations in the Chicago area. Pang and the individual in Colombia agreed to help the covert FBI employee and his purported associates with their operation to conduct the attack in the United States, court records state.

On three occasions in the fall of 2022, Pang personally met with another individual working with the FBI who was posing as an associate of the covert FBI employee. The first meeting took place outside of the Ogilvie Transportation Center in downtown Chicago, and the two other meetings were held at a train station in Lake Bluff, Illinois. During the meetings in Lake Bluff, as the plot coalesced into an attack on the Naval Station, Pang displayed photos and videos on his phone of multiple locations inside the Naval Station. He also provided two U.S. military uniforms – for operatives to wear inside the base during the attack – and a cell phone that could be used as a test for a detonator.

Pang is currently detained without bond and is scheduled to be sentenced at a later date. He faces a maximum penalty of 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Sue Bai, head of the Justice Department’s National Security Division, Acting U.S. Attorney Morris Pasqual for the Northern District of Illinois, Assistant Director David J. Scott of the FBI’s Counterterrorism Division, and Special Agent in Charge Douglas S. DePodesta of the FBI Chicago Field Office made the announcement.

The FBI Chicago Joint Terrorism Task Force – which is comprised of multiple federal, state, and local law enforcement agencies – is investigating the case, with valuable assistance provided by the Naval Criminal Investigative Service.

Assistant U.S. Attorneys Aaron Bond, Vikas Didwania, and Brandon Stone for the Northern District of Illinois and Trial Attorneys John Cella and Charles Kovats of the National Security Division’s Counterterrorism Section are prosecuting the case.

MIL Security OSI –

February 28, 2025
MIL-OSI Security: Press Arrangements for IAEA Board of Governors Meeting, 3-7 March 2025

Source: International Atomic Energy Agency – IAEA

The International Atomic Energy Agency (IAEA) Board of Governors will convene its regular March meeting at the Agency’s headquarters starting at 10:30 CET on Monday, 3 March, in Board Room C, Building C, 4th floor, in the Vienna International Centre (VIC).

Board discussions are expected to include, among others: Nuclear Safety Review 2025; Nuclear Security Review 2025; Nuclear Technology Review 2025; verification and monitoring in the Islamic Republic of Iran in light of United Nations Security Council resolution 2231 (2015); the conclusion of safeguards agreements and of additional protocols; application of safeguards in the Democratic People’s Republic of Korea; implementation of the NPT safeguards agreement in the Syrian Arab Republic; NPT safeguards agreement with the Islamic Republic of Iran; nuclear safety, security and safeguards in Ukraine; transfer of the nuclear materials in the context of AUKUS and its safeguards in all aspects under the NPT; the restoration of the sovereign equality of Member States in the IAEA; and personnel matters.

The Board of Governors meeting is closed to the press.

IAEA Director General Rafael Mariano Grossi will open the meeting with an introductory statement, which will be released to journalists after delivery and posted on the IAEA website.

Press Conference

Director General Grossi is expected to hold a press conference at 13:00 CET on Monday, 3 March, in the Press Room of the M building.

A live video stream of the press conference will be available. The IAEA will provide video footage of the press conference and the Director General’s opening statement here and will make photos available on Flickr.

Photo Opportunity

There will be a photo opportunity with the IAEA Director General and the Chair of the Board, Ambassador Matilda Aku Alomatu Osei-Agyeman of Ghana, before the start of the Board meeting, on 3 March at 10:30 CET in Board Room C, in the C building in the VIC.

Press Working Area

Conference room M7 on the M-Building’s ground floor will be available as a press working area, starting from 09:00 CET on 3 March. Please note the change of room.

Accreditation

All journalists interested in covering the meeting in person – including those with permanent accreditation – are requested to inform the IAEA Press Office of their plans. Journalists without permanent accreditation must send copies of their passport and press ID to the IAEA Press Office by 14:00 CET on Friday, 28 February.

We encourage those journalists who do not yet have permanent accreditation to request it at UNIS Vienna.

Please plan your arrival to allow sufficient time to pass through the VIC security check.

MIL Security OSI –

February 28, 2025

MIL-OSI: Viridien Announces its Q4 & Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Paris (France), February 27^th, 2025, 17h45 CET

2024: A YEAR OF OVERACHIEVEMENTS

2025: ON TRACK TO DELIVER c.$100 MILLION NET CASH FLOW

	Q4	FY¹
*Revenue*²	*$339M*	*$ 1,117M (-1%)*
*Adjusted EBITDA*³	*$157M*	*$455M (+14%)*
*Net Cash-Flow*	*$27M*	*$56M (+73%)*

Sophie Zurquiyah, Chief Executive Officer of Viridien, said:

“In 2024, we met our revenue and exceeded our profitability and cash generation targets driven by strong commercial successes at Geoscience, a dynamic performance at Earth Data in both our key basins and prospective regions and the continued focus on operational efficiency at Sensing & Monitoring.

In 2025, Viridien will continue strengthening its technology leadership in its core markets while further developing its New Businesses. We anticipate continued improvements thanks to Geoscience’s record high backlog, Earth Data’s solid pipeline of projects and the termination of contractual fees for vessel commitments, and Sensing & Monitoring’s progress towards their restructuring plan.

In this context, we confirm with confidence our target of c.$100 million of net cash generation and balance sheet deleveraging.”

2024 Highlights²

Group²
- IFRS figures: Revenue, EBITDA and Net Income of respectively $1,211 million, $516 million, $51 million. $427 million, $216 million, $29 million in Q4.
- Overall stable group revenue at $1,117 million.
- Strong growth at Digital, Data & Environment (DDE) with $787 million revenue (+17%). Consistent momentum for Geoscience (GEO) driven by our preferred advanced technology and numerous commercial successes at Earth Data (EDA).
  - Sensing & Monitoring (SMO) revenue was $330 million, with no mega crews during the year.
  - 33% revenue growth for New Businesses, exceeding our 30% target.
- Group adjusted EBITDA³ of $455 million. DDE Adjusted EBITDA of $458 million, up 25% driven by the strong performance of both GEO and EDA. SMO adjusted EBITDA of $35 million (vs $56 million) already reflecting the positive impact of the restructuring effort.
- Net Cash flow of $56 million, including $(75) million contractual fees from vessel commitments, exceeding our initial Net Cash flow target of “reaching a similar level as 2023” (ie. $32 million).
- Key milestones of our financial roadmap delivered during the year: improved credit rating in Q2, revolving credit facility extended in Q3 and implementation and increase of the bond buyback program in Q3 and Q4.
- Net debt at $921 million ($974 million in December 2023) and liquidity at $392 million (including $90 million undrawn RCF).

Digital, Data and Energy Transition (DDE)
- Revenue at $787 million was up 17% with strong growth at GEO (+20%) and EDA (+14%). Q4 revenue, $238 million (+19%).
- Adjusted EBITDA at $458 million was up 25%. Profitability impacted by $(54) million in penalty fees from vessel commitments vs $(44) million in 2023. Q4 EBITDA $150 million (+28%). $(12) million penalty vs $(13) million in Q4 2023.
  - Geoscience:
    - Revenue at $404 million (+20%). $107 million in Q4 (+10%).
    - GEO performance continues to be driven by technology differentiation. Order intakes, +89% in 2024, +155% in Q4, benefited from best-in-class imaging technology which the industry requires to solve subsurface challenges, increased activity in the Middle East and the renewal of long-term contracts for Dedicated HPC Processing Centers (DPCs).

New Businesses in GEO confirm the positive market dynamics in Carbon Sequestration with several projects in Norway, US Gulf and in Asia Pacific, as well as in Minerals & Mining with the award of programs in Australia and Oman. Alliance signed with Baker Hughes to offer high-quality and fully integrated Carbon Capture and Sequestration solutions to clients.

Earth Data:
- Revenue at $383 million (+14%). $131 million in Q4 (+27%).
- Prefunding revenue grew to $205 million (+6%). 81% of Capex. After-Sales grew to $178 million (+25%) in a flat market.
- $252 million Capex, including the large Laconia Ocean Bottom Nodes (OBN) project in the US Gulf, the North Viking Graben streamer survey in Norway, and numerous global reprocessing projects.
- New Businesses in EDA completed the mining project in Southeast Arizona and delivered several Carbon Sequestration projects in the North Sea, US Gulf and Asia.

Sensing and Monitoring (SMO)
- Revenue at $330 million was down 27%, following delivery of “mega crew” systems in 2023. $100 million in Q4 (-16%).
- Adjusted EBITDA at $35 million was down 37%. $18 million in Q4 (+104%).
- Q4 EBITDA performance shows that the restructuring plan is on track to achieve expected cost reductions and operational flexibility.
- New Businesses in SMO represented 17% of revenue and experienced strong momentum with deliveries for the geothermal market and infrastructure monitoring.
Market trends
- E&P Capex environment expected to be stable year-on-year in 2025, as the longer-term energy industry upcycle extends.
- Evolving Industry Trends:
  - Offshore exploration gaining momentum in key regions like the US Gulf, Brazil, Norway as well as frontiers areas such as the Equatorial Margin and the East Mediterranean Sea.
  - Middle East growth expected with investments in advanced imaging and digital solutions.
  - Demand expected to be strong for High-end geophysical technologies, such as OBN and Full Waveform Inversion (FWI), that mitigate risks and optimize field development.
- New Businesses:
  - Continued market growth potential in CSS with new imaging contracts and project pipeline driven by most Oil & Gas operators investing to reduce carbon emissions and address societal pressures.
  - Increased interest from the Minerals & Mining sector for subsurface characterization.
  - Infrastructure Monitoring market consistently increasing by double digits annually across various sectors.
  - Digital solutions / HPC markets expanding rapidly fueled mainly by the explosion of AI applications.
New reporting KPI for EDA
- Starting in Q1 2025, we will change the reporting KPIs for EDA:
  - To align with market practice, Revenue split between Prefunding and After-sales will no longer be reported.

Cash EBITDA (i.e. EBITDA – Capex) will be reported to provide more clarity on our financial performance. ($97 million and $75 million in 2023 and 2024 respectively, excluding penalty fees from vessel commitments).

Full year 2025 financial outlook
- In 2025, based on a stable E&P Capex environment, performance is expected to be driven by:
  - Geoscience: growth backed by industry leading technology and strong backlog.

Earth Data: stronger Cash EBITDA KPI, with end of vessel commitment penalty fees.
- Sensing & Monitoring: further savings expected from the restructuring plan.
- New Businesses: growth and first year positive contribution to the group’s profitability.

Financial objective: net cash flow of c.$100m.

Viridien will continue to focus on cash flow generation and deleveraging. Thanks to 2024 financial performance and the favorable debt market, our bond refinancing could be realized in 2025, before our previous Q1 2026 indication.

Full Year 2024 Conference call
- The press release and the presentation will be available on our website www.viridiengroup.com at 5:45 pm (CET).
- An English language analysts conference call is scheduled today at 6.00 pm (CET).
- Participants should register for the call here to receive a dial-in number and code, or participate via the live webcast from here.
- A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company’s website.

The Board of Directors met on February 27, 2025 and approved the consolidated financial statements ending December 31, 2024. The Statutory Auditors are in the process of issuing a report with an unqualified opinion.

About Viridien:

Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN ISIN: FR001400PVN6).

Contact:

VP Corporate Finance

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

Q4 & FY 2024- Financial Results

Key Segment P&L figures (In million $)	2023 Q4	2024 Q4	*Var.* %	2023 FY	2024 FY	*Var.* %
Key Segment P&L figures (In million $)	2023 Q4	2024 Q4	*Var.* %	2023 FY	2024 FY	*Var.* %
Exchange rate euro/dollar	1,07	1,09	2%	1,08	1,09	1%
Segment revenue	320	339	6%	1 125	1 117	*(1%)*
DDE	201	238	19%	672	787	17%
Geoscience	98	107	10%	335	404	20%
Earth Data	103	131	27%	337	383	14%
Prefunding	62	49	(20%)	194	205	6%
After-Sales & other	41	82	99%	143	178	25%
SMO	119	100	(16%)	453	330	(27%)
Land	42	55	32%	176	157	(10%)
Marine	66	29	(56%)	230	117	(49%)
Beyond the core	11	16	45%	48	56	17%
Segment EBITDA	122	128	5%	400	422	5%
*Adjusted Segment EBITDA**	121	157	*30%*	400	455	*14%*
DDE	117	150	28%	367	458	25%
SMO	9	18	–	56	35	(37%)
Corporate and other	(5)	(11)	–	(24)	(38)	(59%)
Segment operating income	15	33	–	138	113	*(18%)*
*Adjusted Segment Opinc**	14	89	–	138	173	*25%*
DDE	21	89	–	140	206	47%
SMO	(1)	11		24	4	(83%)
Corporate and other	(6)	(11)	–	(26)	(38)	(44%)
*Adjusted for non-recurring charges and gains.

Other KPI (In million $)	2023 Q4	2024 Q4	*Var.* %	2023 FY	2024 FY	*Var.* %
Other KPI (In million $)	2023 Q4	2024 Q4	*Var.* %	2023 FY	2024 FY	*Var.* %
Geoscience Backlog	184	351	*90%*	184	351	*90%*
Total Capex	(42)	(81)	*(92)%*	(232)	(285)	*(23)%*
Industrial capex	(8)	(4)	51%	(44)	(17)	61%
R&D capex	(4)	(5)	(5)%	(17)	(16)	7%
Earth Data (Cash)	(29)	(72)	–	(171)	(252)	(47)%
Earth Data Cash predunding rate	210%	68%		113%	81%
EDA Library net book value*	458	456	*(0)%*	458	456	*(0)%*
Liquidity	422	392		422	392
o.w. undrawn RCF	95	90		95	90
Gross debt*	(1 301)	(1 223)		(1 301)	(1 223)
o.w. accrued interests	(20)	(18)		(19)	(18)
o.w. lease liabilities	(103)	(125)		(103)	(125)
Net debt*	974	921		974	921
Net debt*/Segment adjusted EBITDA				x2.4	x2.0
*Post IFRS15/16

Consolidated IFRS Income Statements (In million $)	2023 Q4	2024 Q4	*Var.* %	2023 FY	2024 FY	*Var.* %
Consolidated IFRS Income Statements (In million $)	2023 Q4	2024 Q4	*Var.* %	2023 FY	2024 FY	*Var.* %
Exchange rate euro/dollar	1,07	1,09		1,08	1,09
Revenue	265	427	*61%*	1 076	1 211	*13%*
EBITDA	68	216	–	351	516	*47%*
Operating Income	(11)	49	–	119	143	*21%*
Equity from Investment	(3)	(1)	47%	(2)	(0)	77%
Net cost of financial debt	(20)	(24)	(20%)	(95)	(97)	(2%)
Other financial income (loss)	(2)	5	–	(4)	4	–
Income taxes	11	1	(94%)	(14)	(13)	3%
Net Income / Loss from continuing operations	(25)	29	–	4	36	–
from discontinued operations	10	0	(100%)	12	15	20%
Net income / (loss)	(15)	29	–	16	51	–
Shareholder’s net income / (loss)	(15)	29	–	13	50	–
Basic Earnings per share in $	0,00	0,00		1,81	6,97
Diluted Earnings per share in €	0	0,00		1,80	6,93

Cash Flow items (In million $)	2023 Q4	2024 Q4	*Var.* %	2023 FY	2024 FY	*Var.* %
Cash Flow items (In million $)	2023 Q4	2024 Q4	*Var.* %	2023 FY	2024 FY	*Var.* %
Segment EBITDA	122	128	5%	400	422	5%
Income Tax Paid	9	(2)	–	6	(12)	–
Change in Working Capital & Provisions	21	30	42%	3	48	–
Other Cash Items	1	(0)	–	1	(1)	–
Cash provided by Operating Activity	153	155	1%	410	457	*11%*
Earth Data Capex	(29)	(72)	–	(171)	(252)	(47%)
Industrial Capex & Dev. Costs	(13)	(9)	32%	(61)	(33)	46%
Acquisitions and Proceeds of Assets	5	6	24%	3	7	–
Cash from Investing Activity	(37)	(75)	–	(229)	(278)	*-22%*
Paid Cost of Debt	(44)	(43)	2%	(91)	(86)	6%
Lease Repayement	(19)	(12)	*36%*	(57)	(56)	2%
Asset Financing	1	(0)	–	22	(1)	–
Cash from Financing Activity	(63)	(56)	*11%*	(126)	(142)	*-13%*
Discontinued Operations Acquisitions	(6)	3	–	(23)	19	–
Net Cash Flow	48	27	*-43%*	32	56	*73%*
Financing cash flow	(2)	(49)		(6)	(69)
Forex and other	7	(12)		3	(11)
Net increase/(decrease) in cash	52	(34)		29	(25)

CONSOLIDATED FINANCIAL STATEMENTS – December 31^st, 2024

6.1 2023-2024 Viridien consolidated financial statements

6.1.1 CONSOLIDATED STATEMENT OF OPERATIONS

In millions of US$	Notes	December 31
In millions of US$	Notes	(1) 2024	2023
Operating revenues	18, 19	1,211.3	1,075.5
Other income from ordinary activities		0.1	0.3
Total income from ordinary activities		1,211.4	1,075.8
Cost of operations		(871.2)	(817.4)
Gross profit		340.2	258.4
Research and development expenses – net	20	(17.8)	(26.1)
Marketing and selling expenses		(37.1)	(36.1)
General and administrative expenses		(82.9)	(75.8)
Other revenues (expenses) – net	21	(58.9)	(1.4)
Operating income	19	143.5	119.0
Cost of financial debt – gross		(109.4)	(103.3)
Income from cash and cash equivalents		12.3	8.0
Cost of financial debt – net	22	(97.2)	(95.3)
Other financial income (loss)	23	3.7	(3.8)
Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method		50.1	19.9
Income taxes	24	(13.4)	(14.0)
Net income (loss) before share of net income (loss) from companies accounted for under the equity method		36.6	5.9
Net income (loss) from companies accounted for under the equity method	8	(0.5)	(2.0)
Net income (loss) from continuing operations		36.1	3.9
Net income (loss) from discontinued operations	5	14.7	12.3
Consolidated net income (loss)		50.8	16.2
Attributable to:
Owners of Viridien S.A		49.8	12.9
Non-controlling interests		1.0	3.3
Weighted average number of shares outstanding ^(a)	29	7,150,958	7,131,286
Weighted average number of shares outstanding adjusted for dilutive potential ordinary shares ^(a)	29	7,184,713	7,171,894
Net income (loss) per share (in US$)
(1) – Base ^(a)		6.97	1.81
(2) – Diluted ^(a)		6.93	1.80
Net income (loss) from continuing operations per share (in US$)
(3) – Base ^(a)	$	4.91	0.08
(4) – Diluted ^(a)	$	4.89	0.08
Net income (loss) from discontinued operations per share (in US$)
(5) – Base ^(a)	$	2.06	1.72
(6) – Diluted ^(a)	$	2.05	1.72

(a) As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per shares for 2023 has been adjusted retrospectively. Number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares.

The accompanying notes are an integral part of the consolidated financial statements.

Consolidated statement of comprehensive income (loss)

In millions of US$	December 31
In millions of US$	(2) 2024 ^(a)	2023 ^(a)
Net income (loss) from consolidated statement of operations	50.8	16.2
Other comprehensive income to be reclassified in profit (loss) in subsequent period:
Net gain (loss) on cash flow hedges	0.4	2.0
Variation in translation adjustments	(23.0)	14.2
Net other comprehensive income to be reclassified in profit (loss) in subsequent period (1)	(22.7)	16.2
Other comprehensive income not to be classified in profit (loss) in subsequent period:
Net gain (loss) on actuarial changes on pension plan	3.6	(4.6)
Net other comprehensive income not to be reclassified in profit (loss) in subsequent period (2)	3.6	(4.6)
Total other comprehensive income (loss) for the period, net of taxes (1)+(2)	(19.1)	11.6
Total comprehensive income (loss) for the period	31.8	27.8
Attributable to:
Owners of Viridien S.A	31.3	25.1
Non-controlling interests	0.5	2.7
(a) Including other comprehensive income related to discontinued operations which is not material.

The accompanying notes are an integral part of the consolidated financial statements.

6.1.2 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

In millions of US$	Notes	(3) Dec 31, 2024	Dec 31, 2023
ASSETS
Cash and cash equivalents	28	301.7	327.0
Trade accounts and notes receivable, net	3, 18	339.9	310.9
Inventories and work-in-progress, net	4	163.3	212.9
Income tax assets	24	22.9	30.8
Other current assets, net	4	74.0	92.1
Assets held for sale, net	5	24.5	–
Total current assets		926.2	973.7
Deferred tax assets	24	43.6	29.9
Other non-current assets, net	16	8.9	6.8
Investments and other financial assets, net	7	25.7	22.7
Investments in companies accounted for under the equity method	8	1.1	2.2
Property plant & equipment, net	9	220.6	206.1
Intangible assets, net	10	535.4	579.7
Goodwill, net	11	1,082.8	1,095.5
Total non-current assets		1,918.1	1,942.9
TOTAL ASSETS		2,844.3	2,916.6
LIABILITIES AND EQUITY
Financial debt – current portion	13	56.9	58.0
Trade accounts and notes payable	3	120.9	86.4
Accrued payroll costs		84.5	89.1
Income taxes payable	24	20.4	12.5
Advance billings to customers		19.2	24.0
Provisions – current portion	16	19.7	8.7
Other current financial liabilities	14	0.5	21.3
Other current liabilities	12	182.5	250.3
Liabilities associated with non-current assets held for sale	5	2.4	–
Total current liabilities		507.0	550.3
Deferred tax liabilities	24	18.4	24.3
Provisions – non-current portion	16	28.8	30.1
Financial debt – non-current portion	13	1,165.6	1,242.8
Other non-current financial liabilities	14	–	0.5
Other non-current liabilities	12	1.7	4.3
Total non-current liabilities		1,214.5	1,302.0
Common stock ^(a)	15	8.7	8.7
Additional paid-in capital		118.7	118.7
Retained earnings		1,036.5	980.4
Other Reserves		55.2	27.3
Treasury shares		(20.1)	(20.1)
Cumulative income and expense recognized directly in equity		(1.1)	(1.4)
Cumulative translation adjustments		(113.3)	(90.8)
Equity attributable to owners of Viridien S.A.		1,084.7	1,022.8
Non-controlling interests		38.1	41.5
Total Equity		1,122.8	1,064.3
TOTAL LIABILITIES AND EQUITY		2,844.3	2,916.6
(a) Common stock: 11,215,501 shares authorized and 7,165,465 shares with a nominal value of €1.00 outstanding at December 31, 2024.

The accompanying notes are an integral part of the consolidated financial statements.

6.1.3 CONSOLIDATED STATEMENT OF CASH FLOWS

In millions of US$	Notes	December 31
In millions of US$	Notes	(4) 2024	2023
OPERATING ACTIVITIES
Consolidated net income (loss)	1, 19	50.8	16.2
Less: Net income (loss) from discontinued operations	5	(14.7)	(12.3)
Net income (loss) from continuing operations		36.1	3.9
Depreciation, amortization and impairment	1, 19, 28	124.7	91.5
Impairment and amortization of Earth Data surveys	1, 10, 28	261.4	153.1
Amortization and depreciation of Earth Data surveys, capitalized	10	(16.6)	(15.4)
Variance on provisions		14.3	(2.6)
Share-based compensation expenses		3.4	2.8
Net (gain) loss on disposal of fixed and financial assets		(3.7)	(1.7)
Share of (income) loss in companies recognized under equity method		0.5	2.0
Other non-cash items		(0.3)	5.2
Net cash flow including net cost of financial debt and income tax		419.8	238.8
Less: Cost of financial debt		97.2	95.3
Less: Income tax expense (gain)		13.4	14.0
Net cash flow excluding net cost of financial debt and income tax		530.4	348.1
Income tax paid – Net ^(a)		(12.4)	5.5
Net cash flow before changes in working capital		518.0	353.6
Changes in working capital		(61.2)	54.7
– Change in trade accounts and notes receivable		(128.4)	51.8
– Change in inventories and work-in-progress		28.1	49.2
– Change in other current assets		10.5	(9.9)
– Change in trade accounts and notes payable		26.8	(5.4)
– Change in other current liabilities		1.8	(31.0)
Net cash flow from operating activities		456.7	408.3
INVESTING ACTIVITIES
Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers and excluding Earth Data surveys)	9	(32.9)	(60.9)
Investments in Earth Data surveys	10	(252.1)	(171.1)
Proceeds from disposals of tangible and intangible assets	28	6.8	0.4
Proceeds from divestment of activities and sale of financial assets	28	–	6.2
Dividends received from investments in companies under the equity method		0.5	–
Acquisition of investments, net of cash & cash equivalents acquired	28	–	(1.9)
Variation in other non-current financial assets	28	(8.2)	(5.2)
Net cash-flow used in investing activities		(286.0)	(232.5)
FINANCING ACTIVITIES
Repayment of long-term debt	13, 28	(59.4)	(1.8)
Total issuance of long-term debt	13, 28	0.1	23.9
Lease repayments	13, 28	(55.7)	(57.0)
Financial expenses paid	13, 28	(85.6)	(90.7)
Net proceeds from capital increase:
– from shareholders:		–	0.1
– from non-controlling interests of integrated companies		–	–
Dividends paid and share capital reimbursements:		–	–
– Equity attributable to owners of Viridien S.A.		–	–
– to non-controlling interests of integrated companies		(3.8)	(0.9)
Net cash-flow from (used in) financing activities		(204.4)	(126.4)
Effect of exchange rate changes on cash		(11.0)	2.6
Net cash flows incurred by discontinued operations	5	19.3	(23.0)
Net increase (decrease) in cash and cash equivalents		(25.3)	29.0
Cash and cash equivalents at beginning of year		327.0	298.0
Cash and cash equivalents at end of period		301.7	327.0
(a) Includes a cash inflow of US$6 million in 2024 and US$32 million in 2023 for the research tax credit in France.

The accompanying notes are an integral part of the consolidated financial statements.

6.1.4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

In millions of US$, except for share data	Number of shares issued ^(a)	Share capital	Additional paid-in capital	Retained earnings	Other reserves	Treasury shares	Income and expense recognized directly in equity	Cumu-lative translation adjust-ment	Viridien S.A. – Equity attributable to owners of Viridien S.A.	Non-controlling interests	Total equity
Balance at January 1, 2023	7,123,573	8.7	118.6	967.9	50.0	(20.1)	(3.4)	(102.4)	1,019.3	39.5	1,058.8
Net gain (loss) on actuarial changes on pension plan (1)				(4.6)					(4.6)		(4.6)
Net gain (loss) on cash flow hedges (2)							2.0		2.0		2.0
Net gain (loss) on translation adjustments (3)								14.8	14.8	(0.6)	14.2
Other comprehensive income (1)+(2)+(3)		–	–	(4.6)	–	–	2.0	14.8	12.2	(0.6)	11.6
Net income (loss) (4)				12.9					12.9	3.3	16.2
Comprehensive income (1)+(2)+(3)+(4)		–	–	8.3	–	–	2.0	14.8	25.1	2.7	27.8
Exercise of warrants	238		0.1						0.1		0.1
Dividends									–	(1.0)	(1.0)
Cost of share based payment	12,951			2.6					2.6		2.6
Transfer to retained earnings of the parent company									–		–
Variation in translation adjustments generated by the parent company					(22.7)				(22.7)		(22.7)
Changes in consolidation scope and other				1.6				(3.2)	(1.6)	0.3	(1.3)
Balance at December 31, 2023	7,136,763	8.7	118.7	980.4	27.3	(20.1)	(1.4)	(90.8)	1,022.8	41.5	1,064.3

(a) Pro forma following Reverse Share Split (see note 2 – Significant events, acquisitions and divestitures).

In millions of US$, except for share data	Number of shares issued ^(b)	Share capital	Additional paid-in capital	Retained earnings	Other reserves	Treasury shares	Income and expense recognized directly in equity	Cumu-lative translation adjust-ment	Viridien S.A. – Equity attributable to owners of Viridien S.A.	Non-controlling interests	Total equity
Balance at January 1, 2024	7,136,763	8.7	118.7	980.4	27.3	(20.1)	(1.4)	(90.8)	1,022.8	41.5	1,064.3
Net gain (loss) on actuarial changes on pension plan (1)				3.6					3.6		3.6
Net gain (loss) on cash flow hedges (2)							0.4		0.4		0.4
Net gain (loss) on translation adjustments (3)								(22.5)	(22.5)	(0.6)	(23.0)
Other comprehensive income (1)+(2)+(3)		–	–	3.6	–	–	0.4	(22.5)	(18.5)	(0.6)	(19.1)
Net income (loss) (4)				49.8					49.8	1.0	50.8
Comprehensive income (1)+(2)+(3)+(4)		–	–	53.4	–	–	0.4	(22.5)	31.3	0.5	31.8
Exercise of warrants
Dividends									–	(3.8)	(3.8)
Cost of share based payment	24,703			2.7					2.7		2.7
Transfer to retained earnings of the parent company									–		–
Variation in translation adjustments generated by the parent company					28.0				28.0		28.0
Changes in consolidation scope and other
Balance at December 31, 2024	7,161,465	8.7	118.7	1,036.5	55.2	(20.1)	(1.1)	(113.3)	1,084.7	38.1	1,122.8

(b) Reverse Share Split: Pursuant to a delegation from the Combined General Meeting of shareholders of May 15, 2024, and a sub-delegation from the Board of Directors held on the same day, a reversed share split has been implemented, on July 31, 2024, on the basis of 1 new share of €1.00 nominal value for 100 old shares of €0.01 nominal value.

The accompanying notes are an integral part of the consolidated financial statements.

¹All variations refer to the same period last year
²Unless otherwise stated, all figures and comments are referring to “Segment” (i.e. pre-IFRS 15), as defined in the 2023 and 2024 Universal Registration Documents’ glossaries, under section 8.7
³Adjusted for non-recurring items

Attachment

Q4 2024 PR_En – VFinal

The MIL Network –

February 28, 2025

MIL-OSI United Nations: Packed with promise: Wisam’s journey back to school in Sudan

Source: United Nations 2

27 February 2025 Culture and Education

Wisam sits in her classroom, absorbed in her work, her fingers gripping a blue-coloured pencil, carefully sketching a flower in her notebook, one of more than 100,000 displaced students in war-torn Sudan who have returned to classes, with the support of Education Cannot Wait for the UN Children’s Fund (UNICEF) efforts to distribute urgently needed school supplies to help them get back to learning.

Despite the noise and bustle of classmates packing up, nine-year-old Wisam is focused on the picture she is bringing to life from her desk. When she’s finished, she puts her beloved pencils back into her bag.

The supplies in her new backpack are a constant reminder of the hope she carries, even in the face of extreme hardship. Wisam is just one of the millions of children that have been displaced by the brutal conflict.

I left my toys, books, uniform, bag and pencils. My uniform was beautiful.

The country is facing the world’s largest child displacement crisis, with more than 17 million school-aged children currently out of school. Hundreds of school buildings have been damaged or destroyed since the beginning of the war in Sudan in April 2023. Many others are being used as shelters.

With the reopening of 489 schools, nearly 119,870 children across Sudan’s Red Sea state have returned to class. ECW and partners like UNICEF continue to support girls and boys in the whole of Sudan to ensure that, even in the most challenging circumstances, displaced children can continue their education.

Wisam has already experienced more hardship than many will in a lifetime. Forced to flee her home in Sinnar when the armed conflict reached them, Wisam and her family sought safety in Port Sudan, leaving behind nearly all of their belongings, including Wisam’s school uniform.

© UNICEF/Ahmed Mohamdeen Elfatih

Wisam takes part in a lesson at her new school in Port Sudan.

Backpacks for a brighter future

When schools finally reopened in Port Sudan, Wisam’s family could not afford the necessary school supplies. Thanks to UNICEF, with funding from Education Cannot Wait (ECW) – the global fund for education in emergencies and protracted crises in the United Nations – Wisam has received essential school supplies and even a new school uniform.

When Wisam and her siblings enrolled in their new school in Port Sudan, their excitement to learn again was tempered by their lack of necessary school supplies. The challenges of displacement meant that they didn’t have the means to purchase everything that would be needed to thrive in the classroom.

Fortunately, Wisam’s school is one of many in Sudan that is receiving vital school supplies thanks to ECW support. Through this initiative, which aims to ensure that all children have the tools they need to return to learning, Wisam and her siblings received new school uniforms and backpacks filled with notebooks, erasers, coloured pencils, chalk, rulers and more.

“I love my new bag,” she said. “It’s much bigger than the one I had at home.”

© UNICEF/Ahmed Mohamdeen Elfatih

Thanks to UNICEF, with funding from Education Cannot Wait (ECW), Wisam is among many children in war-torn Sudan that have received essential school supplies.

More than just school books

To Wisam, her new backpack contains more than just her school books and supplies. It carries her dreams for a brighter, more peaceful future in her homeland that allows her to learn, grow and reach her full potential.

Today, Wisam is a third grader that eagerly participates in class discussions and raises her hand confidently to answer questions. Her new uniform adds to her sense of pride and belonging.

But, it’s in her moments of quiet solitude amidst the chaos that has surrounded her since the war began that Wisam truly comes alive. After the school day ends, Wisam lingers in the classroom, absorbed in her drawings. The colourful flowers, sketched with so much care, are a testament to her creativity and determination to find beauty even in difficult circumstances.

With the new set of coloured pencils she’s received, Wisam can now express herself in ways she never could before.

“I will share the colours with my siblings,” she said.

In times of crisis, education is critical, not just for academic learning, but also for providing a sense of normalcy, stability and safety. Indeed, the school supplies initiative is part of ECW’s holistic response in Sudan and neighbouring countries, which is supporting the establishment of children’s safe spaces and temporary learning centres, teacher training, the provision of learning materials, mental health and psychosocial support and more.

Home is better than here, but we can’t go back because of the war. The war is very bad.

Schools offer displaced children like Wisam a safe space to heal from the trauma of conflict. They also help protect children from harmful practices such as child marriage, child labour and forced recruitment into armed groups, giving them the chance to pursue their dreams and build a better future.

“Home is better than here, but we can’t go back because of the war,” she said. “The war is very bad.”

Still, Wisam remains hopeful. With the support she has received, she now feels that education is her way forward.

© UNICEF/Ahmed Mohamdeen Elfatih

Third grader Wasim with her class in Port Sudan.

Needs are escalating

To date, ECW support has reached 135,000 crisis-affected girls and boys inSudan. ECW investments in the country total $33.7 million and support the building and rehabilitation of classrooms, provision of learning and teaching materials, teacher training, improvement of access to drinking water, gender-sensitive water and sanitation facilities and improvement of access to quality, inclusive and child-friendly education.

ECW has also provided more than $20 million in response to the regional refugee education needs, with grants announced in the Central African Republic, Chad, Egypt, Ethiopia, Libya, South Sudan and Uganda.

But, the needs in Sudan, and in crises around the world, are only escalating. A recent report by ECW finds that 234 million school-aged girls and boys are affected by crises and need urgent support to access quality education. This is an increase of at least 35 million over the past three years.

For Wisam, her new backpack, once a reminder of everything she was forced to leave behind, now carries the weight of all she hopes to achieve. With each lesson, she’s stepping closer to the future she deserves, a future the nine-year-old is determined to create.

MIL OSI United Nations News –

February 28, 2025
MIL-OSI Europe: AFRICA/SOMALIA – Ethiopian Prime Minister visits Mogadishu

Source: Agenzia Fides – MIL OSI

Thursday, 27 February 2025

Mogadishu (Agenzia Fides) – Ethiopian Prime Minister Abiy Ahmed arrived in Mogadishu today, February 27, where he was received at the airport by Somali President Hassan Sheikh Mohammed. This is an important step towards reconciliation between the two countries of the Horn of Africa, after the signing in December by Ethiopia and Somalia, under the auspices of Turkish President Recep Tayyip Erdoğan, of the so-called “Ankara Declaration”.With this agreement, both sides committed themselves, among other things, to mutual respect for each other’s sovereignty, unity, independence and territorial integrity. With the declaration signed in the Turkish capital, Ethiopia renounces the memorandum of January 1, 2024, with which Addis Ababa would have granted official recognition of the Somali secessionist region of Somaliland for a period of 50 years in exchange for access to the sea along a 20 km coastline for its “naval forces” (see Fides, 3/1/2024).The memorandum had been described by the Somali government in Mogadishu as an “attack on its territorial integrity” (see Fides, 9/1/2024). During 2024, the Turkish government offered its mediation between the two countries (see Fides, 2/7/2024), which led to the declaration signed in Ankara last December, in which Somalia agreed to work with Ethiopia “to provide it with reliable, safe and sustainable access to and from the sea under the sovereign authority of the Federal Republic of Somalia”.Ethiopia has also pledged to contribute 2,500 troops to the African Union Support and Stabilization Mission in Somalia (AUSSOM), which replaces the previous African Union Transition Mission in Somalia (ATMIS), which was also supported by the African Union. The Ethiopian contingent would be the second largest after the Ugandan contingent (4,500 troops). AUSSOM is intended to support the Somali army in the fight against the jihadist movements operating in the country.Turkey has long been present in Somalia with its own troops and military bases. After an initial period of tension, relations between Ethiopia and Turkey have eased, also thanks to the rapprochement between the political parties in power in the two countries, Ahmed’s Prosperity Party (PP) and Erdogan’s Justice and Development Party (AKP). These days, a delegation of the Ethiopian PP is attending the 8th AKP Congress being held in Turkey. (L.M.) (Agenzia Fides, 27/2/2025)
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MIL OSI Europe News –

February 28, 2025
MIL-OSI Economics: Central Bank of Bahrain receives French Business Delegation

Source: Central Bank of Bahrain

Published on 27 February 2025

Manama, Kingdom of Bahrain – 27 February 2025 – The Central Bank of Bahrain (“CBB”) received a high-level business delegation from France as part of a two-day visit organised by French Business Confederation “MEDEF International”, the first network for entrepreneurs in France.

HE Khalid Humaidan, CBB Governor, welcomed the delegation and praised the confederation’s role in supporting economic and investment relations between the Kingdom of Bahrain and the French Republic. HE Humaidan also discussed CBB’s priorities for the coming period and opportunities for cooperation in the financial services sector, being one of the priority sectors in the Kingdom.

The delegation, which was headed by Mr. Frédéric Sanchez Chairman of MEDEF International, discussed the confederation’s objectives and roles in addition to discussed topics of common interest.

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MIL OSI Economics –

February 28, 2025
MIL-OSI: ZOOZ Power to Present at the 5th European EV Charging Infrastructure 2025 Conference in Amsterdam on March 4, 2025

Source: GlobeNewswire (MIL-OSI)

Tel Aviv, Feb. 27, 2025 (GLOBE NEWSWIRE) — ZOOZ Power Ltd. (NASDAQ and TASE: ZOOZ), the leading provider of Flywheel-based power boosting and power management solutions enabling ultra-fast multi-port Electric Vehicle (EV) charging, today announced that Mr. Erez Zimerman, Chief Executive Officer, will present at the 5th European EV Charging Infrastructure 2025 Conference in Amsterdam on Tuesday, March 4, 2025, at 4:20pm CET.

Mr. Zimerman will discuss how kinetic power boosters with smart energy management enable ultra-fast EV charging and network expansion without costly grid upgrades. By improving energy distribution through adaptive charging, peak shaving and efficient power allocation, these boosters could reduce demand charges and support the deployment of multiple ultra-fast EV chargers. This innovative approach leverages kinetic energy to enhance sustainability and promote a greener future.

About the 5th European EV Charging Infrastructure 2025 Conference

The 5th European EV Charging Infrastructure 2025 Conference is a premier event focused on advancing EV infrastructure and modernizing Europe’s electrical grids. It will showcase innovations in ultra-fast and smart charging technologies, tackling key challenges like grid stability, energy distribution, and sustainability. Industry experts, grid operators, and stakeholders will discuss best practices, energy storage solutions, and strategies for optimizing EV network efficiency. With a strong emphasis on smart charging systems and renewable energy integration, this conference offers valuable insights and networking opportunities for those shaping the future of EV charging in Europe.

About ZOOZ Power Ltd.

ZOOZ Power is the leading provider of Flywheel-based power boosting and power management solutions enabling widespread deployment of ultra-fast multi ports charging infrastructure for EVs, while overcoming existing grid limitations. ZOOZ Power pioneers its unique Flywheel-based power boosting technology, which could enable efficient utilization and power management of a power-limited grid at an EV charging site. Its Flywheel-based technology is designed to allow high-performance, reliable, and cost-effective ultra-fast EV charging infrastructure.

The rapid acceleration of the EV revolution is outpacing grid infrastructure. As charging demands grow, limited grid capacity has created a gap that requires innovative solutions to bridge this divide. ZOOZ Power’s sustainable, power-boosting solutions are designed with longevity and the environment in mind, could assist its customers and partners accelerate the deployment of fast-charging infrastructure, thus increasing the potential for improved utilization rates, better efficiency, greater flexibility, and faster revenues and profitability growth. ZOOZ Power is publicly traded on NASDAQ and TASE under the ticker ZOOZ.

For more information, please visit: www.zoozpower.com/

Forward-Looking Statement

This Press Release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations, and assumptions of ZOOZ Power. All statements other than statements of historical facts contained in this Press Release, including statements regarding ZOOZ Power, and any of ZOOZ Power’s strategy and future operations are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause ZOOZ Power’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and other risks and uncertainties are more fully discussed in the “Risk Factors” section of ZOOZ Power’s most recent Annual Report on Form 20-F as filed with the U.S. Securities and Exchange Commission (“SEC”) as well as other documents that may be subsequently filed by ZOOZ Power from time to time with the SEC. The words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements include, but are not limited to, statements relating to the acceleration of the EV revolution, statements relating to the charging demands and their effect on the grid capacity, statements relating to the acceptance and utilization of ZOOZ Power’s solutions and the effects of the evolving nature of the war situation in Israel, and the related evolving regional conflicts, may adversely affect ZOOZ Power’s operations. These forward-looking statements are only estimations, and ZOOZ Power may not actually achieve the plans, intentions or expectations disclosed in any forward-looking statements, so you should not place undue reliance on any forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements made in this Press Release. ZOOZ Power’s management has based these forward-looking statements largely on current expectations and projections about future events and trends that such persons believe may affect ZOOZ Power’s business, financial condition and operating results. Forward-looking statements contained in this Press Release are made as of the date hereof, and none of ZOOZ Power or any of its representatives or any other person undertakes any duty to update such information except as may be expressly required under applicable law.

For all investor inquiries, please contact:
Miri Segal
MS-IR LLC
msegal@ms-ir.com

The MIL Network –

February 28, 2025
MIL-OSI: Wix Announces Board Authorization of $200 Million Share Repurchase Program

Source: GlobeNewswire (MIL-OSI)

NEW YORK —Wix.com Ltd. (NASDAQ: WIX) (“Wix,” the “Company,” “we” or “our”), today announced that its Board of Directors (the “Board”) authorized a program to repurchase the Company’s securities (ordinary shares and/or convertible notes) in an amount up to $200 million.

This repurchase program demonstrates the Board’s continued confidence in the Company’s ability to drive strong cash flow generation and ongoing commitment to increasing shareholder value.

Under the Board authorized repurchase program, Company securities may be repurchased from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with U.S. securities laws and regulations, including Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act“). The Company may also, from time to time, enter into plans that are compliant with Rule 10b5-1 of the Exchange Act to facilitate repurchases of its securities under this authorization. The repurchase program does not obligate the Company to acquire any particular amount of securities, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. Repurchases under the repurchase program may begin after conclusion of the 30-day period for creditors of the Company to object to the Company’s intent to perform the distribution by way of repurchase in accordance with the Israeli Companies Regulations (Relief for Public Companies Whose Securities are Traded on Stock Exchanges Outside of Israel), 5760-2000 and the Israeli Regulations (Approval of Distribution), 5761–2001. The actual timing, number and value of securities repurchased depend on a number of factors, including the market price of the Company’s ordinary shares, general market and economic conditions, any objections received by the Company from its creditors, the Company’s financial results and liquidity, and other considerations. The Company expects to fund repurchases with cash on hand and future cash generated from its operations.

About Wix.com Ltd.

Wix is the leading SaaS website builder platform¹ to create, manage and grow a digital presence. Founded in 2006, Wix is a comprehensive platform providing users – self-creators, agencies, enterprises, and more – with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, users can seamlessly build a powerful and high-end digital presence for themselves or their clients.

For more about Wix, please visit our Press Room
Media Relations Contact: PR@wix.com

¹ Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of H1 2024.

Forward-Looking Statements

This document contains forward-looking statements, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements may be identified by words like “anticipate,” “assume,” “believe,” “aim,” “forecast,” “indication,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “outlook,” “future,” “will,” “seek,” “confidence,” and similar terms or phrases. The forward-looking statements contained in this document, are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, our expectation that we will be able to attract and retain registered users and partners, and generate new premium subscriptions, in particular as we continuously adjust our marketing strategy and as the macro-economic environment continues to be turbulent; our expectation that we will be able to increase the average revenue we derive per premium subscription, including through our partners; our expectation that new products and developments, as well as third-party products we will offer in the future within our platform, will receive customer acceptance and satisfaction, including the growth in market adoption of our online commerce solutions and our Wix Studio product; our expectations regarding our ability to develop relevant and required products using artificial intelligence (“AI”), the regulatory environment impacting AI and AI-related activities, including privacy and intellectual property, and potential competitive impacts from AI tools; our assumption that historical user behavior can be extrapolated to predict future user behavior, in particular during turbulent macro-economic environments; our prediction of the future revenues and/or bookings generated by our user cohorts and our ability to maintain and increase such revenue growth, as well as our ability to generate and maintain elevated levels of free cash flow and profitability; our expectation to maintain and enhance our brand and reputation; our expectation that we will effectively execute our initiatives to improve our user support function through our Customer Care team, and continue attracting registered users and partners, and increase user retention, user engagement and sales; our ability to successfully localize our products, including by making our product, support and communication channels available in additional languages and to expand our payment infrastructure to transact in additional local currencies and accept additional payment methods; our expectation regarding the impact of fluctuations in foreign currency exchange rates, interest rates, potential illiquidity of banking systems, and other recessionary trends on our business; our expectations relating to the repurchase of our ordinary shares and/or Convertible Notes pursuant to our repurchase program; our expectation that we will effectively manage our infrastructure; our expectation to comply with AI, privacy, and data protection laws and regulations as well as contractual privacy and data protection obligations; our expectations regarding the outcome of any regulatory investigation or litigation, including class actions; our expectations regarding future changes in our cost of revenues and our operating expenses on an absolute basis and as a percentage of our revenues, as well as our ability to achieve and maintain profitability; our expectations regarding changes in the global, national, regional or local economic, business, competitive, market, and regulatory landscape, including as a result of Israel-Hamas war and/or the Israel-Hezbollah hostilities and/or the Ukraine-Russia war and any escalations thereof and potential for wider regional instability and conflict; our planned level of capital expenditures and our belief that our existing cash and cash from operations will be sufficient to fund our operations for at least the next 12 months and for the foreseeable future; our expectations with respect to the integration and performance of acquisitions; our ability to attract and retain qualified employees and key personnel; and our expectations about entering into new markets and attracting new customer demographics, including our ability to successfully attract new partners large enterprise-level users and to grow our activities, including through the adoption of our Wix Studio product, with these customer types as anticipated and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission on March 22, 2024. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

The MIL Network –

February 28, 2025
MIL-OSI: Trillion Energy Announces Payment of Director Fees and Debt Settlements

Source: GlobeNewswire (MIL-OSI)

Vancouver, B.C., Feb. 27, 2025 (GLOBE NEWSWIRE) — Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62), announces the issuance of an aggregate of 3,516,493 common shares of the Company in settlement of $204,436.07 in debt owed by the Company to directors, officers and consultants (the “Debt Settlement“). Sean Stofer, Trillion’s Interim CEO & Chairman of the Board stated, “I would like to thank the directors and employees who have opted to receive amounts payable to them in Shares. This is a show of confidence in Trillion as we continue to move forward aggressively with plans to recommence drilling and workovers on our projects”.

In connection with the Debt Settlement, an aggregate of 1,209,413 common shares of the Company were issued for 2024 directors fees and certain management services from directors and an officer of the Company (the “Insider Settlement“).

The Insider Settlement is considered a “related-party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the related party participation in the Debt Settlement based on that the fair market value of such insider participation does not exceed 25% of the Company’s market capitalization.

About the Company

Trillion Energy International Inc is focused on oil and natural gas production for Europe and Türkiye with natural gas assets in Türkiye. The Company is 49% owner of the SASB natural gas field, a Black Sea natural gas development and a 19.6% (except three wells with 9.8%) interest in the Cendere oil field. More information may be found on www.sedarplus.ca , and our website.

Contact
‎Sean Stofer, Chairman
Brian Park, VP of Finance
1-778-819-1585
E-mail: info@trillionenergy.com
Website: www.trillionenergy.com

Cautionary Statement Regarding Forward-Looking Statements

This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the Company’s ability to obtain regulatory approval of the executive officer and director appointments. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Trillion does not undertake to update any forward-looking information except in accordance with applicable securities laws.

These statements are no guarantee of future performance and are subject to certain risks, uncertainties, delay, change of strategy, and assumptions that are difficult to predict and which may change over time. Accordingly, actual results and strategies could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. These factors include unforeseen securities regulatory challenges, COVID, oil and gas price fluctuations, operational and geological risks, changes in capital raising strategies, the ability of the Company to raise necessary funds for development; the outcome of commercial negotiations; changes in technical or operating conditions; the cost of extracting gas and oil may increase and be too costly so that it is uneconomic and not profitable to do so and other factors discussed from time to time in the Company’s filings on www.sedar.com, including the most recently filed Annual Report on Form 20-F and subsequent filings. For a full summary of our oil and gas reserves information for Turkey, please refer to our Forms F-1,2,3 51-101 filed on www.sedarplus.ca , and or request a copy of our reserves report effective December 31, 2023 and filed on April 25, 2024.

‎

The MIL Network –

February 28, 2025
MIL-OSI Global: Israel’s bombing of Gaza caused untold environmental damage − recovery will take effort and time

Source: The Conversation – USA – By Lesley Joseph, Research Assistant Professor of Environmental Engineering, University of South Carolina

Vast areas in Gaza have been reduced to rubble. Majdi Fathi/NurPhoto via Getty Images

The war in Gaza has come with an awful cost. Tens of thousands of Palestinian civilians have been killed, and thousands more are missing. And while a temporary ceasefire has allowed for increased aid delivery, easing the plight of those facing disease and hunger, experts predict malnutrition and health issues to persist for months or even years.

Much of the territory’s infrastructure – its schools, hospitals and homes – has been damaged or destroyed. And yet, the tremendous human and societal loss has been augmented by a lesser reported but potentially catastrophic, consequence: environmental devastation.

In June 2024, the United Nations Environment Programme conducted an environmental impact assessment to evaluate the damage resulting from Israeli military actions in Gaza. It found “unprecedented levels of destruction” from the intensive bombing campaign, along with the complete collapse of water and solid waste systems, and widespread contamination of the soil, water and air. And that was before another six months of bombing caused further damage to Gaza.

As a scholar of environmental justice, I have thought carefully about the impact that a lack of clean water, access to sanitation facilities, and the absence of basic infrastructure can have on a community, particularly vulnerable and marginalized populations. The current pause in fighting is providing respite for the 2.2 million people in Gaza who have endured more than a year of war. It also provides an opportunity to evaluate the environmental damage to the densely populated enclave in three crucial areas: the water, sanitation and hygiene sector, or WASH; air quality; and waste management.

Here is what we know so far:

WASH sector

According to an interim damage assessment released by the World Bank, U.N. and E.U. in March 2024, an estimated US$502.7 million of damage was inflicted on the WASH sector in Gaza in the initial months of bombing, including damage to approximately 57% of the water infrastructure.

The United Nations reported that water desalination plants in Gaza, 162 water wells and two of the three water connections with Israel’s national water provider had been severely damaged.

As a result, the amount of available water in Gaza was at that point reduced to roughly 2-8 liters per person per day – below the World Health Organization emergency daily minimum of 15 liters and far below its standard recommendation of 50-100 liters per day.

In November 2024, meanwhile, the charity Oxfam reported that all five wastewater treatment plants in Gaza had been forced to shut down, along with the majority of its 65 wastewater pumping stations. This resulted in ongoing discharges of raw, untreated sewage into the environment. As of June 2024, an estimated 15.8 million gallons of wastewater has been discharged into the environment in and around Gaza, according to the U.N. environmental report.

Meanwhile, sanitation facilities for Palestinians in Gaza are practically nonexistent. Reporting from U.N. Women states that people in Gaza routinely walk long distances and then wait for hours just to use a toilet, and due to the lack of water, these toilets cannot be flushed or cleaned.

Air quality

The air quality in Gaza has been drastically impacted by this war. NASA satellite imagery from the first few months of the war found that approximately 165 fires were recorded in Gaza from October 2023 to January 2024.

With a shortage of electricity, residents have been forced to burn various materials, including plastics and household waste, for cooking and heating. And this has contributed to a dangerous decline in air quality.

Meanwhile, large amounts of dust, debris and chemical releases have been produced from explosions and the destruction of infrastructure, leading to significant air pollution. In February 2024, the U.N. Mine Action Service estimated that, in the first few months of the war alone, more than 25,000 tons of explosives had been used, equivalent to “two nuclear bombs.”

Waste management

In the first six months of bombardment, more than 39 million tons of debris were generated, much of it likely to contain harmful contaminants, including asbestos, residue from explosives and toxic medical waste.

Human remains are also mixed in with this debris, with estimates that over 10,000 bodies remain under the rubble. Moreover, the three main landfills in the Gaza Strip have been closed and are unable to receive waste or conflict-related debris.

Substantial damage has been done to five out of six solid waste management facilities, and solid waste continues to accumulate at camps and shelters, with an estimate of 1,100 to 1,200 tons being generated daily.

The charge of ‘ecocide’

With such environmental destruction, claims of “ecocide” have been made against the Israeli government by international rights groups.

Although not presently incorporated into the framework of international law, there have been recent efforts for ecocide to be added as a crime under the Rome Statute, the treaty that established the International Criminal Court. Indeed, a panel of experts in 2021 proposed a working definition of ecocide as “unlawful or wanton acts committed with knowledge that there is a substantial likelihood of severe and either widespread or long-term damage to the environment caused by those acts.”

To date, 15 countries have criminalized ecocide, and Ukraine is investigating Russia for ecocide for its destruction of the Kakhovka Dam in 2023.

Various organizations, including the Al Mezan Center for Human Rights, the University of California Global Health Institute and the Women’s International League for Peace and Freedom, have stated that the level of environmental devastation in Gaza reaches the proposed legal definition of “ecocide.”

Although the Israeli government has not responded to these accusations, it has consistently stated that it has a right to defend itself and that it seeks to protect civilians as it conducts its military operations.

Health impacts of environmental harm

Regardless of whether the charge of ecocide applies to Israel’s bombardment of Gaza, the environmental impact, the spread of disease, and other harmful health impairments will be felt for years to come.

The United Nations Relief and Works Agency reported an increase in hepatitis A in the enclave, from 85 cases before the current war to 107,000 cases in October 2024. The WHO has reported 500,000 cases of diarrhea and 100,000 cases of lice and scabies, along with the reemergence of polio.

Polio virus has been found in wastewater, threatening the lives of Palestinian children in Gaza.
Dawoud Abo Alkas/Anadolu via Getty Images

The lack of adequate WASH facilities has also disproportionately affected women and girls by interfering with basic menstrual hygiene, harming their mental and physical health.

Meanwhile, the increased presence of dangerous air pollutants has led to increases in respiratory issues, including nearly 1 million acute respiratory illnesses. Presently, the most common respiratory ailments in Gaza are asthma, chronic obstructive pulmonary disease, bronchitis, pneumonia and lung cancer.

Next steps

As a licensed environmental engineer, I have never seen the scale of environmental destruction that has occurred in Gaza.

While the situation is unprecedented, there are concrete steps that the international community can take to help Gaza’s environment recover. The three-stage ceasefire agreement between Israel and Hamas, which went into effect on Jan. 19, 2025, is a promising first step. This agreement has allowed some Israeli hostages to be released and Palestinian detainees to return to their homes. It also allows for more humanitarian aid to enter Gaza to deal with the current food crisis and health emergency.

Nevertheless, there are significant challenges ahead for the people of Gaza. First, the ceasefire agreement will need to hold – and already there are signs of difficulty in implementing the agreement in full. Should fighting resume, that will close or delay the opportunity for engineers and surveyors to perform detailed, comprehensive field assessments.

Meanwhile, the need for a post-conflict plan for Gaza has never been starker.

Recovering from Gaza’s environmental devastation will require Israel and neighboring countries, as well as influential world powers such as the United States and the European Union, to work together to rebuild critical infrastructure, such as water and wastewater treatment plants and solid waste infrastructure. Moreover, to succeed, any long-term plan for the reconstruction of Gaza will need to prioritize the needs and perspectives of Palestinians themselves.

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

– ref. Israel’s bombing of Gaza caused untold environmental damage − recovery will take effort and time – https://theconversation.com/israels-bombing-of-gaza-caused-untold-environmental-damage-recovery-will-take-effort-and-time-245311

MIL OSI – Global Reports –

February 28, 2025
MIL-OSI: Coralogix Strengthens AI Leadership with Appointments of Liran Hason to VP of AI and Alon Gubkin to VP of AI Engineering

Source: GlobeNewswire (MIL-OSI)

TEL AVIV, Israel, Feb. 27, 2025 (GLOBE NEWSWIRE) — Coralogix, the leading full-stack observability platform, today announced the appointment of Liran Hason to Vice President of AI and Alon Gubkin to Vice President of AI Engineering. These strategic hires reinforce Coralogix’s commitment to advancing AI observability, security, and governance, ensuring businesses can confidently monitor and manage AI systems at scale.

Hason and Gubkin, both co-founders of Aporia, an advanced AI observability and guardrails platform recently acquired by Coralogix, bring extensive expertise in AI monitoring, safety, and large-scale infrastructure. Their leadership will be instrumental in launching Coralogix AI, a new dedicated research center focused on tackling AI transparency, security, safety, and performance optimization.

Advancing AI Observability and Governance

As VP of AI, Hason will lead Coralogix’s AI strategy and execution, focusing on the development of advanced AI solutions and safety initiatives. Previously CEO of Aporia, Hason spearheaded the company’s rise as a leader in AI observability and guardrails, earning recognition as a World Economic Forum Technology Pioneer and securing a spot on TIME’s Best Inventions of 2024. His prior experience includes roles as a machine learning architect at Adallom (acquired by Microsoft) and investor at Vertex Ventures.

“Coralogix is redefining AI observability at a critical moment,” said Hason. “With the rapid adoption of AI, businesses need real-time insights, transparency, and control. I’m excited to drive innovation that empowers enterprises to use AI with confidence.”

As VP of AI Engineering, Gubkin will lead AI infrastructure and engineering, focusing on building scalable and resilient AI observability solutions. A distributed systems and AI infrastructure expert, Gubkin was instrumental in Aporia’s development, pioneering real-time monitoring and guardrails for AI models.

“AI systems are evolving rapidly, and observability is the key to ensuring their reliability,” said Gubkin. “At Coralogix, we’re building the next generation of AI monitoring tools, helping enterprises scale AI without compromising on security or performance.”

Ariel Assaraf, CEO and co-founder of Coralogix said “We’re thrilled to welcome Liran Hason and Alon Gubkin to the Coralogix team at such a pivotal moment in our journey. Their contributions will be essential as we expand our solutions to provide businesses with the tools to optimize and secure their AI systems with confidence. With Liran and Alon on our team, Coralogix is well-positioned to revolutionize how companies monitor, manage, and secure AI systems at scale.”

For more information about Coralogix and its observability platform, please visit coralogix.com.

About Coralogix

Coralogix is a modern observability platform transforming how businesses process and understand their data. Its unique architecture powers in-stream analysis and alerting without reliance on indexing or hot storage. Covering the entire range of observability, Coralogix offers features such as APM, RUM, SIEM, Infrastructure. Monitoring, and more, all streamlined for quick integration and immediate value. Coralogix stands out for its simple pricing model, based solely on data volume ingested. With world-class, free support, all customers enjoy response times of less than 30 seconds and resolution times within 1 hour. Learn more at www.coralogix.com.

Contact:
Sophia Meyer
Fusion PR
sophia.meyer@fusionpr.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0b961436-1494-4450-abca-c9a0b8f2ebf7

The MIL Network –

February 28, 2025

Category: Middle East

Three long years

A new way of governing

Solidarity visit to Bangladesh

An annual tradition

The next leap

Play closer attention to compounding risks

ABCD (Align Biodiversity, Climate Change and Desertification) of Comprehensive Risk Management

Blend tradition and innovation

Eritrean troops continue grave violations in Ethiopia

No justice in sight

Conscription abuses continue

Sudan: We are looking into the abyss, Türk warns

‘Utter impunity’

Indifferent to suffering

Taliban oppression deepens in Afghanistan

Institutionalised oppression

Backpacks for a brighter future

More than just school books

Needs are escalating

WASH sector

Air quality

Waste management

The charge of ‘ecocide’

Health impacts of environmental harm

Next steps