Headline: Microsoft at Legalweek: Help safeguard your AI future with Microsoft Purview
Generative AI is reshaping almost every industry and the legal field is no different. A Thompson Reuters Institute study of legal professionals found “a remarkable 79% of law firm respondents anticipate AI will have a high or transformational impact on their work within the next five years—a significant 10-point increase from 2023.”1 There are many promising opportunities to streamline workflows and drive efficiency by bringing AI into legal and litigation workflows. Simultaneously, there’s a need to ensure data compliance, security, governance, and privacy while deploying AI throughout your organization.
Learn more about Microsoft Security.
Microsoft is continuously innovating, empowering people and organizations to achieve more, and Microsoft Purview is a key part of that mission. New advanced capabilities in Microsoft Purview eDiscovery make it easier to safeguard and manage compliance of data. eDiscovery allows you to easily search, collect, and review AI-based interactions across more than 25 AI applications. It also uses advanced AI capabilities to streamline eDiscovery workflows—from natural language queries for more intuitive searching to automatic case summarization for a quick snapshot of key insights. And more powerful AI-driven features are on the horizon to further accelerate and simplify the eDiscovery process.
We are excited to share more about new developments across Microsoft Security at Legalweek 2025. If you are attending the conference in New York City from March 24 to March 27, 2025, we’d love to connect. Read on for an overview of our sessions. And request to attend our Executive Breakfast on Tuesday, March 25, 2025, from 7:30am–8:45am (ET) at the Mercury Ballroom, New York Hilton Midtown, to learn how to protect Microsoft 365 Copilot with Microsoft Purview as well as our latest developments in eDiscovery.
Mark your calendar for these Legalweek sessions
At Legalweek 2025, we will have experts from Microsoft and the legal field to offer insights into the latest cybersecurity challenges facing the legal sector as well as strategies to tackle these pressing issues.
Session Title
Speakers
Session Date and Time
Session Description
Trustworthy AI: Helping to ensure privacy and security in AI transformation
Katelyn Rothney, Senior Product Marketing Manager, Microsoft Azure AI; Ashley Pusey, Cyber Security and Data Privacy Associate, Kennedy’s CMP LLP; Rebecca Engrav, co-chair of the AI industry group at Perkins Coie; and John Israel, Global AI Security and Data Security Lead, KPMG.
Tuesday, March 25, 2025, 11:30 AM–12:30 PM Eastern Time (ET)
This session will delve into the complex interplay between AI innovation and data protection, exploring the necessary frameworks for designing AI solutions that prioritize transparency, integrity, and accountability. Learn the security and privacy risks inherent in AI adoption and how to mitigate them.
Global compliance deep dive: Mastering the EU AI Act and international data regulations
Manny Sahota, Director of Global Cloud Privacy, Regulatory Risk, and Compliance, Microsoft; Dajin Li, Partner, Taylor Wessing; Jennifer Driscoll, Partner, Robinson Cole; Jessica Long, Vice President, Head of Legal, Chief Privacy Officer, Allstate Canada; and Patrick J. Austin, Of Counsel, Woods Rogers.
Tuesday, March 25, 2025, 2:00 PM–3:00 PM (ET)
Navigate the complexities of global data compliance and learn how to stay ahead of regulatory requirements with an in-depth analysis of the EU AI Act and other key international regulations. Learn how to harmonize compliance strategies across different jurisdictions, overcome regulatory challenges, and future-proof your organization’s data governance framework.
Collaboration in complex litigation: Streamlining team communication and document sharing
EJ Bastien, Sr. Director, Discovery Programs, Microsoft; Lindsey Lanier, Director, Product Management, Relativity; Candi Smith, eDiscovery Analyst, Disney; Scott Milner, Partner & Global Practice Group Leader of eData, Morgan, Lewis & Bockius LLP; and Greg Buckles, Market Analyst–Press, eDiscovery Journal.
Tuesday, March 25, 2025, 3:30 PM–4:30PM (ET)
Explore how legal teams can streamline document sharing and optimize communication workflows to keep all stakeholders connected and informed. Learn how to simplify case management, enhance team collaboration, and make information easily accessible—even in hybrid work environments.
Navigating the AI revolution: Strategic insights and innovations
Jessica Escalera, Head of Legal Operations, Americas at HSBC; Nicole Langston, Head of eDiscovery, Counsel for Barclays; Nisha Narasimhan, Principal Product Manager, Microsoft; and Robert Keeling, Partner, Redgrave LLP
Wednesday, March 26, 2025, 11:30 AM–12:30PM (ET)
This forward-looking panel discussion delves into how you can use cutting-edge products to steer your AI journey effectively. Join industry experts as they share insights on strategic approaches, address common challenges, and highlight the latest AI innovations.
Connect with Microsoft at Legalweek
If you seek strategies for safeguarding and managing the compliance of your data and AI applications, check out one or more of our sessions at Legalweek. Throughout the conference, you can also interact with our Microsoft experts directly in a few ways:
Stop byBooth #3103 in New York Hilton Midtown Americas Hall 2 to learn how Microsoft solutions can address your challenges.
Request to attend the Executive Breakfast on Tuesday, March 25, 2025 from 7:30am – 8:45am ET at Mercury Ballroom, New York Hilton Midtown.
Request dedicated time with our experts, who will be available in meeting rooms at 1700 Broadway, between 9:00 AM – 6:00 PM ET, Monday, March 24, 2025, through Thursday, March 27, 2025. We’d love to connect. Hope to see you there!
Connect with members of the Microsoft Intelligent Security Association
At Microsoft we truly believe security is a team sport. And we are thrilled to welcome three of our strategic Microsoft Intelligent Security Association (MISA) members to demonstrate their solutions at the Microsoft booth. Join Epiq Global, Lighthouse, and Relativity as they share their expertise and discuss how their solutions—together with Microsoft technology—are helping our mutual customers secure their data efficiently in the age of AI.
Epiq Global: Tuesday, March 25, 2025, 12:00 – 2:00 PM ET
Lighthouse: Wednesday, March 26, 2025, 2:30 – 4:30 PM ET
Relativity: Thursday, March 27, 2025, 10:00 AM – 12:00 PM ET
Read more about MISA and membership benefits.
Learn more about Microsoft Security solutions
To help your organization efficiently respond to legal matters or internal investigations with intelligent capabilities that reduce data to only what’s relevant, learn more about Microsoft Purview eDiscovery.
Learn how to accelerate the secure adoption of AI with ready-to-go security and governance tools built for generative AI at The Microsoft at RSAC experience. From our signature Pre-Day to demos and networking, discover how Microsoft Security can give you the advantage you need in the era of AI.
To learn more about Microsoft Security, visit our website.
Bookmark the Security blog to keep up with our expert coverage on security matters. Also, follow us on LinkedIn (Microsoft Security) and X (@MSFTSecurity) for the latest news and updates on cybersecurity.
Sources:
1 The Future of Professionals: How AI is impacting the legal profession | Legal Blog
Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.
Highlights:
– Human Rights Council
– Secretary-General/as CARICOM
– Haiti
– Deputy Secretary-General
– South Sudan
– Libya
– Democratic Republic of the Congo
– Central African Republic
– Occupied Palestinian Territory
– Israel/Palestine
– Ukraine
– World Day of Social Justice
– Financial Contribution
HUMAN RIGHTS COUNCIL
On Sunday, the Secretary-General will arrive in Geneva, where he will take part in the opening of the 58th session of the Human Rights Council, which is scheduled to kick off on Monday morning.
In his remarks, the Secretary-General is expected to say that without respect for human rights, sustainable peace is a pipedream.
He will also state that breathing life into the work of the Human Rights Council and the Pact for the Future can help end the suffocation of human rights that we see around the world.
The Pact calls for peace processes and approaches rooted in the key pillars that reinforce human rights — from the Universal Declaration to international law and the UN Charter, he is expected to add.
Later in the day, he is also expected to address the high-level segment of the Conference on Disarmament. He is expected to call on Member States to seize the fresh momentum provided by the Pact for the Future to make tangible progress on disarmament issues.
While in Geneva, he is expected to hold a number of bilateral meetings.
He will be back in New York on Monday night.
SECRETARY-GENERAL/CARICOM
Before he heads to Geneva he has to conclude his trip to Barbados, he is currently in Bridgetown as you know he is attending the 48th Regular Meeting of the Conference of the Heads of Government of the Caribbean Community, also known as CARICOM.
This morning, he participated in a closed session with CARICOM Heads of Government, where he exchanged views on pressing issues in the region, such as finance, climate and security, with a focus on Haiti.
Last night, at the opening ceremony, the Secretary-General said that the exquisite beauty of the Caribbean is famed the world over, but that there is trouble in paradise. He noted that wave after wave of crisis is pounding the people of the Caribbean and their islands – with no time to catch their breath before the next disaster strikes.
Stressing that international solutions are essential to create a better today and a brighter tomorrow for the wonderful region and for the world, the Secretary-General said that he sees three key areas where, together, we must drive progress. First, he said, unity for peace and security, particularly to address the appalling situation in Haiti – where gangs are inflicting intolerable suffering on the people of Haiti.
The Secretary-General added that he will soon report to the Security Council on the situation in Haiti, including proposals on the role the UN can play to support stability and security and address the root causes of the crisis.
The Secretary-General further highlighted unity on the climate crisis and sustainable development as areas where progress is needed.
Also yesterday, he held a bilateral meeting with Prime Minister Mia Mottley the host of the meeting, where they exchanged views on regional and global issues, particularly the situation in Haiti and climate change. He commended Barbados for spearheading efforts to advance reforms to the international financial architecture through the Bridgetown Initiative 3.0.
And this morning, he also met with the Prime Minister of Jamaica, Andrew Holness, with the Presidential Adviser of the Transitional Presidential Council of Haiti, Laurent Saint-Cyr, and with the Secretary-General of the Commonwealth, Patricia Scotland.
He will be heading back to New York this afternoon.
Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=20%20February%202025
Source: United States Senator for Delaware Christopher Coons
WASHINGTON – U.S. Senators Chris Coons (D-Del.) and Mike Rounds (R-S.D.) reintroduced the Stop Tax Penalties on American Hostages Act today to prevent the Internal Revenue Service (IRS) from imposing fines or penalties on American hostages and wrongful detainees for late tax payments while they are held abroad. In addition to Senators Coons and Rounds, this legislation is co-sponsored by Senators Thom Tillis (R-N.C.), Ron Wyden (D-Ore.), Bill Cassidy, M.D. (R-La.), Chris Van Hollen (D-Md.), Rick Scott (R-Fla.), John Fetterman (D-Pa.), and Dave McCormick (R-Pa.). This bill was originally introduced in December 2022, and the Senate unanimously cleared the bill last year.
“When you return to the United States after being held hostage or wrongfully detained overseas, the first thing that you should get from your government is a ‘welcome home.’ Instead, it’s usually a fine from the IRS for failing to pay your taxes while you sat in a foreign jail,” said Senator Coons. “This bipartisan legislation will fix a glaring flaw in our tax code to ensure that Americans who have already been through the unthinkable do not face thousands of dollars in fines and late fees from the IRS for non-payment of taxes. As we continue our work to bring home every wrongfully detained American, I encourage my colleagues to once again advance this bill and ensure we don’t make their re-entry to our country harder than it already is.”
“After returning home, American citizens who were held hostage or wrongfully detained should be spending time with their families and getting back to their lives, not worrying about late fees on their taxes,” said Senator Rounds. “For obvious reasons, any American held hostage should not have the heavy hand of the IRS charging penalties on missed federal tax payments. Our legislation will protect Americans from misguided statutory requirements and unnecessary red tape when they return home.”
“After returning home, American hostages and wrongful detainees should not have to face penalties for taxes missed while held abroad,” said Representative French Hill. “I am proud to introduce this bipartisan legislation that will correct a crucial gap in our laws that burdens these Americans with penalties and fines from the IRS after they return home.”
“It goes without saying that no one who has endured wrongful detention or been taken hostage abroad should face the additional trial of navigating onerous tax burdens they incurred by no fault of their own when they return,” said Representative Dina Titus. “This commonsense, bicameral, bipartisan legislation will eliminate that unthinkable possibility by simplifying the tax code to postpone tax deadlines and refund late fees to support wrongful detainees, hostages, and their families.”
“Hostage US strongly supports the Stop Tax Penalties on American Hostages Act. As the leading organization providing reintegration support, guidance, and resources to Americans held hostage or wrongfully detained abroad, we see firsthand the long-term impact captivity has on individuals and their loved ones. This critical piece of legislation prevents unjust tax burdens when hostages return home and means former captives can rebuild their lives without additional hardship. Americans who have endured captivity should have financial protections and this commonsense legislation will provide much-needed relief to those who have already suffered so much,” said Liz Cathcart, Executive Director of Hostage US.
“On behalf of all U.S. nationals returning from captivity abroad and the James W. Foley Legacy Foundation, I sincerely commend Senator Coons’ and Senator Rounds’ leadership and their staff for this bill prohibiting tax penalties for hostages and wrongful detainees as an essential step forward,” said Diane Foley, Founder and President of the James W. Foley Legacy Foundation.
Americans who are held abroad as hostages or wrongful detainees are fined and charged interest by the IRS in the event of non-payment of taxes while in prison or captivity abroad, as though they had simply chosen not to pay taxes. Jason Rezaian, a Washington Post reporter who was wrongfully detained by the Iranian government for more than a year, brought this issue to Senator Coons’ attention. When Rezaian came home in 2016, the IRS hit him with tens of thousands of dollars in fines and interest charges on taxes he wasn’t able to file while imprisoned. The IRS has made clear a legislative fix is needed to resolve this situation.
Senator Coons has led numerous bills supporting American hostages and wrongful detainees and addressing financial hardships they often face upon their return. He reintroduced the Stop Tax Penalties on American Hostages Act alongside two other hostage bills today: the Fair Credit for American Hostages Act and Retirement Security for American Hostages Act. The first is a bill with Senator Thom Tillis (R-N.C.) that would empower former hostages and detainees to restore credit scores that may have been negatively impacted during their detention. The latter is a bill with Senator Bill Cassidy, M.D. (R-La.) that would ensure that hostages and wrongful detainees are not penalized in calculating their Social Security benefits.
A one-pager is available here.
The full text of the legislation can be found here.
IMX 2025 brought together 5,000 personnel from over 30 nations and international organizations committed to preserving the rules-based international order and strengthening regional maritime security cooperation.
The 12-day exercise took participants through several exercise serials across multiple locations at sea in the Arabian Gulf, Gulf of Oman, Gulf of Aden and the Red Sea, as well as ashore and in the air. Some of the serials included diving, harbor security, mine countermeasures, unmanned systems and artificial intelligence integration, visit, board, search and seizure procedures, and global health management events.
“It’s inspiring to see so many nations working together. The incredible level of international representation is pivotal to our success of safeguarding regional waterways and enabling the free flow of commerce,” said U.S. Navy Vice Adm. George Wikoff, Commander of U.S. Naval Forces Central Command and U.S. 5th Fleet, in his remarks at the closing ceremony. “IMX 2025 was truly about partnering to strengthen and expand our capabilities.”
“[The] exercise brought forward many viewpoints [about how] to handle a single situation in various different ways. I am confident that the takeaways of this exercise will serve all the participants in planning and executing various exercises in their respective countries,” said Pakistan Navy Commodore Rashid Mahmood Sheikh, who led the CPX exercise for IMX 2025, in his remarks.
IMX 2025 ran in conjunction with a U.S. Naval Forces Europe-Africa exercise, Cutlass Express 25, with each exercise’s respective maritime operations centers exercising their information sharing capabilities to improve theater-to-theater coordination, reduce regional seams, and strengthen interoperability.
The ninth iteration of the series, IMX began in 2012 as the International Mine Countermeasures Exercise, before changing its name to reflect a more expansive mission set.
The U.S. 5th Fleet area of operations encompasses nearly 2.5 million square miles of water area and includes the Arabian Gulf, Gulf of Oman, Red Sea, parts of the Indian Ocean and three critical choke points at the Strait of Hormuz, Suez Canal and Bab al-Mandeb.
For imagery, photos and information on IMX, visit the feature page at: https://www.cusnc.navy.mil/IMX/.
Snowden was relieved by Rear Adm. Sean Bailey, commander of Carrier Strike Group 8, after serving as the aircraft carrier’s commanding officer since December 2023. Snowden will be temporarily assigned to Naval Air Forces Atlantic.
The relief occurred after Truman was involved in a collision with the merchant vessel Besiktas-M on Feb. 12, while operating in the Mediterranean Sea in the vicinity of Port Said, Egypt.
The U.S. Navy holds commanding officers to the highest standard and takes action to hold them accountable when those standards are not met. Naval leaders are entrusted with significant responsibilities to their Sailors and their ships.
Capt. Christopher Hill, commanding officer of USS Dwight D. Eisenhower (CVN 69), will temporarily serve as Harry S. Truman’s interim commanding officer.
Dwight D. Eisenhower is currently undergoing scheduled maintenance at Norfolk Naval Shipyard after completing a nine-month deployment to U.S. Central Command and U.S. European Command in July 2024.
There is no impact to Harry S. Truman’s mission or schedule due to the relief. The Nimitz-class aircraft carrier is currently deployed to the U.S. 6th Fleet area of operations.
For questions related to this release, contact U.S. Sixth Fleet / Task Force SIX Public Affairs at cne_cna_c6fpao@us.navy.mil
Office of the Chairman of the Joint Chiefs of Staff Public Affairs
February 20, 2025
WASHINGTON, D.C. — Joint Staff Spokesperson Navy Capt. Jereal Dorsey provided the following readout:
Chairman of the Joint Chiefs of Staff Gen. CQ Brown, Jr., met with Chief of the Israeli General Staff Lt. Gen. Herzi Halevi at the Pentagon on Tuesday where they discussed a range of security topics.
Gen. Brown thanked Lt. Gen. Halevi for their excellent working relationship during his time as chairman and congratulated him on a distinguished career. As part of his formal counterpart visit, Lt. Gen. Halevi participated in an Armed Forces Full Honor Arrival ceremony hosted by Gen. Brown at Joint Base Myer-Henderson Hall.
Source: The Conversation – UK – By Katya Alkhateeb, Senior Researcher in International Human Rights Law & Humanitarian Law at Essex Law School and Human Rights Centre, University of Essex
The capture of Damascus by Hayat Tahrir al-Sham (HTS) and the collapse of the regime of Bashar al-Assad last December sent shockwaves through Syria’s political landscape, heralding an unprecedented shift in power. The rise to power of HTS, formerly the Al-Nusra Front, is a litmus test for assessing whether militant Islamist organisations can evolve through state-building.
At the heart of transforming Syria must be the development and safeguarding of women’s rights. This will prove a revealing lens through which to measure the sincerity of HTS’s professed reforms.
But so far a stark disparity has emerged between their rhetoric of inclusivity and reality. This appears to involve perpetuating entrenched institutional practices of patriarchal conservatism.
After seizing Damascus, HTS leader Ahmed al-Sharaa took pains to project an image of inclusive governance. He claimed: “Syria is a nation of many identities and beliefs, and our duty is to ensure they coexist peacefully within a just system.” He highlighted that 60% of university students in the city of Idlib are women, and portrayed HTS as a moderate force that values women’s roles in society.
Yet interviews with senior regime figures as well as policy decisions and governance practices expose these statements as hollow. Instead they suggest a deep-seated commitment to hardline religious conservatism.
The new administration’s official spokesperson, Obaida Arnaout, said recently that appointing a woman to a role in the ministry of defence would not “align with her essence, her biological and psychological nature”. This was framed as acknowledging women’s suitability for other roles, but it ultimately reflects a deeply conservative, patriarchal attitude.
Likewise, the appointment of Aisha al-Dibs to lead the office for women’s affairs initially appeared to signal progress. But her first few statements suggested a regressive agenda.
Blaming civil society organisations for “rising divorce rates”, she vowed that “the constitution will be based on Islamic Sharia”. She added that she would “not allow space for those who disagree with my ideology”.
Al-Dibs’s vision of empowerment appears to be rigidly conservative. It effectively reduces women’s roles to family, husband and domestic priorities.
These two examples highlight in HTS what appears to be a strategy of commandeering state institutions to enforce a radicalised version of Islam, a key trait of political Jihadism.
The new HTS-backed justice minister, Shadi al-Waisi epitomises this trend. In 2015, as a judge in the northern city of Idlib – at the time under the control of the Al-Nusra Front – he was recorded on video ordering women to be executed for adultery. An HTS representative has since dismissed this as “a phase we have surpassed”. But Al-Waisi still argues that since most people in Syria are Muslim, religious Sharia law should take priority.
As far as women’s role in the judiciary is concerned, a statement from Arnaout casts doubt on whether they will be allowed to continue to act as judges, a hard-won right under the Assad regime. In 2017, 30% of judicial posts were occupied by women.
But in an interview with Lebanese TV channel Al-Jadeed in December 2024, Arnaout said: “Certainly, women have the right to learn and be educated in any field, whether in education, law, the judiciary, or other fields, but the job has to suit her nature.” She added: “For a woman to assume a judicial position, this could be examined by experts, and it is too early to talk about it.”
Education policy has also become a key battleground. The new administration has introduced sweeping reforms. These include dropping evolution and big bang theory from science and changing the history curriculum to reflect a more Islamic slant.
Beyond the classroom, HTS’s hardline policies pervade public life. Women are segregated on buses, strict dress codes are heavily propagated. Meanwhile building new mosques is taking precedence over rebuilding war-torn infrastructure.
HTS’s unwillingness to embrace genuine pluralism suggest the regime is more interested in rebranding its ideology than in reforming it.
Diplomatic promises and realities on the ground
While determining how to engage with the HTS regime, other countries need to be aware of this. They must act in the knowledge that rhetoric of inclusivity appears – at present at least – to be simply that: rhetoric. Firm pressure from international stakeholders such as the United Nations will be needed to hold HTS accountable to a transition to a fully inclusive new system of government.
A conference held in Paris on February 13 and attended by representatives of a broad range of Arab and European countries underscored the international commitment to this principle. Delegates produced a joint statement that called for: “A peaceful, credible, orderly and swift inclusive transition … so that a representative and inclusive governance that represents all components of Syrian society and includes women from the onset can be formed.”
The explicit mention of women and inclusive representation in this statement stands in stark contrast to the reality of the transitional process. Just a day earlier, on February 12, the appointed preparatory committee for the upcoming National Dialogue Conference, which will thrash out a new “political identity” for Syria, revealed the limitations of this commitment.
While the seven-member committee includes two women, five members have strong ties to Islamist movements and three of the seven are directly linked to HTS.
The committee’s composition notably fails to represent Syria’s diverse ethnic and religious communities, with no Kurdish, Alawite, or Druze representatives. This raises questions about the genuine commitment to inclusive governance in the transition process.
The contradiction between HTS rhetoric and its actions on diversity and inclusivity, especially when it comes to respecting women’s rights, is not just a domestic issue but a critical test of its global standing.
The new regime’s treatment of women and its enforcement of conservative ideology in violation of legal and human rights expose its broader intentions. Failing to address these signs risks condemning Syria to a repressive future.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
When I first arrived at the top secret Porton Down laboratory, I was aware of very little about its activities. I knew it was the UK’s chemical defence research centre and that over the years it had conducted tests with chemical agents on humans.
But what really happened there was shrouded in mystery. This made it a place which was by turns fascinating and scary. Its association with the cold war, reinforced by images of gas mask-wearing soldiers and reports of dangerous (and in one case fatal) experiments, also made it seem a little sinister.
The shroud of secrecy resulted in it being the subject of some lively fiction, such as The Satan Bug by Alistair MacLean, which revolves around the theft of two deadly germ warfare agents from a secret research facility and in the “Hounds of Baskerville” episode of the BBC drama Sherlock in which the hero uncovers a sinister plot involving animals experiments.
Even Porton’s own publicity material recognises that where secrecy exists imagination can take flight, and attests:
No aliens, either alive or dead have ever been taken to Porton Down or any other Dstl [Defence Science and Technology Laboratory] site.
But it’s also the place where in recent years scientists analysed samples confirming that a Novichok nerve agent had been used to poison former Russian spy Sergei Skripal and his daughter (coincidentally, just a few miles away). And where an active research programme on Ebola played an important role in the UK’s support to Sierra Leone during the 2014 outbreak.
So what is the truth? Over three years my research took me into the heart of the mystery, as I studied its extensive historical archive. The reality was not as I expected. I came across no aliens, but I did discover records of experiments that ran from the ordinary, through to the bizarre. And sadly, in one isolated case, the lethal.
Arriving at Porton Down, for example, was unexpectedly low key. The main gate is located off a public road on an otherwise quiet stretch between Porton Down village and the A30. It is in many ways visually similar to the entrance to Lancaster University in the north of England where I work as a lecturer in epidemiology.
Bar some signs announcing it as the Defence Science and Technology Laboratory (dstl) of the Ministry of Defence, the road is devoid of obvious security. No barriers block entry. This sense of the extraordinary hiding behind the ordinary was reinforced by the undistinguished visitor car park from where it is a short walk to the nondescript single story reception building.
There is also (perhaps unusually for a government chemical weapons research centre) a bus stop next to the main gate, from where you can get the number 66 to Salisbury.
So on my first visit in 2002 I made that short walk from the visitor car park to the reception and announced myself. I was pleased to find I was expected and looked into the security camera as bidden. After a hard stare from the receptionist I was issued, on that my first day, with a temporary pass. On it was written: “MUST BE ACCOMPANIED AT ALL TIMES” in bright red.
My contact, Dawn, arrived and led me through the main gate where security started to become more obvious. An armed policeman gave us a small nod as we passed through, his hands staying firmly on the machine gun strapped to his chest. Dawn paid little attention other than a brief hello and we were inside, heading to the headquarters.
It was from here that the management of Porton Down organised the programmes of testing which had ultimately resulted in my presence there – to research the health effects of chemical experiments on humans.
The Insights section is committed to high-quality longform journalism. Our editors work with academics from many different backgrounds who are tackling a wide range of societal and scientific challenges.
Since its inception in 1916 it has researched chemical weapons, protective measures against chemical weapons, and has recruited over 20,000 volunteers to participate in tests in its research programmes.
Hut 42 – opening the archive
This archive was opened to my colleagues and I after previously being firmly hidden from public view. This shift in approach was the result of government approval for a study into the long-term health of the human volunteers. The action was triggered by complaints from a group of people who had been tested on and who claimed their health had been damaged as a result.
The government was also keen to ward off accusations of cover ups. In 1953 Ronald Maddison, a young RAF volunteer, died in a nerve agent experiment at the site. The original inquest was held in secret and returned a verdict of misadventure. But in 2004 the government ordered a second, public, inquest.
This, along with a police investigation into the behaviour of some of the Porton Down scientists persuaded the government to fund independent research into the health effect of the experiments.
A research group from the department of public health at the University of Oxford won IS WON RIGHT WORD? sk I was part of that group. Porton participated fully and opened its doors and archive to the project. I went ahead of the research team to deal with the practicalities of gaining access. My first task was to set up an office. So Dawn led me onwards to the building that had been put aside for our use.
We passed into the inner, more secure, area. This part of Porton Down was where the main scientific work was carried out. This inner secure area was surrounded by a high chain link fence and there was one principal entry point, next to a guard room.
Inspecting our passes was another armed MoD police officer. Alerted by my red pass he was all for barring my way until Dawn stepped in. Now vouched for, we were waved through and passed onwards to the building that would become my home for the best part of three years – hut 42.
‘People had neat handwriting then’
Hut 42 was a nondescript redbrick, single-story building, which sits next to the main library and information centre and from the outside could be mistaken for a school boiler room. In it were five desks and several metal filing cabinets closed with combination locks.
Our purpose there was to study the historical archive, including the handwritten books of experiment data. We then transferred that material into a database for later analysis. This process took four people two years of hard work, but we were lucky.
Porton Down’s record keeping was excellent. Early on I had worried that handwritten records would be hard to decipher and had asked a Porton Down librarian whether they would be legible. “Definitely”, was the reply. “People had neat handwriting then. It’s the records from the 1970s you’ll have to watch. They’re dreadfully scrappy,” he said.
And so it was proved. The records of tests from an era before computers, carried out with substances such as mustard gas, were routinely neatly and clearly documented.
Porton Down experiment book, showing drop tests to the arms during one of the first nerve agent tests.
A picture of a page in one of the experiment books on which is recorded the first nerve agent test for Tabun on April 10, 1945. Thomas Keegan
I met Porton Down’s resident medical doctor in the archive to start discussing the nature of the experiments. Simon (not his real name) was in his mid-thirties with boyish curly hair and an anorak. “You’ll find everything you’ll need in here, in these cupboards,” he said. “First, I’ll show you how to open the cupboard. It’s like this”, he said. “A five number combination. Five times anticlockwise to reach the first number, four times clockwise for the second, three times anticlockwise for the third and so on.”
There was a pause while he demonstrated. “Sometimes they can be a bit sticky”, he said after the first attempt. He got the cupboard open on the second try.
The archive was a mixture of handwritten experimental and administrative records. The administrative records were essentially lists of attendees with dates and personal characteristics such as age. The experimental records reported the results of the tests with people in a variety of ways. Some were in the form of descriptive text, others used pictograms to record the site visually, for example where a drop of mustard gas was placed on the skin. Many contained tables of data, all hand drawn and as legible as if they had been printed. Our cupboards contained around 140 such books spanning a period from the start of the second world war to the end of the 1980s.
The story the records told was a fascinating one.
In the 50 years following the outbreak of the second world war, Porton Down encouraged over 20,000 men, nearly all members of the UK armed forces, to take part in experiments at the site.
These men (the regular armed forces had yet to admit women) took part in a programme of tests that ran from experiments using liquid mustard “gas” dropped onto bare skin to inhalation of nerve agents. There were also tests with antidotes and other gasses and liquids too.
Chemical experiments
The records show that between 1939 and 1989, over 400 different substances were tested at Porton. Mustard gas, sarin, and nitrogen mustard were frequently tested. These chemicals are known as “vesicants” for their ability to cause fluid filled blisters (or vesicles) on the skin or any other site of contact. First world war soldiers were familiar with the horrors of this gas, which was first used by Germany at the Battle of Ypres in 1915. John Singer Sergeant’s powerful painting Gassed expressed the effect of mustard gas on soldiers exposed in the trenches.
Other major chemical tests were riot control agents, such as CS and CR, these being the only chemicals tested that have been used by UK forces in peacetime, their purpose being crowd control.
Mostly, we were kept far away from anything other than paper records. As Britain had given up its chemical arsenal and any offensive capability in the 1950s, there was, as Simon had explained, no stores of chemical agents at Porton Down, except of course, small amounts of those that were needed to test human defences. By a circuitous route however, I came nearer to some than I was expecting.
‘Would you like a sniff?’
Hut 42, was not, it turned out, wholly for our use. While some Porton staff shared access to the archive and popped in now and then to examine records and take photocopies, the building had one other permanent resident – Porton Down’s in-house historian Gradon Carter. Carter was in his late 70s and had worked at Porton Down as an archivist for more than 20 years. He prided himself on knowing more than anyone alive about the history and administration of the institution.
He wore tweed and had the air of a world weary Latin master, but rather than the accoutrements of his trade being Latin textbooks, his were the paraphernalia of chemical warfare. Around his desk were examples of gas masks from various periods of history, and on the wall, posters inviting people to “always carry your gas mask”.
One of his exhibits was a box, about the size of a packet of breakfast cereal, which contained glass phials, each carefully labelled with the contents. These included mustard gas, lewsite and phosgene.
The box was from the 1940s. It was a training tool to help troops recognise different gasses on the battlefield. “Would you like a sniff of mustard?”, he offered. It so happened I did. Nearly 60 years after it was first bottled, I can report that Carter’s mustard gas had very little smell, but I was reluctant to get close to test any of its other properties. He re-corked it. “Some lewisite?” he suggested.
Lewisite was produced in 1918 for use in the first world war but its production was too late for it to be used. Another vesicant, it causes blistering of the skin and mucous membranes (eyes, nose, throat) on contact.
I declined Carter’s kind offer.
Other chemicals appeared in the records less frequently. There were the lovely vomiting agents, which are designed to winkle their way under your gas mask to make you sick, which will make you take off your gas mask making you vulnerable to the next wave of attack by, for example, nerve agents.
These agents were relatively standard members of a chemical arsenal. In an effort to expand its horizons, Porton Down opened its collective mind in the early 1960s to the usefulness of psychedelics in warfare and tested LSD for its potential as a disruptor of enemy military discipline.
The tests showed that troops became unable to put up much of a fight, but ultimately the chemicals were rejected as means of mass disruption. You can see a video of a test at Porton Down with LSD below.
In the video, a troop of Royal Marines can be seen taking part in an exercise during which they are given LSD. Not long afterwards the men become barely capable of military action and seem to find almost everything funny. One man seems not to know which end of a bazooka to point at the enemy.
The most commonly tested substances at Porton, according to our data, were mustard gas, lewisite and pyridostigmine (more of which later) with thousands of tests undertaken. Less frequently tested were a basket of chemicals including sodium amytal (a barbiturate) and more strangely perhaps, 49 tests with pastinacea sativa – the irritant wild parsnip.
Not all men who took part in tests did so with chemical agents. Many visited Porton Down and were “tested” with substances that were not intended to be harmful but which must have been providing useful information of some kind. Some people were tested with “lubricating oil” (498 people) and “ethanol” (204 people). Many tests were with protective equipment such as materials for protective suits and with respirators.
Nerve agent tests
Around 3,000 people were tested with nerve agents. The number of nerve agents tested was not extensive, with six principal agents recorded. These were tabun, (known as GA), soman (GD), sarin (GB), cyclo sarin (GF), and methylphosphonothioic acid (VX).
The period of nerve agent research ran from the early postwar period to the late 1980s, and coincided with the cold war, when military tension between the Nato countries and the USSR was high.
The archive was rich in information on these tests. The records included detail of the time and place of each test along with details of who took part, noting both staff and volunteer participants. Records on the early tests are especially revealing.
Chambers like this were used to carry out tests on nerve agents. Thomas Keegan
For example, in 1945 nerve agents were not yet known to Porton Down scientists. They had come close to discovering nerve agents when they had worked on PF-3, a chemical of the same organophosphate type as the nerve agents, but they had not thought it sufficiently toxic.
However, these agents were well known to German scientists, and to the German military who weaponised them during the second world war. Despite fears to the contrary, gas was not used in the fighting, though Germany had clearly prepared for chemical warfare.
Nazi agents and gin and tonic
Advancing US forces moving through Germany came across stockpiles of artillery shells in a railway marshalling yard near Osnabrück that contained suspicious liquids. The markings on the shells – a white ring on one type and green and yellow rings on the other – were new to the Americans. The shells were sent to the US and Porton Down for investigation.
After initial analysis, Porton scientists found that the shells with the white ring contained tear gas. The other contained an unknown substance (later it would be named tabun).
Tabun is one of the extremely toxic organophosphate nerve agents. It has a fruity odour reminiscent of bitter almonds. Exposure can cause death in minutes. Between 1 and 10 mL of tabun on the skin can be fatal.
On April 10 1945, after some laboratory tests, the scientists decided to test the new chemical on people. In fact, as Carter pointed out to me, disaster could have struck immediately as the first nerve agent to arrive at Porton for testing was transported to the lab in a test tube stoppered only with cotton wool.
Thinking this was a new variety of mustard gas, they placed drops on the participants’ skin. The scientists also placed drops in the eyes of some rabbits. The records show that before any serious effect to the humans could be noted one of the rabbits died, giving the scientists running the tests a fright.
The chemical was quickly wiped off the men’s arms and the test ended there. According to a brief memoir supplied by Carter, Dr Ainsworth (who was involved in the tests) said that Captain Fairly (the Porton scientist being tested on) had been shaken by the experience but recovered “after a stiff gin and tonic in his office”.
This sporting attitude to self-testing was not uncommon among scientists, however. Dr Ainsworth later tested a method for reducing the effect of a splash of nerve agent on the skin which involved a tourniquet and opening a vein – something he thought worked well.
But he was used to the pioneering methods of the day. “Taste this,” the pharmacologist John (later Sir John) Gaddum had ordered on one previous occasion. Dr Ainsworth sipped the liquid offered and reported that it tasted a little like gin. “That’s strange”, Professor Gaddum said. “I can’t taste anything. It’s diluted lewisite and the rats simply won’t drink it.”
Back at the wartime testing lab they were keen to find out more about what was now understood to be a new type of chemical agent developed by German scientists and weaponsied by their armed forces. The following week, ten people were exposed in a chamber, at the higher concentration of 1 in 5 million. In the pioneering spirit not uncommon at Porton, four of the subjects: Commandant Notley, Major Sadd, Mr Wheeler and Major Curten were Porton staff. Major Curten reported having a tightness of chest, and a slight contraction of the pupils, unlike the commandant who had no reaction but thought the gas smelled of boiled sweets.
An undated photograph of the southern end of the Porton Down campus showing the bus stop outside. The grey building is thought to be one of the exposure chambers. Thomas Keegan
Later that morning the scientists had another go, this time at a higher concentration, 1 in 1 million. The symptoms were now more noticeable, with more than one person vomiting and others needing treatment the following day for the persistent symptoms of headaches and eye pain.
Given what we have since learned about tabun, it seems at the very least cavalier of the scientists to conduct these tests on themselves and others. They were were lucky not to have been seriously injured or even killed, but those were the risks they seemed willing to take.
Fatal consequences
The last entries in the archive for nerve agent tests were for 1989 so newer compounds such as novichok, used in an attempted assassination in nearby Salisbury, were not included. One later nerve agent tested in the 1960s was VX, then a scarily potent new nerve agent.
According to the Centers for Disease Control in the US, VX is one of the most toxic of the known chemical warfare agents. It is tasteless and odourless and exposure can cause death in minutes. As little as one drop of VX on the skin can be fatal.
It was not developed into a weapon by the UK, as by then it had abandoned an offensive capability, but tests were carried out on a relatively small number of volunteers. I mentioned VX to Carter. He recalled that the first sample of VX was first discovered, accidentally, at an ICI chemical factory in the UK and sent to Porton in the regular post. Luckily, nobody was exposed.
In one notorious episode however, the tests of nerve agents on humans did not go as expected.
As I referred to earlier, in 1953, during an early nerve agent experiment, the young airman, Ronald Maddison died. Testing was paused at Porton after an inquiry by the eminent Cambridge academic Lord Adrian and limits on exposures were set after resumption in 1954. A second inquest into the death returned a verdict of unlawful killing in 2004.
One of the founders of the Porton Down Veterans Group, Ken Earl was in the same experiment. He remembered vividly being in the same chamber as Maddison, and while not affected seriously at the time, felt his health issues later in life were directly related to the test. In an interview with the BBC, he attributed the many health problems he suffered through his life, including skin conditions, depression and a heart irregularity, to his experience at Porton Down.
Our research could not establish a direct link to the kind of ill health Earl suffered. But our data on the short-term effects did show a good deal about the immediate aftermath of a nerve agent exposure, similar to the type Earl experienced.
The physiological effect of exposure to nerve agents varies greatly between individuals as our previous research has shown. The strength of symptoms varies too. Five of the six participants in the same test as Maddison did not report adverse effects other than feeling a bit cold.
However, tests before this had shown that certain effects were consistently seen with nerve agent exposures. In July 1951 six people participated in a test with soman. The lab book notes:
5/5 experienced pain in eyes, blinker effect and blurred vision 30 minutes after exposure (these symptoms continued for 24 hours). 1 participant vomited 4 hours after exposure. 2 participants vomited 24 hours after exposure. Eye pain and vision improved after 48 hours but not normal – return to normal after 5 days. 4/5 given multiple doses of atropine.
While these effects must have been unpleasant, it is also shown that participants in nerve agent tests had between one and two “exposures”. Those in tests with other chemicals such as mustard gas may have had many.
To further regulate exposures, strict limits on the amount of nerve agent allowed in tests were imposed after Maddison died. The levels of exposure typically experienced by servicemen induced: pinpoint pupils (miosis), headaches, a tightness in the chest and vomiting. These symptoms recur many times in the records, as does documentation of the drugs used to treat them, typically atropine and pralidoxime.
A new era
Despite the range of agents which have been developed, chemical weapons have rarely been used by states in conflict, perhaps held back by adherence to the Chemical Weapons Convention or by their difficulty of use.
Despite this they were used by Iraq (not then bound by the CWC) in the Iran-Iraq war (1980-88), who used mustard gas and tabun against Iranian troops. They have also been used by states against civilians – for example by Iraq against its Kurdish population and more than once by Syria against its civilian population between 2014 and 2020.
In 2017, North Korean agents used VX to assassinate Kim Jong-nam, North Korean leader Kim Jong-un’s half-brother in Kuala Lumpur, Malaysia. And more recently the Russian opposition leader Alexei Navalny was poisoned with a nerve agent. He later recovered only to die in a Russian prison in early 2024.
These are not just remote threats. As I previously noted, a particularly high-profile example of a state using a chemical weapon to kill someone took place in the UK in 2018 when it is alleged that the Russian state tried to kill an ex-KGB spy using small quantities of the then new and especially toxic nerve agent Novichok.
Sergei Skripal, the intended victim, and his daughter Yulia survived the attack.
A public inquiry heard how the Skripals were found slumped in a park in Salisbury. While the presence of nerve agents was not at first suspected, the emergency services noted how the Skripals suffered from a range of symptoms including pinprick pupils, muscle spasms and vomiting. For those experienced with nerve agents these symptoms are typical.
But these symptoms were not known to Nick Bailey, a detective sergeant who had been assigned to check over a house in Salisbury, home to the two people that had recently been found collapsed. This should have been routine but the first indication to DS Bailey that something was amiss was when he looked in the mirror.
His pupils, normally wide open at this time of night, had shrunk into pinpricks. He was also beginning to feel very strange. But it was when Bailey’s vision fractured and he vomited that he knew something was seriously wrong.
It would later become clear that the agents sent to kill Skripal had sprayed the liquid nerve agent onto the door handle of the Skripal house. Sergei and his daughter both used the handle and were poisoned. So was Bailey, who had closed the door and locked it after his checks on the house later that evening.
Four months later, the boyfriend of Dawn Sturgess found a discarded perfume bottle in nearby Amesbury, picked it up and then later gave it to her as a present. Neither could have imagined it had been used to bring Novichok to Salisbury and left behind by the attackers. Sturgess died after spraying the contents onto her skin. Her boyfriend survived.
It was in partnership with experts at Porton Down that the local health services were able to treat the victims. According to the inquiry, a key challenge was for the hospital to work out what had poisoned the Skripals so they could treat them effectively. Porton Down worked nonstop to determine what type of nerve agent had been used. Once the cause was known the hospital was able to save the Skripals’ lives.
That Porton Down is situated just a few miles from Salisbury where the Novichok attack took place was probably useful to those treating victims. The Russian state however, used this proximity to try to muddy the waters of accountability for the poisoning, but there seems little doubt that blame for the nerve agent poisoning lies with Russia.
Despite the efforts of those agents, five out six people poisoned with Novichok survived, not unscathed perhaps, but alive. That they did so is in some way the result of the expertise and knowledge gained over years of nerve agent research at Porton Down.
It seems clear that the more information about the effects of nerve agent exposure that are known outside specialist research circles the better. Though nerve agent attack is extremely rare the events in Salisbury and Amesbury have shown they are not impossible.
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The research study that took Thomas Keegan to Porton Down was led by the University of Oxford and funded by the Medical Research Council.
Source: The Conversation – UK – By Stephen Hall, Lecturer (Assistant Professor) in Russian and Post-Soviet Politics, University of Bath
It has been an eventful and, for Ukraine and its European allies, alarming past week or so. First they heard that the US president, Donald Trump, had spent 90 minutes on the phone with his Russian counterpart, Vladimir Putin. In one stroke, Trump upended three years in which his predecessor, Joe Biden, had sought to isolate Russia after its full-scale invasion of Ukraine.
On the same day, February 12, Trump’s newly installed secretary of defense, Pete Hegseth, told a gathering of senior defence officials in Brussels that Europe would no longer be the primary focus for US security policy, and that Ukraine could not hope to regain the territory Russia had illegally occupied since 2014, nor join Nato.
Hegseth added that not only would the US not contribute to any peacekeeping force in Ukraine in the event of a peace deal, but that any European peacekeeping operation would not be done under the protection of Nato’s Article 5.
This was soon followed by the US vice-president, J.D. Vance, telling the Munich Security Conference that it was Europe, not Russia or China, that was the main security threat – the “enemy within” that fostered anti-democratic practices and sought to curtail free speech.
This week, a US team led by the secretary of state, Marco Rubio, sat down with their Russian opposite numbers led by the foreign minister, Sergei Lavrov, to discuss peace negotiations. Ukraine was not represented. Nor was Europe. Following that, and perhaps taking his cue from Hegseth, Lavrov declared that Russia would not accept any European peacekeepers in Ukraine – deal or no deal.
Meanwhile, Trump has taken to his TruthSocial media platform to repeat several favourite Kremlin talking points. Ukraine was responsible for the war, he said. Its president, Volodymyr Zelensky, was a “dictator” who had cancelled elections, and whose popularity with his own people was now as low as 4% (it’s actually 57%, at least 10 points higher than Trump’s rating in the US).
Trump also mocked Zelensky’s concern at his country’s exclusion from the Riyadh talks, telling reporters: “Today I heard: ‘Oh, well, we weren’t invited.’ Well, you’ve been there for three years … You should have never started it. You could have made a deal.”
This leads us back to the Istanbul communique, produced at the end of March 2022 after initial peace talks between Russia and Ukraine in Antalya, Turkey. Some US commentators have suggested Ukraine could now be better off had it signed this deal.
Istanbul communique
What happened in Istanbul, and how close Russia and Ukraine were to an agreement, has been hotly debated, with some arguing a deal was close and others refuting this.
Ukraine reportedly agreed to a range of concessions including future neutrality, as well as giving up its bid for membership of Nato. Russia, in turn, would apparently have accepted Ukraine’s membership of the EU. This concession, incidentally, is still on the table.
But there were sticking points, primarily over the size of Ukraine’s armed forces after a deal – Kyiv reportedly wanted 250,000 soldiers, the Kremlin just 85,000 – and the types of weaponry Ukraine could keep in its arsenal.
There were also issues about Ukraine’s Russian-occupied territory, particularly Crimea – this was projected to be resolved over 15 years with Russia occupying the peninsula on a lease in the meantime. Another Kremlin demand was for Zelensky to stand down as president, with the presidency being taken up by the pro-Russian politician Viktor Medvedchuk.
Negotiations continued through April 2022, only to break down when Russian atrocities were reported in Bucha, a town Ukrainian troops had retaken as part of their spring counter-offensive. But the fact is, an agreement was never really close.
The UK’s former prime minister, Boris Johnson, has taken much flack over reports that he urged Zelensky not to accept the deal. But there was never a realistic chance this deal would be acceptable to Ukraine. A neutral Ukraine with a reduced military capacity would have no way to defend itself against any future aggression.
Had Ukraine done a deal based on the Istanbul communique, it would have essentially led to the country becoming a virtual province of Russia – led by a pro-Russian government and banned from seeking alliances with western countries. As for joining the EU, it was the Kremlin’s opposition to Kyiv’s engagement with the EU in 2013 which provoked the Euromaidan protests and led to Russia’s initial annexation of Crimea the following year.
What next?
Kyiv signing the Istanbul communique may have quickly stopped the war and the killing. But the Kremlin has repeatedly shown it cannot be trusted to adhere to agreements – you only have to look at the way it repeatedly violated the Minsk accords of 2015, which attempted to end hostilities in eastern Ukraine.
Further, a deal that rewards Russian aggression by agreeing to its taking of territory and demanding the neutrality of the victim would undermine global security, and encourage other illegal foreign policy adventurism.
If the Trump administration has the blueprint of a fair peace deal, it’s hiding it well at this point. Instead, European leaders have been put in a position where they must face the prospect of having to fund Ukraine’s continued defence, while coping with a US retreat from its security guarantees for Europe as a whole.
Either that or, as my University of Bath colleague Patrick Bury wrote on X this week, accept some pretty dire consequences.
Europe is facing a crisis that it could have prepared for after Russia’s full-scale invasion of Ukraine in 2022. With Trump back in power, the relationship between the US and Europe appears increasingly fractured. But Europe too is bitterly divided over how to approach this crisis.
Britain and France initially talked up the idea of providing troops as peacekeepers in Ukraine – but Germany adamantly refused to go along with that plan. Both Emmanuel Macron and Keir Starmer have since rethought the idea (although there is a report that the UK prime minister has considered a scheme for a 30,000-strong “monitoring force” away from the ceasefire line).
The Kremlin reacts to signals. While it was clearly preparing for the invasion in late 2021, Joe Biden’s statement that he would not send troops to defend Ukraine showed the limits to US involvement. A message that Europe is prepared to dispatch peacekeepers to Ukraine now would send a strong signal to Putin – and the Trump administration – that Europe is serious.
Stephen Hall does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Following is the text of UN Secretary-General António Guterres’ video message to the nineteenth plenary session of the Parliamentary Assembly of the Mediterranean, in Rome today:
I am pleased to convey my warm greetings as you gather for this nineteenth plenary session of the Parliamentary Assembly of the Mediterranean.
Your region is an extraordinary bridge between continents, cultures and traditions. And your collective voice resonates far beyond Mediterranean shores. As a former Parliamentarian myself, I greatly value that voice in addressing shared challenges. I know you are focusing on a number of those challenges at your plenary session.
As I look around the world, four tests stand out because they represent, at best, threats that could disrupt every aspect of our agenda, and at worst, upend our very existence: Rampant inequalities; the raging climate crisis; out-of-control technology, including artificial intelligence without guardrails; and of course, runaway conflicts.
As you know so well, the Middle East is in a period of profound transformation — rife with uncertainty, but also possibility. It is clear the region is being re-shaped. But, it is not clear what will emerge. We have a responsibility to help make sure the people of the Middle East come out with peace, dignity and a horizon of hope grounded in action.
In Gaza, that means — as we have long been calling for — the release of all hostages, a permanent ceasefire and irreversible progress towards a two-State solution. In Lebanon, we are working to consolidate the cessation of hostilities, support a government where all Lebanese will feel represented, and a State that will be able to guarantee security to all its citizens. And in Syria, we stand behind an inclusive process in which the rights of all are fully respected, and that paves the way towards a united and sovereign Syria with its territorial integrity fully reestablished.
Finally, I want to thank you for your support for implementing the UN Pact for the Future. You understand that this ties directly to advancing trust — which you have rightly defined as a strategic issue — and to shaping global governance institutions fit for the twenty-first century.
Once again, thank you for your vital voice and leadership. Let’s keep working for peace, sustainable development and human rights for the people of the Mediterranean region and our world.
President Donald Trump has actually described Ukraine’s widely admired wartime President Volodymyr Zelenskyy as “a dictator” and falsely claimed he started the war.
In a news conference with Israeli Prime Minister Benjamin Netanyahu, Trump mused about an American takeover of the Gaza Strip by removing its occupants to neighbouring countries and developing the region as a seaside resort. This would very likely constitute a war crime.
Snubbing international law
Trump’s return to the American presidency marks a normalization of this type of threat.
Trump is obviously unsentimental about America’s longtime allies, including the innermost circle of English-speaking democracies — the U.S., Canada, the United Kingdom, Australian and New Zealand — that make up the Five Eyes intelligence-sharing alliance.
A group of countries that wouldn’t normally be fussed about the transition from one American president to another is now very nervous about how far Trump is going to go.
During the first angry weeks of Trump’s second presidency, the U.S. appears to be signalling a return to an anarchic and explicitly colonial imagining of the world. In this regard, Trump’s disdain for the rule of law at home tracks a potentially even greater disdain for the international legal order, one that’s existed since 1945.
Trump, not historically much of an imperialist in his rhetoric, has now doubled down on classical imperialist threats as he repeatedly proposes expanding the physical map of the U.S., musing in particular about Greenland, Panama, Canada and now Gaza.
Greenland holds a strategic interest for the U.S. — there’s already an American airbase on the island — since its location is increasingly important as the Arctic ice melts and amid greater competition from Russia and China.
But Canada? At least Trump agreed at a news conference before taking office that military force was off the table. Instead, Canada only had to worry about “economic force” being used to annex it.
Prime Minister Justin Trudeau has told business leaders that Trump’s talk about annexing Canada is “the real thing,” aimed at obtaining Canada’s critical minerals.
He’s not only peacocking on the global stage, he is also telegraphing that he holds international legal norms in even lower esteem than the norms of his own country, where he is a convicted felon. This situation is as alarming as it unprecedented.
Right now, cognitive dissonance in the form of status quo bias poses a real danger in terms of Trump’s dismissal of the rule of law. This means that folks are somehow convincing themselves that the undoing of the global rules-based order in real time is just a blip; things will somehow ramp down and return to normal.
But the evidence is glaringly to the contrary.
Trump is plainly communicating his wishes: a new age of American imperialism. At first few took him seriously. Now we all are. Canada, due to its proximity to and reliance on the U.S., must especially face a new reality in which an American president casually and repeatedly threatens its sovereignty.
Canada, America’s closest ally in terms of shared language, culture and geography, should be the first and not the last to start believing Trump’s threats to annex it.
Even when Trump is no longer in office, neither Canadians nor any of America’s other allies can be certain someone just like him will not be returned to power by the U.S. voters. That means America’s western allies, like Canada and Denmark, must learn the lessons Latin American and Middle Eastern countries learned along time ago: America is a threat.
Some might ask: Aren’t these American problems for the American people? As Canadians can attest, no. Trump poses grave dangers to the rest of the world due to the unique place the U.S. occupies in the geopolitical system.
Nothing about Trump’s second presidency bodes well for America’s allies and friends, including Canada.
A kleptocrat who regards friends and allies as transactional customers and for whom everything is “just business,” including national security, Trump poses an existential threat not only to America, but to the international world order.
Jeffrey B. Meyers does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: United Kingdom – Executive Government & Departments
Rachel Reeves urges financial industry leaders to seize growth opportunities in emerging markets, creating new business for British firms and boosting trade links with fast-growing economies, delivering on the government’s Plan for Change.
Chancellor launches coalition to improve sustainable sovereign debt financing to developing economies, shoring up London’s position as development finance leader amid growing global uncertainty
Reeves aims to boost private capital mobilisation for development ahead of her attendance of the European Bank for Reconstruction and Development’s annual meeting on 13-15 May in London
In Canary Wharf today (20 February) the Chancellor met with some of the UK’s biggest financial services firms such as Aviva, HSBC and Schroders and urged them to work with development institutions including the European Bank for Reconstruction and Development (EBRD) and British International Investment. To go further and faster in delivering the government’s Plan for Change and put more money in people’s pockets, the Chancellor encouraged firms to seize investment opportunities in emerging markets for Britain’s brightest and best companies.
Co-hosting a roundtable with Odile Renaud-Basso, president of the EBRD, the Chancellor launched the “London Coalition on Sustainable Sovereign Debt”. This will be co-chaired by the Economic Secretary to the Treasury, Emma Reynolds.
The Coalition will bring together government and private sector stakeholders to find innovative solutions to more sustainable sovereign debt financing in developing economies.
Promoting orderly and transparent debt restructuring and more resilient borrowing will mean that emerging economies can make progress meeting their climate and development targets. The Coalition capitalises on London’s financial services expertise and will help cement its position as a global leader in development finance, in turn supporting economic activity and financing investment across the country. Investing in emerging markets themselves can boost UK growth by creating new opportunities for British businesses in areas such as financial services, and boost trade ties with fast-growing economies amid an increasingly uncertain global environment.
Chancellor of the Exchequer, Rachel Reeves said:
Business and government must work together to seize opportunities in emerging markets and kickstart economic growth as part of our Plan for Change.
Today’s roundtable shows how the UK’s world-leading financial centre can help countries unlock new opportunities for our brightest and best British companies to create wealth and drive growth.
President of the European Bank for Reconstruction and Development Odile Renaud-Basso said:
Mobilising private capital is key to meeting global development needs. I’m delighted to co-host UK business leaders with the Chancellor to discuss how multilateral banks like the EBRD can help channel further financing to emerging markets. By joining forces, we aim to deliver the much-needed impact for developing countries while creating new opportunities for businesses from developed economies.
The Chancellor and Renaud-Basso also signed a Memorandum of Understanding setting out cooperation on the EBRD annual meeting and business forum in London, which will be held from 13 to 15 May this year.
The Chancellor will attend the bank’s first annual meeting in London since 2016 where it will see governors approve the bank’s next 5-year strategy and highlight opportunities for UK businesses to work with the EBRD in its key markets such as Ukraine, Poland and Turkey.
Reeves and Renaud-Basso discussed with business leaders how to create the right environment for investment. This is being done at home, for example through reforms to the pensions system which could unlock around £80 billion in productive investment and the launch of the Transition Finance Council led by Lord Alok Sharma. It is also key to work overseas, where British International Investment and UK-backed programmes including MOBILIST and the Private Infrastructure Development Group have unlocked billions in private investment for climate and development around the world. A new Institutional Investor Taskforce will advise government and institutional investors on how they can work together to open up even more of this much-needed investment and establish London as the world’s leading climate and development finance hub.
Reeves outlined the UK’s growth priorities, both at home and abroad, and highlighted the financing tools and instruments to help achieve this such as the National Wealth Fund, which is expected to mobilise over £70 billion in private investment into the high-growth industries of the future. Reeves also underscored the importance of multilateral development banks in helping to mobilise private capital, through working together more effectively as a system and with the private sector.
As the largest institutional investor in Ukraine, the EBRD has also been working with the UK government to support Ukraine’s resilience and recovery. In December, the UK confirmed its participation in a EUR 4bn capital increase which will unlock billions each year to support critical sectors of Ukraine’s economy. The EBRD and Aon also launched an innovative $110m war insurance facility with UK support in the same month to rebuild the country’s insurance market.
Elsewhere, the EBRD invests in 36 economies across three continents including in Central, Eastern and Southern Europe, Central Asia and North Africa. This year it will also begin operations in sub-Saharan Africa.
The roundtable comes ahead of the Chancellor’s visit to Cape Town, South Africa, next week to attend the G20 Finance Ministers and Central Bank Governors meeting. She will be advocating for the UK’s Growth Mission on the global stage and championing how private capital and the role of the City will kickstart economic growth and raise living standards around the world.
Baroness Shriti Vadera, Chair of Prudential PLC and Co-Chair of the World Bank Private Sector Investment Lab, said:
It is critical for governments, international financial institutions, and the private sector to work together to mobilise, at scale and pace, greater levels of finance for climate and development where it is most needed – in emerging and developing markets. I particularly welcome the focus today on practical steps to develop and deploy risk-sharing and blended financial instruments.
Dame Elizabeth Corley, Chair of Schroders PLC, said:
I firmly believe asset managers play a key role in crowding in private capital and unlocking it at scale in emerging markets. Schroders, with its impact pioneer BlueOrchard, is eager to share our expertise in blended finance and impact investing to overcome barriers to private sector investment, redressing some of the world’s biggest challenges like climate change and inequality.
Saudi Arabia’s clinical trial landscape is rapidly evolving, positioning the country as an emerging hub for research and development in the Middle East. With a strong regulatory framework, expanding healthcare infrastructure, and an increasing focus on innovation, Saudi Arabia is determined to play a more significant role in the global clinical trials ecosystem. The country is making concerted efforts to attract pharmaceutical companies, researchers, and investors to establish a robust presence in the global clinical trial landscape, capitalizing on the opportunities presented by a well-regulated and high-potential healthcare market.
One of the driving forces behind this ambition is the growing recognition of Saudi Arabia’s strategic position as a gateway to the region’s emerging healthcare markets. With a highly centralized healthcare system, the country provides easy access to a well-established network of hospitals and research centers, such as the King Abdullah International Medical Research Center (KAIMRC), King Faisal Specialist Hospital & Research Centre, King Fahad Medical City, and King Khalid University Hospital. These institutions are at the forefront of clinical research and play a pivotal role in conducting trials. Their state-of-the-art facilities and research capabilities make them attractive partners for international pharmaceutical companies looking to expand their clinical trial operations in the Middle East.
Saudi Arabia is increasingly becoming a key player in various therapeutic areas, particularly oncology, endocrinology/metabolism, cardiology, and infectious diseases. These areas are among the most studied in the country, driven by both local healthcare needs and global demand for innovative treatments. Oncology, in particular, has seen substantial research efforts due to the rising incidence of cancer in the region, prompting pharmaceutical companies to sponsor a significant number of studies. The focus on endocrinology/metabolism and cardiology aligns with the country’s efforts to tackle the growing prevalence of chronic diseases, such as diabetes and cardiovascular conditions. Additionally, Saudi Arabia’s strategic location in the Middle East allows it to be a key player in research related to infectious diseases, which are particularly relevant in the context of global public health crises.
The Saudi government’s continued investment in healthcare infrastructure and the presence of world-class research facilities have fueled an impressive surge in clinical trials. The Ministry of National Guard-Health Affairs (MNG-HA), which oversees some of the country’s most advanced hospitals and research centers, is leading the charge in facilitating clinical research. MNG-HA hospitals are equipped with extensive patient databases, providing an invaluable resource for clinical trial recruitment. The country’s ongoing national initiative to consolidate patient databases and streamline access to these resources is positioning Saudi Arabia as an attractive destination for clinical trials. In particular, KAIMRC’s stem cell registry and biobank are noteworthy, offering a comprehensive repository of biological samples that could prove to be a goldmine for pharmaceutical companies interested in conducting trials with diverse and high-quality participant pools.
Despite the country’s rapid progress in clinical trials, there are still challenges to overcome, particularly in terms of commercialization and patenting. While academic research and clinical studies are thriving, the translation of these efforts into patents and commercialized products remains limited. Saudi Arabia has made strides in strengthening intellectual property laws and fostering innovation, but the process of patenting and bringing research to market has been slower than anticipated. However, efforts are underway to address this gap, with the government prioritizing initiatives that support the commercialization of research and the growth of the biopharmaceutical sector.
Overall, Saudi Arabia’s clinical trial landscape is full of promise. The country’s strategic investments in healthcare infrastructure, research, and patient databases make it an attractive destination for global pharmaceutical companies. As the regulatory framework continues to evolve and the nation’s commitment to clinical research grows, Saudi Arabia is on track to become a key player in the global clinical trials market. With a focus on expanding clinical research in areas such as oncology, cardiology, and infectious diseases, the country has the potential to significantly contribute to global healthcare advancements in the coming years.
2024 results: net income at €261.1m, up 8.6%, and proposed dividend at €1.40
Paris, 20 February 2025 – 17.35
Turnover: €1,845m, down -0.6% at constant FX and perimeter and down -1.3% on a reported basis
Trade credit insurance revenue decreased by -2.2% at constant exchange rates, with slightly positive customer activity in Q4-24
Client retention is still high at 92.3% but down slightly from 2023 records; pricing remained negative at -1.4%, in line with historical trends
Business information once again recorded double-digit growth (+16.3% at constant FX); factoring stabilised at +0.3% with solid growth in Q4-24
Net loss ratio at 35.2%, improved by 2.5 ppts; net combined ratio at 65.5%, up 1.2 ppt
Gross loss ratio at 33.4%, improved by 2.4 ppts with still high opening year reserving and high reserve releases
Net cost ratio increased by 3.6 ppts to 30.2%, reflecting slightly lower revenues and continued investment, in line with our strategy
Net combined ratio in Q4-24 at 68.7%, up 9.7 ppts due to a higher net cost ratio and a very low combined ratio in Q4-23 (59.0%)
Net income (group share) of €261.1m, up +8.6%, of which €53.4m in Q4-24, the highest annual figure since the adoption of IFRS 17. Annualised RoATE1at 13.9%
Coface continues to be backed by a solid balance sheet:
Estimated solvency ratio at ~196%2, above the upper end of target range (155% to 175%)
Proposal to distribute3 a dividend per share of €1.40 representing an 80% pay-out ratio
Earnings per share reached €1.75
Coface signed the acquisition of Cedar Rose, strengthening its capabilities in information services in the Middle East and Africa
Gonzague Noël has been appointed as Group Chief Operating Officer (COO)
Unless otherwise indicated, change comparisons refer to the results as at 31 December 2023
Xavier Durand, Coface’s Chief Executive Officer, commented: “2024 was marked by the launch of our Power the Core strategic plan which is deliberately focused on innovation. In an environment characterised by weak economic growth, a decrease of our clients’ activity and an increase in the number of bankruptcies, the discipline of our underwriting enabled us to contain the increase in the combined ratio, which rose moderately to 65.5%. Finally, we benefited from the repositioning of our investment portfolio to achieve a return on average tangible equity of 13.9%, above our mid-cycle targets. The net income of €261m marked the highest level since the transition to IFRS 17. All these achievements would not have been possible without the engagement of our employees. These good results and solid solvency ratio of 196% allow us to propose the payment of a dividend of €1.40 per share to the Shareholders’ meeting.”
Key figures at 31 December 2024
The Board of Directors of COFACE SA approved the consolidated financial statements at 31 December 2024 at its meeting of 20 February 2025. The Audit Committee at its meeting on 18 February 2025 also previously reviewed them. Accounts are non-audited, certification is in progress.
Income statements items in €m
2023
2024
Variation
% ex. FX*
Insurance revenue
1,559.1
1,512.9
(3.0)%
(2.2)%
Services revenue
309.2
331.9
+7.4%
+7.4%
REVENUE
1,868.2
1,844.8
(1.3)%
(0.6)%
UNDERWRITING INCOME/LOSS AFTER REINSURANCE
395.4
368.7
(6.8)%
(5.3)%
Investment income, net of management expenses, excluding finance costs
12.4
91.7
638.0%
595.7%
Insurance Finance Expenses
(40.0)
(42.5)
6.4%
12.9%
CURRENT OPERATING INCOME
367.9
417.9
+13.6%
+12.8%
Other operating income / expenses
(5.0)
(8.6)
74.5%
74.2%
OPERATING INCOME
362.9
409.2
+12.8%
+12.0%
NET INCOME (GROUP SHARE)
240.5
261.1
+8.6%
+6.3%
Key ratios
2023
2024
Variation
Loss ratio net of reinsurance
37.7%
35.2%
(2.5)%
ppts
Cost ratio net of reinsurance
26.6%
30.2%
3.6%
ppts
COMBINED RATIO NET OF REINSURANCE
64.3%
65.5%
1.2%
ppt
Balance sheet items in €m
2023
2024
Variation
Total equity (group share)
2,050.8
2,193.6
+7.0%
Solvency ratio
199%
196%1
-3 ppt
* Also excludes scope impact
1This estimated solvency ratio constitutes a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
1. Turnover
In 2024, Coface recorded a consolidated turnover of €1,844.8 million, down by -0.6% at constant FX and perimeter compared to 2023. As reported (at current FX and perimeter), turnover was down -1.3%.
Revenue from insurance activities (including bonding and Single Risk) fell -2.2% at constant FX and perimeter, although the year ended on a slightly more positive note (Q4-24 revenue from insurance activities rose +3.7% and total revenue increased +4.3%). Client retention remains high at 92.3% (but down from the record level in 2023), in a competitive market where Coface implemented risk mitigation plans that impacted renewals at the beginning of the year. New business rose to €126m, up €9m compared to 2023 driven by an increase in demand and the positive effects of investments for growth, mainly in the mid-market segment.
Client activity grew modestly at 0.5%, below the historical average with an improvement in Q4-24 (+0.4%). Over the year, the decline in activity in the metals sector, with lower prices, partially offset the positive trend in the agri-food sector. The price effect remained negative at -1.4% in 2024 (vs. -1.9% in 2023), in line with long-term trends.
Turnover from non-insurance activities was up +8.2% compared to 2023. Factoring turnover stabilised at +0.3% with a positive Q4-24 that reversed the full-year trend. Information services turnover rose +16.3%. Fee and commission income (debt collection commissions) increased by +19.6%, from a low base, due to the increase in claims to be collected and investments made in third-party debt collection. Commissions were up +6.6%.
Total revenue – in €m (by country of invoicing)
2023
2024
Variation
% ex. FX4
Northern Europe
379.6
362.2
(4.6)%
(4.6)%
Western Europe
380.1
391.8
+3.1%
+0.4%
Central & Eastern Europe
177.1
173.8
(1.9)%
(3.2)%
Mediterranean & Africa
526.3
538.5
+2.3%
+5.6%
North America
171.8
176.6
+2.7%
(6.4)%
Latin America
100.3
77.7
(22.5)%
+4.0%
Asia-Pacific
133.1
124.3
(6.6)%
(7.1)%
Total Group
1,868.2
1,844.8
(1.3)%
(0.6)%
In Northern Europe, turnover was down by -4.6% at constant and current FX, due to the selective non-renewal of some loss-making policies at the beginning of the year, despite the stabilisation of client activity in Q4-24.
In Western Europe, turnover increased by +0.4% at constant FX (+3.1% at current FX and perimeter following the integration of certain African countries in the first half of the year) thanks to a sharp increase in information services sales (+30.3%) combined with a better Q4-24 in credit insurance under the effect of significant business catch-up.
In Central and Eastern Europe, turnover fell -3.2% at constant FX (-1.9% at current FX) due to the decline in client activity, which weighed on credit insurance, despite a high client retention rate. Factoring was down -1.0% at constant exchange rates.
In the Mediterranean and Africa region, which is driven by Italy and Spain, turnover rose +5.6% at constant FX and +2.3% at current FX driven by robust sales in credit insurance and services and a stronger economic environment.
In North America, turnover was down -6.4% at constant FX but increased by +2.7% at current FX due to the integration of Mexico in this scope. The region saw a slowdown in client activity despite higher retention and a fairly strong economic environment.
In Latin America, turnover rose +4.0% at constant FX but fell -22.5% at current FX. The region is benefiting from a recovery in client activity after 2023 was dominated by risk prevention actions. However, the transfer of Mexico to the North America region had a negative impact.
In Asia-Pacific, turnover decreased by -7.1% at constant FX and -6.6% at current FX. This lower turnover was due to a slowdown in client activity that robust sales were unable to offset and selective non-renewal of certain policies.
2. Result
Combined ratio
The annual combined ratio net of reinsurance was 65.5% in 2024, up 1.2 ppt year on year.
(i) Loss ratio
The gross loss ratio stood at 33.4%, a 2.4 ppts improvement on the previous year. This improvement reflects both the gradual normalisation of the loss experience, offset by rising reserve releases. The amount of claims recorded is now higher than in 2019. The total number of claims decreased, offset by an increase in the number of mid-sized claims.
The Group’s provisioning policy remained unchanged. The amount of provisions related to the underwriting year, although discounted, reflects the increase in the claims frequency. Strict management of past claims enabled the Group to record 51.9 ppts of recoveries.
The net loss ratio improved to 35.2%, down 2.5 ppts compared to 2023.
(ii) Cost ratio
Coface is pursuing a strict cost management policy and is continuing to invest, in line with its Power the Core strategic plan. As a result, over the full year 2024, costs rose by +5.5% at constant FX and perimeter, and by +5.3% at current FX.
The cost ratio before reinsurance was 33.7%, up 2.2 ppts year on year. This rise was mainly due to the decline in revenues (1.0 ppt), embedded cost inflation (1.5 ppt) and ongoing investments (1.5 ppt). In contrast, the improved product mix (information services, debt collection and fee and commission income) had a positive effect. High reinsurance commissions explain the remainder of the variation.
Financial result
Net financial income for 2024 was €91.7m, up sharply compared to 2023. This figure includes capital gains of +€11.4m, which more than offset negative market value adjustments on investments of -€2.9m. The FX effect remained slightly negative at -€2.7m but improved significantly compared to 2023, which was marked by the accounting effect of IAS 29 (hyperinflation) in Turkey and Argentina as well as the sharp devaluation of the Argentine peso.
The portfolio’s current yield (i.e. excluding capital gains, depreciation and FX impact) was €96.6m, of which €25.7m in Q4-24. The accounting yield5, excluding capital gains and fair value effect, was 2.9% for 2024. The yield on new investments made year-to-date was 4.1% and fell in Q4-24 in line with the trend in market rates.
Insurance Finance Expenses (IFE) stood at €42.5m (€40.0m in 2023).
Operating income and net income
Operating income amounted to €409.2m in 2024, up +12.0% at constant FX.
The effective tax rate was 29% for the year (vs. 27% in 2023), including the impact of Pillar 2 (global minimum tax).
In total, net income (group share) was €261.1m, up +8.6% compared to 2023.
3. Shareholders’ equity
At 31 December 2024, Group shareholders’ equity stood at €2,193.6m, up €142.8m or +7.0% (€2,050.8m at 31 December 2023).
These changes are mainly due to the positive net income of €261.1m and the dividend payment of -€194.3m. Other items include changes in unrealised capital gains for €72.0m.
The annualised return on average tangible equity (RoATE) was 13.9%, up 0.5 ppt mainly due to the improvement in financial income, which more than offset the decrease in underwriting income (decline in net premiums and slight increase in the combined ratio).
The solvency ratio reached 196%6, representing a decrease of 3 ppts compared to FY-23. It remains well above the upper end of the target range (155%-175%).
Coface will propose €1.40 dividend per share at the Shareholders’ meeting, corresponding to a payout ratio of 80%7, in line with its capital management policy.
4. Outlook
Once again, the global economy experienced modest growth in 2024 (2.7%), in line with Coface’s forecasts and still driven being by the United States. The electoral calendar, which involved an unprecedented number of countries, delivered generally unsurprising outcomes, with some exceptions.
For 2025, Coface is forecasting growth identical to that of 2024 at 2.7%. Further downgrades to European growth are likely to be offset by the good performance of the United States, while political risk remains. Donald Trump’s return to power seems to have been welcomed by economic circles so far, raising hopes of deregulation, which is stimulating in the short term but often carries longer-term risks. The announced introduction of tariffs for many countries is also a destabilising factor for global trade.
Against this backdrop, Coface is anticipating a continued rise in bankruptcies, as businesses are caught between depleted levels of cheap financing and sluggish growth. Coface and its teams will continue to support their clients in this still uncertain environment.
At the end of 2024, client activity finally posted a slightly positive performance after several quarters of decline. This slight rebound may give hope that the post-Covid decline in client activity has come to an end. In 2025, Coface will continue to implement its Power the Core strategic plan, which aims to develop a leading global ecosystem in credit risk management.
5. Governance evolution
In the Executive Committee:
As of February 1st, 2025, Carole Lytton leads the Specialties Businesses, in addition to her role as General Secretary. She takes over from Antonio Marchitelli who decided to leave and take another appointment outside Coface after many years of dedication to the Group.
As of February 3rd, Gonzague Noël has been appointed as Group Chief Operating Officer (COO). He takes over Declan Daly, joins the Group executive committee and reports to Xavier Durand, Coface CEO.
Conference call for financial analysts
Coface’s results for FY-2024 will be discussed with financial analysts during the conference call on Thursday, 20 February 2025 at 18.00 (Paris time). Dial one of the following numbers:
Q1-2025 results: 5 May 2025 (after market close) Annual General Shareholders’ Meeting: 14 May 2025 H1-2025 results: 31 July 2025 (after market close) 9M-2025 results: 3 November 2025 (after market close)
FINANCIAL INFORMATION This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors
For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2023 Universal Registration Document (see part 3.7 “Key financial performance indicators”).
Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the websitewww.wiztrust.com.
COFACE: FOR TRADE As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment. Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring. Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets. In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.
COFACE SA is listed in Compartment A of Euronext Paris ISIN: FR0010667147 / Ticker: COFA
DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2023 Universal Registration Document filed with AMF on 5 April 2024 under the number D.24-0242 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.
1RoATE =Return on average tangible equity 2This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited. 3The distribution proposal will be submitted to the Shareholders’ Meetingto be held on 14May 2025. 4 Also excludes scope impact 5 Book yield calculated on the average of the investment portfolio excluding non-consolidated subsidiaries. 6 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited. 7 The distribution proposal will be submitted to the Shareholders’ Meeting to be held on 14 May 2025.
Source: The White House
President Donald J. Trump took office just one month ago, but has already accomplished more than most presidents do in their entire term as he makes good on his promise to usher in the New Golden Age of America.
Here is a non-comprehensive list of President Trump’s wins after just one month:
SECURING OUR HOMELAND:
President Trump declared a national emergency at the border and deployed the military, including the 10th Mountain Division, to secure our nation.
Illegal border crossings have hit lows not seen in decades as U.S. Border Patrol is re-empowered to once again enforce the law.
ABC News: “From Jan. 21 through Jan. 31, the number of U.S. Border Patrol apprehensions along the southwest border dropped 85% from the same period in 2024, according to data obtained by ABC News. In the 11 days after Jan. 20, migrants apprehended at ports of entry declined by 93%.”
Illegal aliens have started turning around in droves amid the crackdown.
The Department of Homeland Security announced that arrests of criminal illegal immigrants have doubled under President Trump.
President Trump signed the Laken Riley Act into law, which requires illegal immigrants arrested or charged with theft or violence to be detained — honoring the legacy of Laken Riley, a Georgia college student brutally murdered by an illegal alien released into the country.
President Trump ended “catch-and-release,” reversing the dangerous Biden-era policy that released dangerous illegal aliens back into our communities.
President Trump shut down the “CBP One” app, which “paroled” more than one million illegal immigrants into the country.
A migrant shelter in San Diego announced it will shut down after it has received no new arrivals since President Trump took office.
President Trump terminated all taxpayer-funded public benefits for illegal aliens.
President Trump ramped up deportation flights of criminal illegal aliens.
After President Trump announced “urgent and decisive retaliatory measures” against Colombia over its refusal to accept deportation flights from the U.S., the country’s president quickly backtracked — even offering the use of his personal plane for the deportations.
El Salvadorian President Nayib Bukele offered to accept deportees of any nationality, including violent American criminals currently imprisoned in the U.S.
President Trump began transferring criminal illegal aliens to Guantanamo Bay ahead of their repatriation back to their own countries.
President Trump re-established the successful “Remain in Mexico” policy.
President Trump restarted construction of the border wall.
The Trump Administration officially declared Tren de Aragua, MS-13, the Sinaloa Cartel, the Jalisco New Generation Cartel, the United Cartels, the Gulf Cartel, the Northeast Cartel, and the Michoacán Family as Foreign Terrorist Organizations.
New York City Mayor Eric Adams (D) agreed to allow federal immigration officials to operate on Rikers Island and deport illegal alien criminals following his meeting with Border Czar Tom Homan.
Mexico announced a deployment of 10,000 troops to the border to combat illegal immigration and fentanyl trafficking, while Canada announced a flurry of measures to combat fentanyl manufacturing and trafficking following President Trump’s imposition of tariffs on the two countries.
President Trump implemented an additional 10% tariff on imports from China in order to stem the flow of illegal aliens and fentanyl.
President Trump ordered an end to birthright citizenship.
President Trump suspended the U.S. Refugee Admissions Program.
The Department of Justice filed suit against the State of New York and some of its elected officials over their willful failure to follow federal immigration law and announced that it will take action against so-called “sanctuary cities” for their obstruction of U.S. law.
The Department of Homeland Security “clawed back” tens of millions of dollars in funds paid by rogue FEMA officials to house illegal aliens in luxury New York City hotels.
President Trump reinstated the death penalty for federal capital crimes.
PROTECTING AMERICAN WORKERS AND FOSTERING ECONOMIC GROWTH:
President Trump restored a 25% tariff on steel imports and elevated the tariff to 25% on aluminum imports to protect these critical American industries from unfair foreign competition — a move praised by the Steel Manufacturers Association, the Aluminum Association, and businesses across the country.
Robert Simon, CEO of JSW Steel USA, praised President Trump’s steel and aluminum tariffs, celebrating them “as a project that will flood the U.S. with jobs as trading partners move their industries to U.S. soil to avoid tariffs.”
Makoto Uchida, the CEO of global automaker Nissan, said President Trump’s tariffs could push the car manufacturer to move its production from Mexico to the U.S.
President Trump unveiled a plan for fair and reciprocal trade, making clear to the world that the United States will no longer tolerate being ripped off.
President Trump secured hundreds of billions of dollars in new investments.
President Trump announced the largest artificial intelligence infrastructure project in history, securing $500 billion in planned private sector investment — with major CEOs agreeing it would not have been possible without President Trump’s leadership.
Saudi Arabia declared its intention to invest $600 billion in the United States over the next four years.
President Trump secured a $20 billion investment by DAMAC Properties to build new U.S.-based data centers.
Taiwan pledged to boost its investment in the United States.
Electronics giants Samsung and LG “are considering moving their plants in Mexico to the U.S.” now that President Trump is back in office.
In February, forecasters from the Federal Reserve Bank of Philadelphia revised their economic growth projections for the first quarter of 2025 up from 1.9% to 2.5%, and their unemployment rate projections for the quarter down from 4.2% to 4.1%.
After a meeting with President Trump, Stellantis announced it will reopen its assembly plant in Belvidere, Illinois — putting 1,500 employees back to work — and build its next-generation Dodge Durango in Detroit, Michigan. The company also announced new investments in their Toledo, Ohio, and Kokomo, Indiana, facilities.
President Trump laid out a visionary plan to establish a Sovereign Wealth Fund to maximize the stewardship of the $5+ trillion in assets held by the United States.
Following President Trump’s victory, the S&P 500 set a new record as the stock market surged to record highs — while major Wall Street firms like JP Morgan Chase posted their highest ever annual profits.
LOWERING THE COST OF LIVING:
President Trump directed the heads of all executive departments and agencies to “deliver emergency price relief … to the American people and increase the prosperity of the American worker.”
President Trump established the National Energy Dominance Council to maximize use of the U.S.’ extensive energy resources, thereby enabling lower energy prices.
Crude oil prices have fallen over 5% since President Trump took office.
The Department of Energy postponed burdensome Biden-era efficiency standard rules for the following appliances, saving American consumers large sums:
Central air conditioners: Biden rules were slated to make air conditioners $1,100 more expensive, according to Alliance for Consumers.
Gas water heaters: Biden rules were slated to make water heaters $2,800 more expensive.
Clothes washers and dryers: Biden rules were slated to make washers $200 more expensive.
Light bulbs: Biden rules were slated to make light bulbs $140 more expensive.
Walk-in coolers and freezers, commercial refrigeration equipment, and air compressors.
The total cost of federal regulations in 2023 was a record-breaking $2.1 trillion, or $15,788 per U.S. household, according to the Competitive Enterprise Institute. By requiring agencies to identify at least ten existing rules, regulations, or guidance documents to be repealed for every one rule they promulgate, President Trump has put the U.S. on track to severely reduce regulatory costs for everyday Americans.
The National Associations of Manufacturers found the cost of federal regulations was even greater — at $3.079 trillion in 2022.
Secretary Sean Duffy’s very first action at the Department of Transportation was to initiate rulemaking resetting Corporate Average Fuel Economy (CAFE) standards — effectively eliminating the Biden-era electric vehicle mandate.
NBER economist Mark R. Jacobsen “estimates that a one-mpg increase in CAFE standards costs consumers of all income levels approximately 0.5% of their income in the first year of the increase. By the 10th year following the increase, however, this cost becomes regressive, as the increase drives up the price of used cars. A one-mpg increase in CAFE standards costs consumers earning less than $25,000 per year 1.12% of their income, but only costs consumers earning more than $75,000 per year 0.41% of their income.”
RE-ESTABLISHING AMERICAN STRENGTH:
President Trump secured the release of six American hostages in Venezuela, two Americans in Afghanistan, an American-Israeli citizen in Hamas captivity, a Pennsylvania teacher in Russian captivity, and an American citizen in Belarus — bringing the total number of American hostages released under President Trump to 11.
President Trump spoke with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy in pursuit of finally securing peace as negotiations get underway.
President Trump restored maximum pressure on Iran, “sanctioning an international network for facilitating the shipment of millions of barrels of Iranian crude oil worth hundreds of millions of dollars to the People’s Republic of China.”
President Trump redesignated the Iran-backed Houthis as a Foreign Terrorist Organization.
President Trump hosted Israeli Prime Minister Benjamin Netanyahu for a visit where he proposed a bold vision for securing lasting peace in Gaza.
Former U.S. Ambassador to Israel David Friedman described the proposal as “brilliant, historic and the only idea I have heard in 50 years that has a chance of bringing security, peace and prosperity to this troubled region.”
President Trump hosted Japanese Prime Minister Shigeru Ishiba, who announced his intention to “elevate Japan’s investment in the United States to an unprecedented amount of $1 trillion,” import “historic” quantities of LNG from Alaska, and open new auto plants in the U.S.
President Trump hosted Jordan’s King Abdullah II, who announced that the Kingdom will accept 2,000 sick children from Gaza “as quickly as possible.”
President Trump hosted Indian Prime Minister Narendra Modi for a visit where they announced new deals between the two countries on immigration, trade, energy, and artificial intelligence.
President Trump banned funding to UNRWA — a United Nations agency that employed hundreds of Hamas and jihad operatives.
President Trump imposed sanctions on the International Criminal Court, which has illegitimately asserted jurisdiction over internal U.S. matters and baselessly targeted Israeli Prime Minister Benjamin Netanyahu.
President Trump reinstated the Mexico City Policy to ensure no taxpayer dollars support foreign organizations that perform, or actively promote, abortion in other nations.
The Department of State ordered embassies worldwide to only fly the American flag — not activist flags.
President Trump declared all foreign policy must be conducted under the President’s direction, ensuring career diplomats reflect the foreign policy of the United States at all times.
The Department of State declared that U.S. foreign policy will be America First going forward.
Following a visit from Secretary of State Marco Rubio, Panamanian President José Raúl Mulino agreed to withdraw from China’s Belt and Road Initiative, a debt-trap diplomacy scheme the Chinese Communist Party uses to gain influence over developing nations.
The U.S. rejoined the Geneva Consensus Declaration, which promotes and strengthens opportunities for women and girls around the world, and protects the family as the fundamental unit of society.
President Trump cracked down on anti-Semitism by canceling visas for foreign students who are Hamas sympathizers.
President Trump ordered the immediate dismissal of the Board of Visitors for the Army, Air Force, Navy, and Coast Guard following years of woke ideologies infiltrating U.S. service academies.
The U.S. Army barred transgender people from enlisting and stopped using taxpayer funds for sex change surgeries.
President Trump reinstated, with backpay, U.S. service members who were discharged under the military’s nonsensical COVID-19 vaccine mandate.
Secretary of Defense Pete Hegseth restored Fort Liberty, North Carolina, to “Fort Bragg,” in honor of a World War II hero.
President Trump withdrew the U.S. from the World Health Organization.
President Trump paused enforcement of the overregulation of American businesses abroad, which negatively impacted national security.
President Trump proclaimed “Gulf of America Day” after the Department of the Interior officially established it on its mapping databases.
President Trump initiated a process to build a next-generation missile defense shield over the United States.
UNLEASHING AMERICAN ENERGY:
President Trump declared a National Energy Emergency to unlock America’s full energy potential and bring down costs for American families.
President Trump rescinded every one of the Biden Administration’s job-killing, pro-China, anti-American energy regulations.
President Trump empowered Americans with choice in vehicles, showerheads, toilets, washing machines, light bulbs, and dishwashers, and killed Biden-era regulations that restricted water flow and mandated inadequate light bulb standards.
President Trump terminated the job-killing Green New Scam.
President Trump withdrew from the disastrous Paris Climate Agreement, which unfairly ripped off our country.
President Trump paused federal permitting for massive wind farms, which degrade our natural landscapes and fail to serve American consumers.
President Trump reversed bureaucratic regulations that impeded Alaska’s ability to develop its vast natural resources.
President Trump re-opened 625 million acres for offshore drilling, which Biden banned in his waning days, in order to “drill, baby, drill.”
President Trump scrapped an Obama-era rule on greenhouse gases.
President Trump ended the Liquefied Natural Gas pause and approved the first LNG project since the Biden Administration banned them last year.
BRINGING BACK COMMON SENSE:
Health systems across the nation stopped or downsized their sex change programs for minors following President Trump’s “Protecting Children from Chemical and Surgical Mutilation” executive order.
In Illinois, Chicago’s Lurie Children’s Hospital paused sex-change surgeries for patients under 19 as it “work[s] to understand the rapidly evolving environment.”
In Colorado, Denver Health announced it would stop performing sex change surgeries on minor children, while UCHealth said it was ending so-called “gender-affirming care” for all minors.
In Washington, D.C., Children’s National Hospital “paused” prescribing puberty blockers and hormone therapies for minors, while Northwest Washington Hospital did the same.
In Virginia, VCU Health and Children’s Hospital of Richmond “suspended” providing transgender-related medication and surgeries for minors, while UVA Health also “suspended” transgender-related services for minors.
President Trump ended the unfair, demeaning practice of forcing women to compete against men in sports — which resulted in the NCAA changing its rules.
The Department of Education launched investigations into the California Interscholastic Federation and the Minnesota State High School League over their failures to comply.
President Trump made it the official policy of the U.S. government that there are only two sexes.
President Trump banned COVID-19 vaccine mandates at schools that receive federal funding.
President Trump rolled back the Biden-era push to mandate paper straws.
President Trump instructed the Secretary of the Treasury to stop production of the penny, which cost 3.69 cents each to make.
President Trump directed full enforcement of the Hyde Amendment, which bars taxpayer dollars from being used to fund or promote elective abortion.
The Department of Transportation terminated the approval for New York City’s burdensome “congestion pricing” scheme.
RESTORING ACCOUNTABILITY AND TRANSPARENCY IN GOVERNMENT
President Trump established the Department of Government Efficiency (DOGE) to maximize government productivity and ensure the best use of taxpayer funds — which has already achieved billions of dollars in savings for taxpayers.
President Trump commenced his plan to downsize the federal bureaucracy and eliminate waste, bloat, and insularity.
President Trump ordered federal workers to return to the office five days a week.
President Trump ordered federal agencies hire no more than one employee for every four employees who leave.
President Trump ended the wasteful Federal Executive Institute, which had become a training ground for bureaucrats.
President Trump ordered the termination of all federal Fake News media contracts.
President Trump ordered the Consumer Financial Protection Bureau — the brainchild of Elizabeth Warren, which funneled cash to left-wing advocacy groups — to halt operations.
President Trump ordered an end to anti-Christian bias in the Federal Government.
President Trump ordered an examination of all regulations to assess any infringements on Americans’ Second Amendment rights.
The Environmental Protection Agency canceled tens of millions of dollars in contracts to left-wing advocacy groups, announced an investigation into a scheme by Biden EPA staffers to shield billions of dollars from oversight and accountability, and put 168 “environmental justice” employees on leave.
President Trump stopped the waste, fraud, and abuse within USAID — ensuring taxpayers are no longer on the hook for funding the pet projects of entrenched bureaucrats, such as sex changes in Guatemala.
President Trump ordered an end to the weaponization of the Federal Government against American citizens.
The Department of Justice immediately began rooting out politically motivated lawfare that occurred in the Biden Administration.
President Trump reversed the massive over-expansion of the IRS that took place during the Biden Administration.
President Trump eliminated discriminatory DEI offices, employees, and practices across the bureaucracy alongside a return to merit-based hiring — including at the Federal Aviation Administration, where the Biden Administration specifically recruited individuals with intellectual disabilities and psychiatric issues.
As a result, taxpayer-funded PBS closed its DEI office, Disney dropped two of its DEI programs, Goldman Sachs ended its DEI policy, and Institutional Shareholder Services announced it would no longer consider diversity of company boards when making its voting recommendations.
The Federal Communications Commission opened an investigation into discriminatory DEI policies at Comcast, an entity it regulates.
President Trump ordered an end to all censorship of Americans by the federal government.
President Trump ordered a review of funding for all non-governmental organizations, so taxpayers are no longer funding those that undermine America’s interests.
The Department of State issued a “pause” on existing foreign aid grants to ensure accountability and efficiency.
President Trump lifted last-minute collective bargaining agreements issued by the Biden Administration, which sought to impede reform.
President Trump overrode bureaucratic red tape that limited water availability in California following the failure of the state’s water system during the devastating wildfires.
President Trump terminated the Biden-era electric vehicle mandate.
President Trump suspended the Biden-era EV charging program, which had resulted in just eight charging stations despite $7.5 billion earmarked for the program.
President Trump shut down the wasteful Biden-era “Climate Corps” program.
The Federal Communications Commission took action against a Soros-backed radio station that leaked sensitive information about ICE operations.
President Trump ordered the declassification of documents related to the assassinations of President John F. Kennedy, Jr., Robert F. Kennedy, and Rev. Dr. Martin Luther King, Jr.
President Trump opened the White House Press Briefing Room to non-legacy media outlets as the White House sets a new standard for transparency in the digital age.
President Trump reinstated press privileges for roughly 440 journalists who the Biden Administration sought to silence.
President Trump fired members of The Kennedy Center’s Board of Trustees amid their obsession with perpetuating radical, left-wing ideology at taxpayer expense.
President Trump revoked the security clearances of the 51 “spies who lied.”
EMPOWERING THE AMERICAN PEOPLE
President Trump established the Make America Healthy Again Commission, which redirects the national focus to promoting health rather than simply managing disease.
President Trump took executive action to expand access to in vitro fertilization (IVF).
President Trump established the White House Faith Office to protect Americans’ religious liberty.
President Trump ordered an end to the radical indoctrination of children in K-12 schools that receive federal funding.
President Trump took executive action to support parents in choosing the best education for their children.
President Trump established the Presidential Working Group on Digital Asset Markets to strengthen U.S. leadership in digital finance.
President Trump granted full and unconditional pardons to 23 pro-life Americans who were unjustly persecuted by the Biden Administration.
President Trump pardoned two Washington, D.C., police officers who were imprisoned simply for doing their jobs of apprehending criminals.
President Trump has had his cabinet confirmed by the Senate at a far faster pace than his predecessors, with a majority of his cabinet earning confirmation in his first month.
Source: United Kingdom – Executive Government & Departments
Statement highlighting UK Minister for Development, Anneliese Dodd’s attendance at a ministerial roundtable to urgently address the rapidly deteriorating humanitarian crisis in Sudan.
On 13 February, the UK Minister for Development, Anneliese Dodds MP, convened Ministers and other representatives virtually from Canada, Egypt, EU, France, Germany, Saudi Arabia, Netherlands, Norway, Qatar, UAE and USA with the UN Emergency Relief Coordinator, Tom Fletcher. The participants discussed how to urgently address the rapidly deteriorating humanitarian crisis in Sudan where over 30 million people are in urgent need of assistance, more than 12 million are displaced and famine conditions have been confirmed.
The participants agreed on the critical need for both warring parties to adhere to their commitments agreed in the Jeddah Declaration to respect international humanitarian law, protect civilians and facilitate the rapid and unimpeded passage of humanitarian relief both into and throughout Sudan. They expressed concern that only a fraction of aid available has been able to reach those in most need and discussed the importance of all sides lifting the bureaucratic impediments that are unnecessarily blocking or delaying the distribution of aid.
They took note of other efforts to galvanise international action and attention on the humanitarian situation in Sudan, including the High-Level Humanitarian Conference for the People of Sudan co-hosted by Ethiopia, UAE, the African Union and the Intergovernmental Authority on Development on 14 February that called for a Ramadan humanitarian pause and the launch of the 2025 UN Sudan Humanitarian Needs and Response Plan and the Regional Refugee Response Plan on 17 February.
The participants re-affirmed their commitment to the Sudanese people and agreed to re-convene at regular intervals to strengthen the international response to the humanitarian crisis in Sudan.
The Middle East region’s largest maritime exercise, International Maritime Exercise (IMX) 2025, concluded during a closing ceremony here, Feb 20.
IMX 2025 brought together 5,000 personnel from over 30 nations and international organizations committed to preserving the rules-based international order and strengthening regional maritime security cooperation.
The 12-day exercise took participants through several exercise serials across multiple locations at sea in the Arabian Gulf, Gulf of Oman, Gulf of Aden and the Red Sea, as well as ashore and in the air. Some of the serials included diving, harbor security, mine countermeasures, unmanned systems and artificial intelligence integration, visit, board, search and seizure procedures, and global health management events.
“It’s inspiring to see so many nations working together. The incredible level of international representation is pivotal to our success of safeguarding regional waterways and enabling the free flow of commerce,” said U.S. Navy Vice Adm. George Wikoff, Commander of U.S. Naval Forces Central Command and U.S. 5th Fleet, in his remarks at the closing ceremony. “IMX 2025 was truly about partnering to strengthen and expand our capabilities.”
“[The] exercise brought forward many viewpoints [about how] to handle a single situation in various different ways. I am confident that the takeaways of this exercise will serve all the participants in planning and executing various exercises in their respective countries,” said Pakistan Navy Commodore Rashid Mahmood Sheikh, who led the CPX exercise for IMX 2025, in his remarks.
IMX 2025 ran in conjunction with a U.S. Naval Forces Europe-Africa exercise, Cutlass Express 25, with each exercise’s respective maritime operations centers exercising their information sharing capabilities to improve theater-to-theater coordination, reduce regional seams, and strengthen interoperability.
The ninth iteration of the series, IMX began in 2012 as the International Mine Countermeasures Exercise, before changing its name to reflect a more expansive mission set.
The U.S. 5th Fleet area of operations encompasses nearly 2.5 million square miles of water area and includes the Arabian Gulf, Gulf of Oman, Red Sea, parts of the Indian Ocean and three critical choke points at the Strait of Hormuz, Suez Canal and Bab al-Mandeb.
Jerusalem (Agenzia Fides) – ” If one member suffers, all suffer together”, say the Patriarchs and Heads of the Christian Churches of Jerusalem, quoting St. Paul from the First Letter to the Corinthians, in order to maintain their fraternal bond with the Armenian Patriarchate of the Holy City, after the Municipality of Jerusalem threatened to confiscate and auction the Patriarchate’s properties to pay off the tax debts accumulated in recent decades, which, according to municipal officials, have reached “astronomical” figures.The planned confiscation is perceived as intimidation by the Armenian Patriarchate, which disputes the amount of the sums demanded by the municipal tax officials and the way in which the amounts owed were calculated.The foreclosure proceedings, which had already been initiated, had been temporarily suspended following a petition from the Patriarchate, but municipal officials claim that the deadline to appeal and reduce the amount demanded has now expired. For its part, the Patriarchate stresses that a large part of the alleged debt is related to Patriarchate properties that are already leased to the Jerusalem Municipality.A court hearing on the ongoing dispute is scheduled for February 24. If the court rejects the petition and thus paves the way for seizure proceedings, the Patriarchate warns, this will set a dangerous precedent and pave the way for further seizures of property belonging to other church entities.On Wednesday, February 19, the Patriarchs and Heads of Churches in Jerusalem issued a joint statement expressing their solidarity with the Armenian Patriarchate “in its pursuit of justice” against what they called an “unjust foreclosure order.” “The measures taken against the Armenian Patriarchate,” the statement said, “appear legally dubious and morally unacceptable”.The Patriarchs and Heads of the Churches in Jerusalem said: “It is inconceivable that Christian institutions, whose mission for centuries has been to safeguard faith, serve communities, and preserve the sacred heritage of the Holy Land, should now face the threat of property seizure under Israeli administrative measures that disregard due process” and disregard the role of the “governmental committee established to negotiate such matters in good faith.”The threatened confiscation of property, the Heads of Churches in Jerusalem emphasize, “is an attempt to the right of existence of the Orthodox Armenian Church, depriving it of the necessary economic resources to live and operate and depriving the local Armenian people of the pastoral care of their Church.” And “the targeting of one Church is an assault on all, and we cannot remain silent while the foundations of our Christian witness in the land of Christ’s ministry are shaken.”The Patriarchs and Heads of Churches appeal directly to Prime Minister Benjamin Netanyahu, Interior Minister Moshe Arbel and Minister Tzachi Hanegbi “to immediately intervene, freeze all foreclosure proceedings, and ensure that negotiations resume within the above-mentioned governmental committee in order to reach to an amicable solution regarding this issue in the spirit of justice.”(GV) (Agenzia Fides, 20/2/2025)
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Leaders from around 50 countries made new national commitments to advance road safety at the Fourth Global Ministerial Conference on Road Safety that was hosted that by the Kingdom of Morocco and the World Health Organization [WHO] in Marrakech, Morocco today.
Road crashes kill nearly 1.2 million people each year – more than two deaths per minute – and are the leading cause of death among children and young people aged 5-29 years.
Ministers from 100 countries endorsed the Marrakech Declaration for Global Road Safety. that calls on governments to make road safety a political priority, ensure sustained funding and advance actions to achieve the goal of halving road deaths by 2030 as set out in the United Nations Decade of Action for Road Safety 2021-2030 and the Sustainable Development Goals.
“We are proud to have hosted this 4th Global Ministerial Conference in Marrakech, mobilizing UN member states and our international partners around an issue that concerns us all. As Africans in particular and as active members of the international community, we must celebrate this milestone. Every decision made here must translate into lives saved,” said Mr. Abdessamad Kayouh, Minister of Transport and Logistics of the Kingdom of Morocco.
Key commitments made at the conference include:
Thailand’s pledge to bring road deaths down to 12 per 100,000 people by 2027.
Bangladesh will enact the country’s first national road safety law.
Saudi Arabia will update the country’s national road safety strategy.
Colombia will ensure more cities will have speed limits of 50kmh and 30kmh.
Guinea will ratify the African Charter on Road Safety and align regulations with international standards.
Cote d’ivoire aims to increase helmet wearing among motorcyclists to 90% by 2027.
The United Kingdom will produce its first national road safety strategy in over a decade.
“Concrete commitments to move further and faster to save lives and boost road safety are just what we need to meet the goal of halving road deaths by 2030, and we’ve achieved that here. We commend the countries that made these commitments and we thank the Kingdom of Morocco for their leadership in hosting this crucial event. WHO is here to assist all countries in preventing deaths on the roads,” said Dr Etienne Krug, WHO Director for the Department of the Social Determinants of Health.
The Marrakech Declaration calls for safety to be a primary concern in all road infrastructure planning and related policies, laws and regulations. It calls for greater coordination across government ministries, including health, transport and the environment.
The declaration urges governments to adopt policies and infrastructure that advance safe, green and equitable mobility, such as walking, cycling and public transport. It recognizes that safe and accessible mobility drives equitable economic growth across society.
The declaration also calls for more cross-border knowledge-sharing, technical support and technology transfer, and to advance research into emerging technologies such as artificial intelligence (AI). It highlights the need to work with civil society and academia.
SINGAPORE, Feb. 20, 2025 (GLOBE NEWSWIRE) — FBS, a leading global broker, has released an in-depth analysis of how artificial intelligence (AI) is reshaping the trading landscape. The report highlights AI’s growing role in improving efficiency, accuracy, and data-driven decision making.
AI Reshaping Trading Strategies
According to FBS analysts, one of the most significant developments is the rise of AI-powered trading assistants. These tools process large volumes of real-time market data, identifying trends and patterns that may go unnoticed by traders. By leveraging AI-driven insights, traders can optimize their strategies and improve market timing. A 2024 market report shows that traders using AI-powered assistants improved their entry and exit point accuracy by 45% in highly volatile markets.
AI-driven systems also enable real-time sentiment analysis by scanning financial news and social media to evaluate market dynamics. A global survey conducted by TradingTech Insights in 2024 found that 75% of retail traders utilizing AI-assisted analysis increased transaction accuracy by 50%.
The Rise of AI in Algorithmic Trading
FBS analysts note that AI is revolutionizing algorithmic trading by moving beyond traditional rule-based strategies. Unlike conventional automated trading systems, AI models dynamically adjust trading strategies by continuously analyzing historical and live market data. Bloomberg Intelligence estimates that AI-powered systems accounted for 68% of trade flow on major exchanges like NASDAQ and the London Stock Exchange in 2024.
Predictive analytics, another key AI-driven innovation, allows traders to forecast market trends by analyzing price movements, sentiment indicators, and macroeconomic factors. According to a PwC study, hedge funds incorporating AI-driven predictive analytics achieved returns 23% higher than those relying solely on traditional models.
FBS highlights that AI has significantly increased accessibility to advanced trading tools. Between 2020 and 2024, the number of retail traders using AI-powered platforms rose by 120%, enabling individual traders to access sophisticated analytics once reserved for institutional investors.
As AI technology evolves, FBS has recently introduced the FBS AI Assistant, a next-generation tool designed to support traders in making informed decisions. The FBS AI Assistant simplifies complex data, transforming complicated chart patterns into clear, easy-to-read reports. By leveraging AI-driven insights, traders can validate their strategies, minimize human error, and make informed decisions faster.
Users can stay ahead with AI-powered trading and explore the FBS AI Assistant.
FBS is a global brand that unites several independent brokerage companies under the licenses of FSC (Belize), CySEC (Cyprus), and ASIC (Australia). With 16 years of experience and over 100 international awards, FBS is steadily developing as one of the market’s most trusted brokers. Today, FBS serves over 27 000 000 traders and more than 700 000 partners around the globe.
Disclaimer
This material does not constitute a call to trade, trading advice, or recommendation and is intended for informational purposes only.
AI-generated analysis is not financial advice. Users must always conduct their own research before trading.
Source: United Kingdom – Executive Government & Departments
Mr Alex Pinfield OBE has been appointed His Majesty’s Ambassador to the Kingdom of Morocco.
Alex Pinfield OBE
Mr Alex Pinfield OBE has been appointed His Majesty’s Ambassador to the Kingdom of Morocco in succession to Mr Simon Martin CMG. Mr Pinfield will take up his appointment during August 2025.
Curriculum Vitae
Full name: Alexander Giles Pinfield
Year
Role
2022-2024
FCDO, Head of Iran Unit
2021-2022
FCDO, Head of Afghanistan Policy Department
2021
Kabul, Deputy Ambassador
2020
FCDO, Head of International Human Resources
2017-2020
FCO, Head of China Department
2016
Cabinet Office, Deputy Director, National Security Secretariat
2013 -2015
FCO, Head of Syria Unit
2009-2013
Canberra, Head of Foreign Policy Section
2007-2009
Tehran, First Secretary (Head of Political Section)
2006
Pre-posting training (including Farsi language training)
2005-2006
Cabinet Office, Middle East analyst
2002-2005
Beijing, Second Secretary (Press and Public Affairs)
2000-2002
Pre-posting training (including Chinese language training)
EU farmers who have lost income due to adverse climatic events or natural disasters are set to receive over €98 million from the EU’s agricultural reserve. The funds will be shared among farmers in Spain, Croatia, Cyprus, Latvia and Hungary who have all suffered due to extreme weather conditions.
Source: United States Senator for Illinois Dick Durbin
February 19, 2025
In his remarks, Durbin also debunked Kremlin-fostered falsehoods about USAID that have been circulated by Trump, Musk, and foreign adversaries and called on Republicans to speak up
WASHINGTON – In a speech on the Senate floor today, U.S. Senate Democratic Whip Dick Durbin (D-IL) criticized President Trump and Elon Musk’s ill-advised mission to dismantle the U.S. Agency forInternational Development (USAID)—the largest distributor of humanitarian aid in the world. Consequently, programs that provide clean drinking water, treat debilitating disease, and advance human rights have been shut down, recklessly gutting American soft power and providing a huge strategic opening to China.
“This month, President Trump and Elon Musk attempted to dismantle USAID, the largest distributor of humanitarian aid on this earth. Musk was gleeful when he said we are ‘feeding USAID to the wood chipper,’” Durbin began.
Durbin then listed the critical programs housed under USAID, which have since shuttered. USAID has provided clean water in Haiti and Jordan, helped fight malaria and tuberculosis in Kenya and Uganda, and supported human rights programs in countries such as Burma, China, Iran, North Korea, and Sudan. The agency has also provided economic assistance to Central America to address the root causes of migration and counter the flow of fentanyl in to the U.S., in addition to leading campaigns to counter disinformation from Russia and China to protect U.S. national security interests.
Despite blatantly inaccurate claims from President Trump and Musk, USAID funding makes up only one percent of the federal budget and billions of those aid dollars flow back into the American economy. Furthermore, these programs have a long history of broad bipartisan support in Congress. In Illinois, these cuts have forced the closure of the Soybean Innovation Lab at the University of Illinois. As a result, 30 experts will lose jobs that were dedicated to expanding international soybean markets, at a time when Illinois ranks number one in the U.S. for soybean production, and new markets are critical foraddressing low soybean prices.
“Not only are these cuts to USAID a betrayal of American values to satisfy the narcissism of Elon Musk, but they hurt innocent people, and they hurt American farmers… who, for decades, have helped provide such critical and strategic food aid,” Durbin continued. “Not only is this sweeping aid cut illegal and counterproductive, but it hurts American farmer in Illinois, Kansas, Louisiana, Nebraska, Iowa, Texas, Wisconsin, and many other states. American farms supply more than 40 percent of the food aid that USAID distributes around the world. And now, hundreds of millions of dollars’ worth of such commodities are stranded in ports, rotting away at the direction of the new administration.”
In addition to hurting the U.S. economy, halting foreign aid has endangered global programs that have helped stem pandemics and supported clean water and sanitation programs.
“Programs like PEPFAR have been a key example of humanitarian success abroad. It was started by President George W. Bush, a Republican president, who wanted to curtail the AIDS epidemic ravaging many parts of the world, including Africa. PEPFAR and the Global Fund have saved more than 25 million lives so far,” Durbin said. “But because of President Trump’s directive, it’s been halted… People will die as a result of this political decision.”
“In the last decade, USAID clean water and sanitation programs have provided more than 70 million people with first-time sustainable access to clean water… These programs that have a six-to-one return in dollars saved in health, economic, and education,” Durbin continued. “But because of the President’s directive, innocent people across the world will suffer, and America’s reputation will be weakened, not made stronger.”
Durbin concluded his remarks by debunking lies about foreign aid, including falsehoods amplified by Russia, China, and other adversaries. Durbin referred to a fabricated video created by a private company with links to the Kremlin, which falsely claimed that celebrities were paid by USAID to visit Ukraine.
“The Russian influence campaign was reposted on Twitter by Elon Musk, no surprise, and became a viral disinformation rallying cry against USAID. But it was false—like so many of the allegations of supposed outrages by USAID,” Durbin said. “And yet, this kind of nonsense is used by Mr. Musk to justify gutting entire congressionally-appropriated American soft power programs, while many of my Republican colleagues, virtually all of them, sit silently.”
“This Senate, Republicans and Democrats, cannot afford to roll over, play dead, and hand over congressional authority on these bipartisan programs and on larger constitutionally-designated Congressional appropriations powers,” Durbin concluded.
Video of Durbin’s remarks on the Senate floor is available here.
Audio of Durbin’s remarks on the Senate floor is available here.
Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.
Source: United Kingdom – Executive Government & Departments 3
Mr Alex Pinfield OBE has been appointed His Majesty’s Ambassador to the Kingdom of Morocco.
Alex Pinfield OBE
Mr Alex Pinfield OBE has been appointed His Majesty’s Ambassador to the Kingdom of Morocco in succession to Mr Simon Martin CMG. Mr Pinfield will take up his appointment during August 2025.
Curriculum Vitae
Full name: Alexander Giles Pinfield
Year
Role
2022-2024
FCDO, Head of Iran Unit
2021-2022
FCDO, Head of Afghanistan Policy Department
2021
Kabul, Deputy Ambassador
2020
FCDO, Head of International Human Resources
2017-2020
FCO, Head of China Department
2016
Cabinet Office, Deputy Director, National Security Secretariat
2013 -2015
FCO, Head of Syria Unit
2009-2013
Canberra, Head of Foreign Policy Section
2007-2009
Tehran, First Secretary (Head of Political Section)
2006
Pre-posting training (including Farsi language training)
2005-2006
Cabinet Office, Middle East analyst
2002-2005
Beijing, Second Secretary (Press and Public Affairs)
2000-2002
Pre-posting training (including Chinese language training)
The MARS RF delivers advanced intelligence gathering capabilities via ultra-light, low-power, H.265 DVR & streamer that it has designed for miniature drones
Rehovot, Israel, Feb. 20, 2025 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”) based edge computing technology, today announced that it has successfully completed the development of MARS RF, an advanced ultra-lightweight H.265 digital video recording (“DVR”) and video streaming solution. Based on the Company’s MARS V300, MARS RF delivers an end-to-end solution for the entire video pipeline.
Developed for a classified intelligence unit and already deployed in the field, MARS RF meets the rigorous operational requirements of defense and homeland security forces. The product offers industry-leading size, weight, and power efficiency, consuming less than 1W, with a wake-up time of under one second and a total weight of less than four grams.
MARS RF is a cutting-edge H.265 DVR and video streamer designed for miniature drone applications. Miniature, ultra lightweight, and ultra-low power, it offers unmatched versatility with wireless connectivity over a serial interface. MARS RF connects to the drone’s autopilot system, camera and radio, offering a complete solution for miniature drones and ensuring reliable performance in demanding environments.
“MARS RF represents a technological leap in miniature video intelligence solutions,” said Israel Bar, Chief Executive Officer of Maris-Tech. “We are incredibly proud of our team’s successful development of this innovative product, which reinforces our commitment to cutting-edge, field-proven solutions for defense and homeland security applications.”
About Maris-Tech Ltd.
Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities, including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israeli technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS), and communication industries. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, the Company is using forward-looking statements when the Company is discussing: the benefits and advantages of MARS RF and that MARS RF represents a technological leap in miniature video intelligence solutions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause its actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: its ability to successfully market its products and services, including in the United States; the acceptance of its products and services by customers; the Company’s continued ability to pay operating costs and ability to meet demand for its products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; its ability to successfully develop new products and services; its success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; its ability to comply with applicable regulations; and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 21, 2024, and its other filings with the SEC. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Source: The Conversation – USA – By Tatsiana Kulakevich, Associate Professor of Instruction in the School of Interdisciplinary Global Studies, University of South Florida
Traditional Russian wooden nesting dolls depict U.S. President Donald Trump and Russian President Vladimir Putin at a gift shop in Moscow on Feb. 13, 2025. Tatyana Makeyeva/AFP via Getty Images
The United States’ steadfast allegiance to Ukraine during that country’s three-year war against Russia appears to be quickly disintegrating under the Trump administration. President Donald Trump on Feb. 19, 2025, called Ukrainian President Volodymyr Zelenskyy “a dictator” and falsely blamed him for the war that Russia initiated as part of a land grab in the countries’ border regions.
Zelenskyy, meanwhile, said on Feb. 19 that Trump is trapped in Russian President Vladimir Putin’s “disinformation space.”
The U.S. and Russia have long been adversaries, and the U.S., to date, has given Ukraine more than US$183 billion to help fight against Russia. But that funding came when Joe Biden was president. Trump does not appear to be similarly inclined toward Ukraine.
Amy Lieberman, a politics editor at The Conversation U.S., spoke with Tatsiana Kulakevich, a scholar of Eastern European politics and international relations, to understand the implications of this sudden shift in U.S.-Russia policy under Trump.
Kulakevich sees Trump’s moves that could be perceived as self-interested as instead part of a calculated strategy in preliminary discussions.
Can you explain the current dynamic between the U.S., Ukraine and Russia?
People should not panic because the U.S. and Russia are only holding exploratory talks. We should not call them peace talks, per se, at least not yet. It was to be expected that Ukraine was not invited to the talks in Saudi Arabia because there is nothing to talk about yet. We don’t know what the U.S. and Russia are actually discussing besides agreeing to restore the normal functioning of each other’s diplomatic missions.
People are perceiving the U.S. and Russia as being in love. However, Trump’s Russia policy has been more hawkish than often portrayed in the media. Looking at the record from the previous Trump administration, we can see that if something is not in the interests of the U.S., that is not going to be done. Trump does not do favors.
In 2019, Trump also issued economic sanctions against a Russian ship involved in building the Nord Stream 2 gas pipeline. These sanctions tried to block Russia’s direct gas exports to Germany – this connection between Russia and Germany was seen by Ukraine as an economic threat.
Based on Trump’s talks with Russia and remarks against Ukraine, it could seem like the U.S. and Russia are no longer adversaries. How do you perceive this?
There are no clear indications that Russia and the U.S. have ceased to be adversaries. Despite Trump’s occasional use of terms like “friends” in diplomacy, his rhetoric often serves as a tactical maneuver rather than a genuine shift in alliances. A key example is his engagement with North Korea’s Kim Jong-un, where Trump alternated between flattery and threats to extract concessions.
Even if the U.S. is meeting with Russia and the public narrative seems to say otherwise, strategically, abandoning Ukraine is not in the United States’ best interests. One reason why is because the U.S. turning away from Ukraine would make Russia happy and China happy. Trump has treated China as a primary threat to the U.S., and China has supported Putin’s invasion of Ukraine.
U.S. Secretary of State Marco Rubio is also still saying that everyone, including Ukraine, will be at the table for eventual peace talks.
The allegations that Russia was holding some information over Trump and blackmailing him started long before this presidential term and did not stop Trump from imposing countermeasures on Russia during his first term. The first Trump administration took more than 50 policy actions to counter Moscow, primarily in the form of public statements and sanctions.
What does the U.S. gain from developing a diplomatic relationship with Russia?
Trump is a transactional politician. American companies could profit from the U.S. aligning with Russia and Russian companies, as some Russian officials have said during the recent Saudi Arabia talks with the Trump administration. But the U.S. could also benefit economically from the Trump’s administration’s proposed deal with Ukraine to give the U.S. half of Ukraine’s estimated $11.5 trillion in rare earth minerals.
Zelenskyy rejected that proposal this week, saying it does not come with the promise that the U.S. will continue to give security guarantees to Ukraine.
Historically, since the Cold War, there has been a diplomatic triangle between the Soviet Union – later Russia – China and the U.S. And there has always been one side fighting against the two other sides. Trump trying to develop a better diplomatic relationship with Russia might mean he is trying to distance Russia from China.
A similar dynamic is playing out between the U.S. and Belarus’ authoritarian leader, Alexander Lukashenko, a co-aggressor in the war in Ukraine. Lukashenko is close with both Russia and China. The U.S. administration is looking to relax sanctions on Belarusian banks and exports of potash, a key ingredient in fertilizer, in exchange for the release of Belarusian political opposition members who are imprisoned. There are over 1,200 political prisoners in Belarus. This U.S. foreign policy strategy is aimed at providing Lukashenko with room to grow less economically dependent on Russia and China.
A worker clears snow from a cemetery in Kramatorsk, Ukraine, on Feb. 17, 2025. More than 46,000 Ukrainian soldiers have died in combat since Russia launched a full-scale invasion in February 2022. Pierre Crom/Getty Images
Is this level of collaboration between the U.S. and Russia unprecedented?
While U.S.-Russia relations are often defined by rivalry, history shows that pragmatic cooperation has occurred when both nations saw mutual benefits – whether this relates to arms control, space, counterterrorism, Arctic affairs or health.
Moreover, the U.S. has always prioritized its own interests in its relationship with Russia. For example, the U.S. and its allies imposed sanctions on Russia’s uranium and nickel industries only in May 2024, over two years after Russia’s full-scale invasion of Ukraine in February 2022. This was due to the United States’ strategic economic dependencies and concerns about market stability if it sanctioned uranium and nickel.
Even after Russia invaded Crimea – an area of Ukraine that Russia claims as its own – in 2014 and provided support for Russian separatists in Ukraine’s Donbass region, the U.S. and other Western countries imposed largely symbolic sanctions. This included freezing assets of Russian individuals, restricting some financial transactions and limiting Russia’s access to Western technology.
We should also notice that Trump in January 2025 promised to sanction Russia if it does not end the Ukraine war. The U.S. still has not removed any existing sanctions, which signals its commitment to a tough stance on Russia, despite perceptions of a close relationship between Trump and Putin.
Given Trump’s transactional approach to foreign policy, his tough rhetoric on Zelenskyy could be a deliberate negotiation strategy aimed at pressuring Ukraine into making greater concessions in potential peace talks, rather than signaling abandonment.
Tatsiana Kulakevich 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.
Source: The Conversation – USA – By Donald Heflin, Executive Director of the Edward R. Murrow Center and Senior Fellow of Diplomatic Practice, The Fletcher School, Tufts University
During the first few weeks of the second Trump administration, President Donald Trump, Vice President JD Vance and Defense Secretary Pete Hegseth said a lot of things about longtime allies that caused frustration and outright friction among the leaders of those countries.
Trump and Vance indeed appear to disdain close alliances, favoring an America First approach to the world. A New York Times headline characterized the relationship between the U.S. and Europe now as “A Strained Alliance.”
As a former diplomat, I’m aware that how the U.S. treats its allies has been a crucial question in every presidency, since George Washington became the country’s first chief executive. On his way out of that job, Washington said something that Trump, Vance and their fellow America First advocates would probably embrace.
France sent soldiers, money and ships to the American revolutionaries. Within three years, after a major intervention by the French fleet, the battle of Yorktown in 1781 effectively ended the war and America was independent.
Isolationism, then war
American political leaders largely heeded Washington’s warning against alliances throughout the 1800s. The Atlantic Ocean shielded the young nation from Europe’s problems and many conflicts, and America’s closest neighbors had smaller populations and less military might.
That began to change when Europe descended into the brutal trench warfare of World War I.
Initially, American politicians avoided becoming involved. What would today be called an isolationist movement was strong, and its supporters felt that the war in Europe was being waged for the benefit of big business.
But it was hard for the U.S.to maintain neutrality. German submarines sank ships crossing the Atlantic carrying American passengers. The economies of some of America’s biggest trading partners were in shreds; the democracies of Britain, France and other European countries were at risk.
President Woodrow Wilson led the United States into the war in 1917 as an ally of the Western European nations. When he asked Congress for a declaration of war, Wilson touted the value of like-minded allies, saying, “A steadfast concert for peace can never be maintained except by a partnership of democratic nations.” The war was over within 16 months.
Prosperity came along with the peace, helping the U.S. quickly develop into a global economic power.
However, within a few years, American politicians returned to traditional isolationism in political and military matters and continued this attitude well into the 1930s. The worldwide Great Depression that began in 1929 was blamed on vulnerabilities in the global economy, and there was a strong sentiment among Americans that the U.S. should fix its internal problems rather than assist Europe with its problems.
Alliance counters fascism
As both Hitler and the Japanese Empire began to attack their neighbors in the late 1930s, it became clear to President Franklin Roosevelt and other American military and political leaders that the U.S. would get caught up in World War II. If nothing else, airplanes had erased America’s ability to hide behind the Atlantic Ocean.
In January of 1941, Roosevelt gave his annual State of the Union speech to Congress. He appeared to prepare the country for possible intervention – both on behalf of allies abroad and for the preservation of American democracy:
“The future and the safety of our country and of our democracy are overwhelmingly involved in events far beyond our borders. Armed defense of democratic existence is now being gallantly waged in four continents. If that defense fails, all the population and all the resources of Europe, and Asia, and Africa and Australasia will be dominated by conquerors. In times like these it is immature – and incidentally, untrue – for anybody to brag that an unprepared America, single-handed, and with one hand tied behind its back, can hold off the whole world.”
As World War II ended, the wartime alliance produced two longer-term partnerships built on the understanding that working together had produced a powerful and effective counter to fascism.
A ‘news bulletin’ from August 1945 issued by a predecessor of the United Nations. Foreign Policy In Focus
Postwar alliances
The first of these alliances is the North Atlantic Treaty Organization, or NATO. The original members were the U.S., Canada, Britain, France and others of the wartime Allies. There are now 32 members, including Poland, Hungary and Turkey.
The aims of NATO were to keep the peace in Europe and contain the growing Communist threat from the Soviet Union. NATO’s supporters feel that, given that the wars in the former Yugoslavia in the 1990s and in the Ukraine today are the only major conflicts in Europe in 80 years, the alliance has met its goals well. And NATO troops went to Afghanistan along with the U.S. military after 9/11.
The other institution created by the wartime Allies is the United Nations.
The U.N. is many things – a humanitarian aid organization, a forum for countries to raise their issues and a source of international law.
In addition to these formal alliances, many of the same countries created institutions such as the World Bank, the International Monetary Fund, the Organization of American States and the European Union. The U.S. belongs to all of these except the European Union. During my 35-year diplomatic career, I worked with all of these institutions, particularly in efforts to stabilize Africa. They keep the peace and support development efforts with loans and grants.
Admirers of this postwar liberal international order point to the limited number of major armed conflicts during the past 80 years, the globalized economy and international cooperation on important matters such as disease control and fighting terrorism.
Detractors point to this system’s inability to stop some very deadly conflicts, such as Vietnam or Ukraine, and the large populations that haven’t done well under globalization as evidence of its flaws.
The world would look dramatically different without the Allies’ victories in the two World Wars, the stable worldwide economic system and NATO’s and the U.N.’s keeping the world relatively peaceful.
But the value of allies to Americans, even when they benefit from alliances, appears to have shifted between George Washington’s attitude – avoid them – and that of Franklin D. Roosevelt – go all in … eventually.
Donald Heflin 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.
OMAHA, Neb., Feb. 20, 2025 (GLOBE NEWSWIRE) — On February 20, 2025, Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced financial results for the three months and year ended December 31, 2024.
Financial Highlights
The Partnership reported the following results as of and for the three months ended December 31, 2024:
Net income of $0.39 per Beneficial Unit Certificate (“BUC”), basic and diluted
Cash Available for Distribution (“CAD”) of $0.18 per BUC
Total assets of $1.58 billion
Total Mortgage Revenue Bond (“MRB”) and Governmental Issuer Loan (“GIL”) investments of $1.25 billion
The difference between reported net income per BUC and CAD per BUC is primarily due to the treatment of unrealized gains on the Partnership’s interest rate derivative positions. Unrealized gains of approximately $7.0 million are included in net income for the three months ended December 31, 2024. Unrealized gains are a result of the impact of increased market interest rates on the calculated fair value of the Partnership’s interest rate derivative positions. Unrealized gains and losses do not affect our cash earnings and are added back to net income when calculating the Partnership’s CAD. The Partnership received net cash from its interest rate derivative positions totaling approximately $1.3 million during the fourth quarter.
The Partnership reported the following results for the year ended December 31, 2024:
Net income of $0.76 per BUC, basic and diluted
CAD of $0.95 per BUC
In December 2024, the Partnership announced that the Board of Managers of Greystone AF Manager LLC declared a regular quarterly distribution to the Partnership’s BUC holders of $0.37 per BUC. The distribution was paid on January 31, 2025, to BUC holders of record as of the close of trading on December 31, 2024.
Management Remarks
“2024 was a challenging year from a number of different perspectives,” said Kenneth C. Rogozinski, the Partnership’s Chief Executive Officer. “The conditions in the multifamily markets, both higher interest rates and operating expenses, presented challenges to our joint venture equity investments. Interest rate volatility also impacted the efficiency of some of our securitization transactions. However, we are encouraged by the opportunities that we are starting to see in 2025. The dedicated pool of capital that we have from the new BlackRock construction lending joint venture is a powerful new tool for us to serve our affordable housing developer relationship base.”
Recent Investment and Financing Activity
The Partnership reported the following updates for the fourth quarter of 2024:
Advanced funds on MRB and taxable MRB investments totaling $36.8 million.
Advanced funds on GIL, taxable GIL and property loan investments totaling $32.0 million.
Advanced funds to joint venture equity investments totaling $11.2 million.
Received proceeds from the sale of an MRB totaling $11.5 million.
Entered into the 2024 PFA Securitization Transaction representing fixed rate, matched term, non-recourse and non-mark to market debt financing totaling $75.4 million.
In January 2025, the Partnership received proceeds from the sale of Vantage at Tomball located in Tomball, Texas, totaling $14.2 million, inclusive of the Partnership’s initial investment commitment made in August 2020. The Partnership estimates it will not recognize any gain, loss, or CAD upon sale.
Investment Portfolio Updates
The Partnership announced the following updates regarding its investment portfolio:
All MRB and GIL investments are current on contractual principal and interest payments and the Partnership has received no requests for forbearance of contractual principal and interest payments from borrowers as of December 31, 2024.
The Partnership continues to execute its hedging strategy, primarily through interest rate swaps, to reduce the impact of changing market interest rates. The Partnership received net payments under its interest rate swap portfolio of approximately $1.3 million and $6.5 million during the three months and year ended December 31, 2024, respectively. From January 1, 2023 through December 31, 2024, the Partnership received net swap payments totaling $12.3 million or approximately $0.53 per BUC.
Six joint venture equity investment properties have completed construction, with three properties having previously achieved 90% occupancy. Four of the Partnership’s joint venture equity investments are currently under construction or in development, with none having experienced material supply chain disruptions for either construction materials or labor to date.
Earnings Webcast & Conference Call
The Partnership will host a conference call for investors on Thursday, February 20, 2025 at 4:30 p.m. Eastern Time to discuss the Partnership’s Fourth Quarter and full-year 2024 results.
For those interested in participating in the question-and-answer session, participants may dial-in toll free at (877) 407-8813. International participants may dial-in at +1 (201) 689-8521. No pin or code number is needed.
It is recommended that you join 15 minutes before the conference call begins (although you may register, dial-in or access the webcast at any time during the call).
A recorded replay of the webcast will be made available on the Partnership’s Investor Relations website at http://www.ghiinvestors.com.
About Greystone Housing Impact Investors LP
Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022 (the “Partnership Agreement”), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.
Safe Harbor Statement
Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and the Israel-Hamas war) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the aggregate effect of elevated inflation levels over the past several years, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in continued elevated interest rate levels and increased market volatility; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.
If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.
Real estate operating (exclusive of items shown below)
–
573,255
–
2,663,868
Provision for credit losses (Note 10)
(24,000
)
(466,000
)
(1,036,308
)
(2,347,000
)
Depreciation and amortization
5,967
313,626
23,867
1,537,448
Interest expense
15,840,620
16,849,384
60,032,007
69,066,763
Net result from derivative transactions (Note 15)
(8,239,844
)
7,168,413
(8,495,426
)
(7,371,584
)
General and administrative
4,787,849
4,889,014
19,652,622
20,399,489
Total expenses
12,370,592
29,327,692
70,176,762
83,948,984
Other income:
Gain on sale of real estate assets
–
10,363,363
63,739
10,363,363
Gain on sale of mortgage revenue bond
1,207,673
–
2,220,254
–
Gain on sale of investments in unconsolidated entities
60,858
–
117,844
22,725,398
Earnings (losses) from investments in unconsolidated entities
(1,315,042
)
(17,879
)
(2,140,694
)
(17,879
)
Income before income taxes
10,168,921
6,202,409
21,355,780
54,022,562
Income tax expense (benefit)
36,398
(1,515
)
32,447
10,866
Net income
10,132,523
6,203,924
21,323,333
54,011,696
Redeemable Preferred Unit distributions and accretion
(741,477
)
(622,590
)
(2,991,671
)
(2,868,578
)
Net income available to Partners
$
9,391,046
$
5,581,334
$
18,331,662
$
51,143,118
Net income available to Partners allocated to:
General Partner
$
390,766
$
75,252
$
479,602
$
3,589,447
Limited Partners – BUCs
8,937,983
5,472,230
17,587,205
47,209,260
Limited Partners – Restricted units
62,297
33,852
264,855
344,411
$
9,391,046
$
5,581,334
$
18,331,662
$
51,143,118
BUC holders’ interest in net income per BUC, basic and diluted
$
0.39
$
0.24
**
$
0.76
*
$
2.06
**
Weighted average number of BUCs outstanding, basic
23,115,162
22,947,795
**
23,071,141
*
22,929,966
**
Weighted average number of BUCs outstanding, diluted
23,115,162
22,947,795
**
23,071,141
*
22,929,966
**
*
The amounts indicated above have been adjusted to reflect the distribution completed on April 30, 2024 in the form of additional BUCs at a ratio of 0.00417 BUCs for each BUC outstanding as of March 28, 2024 on a retroactive basis.
**
On July 31, 2023, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00448 BUCs for each BUC outstanding as of June 30, 2023 (the “Second Quarter 2023 BUCs Distribution”). On October 31, 2023, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00418 BUCs for each BUC outstanding as of September 29, 2023 (the “Third Quarter 2023 BUCs Distribution”). On January 31, 2024, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00415 BUCs for each BUC outstanding as of December 29, 2023 (the “Fourth Quarter 2023 BUCs Distribution”, collectively with the Second Quarter 2023 BUCs Distribution and the Third Quarter BUCs Distribution the “2023 BUCs Distributions”). The amounts indicated above have been adjusted to reflect the 2023 BUCs Distributions on a retroactive basis.
Disclosure Regarding Non-GAAP Measures – Cash Available for Distribution
The Partnership believes that CAD provides relevant information about the Partnership’s operations and is necessary, along with net income, for understanding its operating results. To calculate CAD, the Partnership begins with net income as computed in accordance with GAAP and adjusts for non-cash expenses or income consisting of depreciation expense, amortization expense related to deferred financing costs, amortization of premiums and discounts, fair value adjustments to derivative instruments, provisions for credit and loan losses, impairments on MRBs, GILs, real estate assets and property loans, deferred income tax expense (benefit), and restricted unit compensation expense. The Partnership also adjusts net income for the Partnership’s share of (earnings) losses of investments in unconsolidated entities as such amounts are primarily depreciation expenses and development costs that are expected to be recovered upon an exit event. The Partnership also deducts Tier 2 income (see Note 23 to the Partnership’s consolidated financial statements) distributable to the General Partner as defined in the Partnership Agreement and distributions and accretion for the Preferred Units. Net income is the GAAP measure most comparable to CAD. There is no generally accepted methodology for computing CAD, and the Partnership’s computation of CAD may not be comparable to CAD reported by other companies. Although the Partnership considers CAD to be a useful measure of the Partnership’s operating performance, CAD is a non-GAAP measure that should not be considered as an alternative to net income calculated in accordance with GAAP, or any other measures of financial performance presented in accordance with GAAP.
The following table shows the calculation of CAD (and a reconciliation of the Partnership’s net income, as determined in accordance with GAAP, to CAD) for the three months and years ended December 31, 2024 and 2023 (all per BUC amounts are presented giving effect to the BUCs Distributions described in Note 23 of the consolidated financial statements on a retroactive basis for all periods presented):
For the Three Months Ended December 31,
For the Years Ended December 31,
2024
2023
2024
2023
Net income
$
10,132,523
$
6,203,924
$
21,323,333
$
54,011,696
Unrealized (gains) losses on derivatives, net
(6,978,561
)
9,994,292
(2,097,900
)
3,173,398
Depreciation and amortization expense
5,967
313,626
23,867
1,537,448
Provision for credit losses (1)
(24,000
)
(466,000
)
(867,000
)
(2,347,000
)
Reversal of gain on sale of real estate assets (2)
–
(10,363,363
)
–
(10,363,363
)
Amortization of deferred financing costs
466,105
710,271
1,653,805
2,461,713
Restricted unit compensation expense
436,052
473,127
1,891,633
2,013,736
Deferred income taxes
1,164
2,796
2,435
(362
)
Redeemable Preferred Unit distributions and accretion
(741,477
)
(622,590
)
(2,991,671
)
(2,868,578
)
Tier 2 income allocable to the General Partner (3)
(309,858
)
(19,439
)
(309,858
)
(3,248,148
)
Recovery of prior credit loss (4)
(17,156
)
(17,156
)
(69,000
)
(68,812
)
Bond premium, discount and acquisition fee amortization, net of cash received
(90,310
)
(42,900
)
1,247,066
(182,284
)
(Earnings) losses from investments in unconsolidated entities
1,315,042
17,879
2,140,694
17,879
Total CAD
$
4,195,491
$
6,184,467
$
21,947,404
$
44,137,323
Weighted average number of BUCs outstanding, basic
23,115,162
22,947,795
23,071,141
22,929,966
Net income per BUC, basic
$
0.39
$
0.24
$
0.76
$
2.06
Total CAD per BUC, basic
$
0.18
$
0.27
$
0.95
$
1.92
Cash Distributions declared, per BUC
$
0.37
$
0.367
$
1.478
$
1.46
BUCs Distributions declared, per BUC (5)
$
–
$
0.07
$
0.07
$
0.21
(1)
The adjustments reflect the change in allowances for credit losses which requires the Partnership to update estimates of expected credit losses for its investment portfolio at each reporting date. In connection with the final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB in July 2024, the Partnership recovered approximately $169,000 of its previously recognized allowance credit loss which is not included as an adjustment to net income in the calculation of CAD.
(2)
The gain on sale of real estate assets from the sale of the Suites on Paseo MF Property represented a recovery of prior depreciation expense that was not reflected in the Partnership’s previously reported CAD, so the gain on sale was deducted from net income in determining CAD for 2023.
(3)
As described in Note 23 to the Partnership’s consolidated financial statements, Net Interest Income representing contingent interest and Net Residual Proceeds representing contingent interest (Tier 2 income) will be distributed 75% to the limited partners and BUC holders, as a class, and 25% to the General Partner. This adjustment represents 25% of Tier 2 income due to the General Partner.
For the year ended December 31, 2024, Tier 2 income allocable to the General Partner consisted of approximately $310,000 related to the gain on sale of the Arbors at Hickory Ridge MRB in November 2024.
For the year ended December 31, 2023, Tier 2 income allocable to the General Partner consisted of approximately $3.8 million related to the gains on sale of Vantage at Stone Creek and Vantage at Coventry in January 2023 and approximately $813,000 related to the gain on sale of Vantage at Conroe in June 2023, offset by a $1.4 million Tier 2 loss allocable to the General Partner related to the Provision Center 2014-1 MRB realized in January 2023 upon receipt of the majority of expected bankruptcy liquidation proceeds.
(4)
The Partnership determined there was a recovery of previously recognized impairment recorded for the Live 929 Apartments Series 2022A MRB prior to January 1, 2023. The Partnership is accreting the recovery of prior credit loss for this MRB into investment income over the term of the MRB consistent with applicable guidance. The accretion of recovery of value is presented as a reduction to current CAD as the original provision for credit loss was an addback for CAD calculation purposes in the period recognized.
(5)
The Partnership declared a distribution payable in the form of additional BUCs equal to $0.07 per BUC for outstanding BUCs as of the record date of March 28, 2024.
The Partnership declared three separate distributions during 2023 each payable in the form of additional BUCs equal to $0.07 per BUC for outstanding BUCs as of the record dates of June 30, September 29, and December 29, 2023.
MEDIA CONTACT: Karen Marotta Greystone 212-896-9149 Karen.Marotta@greyco.com
INVESTOR CONTACT: Andy Grier Investors Relations 402-952-1235
RISHON LE ZION, Israel, Feb. 20, 2025 (GLOBE NEWSWIRE) — BOS Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC), an integrator of supply chain technologies announces with deep sorrow the passing of its Chairman, Mr. Ziv Dekel, after a long illness. The Board of Directors has initiated a search for a new Chairman and will provide updates in due course.
Eyal Cohen, CEO of BOS, stated:
“Ziv was a highly respected leader, mentor, and faithful friend to the entire team at BOS. He served as Chairman with dedication and leadership, significantly impacting the company’s strategic direction and success. Even in his final weeks, he continued to advise the Board, demonstrating his unwavering commitment to BOS.
“On behalf of the entire BOS team and the Board of Directors, I extend our deepest condolences to his family and loved ones. His wisdom and guidance will be deeply missed.”
About BOS. BOS integrates cutting-edge technologies to streamline and enhance supply chain operations across three specialized divisions:
Intelligent Robotics Division: Automates industrial and logistics inventory processes through advanced robotics technologies, improving efficiency and precision.
RFID Division: Optimizes inventory management with state-of-the-art solutions for marking and tracking, ensuring real-time visibility and control.
Supply Chain Division: Integrates franchised components directly into customer products, meeting their evolving needs for developing cutting-edge products.
Nearly 1,700 Kilometres of water and sanitation networks have been destroyed
Big-ticket repairs of networks urgently needed but Israel baulks in approving supplies
The resumption of aid into Gaza, including fuel to operate undamaged water and sanitation facilities along with water trucking, has improved the amount of water available to people in some parts of Gaza. But the picture remains extremely bleak and dangerously critical, especially in the North Gaza and Rafah governorates, warned Oxfam today.
Fifteen months of Israel’s military assault has destroyed 1,675 kilometres of water and sanitation networks. In North Gaza and Rafah governorates, which have suffered the most destruction, less than seven per cent of pre-conflict water levels is available to people, heightening the spread of waterborne diseases. Just 5.7 litres per person, per day is available, barely enough for one toilet flush.
As fragile ceasefire negotiations hang in the balance, any renewed violence or disruption to fuel and the already inadequate aid would trigger a full-scale public health disaster.
Clémence Lagouardat, Oxfam’s Humanitarian Coordinator in Gaza said:
“Now that the bombs have stopped, we have only just begun to grasp the sheer scale of destruction to Gaza’s water and sanitation infrastructure. Most vital water and sanitation networks have been entirely lost or paralyzed, creating catastrophic hygiene and health conditions.
“Our staff and partners have told how people are stopping them in the streets asking for water, and that parents are not drinking to save water for their children. It is heartbreaking to hear about children having to walk for miles for a single jerrycan of water.”
“Our staff and partners have told how people are stopping them in the streets asking for water, and that parents are not drinking to save water for their children. It is heartbreaking to hear about children having to walk for miles for a single jerrycan of water.”
Clémence Lagouardat, Oxfam’s Humanitarian Coordinator in Gaza
Oxfam International
In the North Gaza governorate, almost all water wells have been destroyed by the Israeli military. Over 700,000 people have returned to find entire neighbourhoods wiped out. For the few whose homes remain standing, water is non-existent due to the destruction of rooftop storage tanks.
In Rafah, over 90 per cent of water wells and reservoirs have been partially or completely damaged, and water production is less than five per cent of its capacity before the conflict. Only two out of 35 wells are currently operational.
Despite efforts to resume water production since the ceasefire, the destruction of Gaza’s water pipelines means that 60 per cent of water is leaking into the ground rather than reaching people.
Oxfam and partners’ initial assessment after the ceasefire found:
More than 80 percent of water and sanitation infrastructure across the Gaza Strip has been partially or entirely destroyed, including all six major wastewater treatment plants.
85 percent of the sewage pumping stations (73 out of 84) and networks have been destroyed. Some have been repaired but urgently require fuel to operate.
85 percent of small desalination plants (85 out of 103) have been partially damaged or completely destroyed.
67 percent of the 368 municipal wells have been destroyed. Most of the private small wells cannot function due to lack of fuel or generators.
The lack of safe water, combined with untreated sewage overflowing in the streets has triggered an explosion of waterborne and infectious diseases. According to the World Health Organization, 88 percent of environmental samples surveyed across Gaza were found contaminated with polio, signalling an imminent risk of outbreak. Infectious diseases including acute watery diarrhoea and respiratory infections – now the leading causes of death – are also surging, with 46,000 cases, mostly children, being reported each week.
Chickenpox and skin diseases such scabies and impetigo are also spreading rapidly, particularly among displaced populations in the Northern Gaza Governorate, where water shortages are most severe.
“Rebuilding water and sanitation is vital for Gaza to have a path to normalcy after 15 months of horror. The ceasefire must hold, and fuel and aid must flow so that Palestinians can rebuild their lives. Lasting peace for Palestinians and Israelis can only come through a permanent ceasefire and a just solution.
Clémence Lagouardat, Oxfam’s Humanitarian Coordinator in Gaza
Oxfam International
Meanwhile, with no waste collection and transport for over 15 months, more than 2,000 tonnes of garbage has been piling up in the streets every day. This toxic combination of open sewage, uncollected waste and contaminated water is creating a perfect storm for a deadly disease outbreak.
Lagouardat said: “Despite the increase in aid since the ceasefire, Israel continues to severely impair critical items needed to begin repairing the massive structural damage from its airstrikes. This includes desperately needed pipes for repairing water and sanitation networks, equipment like generators to operate wells.”
Oxfam’s own 85 tonne-shipment of water pipes, fittings and water tanks – worth over $480,000 – had been held up for over six months because it was deemed as dual-use and “oversized” to enter. Israeli authorities only finally approved the shipment this week, although it has yet to enter.
Lagouardat said: “Hundreds of thousands of displaced people across the Gaza Strip have had to resort to digging makeshift cesspits next to their tents. This daily discharge of approximately 130,000 cubic meters – the equivalent of 52 Olympic pools – of untreated sewage is contaminating the Mediterranean Sea and Gaza’s only aquifer.
“Rebuilding water and sanitation is vital for Gaza to have a path to normalcy after 15 months of horror. The ceasefire must hold, and fuel and aid must flow so that Palestinians can rebuild their lives. Lasting peace for Palestinians and Israelis can only come through a permanent ceasefire and a just solution.”