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Category: Middle East

  • MIL-OSI: Bel Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    WEST ORANGE, N.J., Feb. 18, 2025 (GLOBE NEWSWIRE) — Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth quarter and full year of 2024.

    Fourth Quarter 2024 Highlights

    • Net sales of $149.9 million compared to $140.0 million in Q4-23. Excluding $20.8 million of contribution from Enercon, organic sales down 7.8% from Q4-23.
    • Gross profit margin of 37.5%, up from 36.6% in Q4-23  
    • GAAP net loss attributable to Bel shareholders of $1.8 million versus GAAP net earnings attributable to Bel shareholders of $12.0 million in Q4-23  
    • Non-GAAP net earnings attributable to Bel shareholders of $19.0 million versus $19.5 million in Q4-23  
    • Adjusted EBITDA of $30.3 million (20.2% of sales) as compared to $27.3 million (19.5% of sales) in Q4-23  
    • Completed acquisition of Enercon, making aerospace and defense Bel’s largest end market served

    Full Year 2024 Highlights

    • Net sales of $534.8 million compared to $639.8 million in 2023. Excluding contribution from Enercon, organic sales down 19.7%.  
    • Gross profit margin of 37.8%, up from 33.7% in 2023  
    • GAAP net earnings attributable to Bel shareholders of $41.0 million versus $73.8 million in 2023  
    • Non-GAAP net earnings attributable to Bel shareholders of $72.1 million versus $89.6 million in 2023  
    • Adjusted EBITDA of $101.9 million (19.0% of sales), down from $116.8 million (18.3% of sales) in 2023

    “Bel’s profitability levels remained strong throughout 2024 despite a challenging top line environment,” said Daniel Bernstein, President and CEO. “Our recent initiatives in operational efficiencies and global mindset of financial discipline has strengthened Bel’s foundation, enabling us to thrive despite the macro conditions we faced. We could not be more pleased with our acquisition of Enercon, both operationally and from a team perspective. We are excited to embark on 2025 as a new team, working together to progress on revenue synergy opportunities that we have identified across our two businesses. On a personal note, as recently announced, I look forward to working with Farouq in the coming months as I transition the roles of President and CEO to the next generation,” concluded Mr. Bernstein.

    Farouq Tuweiq, CFO, added, “Our priority for 2024 was to take actions to drive future top line growth and further refine our organizational structure to enhance operational efficiencies. In this regard, we were successful in achieving a series of initiatives. During the fourth quarter, we closed on our acquisition of Enercon, the largest transaction in Bel’s history. Enercon adds scale, diversity and a strong financial profile to Bel’s legacy business. Further, in October 2024, Uma Pingali joined Bel as our first Global Head of Sales. Under Uma’s leadership, we are laying the foundation of a new cohesive global sales structure and strategy aimed at driving top line growth across all product groups, geographies and end markets. On the internal initiative side, we announced two additional facility consolidation projects in 2024 and have initiated a strategic focus on global procurement with the hiring of Anubhav Gothi. Each of these actions completed in 2024 will serve to support Bel’s growth and profitability objectives for 2025.

    “Looking ahead, we are encouraged to see the tide turning in terms of demand from our networking and distribution partners. We anticipate the rebound in these areas will be slow and steady throughout 2025. Based on information available today, GAAP net sales in the first quarter of 2025 are expected to be in the range of $144 to $154 million, with gross margin in the range of 36% to 38%. We are excited entering 2025 as a more nimble organization and look forward to executing on the growth opportunities in the year ahead,” concluded Mr. Tuweiq.

    Non-GAAP financial measures, such as Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA, adjust corresponding GAAP measures for provision for income taxes, other income/expense, net, interest income/expense, and depreciation and amortization, and also exclude, where applicable for the covered period presented in the financial statements, certain unusual or special items identified by management such as restructuring charges, gains/losses on sales of businesses and properties, acquisition related costs, impairment charges, noncontrolling interest (“NCI”) adjustments from fair value to redemption value, and certain litigation costs. In addition, in the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented. Non-GAAP adjusted net sales exclude expedite fee revenue. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.

     

    Conference Call
    Bel has scheduled a conference call for 8:30 a.m. ET on Wednesday, February 19, 2025 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13750153 after 12:30 pm ET, also for 30 days.

    About Bel
    Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, general industrial, high-speed data transmission, defense, commercial aerospace, transportation and eMobility industries. Bel’s portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel’s product groups include Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). The Company operates facilities around the world.

    Company Contact:
    Farouq Tuweiq  
    Chief Financial Officer  
    ir@belf.com

    Investor Contact:
    Three Part Advisors
    Jean Marie Young, Managing Director or Steven Hooser, Partner
    631-418-4339
    jyoung@threepa.com; shooser@threepa.com

    Cautionary Language Concerning Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the first quarter of 2025; our statements regarding our expectations for future periods generally including anticipated financial performance, projections and trends for the remainder of the 2025 year ahead and other future periods; our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, gross margin, products, product groups, customers, geographies and end markets; statements about the anticipated benefits of the recently-closed Enercon acquisition, including our beliefs about the potential future advantages of the acquisition for Bel’s operations, team, and with respect to revenue synergy opportunities; statements expressing management’s optimism for 2025 and for the future generally; statements about the process of transitioning the roles of President and CEO to the next generation; statements regarding Bel’s plans and intentions in respect of corporate projects and objectives, including plans for initiatives and efficiencies, and including statements about the intention to drive future top line growth and refine the organizational structure to enhance operational efficiencies; statements about the anticipated future contributions of new employees recently joining Bel and the role of such newly-created positions in the corporate team; statements about Bel’s sales structure and strategy aimed at driving top line growth across product groups, geographies and end markets; statements about facility consolidation projects and strategic focus on global procurement, and the anticipated benefits thereof including with respect to supporting Bel’s growth and profitability objectives for 2025; Anticipated demand from networking and distribution partners; size and capabilities of the organization; statements about executing on growth opportunities; statements regarding our expectations and beliefs regarding trends in the Company’s business and industry and the markets in which Bel operates, and about broader market trends and the macroeconomic environment generally, and other statements regarding the Company’s positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel’s control. Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures, relating to the Enercon acquisition which closed in November 2024, and including, without limitation, the risk that Bel is unable to integrate the Enercon business successfully or difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); the possibility that the Bel’s intended acquisition of the remaining 20% stake in Enercon is not completed in accordance with the shareholders agreement as contemplated for any reason, and any resulting disruptions that may result to Bel’s business and our currently 80% owned Enercon subsidiary as a result thereof; trends in demand which can affect our products and results, including that demand in Enercon’s end markets can be cyclical, impacting the demand for Enercon’s products, which could be materially adversely affected by reductions in defense spending; the market concerns facing our customers, and risks for the Company’s business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on our products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or our industry in particular; the effects of rising input costs, and cost changes generally, including the potential impact of inflationary pressures; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with our international operations, including our substantial manufacturing operations in China, and following Bel’s acquisition of Enercon which closed in November 2024, risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment including the potential effects of trade restrictions that may impact Bel, its customers and/or its suppliers; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market’s acceptance of the Company’s new products and competitive responses to those new products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws, trade and tariff policies, such as any new or increase in tariffs imposed either by the U.S. government on foreign imports or by a foreign government on US. exports related to the countries in which Bel transacts business; and the risks detailed in Bel’s most recent Annual Report on Form 10-K and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission. In light of the risks and uncertainties impacting our business, there can be no assurance that any forward-looking statement will in fact prove to be correct. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Bel’s views as of the date of this press release. Bel anticipates that subsequent events and developments will cause its views to change. Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Bel’s views as of any date subsequent to the date of this press release.

    Non-GAAP Financial Measures
    The Non-GAAP financial measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. For additional information about our use of non-GAAP financial measures in connection with our Incentive Compensation Program for 2023, please see the Executive Compensation discussion appearing in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 1, 2024.

    Website Information
    We routinely post important information for investors on our website, www.belfuse.com, in the “Investor Relations” section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

    [Financial tables follow]

     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
                                     
    Net sales   $ 149,859     $ 140,010     $ 534,792     $ 639,813  
    Cost of sales     93,652       88,827       332,434       423,964  
    Gross profit     56,207       51,183       202,358       215,849  
    As a % of net sales     37.5 %     36.6 %     37.8 %     33.7 %
                                     
    Research and development costs     6,934       5,966       23,586       22,487  
    Selling, general and administrative expenses     34,831       24,942       110,616       99,091  
    As a % of net sales     23.2 %     17.8 %     20.7 %     15.5 %
    Impairment of CUI tradename     400       –       400       –  
    Restructuring charges     1,669       3,808       3,459       10,114  
    Gain on sale of property     –       –       –       (3,819 )
    Income from operations     12,373       16,467       64,297       87,976  
    As a % of net sales     8.3 %     11.8 %     12.0 %     13.8 %
                                     
    Gain on sale of Czech Republic business     –       –       –       980  
    Interest expense     (2,815 )     (448 )     (4,078 )     (2,850 )
    Interest income     1,013       –       4,754       –  
    Other expense, net     (3,186 )     (2,520 )     (3,165 )     (2,806 )
    Earnings before income taxes     7,385       13,499       61,808       83,300  
                                     
    Provision for income taxes     953       1,463       12,616       9,469  
    Effective tax rate     12.9 %     10.8 %     20.4 %     11.4 %
    Net earnings   $ 6,432     $ 12,036     $ 49,192     $ 73,831  
    As a % of net sales     4.3 %     8.6 %     9.2 %     11.5 %
                                     
    Less: Net earnings attributable to noncontrolling interest     484       –       484       –  
    Redemption value adjustment attributable to noncontrolling interest     7,748       –       7,748       –  
    Net (loss) earnings attributable to Bel Fuse Shareholders   $ (1,800 )   $ 12,036     $ 40,960     $ 73,831  
                                     
    Weighted average number of shares outstanding:                                
    Class A common shares – basic and diluted     2,115       2,142       2,124       2,142  
    Class B common shares – basic and diluted     10,429       10,628       10,491       10,634  
                                     
    Net (loss) earnings per common share:                                
    Class A common shares – basic and diluted   $ (0.14 )   $ 0.90     $ 3.09     $ 5.52  
    Class B common shares – basic and diluted   $ (0.14 )   $ 0.95     $ 3.28     $ 5.83  
                                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Balance Sheets
    (in thousands, unaudited)
                 
        December 31, 2024     December 31, 2023  
    Assets                
    Current assets:                
    Cash and cash equivalents   $ 68,253     $ 89,371  
    Held to maturity U.S. Treasury securities     950       37,548  
    Accounts receivable, net     111,376       84,129  
    Inventories     161,370       136,540  
    Other current assets     31,581       33,890  
    Total current assets     373,530       381,478  
    Property, plant and equipment, net     47,879       36,533  
    Right-of-use assets     25,125       20,481  
    Related-party note receivable     2,937       2,152  
    Equity method investment     9,265       10,282  
    Goodwill and other intangible assets, net     439,984       76,033  
    Other assets     51,069       44,672  
    Total assets   $ 949,789     $ 571,631  
                     
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity                
    Current liabilities:                
    Accounts payable   $ 49,182     $ 40,441  
    Operating lease liability, current     7,954       6,350  
    Other current liabilities     70,933       63,818  
    Total current liabilities     128,069       110,609  
    Long-term debt     287,500       60,000  
    Operating lease liability, long-term     17,763       14,212  
    Other liabilities     75,295       46,252  
    Total liabilities     508,627       231,073  
    Redeemable noncontrolling interests     80,586       –  
    Stockholders’ equity     360,576       340,558  
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity   $ 949,789     $ 571,631  
                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Cash Flows
    (in thousands, unaudited)
           
        Year Ended  
        December 31,  
        2024     2023  
                     
    Cash flows from operating activities:                
    Net earnings   $ 49,192     $ 73,831  
    Adjustments to reconcile net earnings to net cash provided by operating activities:                
    Depreciation and amortization     16,457       13,312  
    Stock-based compensation     3,738       3,486  
    Amortization of deferred financing costs     151       33  
    Deferred income taxes     (6,267 )     (3,872 )
    Net unrealized losses on foreign currency revaluation     1,456       1,356  
    Gain on sale of property     –       (2,117 )
    Gain on sale of Czech Republic business     –       (980 )
    Other, net     2,347       (1,037 )
    Changes in operating assets and liabilities:                
    Accounts receivable, net     (6,817 )     22,500  
    Unbilled receivables     7,800       5,451  
    Inventories     15,121       33,613  
    Accounts payable     139       (22,745 )
    Accrued expenses     (7,068 )     5,356  
    Accrued restructuring costs     215       (1,228 )
    Income taxes payable     (1,009 )     (4,976 )
    Other operating assets/liabilities, net     2,199       (13,634 )
    Net cash provided by operating activities     77,654       108,349  
                     
    Cash flows from investing activities:                
    Purchases of property, plant and equipment     (14,108 )     (12,126 )
    Purchases of held to maturity U.S. Treasury securities     (131,309 )     (59,992 )
    Proceeds from held to maturity securities     167,907       19,918  
    Payment for equity method investment     –       (10,282 )
    Investment in related party notes receivable     (785 )     (2,152 )
    Proceeds from sale of property, plant and equipment     883       6,036  
    Payment of acquisition, net of cash acquired     (324,071 )        
    Proceeds from sale of business     –       5,063  
    Net cash used in investing activities     (301,483 )     (53,535 )
                     
    Cash flows from financing activities:                
    Dividends paid to common stockholders     (3,453 )     (3,492 )
    Deferred financing costs     (1,736 )     –  
    Repayments under revolving credit line     (15,000 )     (40,000 )
    Borrowings under revolving credit line     242,500       5,000  
    Purchases of common stock     (16,053 )     (105 )
    Net cash provided by (used in) financing activities     206,258       (38,597 )
                     
    Effect of exchange rate changes on cash and cash equivalents     (3,547 )     2,888  
                     
    Net (decrease) increase in cash and cash equivalents     (21,118 )     19,105  
    Cash and cash equivalents – beginning of period     89,371       70,266  
    Cash and cash equivalents – end of period   $ 68,253     $ 89,371  
                     
                     
    Supplementary information:                
    Cash paid during the period for:                
    Income taxes, net of refunds received   $ 22,952     $ 25,056  
    Interest payments   $ 5,795     $ 4,729  
    ROU assets obtained in exchange for lease obligations   $ 6,870     $ 5,999  
                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Product Group Highlights
    (dollars in thousands, unaudited)
                 
        Sales     Gross Margin  
        Q4-24     Q4-23     % Change     Q4-24     Q4-23     Basis Point Change  
    Power Solutions and Protection   $ 78,073     $ 68,971       13.2 %     40.6 %     40.2 %     40  
    Connectivity Solutions     52,548       50,562       3.9 %     36.6 %     29.3 %     730  
    Magnetic Solutions     19,238       20,477       -6.1 %     29.1 %     17.1 %     1,200  
    Total   $ 149,859     $ 140,010       7.0 %     37.5 %     36.6 %     90  
        Sales     Gross Margin  
        FY 2024     FY 2023     % Change     FY 2024     FY 2023     Basis Point Change  
    Power Solutions and Protection   $ 245,551       314,105       -21.8 %     42.4 %     38.1 %     430  
    Connectivity Solutions     220,370       210,572       4.7 %     37.1 %     34.2 %     290  
    Magnetic Solutions     68,871       115,136       -40.2 %     25.3 %     22.0 %     330  
    Total   $ 534,792     $ 639,813       -16.4 %     37.8 %     33.7 %     410  
                                                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Net Sales to Non-GAAP Adjusted Net Sales(2)
    Reconciliation of GAAP Net Earnings to Non-GAAP Operating Income and Adjusted EBITDA(2)(3)
    (in thousands, unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
                                     
    GAAP net sales   $ 149,859     $ 140,010     $ 534,792     $ 639,813  
    Expedite fee revenue     –       425       57       14,850  
    Non-GAAP adjusted net sales   $ 149,859     $ 139,585     $ 534,735     $ 624,963  
        Three Months Ended     Year Ended  
        December 31,     December 31,  
                             
        2024     2023     2024     2023  
                                     
    GAAP Net earnings   $ 6,432     $ 12,036     $ 49,192     $ 73,831  
    Provision for income taxes     953       1,463       12,616       9,469  
    Other income/expense, net     3,186       2,520       3,165       2,806  
    Interest income     (1,013 )     –       (4,754 )     –  
    Interest expense     2,815       448       4,078       2,850  
    GAAP Operating Income   $ 12,373     $ 16,467     $ 64,297     $ 88,956  
    Restructuring charges     1,669       3,808       3,459       10,114  
    Acquisition related costs     8,592       –       12,884       –  
    Amortization of inventory step-up     639       –       639       –  
    Impairment of CUI tradename     400       –       400       –  
    Loss on liquidation of foreign subsidiary     –       2,724       –       2,724  
    MPS litigation costs     –       128       –       3,031  
    Gain on sale of Czech Republic business     –       –       –       (980 )
    Gain on sale of properties     –       –       –       (3,819 )
    Stock compensation     956       774       3,738       3,486  
    Non-GAAP Operating Income   $ 24,629     $ 23,901     $ 85,417     $ 103,512  
    Depreciation and amortization     5,698       3,350       16,457       13,312  
    Adjusted EBITDA   $ 30,327     $ 27,251     $ 101,874     $ 116,824  
    % of net sales     20.2 %     19.5 %     19.0 %     18.3 %
                                     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
    (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.
     
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Measures to Non-GAAP Measures(2)(4)
    (in thousands, except per share data) (unaudited)
     
    The following tables detail the impact that certain unusual or special items had on the Company’s net earnings per common Class A and Class B basic and diluted shares (“EPS”) and the line items in which these items were included on the consolidated statements of operations.
                 
        Three Months Ended December 31, 2024     Three Months Ended December 31, 2023  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 7,385     $ 953     $ (1,800 )   $ (0.14 )   $ (0.14 )   $ 13,499     $ 1,463     $ 12,036     $ 0.90     $ 0.95  
    Restructuring charges     1,669       270       1,399       0.11       0.11       3,808       675       3,133       0.24       0.25  
    Acquisition related costs     8,592       1,516       7,076       0.54       0.57       –       –       –       –       –  
    Redemption value adjustment on redeemable NCI     –       –       7,748       0.59       0.62       –       –       –       –       –  
    Amortization of inventory step-up     639       147       492       0.04       0.04       –       –       –       –       –  
    Impairment of CUI tradename     400       92       308       0.02       0.02       –       –       –       –       –  
    Loss on liquidation of foreign subsidiary     –       –       –       –       –       2,724       681       2,043       0.15       0.16  
    MPS litigation costs     –       –       –       –       –       128       29       99       0.01       0.01  
    Share-based compensation     956       197       759       0.06       0.06       774       160       614       0.05       0.05  
    Amortization of intangibles     2,843       493       2,349       0.18       0.19       1,160       254       906       0.07       0.07  
    Unrealized foreign currency exchange (gains) losses     908       201       707       0.05       0.06       829       203       626       0.05       0.05  
    Non-GAAP measures   $ 23,392     $ 3,869     $ 19,039     $ 1.45     $ 1.53     $ 22,922     $ 3,465     $ 19,457     $ 1.46     $ 1.54  
        Year Ended December 31, 2024     Year Ended December 31, 2023  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 61,808     $ 12,616     $ 40,960     $ 3.09     $ 3.28     $ 83,300     $ 9,469     $ 73,831     $ 5.52     $ 5.83  
    Restructuring charges     3,459       587       2,872       0.22       0.23       10,114       1,682       8,432       0.63       0.67  
    Acquisition related costs     12,884       2,503       10,381       0.79       0.83       –       –       –       –       –  
    Redemption value adjustment on redeemable NCI     –       –       7,748       0.59       0.62       –       –       –       –       –  
    Amortization of inventory step-up     639       147       492       0.04       0.04       –       –       –       –       –  
    Impairment of CUI tradename     400       92       308       0.02       0.02       –       –       –       –       –  
    MPS litigation costs     –       –       –       –       –       3,031       696       2,335       0.18       0.18  
    Gain on sale of Czech Republic business     –       –       –       –       –       (980 )     (49 )     (931 )     (0.07 )     (0.07 )
    Gain on sale of properties     –       –       –       –       –       (3,819 )     (763 )     (3,056 )     (0.23 )     (0.24 )
    Loss on liquidation of foreign subsidiary     –       –       –       –       –       2,724       681       2,043       0.15       0.16  
    Share-based compensation     3,738       770       2,968       0.23       0.24       3,486       718       2,768       0.21       0.22  
    Amortization of intangibles     6,537       1,236       5,301       0.40       0.42       4,663       1,019       3,644       0.28       0.29  
    Unrealized foreign currency exchange (gains) losses     1,455       340       1,115       0.08       0.09       831       270       561       0.04       0.04  
    Non-GAAP measures   $ 90,919     $ 18,291     $ 72,144     $ 5.47     $ 5.77     $ 103,350     $ 13,723     $ 89,627     $ 6.72     $ 7.08  
                                                                                     
    (1)The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
    (2)In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3)Individual amounts of earnings per share may not agree to the total due to rounding.
    (4)In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.
     

    The MIL Network –

  • MIL-OSI United Nations: World News in Brief: $53.2 billion needed for Palestinian recovery, UN condemns UNRWA schools raid, Lebanon-Israel tensions continue

    Source: United Nations 2

    Humanitarian Aid

    The reconstruction of Gaza and the occupied West Bank will require an estimated $53.2 billion over the next ten years, according to the latest Damage and Needs Assessment from the UN and partners. 

    “Palestinians will need joint action to address the immense recovery and reconstruction challenges ahead. A sustainable recovery process must restore hope, dignity, and livelihoods for the two million people in Gaza,” said Muhannad Hadi, UN Resident and Humanitarian Coordinator in the Occupied Palestinian Territory.

    The assessment estimates that $29.9 billion is required to repair physical infrastructure, while $19.1 billion is needed to address economic and social losses.

    Housing remains the most severely affected sector, accounting for the largest share of recovery needs, with $15.2 billion – or 30 percent of the total cost – earmarked for rebuilding homes.

    Over the next three years alone, $20 billion will be required to stabilise essential services and lay the foundation for long-term recovery.

    Commitment to Gaza’s future 

    Mr. Hadi reaffirmed the UN’s continued support, stating: “The UN stands ready to support the Palestinian people both on humanitarian assistance and a future recovery and reconstruction process.”

    “Once conditions are in place, temporary shelters will be established, basic services restored, the economy kick-started, and individual and social rehabilitation begun while the longer-term recovery and reconstruction advances,” he added.

    A crucial element of Gaza’s recovery will be restoring the administrative authority of the Palestinian Authority (PA) in the Strip.

    “The international community must make collective efforts to support a just and lasting peace,” said Mr. Hadi, emphasising that Gaza is an integral part of this effort based on UN resolutions and international law, with Jerusalem as the capital of both States.

    UN condemns raid on UNRWA schools 

    In East Jerusalem, Philippe Lazzarini, Commissioner-General of the UN Relief and Works Agency for Palestine Refugees (UNRWA), reported that Israeli forces accompanied by local authorities forcibly entered the UNRWA Kalandia Training Centre, ordering its immediate evacuation.

    At least 350 students and 30 staff were present at the time. Tear gas and sound bombs were deployed during the incident.

    Earlier on Tuesday morning, Israeli police officers, accompanied by municipal staff, also visited several UNRWA schools in East Jerusalem, demanding their closure.

    The incidents disrupted the education of approximately 250 students attending three UNRWA schools, alongside the 350 trainees affected at the Kalandia Training Centre.

    UN chief condemns violations

    UN Secretary-General António Guterres strongly condemned the breach of the UN’s inviolable premises in occupied East Jerusalem, including the attempt to forcibly enter three UNRWA schools.

    “The use of tear gas and sound bombs in educational environments while students are learning is both unnecessary and unacceptable,” said the Secretary-General Spokesperson Stéphane Dujarric.

    “This is a clear violation of Israel’s obligations under international law, including obligations concerning the privileges and immunities of the UN and its personnel,” he added.

    Mr. Dujarric emphasised that Israel’s internal legal provisions do not alter its international legal obligations and cannot justify their breach.

    Lebanon: Tensions ease along the Blue Line of separation

    In northern Lebanon, Tuesday marked the deadline for the Israel Defense Forces’ withdrawal south of the Blue Line, alongside the parallel deployment of Lebanese Armed Forces to positions in southern Lebanon, under the cessation of hostilities agreement reached between Israel and Hezbollah leaders on 26 November 2024.

    UN peacekeepers report that Lebanese troops continue their deployment across southern Lebanon with active support from the UN Interim Force in Lebanon (UNIFIL), while displaced families are gradually returning to their homes.

    Lebanese troops continue to dispose of “unauthorised weapons” abandoned during the conflict in UNIFIL’s area of operations, said Mr. Dujarric.

    Call for stability

    UN Special Coordinator for Lebanon Jeanine Hennis-Plasschaert and Lieutenant General Aroldo Lázaro Sáenz, Force Commander of UNIFIL urged both parties to honour ceasefire commitments to ensure communities in southern Lebanon and northern Israel can feel safe again following the weeks of deadly fighting last year.

    The UN remains committed to supporting all parties in upholding their obligations, Mr. Dujarric affirmed.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Amid Evolving Threat Landscape, UN Peacekeepers Must Have Adequate Resources to Protect Vulnerable Populations in Conflict Zones, Speakers Tell Special Committee

    Source: United Nations General Assembly and Security Council

    In an ever-shifting security landscape, ensuring sufficient funding, technology and training, and promoting gender equality in peacekeeping operations while also recognizing the importance of safeguarding vulnerable populations in conflict zones is more critical than ever, speakers told the opening of the Special Committee on Peacekeeping Operations, which also marked 60 years since its establishment.

    Vice-President of the General Assembly Cherdchai Chaivaivid (Thailand), speaking on behalf of Assembly President Philémon Yang (Cameroon), said that, for nearly 80 years, UN peacekeepers have protected civilians from violence and supported vital political dialogue between parties to conflict.

    “The safety and security of United Nations peacekeepers remains of utmost importance,” he stressed, adding that since 1948 over 3,500 blue helmets have lost their lives serving in UN peacekeeping operations.  “Going forward, we will need mandates suited for an evolving threat landscape,” he said, also emphasizing the need for improved capacity to assess conflict situations, as well as effective planning and management throughout the peacekeeping cycle.

    “It is also vital to improve cooperation of poor countries with other critical partners, increase trust among stakeholders and manage local and international expectations in the Pact for the Future,” he went on to say.  Further, Member States must enhance collaboration between the UN and regional and subregional organizations, particularly the African Union.

    Adoption of Pact for the Future Created ‘Transformative Moment’ for Peacekeeping

    Martha Ama Akyaa Pobee, Assistant Secretary-General for Africa in the Departments of Political and Peacebuilding Affairs and Peace Operations, speaking on behalf of Jean-Pierre Lacroix, UN Under-Secretary-General for Peace Operations, said that this annual engagement by Member States is a key source of the “enduring strength as a preeminent symbol of multilateral resolve”.  Peacekeepers can be a “lifeline” for hundreds of thousands of civilians caught in conflict.

    The Committee’s sixtieth anniversary comes at a transformative moment for peacekeeping following the adoption of the Pact for the Future, where Member States equivocally reaffirmed peacekeeping as a critical tool to maintain international peace and security, she said.  “You have a unique opportunity to build on those efforts by providing a platform for dialogue, presenting innovative ideas and ensuring the effectiveness and accountability of UN peacekeeping operations,” she added.

    More Peacekeeper Resources Key amid Complex Terrain Marked by Geopolitical Challenges and Volatility

    As delegates took the floor, many stressed the need for more resources so that peacekeepers can carry out their work in an ever-shifting security landscape, with Morocco’s delegate, speaking for Non-Aligned Movement, noting that UN peacekeeping operations are currently navigating a complex terrain marked by geopolitical challenges.  “Funding and limited resources remain a significant issue,” she stressed.  “As a result, peacekeeping operations find themselves in a delicate position, needing to adapt to the realities on the ground while responding to international expectations.”

    Troop- and Police-Contributing Countries Stress Consultation with Them Key for Drafting Clear, Achievable Mandates

    Speakers from troop- and police-contributing countries stressed the Security Council must further consult with them to draft clear and achievable mandates that preserve the primacy of political solutions and help peacekeeping operations better address the evolving nature of global conflicts.

    “Our peacekeepers continue to serve in nations where security situations are volatile, but despite such challenges, our peacekeepers are striving to fulfil their mandates, and therefore we must ensure their safety and security,” said Indonesia’s delegate, speaking for the Association of Southeast Asian Nations (ASEAN).  Noting that its member States contribute over 5,000 peacekeepers across various UN missions, he called for better quality training and equipment for the troops.

    Canada’s representative, also speaking for Australia and New Zealand, and echoing other speakers, emphasized the importance of including women in all areas of peacekeeping missions, and commitment to the women, peace and security agenda as a cornerstone of the UN’s efforts to promote gender equality and lasting peace, reduce training obstacles in order to guarantee women’s full, equal participation.  “We urge missions to step up efforts to support the role of women in conflict prevention, resolution and peacebuilding,” he said.  He further underscored the importance of planning and the deliberate implementation of transitions and drawdowns in peacekeeping operations, stressing:  “Several agencies need to be involved from the very beginning of these processes to identify the capacity of the host Government, the UN and civil society actors to support those transitions.”

    Countries Hosting Peacekeeping Missions Urge Focus on Linguistic Capacity-Building, Improved Cooperation

    Speakers from countries hosting peacekeeping missions laid out their priorities and concerns, as well, with the representative of the Democratic Republic of the Congo, speaking for the French-Speaking Ambassadors Group, emphasizing that French-speaking areas host several operations that face growing and complex challenges.  “The fragility of ceasefire agreements, the high cost of conflict for the civilian population and the complexity of peace processes are making the work of the blue helmets more essential than ever,” he stressed. Recalibrating peacekeeping capacities is vital to improve cooperation with host States and “strengthen the links of trust” with the local population.

    “This is a priority that must also be looked at from the point of view of linguistic and intellectual capacity-building,” he said, calling for a focus on language abilities from the strategic planning to the operational phases.  Many countries in the Francophone space want to contribute more to peacekeeping operations, but they are being held back by language barriers at every stage of their engagement.

    Donor Countries Pledge Continued Support

    Donor countries, meanwhile, pledged to continue to support UN peacekeeping missions, and echoed many other Member States in calling attention to the unique opportunity created by the adoption of the Pact for the Future.  The European Union’s speaker, noting that the bloc provided almost one quarter of the UN’s peacekeeping budget last year, said it will continue to contribute constructively to the upcoming negotiations with the intent to improve UN peacekeeping in accordance with the Pact.  “We currently deploy almost 4,000 military police and civilian personnel to UN peace operations,” he said, adding:  “We cannot continue to demand more from our peacekeeping missions by expanding their mandates without providing the necessary resources for their implementation.”

    UN peacekeeping operations are confronted with increasingly complex challenges, he observed, citing regional threats, the effects of climate change, mis- and disinformation, increased presence of non-State actors, such as private military companies, transnational criminal activities and the weaponization of new and emerging technology, as demonstrated by the first attack ever last September on UN peacekeepers with an improvised armed unmanned aerial system.

    Election of Officers

    At the opening of the meeting, the Committee by acclamation elected Francisco Tropepi (Argentina), Michael Gort (Canada), Takayuki Iriya (Japan) and Michal Miarka (Poland) as Vice-Chairs; and Mohamed Soliman (Egypt) as Rapporteur.  Michael Gort (Canada) was elected to serve as Chair of the Working Group of the Whole.

    MIL OSI United Nations News –

  • MIL-OSI Security: Lebanon County Man Indicted For Sex Offense Involving Minor

    Source: Office of United States Attorneys

    HARRISBURG – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Chase Lawrence, age 23, of Lebanon County, Pennsylvania, was indicted on February 5, 2025, for travelling with intent to engage in illicit sexual conduct. The case was unsealed following Lawrence’s initial appearance.

    According to Acting United States Attorney John C. Gurganus, between on or about December 18, 2022 and October 6, 2023, Lawrence travelled from Lebanon County, Pennsylvania to the State of Ohio, with intent to engage in illicit sexual conduct with a female who was under 16 years old.

    The case was investigated by the Camden Ohio Police Department and the Federal Bureau of Investigation.  Assistant U.S. Attorney K. Wesley (Wes) Mishoe is prosecuting the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about Project Safe Childhood, please visit www.usdoj.gov/psc.

    The maximum penalties under federal law for the indicted offense are 30 years imprisonment, a term of supervised release after imprisonment, a fine, and a special assessment. A sentence following a finding of guilt is imposed by the judge after consideration of the applicable federal sentencing statutes and Federal Sentencing Guidelines.

    Indictments are only allegations. All persons charged are presumed to be innocent unless and until found guilty in court.

    # # #

    MIL Security OSI –

  • MIL-OSI Global: The beauty standard is intensifying. At what cost?

    Source: The Conversation – Canada – By Jordan Foster, Sociology, Postdoctoral Research Fellow, McMaster University

    Young women are engaging in increasingly intensive and expensive beauty practices and purchases, aspiring to new beauty standards. (Kevin Laminto /Unsplash), CC BY

    The internet is abuzz with talk of beauty and the lengths we’ll go to achieve it. From Lindsay Lohan’s recent transformation to Donatella Versace’s “new look”, those of us plugged in online can’t help but gab over the rise of better, less detectable and more precise plastic surgery.

    Achieved through a combination of invasive operations like face lifts and rhinoplasty as well as non-invasive procedures — like the injection of facial filler and facial neurotoxins like Botox — the contemporary beauty standard is increasingly intensive, costly and challenging to maintain. A hundred units of Botox, or its counterpart Dysport, could run clients up to $1,500 with effects diminishing in just four to six weeks.

    Although women continue to make up the majority of clients seeking invasive and non-invasive beauty interventions, the number of men undergoing plastic surgery is on the rise. So too are the number of advertisements and beauty-focused messages targeting men.

    But while appearance pressures and beauty advertising are increasingly directed at men, the imperative to be beautiful has come at significant emotional and financial costs for women — and young women especially.

    Immersed in a celebrity-saturated and visually intensive media culture, young women today face pressures to purchase beauty products and services to manage or, better yet, perfect their appearance ad nauseam.

    Lindsay Lohan poses makeup-free with her dermatologist in Dubai.
    (Dr. Radmila Lukian/Instagram)

    Social media pressures

    I study beauty and its cultural forces, especially as they apply to young people online. My findings speak to the increasingly important role that beauty plays in shaping women’s opportunities for visibility in both online media and in the real world. Young women are engaging in increasingly intensive practices as they aspire to new beauty standards.

    I recently published an investigation with Josée Johnston, a sociologist at the University of Toronto, into the ways young people grapple with contemporary beauty standards. We looked at how their practices and purchases are compelled by current beauty standards.

    For many young women, the pressure to be — or become — beautiful is top of mind. And yet the beauty standard remains elusive and painfully out of reach for most of the women and girls we spoke with. Few can afford to keep up with costly and intensive interventions to the face and body.

    Relax, sculpt, lift: High-definition make-up

    About 20 years ago, a needle or surgical knife to the face was considered a rather extreme intervention in pursuit of beauty. These procedures were often risky, permanent and sometimes poorly done. Today, neither knife nor needle are very unusual for those seeking a more perfect face and body.

    Indeed, the injection of facial neurotoxins is among the fastest growing cosmetic procedure in Canada and the United States. The Academy of Plastic Surgeons suggests that nearly 4,715,716 procedures involving Botox were performed in 2023 alone. These numbers signal a wider shift in the production and maintenance of contemporary appearance standards, and the lengths we go to achieve them.

    Alongside these figures, an ever-greater number of bodily and facial features are scrutinized. And products and services are designed to offer “high-definition” beauty in bottles, from head and toe.

    Driven partly by our increasing preoccupation with celebrity images popularized by social media platforms, even everyday cosmetics like skin creams, bronzers and lip glosses are being marketed with promises to “relax,” “sculpt” or “lift” facial features. These purchases from the beauty counter are being marketed to consumers as if they can achieve a surgical degree of perfection.



    Read more:
    Praise for Kim Kardashian’s Skims ignores her family’s relationship with body augmentation

    Priced out, excluded or in debt

    Many young women are priced out of expensive treatements.
    (Alireza Mirzabegi/Unsplash), CC BY-SA

    Many young women we spoke with described invasive facial and bodily interventions as a central component of the contemporary beauty standard. They described these interventions as compulsory, leaving many women either priced out of the beauty market or in pursuit of beauty at great personal expense.

    Celebrity women can afford to purchase facial fillers and Botox to augment their appearance, such as relaxing fine lines and plumping their features. But the young women we spoke with said interventions such as these are “unattainable” for the average person, and unsustainable in the long term.

    Signs of resistance

    Many women we spoke with insist on the importance of appearance, especially as it relates to the likelihood of their success, and the success of other women. Few of these women made the same associations with men. In fact, many “successful” men were described by our interviewees as “plain,” “unremarkable” or “ordinary.”

    The pressure to beautify through intensive and costly procedures is part and parcel of a broader cultural and economic environment centred on appearance. One that, as University of London sociologist Rosalind Gill puts it, measures a woman’s success in terms of her looks.

    However, there are small and important signs of resistance. Young women do not approach beauty and its pressures uncritically. In fact, quite the opposite is true. Many of the young women we spoke with search for spaces to resist and challenge beauty messaging as well as the cultural imperative toward facial and bodily perfection. These spaces, though few and far between, make resistance challenging but not impossible.

    Jordan Foster 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.

    – ref. The beauty standard is intensifying. At what cost? – https://theconversation.com/the-beauty-standard-is-intensifying-at-what-cost-244785

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: PRESIDENT OF INDIA HOSTS AMIR OF QATAR

    Source: Government of India

    PRESIDENT OF INDIA HOSTS AMIR OF QATAR

    INDIA AND QATAR SHOULD WORK TOGETHER FOR PEACE, PROGRESS AND PROSPERITY OF NOT ONLY OUR PEOPLES BUT FOR ALL PEOPLE OF THE WORLD: PRESIDENT DROUPADI MURMU

    Posted On: 18 FEB 2025 9:32PM by PIB Delhi

    The President of India, Smt Droupadi Murmu received His Highness Sheikh Tamim Bin Hamad Al Thani, Amir of the State of Qatar at Rashtrapati Bhavan today (February 18, 2025). She also hosted a banquet in his honour.

    Welcoming His Highness Al Thani on his second State Visit to India, the President said that India’s relations with Qatar are steeped in history, spanning centuries. Qatar has been an integral part of West Asia’s linkages of commerce and culture with India.

    The President said that multi-faceted engagement and cooperation between India and Qatar are marked by a deep sense of comfort and time-tested goodwill. The two countries are reliable partners in the areas of trade, investment, food security, health, culture and energy. She said that we should also take advantage of the respective strengths of both countries to broaden our cooperation in the areas of innovation, technology and start-ups.  

    The President said that said that both countries should work together for peace, progress and prosperity of not only our peoples but for all people of the world.

    Both leaders agreed that the elevation of the India-Qatar relationship to the level of ‘strategic partnership’ would establish a roadmap for even closer engagement.

    Please click here to see the President’s speech – 

     

    ***

    MJPS/SR

    (Release ID: 2104525) Visitor Counter : 8

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India – Qatar Joint Statement

    Source: Government of India

    Posted On: 18 FEB 2025 8:17PM by PIB Delhi

    At the invitation of Prime Minister of India His Excellency Shri Narendra Modi, His Highness the Amir of the State of Qatar, Sheikh Tamim bin Hamad Al-Thani paid a State Visit to India on 17-18 February 2025. HH the Amir was accompanied by a high-level delegation comprising Ministers, officials and business leaders. This was the second State Visit of HH the Amir to India.

    HH the Amir was received by Hon’ble President of India Smt Droupadi Murmu and Prime Minister Shri Narendra Modi at the Forecourt of Rashtrapati Bhawan on 18 February and was accorded a ceremonial welcome. Hon’ble President also hosted a banquet reception in honour of HH the Amir and accompanying delegation.

    Prime Minister Shri Narendra Modi held bilateral talks with HH the Amir at Hyderabad House on 18 February. Both leaders recalled the historic trade linkages, deep-rooted people-to-people ties and robust bilateral relations between both countries. They expressed the desire for further expanding and deepening of the multifaceted relationship between both countries. In this context, they expressed happiness on the signing of the ‘Agreement on the Establishment of Bilateral Strategic Partnership’ between the two sides.

    In light of the newly established Strategic Partnership, the two sides reaffirmed their commitment to further strengthen the bilateral relations through regular and structured cooperation in all areas, including political, trade, investment, security, energy, culture, education, technology, innovation, sustainability and people-to-people ties. In this regard, the two sides expressed happiness at the signing of the revised Double Taxation Avoidance Agreement and also agreed to expedite negotiations on the India-Qatar Bilateral Investment Treaty.

    The two sides noted with satisfaction that regular interactions at various levels have helped provide momentum to the multifaceted bilateral cooperation. They recalled the successful visit of HH the Amir to India in March 2015 and the visits of Prime Minister to Qatar in June 2016 and February 2024. The two sides agreed to continue the high-level exchanges through regular bilateral mechanisms at Ministerial and senior-official levels.

    The two sides noted that trade and commerce has been a strong pillar of bilateral economic cooperation between the two countries and emphasized on the potential for further growth and diversification in bilateral trade. The two sides welcomed the elevation of the existing Joint Working Group on Trade and Commerce into a Joint Commission on Trade and Commerce. The Joint Commission will be an institutional mechanism to review and monitor the entire spectrum of economic ties between the two countries and will be headed by the Ministers of Commerce and Industry on both sides.

    The two sides laid emphasis on strengthening collaborations between their business and industry bodies. In this context, they welcomed the holding of the first meeting of the Joint Business Council on 13 February 2025.

    The two sides agreed on the need to explore strategies for enhanced and diversified trade between the two countries and address on priority market access issues related to trade in goods and services. In this regard, the two sides agreed to explore the possibility of entering into a bilateral Comprehensive Economic Partnership Agreement. Both sides set the target to double bilateral trade by 2030.

    Qatar and India have a strong strategic relationship and given that the Indian economy is one of the fastest growing economies, the Indian side welcomed the decision of Qatar Investment Authority (QIA) to open an office in India. Both sides expressed satisfaction with the progress made by the Joint Task Force on Investments during its first meeting in June 2024, where various avenues for investments in India were discussed.

    The Qatar side commended the steps taken by India in making a conducive environment for Foreign Direct Investment and Foreign Institutional Investment and expressed interest to explore investment opportunities in different sectors, including infrastructure, technology, manufacturing, food security, logistics, hospitality, and other areas of mutual interest. In this regard, the Qatar side announced a commitment to invest USD 10 billion in India. The Indian side also appreciated Qatar’s efforts in enhancing its investment environment and its initiatives to attract Foreign Direct Investment. India also recognized Qatar’s growing role as a regional hub for goods and services, leveraging its strategic location, world-class infrastructure, and business-friendly policies. Both sides emphasized the importance of deepening cooperation between investment authorities, financial institutions, and businesses to explore new opportunities for investment and trade expansion.

    The parties shall expand and deepen mutually beneficial trade and economic cooperation between the two countries in accordance with their respective legislations and the provisions of international conventions to which they are parties. They shall cooperate in order to achieve stable growth and diversification of trade, increase the volume of exchanged products, and provide mutual services on a systematic and long-term basis. Additionally, they shall implement measures to attract and encourage the establishment of joint projects between the private sectors of both countries. In this regard, both sides welcomed convening of the Joint Business Forum inaugurated by the Ministers of Commerce and Industry of both countries on 18 February 2025.

    Recognizing the pivotal role of businesses in driving economic growth, both sides emphasized the importance of trade exhibitions as a strategic platform for promoting commercial partnerships, increasing and diversifying bilateral trade, and facilitating investments. In pursuit of these objectives, both sides will strengthen collaboration between their export promotion agencies to support enterprises in identifying opportunities, addressing market challenges, and increasing participation in international trade exhibitions. This initiative will enable businesses from both nations to showcase their products, explore joint ventures, and establish sustainable commercial ties.

    The two sides welcomed the operationalization of India’s Unified Payment Interface (UPI) in QNB’s Points of Sales in Qatar and looked forward to implement nation-wide roll-out of UPI acceptance in Qatar. They agreed to explore settlement of bilateral trade in respective currencies. QNB’s expansion is also welcomed in India through setting up of an office in GIFT City.

    The two sides shall work to further enhance bilateral energy cooperation, including through promotion of trade and mutual investments in energy infrastructure and regular meetings of the relevant stakeholders from both sides, including the Joint Task Force on Energy.

    The two leaders unequivocally condemned terrorism in all its forms and manifestations including cross-border terrorism and agreed to cooperate in combating this menace through bilateral and multilateral mechanisms. They agreed to enhance cooperation in information and intelligence sharing, developing and exchanging experiences, best practices and technologies, capacity building and to strengthen cooperation in law enforcement, anti-money laundering, drug-trafficking, Cybercrime and other transnational crimes. The two leaders also discussed ways and means to promote cooperation in cybersecurity, including prevention of use of cyberspace for terrorism, radicalisation and for disturbing social harmony. They emphasized the importance of holding regular meetings of the Joint Committee on Security and Law Enforcement.

    The two sides acknowledged health cooperation as one of the important pillars of bilateral ties and expressed their commitment to further strengthen collaboration in this important sector. The two sides appreciated the bilateral cooperation during the Covid-19 pandemic including through the Joint Working Group on Health. The Indian side expressed interest in enhancing exports of Indian pharmaceutical products and medical devices to Qatar. Both sides also expressed their desire to facilitate the registration of national companies and pharmaceutical products.

    The two sides expressed interest in pursuing deeper collaboration in technology and innovation, including emerging technologies, startups, and Artificial Intelligence. They discussed avenues for furthering e-Governance and sharing best practices in the digital sector. Both sides welcomed the participation of Indian startups in Web Summits in Doha, Qatar in 2024-25.

    The importance of food security and protection of supply chains was emphasized by the two sides and they agreed to further strengthen cooperation in this field.

    The two sides stressed the importance of enhancing cultural cooperation through exchanging participation in cultural events and supporting effective partnerships between cultural institutions in both countries. They also decided to further strengthen cooperation in the area of sports including mutual exchange and visits of sportsmen, organising workshops, seminars and conferences, exchange of sports publications between both nations. In this regard, the two sides welcomed the decision to celebrate India-Qatar Year of Culture, Friendship and Sports in the near future.

    The two sides highlighted that education is an important area of cooperation including strengthening institutional linkages and exchanges between higher educational institutions of both countries. They also emphasized on enhanced interactions among educational institutions, including through academic exchanges, joint research, students and scholar exchanges, and University-to-University cooperation of both countries.

    The two sides acknowledged that the centuries old people-to-people ties represent a fundamental pillar of the historic India-Qatar relationship. The Qatari leadership expressed deep appreciation for the role and contribution made by the Indian community in Qatar for the progress and development of their host country, noting that Indian citizens in Qatar are highly respected for their peaceful and hard-working nature. The Indian side conveyed deep appreciation to the leadership of Qatar for ensuring the welfare and well-being of this large and vibrant Indian community in Qatar. The Qatar side welcomed extension of e-visa facility by India to Qatari nationals.

    The two sides stressed upon the depth and importance of long standing and historical cooperation in the field of manpower mobility and human resources. The two sides agreed to hold regular meetings of the Joint Working Group on Labour and Employment to address issues related to expatriates, manpower mobility, dignity, safety and welfare of workers and matters of mutual interest.

    The two sides exchanged views on regional and international issues of mutual interest, including the security situation in the Middle East. They emphasized the importance of dialogue and diplomacy for peaceful resolution of international disputes. The two sides also appreciated the excellent coordination between the two sides in the UN and other multilateral fora.

    The Indian side thanked the Qatari side for its support to the growing India-GCC cooperation and for facilitating the inaugural India-GCC Joint Ministerial Meeting for Strategic Dialogue at the level of Foreign Ministers held in Riyadh on 9 September 2024 under Qatar’s Chairmanship. The two sides welcomed the outcomes of the inaugural India-GCC Joint Ministerial Meeting for Strategic Dialogue. Qatar side assured full support for deepening of the India-GCC cooperation under the recently adopted Joint Action Plan.

    In the context of UN reforms, both leaders emphasized the importance of a reformed and effective multilateral system, centered on a UN reflective of contemporary realities, as a key factor in tackling global challenges. The two sides stressed the need for UN reforms, including of the Security Council. Both sides stressed the importance of addressing shared global challenges through coordinated efforts within the framework of the United Nations, its specialized agencies, and programs, as well as through technical cooperation to advance the achievement of UN Sustainable Development Goals (SDGs). Both sides agreed to engage in close cooperation and support each other at the United Nations including supporting each other’s candidatures to multilateral forums.

    The following documents were signed/exchanged during the visit, which will further deepen the multifaceted bilateral relationship as well as open avenues for newer areas of cooperation:

    · Agreement on the Establishment of Bilateral Strategic Partnership

    · Revised Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and its Protocol

    · MoU between Ministry of Finance, India and Ministry of Finance, Qatar on Financial and Economic Collaboration

    · MoU on Cooperation in Field of Youth and Sports

    · MOU for Cooperation in the field of Documents and Archives

    · MoU between Invest India and Invest Qatar

    · MoU between Confederation of Indian Industry and Qatari Businessmen Association

    HH the Amir thanked Prime Minister Shri Narendra Modi for the warm hospitality accorded to him and his delegation. The visit reaffirmed the strong bonds of friendship and cooperation between India and Qatar. The leaders expressed optimism that this renewed partnership would continue to grow, benefiting the people of both countries and contributing to regional and global stability.

     

    ***

    MJPS/SR

    (Release ID: 2104490) Visitor Counter : 138

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India – Qatar Joint Statement (February 18, 2025)

    Source: Government of India (2)

    Posted On: 18 FEB 2025 8:17PM by PIB Delhi

    At the invitation of Prime Minister of India His Excellency Shri Narendra Modi, His Highness the Amir of the State of Qatar, Sheikh Tamim bin Hamad Al-Thani paid a State Visit to India on 17-18 February 2025. HH the Amir was accompanied by a high-level delegation comprising Ministers, officials and business leaders. This was the second State Visit of HH the Amir to India.

    HH the Amir was received by Hon’ble President of India Smt Droupadi Murmu and Prime Minister Shri Narendra Modi at the Forecourt of Rashtrapati Bhawan on 18 February and was accorded a ceremonial welcome. Hon’ble President also hosted a banquet reception in honour of HH the Amir and accompanying delegation.

    Prime Minister Shri Narendra Modi held bilateral talks with HH the Amir at Hyderabad House on 18 February. Both leaders recalled the historic trade linkages, deep-rooted people-to-people ties and robust bilateral relations between both countries. They expressed the desire for further expanding and deepening of the multifaceted relationship between both countries. In this context, they expressed happiness on the signing of the ‘Agreement on the Establishment of Bilateral Strategic Partnership’ between the two sides.

    In light of the newly established Strategic Partnership, the two sides reaffirmed their commitment to further strengthen the bilateral relations through regular and structured cooperation in all areas, including political, trade, investment, security, energy, culture, education, technology, innovation, sustainability and people-to-people ties. In this regard, the two sides expressed happiness at the signing of the revised Double Taxation Avoidance Agreement and also agreed to expedite negotiations on the India-Qatar Bilateral Investment Treaty.

    The two sides noted with satisfaction that regular interactions at various levels have helped provide momentum to the multifaceted bilateral cooperation. They recalled the successful visit of HH the Amir to India in March 2015 and the visits of Prime Minister to Qatar in June 2016 and February 2024. The two sides agreed to continue the high-level exchanges through regular bilateral mechanisms at Ministerial and senior-official levels.

    The two sides noted that trade and commerce has been a strong pillar of bilateral economic cooperation between the two countries and emphasized on the potential for further growth and diversification in bilateral trade. The two sides welcomed the elevation of the existing Joint Working Group on Trade and Commerce into a Joint Commission on Trade and Commerce. The Joint Commission will be an institutional mechanism to review and monitor the entire spectrum of economic ties between the two countries and will be headed by the Ministers of Commerce and Industry on both sides.

    The two sides laid emphasis on strengthening collaborations between their business and industry bodies. In this context, they welcomed the holding of the first meeting of the Joint Business Council on 13 February 2025.

    The two sides agreed on the need to explore strategies for enhanced and diversified trade between the two countries and address on priority market access issues related to trade in goods and services. In this regard, the two sides agreed to explore the possibility of entering into a bilateral Comprehensive Economic Partnership Agreement. Both sides set the target to double bilateral trade by 2030.

    Qatar and India have a strong strategic relationship and given that the Indian economy is one of the fastest growing economies, the Indian side welcomed the decision of Qatar Investment Authority (QIA) to open an office in India. Both sides expressed satisfaction with the progress made by the Joint Task Force on Investments during its first meeting in June 2024, where various avenues for investments in India were discussed.

    The Qatar side commended the steps taken by India in making a conducive environment for Foreign Direct Investment and Foreign Institutional Investment and expressed interest to explore investment opportunities in different sectors, including infrastructure, technology, manufacturing, food security, logistics, hospitality, and other areas of mutual interest. In this regard, the Qatar side announced a commitment to invest USD 10 billion in India. The Indian side also appreciated Qatar’s efforts in enhancing its investment environment and its initiatives to attract Foreign Direct Investment. India also recognized Qatar’s growing role as a regional hub for goods and services, leveraging its strategic location, world-class infrastructure, and business-friendly policies. Both sides emphasized the importance of deepening cooperation between investment authorities, financial institutions, and businesses to explore new opportunities for investment and trade expansion.

    The parties shall expand and deepen mutually beneficial trade and economic cooperation between the two countries in accordance with their respective legislations and the provisions of international conventions to which they are parties. They shall cooperate in order to achieve stable growth and diversification of trade, increase the volume of exchanged products, and provide mutual services on a systematic and long-term basis. Additionally, they shall implement measures to attract and encourage the establishment of joint projects between the private sectors of both countries. In this regard, both sides welcomed convening of the Joint Business Forum inaugurated by the Ministers of Commerce and Industry of both countries on 18 February 2025.

    Recognizing the pivotal role of businesses in driving economic growth, both sides emphasized the importance of trade exhibitions as a strategic platform for promoting commercial partnerships, increasing and diversifying bilateral trade, and facilitating investments. In pursuit of these objectives, both sides will strengthen collaboration between their export promotion agencies to support enterprises in identifying opportunities, addressing market challenges, and increasing participation in international trade exhibitions. This initiative will enable businesses from both nations to showcase their products, explore joint ventures, and establish sustainable commercial ties.

    The two sides welcomed the operationalization of India’s Unified Payment Interface (UPI) in QNB’s Points of Sales in Qatar and looked forward to implement nation-wide roll-out of UPI acceptance in Qatar. They agreed to explore settlement of bilateral trade in respective currencies. QNB’s expansion is also welcomed in India through setting up of an office in GIFT City.

    The two sides shall work to further enhance bilateral energy cooperation, including through promotion of trade and mutual investments in energy infrastructure and regular meetings of the relevant stakeholders from both sides, including the Joint Task Force on Energy.

    The two leaders unequivocally condemned terrorism in all its forms and manifestations including cross-border terrorism and agreed to cooperate in combating this menace through bilateral and multilateral mechanisms. They agreed to enhance cooperation in information and intelligence sharing, developing and exchanging experiences, best practices and technologies, capacity building and to strengthen cooperation in law enforcement, anti-money laundering, drug-trafficking, Cybercrime and other transnational crimes. The two leaders also discussed ways and means to promote cooperation in cybersecurity, including prevention of use of cyberspace for terrorism, radicalisation and for disturbing social harmony. They emphasized the importance of holding regular meetings of the Joint Committee on Security and Law Enforcement.

    The two sides acknowledged health cooperation as one of the important pillars of bilateral ties and expressed their commitment to further strengthen collaboration in this important sector. The two sides appreciated the bilateral cooperation during the Covid-19 pandemic including through the Joint Working Group on Health. The Indian side expressed interest in enhancing exports of Indian pharmaceutical products and medical devices to Qatar. Both sides also expressed their desire to facilitate the registration of national companies and pharmaceutical products.

    The two sides expressed interest in pursuing deeper collaboration in technology and innovation, including emerging technologies, startups, and Artificial Intelligence. They discussed avenues for furthering e-Governance and sharing best practices in the digital sector. Both sides welcomed the participation of Indian startups in Web Summits in Doha, Qatar in 2024-25.

    The importance of food security and protection of supply chains was emphasized by the two sides and they agreed to further strengthen cooperation in this field.

    The two sides stressed the importance of enhancing cultural cooperation through exchanging participation in cultural events and supporting effective partnerships between cultural institutions in both countries. They also decided to further strengthen cooperation in the area of sports including mutual exchange and visits of sportsmen, organising workshops, seminars and conferences, exchange of sports publications between both nations. In this regard, the two sides welcomed the decision to celebrate India-Qatar Year of Culture, Friendship and Sports in the near future.

    The two sides highlighted that education is an important area of cooperation including strengthening institutional linkages and exchanges between higher educational institutions of both countries. They also emphasized on enhanced interactions among educational institutions, including through academic exchanges, joint research, students and scholar exchanges, and University-to-University cooperation of both countries.

    The two sides acknowledged that the centuries old people-to-people ties represent a fundamental pillar of the historic India-Qatar relationship. The Qatari leadership expressed deep appreciation for the role and contribution made by the Indian community in Qatar for the progress and development of their host country, noting that Indian citizens in Qatar are highly respected for their peaceful and hard-working nature. The Indian side conveyed deep appreciation to the leadership of Qatar for ensuring the welfare and well-being of this large and vibrant Indian community in Qatar. The Qatar side welcomed extension of e-visa facility by India to Qatari nationals.

    The two sides stressed upon the depth and importance of long standing and historical cooperation in the field of manpower mobility and human resources. The two sides agreed to hold regular meetings of the Joint Working Group on Labour and Employment to address issues related to expatriates, manpower mobility, dignity, safety and welfare of workers and matters of mutual interest.

    The two sides exchanged views on regional and international issues of mutual interest, including the security situation in the Middle East. They emphasized the importance of dialogue and diplomacy for peaceful resolution of international disputes. The two sides also appreciated the excellent coordination between the two sides in the UN and other multilateral fora.

    The Indian side thanked the Qatari side for its support to the growing India-GCC cooperation and for facilitating the inaugural India-GCC Joint Ministerial Meeting for Strategic Dialogue at the level of Foreign Ministers held in Riyadh on 9 September 2024 under Qatar’s Chairmanship. The two sides welcomed the outcomes of the inaugural India-GCC Joint Ministerial Meeting for Strategic Dialogue. Qatar side assured full support for deepening of the India-GCC cooperation under the recently adopted Joint Action Plan.

    In the context of UN reforms, both leaders emphasized the importance of a reformed and effective multilateral system, centered on a UN reflective of contemporary realities, as a key factor in tackling global challenges. The two sides stressed the need for UN reforms, including of the Security Council. Both sides stressed the importance of addressing shared global challenges through coordinated efforts within the framework of the United Nations, its specialized agencies, and programs, as well as through technical cooperation to advance the achievement of UN Sustainable Development Goals (SDGs). Both sides agreed to engage in close cooperation and support each other at the United Nations including supporting each other’s candidatures to multilateral forums.

    The following documents were signed/exchanged during the visit, which will further deepen the multifaceted bilateral relationship as well as open avenues for newer areas of cooperation:

    · Agreement on the Establishment of Bilateral Strategic Partnership

    · Revised Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and its Protocol

    · MoU between Ministry of Finance, India and Ministry of Finance, Qatar on Financial and Economic Collaboration

    · MoU on Cooperation in Field of Youth and Sports

    · MOU for Cooperation in the field of Documents and Archives

    · MoU between Invest India and Invest Qatar

    · MoU between Confederation of Indian Industry and Qatari Businessmen Association

    HH the Amir thanked Prime Minister Shri Narendra Modi for the warm hospitality accorded to him and his delegation. The visit reaffirmed the strong bonds of friendship and cooperation between India and Qatar. The leaders expressed optimism that this renewed partnership would continue to grow, benefiting the people of both countries and contributing to regional and global stability.

     

    ***

    MJPS/SR

    (Release ID: 2104490) Visitor Counter : 22

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India-UAE Comprehensive Economic Partnership Agreement completes 3 years of signing

    Source: Government of India (2)

    Posted On: 18 FEB 2025 7:06PM by PIB Delhi

    The India-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) is completing three years of its signing on 18th February 2025. CEPA is a full and deep Agreement which was signed on 18th February 2022, during a virtual summit between the Hon’ble Prime Minister of India, Shri Narendra Modi and His Excellency the President of the UAE and Ruler of Abu Dhabi, His Highness Sheikh Mohamed bin Zayed Al Nahyan. It entered into force from 01st May 2022.

    Since the signing of CEPA, bilateral merchandise trade has nearly doubled from USD 43.3 billion in FY 2020-21 to USD 83.7 billion in 2023-24. During the current FY (April-December, 2024), it reached USD 71.8 billion. CEPA has been successful in realising its potential of diversification of trade basket as non-oil trade touched USD 57.8 billion in FY 2023-24 accounting for more than half of the total trade. This is attuned to the target of taking bilateral non-oil trade to USD 100 billion level by 2030. In terms of utilization of CEPA preferential duties are concerned, since coming into force, nearly 2,40,000 Certificates of Origin have been issued against which total export of USD 19.87 billion have been made to the UAE.

    In terms of India’s exports, non-oil exports reached USD 27.4 billion in FY 2023-24 recording an average growth of 25.6% since entering into force of CEPA. At the sectoral level, besides refined crude oil products and gems & jewellery products, electrical machinery and equipment, light & medium high technology goods like boilers, generators and reactors and organic & in-organic chemicals have been major achievers. Besides, at the product level, smartphones have emerged as a major item of export with shipments valued USD 2.57 billion bound for the UAE during FY 2023-24.

    Since signing of the Agreement, both the governments have strived to address challenges faced by each others’ exporters through regular high-level meetings and technical discussions between the officials. The Joint Committee, established as an institutional mechanism to take stock of the implementation of CEPA, has already met twice at the level of Joint/Additional Secretary -the last one being in October, 2024. The Trade in Goods Committee has also met several times to address issues related to bilateral trade. In the spirit of mutual cooperation and trust, both sides have taken concrete steps to operationalize various other Sub-Committees as well to deliberate on issues related to trade in services, rules of origin, customs procedure and trade facilitation. The inauguration of Bharat Mart initiative by the Hon’ble Prime Minister in Dubai will act as a One Stop Shop for Indian manufacturers to offer their products to the global markets and will foster our exports.

    The India-UAE CEPA has resulted into new era of economic partnership and diplomacy for both the nations by empowering MSMEs, generating employment and creating new business opportunities. India and UAE are committed to enhance their economic partnership to foster robust trade and opportunities and reach new heights leveraging CEPA.                                               

    ***

    Abhishek Dayal/Abhijith Narayanan

    (Release ID: 2104450) Visitor Counter : 96

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister Shri Shivraj Singh Chouhan to inaugurate 77th Session of Executive Committee of the African-Asian Rural Development Organization in New Delhi tomorrow

    Source: Government of India (2)

    Posted On: 18 FEB 2025 5:59PM by PIB Delhi

    Union Minister for Rural Development and Agriculture & Farmers’ Welfare Shri Shivraj Singh Chouhan will be inaugurated the 77th Session of the Executive Committee (EC-77) of African-Asian Rural Development Organization in New Delhi tomorrow. The 77th Session of the Executive Committee is being organised by its headquarters in New Delhi from 19-20 February 2025 with the support of Government of India. It will be attended by the Secretary/Permanent Secretary/senior officers of AARDO member countries from Asia and Africa nominated by their governments. From India, the Secretary, Ministry of Rural Development is the member of the Executive Committee.

    The EC-77, among others, will propose the names of the President and two Vice Presidents, one each from Asia and Africa to the 21stGeneral Session of AARDO Conference for the triennium 2025-2027 for consideration. It will also recommend the Work Programme and Budget Estimates for consideration of the 21stAARDO Conference. The EC-77 will approve the enrolment of new members in AARDO and 25 new MOUs that AARDO has signed with other organizations. The EC-77 will review the Human Resource Development Programme, Development Pilot Projects and activities of AARDO’s six (6) Regional Offices for the period May 2023 – October 2024. It will also adopt reports of AARDO’s Liaison Committee: 80th– 83rdSession and follow up actions taken thereof. The EC-77 will review membership contribution and consider proposing enhancement in the membership contribution to the 21stAARDO Conference for the triennium 2025-2027.

    The EC-77 will be a pre-AARDO Conference meeting at the same venue, where 21stGeneral Session of AARDO Conference will be held in New Delhi, India. Immediately after conclusion of the AARDO Conference, 78thSession of Executive Committee will be held on 25thFebruary 2025.

    The Executive Committee, consisting of President and two Vice Presidents, one each from Asia and Africa and ten members, five each from Asia and Africa, meets once a year and deals with all matters entrusted to it by the AARDO Conference.

    African-Asian Rural Development Organisation (AARDO), one of the the earliest examples of South-South and Triangular cooperation in the fields of agriculture and rural development in the African-Asian region, established in 1962, is an autonomous inter-governmental/multilateral organisation, comprising 32 country governments of Africa and Asia as full members and 3 associate members. The organization has been given the status of international organisation by the Government of India, at par with other UN organisations in India.

    AARDO implements its activities at organisational and technical level. Under the organizational level, AARDO secretariat organises governing body meetings, conducts Member Relations and supervises its six Regional Offices located, 3 each in Africa and Asia. The technical activities encompass human resource development (HRD) programmes, development pilot project, technology-based transformation, collaboration with international and regional organisations and information dissemination.

    The annual financial contribution by the members is the main source to run the activities of the Organization.  Besides, the member countries contribute in organising technical activities in their own countries. Important among these countries are Bangladesh, Republic of China (Taiwan), Egypt, India, Republic of Korea, Malaysia, Morocco, Zambia etc.

    So far, seventy-six (76) Sessions of Executive Committee have been hosted by the member countries/AARDO Secretariat. The last Session was hosted by the Government of Republic of Zambia in June 2023.

    The Government of India has been supporting AARDO from the very beginning with numerous initiatives from time to time. India is host to the AARDO Secretariat by way of providing a permanent building in New Delhi for which recently, substantial financial assistance has been extended for major renovation of the building.

     

    ******

    MG/RN

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    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: WTO chairpersons for 2025

    Source: World Trade Organization

    General Council

    H.E. Mr. Saqer Abdullah Almoqbel (Kingdom of Saudi Arabia)

    Dispute Settlement Body

    H.E. Ms. Clare Kelly (New Zealand)

    Trade Policy Review Body

    H.E. Mr. Asset Irgaliyev (Kazakhstan)

    Council for Trade in Goods

    H.E. Mr. Gustavo Nerio Lunazzi (Argentina)

    Council for Trade in Services

    H.E. Mr. Ram Prasad Subedi (Nepal)

    Council for Trade-Related Aspects of Intellectual Property Rights (TRIPS)

    Mme. Emmanuelle Ivanov-Durand (France)

    Committee on Trade and Development

    H.E. Dr. Mzukisi Qobo (South Africa)

    Committee on Balance-of-Payments Restrictions

    H.E. Dr. José R. Sánchez-Fung             (Dominican Republic)

    Committee on Budget, Finance and Administration

    H.E. Mrs. Carmen Heidecke (Germany)

    Committee on Trade and Environment

    H.E. Mr. Erwin Bollinger (Switzerland)

    Committee on Regional Trade Agreements

    H.E. Mr. José Valencia (Ecuador)

    Working Group on Trade, Debt and Finance

    H.E. Mr. Suon Prasith (Cambodia)

    Working Group on Trade and Transfer of Technology

    H.E. Mr. Salomon Eheth (Cameroon)

    Council for Trade in Services in Special Session

    H.E. Dr. Adamu Mohammed Abdulhamid (Nigeria)

    MIL OSI Economics –

  • MIL-OSI Europe: Briefing – Cyprus’s climate action strategy – 18-02-2025

    Source: European Parliament

    In 2023, Cyprus accounted for around 0.3 % of the EU’s net greenhouse gas (GHG) emissions, and achieved a net emissions reduction of 5.6 % compared with 2005. The country’s total emissions decreased by 4.7 % between 2005 and 2023, while its net carbon removals in the land use, land-use change and forestry (LULUCF) sector increased by 36 %. Emissions from sectors covered by the effort-sharing legislation have increased by 7.9 % since 2005, and in 2023 were slightly higher than those from sectors under the EU emissions trading system (ETS), which were down 14.9 % over the same period. Although Cyprus intends to reach zero net emissions in 2050 (see trajectory in Figure 1), the level of progress towards the EU climate neutrality objective appears to be insufficient. The European Commission assessed Cyprus’s draft updated national energy and climate plan (NECP) and made recommendations. The final updated NECP was submitted in December 2024. Almost half of Cyprus’s national recovery and resilience plan, which includes a REPowerEU chapter, is dedicated to the green transition, with a focus on energy and transport. In a 2023 survey, 39 % of Cypriots, compared with a 46 % EU average, identified climate change as one of the four most serious problems facing the world. Most expect the national government (69 %), business and industry (67 %) and/or the EU (63 %) to tackle climate change, while 41 % think it is a personal responsibility.

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – 29 years of failure to protect Cypriot loan borrowers from foreclosures of family homes – P-002870/2024(ASW)

    Source: European Parliament

    Directive 93/13/EEC[1] requires Member States to ensure that consumers are not bound by unfair terms and have effective remedies against such terms.

    I t applies to all kinds of contracts on the purchase of goods and services[2] and to contracts concluded in Cyprus since its accession to the EU on 1 May 2004[3].

    It is the primary responsibility of national authorities and courts to safeguard consumer rights in individual disputes such as related to mortgage enforcement[4].

    The Commission opened in 2013 an infringement procedure[5] against Cyprus for ineffective enforcement of Directive 93/13/EEC and Directive 2005/29/EC[6].

    While Cyprus responded positively to several concerns, certain unresolved grievances, including concerning the role of the Law Office of the Republic, were addressed in an additional letter of formal notice on 25 July 2019[7] and a reasoned opinion on 18 February 2021[8].

    The Commission is finalising its assessment of the case, taking into account inter alia the reply of 16 April 2021 to the reasoned opinion, subsequent changes to Cypriot consumer law last notified to the Commission in November 2022[9], and further analysis undertaken as part of the preparation of the report on the implementation of the Modernisation Directive, published by the Commission on 18 June 2024[10].

    • [1] Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts, OJ L 95, 21.4.1993, p. 29-34.
    • [2] See Section 5 of Commission Notice — Guidance on the interpretation and application of Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts, OJ C 323, 27.9.2019, p. 4-92, COM(2019) 5325 final.
    • [3] See Judgment of the Court of Justice of the European Union of 5 May 2022 in Case C-567/20 A.H. v Zagrebačka banka d.d.
    • [4] See for example CJEU judgment of 30 September 2003, Case C-224/01, Köbler.
    • [5] https://ec.europa.eu/atwork/applying-eu-law/infringements-proceedings/infringement_decisions/index.cfm?lang_code=EN&typeOfSearch=false&active_only=0&noncom=0&r_dossier=INFR%282013%292082&decision_date_from=&decision_date_to=&title=&submit=Search
    • [6] Directive 2005/29/EC of the European Parliament and of the Council of 11 May 2005 concerning unfair business-to-consumer commercial practices in the internal market and amending Council Directive 84/450/EEC, Directives 97/7/EC, 98/27/EC and 2002/65/EC of the European Parliament and of the Council and Regulation (EC) No 2006/2004 of the European Parliament and of the Council (‘Unfair Commercial Practices Directive’), OJ L 149, 11.6.2005, p. 22-39.
    • [7] https://ec.europa.eu/commission/presscorner/detail/en/INF_19_4251
    • [8] https://ec.europa.eu/commission/presscorner/detail/en/inf_21_441
    • [9] See in particular the Cypriot Consumer Protection Laws of 2021 to (No 2) 2022.
    • [10] Report from the Commission to the European Parliament and the Council on the implementation of Directive (EU) 2019/2161 of the European Parliament and of the Council of 27 November 2019 amending Council Directive 93/13/EEC and Directives 98/6/EC, 2005/29/EC and 2011/83/EU of the European Parliament and of the Council as regards the better enforcement and modernisation of Union consumer protection rules, (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM%3A2024%3A258%3AFIN).
    Last updated: 18 February 2025

    MIL OSI Europe News –

  • MIL-OSI Video: CARICOM, Security Council & other topics – Daily Press Briefing | United Nations

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    ———————————

    Highlights:

    – Secretary General
    – Security Council
    – Democratic Republic of the Congo
    – DR Congo/Human Rights
    – Sudan
    – UNRWA
    – Occupied Palestinian Territory
    – Gaza
    – Lebanon
    – Yemen

    SECRETARY-GENERAL
    On Wednesday, the Secretary-General will attend the 48th Regular Meeting of the Conference of the Heads of Government of the Caribbean Community, better known as CARICOM. He will speak at the opening ceremony, which will take place tomorrow evening in Bridgetown, Barbados.
    Underscoring that the Conference’s theme this year – Strength in Unity – which is truly a theme for our times, the Secretary-General is expected to highlight three key areas where, together, we must drive progress – peace and security, the climate crisis and sustainable development.
    On Thursday, the Secretary-General will have a closed session with CARICOM Heads of Government, to exchange views on pressing issues in the region, including Haiti.
    While in Bridgetown, the Secretary-General will hold a bilateral meeting with Prime Minister Mia Mottley of Barbados. He will also meet other leaders on the margins of the conference.
    The Secretary-General will leave New York very early tomorrow morning and he will be back in New York on Thursday.

    SECURITY COUNCIL
    The Secretary-General spoke at today’s Security Council meeting on multilateralism and improving global governance. He said that we have the hardware for international cooperation — but the software needs an update.
    He said that the Pact for the Future adopted in September is aimed at strengthening global governance for the 21st century and rebuilding trust — trust in multilateralism, trust in the United Nations, and trust in this very Council.
    The Secretary-General noted that the Pact recognizes that the Security Council must reflect the world of today, not the world of 80 years ago. It also sets out important principles to guide this long-awaited reform. This Council should be enlarged and made more representative of today’s geopolitical realities, the Secretary-General said.
    He also urged Security Council members to continue working to overcome differences and focus on building the consensus required to deliver the peace for all people.

    Full Highlights:
    https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=18%20February%202025v

    https://www.youtube.com/watch?v=nMTp4rvfKkY

    MIL OSI Video –

  • MIL-OSI Video: From Ground Zero – Global Event featuring Oscar-shortlisted Film | United Nations Movie Society

    Source: United Nations (Video News)

    On Friday, 21 February 2025, the UN Movie Society of the United Nations Staff Recreation Council – dedicated to advancing UN global causes through the transformative power of storytelling, will present an event featuring excerpts from the 2025 Oscar-shortlisted International Feature Film, FROM GROUND ZERO. The programme will be broadcasted live & on demand on the global channels of the United Nations – UN Web TV and UN YouTube.

    FROM GROUND ZERO was filmed during the devastating war in Gaza, during which – according to the United Nations Relief and Work Agency (UNRWA) – over 48,000 Palestinians have been reportedly killed since October 7th, 2023 – the vast majority of them children, women and the elderly. And many more are feared missing under the rubble. Sadly, 273 UNRWA colleagues have also been killed since the war began.

    In under two hours, the film weaves together 22 short films created by 22 courageous Palestinian filmmakers living and surviving in Gaza over this past year. While pulling from the rubble of their homes and their cities, these filmmakers have come together to share these stories with us – mixing dramatic storytelling, documentary, and animation. FROM GROUND ZERO is a moving and compelling story about resilience and the human spirit. The very existence of this film is remarkable, given the dangerous circumstances that existed on the ground at the time of filming. It is a portrayal of resilience and the human spirit that explores the importance of storytelling in a powerful way.

    On this occasion, the event will be opened with remarks delivered by H.E. Mr. Riyad H. Mansour, Ambassador and Permanent Observer of the State of Palestine to the United Nations. In addition, remarks by Director Rashid Masharawi will be featured.

    Movies hold the unique power to promote universal ideals, principles, and values so deeply enshrined by the United Nations – including peace, development, respect for human rights, cultural appreciation, the dignity of the human person, and equal rights for all. Founded at the United Nations Headquarters by Brenda Vongova, the UN Movie Society is committed to championing the goals and values of the United Nations through the universal language of motion pictures.

    https://www.youtube.com/watch?v=5fEfCFAo9yY

    MIL OSI Video –

  • MIL-OSI USA: Barr, Artificial Intelligence: Hypothetical Scenarios for the Future

    Source: US State of New York Federal Reserve

    Advances in artificial intelligence (AI) have accelerated rapidly over the past few years.1 It is now commonplace to see autonomous vehicles navigating city streets, and generative AI tools are available on phones and other devices wherever we go. AI innovations make headlines and play a big role in financial markets, and generative AI has the potential to change how we think about productivity, labor markets and the macroeconomy.2 Today, I will address that question by outlining two hypothetical scenarios for AI’s impact and the implications for businesses, regulators, and society. I will focus my comments on Generative AI, or GenAI, a subset of AI that has seen significant growth and integration into economic activity in just a few short years.
    GenAI and Its AdoptionCompared to earlier iterations of AI, GenAI is able to generate content, which allows it to significantly enhance productivity across a range of knowledge-based activities and be used by people without coding skills. GenAI will likely become a “general purpose technology,” with widespread adoption, continuous improvement, and productivity enhancements to a wide range of sectors across the economy. We are already seeing GenAI improve the productivity of its own R&D.3 There is widespread enthusiasm for GenAI, and survey evidence shows much faster rates of consumer adoption of GenAI already than were seen for the personal computer or the internet.4 While actual deployment of GenAI is limited to some business functions, and there have been pitfalls along the way, businesses in almost every sector are experimenting with or considering how to make use of the technology.5
    Firms are also exploring Agentic AI—Gen AI systems that not only produce new content, but are also able to proactively pursue goals by generating innovative solutions and acting upon them at speed and scale.6 Imagining Agentic AI’s ultimate application, some speculate that we could experience a “country of geniuses in a data center”—a collective intelligence that surpasses human capabilities in problem-solving and collaboration.7 Some believe Agentic AI has the potential to connect ideas in disparate domains, potentially transforming research and development and society more broadly.8
    Hypothetical Scenarios Considering How GenAI Could EvolveToday, I will outline two hypothetical scenarios for considering how GenAI could evolve.9 In one, we see only incremental adoption that primarily augments what humans do today, but still leads to widespread productivity gains. In the other, we see transformative change where we extend human capabilities with far-reaching consequences. For each scenario, I consider the potential implications for the economy and financial sector.
    Thinking through hypothetical scenarios can help widen our lens to a range of possible outcomes and provide a framework for assessing the balance between benefits and risks. Scenarios are not predictions of the future, but provide a framework for analyzing the factors that could lead to different outcomes. Reality is complex. GenAI adoption rates will vary across industries, leading to diverse impacts on market structures. Elements of both scenarios will likely come to pass, and play out at different rates, which will influence the effects on the economy and society. In the short term, GenAI may be overhyped, while in the long run, it may be underappreciated. And, of course, things might turn out differently from these hypotheticals.
    Hypothetical 1: Incremental Progress with Widespread Productivity GainsFirst, let me begin with the incremental scenario, where GenAI primarily augments work in existing processes and leads to steady and widespread productivity gains, but does not fundamentally unlock new capabilities or transform the economy.
    In this state of the world, GenAI tools enhance efficiency and enable more personalized solutions across industries, in ways that have incremental—but still meaningful—effects on people’s lives. For instance, in customer service, professional writing—but not this speech—and software engineering, GenAI-powered tools are already supporting workers, improving accuracy and speed, and these effects could spread to other sectors.10 In this world, health care sees significant improvements as GenAI reduces administrative burdens, assists with diagnostics, and personalizes treatment plans based on real-time patient data. Medicines and other treatments are developed at a faster pace.11 Education is similarly affected, as GenAI alleviates administrative tasks for teachers, allows lessons to be tailored to individual students, and permits students to learn by doing.12 In manufacturing, GenAI-optimized supply chains anticipate and adjust more quickly to disruptions, and current manufacturing processes are refined through virtual iteration.13 In materials science, GenAI-driven experimentation accelerates the discovery of new materials, leading to advances in everything from construction to electronics.14 Turning to the financial sector, we could see similar productivity gains. Community banks leverage GenAI-powered chatbots to provide customized financial advice rooted in local knowledge, while institutions of all sizes continue to advance use of GenAI for compliance monitoring, fraud detection, risk management, and document analysis.15
    The impact to society would be incrementally positive in this state of the world. Humans would use GenAI as a tool to deliver goods and services that we currently produce in a more efficient way. Productivity would go up. The economy would grow at a faster pace.16
    What does this mean for the labor force? The impact will depend on the industry and the nature of the job. GenAI experiments suggest the technology holds the promise of levelling up skills and bringing productivity of lower-performing workers into line with higher performing workers.17 In other cases, it could augment the highest performers, leaving them more time for creativity or strategic aspects of their roles. Increasing automation for certain tasks may displace some workers, where certain skills can be replicated by GenAI. Historically, as technology has replaced some jobs, it has augmented existing roles or created new ones.18 However, this is not to downplay the individual cost for workers who need to retrain, find other employment, or change careers in response to major changes in labor demand. Society will need to account for these possible effects of AI.
    What does this mean for the economy? As I noted before, the economy should grow, if the incremental productivity gains are widespread. However, in this scenario, it is possible that the expected value creation from GenAI was overhyped, anticipating transformative breakthroughs rather than incremental productivity gains. This could trigger market corrections for the firms that have heavily invested in this technology if reality doesn’t measure up to expectations. While the U.S. economy experienced a surge of productivity growth during the dot.com boom in the late 1990s, it was followed by a wave of bankruptcies, capital overhang, and a cautious business investment climate.19 The effects of the ensuing recession were widespread.
    What does this mean for financial stability and other financial risks? In this incremental scenario, GenAI may magnify both the vulnerabilities and sources of resilience that already exist in the system. Attractive trades become more crowded, but risk managers gain new insights.20 Malicious actors gain new tools, but cyber defenders become better armed. So long as financial regulators, enterprise risk managers, and others charged with managing downside risks prioritize efforts to keep pace with the evolving financial ecosystem, there’s nothing to suggest a wholesale transformation of the balance of risks. Of course, keeping pace will pose challenges, and it’s important that we all focus on the need to meet these risks.
    Hypothetical Scenario 2: Transformative ChangeNow, let’s consider a more dramatic hypothetical scenario, in which GenAI adoption extends beyond improving on what we currently do, and provides new expertise and capabilities that have transformative effects on the economy and society. In this scenario, humans deploy their imagination and creativity—combined with robust investment in research and development—to deploy intelligent GenAI systems to make rapid breakthroughs in, for example, biotechnology, robotics, and energy, fundamentally reshaping existing industries and creating new ones. In this instance, to focus the mind, we can think of GenAI as no longer only a tool for scientists to analyze data—in a sense, it becomes the scientist, directing the research.21
    For instance, let’s say that GenAI applications in health care do not simply improve how we currently deliver care, but also enable therapies that target genetic mutations and cure diseases previously considered incurable.22 Similarly, manufacturing evolves to create GenAI-driven robotic factories, with goods produced with new materials and atomic precision.23 Materials science is transformed through the discovery of programmable materials and self-healing substances, all of which reshape construction, technology, and consumer goods.24 Meanwhile, GenAI optimizes fusion energy research, expediting the shift to sustainable energy sources.25 And GenAI helps to create the next generation of quantum computing.26 In that way, GenAI improves its own energy sources and computing capabilities, enabling it to become a more powerful creative tool.27
    Finance also looks radically different than it does today. Individuals with access to hyper-personalized financial planning and businesses with innovative products and services seamlessly connect with one another through near-frictionless or novel forms of financial intermediation.28 Trading strategies and risk-management practices are boosted by greater GenAI-based analytic tools that have dynamic real-time access to an enormous knowledge base in both the public and private domains.29
    Although this transformative scenario is more speculative and is accompanied by a far greater degree of uncertainty than the first, it is important to consider given the extraordinary opportunities for human advancement and welfare that could arise, even if just one of its transformative components were to come to fruition. We would need to fundamentally reimagine how the economy is structured.
    What are the impacts on the labor force, in a world where GenAI’s capabilities extend beyond what humans can accomplish today? Humans may have a role to manage multi-agent GenAI frameworks, or fill gaps where GenAI solutions remain expensive or inefficient for some applications. But this is a world where some workers may see their current jobs disappearing. It is also a world in which they may see their own work transformed and have many more choices about the work they do. The nature of labor would radically change, and this will require us to have broader conversations about how to organize the economy. These conversations should wrestle with how to navigate major economic shifts in a way that recognizes the impact on the human condition, and the extent to which people derive their communities, friendships, personal sense of meaning and dignity from their work.
    What about the competitive landscape? There is probably a greater likelihood that rewards for businesses would be distributed more unevenly at first, as significant breakthroughs with far-reaching ramifications may benefit a subset of firms and industries and concentrate economic power in firms that control GenAI breakthroughs. If only a handful of firms have the ability to accomplish the incredible things I’ve mentioned above, they may dominate markets and crowd out competitors. To the extent that GenAI becomes broadly effective, widely available, and cheap, these market advantages could lessen over time if the right regulatory environment supports competitive market dynamics.30 But history suggests caution in this regard; a handful of players may dominate.31
    And finally, for finance, we should anticipate fundamental changes in this scenario. When it’s working well, the financial system helps move money and risk through time and space.32 To the extent there are fundamental changes to how the economy is organized, we could need a new set of institutions, markets, and products to facilitate transactions among households, businesses, and GenAI agents.
    What Should We Do?Among the many ways in which we can help to harness the potential benefits of GenAI and minimize its risks, I will highlight only a couple today.
    Financial institutions, and the Federal Reserve System, should consider investing sufficient resources in understanding GenAI technology, incorporating it into their workflows where appropriate, and training staff on how to use the technology responsibly and effectively.33 Meanwhile, the financial regulatory community should approach the changing landscape with agility and flexibility. And beyond the financial sector, collaboration between governments, private industry, and research institutions will be critical to ensure that GenAI systems are not weaponized in catastrophic ways. We should continue to focus on responsible AI research and development and implement safeguards against misuse, including monitoring systems, standards for secure AI system development, and agreement on red lines for acceptable use cases.34 We should be attuned to the impact of GenAI on our economic and political institutions. There’s a risk that it concentrates economic and political power in the hands of the very few and could lead to the gains being realized only by a small group, while the rest are left behind.
    Another thing I want to emphasize is AI governance. I think most would agree that the goal of the technology is to improve the human condition, and to do that, we need to be intentional in advancing that goal. We should make sure that we think about GenAI as enhancing, not replacing, humans, and set up best practices and cultural norms to that end. Every financial institution should recognize the limitations of the technology, explore where and when GenAI belongs in any process, and identify how humans can be best positioned to be in the loop. We should also focus on data quality, and make sure that uses of GenAI do not perpetuate or amplify biases inherent in the data used to train the system or make incorrect inferences to the extent the data is incomplete or nonrepresentative.35 In the realm of regulation, frameworks for understanding model risk may need to be updated to address the complexity and challenges of explaining AI methods and the difficulty of assessing data quality.
    We need to be attuned to the risk in finance. The very attributes that make GenAI attractive—the speed, automaticity, and ability to optimize financial strategies—also present risk.36 When the technology becomes ubiquitous, use of GenAI could lead to herding behavior and the concentration of risk, potentially amplifying market volatility. As GenAI agents will be directed to maximize profit, they may converge on strategies to maximize returns through coordinated market manipulation, potentially fueling asset bubbles and crashes. Speed, automaticity, and ubiquity could generate new risks at wide scale.37
    We also should monitor how introduction of this technology changes the banking landscape. Nonbanks may be more nimble and risk-forward in incorporating GenAI into their operations, which may push intermediation to less-regulated, less transparent corners of the financial sector. In addition, this competitive pressure may push all institutions, including regulated institutions, to take a more aggressive approach to GenAI adoption, heightening the governance, alignment, and financial risks I mentioned before.
    In conclusion, while AI’s impact will vary across industries and the reality is evolving, the scenarios I have outlined today provide a framework to begin thinking about how we should respond to developments in GenAI. However, as I mentioned above, elements of both scenarios will likely be present in the future, and play out at different rates, which will influence the effects on the economy and society. Rapid advances in this technology, such as Agentic AI and advancements in open-source models, underscore just how new this technology is and the importance of understanding what it means for individuals, businesses, and markets. Thank you.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board. Return to text
    2. See, for instance, Lisa D. Cook, “Artificial Intelligence, Big Data, and the Path Ahead for Productivity,” (speech at Technology-Enabled Disruption: Implications of AI, Big Data, and Remote Work Conference, Atlanta, Georgia, October 1, 2024). Return to text
    3. See Gaurav Sett, “How AI Can Automate AI Research and Development,” RAND Commentary, October 24, 2024. Return to text
    4. See Cory Breaux and Emin Dinlersoz, “How Many U.S. Businesses Use Artificial Intelligence?” (Washington: U.S. Census Bureau, November 28, 2023); Alexander Bick, Adam Blandin, and David J. Deming, “The Rapid Adoption of Generative AI,” NBER Working Paper No. 32966 (Cambridge, MA: National Bureau of Economic Research, September 2024, revised February 2025); and Leland Crane, Michael Green, and Paul Soto, “Measuring AI Uptake in the Workplace,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, February 5, 2025). Return to text
    5. There’s evidence of firms experimenting with these tools and then abandoning them—due to a multitude of reasons. See Kathryn Bonney, Cory Breaux, Cathy Buffington, Emin Dinlersoz, Lucia S. Foster, Nathan Goldschlag, John C. Haltiwanger, Zachary Kroff, and Keith Savage, “Tracking Firm Use of AI in Real Time: A Snapshot from the Business Trends and Outlook Survey,” NBER Working Paper No. 32319 (Cambridge, MA: National Bureau of Economic Research, April 2024). Return to text
    6. For more on Agentic AI’s uses, advantages, and risks, see Mark Purdy, “What Is Agentic AI, and How Will It Change Work?” Harvard Business Review (December 12, 2024). Return to text
    7. See Dario Amodei, “Machines of Loving Grace,” October 2024, https://darioamodei.com/machines-of-loving-grace. Return to text
    8. For biology and drug discovery, see Jean-Philippe Vert, “Unlocking the Mysteries of Complex Biological Systems with Agentic AI,” MIT Technology Review (November 13, 2024), https://www.technologyreview.com/2024/11/13/1106750/unlocking-the-mysteries-of-complex-biological-systems-with-agentic-ai; and “Owkin Announces First Patient Dosed in Phase I AI-Optimized Clinical Trial of OKN4395, a First-in-Class EP2/EP4/DP1 Triple Inhibitor for Patients with Solid Tumors,” Business Wire, January 30, 2025, https://www.businesswire.com/news/home/20250130436779/en/Owkin-Announces-First-Patient-Dosed-in-Phase-I-AI-optimized-Clinical-Trial-of-OKN4395-a-First-in-Class-EP2EP4DP1-Triple-Inhibitor-for-Patients-with-Solid-Tumors. Return to text
    9. Others have used other types of scenarios. See Anton Korinek, “The Economics of Transformative AI,” The Reporter (Cambridge, MA: National Bureau of Economic Research, December 31, 2024); Iñaki Aldasoro, Leonardo Gambacorta, Anton Korinek, Vatsala Shreeti, and Merlin Stein, “Intelligent Financial System: How AI Is Transforming Finance (PDF),” BIS Working Papers No. 1194 (Basel, Switzerland: Bank for International Settlements, June 2024); and Ethan Mollick, Co-Intelligence: Living and Working with AI (New York: Portfolio/Penguin, 2024). Return to text
    10. For worker productivity gains in customer service, see Erik Brynjolfsson, Danielle Li, and Lindsey R. Raymond, “Generative AI at Work,” NBER Working Paper No. 31161 (Cambridge, MA: National Bureau of Economic Research, April 2023, revised November 2023). For GenAI assisted writing gains, see Shakked Noy and Whitney Zhang, “Experimental Evidence on the Productivity Effects of Generative Artificial Intelligence,” Science, vol. 381, no. 6654 (July 2023): 187–92; Jordan Usdan, Allison Connell Pensky, and Harley Chang, “Generative AI’s Impact on Graduate Student Writing Productivity and Quality,” SSRN (August 29, 2024), https://dx.doi.org/10.2139/ssrn.4941022. For software engineering, see Sida Peng, Eirini Kalliamvakou, Peter Cihon, and Mert Demirer, “The Impact of AI on Developer Productivity: Evidence from GitHub Copilot,” arXiv:2302.06590, February 13, 2023; Leonardo Gambacorta, Han Qiu, Shuo Shan, and Daniel M. Rees, “Generative AI and Labour Productivity: A Field Experiment on Coding (PDF),” BIS Working Papers No. 1208 (Basel, Switzerland: Bank for International Settlements, September 2024); Zheyuan (Kevin) Cui, Mert Demirer, Sonia Jaffe, Leon Musolff, Sida Peng, and Tobias Salz, “The Effects of Generative AI on High-Skilled Work: Evidence from Three Field Experiments with Software Developers,” SSRN (September 5, 2024, revised February 10, 2025), https://dx.doi.org/10.2139/ssrn.4945566. For worker gains in the consulting industry, see Fabrizio Dell’Acqua, Edward McFowland III, Ethan Mollick, Hila Lifshitz-Assaf, Katherine C. Kellogg, Saran Rajendran, Lisa Krayer, François Candelon, and Karim R. Lakhani, “Navigating the Jagged Technological Frontier: Field Experimental Evidence of the Effects of AI on Knowledge Worker Productivity and Quality (PDF),” Harvard Business School Working Paper No. 24-013 (September 2023). Return to text
    11. See Ethan Goh, Robert Gallo, Jason Hom, et al., “Large Language Model Influence on Diagnostic Reasoning: A Randomized Clinical Trial,” JAMA Network Open (October 28, 2024), https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2825395; Nikhil Agarwal, Alex Moehring, Pranav Rajpurkar, and Tobias Salz, “Combining Human Expertise with Artificial Intelligence: Experimental Evidence from Radiology,” NBER Working Paper No. 31422 (Cambridge, MA: National Bureau of Economic Research, July 2023, revised March 2024); Ashley Capoot, “Reid Hoffman Enters ‘Wondrous and Terrifying’ World of Health Care with Latest AI Startup,” CNBC, February 2, 2025, https://www.cnbc.com/2025/02/02/reid-hoffman-launches-manas-ai-a-new-drug-discovery-startup.html; Kang Zhang, Xin Yang, Yifei Wang, Yunfang Yu, Niu Huang, Gen Li, Xiaokun Li, Joseph C. Wu, and Shengyong Yang, “Artificial Intelligence in Drug Development,” Nature Medicine, vol. 31 (January 2025): 45–59, https://doi.org/10.1038/s41591-024-03434-4; Qian Liao, Yu Zhang, Ying Chu, Yi Ding, Zhen Liu, Xianyi Zhao, Yizheng Wang, Jie Wan, Yijie Ding, Prayag Tiwari, Quan Zou, and Ke Han, “Application of Artificial Intelligence in Drug-Target Interactions Prediction: A Review,” NPJ Biomedical Innovations, vol. 2, no. 1 (January 2025), https://doi.org/10.1038/s44385-024-00003-9. Return to text
    12. For more on education, see Justin Wolfers, “An Econ Educators Guide to our AI-Powered Future,” Macmillan Learning, EconEd (presentation), September 26, 2024, https://www.macmillanlearning.com/college/us/events/econed; and Anne J. Manning, “Professor Tailored AI Tutor to Physics Course. Engagement Doubled,” Harvard Gazette, September 5, 2024. Return to text
    13. See Maxime C. Cohen and Christopher S. Tang, “The Role of AI in Developing Resilient Supply Chains,” Georgetown Journal of International Affairs (February 5, 2024); and Remko Van Hoek and Mary Lacity, “How Global Companies Use AI to Prevent Supply Chain Disruptions,” Harvard Business Review, November 21, 2023. Return to text
    14. See Sheldon Fernandez, “How Generative AI Can Be Used in Electronics,” Forbes, April 26, 2023, https://www.forbes.com/councils/forbestechcouncil/2023/04/26/how-generative-ai-can-be-used-in-electronics-manufacturing. Return to text
    15. For U.S. financial institutions, see Elizabeth Judd, “How to Balance Human and Machine While Using Chatbots,” Independent Banker, January 1, 2025; and U.S. Department of the Treasury, “Artificial Intelligence in Financial Services (PDF)” (Washington: U.S. Department of the Treasury, December 2024). For foreign financial institutions, see Bank of England and Financial Conduct Authority, “Artificial Intelligence in UK Financial Services—2024” (London: Bank of England and Financial Conduct Authority, November 21, 2024); and Bank of Japan, “Use and Risk Management of Generative AI by Japanese Financial Institutions,” Financial System Report Annex (Tokyo: Bank of Japan, October 29, 2024). For global financial institutions, see OECD, “FSB Roundtable on Artificial Intelligence (AI) in Finance (PDF),” Financial Stability Board, September 30, 2024. Return to text
    16. Lida R. Weinstock and Paul Tierno, “The Macroeconomic Effects of Artificial Intelligence (PDF),” Congressional Research Service, January 28, 2025. Return to text
    17. See Shakked Noy and Whitney Zhang, “Experimental Evidence on the Productivity Effects of Generative Artificial Intelligence,” Science, vol. 381, no. 6654 (July 13, 2023): 187–92; Brynjolfsson et al., “Generative AI at Work” (see footnote 9); and “for software engineering” from footnote 9; Korinek (2024) from footnote 7. Return to text
    18. See David H. Autor, “Why Are There Still So Many Jobs? The History and Future of Workplace Automation,” Journal of Economic Perspectives, vol. 29, no. 3 (Summer 2015): 3–30.See Simona Abis and Laura Veldkamp. Return to text
    19. See Ben S. Bernanke, “Will Business Investment Bounce Back?” (speech at the Forecasters Club, New York, NY, April 24, 2003). Return to text
    20. See Financial Stability Board, The Financial Stability Implications of Artificial Intelligence (Basel, Switzerland: Financial Stability Board, November 14, 2024); and Jon Danielsson and Andreas Uthemann, “How AI Can Undermine Financial Stability,” VoxEU: CEPR, January 22, 2024. Return to text
    21. For some very early examples, see Davide Castelvecchi, “Researchers Built an ‘AI Scientist’—What Can It Do?” Nature, August 30, 2024, https://www.nature.com/articles/d41586-024-02842-3; Daniil A. Boiko, Robert MacKnight, Ben Kline, and Gabe Gomes, “Autonomous Chemical Research with Large Language Models,” Nature, December 20, 2023, https://www.nature.com/articles/s41586-023-06792-0; and Helena Kudiabor, “Virtual Lab Powered by ‘AI Scientists’ Super-Charges Biomedical Research,” Nature, December 4, 2024, https://www.nature.com/articles/d41586-024-01684-3. Return to text
    22. For more on drug discovery and gene therapy, see Betty Zou, “Team Uses AI and Quantum Computing to Target ‘Undruggable’ Cancer Protein,” Phys Org, January 27, 2025; and Mohammad Ghazi Vakili et al., “Quantum-Computing-Enhanced Algorithm Unveils Potential KRAS Inhibitors,” Nature Biotechnology, January 22, 2025, https://www.nature.com/articles/s41587-024-02526-3. Return to text
    23. See NASA Technology Transfer Program, “Robonaut 2: Hazardous Environments (MSC-TOPS-44)”. Return to text
    24. For more on material sciences innovation, see Andy Extance, “First GPT-4-Powered AI Lab Assistant Independently Directs Key Organic Reactions,” Chemistry World, January 8, 2024, https://www.chemistryworld.com/news/first-gpt-4-powered-ai-lab-assistant-independently-directs-key-organic-reactions/4018723.article; Chenyang Liu, Xi Zhang, Jiahui Chang, You Lyu, Jianan Zhao, and Song Qiu, “Programmable Mechanical Metamaterials: Basic Concepts, Types, Construction Strategies—A Review,” Frontiers, vol. 11 (March 19, 2024); Aidan Toner-Rodgers, “Artificial Intelligence, Scientific Discovery, and Product Innovation,” MIT, November 27, 2024, https://aidantr.github.io/files/AI_innovation.pdf; and Thomas Hayes et al., “Simulating 500 Million Years of Evolution with a Language Model,” Science, January 16, 2025. Return to text
    25. See Tan Sui, “AI Could Help Overcome the Hurdles to Making Nuclear Fusion a Practical Energy Source,” The Conversation, January 29, 2025, https://theconversation.com/ai-could-help-overcome-the-hurdles-to-making-nuclear-fusion-a-practical-energy-source-247608; Jaemin Seo, SangKyeun Kim, Azarakhsh Jalalvand, Rory Conlin, Andrew Rothstein, Joseph Abbate, Keith Erickson, Josiah Wai, Ricardo Shousha, and Egemen Kolemen, “Avoiding Fusion Plasma Tearing Instability with Deep Reinforcement Learning,” Nature, vol. 626, February 21, 2024, https://doi.org/10.1038/s41586-024-07024-9; and Massimiliano Lupo Pasini, German Samolyuk, Markus Eisenbach, Jong Youl Choi, Junqi Yin, and Ying Yang, “First-Principles Data for Solid Solution Niobium-Tantalum-Vanadium Alloys with Body-Centered-Cubic Structures,” Nature: Scientific Data, vol. 11, no. 907 (August 22, 2024), https://doi.org/10.1038/s41597-024-03720-3. Return to text
    26. Nakia Melecio, “Exploring the Synergy: Quantum Computing and Generative AI at the Intersection of Innovation,” ScaleUp Lab Program, Enterprise Innovation Institute, Georgia Tech. Return to text
    27. For an example on GenAI and quantum computers, see Rahul Rao, “Quantum Computers Can Now Run Powerful AI That Works like the Brain,” Scientific American, April 22, 2024, https://www.scientificamerican.com/article/quantum-computers-can-run-powerful-ai-that-works-like-the-brain. For an example about AI and clean energy, see Office of Policy, “How AI Can Help Clean Energy Meet Growing Electricity Demand” (Washington: U.S. Department of Energy, August 16, 2024). For examples of how GenAI is augmenting creativity, see Tojin T. Eapen, Daniel J. Finkenstadt, Josh Folk, and Lokesh Venkataswamy, “How Generative AI Can Augment Human Creativity,” Harvard Business Review (July–August 2023); and Anil R. Doshi and Oliver P. Hauser, “Generative AI Enhances Individual Creativity but Reduces the Collective Diversity of Novel Content,” Science Advances, vol. 10, no. 28 (July 12, 2024). Return to text
    28. See Iñaki Aldasoro, Leonardo Gambacorta, Anton Korinek, Vatsala Shreeti, and Merlin Stein, “Intelligent Financial System: How AI Is Transforming Finance (PDF),” BIS Working Papers No. 1194 (Basel, Switzerland: Bank for International Settlements, June 2024); and Sarah Hammer, “From Turing to Trading: How AI Is Revolutionizing Finance,” Finance Centers at the Wharton School, July 10, 2024. Return to text
    29. Large language models may even allow for the creation of synthetic data that allows for enhancing macroeconomic nowcasting and forecasting through economic AI agents that can also help with analyzing macroeconomic trends and contribute to more informed financial decisionmaking. See Anne Lundgaard Hansen, John J. Horton, Sophia Kazinnik, Daniela Puzzello, and Ali Zarifhonarvar, “Simulating the Survey of Professional Forecasters,” SSRN (December 1, 2024), https://dx.doi.org/10.2139/ssrn.5066286. Return to text
    30. Kelly Ng, Brandon Drenon, Tom Gerken, and Marc Cieslak, “DeepSeek: The Chinese AI App That Has the World Talking,” BBC News, February 4, 2025, https://www.bbc.com/news/articles/c5yv5976z9po. Return to text
    31. For example, see IBM Newsroom, “Data Suggests Growth in Enterprise Adoption of AI Is Due to Widespread Deployment by Early Adopters, But Barriers Keep 40% in the Exploration and Experimentation Phases,” IBM, January 10, 2024, https://newsroom.ibm.com/2024-01-10-Data-Suggests-Growth-in-Enterprise-Adoption-of-AI-is-Due-to-Widespread-Deployment-by-Early-Adopters; and Jefferies Editorial Team, “Can Startups Outsmart Big Tech in the AI Race?” Jefferies, September 17, 2024, https://www.jefferies.com/insights/boardroom-intelligence/can-startups-outsmart-big-tech-in-the-ai-race. Return to text
    32. If AI agents proliferate in financial transactions, we will also need to be careful about the potential for unintended consequences such as collusion among AI agents. See Winston Wei Dou, Itay Goldstein, and Yan Ji, “AI-Powered Trading, Algorithmic Collusion, and Price Efficiency,” Jacobs Levy Equity Management Center for Quantitative Financial Research Paper, The Wharton School Research Paper, May 30, 2024, https://dx.doi.org/10.2139/ssrn.4452704. Return to text
    33. See Request for Information on the Development of an Artificial Intelligence (AI) Action Plan, 90 Fed. Reg. 9,088 (PDF) (February 6, 2025). Return to text
    34. See Heather Domin, “AI Governance Trends: How Regulation, Collaboration, and Skills Demand Are Shaping the Industry,” World Economic Forum, September 5, 2024. Return to text
    35. For more on bias introduced in models, see Moshe Glickman and Tali Sharot, “How Human–AI Feedback Loops Alter Human Perceptual, Emotional, and Social Judgements,” Nature Human Behavior, December 18, 2024, https://www.nature.com/articles/s41562-024-02077-2; Saul Asiel Flores, “‘Bias in, Bias out’: Tackling Bias in Medical Artificial Intelligence,” Yale School of Medicine, November 18, 2024; and Adam Zewe, “Researchers Reduce Bias in AI Models While Preserving or Improving Accuracy,” MIT News, December 11, 2024. For governance in central banks, see Claudia Alvarez Toca and Alexandre Tombini, Governance of AI Adoption in Central Banks (PDF) (Basel, Switzerland: Bank for International Settlements, January 2025). Return to text
    36. See, e.g., Michael P. Wellman, “Artificial Intelligence in Financial Services (PDF)” (written testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, September 20, 2023). Return to text
    37. See Jon Danielsson and Andreas Uthemann, “AI Financial Crises,” VoxEU: CEPR, July 26, 2024. For more on algorithm collusion, see Wei Dou et al., “AI-Powered Trading, Algorithmic Collusion, and Price Efficiency” (see footnote 33). Return to text

    MIL OSI USA News –

  • MIL-OSI Global: How banks, lawyers and lobbyists in the west help post-Communist kleptocrats stay rich

    Source: The Conversation – UK – By John Heathershaw, Professor in International Relations, University of Exeter

    ‘Londongrad’ is a nickname for London that encapsulates the British capital’s popularity as a haven for wealthy Russians in the post-Soviet era. Drone Motion Stock / Shutterstock

    Kleptocracy, a term derived from the Greek for “rule by thieves”, describes a system where business success and political power are inextricably entwined. Political elites exploit their position to siphon off public wealth, entrenching their power through corruption, patronage and repression.

    However, kleptocracy is not just a system of domestic corruption. It typically involves a transnational network of political elites and so-called professional enablers who work together to extract wealth and project power.

    The ability of kleptocrats to loot state resources and evade accountability depends on an ecosystem of banks, lawyers, lobbyists, intelligence agencies and PR firms that provide the financial, legal and reputational tools to legitimise stolen wealth.

    Our new book, Indulging Kleptocracy, analyses many cases of such professional enabling in the UK for elites whose wealth originates in post-Soviet countries such as Azerbaijan, Kazakhstan and Russia. We uncovered examples of this activity using in-depth case studies that drew on court documents and correspondence with the enablers themselves.

    We found that, on countless occasions, British professionals have found loopholes in the rules, defeated new measures against money laundering, exploited the lack of transparency in universities and political parties and challenged the efficiency and effectiveness of the rule of law.

    UK properties worth tens of millions of pounds have been purchased for oligarchs and kleptocrats. And London corporate intelligence firms and lawyers have acted against journalists and researchers on behalf of their post-Soviet elite clients.

    Political parties, parliamentary groups and some of Britain’s top universities have even accepted donations from individuals associated with kleptocracy. In doing so, they have indulged kleptocrats much like the Catholic church once sold indulgences – offering absolution for a price.

    These services extend the wealth, status and influence of these elites into the UK and further afield. The phenomenon of “Londongrad” – a moniker to denote the British capital’s hosting of Russian and Eurasian oligarchs – is not merely about the amount of post-Soviet money laundered there. It incorporates a much wider offering of social and reputational goods, and political and security services.

    Indulging Kleptocracy was published on February 4 by Oxford University Press.
    John Heathershaw, Tena Prelec & Tom Mayne, CC BY-NC-ND

    Sustaining kleptocracy

    Professional enablers do not simply move money, and they don’t merely supply their services. They create the structures that sustain kleptocracy, embedding it into the political and economic fabric.

    The overall picture from the nine indulgences we study in our book, from “hiding money” (banking) to “silencing critics” (defamation law), is of regulators outgunned by the private sector. The professions are driven by market incentives, but their adherence to professional ethical standards is inconsistent.

    Enablers aren’t usually accessories to crimes. They may be acting downstream from grand corruption and are typically compliant with the law. But, in most cases, they appear to be either aware of who they are acting for or wilfully unwitting. They either justify their work by convoluted arguments or simply do not carry out effective due diligence on their clients.

    With Russia’s full-scale invasion of Ukraine, the British government introduced a large number of sanctions against Russian entities. It also passed two acts of parliament in 2022 and 2023 to counter illicit financial activity from Russia. But most enabling is not currently considered criminal and cannot easily be legislated out of existence.

    The issue of indulging in kleptocracy is indicative of a general problem of self-regulation in global financial centres, tax havens and other secrecy jurisdictions that arose with the end of empires in the second half of the 20th century.

    At that time, former British colonies like the British Virgin Islands and Cyprus were looking to broaden their economies into the services sector. This coincided with the end of the Soviet empire, when the wealthy and their capital were flying out of Russia and Eurasia.

    How to indulge no more

    Stopping the indulgence of kleptocracy requires moving beyond piecemeal reforms and treating it as the organised criminal enterprise it is. We suggest designating “kleptocratic enterprises” as organised crime and thereby implicating enablers as part of criminal networks. Across the world, there needs to be transparency from charities, universities and political parties.

    There should be more protection for investigators and whistleblowers. And governments could do more to stimulate the market in for-profit asset recovery.

    In 2020, US$740 million (£598 million) of real estate was seized in Spain from Rifaat al-Assad, the uncle of Syria’s former president Bashar al-Assad. This case involved private sector expertise and followed civil society investigations.

    Without such action, the transformation to a world where kleptocratic wealth and influence sit easily within democracies will continue apace. Even the perception of a connection should be subjected to proper scrutiny: Tulip Siddiq, the UK’s Treasury minister responsible for anti-corruption, recently resigned after her family and alleged financial links to the deposed kleptocratic regime in Bangladesh were highlighted.

    These connections, which the government’s ethics watchdog found not to be in breach of the ministerial code, had been known for years before they became a story. But effective PR campaigns, clever legal arguments and complex financial structures mean that many cases of kleptocratic wealth are never exposed. It’s time to uncover what professional enablers do for kleptocrats.

    John Heathershaw receives funding from the UK’s Foreign Commonwealth and Development Office’s Anti-Corruption Evidence programme. He is affiliated with the Illicit Finance Working Group of the UK Anti-Corruption Coalition.

    Tena Prelec receives funding from the UK’s Foreign Commonwealth and Development Office’s Anti-Corruption Evidence programme. She is affiliated with the Illicit Finance Working Group of the UK Anti-Corruption Coalition

    Tom Mayne receives funding from the UK’s Foreign Commonwealth and Development Office’s Anti-Corruption Evidence programme. He is affiliated with the Illicit Finance Working Group of the UK Anti-Corruption Coalition

    – ref. How banks, lawyers and lobbyists in the west help post-Communist kleptocrats stay rich – https://theconversation.com/how-banks-lawyers-and-lobbyists-in-the-west-help-post-communist-kleptocrats-stay-rich-248973

    MIL OSI – Global Reports –

  • MIL-OSI: AMA Insurance Takes Action on Reducing Claims Emissions with EcoClaim™

    Source: GlobeNewswire (MIL-OSI)

    EDMONTON, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Together, the Alberta Motor Association Insurance Company and EcoClaim are leading a new chapter in Alberta’s insurance sector, one that prioritizes measurable environmental impact, a core value for many Albertans.

    AMA Insurance’s relationship with EcoClaim highlights AMA’s mission to support Albertans through forward-thinking practices while prioritizing the environment. This collaboration equips AMA’s teams and contractor network with the tools to track and minimize greenhouse gas (GHG) emissions tied to property claims. EcoClaim’s training and certification programs provide vendors with a comprehensive toolkit to implement sustainable practices in their operations. By using EcoClaim’s TRAX software, they gain access to accurate claim-level data on avoided emissions.

    “At AMA, we have always believed in championing initiatives that protect what matters most: our members, our communities, and our environment,” said Jordan Andrew, Claims Manager. “By working with EcoClaim, we’re taking practical steps to reduce the environmental impact of each claim while supporting our members and contractor network with the tools they need to succeed.”

    As part of this collaboration, AMA is adopting EcoClaim’s innovative TRAX software to support its supply chain partners while implementing EcoClaim sustainability training and certification.

    “At EcoClaim, we help insurance companies build sustainable practices directly into the core of their claims process,” said Jodi Scarlett, CEO of EcoClaim. “This approach transforms supply chain behaviors, delivering measurable reductions in emissions related to claims. For example, in 2024, EcoClaim vendors across Canada reported nearly 1 million kilograms of avoided emissions directly related to changes in recycling practices on property claims. AMA’s participation in the program is sure to amplify this result significantly!”

    AMA Insurance’s commitment to sustainability reflects growing momentum across the insurance sector to reduce GHG emissions. Together with EcoClaim, they are implementing practical solutions that achieve measurable environmental impact and transforming claims into climate action.

    About EcoClaim™

    EcoClaim™ transforms insurance claims into climate action with its innovative platform, offering industry-leading training, GHG management software, and a Carbon Exchange marketplace. Tailored for P&C insurers, EcoClaim replaces generic emissions benchmarks with precise claim-level data, empowering insurers to measure, manage, and reduce Scope 3 emissions effectively. The platform not only strengthens sustainability disclosures but also lowers claims costs, proving that the low-carbon way can also be the cost-efficient way.

    About AMA Insurance

    AMA Insurance Agency and the Alberta Motor Association Insurance Company operate as part of the Alberta Motor Association, which is the largest membership-based organization in Alberta.

    AMA Insurance was incorporated as an insurance company in 1962. Today AMA Insurance underwrites, sells and services a wide range of products to AMA members, including auto, home, accident and business insurance. AMA Insurance also sells the products of carefully selected external partners and is supported by internal claims and legal departments.

    About AMA

    The Alberta Motor Association (AMA) is one of the largest membership organizations in Alberta, representing a million members provincewide. As a leading advocate for traffic safety, travel, consumer protection, and crime prevention, AMA helps protect the things that matter most, cares for and participates in the communities we serve, and represents our members’ needs to industry and government.

    Media Contact:

    Meaghan Ralston, EcoClaim CMO, 1.403.926.8112, mralston@ecoclaim.ca  

    The MIL Network –

  • MIL-OSI Economics: Press Release: Zion Oil & Gas Announces Renewed Operations Underway for MJ-01 Well Testing & Recompletion Project in Israel

    Source: Zion Oil and Gas

    Headline: Press Release: Zion Oil & Gas Announces Renewed Operations Underway for MJ-01 Well Testing & Recompletion Project in Israel

    Zion Oil & Gas Announces Renewed Operations Underway for MJ-01 Well Testing & Recompletion Project in Israel

    Current Unit Program Ends on February 28

     

    DALLAS, Texas, and CAESAREA, Israel, February 18, 2025

    DALLAS, Texas, and CAESAREA, Israel, February 18, 2025 – Zion Oil & Gas, Inc. (OTC: ZNOG) is pleased to announce a significant operational milestone as work resumes on the recompletion of the Megiddo-Jezreel 1 (MJ-01) well in Israel. This marks a crucial phase in Zion’s ongoing efforts to unlock Israel’s onshore energy potential.
     

    Operations Update: Crews on the Ground and Progress Underway

    Zion’s rig crew arrived in Israel on February 15, 2025, and has commenced critical maintenance and preparatory work. The rig, which was safely “warm stacked” in September, is undergoing necessary maintenance procedures, including fluid changes, lubrication and greasing, and mechanical, electrical, and safety audits to ensure peak functionality.

    Following maintenance, the team will begin drilling out the temporary plug at approximately 1,100 meters. This phase is expected to take 2-3 weeks, paving the way for the subsequent well recompletion and testing operations. Once the plug is removed, Zion will proceed with setting a permanent plug at the deeper part of the well to isolate the targeted zones of interest for testing.
     

    Global Coordination & Logistics

    Zion Oil & Gas has successfully navigated complex logistical challenges to ensure the timely delivery of essential equipment. Resources are currently enroute from across the globe, including India, Romania, Germany, the Netherlands, the UAE, the United States, and Tanzania. This unprecedented international cooperation underscores the dedication and perseverance of Zion’s team and partners.

    “As we move forward with this phase of operations, we are witnessing God’s provision in extraordinary ways,” said Monty Kness, VP of Operations. “The ability to coordinate a project of this scale, with equipment and expertise sourced from multiple continents, is a testament to both our team’s determination and the global support behind our mission.”
     

    Security and Site Preparedness

    Zion has maintained continuous security at the MJ-01 site, ensuring a stable and secure operational environment. Additionally, commercial air travel into Israel has steadily resumed, further supporting logistical operations.

    “Our focus remains on safety, precision, and execution,” said Zion CEO Rob Dunn. “With boots on the ground and critical equipment in motion, we are committed to seeing this project through knowing God has directed our steps forward.”
     

    Completion Timeline & Next Steps

    With all necessary equipment expected to be on-site by mid-March, barring unforeseen circumstances Zion anticipates its well completion and testing operations should be nearing completion in Q2 2025. The team remains confident in its planned operations and will continue to provide updates as milestones are achieved.
     

    Final Opportunity: Unit Program Closing February 28, 2025

    Zion Oil & Gas reminds investors that the current Unit Program will close on February 28, 2025. This is the final opportunity to participate before the program concludes.

    For every $250.00 UNIT purchased, investors receive:
    – Common stock based on the high-low average sale price on OTCQB: ZNOG for the day of purchase (or the next trading day if purchased after 4:00 PM EST).
    – 50 Warrants with an exercise price of $0.25 each.
    – 50 Additional Warrants for those enrolled in Automatic Monthly Investments (AMI) at $50/month or more (one-time only).
    – Warrants are exercisable for 12 months from March 31, 2025, to March 31, 2026.

    To learn more, click HERE.
     

    Faith & Perseverance

    John Brown, Zion’s Founder and Chairman, expressed gratitude for the unwavering support from shareholders and believers in its mission. “We remain steadfast in our calling, knowing that each step forward is guided by the Lord. As we embark on this critical phase of operations, we are encouraged by His promises and the faithfulness of our supporters.”
     

    About Zion Oil & Gas, Inc.

    Zion Oil & Gas, a U.S. public company traded on OTCQB: ZNOG, is dedicated to exploring for oil and gas onshore in Israel under its Megiddo Valleys License 434 which covers approximately 75,000 acres.

    For more information, visit www.zionoil.com.
     

    “The end of a matter is better than its beginning, and patience is better than pride.”
    Eccl 7:8 NIV

    “Bless the Lord, O my soul, and forget not all his benefits, who forgives all your iniquity, who heals all your diseases, who redeems your life from the pit, who crowns you with steadfast love and mercy, who satisfies you with good so that your youth is renewed like the eagle’s.”
    Ps 103:2-5 ESV

    FORWARD-LOOKING STATEMENTS: Statements in this communication that are not historical fact, including, but not limited to, statements regarding Zion’s operations and the results therefrom, including testing and completion; Zion’s ability to discover and produce oil in commercial quantities; Zion’s ability to continue as a going concern; operational risks in ongoing exploration efforts; regulatory approvals needed for exploration within our license and the rig’s operation; the effect, if any, of the uncertainties associated with wars and skirmishes between Israel and other organizations and/or countries, and liquidity for shareholders on the OTC market are forward-looking statements as defined in the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties, and other unpredictable factors, many of which are described in Zion’s periodic reports filed with the SEC and are beyond Zion’s control. These risks could cause Zion’s actual performance to differ materially from the results predicted by these forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in Zion’s Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in Zion’s filings with the SEC. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements.

    MIL OSI Economics –

  • MIL-OSI USA: St. Louis District 837 Readies For Upcoming Boeing Defense Negotiations

    Source: US GOIAM Union

    IAM District 837’s negotiating committee recently completed a negotiation preparation program ahead of upcoming contract talks with Boeing Defense in St. Louis. The week-long training covered essential skills, such as drafting contract language, presenting proposals, assessing the company’s strengths and weaknesses, and exploring various bargaining strategies. Aerospace Coordinators Bobby Barnwell, Stephen Jordan, and Instructor Jeff McLeod supported the program. 

    In June 2025, approximately 3,200 IAM District 837 members will begin contract negotiations with Boeing Defense. These members work across Boeing facilities in St. Charles, Mo., St. Louis, and Mascoutah, Ill. 

    The 2022 contract agreement included significant improvements: 

    • An average of a 14% general wage increase over three years, in addition to cost-of-living adjustments.
    • No changes to existing comprehensive health insurance plans.
    • Elimination of the two-tier wage system.
    • Boosts auto progression rate from 50 to 65 cents per hour twice a year.
    • Lead pay and second shift premium increases.
    • Sick, parental, and funeral leave improvements.

    “Our focus is on protecting and improving the livelihoods of IAM Union members at Boeing Defense in St. Louis,” said IAM International President Brian Bryant. “The negotiation prep program gives members the strategic tools to negotiate at the table with confidence.”

    “Our members deserve a contract that reflects their hard work and dedication,” said IAM Midwest Territory General Vice President Sam Cicinelli. “This program ensures we’re ready to fight for fair wages, benefits, and working conditions.”

    “As the landscape of collective bargaining continues to evolve, it’s crucial that we stay prepared with innovative and strategic approaches,” said IAM District 837 President and Directing Business Representative Boelling. “I appreciate the staff, instructors, and technical team at the Winpisinger Center for organizing this valuable in-person training.”

    Share and Follow:

    MIL OSI USA News –

  • MIL-OSI: Visited App Releases List of Top Travel Destinations in 2024

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — The travel app, Visited, by Arriving In High Heels Corporation, has published a travel report which showcases top travel trends around the world with highlight of 2024 travels. 

    Visited is a travel tracking app, which lets users map out their travel journey, mark famous places visited on travel lists and helps with trip planning for their itinerary feature. It is the ultimate travel bucket list planning app, as it has over 150 travel lists available from ancient sites to golf destinations. The app is available in 30 languages for both iOS or Android and is free to download.

    According to Visited’s travel stats, the average global traveler has been to 18 countries. While American travelers have been to 23. Travelers from the United Arab Emirates have visited the most countries, with an average of 30 countries visited. Swiss and Finnish travelers came in second and third as the most well-traveled. The most popular countries to visit are France, Spain, Italy, Germany, the UK, and the U.S. 

    The most sought-after places to visit are Australia, Japan, New Zealand and Brazil. The top destinations that American travelers want to travel to include Australia, Greece, and New Zealand. The highest numbers of American users have traveled to Mexico, Canada, France, the UK, and Italy.

    The most popular travel destinations in the world in 2024 were in Europe, while the U.S. is in 12th spot, Turkey is in 10th spot and Thailand is in 15th spot. For American travelers, 2024 saw the UK, Portugal and Japan topping the list of the most visited countries.

    The most popular travel lists are world wonders, capitals of the world and culinary experiences.

    The travel report was compiled based on 2.4 million international users and over 300,000 U.S. users. To see more top travel lists and browse top destinations worldwide, download Visited on iOS or Android. For the full travel report, visit https://visitedapp.com/travel-report-results/

    To learn more about the Visited app, visit https://visitedapp.com. 

    About Arriving In High Heels Corporation

    Arriving In High Heels Corporation is a mobile app company with apps including Pay Off Debt, X-Walk, and Visited, their most popular app. Visited Media provides customized travel research services to travel companies.

    Contact Information

    Anna Kayfitz

    anna@arrivinginhighheels.com

    The MIL Network –

  • MIL-OSI Global: Firing civil servants and dismantling government departments is how aspiring strongmen consolidate personal power – lessons from around the globe

    Source: The Conversation – USA – By Erica Frantz, Associate Professor of Political Science, Michigan State University

    A leader bent on expanding his own power would see the government’s bureaucracy as a key target. Andry Djumantara – iStock/Getty Images Plus

    With the recent confirmations of Tulsi Gabbard and Robert F. Kennedy Jr. – two of the most controversial of President Donald Trump’s high-level administration nominees – the president’s attempt to remake government as a home for political loyalists continues.

    Soon after coming to office for a second term, Trump aggressively sought to overhaul Washington and bring the federal government in line with his political agenda. He is spearheading an effort to purge the government’s ranks of people he perceived as his opponents and slash the size of long-standing bureaucratic agencies – in some instances dismantling them entirely.

    At the helm of much of this is businessman Elon Musk, who is not only the world’s richest man but also the largest donor of the 2024 election and the owner of multiple businesses that benefit from lucrative government contracts.

    Musk – and a small cohort of young engineers loyal to him but with little experience in government – descended on Washington, announced their control over multiple government agencies, fired career civil servants, and even strong-armed access to government payment systems at the Treasury Department, where the inspector general had just been sacked.

    This unprecedented sequence of events in the U.S. has left many observers in a daze, struggling to make sense of the dramatic reshaping of the bureaucracy under way.

    Yet, as researchers on authoritarian politics, it is no surprise to us that a leader bent on expanding his own power, such as Trump, would see the bureaucracy as a key target. Here’s why.

    Elon Musk, standing next to President Donald Trump, explains his theory concerning government bureaucracy.

    Dismantle democracy from within

    A well-functioning bureaucracy is an organization of highly qualified civil servants who follow established rules to prevent abuses of power. Bureaucracies, in this way, are an important part of democracy that constrain executive behavior.

    For this reason, aspiring strongmen are especially likely to go after them. Whether by shuffling the personnel of agencies, creating new ones, or limiting their capacity for oversight, a common tactic among power-hungry leaders is establishing control over the government’s bureaucracy. Following a failed coup attempt in 2016, for example, Turkish President Reccep Tayyip Erdoğan fired or detained as many as 100,000 government workers.

    In the short term, greater executive control over the bureaucracy gives these leaders a valuable tool for rewarding their elite supporters, especially as diminished government oversight increases opportunities for corruption and the dispersion of rewards to such insiders. Erdoğan, for example, by 2017 had worked to fill lower-level bureaucratic positions with loyalists of his party, the AKP, to ensure the party’s influence over corruption investigations.

    In the long term, this hollowing out and reshaping of the bureaucracy is part of a broader plan in which aspiring autocrats usurp control over all institutions that can constrain them, such as the legislature and the courts. As we document in our book, “The Origins of Elected Strongmen,” attacks on the bureaucracy constitute a significant step in a larger process in which elected leaders dismantle democracy from within.

    Take control of bureaucracy

    The seemingly bizarre series of events that have transpired in Washington since Trump came to power are highly consistent with other countries where democracy has been dismantled.

    Take Benin, for example. Its leader, Patrice Talon – one of the wealthiest people in Africa – came to power in democratic elections in 2016.

    Soon after taking control, Talon created new agencies housed in the executive office and defunded existing ones, as a means of skirting bureaucratic constraints to his rule. The central affairs of the state were in the hands of an informal cabinet, initially led by Olivier Boko, a wealthy businessman considered to be Talon’s right-hand man despite not having any official position in government.

    Talon and his inner circle used this control over the state to enrich themselves, turning the country into what one journalist referred to as “a company in the hands of Talon and his very close clique.”

    Consolidating control over the bureaucracy was just one step in a larger process of turning Benin into an autocratic state. Talon eventually amassed greater power and influence over key state institutions, such as the judiciary, and intervened in the electoral process to ensure his continued rule. By 2021, Benin could no longer be considered a democracy.

    Purge civil service

    A similar dynamic occurred in Hungary. After governing relatively conventionally for one term, Prime Minister Viktor Orban was defeated in elections in 2002. He blamed that outcome on unfriendly media and never accepted the results as legitimate.

    Orban returned to office in 2010, bent on retribution.

    Orban ordered mass firings of civil servants and put allies of his party, Fidesz, in crucial roles. He also used the dismantling of bureaucratic constraints to pad the pockets of the elites whose support he needed to maintain power.

    As a Hungarian former politician wrote in 2016, “While the mafia state derails the bureaucratic administration, it organizes, monopolizes the channels of corruption and keeps them in order.”

    Likewise in Venezuela, President Hugo Chavez had his cronies draw up a blacklist of civil servants to be purged for signing a petition in support of a referendum to determine whether Chávez should be recalled from office in 2004; government employees who signed were subsequently fired from their jobs.

    More than a decade later, Nicolas Maduro, Venezuela’s current leader, would conduct his own purge of civil servants after they signed a petition to hold another recall referendum. After multiple rounds of government and military purges, Maduro was able to overturn an election he lost and jail his opponents, knowing full well the judges and generals would follow his orders.

    Benin’s leader, Patrice Talon, consolidated control over the bureaucracy as part of a larger process of turning the country into an autocratic state.
    Yanick Folly/AFP via Getty Images

    Foster culture of secrecy and suspicion

    Orban and Chavez, like Talon, were democratically elected but went on to undermine democracy.

    In environments where loyalty to the leader is prioritized over all else, and purges can happen at a moment’s notice, few people are willing to speak up about abuses of power or stand in the way of a power grab.

    Fostering a culture of secrecy and mutual suspicion among government officials is intentional and serves the leader’s interests.

    As a World Bank report highlighted in 1983, in President Mobutu Sese Seko’s Zaire, now Democratic Republic of Congo, the bureaucracy had been “privatized by the ruling clique,” creating a climate in which “fear and repression … prevented any serious threat from dissenting groups.”

    When leaders gain full power over the bureaucracy, they use it to reward and punish ordinary citizens as well. This was a tried-and-true tactic under the PRI’s rule in Mexico for much of the 20th century, where citizens who supported the PRI were more likely to receive government benefits.

    In short, when aspiring autocrats come to power, career bureaucrats are a common target, often replaced by unqualified loyalists who would never be hired for the position based on merit. Recent events in the U.S., as unprecedented as they may seem, are precisely what we would expect with the return of Trump, a would-be autocrat, to power.

    Andrea Kendall-Taylor is affiliated with the Center for New American Security.

    Joe Wright has received funding from the Charles Koch Foundation.

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

    – ref. Firing civil servants and dismantling government departments is how aspiring strongmen consolidate personal power – lessons from around the globe – https://theconversation.com/firing-civil-servants-and-dismantling-government-departments-is-how-aspiring-strongmen-consolidate-personal-power-lessons-from-around-the-globe-249089

    MIL OSI – Global Reports –

  • MIL-OSI Russia: HSE Students Become European Champions in Arabic Debate

    Translartion. Region: Russians Fedetion –

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

    Team of students of the OP “Oriental Studies” Faculty of World Economy and World Politics HSE University is the only team from Russia to win first prize at the international Arabic language debate championship Qatar Debate and become the European champion among teams for whom Arabic is not their native language.

    This year the competition was held in Istanbul. There were three rounds of debates. Russian students defeated the Turkish team from Ibn Khaldun University and the Arabic-speaking team from Austria. In the third round they lost to the Turkish team from Fatih University by a very small margin.

    The team members received medals for being the best participants (speakers) of the championship. The jury noted the high level of preparation of the Russian students, who demonstrated excellent command of the Arabic language.

    The International Arabic Debate Championship Qatar Debate is held annually. Students Schools of Oriental Studies This is the second time that HSE University has won the European stage of the debate. In November 2023, they became the overall winners of the European round of the competition.

    “Our team consisted of experienced participants who had already competed in the Qatar Debate. Our students went from their first participation in the competition to victory in a short period of time. With the support of the faculty, they managed to become European champions and receive two of the three medals for the best participants. This once again confirms that today the School of Oriental Studies is the undisputed leader in teaching Arabic, and not only in Russia,” said Andrey Zeltyn, senior lecturer at the School of Oriental Studies at the National Research University Higher School of Economics.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI China: China responds to US-Russia talks on Ukraine crisis

    Source: China State Council Information Office

    China welcomes all peace efforts to resolve the Ukraine crisis, including the talks between the United States and Russia, and China hopes that all parties and stakeholders can participate in the peace talks process in due course, Foreign Ministry spokesperson Guo Jiakun said on Tuesday.

    China always believes that dialogue and negotiation are the only viable way to resolve the crisis and has been committed to promoting talks for peace, Guo said at a regular news briefing.

    He made the comments in response to a query about a meeting between the U.S. and Russian officials on Tuesday in Riyadh, Saudi Arabia, without the participation of Ukraine.

    MIL OSI China News –

  • MIL-OSI: Franklin Electric Reports Fourth Quarter 2024 and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter 2024 Highlights

    • Consolidated net sales of $485.7 million, an increase of 3% to the prior year
    • Energy Systems and Distribution net sales increased 5% and 6%, respectively, while Water Systems net sales were flat
    • Operating income was $43.0 million with operating margin of 8.9%
    • GAAP fully diluted earnings per share (EPS) was $0.72

    Full Year 2024 Highlights

    • Consolidated net sales of $2.0 billion, a decrease of 2% to the prior year
    • Distribution net sales increased 2%, while Water Systems and Energy Systems net sales decreased 2% and 8%, respectively
    • Operating income was $243.6 million with operating margin of 12.1%
    • GAAP fully diluted earnings per share (EPS) was $3.86
    • Cash flows from operating activities were $261.4 million

    FORT WAYNE, Ind., Feb. 18, 2025 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. today announced its fourth quarter and full year financial results for fiscal year 2024.

    Fourth quarter 2024 net sales were $485.7 million, compared to fourth quarter 2023 net sales of $473.0 million. Fourth quarter 2024 operating income was $43.0 million, compared to fourth quarter 2023 operating income of $50.8 million. Fourth quarter 2024 EPS was $0.72, versus EPS in the fourth quarter 2023 of $0.82.

    Full year 2024 net sales were $2.0 billion, compared to full year 2023 net sales of $2.1 billion. Full year 2024 operating income was $243.6 million, compared to full year 2023 operating income of $262.4 million. Full year 2024 EPS was $3.86, versus EPS in the full year 2023 of $4.11.

    “The fourth quarter marked a solid finish to a challenging year. Our results were driven by strong performance in our newly renamed Energy Systems segment. While we have worked through the elevated post-COVID backlogs at this time, underlying demand remains healthy, and we continue to execute on productivity initiatives as we align our businesses with the more normalized environment,” commented Joe Ruzynski, Franklin Electric’s CEO.

    “Our resiliency is supported by the breadth of our global portfolio, which has proven to be a strategic asset as we closed out a year shaped by macroeconomic pressures. Order trends have improved, and with the support of a very healthy balance sheet, we are well-positioned to capitalize on opportunities in the year ahead. In 2025, our focus turns to driving revenue growth and margin expansion as we accelerate innovation and growth,” concluded Mr. Ruzynski.

    Segment Summaries

    Water Systems net sales were $279.6 million in the fourth quarter, flat compared to the fourth quarter 2023. Results were driven by higher sales of groundwater products, water treatment products and all other surface products. These sales increases were offset by lower sales of large dewatering pumps, which had a record fourth quarter last year. Water Systems operating income in the fourth quarter 2024 was $35.6 million. Fourth quarter 2023 Water Systems operating income was $44.1 million.

    Distribution net sales were $157.2 million, an increase of $9.2 million or 6 percent compared to the fourth quarter 2023. Sales increases were driven by higher volumes and the incremental impact from a recent acquisition. The Distribution segment operating income in the fourth quarter 2024 was $0.5 million. Fourth quarter 2023 Distribution operating income was $1.0 million.

    Energy Systems net sales were $68.8 million in the fourth quarter 2024, an increase of $3.1 million or 5 percent compared to the fourth quarter 2023. Sales increases were driven by higher volumes and price realization. Energy Systems operating income in the fourth quarter 2024 was a record for any fourth quarter at $24.7 million. Fourth quarter 2023 Energy Systems operating income was $19.4 million. The Company has changed the name of the Fueling Systems segment to Energy Systems to reflect its diverse portfolio and growth strategy, as well as to better reflect the markets and customers served by the segment.

    Cash Flow

    The Company ended 2024 with a cash balance of $220.5 million, an increase of $135.5 million compared to the end of 2023. Net cash flows from operating activities for 2024 were $261.4 million versus $315.7 million in the same period in 2023. Cash flow in 2023 benefitted from actions the Company took to improve working capital including inventory reductions as its supply chain resiliency and lead times improved during the year.

    2024 Guidance

    The Company expects its full year 2025 sales including the impact of its recently announced acquisitions to be in the range of $2.09 billion to $2.15 billion and full year 2025 EPS to be in the range of $4.05 to $4.25.

    Earnings Conference Call

    A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The fourth quarter 2024 earnings call will be available via a live webcast. The webcast will be available in a listen only mode by going to:

    https://edge.media-server.com/mmc/p/9jnstij5

    For those interested in participating in the question-and-answer portion of the call, please register for the call at the link below.

    https://register.vevent.com/register/BI4b232e4ceea6435ba8f046e92e18e563

    All registrants will receive dial-in information and a PIN allowing them to access the live call. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

    A replay of the conference call will be available from Tuesday, February 18, 2025, through 9:00 am ET on Tuesday, February 25, 2025, by visiting the listen-only webcast link above.

    Forward Looking Statements

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases,  raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

    About Franklin Electric

    Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek’s lists of America’s Most Responsible Companies and Most Trustworthy Companies for 2024 and America’s Climate Leaders 2024 by USA Today.

    Franklin Electric Contact:

    Jeffery L. Taylor
    Franklin Electric Co., Inc.
    InvestorRelations@fele.com

     
    FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
                   
    (In thousands, except per share amounts)              
                   
      Fourth Quarter Ended   Fiscal Year End
      December 31,   December 31,   December 31,   December 31,
      2024   2023   2024   2023
                   
    Net sales $ 485,745     $ 472,970     $ 2,021,341     $ 2,065,133  
                   
    Cost of sales   321,505       312,961       1,304,061       1,368,125  
                   
    Gross profit   164,240       160,009       717,280       697,008  
                   
    Selling, general, and administrative expenses   117,846       108,825       470,136       433,476  
                   
    Restructuring expense   3,360       356       3,499       1,091  
                   
    Operating income   43,034       50,828       243,645       262,441  
                   
    Interest expense   (1,339 )     (1,481 )     (6,319 )     (11,790 )
    Other income, net   630       1,831       1,339       3,696  
    Foreign exchange expense, net   (1,590 )     (4,026 )     (6,818 )     (12,124 )
                   
    Income before income taxes   40,735       47,152       231,847       242,223  
                   
    Income tax expense   6,443       8,322       50,238       47,489  
                   
    Net income $ 34,292     $ 38,830     $ 181,609     $ 194,734  
                   
    Less: Net income attributable to noncontrolling interests   (637 )     (281 )     (1,300 )     (1,462 )
                   
    Net income attributable to Franklin Electric Co., Inc. $ 33,655     $ 38,549     $ 180,309     $ 193,272  
                   
    Income per share:              
    Basic $ 0.73     $ 0.83     $ 3.92     $ 4.17  
    Diluted $ 0.72     $ 0.82     $ 3.86     $ 4.11  
                   
    FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
           
    (In thousands)      
           
      December 31,   December 31,
      2024   2023
    ASSETS      
           
    Cash and cash equivalents $ 220,540     $ 84,963  
    Receivables (net)   226,826       222,418  
    Inventories   483,875       508,696  
    Other current assets   32,950       37,718  
    Total current assets   964,191       853,795  
           
    Property, plant, and equipment, net   223,566       229,739  
    Lease right-of-use Assets, net   62,637       57,014  
    Goodwill and other assets   570,212       587,574  
    Total assets $ 1,820,606     $ 1,728,122  
           
           
    LIABILITIES AND EQUITY      
           
    Accounts payable $ 157,046     $ 152,419  
    Accrued expenses and other current liabilities   139,989       104,949  
    Current lease liability   18,878       17,316  
    Current maturities of long-term debt and short-term borrowings   117,814       12,355  
    Total current liabilities   433,727       287,039  
           
    Long-term debt   11,622       88,056  
    Long-term lease liability   43,304       38,549  
    Income taxes payable non-current   –       4,837  
    Deferred income taxes   10,193       29,461  
    Employee benefit plans   29,808       35,973  
    Other long-term liabilities   22,118       33,914  
     
    Redeemable noncontrolling interest   1,224       1,145  
           
    Total equity   1,268,610       1,209,148  
    Total liabilities and equity $ 1,820,606     $ 1,728,122  
           
    FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (In thousands)      
           
      2024   2023
    Cash flows from operating activities:      
    Net income $ 181,609     $ 194,734  
    Adjustments to reconcile net income to net cash flows from operating activities:      
    Depreciation and amortization   56,073       52,260  
    Non-cash lease expense   21,438       18,852  
    Share-based compensation   12,061       10,133  
    Other   (13,327 )     10,259  
    Changes in assets and liabilities:      
    Receivables   (17,045 )     19,150  
    Inventory   10,889       48,176  
    Accounts payable and accrued expenses   15,285       (23,085 )
    Operating leases   (21,129 )     (18,874 )
    Income taxes-U.S. Tax Cuts and Jobs Act   (3,870 )     (2,902 )
    Other   19,369       7,007  
           
    Net cash flows from operating activities   261,353       315,710  
           
    Cash flows from investing activities:      
    Additions to property, plant, and equipment   (41,682 )     (41,415 )
    Proceeds from sale of property, plant, and equipment   1,182       1,494  
    Acquisitions and investments   (5,201 )     (34,831 )
    Other investing activities   73       463  
           
    Net cash flows from investing activities   (45,628 )     (74,289 )
           
    Cash flows from financing activities:      
    Net change in debt   29,235       (115,529 )
    Proceeds from issuance of common stock   7,204       9,193  
    Purchases of common stock   (61,041 )     (43,332 )
    Dividends paid   (46,876 )     (41,723 )
    Deferred payments for acquisitions   (2,591 )     (802 )
           
    Net cash flows from financing activities   (74,069 )     (192,193 )
           
    Effect of exchange rate changes on cash   (6,079 )     (10,055 )
    Net change in cash and cash equivalents   135,577       39,173  
    Cash and cash equivalents at beginning of period   84,963       45,790  
    Cash and cash equivalents at end of period $ 220,540     $ 84,963  
           

    Key Performance Indicators: Net Sales Summary

      Net Sales For the Fourth Quarter
      United
    States    		 Latin Europe,
    Middle    		 Asia Total        
    (in millions) & Canada America East & Africa Pacific Water Energy** Distribution Other/Elims Consolidated
                       
    Q4 2023 $161.2   $46.6   $45.5   $26.3   $279.6   $65.7   $148.0   ($20.3 ) $473.0  
    Q4 2024 $158.5   $44.3   $49.7   $27.1   $279.6   $68.8   $157.2   ($19.9 ) $485.7  
    Change ($2.7 ) ($2.3 ) $4.2   $0.8   $0.0   $3.1   $9.2   $0.4   $12.7  
    % Change   -2 %   -5 %   9 %   3 %   0 %   5 %   6 %     3 %
                       
    Foreign currency translation, net* ($0.4 ) ($5.5 ) ($0.8 ) ($0.8 ) ($7.5 ) $0.0   $0.0     ($7.5 )
    % Change   0 %   -12 %   -2 %   -3 %   -3 %   0 %   0 %     2 %
                       
    Acquisitions $3.1   $0.0   $0.0   $0.0   $3.1   $0.0   $4.0     $7.1  
    % Change   2 %   0 %   0 %   0 %   1 %   0 %   3 %     2 %
                       
    Volume/Price ($5.4 ) $3.2   $5.0   $1.6   $4.4   $3.1   $5.2   $0.4   $13.1  
    % Change   -3 %   7 %   11 %   6 %   2 %   5 %   4 %   -2 %   3 %
                       
      Net Sales For the Full Year
      United
    States    		 Latin Europe,
    Middle    		 Asia Total        
    (in millions) & Canada America East & Africa Pacific Water Energy** Distribution Other/Elims Consolidated
                       
    FY 2023 $744.4   $174.2   $198.3   $86.8   $1,203.7   $296.5   $673.3   ($108.4 ) $2,065.1  
    FY 2024 $708.5   $170.9   $211.4   $93.2   $1,184.0   $273.7   $685.5   ($121.9 ) $2,021.3  
    Change ($35.9 ) ($3.3 ) $13.1   $6.4   ($19.7 ) ($22.8 ) $12.2   ($13.5 ) ($43.8 )
    % Change   -5 %   -2 %   7 %   7 %   -2 %   -8 %   2 %     -2 %
                       
    Foreign currency translation, net* ($0.9 ) ($9.7 ) ($6.3 ) ($2.4 ) ($19.3 ) $0.0   $0.0     ($19.3 )
    % Change   0 %   -6 %   -3 %   -3 %   -2 %   0 %   0 %     -1 %
                       
    Acquisitions $17.6   $0.0   $0.0   $0.0   $17.6   $0.0   $17.1     $34.7  
    % Change   2 %   0 %   0 %   0 %   1 %   0 %   3 %     2 %
                       
    Volume/Price ($52.6 ) $6.4   $19.4   $8.8   ($18.0 ) ($22.8 ) ($4.9 ) ($13.5 ) ($59.2 )
    % Change   -7 %   4 %   10 %   10 %   -1 %   -8 %   -1 %   12 %   -3 %
                       

    *The Company has presented local currency price increases used to offset currency devaluation in the Argentina and Turkey hyperinflationary economies within the foreign currency translation, net row above.
    ** Recognizing the Company’s diverse portfolio and growth strategy, it renamed its Fueling Systems segment to Energy Systems to better reflect the markets and customers served by this business.

    Key Performance Indicators: Operating Income and Margin Summary

    Operating Income and Margins          
    (in millions) For the Fourth Quarter 2024
      Water Energy Distribution Other/Elims Consolidated
    Operating Income / (Loss) $ 35.6   $ 24.7   $ 0.5   $ (17.8 ) $ 43.0  
    % Operating Income To Net Sales   12.7 %   35.9 %   0.3 %     8.9 %
               
    Operating Income and Margins          
    (in millions) For the Fourth Quarter 2023
      Water Energy Distribution Other/Elims Consolidated
    Operating Income / (Loss) $ 44.1   $ 19.4   $ 1.0   $ (13.7 ) $ 50.8  
    % Operating Income To Net Sales   15.8 %   29.5 %   0.7 %     10.7 %
               
    Operating Income and Margins          
    (in millions) For the Full Year of 2024
      Water Energy Distribution Other/Elims Consolidated
    Operating Income / (Loss) $ 197.9   $ 93.6   $ 24.3   $ (72.2 ) $ 243.6  
    % Operating Income To Net Sales   16.7 %   34.2 %   3.5 %     12.1 %
               
    Operating Income and Margins          
    (in millions) For the Full Year of 2023
      Water Energy Distribution Other/Elims Consolidated
    Operating Income / (Loss) $ 196.6   $ 92.7   $ 34.3   $ (61.2 ) $ 262.4  
    % Operating Income To Net Sales   16.3 %   31.3 %   5.1 %     12.7 %
               

    The MIL Network –

  • MIL-OSI Global: Ukraine peace talks: Trump is bringing Russia back in from the cold and ticking off items on Putin’s wish list

    Source: The Conversation – UK – By James Rodgers, Reader in International Journalism, City St George’s, University of London

    The meeting now underway in Saudi Arabia between senior delegations from the United States and Russia could be the first step towards an end to the war in Ukraine – and not just an end to the war. The New York Times has reported that the talks may cover issues beyond the battlefield, with the resumption of US-Russia business ties on the table, too.

    Whatever is discussed, Ukraine seems set to lose out.

    The same cannot be said of the long-term occupant of the Kremlin. For 20 years, Vladimir Putin has been working towards what Donald Trump has now given him. Ever since Putin bemoaned the collapse of the Soviet Union as “the greatest geopolitical catastrophe” of the 20th century, his foreign policy has been about getting back at least some of the superpower status the Soviet Union enjoyed.

    In one sense, the US president’s overture to Putin to discuss peace in Ukraine has given the Russian president exactly what he wanted: for Washington to treat Moscow with the respect – and perhaps even fear – that the Soviet Union once commanded from the west.

    And in that sense, Trump’s telephone call with the Kremlin represented a huge triumph for Putin. Putin now has a pending invitation back to the top table of world affairs. He has conceded not an inch of occupied Ukrainian territory to get there. Nor has he even undertaken to give back any of what Russian forces have seized since the full-scale invasion of Ukraine three years ago.

    Now his foreign minister, Sergei Lavrov, is talking to the US secretary of state, Marco Rubio. Meanwhile the annexation of Crimea in 2014 – which is when Russia’s war on Ukraine actually began – seems increasingly likely to be overlooked. The suggestion from the US defence secretary, Pete Hesgeth, last week that a return to Ukraine’s pre-2014 borders was “unrealistic” has made clear Washington’s current view on that.

    So far, so good for Putin, who sees the western alliance that has been ranged against him – albeit with varying degrees of enthusiasm and commitment – for the past three years beginning to crack.

    Under Trump, Washington’s policy on Ukraine is showing signs of significant divergence from that of the EU or UK. Putin no doubt sees his determination not to be cowed by western pressure as starting now to lead to longer-term success.



    Read more:
    Europe left scrambling in face of wavering US security guarantees

    Now the two leaders have agreed to meet – a complete reversal of the three years of increasing isolation during Joe Biden’s presidency. And, as we know, the first time the two leaders met for a summit, in Helsinki in 2018, Putin was widely seen as having outwitted Trump. As Trump’s then senior director for European and Russian Affairs, Fiona Hill, recalled in her memoir: “As Trump responded that he believed Putin over his own intelligence analysts, I wanted to end the whole thing.”

    Putin will hardly feel he enters any future negotiation as an underdog. Just by being there, to discuss the most pressing matter for the future of European security with the US president, Putin has achieved part of his long-term goal. Just as in the days of the Soviet Union, leaders from the Kremlin and the White House will meet to discuss European affairs as the preeminent powers on the continent.

    The views of Europeans themselves, especially Ukrainians, are secondary.

    Back to the top table

    If Putin’s 2005 lament for a lost superpower gave a clue to the course his time at the summit of Russian power would take, then he gave yet more clues on the eve of the full-scale invasion. In December 2021, Putin regretted the collapse of the Soviet Union once again.

    This time he said it had a significance far beyond the century in which it happened, saying: “We turned into a completely different country. And what had been built up over 1,000 years was largely lost.”

    Days later, with expectation growing that Russia was planning to invade Ukraine, the foreign ministry in Moscow published a document it called Treaty between The United States of America and the Russian Federation on security guarantees.

    The language chosen is striking today for the references it makes to the Soviet Union, as in article 4: “The United States of America shall undertake to prevent further eastward expansion of the North Atlantic Treaty Organization and deny accession to the Alliance to the States of the former Union of Soviet Socialist Republics.”

    The Biden administration dismissed the treaty as the trolling it represented. But Hegseth’s recent remark, “The United States does not believe that Nato membership for Ukraine is a realistic outcome of a negotiated settlement,” fits right in with Putin’s wish list.

    This is about Russia becoming the international heavyweight the Soviet Union once was. It is also about a turn of events that greatly favours Putin.

    For three years, I have been working on a book, The Return of Russia: From Yeltsin to Putin, the Story of a Vengeful Kremlin. My research included interviews with leading policymakers, among them Jens Stoltenberg, who served as secretary general of Nato between 2014 and 2024. When we spoke in September 2023, I took the opportunity to ask him how he saw the coming months in the war in Ukraine. He told me:

    Only the Ukrainians that can decide what is an acceptable solution. But the stronger they are on the battlefield, the stronger they will be on the negotiating table and therefore our responsibility is to support them … but it’s for Ukrainian to make the hard decisions on the battlefield. And of course at the end at the negotiating table.

    Trump’s démarche towards a deal appears to ignore that logic, and strengthens Putin’s hand before negotiations have even started.

    If it does lead to an end to the war now, there is nothing to say that Putin’s long view of history won’t encourage him to go to war again in a few years. And he’ll be better prepared to capture more territory than he has already in the last three blood-soaked years.

    James Rodgers 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.

    – ref. Ukraine peace talks: Trump is bringing Russia back in from the cold and ticking off items on Putin’s wish list – https://theconversation.com/ukraine-peace-talks-trump-is-bringing-russia-back-in-from-the-cold-and-ticking-off-items-on-putins-wish-list-249982

    MIL OSI – Global Reports –

  • MIL-OSI: Beamr Strengthens Partnership with AWS by Joining AWS ISV Accelerate: a Global Co-Sell Program

    Source: GlobeNewswire (MIL-OSI)

    “Our partnership with AWS is strategic to Beamr’s growth, and joining the ISV Accelerate program represents a significant milestone in our cloud strategy,” said Beamr CEO, Sharon Carmel

    Herzliya Israel, Feb. 18, 2025 (GLOBE NEWSWIRE) — Beamr Imaging Ltd. (NASDAQ: BMR), a leader in video optimization technology and solutions, today announced it has joined the AWS ISV Accelerate program, a global co-sell initiative for Amazon Web Services (AWS) partners. As an Independent Software Vendor (ISV) in the program, Beamr demonstrates strong alignment with AWS’s go-to-market strategies and initiatives. Beamr had progressed from listing on AWS Marketplace to becoming an ISV Accelerate member in just three months.

    “Our partnership with AWS is strategic to Beamr’s growth, and joining the ISV Accelerate program represents a significant milestone in our cloud strategy,” said Beamr CEO, Sharon Carmel. “As businesses and organizations across various industries face growing video operations challenges, this enhanced collaboration with AWS will allow us to deliver our innovative GPU-accelerated solutions to a global customer base more effectively,” Carmel added.

    The AWS ISV program offers key benefits to drive visibility and co-selling opportunities. By joining, Beamr can expand sales operations through the AWS sales organization and the AWS Marketplace, driving increased growth for Beamr Cloud – the video optimization service that is seamlessly connected with AWS S3 cloud storage service. For example, AWS Account Managers are eligible for incentives when selling Beamr Cloud through AWS Marketplace. They also gain exposure to ISVs through solution partner recommendation engines.

    ISVs like Beamr benefit from focused co-sell support and resources, including access to training, workshops, and technical certifications to enhance collaboration and market success. Beamr Cloud offers scalable optimization of large video libraries, automatic upgrade to the high-performance AV1 video format (AOMedia Video 1), efficient and cost-effective video enrichment with AI-driven capabilities, in tandem with video transcoding, and other advanced video operations.

    About Beamr

    Beamr (Nasdaq: BMR) is a world leader in content-adaptive video optimization and modernization. The company serves top media companies like Netflix and Paramount. Beamr’s inventive perceptual optimization technology (CABR) is backed by 53 patents and won the Emmy® award for Technology and Engineering. The innovative technology reduces video file size by up to 50% while guaranteeing quality.

    Beamr Cloud is a high-performance, GPU-based video optimization and modernization service designed for businesses and video professionals across diverse industries. It is conveniently available to Amazon Web Services (AWS) and Oracle Cloud Infrastructure (OCI) customers. Beamr Cloud enables video modernization to advanced formats such as AV1 and HEVC, and is ready for video AI workflows. For more details, please visit https://beamr.com/

    Forward-Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements in this communication may include, among other things, statements about Beamr’s strategic and business plans, technology, relationships, objectives and expectations for its business, the impact of trends on and interest in its business, intellectual property or product and its future results, operations and financial performance and condition. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report filed with the SEC on March 4, 2024 and in subsequent filings with the SEC. Forward-looking statements contained in this announcement are made as of the date hereof and the Company undertakes no duty to update such information except as required under applicable law. 

    Investor Contact:

    investorrelations@beamr.com

    The MIL Network –

  • MIL-OSI: Gilat Launches Gilat Defense Division: A New Division to Meet Growing Global Demand for Mission-Critical SATCOM Solutions

    Source: GlobeNewswire (MIL-OSI)

    PETAH TIKVA, Israel, Feb. 18, 2025 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today announced the formation of its new Defense Division, a strategic move designed to target the increasing demand for government and defense SATCOM solutions. Gilad Landsberg has been appointed President of Gilat’s Defense Division, bringing over 20 years of experience in the defense industry.

    Gilat Defense provides secure, rapid-deployment SATCOM solutions tailored for military and HLS organizations, government agencies, and defense integrators, with a strong focus on supporting the U.S. Department of Defense (DoD) and allied forces worldwide. By unifying, under one umbrella, the expertise and technologies of Gilat, and the wholly-owned subsidiaries Gilat DataPath and Gilat Wavestream, the division delivers end-to-end solutions with multiple layers of communication redundancy, ensuring maximum operational availability. With a focus on innovation, the division leverages advanced technologies and flexible business models, to adapt to evolving defense requirements. Trusted by the U.S. DoD, NATO and global defense forces, Gilat Defense’s field-proven solutions offer secure, high-performance connectivity, delivering reliable, battle-tested performance in the toughest environments to meet the critical SATCOM needs of modern defense communications.

    Gilat Defense will be showcasing its solutions at the upcoming Satellite 2025 show in Washington, D.C., next to the Gilat Booth #2511. Visitors to the booth will have the opportunity to see a range of cutting-edge defense SATCOM solutions, including the newly launched GLT 1500 terminal, DataPath 2.6m antenna solution for tactical terminals and the US made Aquarius DS Family of products including Aquarius Pro DS and Aquarius E DS which are both compliant with FAR 889 and future DFAR 5949 regulations.

    “With the launch of Gilat’s Defense Division, we are strengthening and enhancing our commitment to providing advanced SATCOM solutions that meet the evolving needs of modern defense operations,” said Gilad Landsberg, President of the Defense Division at Gilat Satellite Networks. “By combining technological innovation with a deep understanding of defense requirements, we are ensuring that military and government organizations have access to secure, resilient, and high-performance connectivity for mission success.”

    For more information about Gilat Defense and its innovative SATCOM solutions, visit https://www.gilat.com/ or stop by our Booth #2511 at Satellite 2025 in Washington, D.C.

    About Gilat

    Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

    Together with our wholly-owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.

    Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com

    Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the terrorist attacks by Hamas, and the hostilities between Israel and Hamas and Israel and Hezbollah. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

    Contact:

    Gilat Satellite Networks
    Hagay Katz, Chief Product and Marketing Officer
    hagayk@gilat.com

    Alliance Advisors:

    GilatIR@allianceadvisors.com
    Phone: +1 212 838 3777

    The MIL Network –

  • MIL-OSI Europe: Draft agenda – Tuesday, 11 March 2025 – Strasbourg

    Source: European Parliament

    48 The future of European defence     – Motions for resolutions Wednesday, 5 March 2025, 13:00     – Amendments to motions for resolutions; joint motions for resolutions Friday, 7 March 2025, 12:00     – Amendments to joint motions for resolutions Friday, 7 March 2025, 13:00     – Requests for “separate”, “split” and “roll-call” votes Monday, 10 March 2025, 19:00 32 Verification of credentials
    Ilhan Kyuchyuk     – (possibly) Amendments Wednesday, 5 March 2025, 13:00 22 European Social Fund Plus post-2027
    Marit Maij     – Amendments by the rapporteur, 71 MEPs at least; Alternative motions for resolutions Wednesday, 5 March 2025, 13:00     – Joint alternative motions for resolutions Thursday, 6 March 2025, 12:00 25 Assessment of the implementation of Horizon Europe in view of its interim evaluation and recommendations for the 10th Research Framework Programme
    Christian Ehler     – (possibly) Amendments by the rapporteur, 71 MEPs at least; Alternative motions for resolutions Wednesday, 5 March 2025, 13:00     – (possibly) Joint alternative motions for resolutions Thursday, 6 March 2025, 12:00 20 European Semester for economic policy coordination 2025
    Fernando Navarrete Rojas     – Amendments Wednesday, 5 March 2025, 13:00 17 European Semester for economic policy coordination: employment and social priorities for 2025
    Maravillas Abadía Jover     – Amendments Wednesday, 5 March 2025, 13:00 16 Implementation of the common security and defence policy – annual report 2024
    Nicolás Pascual de la Parte (A10-0011/2025)      – Amendments Wednesday, 5 March 2025, 13:00 21 Implementation of the common foreign and security policy – annual report 2024
    David McAllister (A10-0010/2025)      – Amendments Wednesday, 5 March 2025, 13:00 18 Human rights and democracy in the world and the European Union’s policy on the matter – annual report 2024
    Isabel Wiseler-Lima (A10-0012/2025)      – Amendments Wednesday, 5 March 2025, 13:00 42 The need for EU support towards a just transition and reconstruction in Syria     – Motions for resolutions Wednesday, 5 March 2025, 13:00     – Amendments to motions for resolutions; joint motions for resolutions Monday, 10 March 2025, 19:00     – Amendments to joint motions for resolutions Monday, 10 March 2025, 20:00     – Requests for “separate”, “split” and “roll-call” votes Tuesday, 11 March 2025, 16:00 Separate votes – Split votes – Roll-call votes Texts put to the vote on Tuesday Friday, 7 March 2025, 12:00 Texts put to the vote on Wednesday Monday, 10 March 2025, 19:00 Texts put to the vote on Thursday Tuesday, 11 March 2025, 19:00 Motions for resolutions concerning debates on cases of breaches of human rights, democracy and the rule of law (Rule 150) Wednesday, 12 March 2025, 19:00

    MIL OSI Europe News –

  • MIL-OSI Economics: Young innovators shine: Meet the finalists of the Verizon Unloc Young Entrepreneurs Challenge

    Source: Verizon

    Headline: Young innovators shine: Meet the finalists of the Verizon Unloc Young Entrepreneurs Challenge

    LONDON, U.K. – Five young entrepreneurs have been named as finalists in the latest Young Entrepreneurs Challenge (YEC), an initiative launched by Verizon and Unloc.

    The challenge, now in its seventh year, aims to discover the business leaders of tomorrow by tasking young European entrepreneurs between the ages of 16 and 25 to devise a tech-led business idea that addresses a key industry or societal issue.

    This year’s challenge has brought to light a number of business models that tackle current sustainability and healthcare challenges including water restoration robots, biodegradable textiles from kombucha by-products, reforestation hexapod robots, a floating solar solution and a robotic glove for stroke rehabilitation. The team received over 100 competitive and innovative business ideas from a wide range of countries across Europe including the UK, Ireland, Spain, Italy, France, Germany, Switzerland, Belgium, Greece, Slovakia, Turkey, Portugal, Austria, Ukraine, Bulgaria, Estonia and Poland.

    “Throughout the past seven years, the Young Entrepreneurs Challenge has been a brilliant opportunity to discover young and promising talent across Europe. There is nothing like the imagination and innovation of a young mind. The YEC serves as a platform to help bring their ideas to life,” said Sanjiv Gossain, General Manager and Head of EMEA for Verizon Business.

    “Young entrepreneurs in Europe often face hurdles and scepticism in accessing funding and mentorship. Verizon Business is proud to play a small role in helping this next generation of tech leaders stay a step ahead in the industry, as they work to make a positive impact around the world.”

    “We are in an era where technological innovation is crucial for tackling complex challenges in sustainability, climate change, and health. Investing in the next generation of leaders and their ideas is essential to addressing these issues,” said Hayden Taylor, Co-Founder and Chief Executive of Unloc. “Each year, we are amazed by the ingenuity of young entrepreneurs and are impressed to see the innovative ideas submitted for the Young Entrepreneurs Challenge.”

    The five finalists will now compete head-to-head in a grand finale held in March 2025, pitching their business concept live to a panel of expert judges and invited guests representing both the worlds of business and education.

    The winner receives £10,000 (€11,750*), mentorship and a technology support package to help kickstart their business. In addition, the winner will also receive a ticket to attend the Global One Young World 2025 Munich Summit.

    Each runner-up will receive £977 (€1175) to fund their start-up business, a personalised development plan that focuses on key priorities, and access to a series of masterclasses over the next year that will pair the finalists with various industry experts.

    Here are the 2025 finalists:

    Aleksandra Daniljuk – AquaRenew

    Aleksandra aims to address the global environmental crisis of water pollution caused by excess nitrogen and phosphorus in water bodies. Her solution involves small, solar-powered robots that use wire meshes to collect harmful algae blooms, release oxygen through air stones to combat oxygen depletion, and utilise zeolite biofilters to absorb excess nutrients, thereby preventing further eutrophication.

    The key selling point is its self-sustaining business model. The collected algae will be sold to businesses that convert them into biofuels and other sustainable products, creating a revenue stream to fund more robots. This approach not only restores aquatic ecosystems but also fosters sustainability and generates economic value.

    Aleksandra’s solution also aligns with the UN SDG 14: Life Below Water, promoting ecological restoration and sustainability.

    Luisanny Martinez – Skomby by Tex

    Skomby by Tex is a solution to modern challenges in fashion and sustainability that offers a sustainable, biodegradable material made from kombucha fermentation by-products. The eco-friendly alternative to traditional leather and textiles is crafted from bacterial cellulose, offering a lightweight, durable, and unique texture. 

    The material is 100% biodegradable and compostable, and can even be reused as planting capsules. To further enhance the sustainable model of the business, the team uses natural dyes like turmeric, spirulina, and saffron, ensuring no toxic chemicals are involved.

    Skomby by Tex collaborates with local kombucha producers in order to reduce waste and emissions. Luisanny’s long-term vision is to scale production while maintaining low-impact manufacturing practices, such as sun drying and ambient-temperature fermentation.

    Marta Bernardino – Trovador

    The precision reforestation market is projected to reach $9.77 billion by 2033, growing at a 5.74% CAGR, with high demand from the private sector. Recognising a billion-dollar opportunity, Marta developed Trovador, a reforestation robotics company that combats climate change by planting trees in hard-to-reach areas. Unlike drones, which have a low survival rate for seeds, Trovador’s hexapod robots plant saplings with a 90% survival rate. These AI-driven robots navigate challenging terrains like cliffs and slopes, ensuring effective reforestation.

    Trovador’s unique hexapod design preserves essential soil conditions for sapling survival and operates autonomously, overcoming obstacles in real-time. This innovative approach supports sustainability by providing rural communities with a safe, efficient reforestation solution, aligning with several UN Sustainable Development Goals.

    The service is quite simple and self-explanatory: clients select the planting site, the robot is deployed, and reforestation is monitored remotely. With just £2.5 (€3) per tree, Trovador is 30% more affordable than traditional methods, while excelling in speed, safety, and sustainability.

    Sebastiaan Schalkwijk – Solar Sub

    Solar Sub’s floating solar solution revolutionises renewable energy by placing solar panels on water bodies, maximising land use and harnessing natural cooling. This approach enhances system efficiency, increasing energy yield by up to 27% compared to traditional solar systems.

    Solar Sub’s advanced cooling technology and optimal panel positioning improve efficiency and durability, reducing operational costs and extending the lifespan of solar installations. This innovation sets Solar Sub apart from competitors facing issues with panel overheating and degradation.

    Sebastiaan adopts a licensing business model which allows rapid scaling without significant capital investment. This reduces upfront costs and risks, enabling us to focus on strategic partnerships. His model has gained traction with support from key industry players, confirming market interest and feasibility.

    Zain Sumdani – Exoheal

    Exoheal addresses the global shortage of physiotherapists and the inaccessibility of effective therapy with a robotic glove and a machine-learning-powered app. This solution delivers personalised, real-time therapy, enabling stroke recovery from home. Early trials show a 50% improvement in recovery time compared to traditional methods.

    Exoheal app connects patients with hospitals and clinics, allowing remote monitoring and real-time feedback. Its modular design and scalable production ensure affordability and the ability to meet global demand.

    By 2028, Zain and his team aim to transform 100,000 lives, saving governments $178 million in healthcare costs and enabling $16 million in inpatient earnings.

    For more information on the Young Entrepreneurs Challenge visit: youngentrepereneurschallenge.com

    About Unloc

    Unloc was founded in 2013 by award-winning young leaders and advocates Hayden Taylor and Ben Dowling. Our mission is to empower young people to be innovative changemakers who seek to build stronger communities and sustainable businesses. We develop young people’s skills, enhance their potential and boost their determination to succeed. This is encapsulated in our ‘Developing Young Potential’ tagline. We work towards our mission by delivering inspiring educational programmes in our growing network of schools and colleges, our physical Changemaker Studios spaces in Portsmouth and London, and work with business leaders to deliver a range of programmes that help us achieve our mission. For more information about Unloc visit www.unloc.org.uk

    MIL OSI Economics –