Category: Pandemic

MIL-OSI United Nations: 25 March 2025 Departmental update Influenza surveillance in conflict-affected areas of Myanmar

Source: World Health Organisation

Myanmar’s public health surveillance system for influenza and other respiratory pathogens has been significantly disrupted due to the ongoing humanitarian emergency. Safeguarding public health has required innovative solutions. WHO Country Office in Myanmar, in collaboration with health partners and with support from the Pandemic Influenza Preparedness Framework (PIP) Partnership Contribution (PC), has implemented an Early Warning Alert and Response System (EWARS) as a supplementary surveillance system in conflict-affected areas such as Kachin and Rakhine states. This system plays a vital role in strengthening pandemic preparedness within such a complex setting.

Adapting surveillance to a challenging landscape

Political instability has led to restricted access to health facilities, population displacement – including health-care workers – and a decline in disease reporting. Implemented through EWARS, sentinel surveillance for influenza-like Illness (ILI) and severe acute respiratory infections (SARI) is recognised as a crucial mechanism for enhancing the timely detection of influenza and other respiratory pathogens.

Respiratory syndromes are among the key health indicators monitored through the indicator-based and event-based components of this supplementary surveillance system. On average, in 2023 and 2024, more than 40 clusters of influenza-like illness were reported across the country through the system. However, no alerts of severe acute respiratory infection outbreaks were detected.

Given the potential for seasonal influenza and other respiratory pathogens to evolve into large outbreaks, and the requirement to report non-seasonal influenza under the International Health Regulations (IHR 2005), the early identification of such events is crucial to inform outbreak response efforts.

Despite restricted operational access and communication challenges, this surveillance approach has proven to be an adaptive and resilient solution in Myanmar’s evolving health crisis. In 2024, it provided real-time alerts and facilitated the mobilisation of response teams to mitigate the impact of outbreaks and epidemics of influenza and other respiratory pathogens. This practice demonstrated how early warning systems can function effectively, showcasing resilience in the face of adversity.

The success of this initiative has been made possible through the contribution of the PIP PC, along with other financial and technical resources. It has strengthened Myanmar’s ILI and SARI surveillance capacity as part of the Global Influenza Surveillance and Response System (GISRS), with the National Influenza Centre (NIC) leading efforts for virus sharing, genomic sequencing, and influenza data management.

EWARS in Myanmar: a model for global health security

This initiative offers valuable lessons for global health security and pandemic preparedness. The success of EWARS for infectious disease surveillance in Myanmar, particularly for influenza and other respiratory pathogens, demonstrates that even in conflict settings, a well-coordinated, multi-source surveillance system can provide a critical safety net for disease detection and response. The approach aligns with WHO’s initiatives such as the PIP Framework, Global Influenza Strategy 2019–2030, the Preparedness and Resilience for Emerging Threats (PRET) initiative, and the Mosaic Respiratory Surveillance Framework for the surveillance of respiratory viruses of epidemic and pandemic potential.

As the WHO Country Office in Myanmar and partners continue to refine and expand EWARS, this model serves as a proof of concept for global health actors seeking to implement adaptive surveillance strategies in other crisis-affected regions. By bridging surveillance gaps and ensuring early alerts for epidemic and pandemic threats, including influenza and other respiratory pathogens, the initiative contributes to protecting both national and regional health security as envisioned in the South-East Asia Regional Strategic Roadmap for Health Security and Health System Resilience for Emergencies 2023–2027.

MIL OSI United Nations News –

March 25, 2025
MIL-OSI United Nations: 25 March 2025 Departmental update Despite global influenza vaccine production remaining steady, production and distribution challenges remain

Source: World Health Organisation

A recent WHO-led study published in Vaccine provides updated estimates on the global production capacity of influenza vaccines, highlighting both progress and persistent challenges in pandemic preparedness. As an activity tracked in the Pandemic Influenza Preparedness Framework Partnership Contribution High-Level Implementation Plan III (2024-2030) Monitoring and Evaluation Framework, this analysis estimates that annual seasonal influenza vaccine production remains stable, however the lack of manufacturing facilities in the African region and in low- and middle-income countries could lead to unequal access and distribution in the event of a pandemic.

The study found that since the last survey in 2019, annual seasonal influenza vaccine production capacity has remained relatively stable at 1.53 billion doses. This could support a pandemic vaccine capacity of 4.13 billion doses in a moderate-case scenario and 8.26 billion doses in a best-case scenario. This estimate does not reflect potential mRNA production capacity as no seasonal or pandemic influenza mRNA vaccines are licensed at this time.

The analysis documents that over 80% of seasonal and pandemic influenza vaccines rely on egg-based production, with inactivated influenza virus vaccines comprising the majority of supply. Reliance on embryonated eggs presents supply chain vulnerabilities, and access to other critical supplies may limit rapid scale-up during a pandemic. Expanding cell-based vaccines, including recombinant protein vaccine technologies, and investment in next-generation vaccines, such as mRNA-based influenza vaccines, could improve production speed and increase vaccine supply.

The study also found that while vaccine manufacturing facilities exist in most WHO regions, the African Region remains without local production. Production capacity is concentrated in high income and upper-middle income countries. The authors recommend strengthening local vaccine manufacturing, particularly in low- and middle-income countries, to ensure equitable access.

Seasonal influenza vaccination is important to prevent influenza and make illness less severe. It is especially important for people at high risk of influenza complications and their carers. Promoting seasonal influenza vaccination also supports global manufacturing capacity and bolsters pandemic readiness. This is because, in the event of a pandemic, manufacturers of the seasonal influenza vaccine leverage existing production processes and manufacturing facilities to create pandemic vaccines.

As the world prepares for future influenza pandemics, addressing these production and distribution challenges is critical. WHO continues to support efforts to expand access, innovate vaccine technologies, and strengthen global preparedness.

For more details, the full study is available in Vaccine (2025).

MIL OSI United Nations News –

March 25, 2025
MIL-OSI United Nations: 25 March 2025 Departmental update Expanding the Global Influenza Surveillance and Response System to include other respiratory viruses with epidemic or pandemic potential

Source: World Health Organisation

WHO has published updated guidance on the implementation of an integrated surveillance system for influenza and other respiratory viruses of epidemic and pandemic potential. It includes surveillance standards and operational approaches essential for participating in an expanded global surveillance system (the WHO Global Influenza Surveillance and Response System or GISRS). The guidance aims to strengthen national sentinel surveillance capacities for respiratory viruses.

Global influenza surveillance has been conducted through GISRS for over 70 years, since 1952. GISRS is a key WHO initiative, serving as the world’s network for monitoring influenza viruses, providing recommendations on seasonal vaccine compositions in both the northern and southern hemispheres, strengthening laboratory surveillance, and acting as a global alert mechanism for the emergence of viruses with pandemic potential. It encompasses a network of 160 laboratories in 130 countries.

Over the past ten years GISRS capacities have been leveraged for the surveillance of respiratory syncytial virus (RSV) and with the onset of the COVID-19 pandemic, GISRS quickly adapted to integrate the surveillance of the SARS-CoV-2 virus. This guidance highlights practical considerations for the integration of SARS-CoV-2 and RSV surveillance into influenza surveillance system and at standards of GISRS surveillance for influenza. The implementation of the guidance helps countries move towards a broader respiratory disease surveillance strategy for better preparedness and response to future health emergencies.

The document highlights the primary objectives of sentinel surveillance to monitor the epidemiology and characteristics of acute respiratory illnesses and respiratory viruses, and outlines the minimum standards required, along with any adjustments needed to support additional, secondary objectives. Countries are recommended to adopt at least the minimum surveillance standards specific for each of the viruses to be integrated into the GISRS platform, based on national surveillance objectives. National level surveillance is very important as it provides an evidence base for regional and global public health actions. WHO will continue to support the strengthening of GISRS and making the system a robust asset for influenza and other respiratory viruses surveillance and response.

MIL OSI United Nations News –

March 25, 2025
MIL-OSI Russia: Scientists have denied the existence of a crisis of trust in science

Translartion. Region: Russians Fedetion –

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

An international group of researchers, including specialists from the National Research University Higher School of Economics, conducted a large-scale survey in 68 countries on the topic of trust in science. In most countries, people continue to highly value the work of scientists and want to see them become more active participants in public life. The results are published in Nature Human Behavior.

Howresearch showsAccording to Arthur Lupia and David Allison, the last five years have seen a decline in trust in science and scientists in particular. The crisis of trust has become especially noticeable during the COVID-19 pandemic. To study this problem in more detail, the international multidisciplinary consortium TISP (Trust in Science and Science-Related Populism) conducted a survey to provide reliable data on attitudes towards science.

More than 71,000 people answered questions about their trust in scientists and rated their competence, honesty, and concern for the common good. The survey design also included assessments of respondents’ education, income, and political views.

The survey involved 68 countries, including those from the Global South, which are often overlooked in such studies. This allowed us to identify not only global trends in attitudes towards science, but also regional specifics.

The survey found that 78% of respondents worldwide believe that scientists are competent, 57% believe that they are honest, and 56% believe that they care about the well-being of people. Respondents also believe that research aimed at improving public health, solving energy problems, reducing poverty, and combating climate change should be given high priority.

Many people would like to see scientists involved in decision-making: 83% of respondents support open science, and 52% support researchers’ participation in public policy. However, less than half (42%) are confident that scientists themselves take public opinion into account.

The study shows that the credibility of science remains high in most countries, but trust in scientists varies widely across countries and among different social groups within a country. In places where people were more reliant on scientific data, crises such as the pandemic were easier to deal with, and citizens were more likely to follow recommendations for vaccination and safety measures. Tackling mistrust of scientific findings is especially important because societies that trust scientists more are better able to deal with climate and health challenges.

Among the main reasons for the weakening authority of science, researchers highlight misinformation, conspiracy theories, a crisis in the reproducibility of scientific data, and scientific populist sentiments, in which popular opinion is opposed to expert knowledge. These factors were especially evident during the pandemic, when, for example, opinion leaders called for the use of traditional medicine instead of vaccination.

“Our results show that most people in most countries have a relatively high level of trust in scientists and want them to play an active role in society and politics,” says Albina Galliamova, a junior research fellow Center for Sociocultural Research HSE University. — One of the reasons for the decline in trust is insufficiently active educational activities in the public space. It is obvious that in order to overcome current problems, it is necessary to actively and clearly tell the audience about the results of your research.”

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 –

March 25, 2025
MIL-Evening Report: Tax cuts are coming, but not soon, in a cautious budget

Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

Today’s budget is a cautious and responsible response to the cost-of-living pressures facing voters.

As noted ahead of budget night, many of the major spending initiatives had already been announced.

But, in the only major surprise, there are income tax cuts for all income taxpayers. Even if we need to be patient. The new tax cuts only start in July 2026, with a second round in July 2027.

And as Treasurer Jim Chalmers himself said, they are “modest” cuts. A worker on average earnings will receive A$268 in the first year, rising to $536 in the second year.

Combined with the government’s first round of tax cuts in last year’s budget, this will add up to $2,190 per year in 2027.

The cost to the budget of the latest tax cuts in 2026-27 will be $3 billion, and over three years will be $17.1 billion. The cuts still need to pass parliament.

But calls by economists such as Chris Richardson and Ken Henry for major tax reform have not been heeded. Major reforms inevitably create losers as well as winners. So, big changes were never likely just weeks before an election.

And there is still bracket creep (increases in tax revenues as taxpayers move into higher tax brackets) over the next decade. Total tax receipts are projected to rise from 25.3% of gross domestic product (GDP) in 2024-25 to 26.8% in 2035-36. This will do most of the work in the very gradual windback of the budget deficit.

How concerned should we be about the budget moving into deficit?

In the first back-to-back surpluses for almost 20 years, there were budget surpluses in 2022-23 and 2023-24. This year we are returning to deficit and further deficits are expected for about a decade. Should we be alarmed?

A balanced or surplus budget is not necessarily a good budget. What we want is a budget appropriate to current economic conditions and sustainable in the long run.

The Australian economy has only been growing modestly in recent years and is forecast to grow 1.5% in the current year. Inflation is near the target range in underlying terms. So, a modest deficit is not unreasonable.

The longer run projections show a very gradual return to balance. But this assumes no recession and no further income tax cuts, for a decade. It might be better to rebuild the fiscal position more quickly so as to be better placed to provide fiscal stimulus in the event of a global recession or another pandemic.

‘A new world of uncertainty’

As Chalmers said, we are in a “new world of uncertainty” with “the threat of a global trade war”. The volume of Australian exports is forecast to only expand by 2.5% in 2025-26 and 2026-27, but it could be lower.

In February, the Reserve Bank forecast headline inflation would rebound above the 2% to 3% target range when the electricity rebates expired. The extension of the rebates in Tuesday’s budget as well as the reductions in the price of prescription medicines will help keep inflation below 3%. Headline inflation is forecast to improve to 2.5% in 2026-27.

In the December 2024 budget update, the unemployment rate was forecast to be around 4.5% in mid-2025 and stay around that level for the next couple of years. Given the unemployment rate was steady at 4.1% in February, the reduction to 4.25% seems plausible.

What will it mean for interest rates?

One reason the government went for a modest tax cut rather than a wild “cash splash” is it did not want to undermine the narrative there will be future interest rate cuts by stimulating household spending too much.

If households were given immediate cash to spend, this could drive up inflation.

The Reserve Bank is unlikely to change interest rates at its April 1 meeting. But it would be very unhelpful for the government’s electoral prospects if the minutes showed the central bank had become more concerned about inflation and less likely to cut interest rates at future meetings.

The Reserve Bank is unlikely to feel this budget contains enough government spending to boost economic activity in the near term and therefore change its view on the economic outlook.

So, a further interest rate cut remains possible at the bank’s following meeting on May 20.

And any further relief on interest rates would be welcomed by households – as well as whoever might be in government by then.

John Hawkins was a formerly a senior economist at the Treasury and Reserve Bank.

– ref. Tax cuts are coming, but not soon, in a cautious budget – https://theconversation.com/tax-cuts-are-coming-but-not-soon-in-a-cautious-budget-253027

MIL OSI Analysis – EveningReport.nz –

March 25, 2025

MIL-OSI: Valeura Energy Inc.: Another Year of Record Results in 2024

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, March 25, 2025 (GLOBE NEWSWIRE) — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) reports its financial and operating results for the three month period and year ended December 31, 2024.

The complete reporting package for the Company, including the audited financial statements and associated management’s discussion and analysis (“MD&A”) and the 2024 annual information form (“AIF”), are being filed on SEDAR+ at www.sedarplus.ca and posted to the Company’s website at www.valeuraenergy.com.

2024 Operational Highlights

Production increased by 12% year-over-year to 22,825 bbls/d⁽¹⁾ on the back of a full year of drilling operations and development of the Nong Yao C Field;
100% success rate in exploration and appraisal activities with discoveries at Niramai, Wassana North, and Nong Yao D;
Company’s first full year of operations completed with no significant health, safety, or environment incidents; and
Reduced greenhouse emissions intensity by approximately 20% compared to 2023 baseline.

2024 Financial Highlights

Generated revenue of US$679 million, with average price realisation of US$81/bbl;
Delivered Adjusted EBITDAX of US$378 million⁽²⁾ and adjusted cashflow from operations of US$273 million⁽²⁾;
Strengthened the balance sheet with record high year-end cash position of US$259 million⁽³⁾ and zero debt;
Reduced asset retirement obligation (“ARO”) by 54% since assuming operatorship in Q1, 2023;
Completed internal restructuring to optimise operational and financial aspects of the Thai III petroleum concessions; and
Implemented share buyback programme through a Normal Course Issuer Bid for up to 10% of the public float.

2024 Reserves Highlights

Record high year-end reserves: 32 MMbbl proved (1P), 50 MMbbl proved plus probable (2P) and 60 MMbbl proved plus probable plus possible (3P) reserves;
Delivered 2P reserves replacement ratio of 245%, even after production increase of 12%;
Increased 2P reserves and extended the end of field life (“EOFL”) at every field;
Grew 2P net present value (NPV₁₀) before tax to US$934 million and US$753 million after tax⁽⁴⁾;
Considering year-end 2024 cash position, increased 2P net asset value after tax to US$1,012 million, equating to C$13.6 per share⁽⁵⁾; and
Doubled contingent resources to 48 MMbbls compared to year-end 2023⁽⁶⁾.

^{(1) Working interest share production before royalties.}
^{(2) Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section in the Company’s MD&A.}
^{(3) Includes restricted cash of $22.8 million.}
^{(4) Discount rate 10%.}
^{(5) Proved plus probable (2P) NPV10 plus net cash at December 31, 2024, assuming $/C$ exchange rate of 1.435, and 106.65 million shares outstanding as of December 31, 2024.}
^{(6) Unrisked best estimate (2C) contingent resources.}

Dr. Sean Guest, President and CEO commented:

“Our first full year of operations in Thailand were a success across all areas of our business and a trophy for value creation. We have attained record production, record cash flow, and replaced nearly 2.5x the reserves we produced, all while continuing to strengthen our financial position. Our business is stronger and has a longer line of sight than ever before.

Continued drilling throughout 2024 added 20 new production wells, including those we drilled to develop the new Nong Yao C field, making Nong Yao the largest and most profitable asset in our portfolio. We’ve also had success with the drill bit on both appraisal and exploration which has significantly increased the number of future development well locations. This successful drilling, combined with detailed reservoir studies has resulted in a 32% increase in 2P reserves to 50 million bbls. Moreover, the economic life of each of our fields has moved further into the future, such that all fields are now expected to remain economic beyond 2030.

We are focussed relentlessly on value, and with the combination of an increase in the net present value of our 2P reserves, and the record cash position of US$259 million at year-end, the net asset value of our business is now more than one billion US dollars. On a per share basis, that equates to over C$13/share, meaning an investment in Valeura’s shares continues to represent an excellent value proposition.

In addition to growing both the value and longevity of our existing portfolio, we continue to pursue several other avenues for growth, including exciting exploration opportunities, and potential merger and acquisition targets.”

Financial and Operating Results Summary

		Three months ended			Year ended
		December 31, 2024	December 31, 2023	Delta	December 31, 2024	December 31, 2023	Delta
Oil Production⁽¹⁾	(‘000 bbls)	2,403	1,763	+36%	8,354	5,825	43%
Average Daily Oil Production⁽¹⁾	(bbls/d)	26,109	19,165	+36%	22,825	20,440⁽²⁾	+12%
Average Realised Price	(US$/bbl)	76.7	85.5	(10%)	81.3	84.3	(4%)
Oil Volumes Sold	(‘000 bbls)	2,948	1,987	+48%	8,349	5,854	+43%
Oil Revenue	(US$’000)	226,148	169,909	+33%	678,794	493,457	+38%
Net Income	(US$’000)	213,983	23,480	+811%	240,797	244,313	(1%)
Adjusted EBITDAX⁽³⁾	(US$’000)	132,402	96,679	+37%	377,985	230,672	+64%
Adjusted Pre-Tax Cashflow from Operations⁽³⁾	(US$’000)	133,612	88,326	+51%	356,627	238,661	+49%
Adjusted Cashflow from Operations⁽³⁾	(US$’000)	107,134	56,023	+107%	272,641	152,375	+79%
Operating Expenses	(US$’000)	55,607	49,622	+12%	186,407	180,192	+3%
Adjusted Opex⁽³⁾	(US$’000)	54,668	51,818	+6%	214,891	165,077	+30%
Operating Expenses per bbl	(US$/bbl)	18.9	25.0	(25%)	22.3	30.9	(28%)
Adjusted Opex per bbl⁽³⁾	(US$/bbl)	22.8	29.4	(22%)	25.7	28.3	(9%)
Adjusted Capex⁽³⁾	(US$’000)	38,870	30,374	+28%	134,258	103,733	+29%
Weighted average shares outstanding – basic	(‘000 shares)	106,955	102,652	+4%	105,778	99,227	+7%

		As at		Comparison
		December 31, 2024	December 31, 2023	%
Cash & Cash equivalents⁽⁴⁾	(US$’000)	259,354	151,165	+72%
Adjusted Net Working Capital⁽³⁾	(US$’000)	205,735	118,143	+74%
Shareholder’s Equity	(US$’000)	528,283	284,178	+86%

^{(1) Working interest share production before royalties.}
^{(2) Average daily oil production of 20,440 bbls/d represents the average production from closing of the Mubadala Acquisition on March 22, 2023 to December 31, 2023 (285 days).}
^{(3) Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section in the Company’s MD&A.}
^{(4) Includes restricted cash of US$22.8 million at December 31, 2024 and restricted cash of US$17.3 million at December 31, 2023.}

Financial Update

The Company’s Q4 2024 oil production averaged 26,109 bbls/d (working interest share before royalties), representing a 36% increase from Q4 2023. Full year 2024 oil production averaged 22,825 bbls/d, 12% higher than 2023. This growth was primarily driven by production from the Wassana field, which was not in production for most of 2023 and the Nong Yao C development, which came online in August 2024. Oil sales for Q4 2024 were 2.9 million bbls, compared to 2.0 million bbls in Q4 2023. For the full year 2024, oil sales totalled 8.4 million bbls, up 43% from 5.8 million bbls in 2023. The increase is due to higher production rates in 2024, coupled with the fact that in 2023 the Company had only 285 days of production operations (following closing of the Mubadala acquisition on March 22, 2023).

The Company generated Q4 2024 revenue of US$226.1 million, a 33% increase from Q4 2023. Full year 2024 revenue was US$678.8 million, representing a 38% increase from 2023. Q4 2024 price realisations averaged US$76.7/bbl, achieving a US$2.0/bbl premium to the Brent benchmark. Full year 2024 price realisations averaged US$81.3/bbl, reflecting a US$0.5/bbl premium to Brent. Valeura reported Q4 2024 Adjusted EBITDAX (a non-IFRS measure which is more fully described in the “Non-IFRS Financial Measures and Ratios” section of the MD&A) of US$132.4 million, up 37% from Q4 2023, while full year 2024 Adjusted EBITDAX increased 64% to US$378.0 million.

The Company demonstrated improved operational efficiency with Q4 2024 Adjusted Opex (a non-IFRS measure which is more fully described in the “Non-IFRS Financial Measures and Ratios” section of the MD&A) of US$22.8/bbl, down from US$29.4/bbl in Q4 2023. Full year 2024 Adjusted Opex decreased to US$25.7/bbl from US$28.3/bbl in 2023. Operating expenses for Q4 were US$18.9/bbl compared to US$25.0/bbl in Q4 2023, and US$22.3/bbl for the full 2024 versus US$30.9/bbl in 2023. These improved unit costs were driven primarily by increased production from the low-cost Nong Yao field, which has become the Company’s largest production source.

Valeura incurred total petroleum tax income and special remuneratory benefit tax of US$68.3 million and US$29.2 million respectively during the full year 2024, compared to US$71.2 million and US$15.1 million in the previous year. The Company stands to benefit from a more efficient tax structure in 2025 as a result of the corporate restructuring which was completed in November 2024. This will result in Petroleum income tax loss carry-forwards that were previously associated with only the Wassana asset now being applied to all of the Company’s Thai III petroleum concessions, being Wassana, Nong Yao, and Manora.

The Company recorded Net income for the year of US$240.8 million following the recognition of deferred tax assets from the tax consolidation.

As of December 31, 2024, Valeura had a strong cash position of US$259.4 million, including US$22.8 million in restricted cash. The Company continues to operate with no current or non-current debt. Valeura remains well-positioned for both organic reinvestment opportunities and potential strategic acquisitions.

Operations Update and Outlook

During Q4 2024, the Company had ongoing production operations on all of its Gulf of Thailand fields, comprised of the Jasmine, Nong Yao, Manora, and Wassana fields. The Company has had one drill rig working continuously on contract since Q1 2023 full-time.

Oil production averaged 26.1 mbbls/d during Q4 2024 (Valeura’s working interest share, before royalties).

Jasmine/Ban Yen

Oil production before royalties from the Jasmine/Ban Yen field, in Licence B5/27 (100% operated interest) averaged 8.5 mbbls/d during Q4 2024, an increase of 12% from Q3 2024. Increased production rates reflect the start-up of five new wells drilled as part of an infill drilling programme, with the last three wells coming onstream in late November 2024. In addition to adding new production, the Jasmine programme also evaluated several secondary appraisal targets which will be the subject of further infill development drilling in due course.

Although the Jasmine field is the most mature asset in the Company’s portfolio, ongoing drilling success underscores the field’s ability to continue serving as a key source of cash generation for the business. The Q4 Jasmine drilling results have been included in the Company’s reserves evaluation for the year-ended December 31, 2024, and contributed to a further extension in the field’s economic life, which on a 2P reserves basis, now lasts into mid 2031.

In February 2025 the drill rig returned to the Jasmine field where it has begun executing a seven-well infill campaign. In total 10 development and appraisal wells are currently planned for the Jasmine field in 2025 and one exploration well at the Ratree prospect. In addition, a workover rig is currently operating on the field completing two workovers.

The low-BTU gas generator was delivered to the Jasmine B platform in Q1 2025 and is expected to be commissioned and operational in Q2 2025. This creates an opportunity to significantly reduce greenhouse gas emissions from this platform as well as to reduce operating costs by using a waste gas stream for power generation.

Nong Yao

At the Nong Yao field, in Licence G11/48 (90% operated working interest), Valeura’s working interest share production before royalties averaged 11.1 mbbls/d, an increase of 18% from Q3 2024. Q4 production rates benefitted from a full quarter of operations at the Nong Yao C field extension, which came online in August 2024.

Performance from Nong Yao C is continuing in line with the Company’s expectations. The Nong Yao field is now the Company’s largest source of production. In addition, it also has the Company’s lowest per unit Adjusted Opex and its oil fetches a premium to the Brent benchmark. As a result, Nong Yao is the Company’s most cash generative asset.

In 2025, nine development wells are planned across the three Nong Yao platforms. This programme is expected to commence in late Q2 2025.

Wassana

Oil production at the Wassana field, in Licence G10/48 (100% operated interest), averaged 4.3 mbbls/d (before royalties), an increase of 55% over Q3 2024. The increase reflects the effect of a full quarter of normal operations at the field, as compared to Q3 2024, during which the Company conducted a one-month precautionary suspension of production while performing underwater inspection work. There was no drilling on the Wassana field in Q4 and no further drilling is planned at this location for 2025.

Valeura has completed the front end engineering and design work for the potential redevelopment of the Wassana field. Detailed contracting and procurement work commenced in late Q4 2024 to validate cost assumptions for the project. Valeura expects to consider a final investment decision in early Q2 2025.

Manora

At the Manora field, in Licence G1/48 (70% operated working interest), Valeura’s working interest share of oil production before royalties averaged 2.2 mbbls/d, a decrease of 11% from Q3 2024. During Q4, the Company began a five-well infill drilling campaign on the Manora field, including both production-oriented infill development wells and appraisal targets. The programme was completed in Q1 2025 and for the month of March to date, working interest share production before royalties has averaged 2.9 mbbls/d. In addition, several appraisal targets were evaluated, giving rise to between three and five potential future drilling targets, which will be further evaluated for inclusion in a future drilling programme.

Türkiye

The Company had no active operations in Türkiye during Q4 2024, however it continues to hold an interest in a potentially large deep gas play in the Thrace basin in the northwest part of the country. In 2024 the Company received official confirmation that it’s leases and licences covering the play had been extended into 2025, and more recently the Company was granted an additional one-year extension, bringing the expiry date to June 27, 2026. Following the current period, Valeura may apply for a further two-year extension for appraisal purposes, and has engaged the government in discussions to that effect.

The Company believes the Thrace basin deep gas play could be a source of significant value in the longer term. Valeura intends to farm out a portion of its interest to a new partner in order to jointly pursue the next phase of appraisal work.

Reserves and Resources Summary

The results of Valeura’s third-party independent reserves and resources assessment for its Thailand assets as of December 31, 2024 were announced on February 13, 2025. Below are summary tables associated with the reserves.

Summary of Reserves Replacement, Value and Field Life

	Gross (Before Royalties) 2P Reserves, Working Interest Share					End of Field Life		2P NPV₁₀ After Tax (US$ million)
Fields	December 31, 2023 (MMbbl)	2024 Production (MMbbl)	Additions (MMbbl)	December 31, 2024 (MMbbl)	Reserves Replacement Ratio (%)	NSAI 2023 Report	NSAI 2024 Report	December 31, 2023	December 31, 2024
Jasmine	10.4	(2.9)	9.2	16.8	324%	Dec 2028	Aug 2031	81.8	163.9
Manora	2.2	(0.9)	2.1	3.4	223%	Jul 2027	Apr 2030	21.2	45.7
Nong Yao	12.4	(3.1)	7.7	16.9	245%	Dec 2028	Dec 2033	185.6	416.1
Wassana	12.9	(1.4)	1.5	12.9	102%	Jun 2032	Dec 2035	139.9	126.6
Total	37.9	(8.4)	20.5	50.0	245%			428.5	752.2

Summary of NPV and NAV

	1P NPV₁₀		2P NPV₁₀		3P NPV₁₀
	Before Tax	After Tax	Before Tax	After Tax	Before Tax	After Tax
NPV₁₀ (US$ million)	360.7	358.6	933.9	752.2	1,339.1	990.2
Cash at December 31, 2024 (US$ million)⁽¹⁾	259.4	259.4	259.4	259.4	259.4	259.4
Net Asset Value (US$ million)	620.1	618.0	1,193.3	1,011.6	1,598.5	1,249.6
Common shares (million)⁽²⁾	106.65	106.65	106.65	106.65	106.65	106.65
Estimated NAV per basic share (C$ per share)⁽³⁾	8.3	8.3	16.1	13.6	21.5	16.8

^{(1) Cash at December 31, 2024 of US$259.4 million, debt nil.}
^{(2) Issued and outstanding common shares as of December 31, 2024}
^{(3) US$/C$ exchange rate of 1.435 as at December 31, 2024}

Webcast

Valeura’s management team will host an investor and analyst webcast at 08:00 Calgary / 14:00 London / 21:00 Bangkok / 22:00 Singapore on Wednesday, March 26, 2025 to discuss today’s announcement. Please register in advance via the link below.

Registration link: https://events.teams.microsoft.com/event/aa5e4d6a-cb5f-46da-ab85-0976e3600c84@a196a1a0-4579-4a0c-b3a3-855f4db8f64b

As an alternative, an audio only feed of the event is available by phone using the Conference ID and dial-in numbers below.

Thailand: +66 2 026 9035,,922648874#
Singapore: +65 6450 6302,,922648874#
Canada: (833) 845-9589,,922648874#
Türkiye: 0800 142 034779,,922648874#
United States: (833) 846-5630,,922648874#
United Kingdom: 0800 640 3933,,922648874#

Phone conference ID: 922 648 874#

For further information, please contact:

Valeura Energy Inc. (General Corporate Enquiries) +65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com

Valeura Energy Inc. (Investor and Media Enquiries) +1 403 975 6752 / +44 7392 940495
Robin James Martin, Vice President, Communications and Investor Relations
IR@valeuraenergy.com

Contact details for the Company’s advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, and Stifel Nicolaus Europe Limited, are listed on the Company’s website at www.valeuraenergy.com/investor-information/analysts/.

About the Company

Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.

Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.

Oil and Gas Advisories

Reserves and contingent resources disclosed in this news release are based on an independent evaluation conducted by the incumbent independent petroleum engineering firm, NSAI with an effective date of December 31, 2024. The NSAI estimates of reserves and resources were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The reserves and contingent resources estimates disclosed in this news release are estimates only and there is no guarantee that the estimated reserves and contingent resources will be recovered.

This news release contains a number of oil and gas metrics, including “NAV”, “reserves replacement ratio”, “RLI”, and “end of field life” which do not have standardised meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics are commonly used in the oil and gas industry and have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

“NAV” is calculated by adding the estimated future net revenues based on a 10% discount rate to net cash, (which is comprised of cash less debt) as of December 31, 2024. NAV is expressed on a per share basis by dividing the total by basic common shares outstanding. NAV per share is not predictive and may not be reflective of current or future market prices for Valeura.

“Reserves replacement ratio” for 2024 is calculated by dividing the difference in reserves between the NSAI 2024 Report and the NSAI 2023 Report, plus actual 2024 production, by the assets’ total production before royalties for the calendar year 2024.

“RLI” is calculated by dividing reserves by management’s estimated total production before royalties for 2025.

“End of field life” is calculated by NSAI as the date at which the monthly net revenue generated by the field is equal to or less than the asset’s operating cost.

Reserves

Reserves are estimated remaining quantities of commercially recoverable oil, natural gas, and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data, the use of established technology, and specified economic conditions, which are generally accepted as being reasonable. Reserves are further categorised according to the level of certainty associated with the estimates and may be sub-classified based on development and production status.

Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

Developed reserves are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (e.g., when compared to the cost of drilling a well) to put the reserves on production.

Developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

Developed non-producing reserves are those reserves that either have not been on production, or have previously been on production, but are shut in, and the date of resumption of production is unknown.

Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves classification (proved, probable, possible) to which they are assigned.

Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable plus possible reserves.

The estimated future net revenues disclosed in this news release do not necessarily represent the fair market value of the reserves associated therewith.

The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

Contingent Resources

Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies are conditions that must be satisfied for a portion of contingent resources to be classified as reserves that are: (a) specific to the project being evaluated; and (b) expected to be resolved within a reasonable timeframe.

Contingent resources are further categorised according to the level of certainty associated with the estimates and may be sub‐classified based on a project maturity and/or characterised by their economic status. There are three classifications of contingent resources: low estimate, best estimate and high estimate. Best estimate is a classification of estimated resources described in the Canadian Oil and Gas Evaluation Handbook as the best estimate of the quantity that will be actually recovered; it is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the best estimate.

The project maturity subclasses include development pending, development on hold, development unclarified and development not viable. The contingent resources disclosed in this news release are classified as either development unclarified or development not viable.

Development unclarified is defined as a contingent resource that requires further appraisal to clarify the potential for development and has been assigned a lower chance of development until commercial considerations can be clearly defined. Chance of development is the likelihood that an accumulation will be commercially developed.

Conversion of the development unclarified resources referred to in this news release is dependent upon (1) the expected timetable for development; (2) the economics of the project; (3) the marketability of the oil and gas production; (4) the availability of infrastructure and technology; (5) the political, regulatory, and environmental conditions; (6) the project maturity and definition; (7) the availability of capital; and, ultimately, (8) the decision of joint venture partners to undertake development.

The major positive factor relevant to the estimate of the contingent development unclarified resources referred to in this news release is the successful discovery of resources encountered in appraisal and development wells within the existing fields. The major negative factors relevant to the estimate of the contingent development unclarified resources referred to in this news release are: (1) the outstanding requirement for a definitive development plan; (2) current economic conditions do not support the resource development; (3) limited field economic life to develop the resources; and (4) the outstanding requirement for a final investment decision and commitment of all joint venture partners.

Development not viable is defined as a contingent resource where no further data acquisition or evaluation is currently planned and hence there is a low chance of development, there is usually less than a reasonable chance of economics of development being positive in the foreseeable future. The major negative factors relevant to the estimate of development not viable referred to in this news release are: (1) current economic conditions do not support the resource development; and (2) availability of technical knowledge and technology within the industry to economically support resource development.

If these contingencies are successfully addressed, some portion of these contingent resources may be reclassified as reserves.

Of the best estimate 2C contingent resources estimated in the NSAI 2024 Report, on a risked basis: 74% of the estimated volumes are light/medium crude oil, with the remainder being heavy oil; 77% are categorised as Development Unclarified, with the remainder being Development Not Viable. Development Unclarified 2C resources have been assigned an average chance of development for the four fields ranging from 30% to 50% depending on oil type, while 2C Development Not Viable resources have been assigned an average chance of development ranging from 16% to 17%.

Resources Project Maturity Subclass	Light and Medium Crude Oil (Development Unclarified)				Chance of Development (%)
	Unrisked		Risked
	Gross (Mbbl)	Net (Mbbl)	Gross (Mbbl)	Net (Mbbl)
Contingent Low Estimate (1C) Development Unclarified	8,267	7,334	3,108	2,742	38	%
Contingent Best Estimate (2C) Development Unclarified	14,178	12,538	4,227	3,728	30	%
Contingent High Estimate (3C) Development Unclarified	21,072	18,644	5,289	4,673	25	%

Resources Project Maturity Subclass	Heavy Crude Oil (Development Unclarified)				Chance of Development (%)
	Unrisked		Risked
	Gross (Mbbl)	Net (Mbbl)	Gross (Mbbl)	Net (Mbbl)
Contingent Low Estimate (1C) Development Unclarified	7,807	7,358	4,045	3,813	52	%
Contingent Best Estimate (2C) Development Unclarified	10,641	10,029	5,325	5,018	50	%
Contingent High Estimate (3C) Development Unclarified	14,524	13,689	6,560	6,182	45	%

Resources Project Maturity Subclass	Light and Medium Crude Oil (Development Not Viable)				Chance of Development (%)
	Unrisked		Risked
	Gross (Mbbl)	Net (Mbbl)	Gross (Mbbl)	Net (Mbbl)
Contingent Low Estimate (1C) Development Not Viable	11,294	10,502	1,694	1,575	15	%
Contingent Best Estimate (2C) Development Not Viable	21,539	19,965	3,652	3,319	17	%
Contingent High Estimate (3C) Development Not Viable	33,503	30,964	5,363	4,802	16	%

Resources Project Maturity Subclass	Heavy Crude Oil (Development Not Viable)				Chance of Development (%)
	Unrisked		Risked
	Gross (Mbbl)	Net (Mbbl)	Gross (Mbbl)	Net (Mbbl)
Contingent Low Estimate (1C) Development Not Viable	2,069	1,950	310	293	15	%
Contingent Best Estimate (2C) Development Not Viable	2,091	1,971	341	321	16	%
Contingent High Estimate (3C) Development Not Viable	3,003	2,830	815	768	27	%

The NSAI estimates have been risked, using the chance of development, to account for the possibility that the contingencies are not successfully addressed. Due to the early stage of development for the development unclarified resources, NSAI did not perform an economic analysis of these resources; as such, the economic status of these resources is undetermined and there is uncertainty that any portion of the contingent resources disclosed in this new release will be commercially viable to produce.

Glossary

bbl	barrels of oil
Mbbl	thousand barrels of oil
MMbbl	million barrels of oil

Advisory and Caution Regarding Forward-Looking Information

Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “target” or similar words suggesting future outcomes or statements regarding an outlook.

Forward-looking information in this news release includes, but is not limited to, the profitability of the Nong Yao asset, relative to rest of the Company’s portfolio; the increase in the number of future development well locations; the estimated net asset value of the Company; the belief that an investment in Valeura’s shares represents an excellent value proposition; Valeura’s expectation that it will benefit from a more efficient tax structure as a result of the corporate restructuring; the inclusion of appraisal-led drilling targets in further infill development drilling programmes; the ability for Jasmine to continue serving as a key source of cash generation; timing to commission the low-BTU gas generator and to reduce greenhouse gas emissions and operating costs; planned drilling and well workovers in 2025; timing to consider a final investment decision on the Wassana field redevelopment project; and the Company’s belief that the Thrace basin deep gas play could be a source of significant value in the longer term. In addition, statements related to “reserves” and “resources” are deemed to be forward-looking information as they involve the implied assessment, based on certain estimates and assumptions, that the resources can be discovered and profitably produced in the future.

Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

Forward-looking information is based on management’s current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; ability to achieve extensions to licences in Thailand and Türkiye to support attractive development and resource recovery; future drilling activity on the required/expected timelines; the prospectivity of the Company’s lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; the impact of conflicts in the Middle East; royalty rates and taxes; management’s estimate of cumulative tax losses being correct; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company’s reserves and contingent resources; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the availability and identification of mergers and acquisition opportunities; the ability to successfully negotiate and complete any mergers and acquisition opportunities; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; international trade policies; future debt levels; and the Company’s continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company’s work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners’ plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company’s ability to manage growth; the Company’s ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; the risk that the Company’s tax advisors’ and/or auditors’ assessment of the Company’s cumulative tax losses varies significantly from management’s expectations of the same; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, including international treaties and trade policies; the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the most recent annual information form and management’s discussion and analysis of the Company for a detailed discussion of the risk factors.

Certain forward-looking information in this news release may also constitute “financial outlook” within the meaning of applicable securities legislation. Financial outlook involves statements about Valeura’s prospective financial performance or position and is based on and subject to the assumptions and risk factors described above in respect of forward-looking information generally as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this news release. Such assumptions are based on management’s assessment of the relevant information currently available, and any financial outlook included in this news release is made as of the date hereof and provided for the purpose of helping readers understand Valeura’s current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook.

The forward-looking information contained in this news release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

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

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

The MIL Network –

March 25, 2025

MIL-OSI United Kingdom: UKHSA highlights pathogens of greatest risk to public health
Source: United Kingdom – Executive Government & Departments

Press release

UKHSA highlights pathogens of greatest risk to public health

A new Priority Pathogens reference tool aims to support national funders of research and development into diagnostics, vaccines and therapeutics.
The UK Health Security Agency (UKHSA) has today published its view on the pathogen families that could pose the greatest risk to public health, in a bid to focus and guide preparedness efforts against these threats.

The list of 24 pathogen families, a reference tool to help guide research and development investment in England, is the first specifically designed to consider both global public health threats as well as those most relevant to a UK population.

It provides information on pathogen families where UKHSA believes further research would be most beneficial to boost preparedness against future biosecurity risks, particularly around diagnostics, vaccines and therapeutics. Research and development across a range of other pathogen families not on this list also remains vital.

For each viral family included in the tool, an indicative rating of high, moderate, or low pandemic and epidemic potential is suggested. These ratings are the opinions of scientific experts within UKHSA, who have considered routes of transmission and severity of disease arising from pathogens in each family to inform the ratings.

This rating does not indicate which pathogen UKHSA considers most likely to cause the next pandemic, but rather those pathogens requiring increased scientific investment and study.

This includes those pathogens where we need increased vaccine or diagnostics development, or those which may be exacerbated by a changing climate or antimicrobial resistance.

Dr Isabel Oliver, Chief Scientific Officer for UKHSA, said:

This tool is a vital guide for industry and academia, highlighting where scientific research can be targeted to boost UK preparedness against health threats.

We are using the tool as part of our conversations with the scientific community, to help ensure that investment is focused to where it can have the biggest impact.

We hope this will help to speed up vaccine and diagnostics development where it is most needed, to ensure we are fully prepared in our fight against potentially deadly pathogens.

Among the pathogen families where UKHSA is keen to see greater scientific strides made are the coronaviridae family, which includes Covid-19; the paramyxoviridae family which includes Nipah virus; and the orthomyxoviridae family which includes avian influenza. However, the reference tool is not a detailed threat assessment and the list of families included in this tool is not exhaustive and the families are not ranked.

Priorities and risks will change with updates in epidemiology and progress will be made with the development of diagnostics and countermeasures. Therefore, the tool, which is intended to be updated annually, must be used with other information as appropriate, and represents a snapshot at one point in time.

The tool, which aims to support all aspects of the UK Biological Security Strategy, is just one of a number of UKHSA is using to secure and protect the public’s health. Both UKHSA’s Vaccine Development and Evaluation Centre and Diagnostic Accelerator are working closely with academia and industry to identify and prepare for pathogenic threats to UK health and the Priority Pathogens tool will help guide this work.

UK Health Security Agency press office

10 South Colonnade
London
E14 4PU

Email ukhsa-pressoffice@ukhsa.gov.uk

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Updates to this page

Published 25 March 2025
MIL OSI United Kingdom –
March 25, 2025
MIL-OSI: Shell accelerates strategy to deliver more value with less emissions
Source: GlobeNewswire (MIL-OSI)

March 25, 2025 – Shell (LON/NYSE: SHEL, AMST: SHELL) will today present to investors at its Capital Markets Day 2025 the next steps in the execution of its strategy. Shell is strengthening its commitment to value creation and maintaining its focus on performance, discipline and simplification.

‘’We have made significant progress against all of the targets we set out at our Capital Markets Day in 2023. Thanks to the outstanding efforts of our people, we are transforming Shell to become simpler, more resilient and more competitive,’’ said CEO Wael Sawan. ‘‘We want to become the world’s leading integrated gas and LNG business and the most customer-focused energy marketer and trader, while sustaining a material level of liquids production. Today we are raising the bar across our key financial targets, investing where we have competitive strengths and delivering more for our shareholders.’’

Today Shell announces that it will:
- Enhance shareholder distributions from 30-40% to 40-50% of cash flow from operations (CFFO) through the cycle1, continuing to prioritise share buybacks2, while maintaining a 4% per annum progressive dividend policy.
- Increase the structural cost reduction target from $2-3 billion by the end of 2025 to a cumulative $5-7 billion by the end of 2028, compared to 20221.
- Invest for growth while maintaining capital discipline, with spend lowered to $20-22 billion per year for 2025-20281.
- Grow free cash flow3 (FCF) per share by more than 10% per year through to 20301.
- Maintain the climate targets and ambition set out in Shell’s Energy Transition Strategy 2024.
To deliver more value with less emissions Shell will:
- Reinforce our leadership position in liquefied natural gas (LNG) by growing sales by 4-5% per year through to 2030.
- Grow top line production across our combined Upstream and Integrated Gas business by 1% per year to 2030, sustaining our 1.4 million barrels per day of liquids production to 2030 with increasingly lower carbon intensity.
- Drive cash flow resilience and higher returns in our Downstream and Renewables & Energy Solutions businesses:
  - Pursue focused growth in our high-return Mobility and Lubricants businesses.
  - Leverage competitive strengths to drive profitable and scalable businesses across our lower carbon platforms, where we expect to have up to 10% of capital employed by 2030.
  - Unlock more value from our strong portfolio of Chemicals assets by exploring strategic and partnership opportunities in the US, and both high-grading and selective closures in Europe, enabling the business to prosper whilst improving returns and reducing capital employed by 2030.
Shell will continue to deliver more value with less emissions, growing in areas where we have competitive strengths, and providing a compelling investment case for our shareholders, now, and into the future.

Notes to editors:

¹ Non-GAAP measure, for reconciliations see www.shell.com/cmd25 this includes the definition of cash capex which in 2024 was $21 billion compared to a range of $22-25 billion per year as announced at CMD23.
² Subject to Board approval as well as shareholder approval at the 2025 Annual General Meeting.
³ Price normalised organic free cashflow, excluding working capital and derivative movements.

Cautionary Note

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”, “aspiration”, ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, March 25, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

Also, in this announcement we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

This announcement may contain certain forward-looking non-GAAP measures such as adjusted earnings and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements. See the document named “Comparable GAAP measures and non-GAAP measures reconciliation” available on our Capital Markets Day 2025 page on shell.com for presentation of the most comparable GAAP measures, definitions and further details of historic non-GAAP measures and other metrics used throughout this announcement.

The information presented in this announcement do not reflect IFRS 18, Presentation and Disclosure in Financial Statements (“IFRS 18”), which will be effective from reporting periods beginning on or after January 1, 2027. IFRS 18 will have no impact on recognition and measurement. From Shell’s initial impact assessment, it has concluded that the impact will be limited to disclosure and presentation in the Consolidated Financial Statements. The primary change will be that the share of profit from joint ventures and associates will be classified in the Consolidated Statement of Income under the investing category (income generated by the investment) instead of the operating category. As a result of this change, the dividends received from joint ventures and associates will be reclassified in the Consolidated Statement of Cash Flows from cash flow from operating activities to cash flow from investing activities.

The contents of websites referred to in this announcement do not form part of this announcement.

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

Contacts:
– Sean Ashley, Company Secretary
– Media: International +44 (0) 207 934 5550; Americas: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html

LEI number of Shell plc: 21380068P1DRHMJ8KU70
Classification: Inside Information

The MIL Network –
March 25, 2025
MIL-OSI Security: Albany Man Pleads Guilty to Pandemic Fraud, Identity Theft, and Falsely Endorsing Stolen Treasury Checks

Source: Office of United States Attorneys

ALBANY, NEW YORK –Collins Bozil, age 26, of Albany, pled guilty today to wire fraud, aggravated identity theft, and forging endorsements on Treasury checks, for fraudulently obtaining pandemic-related unemployment insurance benefits and purchasing stolen tax refund checks issued by the United States Treasury.

United States Attorney John A. Sarcone III; Jonathan Mellone, Special Agent in Charge, Northeast Region, United States Department of Labor, Office of Inspector General (USDOL-OIG); Jeffrey Burr, Special Agent in Charge of the Buffalo Field Office of the United States Secret Service (USSS); and Michael Carpenter, Special Agent in Charge, Northeast Field Division, Department of the Treasury, Treasury Inspector General for Tax Administration (TIGTA), made the announcement.

Bozil admitted that from about April 2020 through April 2021, he fraudulently obtained over $143,000 in unemployment insurance benefits. Bozil admitted that he used cryptocurrency to purchase the personal identifying information (PII) of five people. Bozil used the stolen PII to file for unemployment insurance benefits with the New York State Department of Labor.

Bozil also admitted to purchasing five stolen tax refund checks worth more than $9,000, which he falsely endorsed before depositing into bank accounts he owned and controlled.

Bozil agreed to pay $143,178 to the State of New York, $3,225 to the United States Department of Treasury, and $6,075 to the victims whose identity he stole.

Bozil faces at least 2 years and up to 20 years in prison, a fine of up to $250,000, and a term of supervised release of up to 3 years. A defendant’s sentence is imposed by a judge based on the particular statute the defendant is charged with violating, the U.S. Sentencing Guidelines, and other factors.

The case was investigated by USDOL-OIG, USSS, and TIGTA. Assistant U.S. Attorneys Matthew M. Paulbeck and Joseph S. Hartunian are prosecuting the case.

MIL Security OSI –

March 25, 2025
MIL-OSI United Kingdom: expert reaction to UKHSA’s new Priority Pathogens reference tool

Source: United Kingdom – Executive Government & Departments

March 25, 2025

Scientists comment on the UK Health Security Agency’s new Priority Pathogens reference tool for R&D funders.

Prof Martin Hibberd, Professor of Emerging Infectious Disease, London School of Hygiene & Tropical Medicine (LSHTM), said:

“I am pleased to see a guidance description for pathogens in a UK context being released, and that it will be up-dated yearly. As mentioned in the report, these lists cannot be comprehensive and different perspectives are likely to lead to different conclusions, but it’s release is likely to lead to more widespread consultations and honing of the findings for next year. While all the pathogen families are important, the three identified as priorities (Covid-19; Nipah virus; and avian influenza) are not surprising and I expect perhaps a more detailed, UK specific, priority list next year.”

Darius Hughes, UK General Manager at Moderna, said:

“This important work directly supports Moderna’s strategic partnership with the UK Government to strengthen national pandemic preparedness. By aligning our scientific innovation with the UKHSA’s priority pathogen list, we can help accelerate the development of vaccines where they are most urgently needed. This ensures our joint efforts are focused, forward-looking, and capable of responding rapidly to emerging biological threats—ultimately supporting the UK’s ambition to lead in global health security and protect public health through sustained innovation and collaboration.”

Prof Miles Carroll, Professor of Emerging Viruses, Pandemic Sciences Institute, University of Oxford, said:

“This new Priority Pathogen Families R&D Tool from UK Health Security Agency is aligned with similar prioritisation from the UK Vaccines Network and the World Health Organization, but with a UK focus for obvious reasons.

“The new R&D Tool is consistent with existing evidence, which is helping guide funders, policymakers and scientists on the most urgent research gaps in epidemic and pandemic pathogen threats. Tools like this are important if we are to develop effective diagnostics, vaccines and treatments to support the UK Biological Security strategy.”

Prof Robert Read, Professor of Infectious Diseases, University of Southampton, and Editor in Chief, Journal of Infection, said:

“Lists like this have been made for many years, and they represent an effort to prioritise infections for advisory and funding purposes, ostensibly to align research funding as closely as possible to public health need. Unfortunately, pathogens emerge or change constantly, and it is difficult to predict big infectious disease problems coming down the line. For this reason, I think this list is at best pointless, and at worst potentially harmful to the public health.

“Pointless because the list of viruses is so long that its tricky to name a significant viral pathogen that has not been included. Potentially harmful because a prescriptive list like this could misdirect funding towards certain infections, and away from problems that need urgently to be solved. For example, the list of bacteria of concern includes Yersinia pestis (the cause of plague, a massive problem in 14th-18th Century Europe) for which there is now good available treatment and potential vaccine candidates, but does not include Bordetella pertussis (the cause of Whooping Cough) which caused serious problems for the public during 2024 because vaccines remain sub-optimal and antibiotic treatment only works during the early phase.”

Prof Mark Woolhouse, Professor of Infectious Disease Epidemiology, and Director of the Tackling Infections to Benefit Africa, University of Edinburgh, said:

“A key recommendation of the UK Covid Inquiry’s Interim Report for Module 1 (Preparedness) was that prior to 2020 the UK was overly focussed on the risk of an influenza pandemic. When Covid arrived, it took too long to adjust our response to a different threat, which was part of the reason we ended up in lockdown.

“Since the pandemic, there have been many initiatives to better understand the diversity of pandemic threats that the UK and the world may face in the coming years. The UKHSA’s pathogen prioritization exercise is a welcome contribution to this global effort.

“Of the highest priority pathogens identified by the UKHSA, no one could argue with the inclusion of coronaviruses and influenza viruses (the latter being members of the Orthomyxoviridae family).

“The UKHSA are also right to be concerned about another family of viruses, the Paramyxoviridae. This is a group that includes the measles virus, itself a continuing cause for concern with large outbreaks regularly reported from around the world.

“A novel measles-like virus would pose a threat far worse than Covid. Such a virus would have a much higher R number than the original variants of Covid – making it impossible to control by even the strictest lockdown. It would also be considerably more deadly, and (unlike Covid) it would be a threat to children. This is the kind of pandemic that public health agencies around the world are most concerned about.

“That said, there are many potential kinds of novel pandemic threats – so-called Disease X – and the UKHSA report is a timely reminder that we should not put all our eggs in one basket. The possibility of different kinds of threat – different transmission routes, different types of disease, different populations at risk – means that our response needs to be scalable, adaptable and quick. Knowledge, information and data collected in the first few weeks of the next pandemic will be crucial to tailoring our response appropriately. We need the systems to gather that data in place in advance and ready to be activated, possibly at very short notice.”

‘Priority pathogen families research and development (R&D) tool: A reference tool to help guide England-based funders of research and development’ was published by the UK Health Security Agency at 00:01 UK time on Tuesday 25 March 2025.

Declared interests

Prof Mark Woolhouse: “I am a consultant for the Coalition for Epidemic Preparedness Innovation (CEPI) and a member of the Scottish Committee for Pandemic Preparedness (SCoPP).”

Prof Martin Hibberd: “I have no conflicts with this topic, but I do work on some of the pathogens listed and have been funded by Industry (most recently J&J) – amongst other government support, to work on them.”

Prof Miles Carroll: “I consult for PicturaBio diagnostics. I am a member of the WHO R&D BluePrint Pathogen Prioritisation Committee, UKVN, APHA SAB and MRC/UVRI SAB.”

Darius Hughes: In December 2023, Moderna entered a 10-year strategic partnership with the UK government to establish an mRNA research development and manufacturing facility in the UK. The strategic partnership is managed by the UK Health Security Agency on behalf of the UK government.

For all other experts, no reply to our request for DOIs was received.

MIL OSI United Kingdom –

March 25, 2025
MIL-OSI Australia: Minister Rishworth Newschat on the Today Show with James Bracey

Source: Assistant Minister for Industry, Innovation and Science

25 March 2025

E&OE TRANSCRIPT

Topics: Budget; Teal MP Monique Ryan’s husband removing political signage; Brisbane Olympics.

JAMES BRACEY, HOST: Welcome back to Today. The Albanese Government is this morning banking on voters looking past a decade of deficits as they prepare to hand down their fourth Federal Budget, focusing instead on the nation’s books being in better shape now than they were at the end of the pandemic. Joining us to discuss today’s headlines is Minister for Social Services and the NDIS Amanda Rishworth and political strategist Scott Emerson. Morning to you both. Great to chat with you. A busy day today. So, let’s get into it. Amanda, is it fair to be asking Australians to look past the Budget when Australia’s debt will reach $940 billion this financial year?

AMANDA RISHWORTH, MINISTER FOR SOCIAL SERVICES AND THE NDIS: I think what’s important is to look at the action that we have taken. We inherited a mess from the Liberal Party, and we’ve been working very diligently and responsibly to put the Budget in a better nick, quite frankly. We’ve turned two Liberal deficits into surpluses and now we’re reducing the deficit this year and reducing the debt so that Australians are paying less in interest than they otherwise would have.

JAMES BRACEY: Scott, it’s been reported today young people are battling bracket creep. 63 per cent of Australians aged 45 and over are too scared to retire. Should Labor really be asking them to be hanging on?

SCOTT EMERSON, POLITICAL STRATEGIST: Well, I think we know, James, this is a cost-of-living Budget. People are struggling. It’s got to be a cost-of-living election coming up in a matter of days being announced. The problem for Labor is that people are feeling it very hard out there. They are doing it tough. And when Jim Chalmers’ selling point is a decade at least of deficits going forward, it’s a hard sell. The problem also for Labor is it didn’t intend to bring down this Budget. Their expectation was that they would be in the election already not have to reveal these numbers. Because of Cyclone Alfred that all got delayed.

JAMES BRACEY: Yeah, the Budget no one saw coming. And as it comes out today, Michelle, apparently so do the claws. Footage emerging of Peter Jordan, the husband of Teal MP Monique Ryan, tearing down a poster of his wife’s Liberal rival. Now, Amanda, things are getting really ugly out there.

AMANDA RISHWORTH: I would say that we have pretty civil elections here in Australia compared to other countries. But of course, that obligation relies on all of us to continue to act civilly. I know from time to time in my state and around the place posters do get taken down and vandalised. And it’s important that if people feel others are doing the wrong thing to go through the appropriate channels.

JAMES BRACEY: All right. The other big issue today, after four long years, Brisbane’s Olympic blueprint is being unveiled. Really looking forward to seeing what they’ve got for us today. Scott, we’re finally going to have a concrete plan. Will it be enough, though, to calm the farm?

SCOTT EMERSON: Well, I think the problem for Premier David Crisafulli is he did say repeatedly before the election that there wouldn’t be any new stadiums. What everyone is expecting today is that there will be a new stadium at Victoria Park. I guess his argument will be we’ve got to do it right. We’re going to be on the world’s spotlight in 2032. We’ve got to have appropriate stadiums. All the previous Labor government had a was all over the shop. It was three years of wasted planning. So, today is the big day, the D day. What will be interesting is if they scrap the Brisbane arena, which is going to be funded by the Federal government, and get that $2.5 billion reallocated to the other stadium and other facilities.

JAMES BRACEY: Amanda, a lot of work’s got to be done between now and 2032. Can Brissy pull it off?

AMANDA RISHWORTH: I am very hopeful that Brisbane can pull it off because it’s such an exciting opportunity. Of course, the Federal government will work with the state government. We, of course, need to make sure that for our contribution, we’re getting value for that. Any investment provides a lasting legacy for Brisbane beyond the games. But look, we are ready to work, of course, across the board to make sure that this is the best games that Australia could possibly put on.

JAMES BRACEY: There’s a lot of heavy reading ahead of us today with the budget and Brisbane’s big announcement. Thanks so much for your time today, Amanda and Scott.

MIL OSI News –

March 25, 2025
MIL-OSI: Wrap Technologies, Inc. to Report Fourth Quarter 2024 and Full Year Financial Results on Monday, March 31, 2025 at 4:30 p.m. ET

Source: GlobeNewswire (MIL-OSI)

MIAMI, March 24, 2025 (GLOBE NEWSWIRE) — Wrap Technologies, Inc. (NASDAQ: WRAP) (“Wrap” or, the “Company”) today announced it will hold a conference call on Monday, March 31, 2025 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its financial and operational results for the fourth quarter and full year ended December 31, 2024.

Wrap management will host the presentation, followed by a question-and-answer period.

Interested parties may submit questions to the Company prior to the call at ir@wrap.com by 5:00 p.m. Eastern Time on March 28, 2025. Questions will be addressed based on the relevance to the Company’s strategic direction and execution, stockholder base and public disclosure rules.

Date: Monday, March 31, 2025
Time: 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time)
Webcast Link: Click here to register

The fourth quarter 2024 earnings press release with financial results and other related materials will be available on the “Investors” section of Wrap’s website at ir@wrap.com.

About Wrap Technologies, Inc.
Wrap Technologies, Inc. (Nasdaq: WRAP) is a global leader in public safety solutions, bringing together cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.

Wrap’s BolaWrap^® solution is a safer way to gain compliance—without pain. This innovative, patented device deploys light, sound, and a Kevlar^® tether designed to safely restrain individuals from a distance, giving officers critical time and space to manage non-compliant situations before resorting to higher-force options. The BolaWrap 150 does not shoot, strike, shock or incapacitate, instead, it helps officers operate lower on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap^® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap’s commitment to public safety through cutting-edge technology and expert training.

Wrap Reality™ VR is an advanced, fully immersive training simulator designed to enhance decision-making under pressure. As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, Wrap Reality™ equips officers with the skills and confidence to navigate high stakes encounters effectively, leading to safer outcomes for both responders and the communities they serve.

Wrap’s Intrensic solution (“Intrensic”) is an advanced body-worn camera and evidence management system built for efficiency, security, and transparency. Designed to meet the rigorous demands of modern law enforcement, Intrensic seamlessly captures, stores, and manages digital evidence, ensuring integrity and full chain-of-custody compliance. With automated workflows, secure cloud storage, and intuitive case management tools, it streamlines operations, reduces administrative burden, and enhances courtroom credibility.

Trademark Information
Wrap, the Wrap logo, BolaWrap^®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

Cautionary Note on Forward-Looking Statements – Safe Harbor Statement
This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the expected benefits of the acquisition of W1 Global, LLC, the Company’s ability to maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Investor Relations Contact:
(800) 583-2652
ir@wrap.com

The MIL Network –

March 25, 2025
MIL-OSI Submissions: Global Bodies – WHO in the Western Pacific urges decisive action to end TB
Source: World Health Organization (WHO)

Manila, 24 March 2025 – On World Tuberculosis (TB) Day, the World Health Organization (WHO) is calling for countries to invest in and deliver on commitments to end tuberculosis by 2030. This is especially urgent in the WHO Western Pacific Region, where nearly one in every five TB cases occur. With an estimated 1.9 million new cases and 95 000 deaths due to TB in 2023, the impact of this disease for families and communities in this Region is profound. Any delay in diagnosis or gap in care can have devastating consequences.

TB is an infectious disease caused by bacteria that most often affect the lungs. It spreads through the air when people with TB cough, sneeze or spit. TB is preventable and curable with specific antibiotics, but it still kills more people than any other infection. Furthermore, if treatment is interrupted, TB bacteria can become drug resistant. Treatment of drug-resistant TB is more expensive and associated with more side-effects.

Guidance from the Regional Framework on TB

The regional TB response has been guided by the Western Pacific Regional Framework to End TB: 2021–2030.However, implementation of the Framework in countries in the Region is hindered by challenges such as limited health-care infrastructure, inadequate research and innovation capacity, unaddressed poverty and inequities, and lack of sustainable funding. Additionally, information on people with TB who are diagnosed by private health-care providers is often not reported to national TB programmes, making it difficult or impossible for them to receive the latest WHO-recommended diagnostics and treatment regimens.

A recent article published in the International Journal of Tuberculosis and Lung Disease titled “The Western Pacific Regional Framework to End TB: Overview and critical reflection” examines the Regional Framework. Co-authored by WHO staff and partner agencies, the article underscores the urgency of transforming commitments into action, providing a road map for countries to implement the Framework and address persistent barriers to TB elimination.

“Every missed TB case is a lost opportunity to save a life,” said Dr Saia Ma’u Piukala, WHO Regional Director for the Western Pacific. “We must turn our commitments into decisive action, ensuring that every person at risk gets the timely, high-quality diagnosis and care that they deserve.”

Strengthening TB services and resilient health systems

While most countries have integrated TB screening into their routine health services, some still face challenges. Strengthening these efforts will enable early detection and continuity of care, particularly in underserved areas. Modern approaches and tools − such as telemedicine, portable diagnostic devices and rapid tests – can help health workers detect TB cases early and ensure that treatment and services continue even during crises.

The COVID-19 pandemic highlighted the vulnerability of TB services to crises, and demonstrated the need for resilient and scalable approaches. Countries need to ensure that diagnostics, medications and patient support remain available free of charge even during public health emergencies.

To address underreporting of TB cases, public−private collaboration should be considered and improved. This can be done by linking private providers to national TB programmes, offering incentives for private sector reporting, and enforcing mandatory TB case reporting. This will help patients in private care access WHO-recommended diagnostics and treatments, which may be free or low-cost in the public sector.

Innovation in diagnostics and treatments is also essential to strengthen TB care in both the public and private sectors. “Every cent invested in TB care and research brings us closer to a TB-free future. To get there, we need public−private partnerships and sustainable funding mechanisms,” said Dr Piukala.

Addressing social determinants and improving multisectoral collaboration

Addressing the social determinants of TB – which include poverty and inequities − requires a holistic approach with strong multisectoral involvement and accountability. Financial protection mechanisms, such as compensation for people who are being treated for TB and are unable to work, are essential to reduce economic hardship. Expanding social support programmes − for example, food assistance in high-risk communities − can also decrease the risk of TB infection. Improving access to care in underserved areas will help ensure more equitable treatment coverage.

Effective implementation of the Framework requires strong local political commitment and context-specific interventions. With declines in sources of external funding for TB control, countries must increase domestic investment in TB programmes, incorporating control of the disease into national health budgets. Long-term, sustainable financing models are essential for continuous service delivery without reliance on external donors.

WHO is providing clear guidance and targeted support to help countries turn commitments into action. This is essential to protect hard-won gains and achieve ambitious targets to end TB by 2030.

“Ending TB is about upholding the right of every individual to live a healthy and dignified life,” said Dr Piukala. “With political commitment, sustainable funding and united action across sectors, we can accelerate progress and move closer to a TB-free Western Pacific.”

Related links:

The Western Pacific Regional Framework to End TB: Overview and critical reflection

WHO news: Funding cuts impact access to TB services endangering millions of lives

WHO global TB fact sheet

Western Pacific Region World TB Day 2025 event page including links to the regional TB topic page, Western Pacific Regional Framework to End TB: 2021−2030 and dashboard with data on TB by country and for the region overall

Story of Mildred from the Philippines who had drug-resistant TB: written feature and video

Story of Tracking to Zero: Using data to help eliminate TB in Cambodia
MIL OSI – Submitted News –
March 25, 2025
MIL-OSI New Zealand: Five years on since New Zealand’s first COVID-19 lockdown

Source: New Zealand Government

Today marks the fifth anniversary of the first COVID-19 lockdown for New Zealand. The country remained at alert level 4 until 27 April 2020.
New Zealand experienced further lockdowns in 2021, with Auckland and Northland remaining in lockdown for longer than other parts of New Zealand.
“I know that many New Zealanders are still experiencing the impact of the pandemic years after it first started, whether that’s on their business, their children’s education, or their health”, says Ms van Velden.
“As we take the time to reflect on the anniversary of the first COVID-19 lockdown in New Zealand, I would encourage the public to submit their thoughts to the Inquiry on matters within the terms of reference; including the use of vaccines, lockdowns, testing, and public health materials.”
Last year the Government announced there would be a second phase of the Inquiry into COVID-19 covering outstanding matters of public concern. Both the ACT-National and New Zealand First-National coalition agreements include commitments to expand the Inquiry into COVID-19. Phase 2 of the Inquiry began on 29 November and will deliver the final report in February 2026.
Any member of the public can submit to the Inquiry using the portal at www.covid19inquiry.nz. Submissions close at midnight on 27 April 2025.
“It’s important that New Zealanders tell the Inquiry about their experiences so we can be better prepared as a country for any future events. I look forward to seeing the final report and recommendations delivered to me in February 2026.”
The full terms of reference for Phase 2 of the Inquiry is available here: https://www.legislation.govt.nz/regulation/public/2022/0323/latest/LMS792965.html

MIL OSI New Zealand News –

March 25, 2025
MIL-OSI Banking: Members continue TRIPS implementation review discussion, address IP notification obligations

Source: WTO

Headline: Members continue TRIPS implementation review discussion, address IP notification obligations

Under Article 71.1 of the TRIPS Agreement, the TRIPS Council is required to conduct a review of the implementation of the Agreement after two years and at periodic intervals thereafter. However, the initial review in 1999 was never completed and no other review has subsequently been initiated.
The Chair recalled that over the past year members had spent significant time and energy on considering how to finally launch the review. They ultimately converged on a “Proposed Process for the First Review of the Implementation of the TRIPS Agreement under Article 71.1” that was circulated as document JOB/IP/79/Rev.3 on 22 November 2024.
However, the Chair noted, despite intensive and constructive engagement by members, who have never been closer to consensus on this particular issue, that document could not be adopted. Reporting on the group consultations she held with members on 7 March to hear ideas on how to approach work on this issue in the future, she indicated that members’ concerns that had prevented the adoption of the draft document in December remained prevalent.
A number of delegations expressed their willingness to continue discussions on this issue. Therefore, the Chair left the door open to hold another round of consultations in the coming weeks, provided that delegations remain willing to engage constructively and find an agreed solution.
Notifications
The WTO Secretariat provided an update on notifications under various provisions of the TRIPS Agreement received by the Council since its last meeting in November 2024. The Secretariat also submitted the “Annual report on notifications and other information flows”.
The report indicates that although participation in WTO notifications has increased, many members are not fulfilling their ongoing notification obligations, which impacts the Council’s monitoring function. Despite considerable legislative changes in IP over the past 15 years, 21 per cent of developed and 37 per cent of developing members have not notified the Council of any new or amended laws since 2009. Furthermore, 63 per cent of IP enforcement contact points and 75 per cent of technical and financial cooperation contact points have not been updated in over a decade.
In 2024, members submitted 125 notifications, including 116 new or updated domestic laws or regulations pertaining to the TRIPS Agreement, as required under Article 63.2. The rate of participation remained steady, with 26 members submitting at least one notification.
Reports on technology transfer to LDCs and on technical and financial cooperation were similar to those in 2023, with 16 developed members submitting reports. However, no notifications were received in 2024 for the special compulsory licensing system or updates on biotechnology or geographical indications.
The report also notes that the e-TRIPS information system, designed to improve transparency and provide simple online submission processes, has seen steady usage since its 2019 launch. By 2024, 93 per cent of members were using the platform and 96 per cent of total submissions were made through the platform.
Delegations notifying new or revised legislation took the floor to inform the Council of the main elements presented in their documents. This practice has become an established tradition, with many delegations following it at recent sessions of the Council. It has proven to be very useful in improving understanding of the notifications, raising awareness and promoting transparency.
Technology transfer
The TRIPS Council meeting was attended by the participants of the annual WTO workshop on incentives for technology transfer to least-developed countries (LDCs) under the TRIPS Agreement. This was opened by Deputy Director-General Johanna Hill on 17 March. The workshop brought together 30 participants from LDCs, experts from eight developed members, specialists from the public and private sectors and intergovernmental organizations.
Technology transfer is deeply embedded in the TRIPS Agreement and is explicitly mentioned in its objectives in Article 7. Since 2003, when WTO members agreed on the transparency mechanism for technology transfer under Article 66.2, developed country members have submitted over 400 reports detailing their actions and commitments. To date, the TRIPS Council has conducted 21 reviews of these reports, generating valuable insights into effective strategies and best practices.
A follow-up to the annual review of reports from nine developed members on their technology transfer commitments and related programmes took place at the TRIPS Council. See here.
Several LDC members thanked the Secretariat for organizing the workshop and developed countries for their detailed reports. They underscored the importance of informal dialogue between LDC members and developed country members. This is particularly important when it comes to tailoring technology transfer programmes to LDCs’ priority needs and learning from developed members’ experience, they added.
On a separate ad hoc agenda item, members addressed a communication on “IP and innovation: Technology transfer case studies” introduced by Australia, Canada, the European Union, Israel, Japan, the Republic of Korea, New Zealand, Singapore, Switzerland, Chinese Taipei, the United Kingdom and the United States. The objective was to facilitate discussions at the TRIPS Council, using concrete case studies that show real-world technology transfer in action across industries such as agriculture, sustainability and manufacturing.
Many projects were showcased to underline how technology transfer can support innovation and economic growth. These included a Japanese-Tanzanian partnership producing insecticide-treated nets and technical know-how provided to Sri Lankan companies in the manufacturing and textile industries. The World Intellectual Property Organization (WIPO) presented WIPO GREEN, an online platform connecting providers and seekers of eco-friendly technologies to combat climate change.
Non-violation and situation complaints (NVSCs)
The Chair reported on the consultations she held in early March with the most active members and Group coordinators on this issue, where delegations largely repeated their known positions. One member suggested that the Secretariat organize a briefing session on this issue to provide an overview of the points and arguments raised in the past, she said.
She underlined that none of the various suggestions made by her predecessors in meetings and informal consultations as to how members could resume a substantive debate have been taken up by members, indicating that there is little desire to restart substantive discussions on this issue. Taking into account that the 14th Ministerial Conference (MC14) will take place in March 2026, she reminded members that the examination of the scope and modalities of these complaints is a ministerial mandate for this Council, which members should make a serious effort to fulfill.
At the 13th Ministerial Conference (MC13), ministers adopted the Decision on TRIPS Non-Violation and Situation Complaints, tasking the TRIPS Council to continue its review of the scope and modalities for NVSCs and to make recommendations to MC14. It was also agreed that, in the meantime, members would not bring such complaints under the TRIPS Agreement.
Non-violation and situation complaints (NVSCs) refer to whether and under what conditions members should be able to bring WTO dispute complaints where they consider that another member’s action, or a particular situation, has deprived them of an expected advantage under the TRIPS Agreement, even though no obligation under the Agreement has been violated.
Members have historically differed on whether such non-violation cases are feasible in intellectual property. Some delegations consider NVSCs essential to maintaining the proper balance of rights and obligations within the TRIPS Agreement while helping to ensure that legitimate obligations are not circumvented or avoided. Others believe there is no place for the application of non-violation complaints in the area of intellectual property because of the legal insecurity and curtailment of flexibilities that could ensue and favour their complete ban in the TRIPS area.
Pandemic response
The Chair highlighted the WTO’s compilation document COVID-19: Measures Regarding Trade-Related Intellectual Property Rights, available on its website. This document, compiled by the Secretariat using official sources and verified by relevant members, provides a non-exhaustive overview of IP-related measures taken in response to the pandemic. She urged delegations to update the Secretariat with any new measures, modifications or expirations.
Discussions continued on proposals under paragraph 24 of the Ministerial Declaration on the WTO Response to the COVID-19 Pandemic and Preparedness for Future Pandemics, reaffirmed in the Abu Dhabi Ministerial Declaration of March 2024. This provision mandates the Council to assess challenges and lessons from the pandemic, including through members’ proposals.
Members also continued to review two submissions: one by the United Kingdom on Intellectual Property, Voluntary Licensing, and Technology Transfer, and another by Bangladesh, Colombia, Egypt and India on TRIPS for Development and Post-MC13 Work on TRIPS-Related Issues. The debate centered on pandemic preparedness and the WTO’s role in addressing IP concerns.
Some delegations stressed the need for balancing IP rights with public health to secure access to medicines in future crises. Others highlighted the need for updated IP policies and voluntary licensing as key for effective technology transfer, calling for evidence-based discussions under this agenda item.
Other issues
Members discussed a second ad hoc agenda item under the heading of “IP and the public interest”, included at the request of Bangladesh, Brazil, Colombia, India and Pakistan. These delegations submitted a paper on this topic, entitled “Intellectual Property for Development Group – Side Activity: 30 Years of Developing Countries’ Expectations and Concerns about TRIPS”.
Participating members presented a summary of a side event organized on 19 March by the informal group of countries known as “Intellectual Property (IP) for Development”. At this event, delegates and experts were invited to an initial discussion to reflect on the history of the TRIPS negotiations, 30 years after their conclusion. Proponents noted that a discussion on the evolution and impact of TRIPS will help to improve the available information, providing valuable insights and reflections for assessing the expectations of developing economies.
The Chair said that there have been no new acceptances of the protocol amending the TRIPS Agreement since the last Council meeting. This means that, to date, the amended TRIPS Agreement applies to 141 members. Twenty-five members have yet to accept the Protocol.

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MIL OSI Global Banks –

March 25, 2025

MIL-OSI Europe: REPORT on the nomination of Lucian Romașcanu as a Member of the Court of Auditors – A10-0039/2025

Source: European Parliament

ANNEX 1: CURRICULUM VITÆ OF LUCIAN ROMAȘCANU

ABOUT ME

Married, two children

Politician with top parliamentary and governmental experience with a wealth of prior experience in the private sector.

Solid experience in working with public and European funds in the public positions held, minister, senator or head of a higher administrative territorial unit.

EDUCATION AND TRAINING

[ 2000 – 2002 ] Executive MBA

University Of Washington, Seattle / ASEBUSS Bucharest

City: Bucharest | Country: Romania |

[ 1986 – 1991 ] BSc

Academy Of Economic Studies

City: Bucharest | Country: Romania |

WORK EXPERIENCE

[ 28/10/2024 – Current ] President

Buzău County Council

City: Buzău | Country: Romania

• uninominal elected position

• administrative coordination of Buzău county, 404 000 inhabitants and 87 administrative territorial units

• yearly budget – over EUR 100 million

[ 21/12/2016 – 27/10/2024 ] Senator

The Senate of Romania

City: Bucharest | Country: Romania

Various positions in the parliament of Romania:

• Chair, Culture and Media Committee

• President, Romanian parliament delegation to the Parliamentary Assembly of the Organization for Security and Co-operation in Europe (OSCE)

• Leader, Social-Democratic Party senators

[ 11/2021 – 06/2023 ] Minister Of Culture

Government of Romania

City: Bucharest | Country: Romania

• yearly budget – over EUR 300 million

[ 06/2017 – 01/2018 ] Minister Of Culture

Government of Romania

City: Bucharest | Country: Romania

• yearly budget – over EUR 270 million

[ 2015 – 2016 ] Management Advisor to the President of the Board

Romanian National Television

City: Bucharest | Country: Romania

• 100 % state owned

• 5 TV Channels

• EUR 67 million yearly turnover

• 2 450 employees

[ 2012 – 2015 ] Managing Director

Dogan Media International

City: Bucharest | Country: Romania

• Turkish capital

• EUR 20 million yearly turnover

• over 400 employees

• 32 % y-o-y revenue growth

[ 2009 – 2012 ] General Manager

Cancan Media

City: Bucharest | Country: Romania

• EUR 8 million yearly turnover

• 140 employees

• 12% y-o-y revenue growth

[ 2006 – 2009 ] Managing Director

Ringier Romania

City: Bucharest | Country: Romania

• Swiss capital

• EUR 30 million yearly turnover

• 240 employees

[ 2004 – 2006 ] Managing Director

Best Print Services

City: Bucharest | Country: Romania

• EUR 10 million yearly turnover

• 110 employees

• financing negotiations, investment programme supervising

• ERP design and implementation

• 18 % y-o-y revenue growth

[ 2002 – 2004 ] General Manager

HL Display Romania

City: Bucharest | Country: Romania

• Swedish capital

• start-up

• EUR 1 million yearly turnover

• 5 employees

• Accountable for the Profit and Loss (P&L) statement

• budgeting, revenue and cost control responsibility

[ 1999 – 2002 ] Sales Director

Ringier Romania

City: Bucharest | Country: Romania

• Swiss capital

• sales team coordination (14 people)

• crafting sales strategy, planning action, setting sales objectives

• sales presentations delivered to media agencies, key clients; contract negotiation

[ 1997 – 1999 ] Sales Director

MediaPro Holding

City: Bucharest | Country: Romania

• organising and harmonising the sales structures of the different group companies

• crafting sales strategy, planning action, setting sales objectives

• sales presentations delivered to media agencies, key clients; negotiating sales budgets responsibility, in depth reorganisation of the sales structure of 16 different companies

[ 1993 – 1997 ] Country Representative Amorim Irmaos

City: Bucharest | Country: Romania

• start-up

• EUR 4 million yearly turnover

• building the presence on the Romanian market, obtaining and maintaining the leader position (90 % market share)

[ 1991 – 1993 ] Account manager

Vinexport Trading Co.

City: Bucharest | Country: Romania

• coordinating exports to Dutch, Canadian and Israeli markets

• taking part in negotiations, supervising deliveries, preparing export documents.

MANAGEMENT AND LEADERSHIP SKILLS

Team leader, good negotiator

• good teams coordination

• precise identification and delimitation of competences and hierarchies, multitasking with attention to detail

• analytical but also action and results oriented

• very good communication and presentation skills

• strong negotiation skills with different typologies or cultures

COMMUNICATION AND INTERPERSONAL SKILLS

Excellent communicator, adaptable and perseverant

• excellent interpersonal and communication skills within different environments, coordinating and motivating teams of various sizes

• committed, self-starter, dynamic, perseverant, adaptable, rapidly assimilating new information from various fields

LANGUAGE SKILLS

Mother tongue(s): Romanian

Other language(s):

English

LISTENING C2 READING C2 WRITING C2

SPOKEN PRODUCTION C2 SPOKEN INTERACTION C2

French

LISTENING B2 READING B2 WRITING B1

SPOKEN PRODUCTION B1 SPOKEN INTERACTION B1

Levels: A1 and A2: Basic user; B1 and B2: Independent user; C1 and C2: Proficient user

DIGITAL SKILLS

My Digital Skills

Excellent command of Microsoft Office (Word, Excel, Outlook) | Proficiency of using computer and internet | Enterprise-Resource-Planning-Software (ERP) | Implement change management: from organisational changes to CRMs launch

DRIVING LICENCE

Motorbikes: A

Cars: B

HOBBIES AND INTERESTS

Avid reader, passionate about sports and music

ANNEX 2: ANSWERS BY LUCIAN ROMAȘCANU TO THE QUESTIONNAIRE

Questionnaire for Candidates for Membership of the Court of Auditors

Professional experience

1. Please list your professional experience in public finance be it in budgetary planning, budget implementation or management or budget control or auditing.

• As manager in the private sector

i. I proposed, negotiated, approved and controlled budgets of EUR tens of millions in the different companies I managed.

• As Senator in the Romanian Parliament:

i. I discussed, amended and approved eight of the Romanian yearly budgets with all the activities involved in this laborious process.

ii. I received, analysed, and was involved in amending, approving or rejecting the budgets of the institutions that operate directly under the supervision of the Senate of Romania – Romanian National Television, Romanian National Radio, the Romanian Cultural Institute, the Audio Visual Council, among others.

iii. I was involved in top level decisions during major crises, including the pandemic and the energy crisis, where the budgetary impact and control over decisions was a key priority.

• As Minister of Culture

i. I analysed past years’ budgets and drew conclusions on the performance of the previous budgets and implemented corrective measures where necessary.

ii. I drew up the yearly budgets, negotiated them with the Ministry of Finance and presented them in front of the Romanian parliament – the yearly budget of the Ministry of Culture is about EUR 300 million.

iii. I oversaw the execution of the yearly budgets both in terms of performance and legality.

iv. I worked closely with the Romanian Court of Accounts in all aspects related to their activities concerning my ministry.

• As President of Buzau County

i. I analysed the previous years’ budgets to allow me to draw conclusions on the County’s financial performance and subsequently prepared budgetary corrections for the next period.

ii. I drew up the 2025 budget and supervised its approval by the County counsellors – the yearly budget is about EUR 110 million.

2. What have been your most significant achievements in your professional career?

A: Considering the scope of this questionnaire, I would list some of the achievements related to the financial and budgetary fields:

i. In my first mandate as Minister, I was able to increase the budget of the Ministry of Culture by 47 % and oversaw an execution rate of more than 98 % without any adverse opinion from the Romanian Court of Accounts.

ii. As the leader of the group of the Social Democratic Party senators I was a key actor in the negotiation and successful vote of the Romania’s annual budgets in due time.

iii. As member of the Parliament during the COVID-19 crisis I was able, together with my colleagues, to ensure – through the necessary Parliamentary decisions – all the resources that the state needed to fight the pandemic and follow-up the way the resources were allocated and spent.

3. What has been your professional experience of international multicultural and multilinguistic organisations or institutions based outside your home country?

i. In the private sector I worked on top executive positions for multinational companies, where I exposed to different cultures within the organisations I worked for.

ii. As a member of the Romanian parliament and a committee chair, I was constantly involved in activities of parliamentary diplomacy with representatives of different countries and cultures. As the President of the Romanian Parliament delegation to the Organization for Security and Co-operation in Europe (OSCE) I was involved in meetings, discussions and negotiations with representatives from more than 50 member countries.

iii. As a minister I had the opportunity to have a full international agenda with meetings and negotiations with colleagues from different countries and cultures.

4. Have you been granted discharge for the management duties you carried out previously, if such a procedure applies?

A: The duties I carried out previously were not subject to a discharge procedure.

5. Which of your previous professional positions were a result of a political nomination?

A: For the past eight years of my career, I was in the public service following general or local elections and I was appointed twice as Minister of Culture. All positions were held as a member of the Social Democratic Party (PSD).

6. What are the three most important decisions to which you have been party in your professional life?

A: Having a career that spans over decades, there were several important decisions that made the difference, and I am proud of. I will mention three of them, which are relevant for the three main chapters of my career so far, in the private sector, government and parliament:

i. One of my important decisions I made during my years as manager in the private sector was the deep restructuring of the division I was in charge of in within Ringier Romania, the result being that the newspaper and magazine titles in my portfolio accounted for 50 % of the group’s turnover and almost 100 % of the group’s profit.

ii. As Minister of Culture, I was able to restructure and streamline the budget to allocate 270 % more money to domestic cultural projects than in the preceding year.

iii. As a senator and group leader I supported, negotiated in the committees and got the votes for the investment programmes of the Government, including recovery and resilience fund (RRF) projects, which reached almost 7 % of Romania’s GDP in 2024.

Independence

7. The Treaty stipulates that the Members of the Court of Auditors must be ‘completely independent’ in the performance of their duties. How would you act on this obligation in the discharge of your prospective duties?

A: If confirmed, as a Member of the Court of Auditors, I commit myself to carry out my duties in full independence and with the highest ethical standards, in the general interest of the European Union and of the European citizens, and in full respect of the Treaties’ provisions and the Rules of Procedure of the Court. I will fully comply with the provisions of the Code of conduct for ECA members and observe the ethical principles enshrined therein: integrity, independence, objectivity, competence, professional behaviour, confidentiality, transparency, dignity, commitment, loyalty, discretion and collegiality.

I will neither seek nor take instructions from any government or other institution, body office, or entity. At the same time, I shall refrain from any action incompatible with my prospective duties, striving to set an example by my personal conduct. Even after the cessation of my duties, I undertake to ensure the confidentiality of information and respect the rules concerning appointments and benefits.

In this role, I will ensure that the Court’s independence is rigorously protected and that my duties are performed with integrity, impartiality and a strong commitment to the highest standards of public service.

8. Do you or your close relatives (parents, brothers and sisters, legal partner and children) have any business or financial holdings or any other commitments, which might conflict with your prospective duties?

A: Neither I nor any member of my family have any business or financial interests that could give rise to a conflict of interest with the duties and responsibilities associated with the role of Member of the European Court of Auditors (ECA).

9. Are you prepared to disclose all your financial interests and other commitments to the President of the Court and to make them public?

A: Yes, I am ready to disclose all requested information and provide a declaration of interest in accordance with the European Court of Auditors’ Code of Conduct and ethical guidelines, ensuring complete transparency and accountability.

10. Are you involved in any current legal proceedings? If so, please provide us with details.

A: No, I am not involved in any current legal proceedings.

11. Do you have any active or executive role in politics, if so at what level? Have you held any political position during the last 18 months? If so, please provide us with details.

A: Yes, I am currently the leader of the Buzau County organisation of the Social Democratic Party and the national spokesperson of the party for all matters.

12. Will you step down from any elected office or give up any active function with responsibilities in a political party if you are appointed as a Member of the Court?

A: Yes, without any hesitation. Becoming a member of ECA means that I will put an end to my political career.

13. How would you deal with a major irregularity or even fraud and/or corruption case involving persons in your Member State of origin?

A: If such a case happens, I would handle it in the same manner as any other case of fraud in any other Member State, with the utmost independence and integrity, taking a fully impartial, objective, unbiased and professional approach.

Upholding impartiality and integrity, respecting the rule of law, strictly following established policies, rules, and procedures, and ensuring fairness and equal treatment are all essential for any institution to function effectively and maintain the trust of EU citizens.

Performance of duties

14. What should be the main features of a sound financial management culture in any public service? How could the ECA help to enforce it?

A: Within the framework set by the Financial Regulation, sound financial management is understood as budget implementation in compliance with the three principles of:

i) economy

ii) efficiency

iii) effectiveness.

Public funds must be used for the public good, upholding the fundamental principles of transparency and accountability, which are the two key pillars of good governance.

I strongly believe that transparency, fairness and accountability, with a focus on performance as well, should be seen as the main features of implementing these principles and fostering a sound financial management culture in public service and these have been guiding elements in both my private and public-sector career.

What is more, the challenging context we are facing requires that we all do our utmost to rebuild and strengthen citizens’ trust in public institutions and decision-making processes at national and European levels. In this regard, I see added value in a multilayered approach aiming to ensure that proper budgetary planning is accompanied by ethical governance and transparent reporting, followed by a thorough controlling and accountability process, all supported by clear and proactive communication efforts at each of these stages. Not least, I see merit in incorporating early risk analysis and mitigation in all stages described above, to ensure the best possible outputs.

The ECA has the important role of helping to establish a culture of professional financial management and ensuring its sustainability across all EU institutions. The ECA delivers recommendations and monitors their implementation, both key activities for the above-mentioned role. Identifying best practices and issuing audit recommendations are essential ways to strengthen sound financial management. Furthermore, the ECA’s substantial moral authority can help inspire more transparent and accountable accounting practices throughout the EU.

The ECA also plays a significant role in simplifying the legislative framework and administrative procedures where appropriate, contributing to effective financial management and facilitating necessary reforms. The EU needs simpler procedures with less bureaucracy, and the ECA can play a vital role in Europe’s simplification agenda.

15. Under the Treaty, the Court is required to assist Parliament in exercising its powers of control over the implementation of the budget. How would you further improve the cooperation between the Court and the European Parliament (in particular, its Committee on Budgetary Control) to enhance both the public oversight of the general spending and its value for money?

A: As a prospective Member of the Court of Auditors, I assure you of my commitment to building a relationship based on openness, transparency, mutual trust and efficiency between the European Parliament – in particular its Committee on Budgetary Control (CONT) – and the Court of Auditors. As we are still early in the current institutional and legislative cycle, I believe we need to work, from both sides, to further strengthen the connection between the two institutions and foster a culture of constant engagement between the CONT Committee and the ECA. As such, if confirmed, I would like to assure you of my full openness to dialogue and suggestions on how to improve and strengthen the Court’s contributions in support of the decision-making process in the CONT Committee, meant to allow Parliament to exercise its democratic oversight effectively, particularly when exercising its powers of control over the implementation of the budget. Also given the current difficult regional and international context, I cannot stress enough the importance of safeguarding the EU budget – both at EU and national levels – and I am aware that this is a prime concern for this Parliament and for the CONT Committee in particular.

By working together, we can ensure that any expenditure of EU money is made in a legal, responsible, and accountable manner, having at heart the best interests of the EU and its citizens.

Moreover, since Members of the European Parliament directly represent the interests of EU citizens, it is crucial to incorporate their perspectives to ensure the ECA’s work remains relevant to the challenges faced by EU citizens, while upholding the Court’s full independence in its work.

16. What added value do you think performance auditing brings and how should the findings be incorporated in management procedures?

A: Compliance audits, financial audits and performance audits complement each other. While compliance auditing verifies whether activities and programmes comply with applicable legal and regulatory requirements, performance auditing evaluates whether these activities and programmes have been executed optimally.

In the context of the implementation of the current multi-annual financial framework for 2021-2027, the Court of Auditors has already recommended future-proofing EU funding for climate adaptation as part of the EU’s economic growth strategy, with implications for the EU’s competitiveness both internally and externally. This contributed to building a results-oriented approach and ensuring that financial decisions are properly translated into effective actions and solutions to the benefit of EU citizens.

Building on this model, further actions could be envisaged in order to support the proper follow-up to the efficiency of spending on the EU’s competitiveness objectives, based on performance auditing, also taking into account the need to consider the EU’s overall development objectives.

In the same logic, a stronger focus on performance could prove useful in support of the new Commission objectives related to simplification and accountability, also with respect to public procurement procedures. Performance-based evaluations could also consider the administrative costs at the level of Member States, as well as at the level of the business community. Performance auditing offers forward-looking insights, evaluating whether processes are functioning effectively to achieve the set targets and goals.

Given the projected increased complexity of the EU financial instruments, accountability and traceability of EU funds becomes even more important, also as a prerequisite of the performance-based model, to be considered in the future endeavours of the Court of Auditors, as well as in the relationship with the other EU institutions with budgetary responsibilities – namely the European Commission and the European Parliament.

That being said, we must always strive to make recommendations that are both relevant and practical, and that can be clearly understood and embraced by the audited entity, especially by the appropriate management level with the competence to implement them optimally in terms of time, cost, and resources.

17. How could cooperation between the Court of Auditors, the national audit institutions and the European Parliament (Committee on Budgetary Control) on auditing of the EU budget be improved?

A: At this stage, I cannot provide a definitive answer, as I have yet to assess the matter from the perspectives of either the Committee on Budgetary Control or ECA. Gaining practical experience at the Court of Auditors will be essential in forming a well-informed view.

What is clear, however, is that the cooperation between the Court of Auditors and national audit bodies, as outlined in Article 287(3) of the Treaty on the Functioning of the European Union, is crucial for effective budgetary control. In the context of shared management, leveraging the expertise of national auditors is particularly important.

Maintaining an open dialogue with the budgetary and legislative authorities, national SAIs, and other stakeholders strengthen the institution’s relevance and the impact of its work.

Both the European Parliament (through the CONT Committee) and national audit institutions that report to national parliaments are key stakeholders for the ECA, with a shared goal of safeguarding the EU budget and ensuring optimal use of EU taxpayers’ money. In this regard, the ECA should continue to share its relevant reports with national audit bodies and other institutions to keep them informed of its activities and to communicate its recommendations on pertinent policy areas.

Therefore, I believe that a well organised, transparent exchange of information, a strong understanding of each side’s needs, and effective collaborative arrangements are key to success. Any actions taken must uphold the legal framework for cooperation, ensuring both the obligation to work in good faith and the independence of the Court of Auditors and national audit bodies.

Moreover, I would encourage direct structured dialogue between the Contact Committee and the EP Committee on Budgetary Control, with regular exchanges on good practices and lessons learned, effective budget implementation and control, governance, transparency and accountability matters. Additionally, I believe that joint risk analyses could also be a part of this more structured dialogue, a common understanding on challenges and specific risk across the EU, and exchange on ways to address these.

At its end, the European Parliament also plays a significant role in raising awareness of the ECA’s work and the EU budget control system among their constituents. Also, the Members of the European Parliament should help the audit authorities in their respective Member States to better understand the challenges they face in carrying out their duties.

18. How would you further develop the reporting of the ECA to give the European Parliament all the necessary information on the accuracy of the data provided by the Member States to the European Commission?

A: High-quality reporting is based mainly on the quality of data provided. ECA evaluation and reporting depends on the quality of the data provided, especially since it supports the European Parliament in consolidating its budgetary decisions.

In this respect, also considering that European statistics are public goods, and building on the current Regulation on European Statistics, it is important to analyse, in dialogue with the European Commission and the other institutions, how the current system could be improved to focus on new data sources, new technologies and insights generated by the digital era, as to ensure that the data provided reflect the new set of challenges and economic realities in order to support the reasoning of EU decisions and policy objectives.

Always remembering that the Court itself has limited resources and must best use them to report its work.

ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

The rapporteur declares under his exclusive responsibility that he did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

INFORMATION ON ADOPTION IN COMMITTEE RESPONSIBLE

Date adopted	18.3.2025
Result of final vote	+: –: 0:	22 2 5
Members present for the final vote	Georgios Aftias, Gilles Boyer, Caterina Chinnici, Tamás Deutsch, Dick Erixon, Daniel Freund, Gerben-Jan Gerbrandy, Niclas Herbst, Monika Hohlmeier, Virginie Joron, Kinga Kollár, Giuseppe Lupo, Marit Maij, Claudiu Manda, Csaba Molnár, Fidias Panayiotou, Jacek Protas, Julien Sanchez, Jonas Sjöstedt, Carla Tavares, Tomáš Zdechovský
Substitutes present for the final vote	Maria Grapini, Erik Marquardt, Bert-Jan Ruissen, Vlad Vasile-Voiculescu, Annamária Vicsek
Members under Rule 216(7) present for the final vote	Andrzej Halicki, Valentina Palmisano, Georgiana Teodorescu

MIL OSI Europe News –

March 25, 2025

MIL-OSI Europe: REPORT on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Hashemite Kingdom of Jordan – A10-0038/2025

Source: European Parliament

DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Hashemite Kingdom of Jordan

(COM(2024)0159 – C9‑0146/2024 – 2024/0086(COD))

(Ordinary legislative procedure: first reading)

The European Parliament,

– having regard to the Commission proposal to Parliament and the Council (COM(2024)0159),

– having regard to Article 294(2) and Article 212 of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C9‑0146/2024),

– having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

– having regard to Rule 60 of its Rules of Procedure,

– having regard to the budgetary assessment by the Committee on Budgets,

– having regard to the opinion of the Committee on Foreign Affairs,

– having regard to the report of the Committee on International Trade (A10-0038/2025),

1. Adopts its position at first reading, taking over the Commission proposal;

2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

EXPLANATORY STATEMENT

In an increasingly challenging global economic context, Jordan faces persistent structural challenges compounded by significant external shocks. While the country has maintained moderate growth of around 2% in recent years, this level remains insufficient to address fundamental economic needs: reducing high unemployment (22.9% in 2022) and alleviating a substantial public debt burden (88.7% of GDP in 2023).

These domestic challenges are further exacerbated by heightened regional tensions, including the war between Israel and Gaza and ongoing instability in Syria, which are disrupting trade, straining public resources and jeopardizing key sectors such as tourism. Therefore, Jordan is facing a series of unfavorable factors with economic, political, social and demographic consequences, and must receive appropriate and rapid support as a reliable and stable partner of the EU. Moreover, the migratory pressure is very high in the Kingdom with 1.3 million refugees from Syria out of total of 3.8 million of refugees. It means 1/3 of the Kingdom population are refugees.

To support Jordan’s economic stability and cover the country’s residual financing needs over the operation’s availability period, the Commission proposes a macro-financial assistance (MFA) operation of up to €500 million in loans, despite the Jordan’s request for €700 million.

This assistance is designed to address pressing economic challenges, including high public debt, a structurally elevated budget deficit (5.1% of GDP in 2023), and a persistent external deficits (average of around 6.5% of GDP over the last five years). It also aims to mitigate the fiscal constraints exacerbated by recent crises, such as the COVID-19 pandemic and regional instability.

The political and economic conditions necessary for granting the proposed MFA are fulfilled, as confirmed by the Commission’s evaluation of Jordan’s current situation. The loan will be provided under the External Action Guarantee with a provisioning at a rate of 9%, which will be programmed under the NDICI-GE, for a total amount of EUR 45 million. To ensure risk coverage, the EU will provision 9% of the total amount, or €45 million, under the External Action Guarantee.

The MFA will have a validity period of two and a half years following the entry into force of the Memorandum of Understanding (MoU). The disbursement of funds will occur in three tranches, contingent upon the full and timely implementation of the agreed-upon economic policies outlined in the MoU. These policies include ambitious reforms in key areas such as public governance, fiscal management, and anti-corruption efforts, ensuring that the assistance supports Jordan’s long-term economic resilience.

This assistance complements the ongoing IMF program approved in January 2024, which provides $1.2 billion over four years, and aligns with support from other international partners, including substantial U.S. grants. It also builds on Jordan’s track record with macro-financial assistance, being the fourth MFA operation since 2014, totaling €1.08 billion to date. These successive programs underscore the EU’s ongoing commitment to strengthening Jordan’s institutional capacity and promoting economic stability.

By addressing Jordan’s immediate financing needs and supporting reforms in key areas, the MFA reinforces the country’s economic resilience while contributing to regional stability. Subordinated to clear economic policy conditions, this assistance ensures accountability and progress. The full and timely implementation of these policies will remain a prerequisite for the disbursement of each tranche, ensuring that Jordan continues to meet its reform commitments.

Jordan is a key partner in the region, able to engage in dialogue with the various geopolitical players in the Middle East. It is important to give Jordan due consideration and not to take its support for granted. It is therefore important to build a global and strategic partnership with Jordan, alongside and in addition to this MFA, in order to quickly lay the foundations for tomorrow’s collaboration.

ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur declares that she received input from the following entities or persons in the preparation of the report, prior to the adoption thereof in committee:

Entity and/or person

European Commission – DG ECFIN

European Commission – DG NEAR

EEAS

Embassy of the Hashemite Kingdom of Jordan

The list above is drawn up under the exclusive responsibility of the rapporteur.

Where natural persons are identified in the list by their name, by their function or by both, the rapporteur declares that she has submitted to the concerned natural persons the European Parliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

BUDGETARY ASSESSMENT OF THE COMMITTEE ON BUDGETS (4.2.2025)

for the Committee on International Trade

on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Hashemite Kingdom of Jordan

(COM(2024)0159 – C9‑0146/2024 – 2024/0086(COD))

Rapporteur for budgetary assessment: Johan Van Overtveldt

The Committee on Budgets has carried out a budgetary assessment of the proposal under Rule 58 of the Rules of Procedure and has reached the following conclusions:

A. whereas Jordan continues to face significant external financing needs and economic challenges, with a current account deficit of 7.1 % of gross domestic product (GDP) in the first half of 2023, driven by persistent deficits in trade in goods; whereas Jordan’s public debt burden remains high at 88.7 % of GDP in 2023, raising concerns about long-term fiscal sustainability;

B. whereas Jordan’s narrow revenue base, with domestic tax revenue at only 16 % of GDP, raises concerns about long-term fiscal sustainability and capacity to service external debts;

C. whereas the policy measures associated with macro-financial assistance (MFA) cover selected provisions related to the Association Agreement and the EU-Jordan Partnership Priorities 2021-2027;

D. whereas significant structural challenges hinder economic growth, with deficiencies in the business environment, access to finance, labour market flexibility and public administration; whereas unemployment remains high, especially among women, youth and university graduates, with women’s labour force participation at just 14 % in 2023, among the lowest globally; whereas the EU-Jordan Partnership Priorities 2021-2027 aim to address these issues by fostering decent work, innovation, skills development and comprehensive social protection systems;

E. whereas the EU-Jordan Partnership Priorities 2021-2027 highlight cooperation in inter-religious and intercultural dialogue and the protection of cultural heritage as drivers of peace and sustainable development; whereas these efforts can include safeguarding historical manuscripts and archives, contributing to inclusive dialogue and mutual understanding;

F. whereas Jordan’s economy has suffered significantly from protracted conflicts and crises in the region, notably in neighbouring Syria, and most recently in Israel/Gaza and the Red Sea; whereas these pose further risks to Jordan’s economic outlook, particularly affecting tourism and trade, with disruptions to exports and vessel traffic;

G. whereas the severe deterioration of external accounts and Jordan’s strategic importance for regional stability justify this support package;

H. whereas the conflicts in Gaza and the wider region have been exacerbating socioeconomic challenges in Jordan given its geographical position;

1. Notes that the Commission proposal of EUR 500 million in MFA requires EUR 45 million in provisioning under the External Action Guarantee from the Neighbourhood, Development and International Cooperation Instrument – Global Europe; points out that the evolving financial and economic realities in Jordan might require a revision of the proposed amount of MFA, consequently having an effect on provisioning;

2. Notes that the assistance will be disbursed in three instalments between 2024 and 2027, with release strictly linked to the progress of the implementation of both the International Monetary Fund programme and additional policy measures;

3. Recalls that this represents the fourth MFA operation for Jordan since 2014, bringing total MFA support to EUR 1.58 billion, demonstrating the EU’s sustained commitment to supporting Jordan’s economic stability;

4. Acknowledges that the loan structure includes a grace period and spreads repayments over a long period, creating extended contingent liabilities for the EU budget that require monitoring over multiple financial frameworks;

5. Acknowledges that the International Monetary Fund assessed Jordan’s public debt level as sustainable in its report of January 2024, while noting that debt sustainability risks remain significant;

6. Recalls that previous MFA operations for Jordan have demonstrated positive track records in terms of repayment;

7. Emphasises that the MFA underpins Jordan’s continued commitment to values shared with the Union, including democracy, rule of law, good governance and respect for human rights; highlights that these commitments are key to ensuring effective reforms and long-term stability; stresses that a precondition for granting the Union’s macro-financial assistance is that Jordan respects effective democratic mechanisms – including a multi-party parliamentary system – and guarantees respect for human rights;

8. Stresses the importance of the regular verification of Jordan’s compliance with the preconditions, ongoing conditionality and objectives to protect the EU’s financial interests and ensure the implementation of the MFA in accordance with the regulation;

9. Calls for proper monitoring and regular reporting to Parliament and the Council on developments relating to the assistance as well as the continuous monitoring of conditions and objectives;

10. Recalls that while MFA is meant to be an exceptional crisis response instrument, its increasing use to address structural economic challenges in partner countries risks diluting its emergency nature;

11. Concludes that the proposal for a decision on providing macro-financial assistance to Jordan is compatible with the EU’s budgetary framework and financial rules.

ANNEX: ENTITIES OR PERSONS
FROM WHOM THE RAPPORTEUR FOR BUDGETARY ASSESSMENT HAS RECEIVED INPUT

The Chair in his capacity as rapporteur for budgetary assessment declares under his exclusive responsibility that he did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

PROCEDURE – COMMITTEE ASKED FOR BUDGETARY ASSESSMENT

Title	Macro-financial assistance to the Hashemite Kingdom of Jordan
References	COM(2024)0159 – C9-0146/2024 – 2024/0086(COD)
Committee(s) responsible	INTA
Date announced in plenary	BUDG 25.4.2024
Rapporteur for budgetary assessment Date appointed	Johan Van Overtveldt 5.12.2024
Discussed in committee	16.1.2025
Date adopted	29.1.2025
Result of final vote	+: –: 0:	35 2 1
Members present for the final vote	Georgios Aftias, Rasmus Andresen, Isabel Benjumea Benjumea, Tobiasz Bocheński, Olivier Chastel, Tamás Deutsch, Angéline Furet, Jens Geier, Thomas Geisel, Jean-Marc Germain, Sandra Gómez López, Monika Hohlmeier, Alexander Jungbluth, Janusz Lewandowski, Giuseppe Lupo, Siegfried Mureşan, Matjaž Nemec, Danuše Nerudová, João Oliveira, Ruggero Razza, Karlo Ressler, Julien Sanchez, Hélder Sousa Silva, Joachim Streit, Carla Tavares, Nils Ušakovs, Lucia Yar, Auke Zijlstra
Substitutes present for the final vote	Damian Boeselager, Michalis Hadjipantela, Moritz Körner, Tiago Moreira de Sá, Rasmus Nordqvist, Michele Picaro, Jacek Protas, Beata Szydło
Members under Rule 216(7) present for the final vote	Thierry Mariani, Aodhán Ó Ríordáin

FINAL VOTE BY ROLL CALL
IN COMMITTEE ASKED FOR BUDGETARY ASSESSMENT

35	+
ECR	Tobiasz Bocheński, Michele Picaro, Ruggero Razza, Beata Szydło
NI	Thomas Geisel
PPE	Georgios Aftias, Isabel Benjumea Benjumea, Michalis Hadjipantela, Monika Hohlmeier, Janusz Lewandowski, Siegfried Mureşan, Danuše Nerudová, Jacek Protas, Karlo Ressler, Hélder Sousa Silva
PfE	Tamás Deutsch, Angéline Furet, Thierry Mariani, Tiago Moreira de Sá, Julien Sanchez
Renew	Olivier Chastel, Moritz Körner, Joachim Streit, Lucia Yar
S&D	Jens Geier, Jean-Marc Germain, Sandra Gómez López, Giuseppe Lupo, Matjaž Nemec, Aodhán Ó Ríordáin, Carla Tavares, Nils Ušakovs
Verts/ALE	Rasmus Andresen, Damian Boeselager, Rasmus Nordqvist

2	–
PfE	Auke Zijlstra
The Left	João Oliveira

1	0
ESN	Alexander Jungbluth

Key to symbols:

+ : in favour

– : against

0 : abstention

OPINION OF THE COMMITTEE ON FOREIGN AFFAIRS (31.1.2025)

for the Committee on International Trade

on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Hashemite Kingdom of Jordan

(COM(2024)0159 – C9‑0146/2024 – 2024/0086(COD))

Rapporteur for opinion: Malik Azmani

AMENDMENTS

The Committee on Foreign Affairs submits the following to the Committee on International Trade, as the committee responsible:

Amendment 1

Proposal for a decision

Recital 2


Text proposed by the Commission	Amendment
(2) Since 2011, Jordan has embarked on a number of political reforms to strengthen parliamentary democracy and the rule of law. A Constitutional Court and an Independent Electoral Commission have been set up and a number of major laws, including the Electoral Act and the Political Parties Act as well as laws on decentralisation and municipalities, have been passed by the Jordanian Parliament. Legislative improvements as regards the independence of the judiciary and women’s rights have been adopted.	(2) Since 2021, Jordan has embarked on a number of political reforms to strengthen parliamentary democracy and the rule of law. A Constitutional Court and an Independent Electoral Commission have been set up and a number of major laws, including the Electoral Act and the Political Parties Act as well as laws on decentralisation and municipalities, have been passed by the Jordanian Parliament. Legislative improvements as regards the independence of the judiciary and women’s rights have been adopted. The European Election Observation Mission in Jordan took note of the inclusive and well-organised parliamentary elections that took place on 10 September 2024 in the context of the political modernisation initiated by the King in 2021. It is crucial that the Union continues to support peace in Jordan and does everything within its power to preserve the unique Jordanian model of ethnic and religious representation in order to ensure legitimate representation of those groups.

Amendment 2

Proposal for a decision

Recital 3


Text proposed by the Commission	Amendment
(3) The Jordanian economy has suffered significantly from protracted conflicts in the region, notably in neighbouring Syria, and most recently in Israel/Gaza and the Red Sea. Since the start of the war in Syria, the Jordanian economy has been impacted by a large inflow of Syrian refugees, which has increased pressure on its fiscal position, public services and infrastructure. In addition to regional instability, the macroeconomic and fiscal challenges related to the COVID-19 pandemic in 2020/2021, commodity price developments following Russia’s invasion of Ukraine in 2022, high exposure to trade fluctuations and the increase of borrowing costs for emerging markets globally continued to weigh on the Jordanian economy. As a result, Jordan experienced an economic contraction in 2020, followed by a slow economic recovery, as unemployment increased significantly in 2020 and remained high, and new fiscal and external financing needs emerged.	(3) The Jordanian economy has suffered significantly from protracted conflicts in the region, notably in neighbouring Syria, and most recently in Israel/Gaza and the Red Sea. Since the start of the war in Syria, the Jordanian economy has been impacted by a large inflow of Syrian refugees, which has increased pressure on its fiscal position, public services and infrastructure. The current uncertainty in Syria further exacerbates the already highly detrimental instability for Jordan. Jordan hosts around 1,3 million refugees, making it one of the countries with the highest number of refugee populations per capita. In addition to regional instability, the macroeconomic and fiscal challenges related to the COVID-19 pandemic in 2020/2021, commodity price developments following Russia’s invasion of Ukraine in 2022, high exposure to trade fluctuations and the increase of borrowing costs for emerging markets globally continued to weigh on the Jordanian economy. As a result, Jordan experienced an economic contraction in 2020, followed by a slow economic recovery, as unemployment increased significantly in 2020 and remained high, and new fiscal and external financing needs emerged. Moreover, significant structural issues hinder economic growth, particularly in the area of private sector development. Challenges such as an unfavourable business environment and inflexibility in the labour market remain unresolved.

Amendment 3

Proposal for a decision

Recital 4 a (new)


Text proposed by the Commission	Amendment
	(4a) The Union recognises Jordan’s pivotal role in promoting regional stability and mediating conflicts, particularly amidst heightened tensions. The proposed macro-financial assistance aims to support Jordan in maintaining its positive role in the region. In that context, and in recognition of Jordan being one of the Union’s strongest regional partners, it is imperative for the Commission and the European External Action Service (EEAS) to further deepen and strengthen the EU-Jordan partnership, thereby advancing cooperation.

Amendment 4

Proposal for a decision

Recital 21


Text proposed by the Commission	Amendment
(21) A pre-condition for granting the Union’s macro-financial assistance should be that Jordan respects effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law, and guarantees respect for human rights. In addition, the specific objectives of the Union’s macro-financial assistance should strengthen the efficiency, transparency and accountability of the public finance management systems in Jordan and promote structural reforms aimed at supporting sustainable and inclusive growth, employment creation and fiscal consolidation. Both the fulfilment of the pre-conditions and the achievement of those objectives should be regularly monitored by the Commission and the EEAS.	(21) A pre-condition for granting the Union’s macro-financial assistance should be that Jordan respects effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law, and guarantees respect for human rights. In addition, the specific objectives of the Union’s macro-financial assistance should strengthen the efficiency, transparency and accountability of the public finance management systems in Jordan and promote structural reforms aimed at supporting sustainable and inclusive growth, employment creation, and fiscal consolidation and policies. Both the fulfilment of the pre-conditions and the achievement of those objectives should be regularly monitored by the Commission and the EEAS, which should subsequently be reported to the European Parliament. The Union should encourage Jordan’s efforts toward economic diversification and sustainability, particularly in sectors such as renewable energy, technology and digital services, in order to reduce its reliance on tourism and chemical exports and to enhance long-term resilience.

Amendment 5

Proposal for a decision

Recital 27


Text proposed by the Commission	Amendment
(27) The Union’s macro-financial assistance should be subject to economic policy conditions, to be laid down in a Memorandum of Understanding. In order to ensure uniform conditions of implementation and for reasons of efficiency, the Commission should be empowered to negotiate such conditions with the Jordanian authorities under the supervision of the committee of representatives of the Member States in accordance with Regulation (EU) No 182/2011. Under that Regulation, the advisory procedure should, as a general rule, apply in all cases other than as provided for in that Regulation. Considering the potentially important impact of assistance of more than EUR 90 million, it is appropriate that the examination procedure be used for operations above that threshold. Considering the amount of the Union’s macro-financial assistance to Jordan, the examination procedure should apply to the adoption of the Memorandum of Understanding, and to any reduction, suspension or cancellation of the assistance.	(27) The Union’s macro-financial assistance should be subject to clear and measurable economic, as well as democracy, rule of law and human rights policy conditions, to be laid down in a Memorandum of Understanding. In order to ensure uniform conditions of implementation and for reasons of efficiency, the Commission should be empowered to negotiate such conditions with the Jordanian authorities under the supervision of the committee of representatives of the Member States in accordance with Regulation (EU) No 182/2011. Under that Regulation, the advisory procedure should, as a general rule, apply in all cases other than as provided for in that Regulation. Considering the potentially important impact of assistance of more than EUR 90 million, it is appropriate that the examination procedure be used for operations above that threshold. Considering the amount of the Union’s macro-financial assistance to Jordan, the examination procedure should apply to the adoption of the Memorandum of Understanding, including clear and measurable benchmarks to evaluate the implementation of each instalment, and to any reduction, suspension or cancellation of the assistance.

Amendment 6

Proposal for a decision

Article 2 – paragraph 2


Text proposed by the Commission	Amendment
2. The Commission and the European External Action Service shall monitor the fulfilment of this pre-condition throughout the life cycle of the Union’s macro-financial assistance..	2. The Commission and the European External Action Service shall monitor the fulfilment of this pre-condition throughout the life cycle of the Union’s macro-financial assistance in a transparent process in which independent third parties are able to contribute meaningfully. The Commission and the EEAS shall also report, both regularly and in writing, to the European Parliament and to the Council on the fulfilment of the pre-condition referred to in paragraph 1.

Amendment 7

Proposal for a decision

Article 3 – paragraph 2


Text proposed by the Commission	Amendment
2. The conditions referred to in paragraph 1 shall aim, in particular, at enhancing the efficiency, transparency and accountability of the public finance management systems in Jordan, including for the use of the Union’s macro-financial assistance. Progress in mutual market opening, the development of rules-based and fair trade, and other priorities in the context of the Union’s external policy shall also be duly taken into account when designing the policy measures. Progress in attaining those objectives shall be regularly monitored by the Commission.	2. The conditions referred to in paragraph 1 shall aim, in particular, at enhancing the efficiency, transparency and accountability of the public finance management systems in Jordan, including for the use of the Union’s macro-financial assistance. This shall include the publication of regular and detailed reports by the Jordanian government on the use of funds, specifying allocations for key sectors such as healthcare, education, and infrastructure, ensuring public access to such information. Progress in public services, mutual market opening, the development of rules-based and fair trade, and other priorities in the context of the Union’s external policy, including those related to democracy, rule of law and human rights, shall also be duly taken into account when designing the policy measures. Progress in attaining those objectives shall be regularly monitored by the Commission and the EEAS, and shall be communicated to the European Parliament.

Amendment 8

Proposal for a decision

Article 4 – paragraph 4


Text proposed by the Commission	Amendment
4. Where the conditions referred to in the first subparagraph of paragraph 3 are not met, the Commission shall temporarily suspend or cancel the disbursement of the Union’s macro-financial assistance. In such cases, it shall inform the European Parliament and the Council of the reasons for the suspension or cancellation.	4. Where the conditions referred to in the first subparagraph of paragraph 3 are not met, the Commission shall temporarily suspend or cancel the disbursement of the Union’s macro-financial assistance. In such cases, it shall inform the European Parliament and the Council of the reasons for the suspension or cancellation and of the subsequent steps.

ANNEX: ENTITIES OR PERSONS
FROM WHOM THE RAPPORTEUR FOR THE OPINION HAS RECEIVED INPUT

Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur for the opinion received input from the following entities or persons in the preparation of the opinion:

Entity and/or person

European Commission – DG ECFIN

The Court of Auditors

The Ambassador of Jordan to the EU

Member of the Royal committee to Modernize the Political System in Jordan

The list above is drawn up under the exclusive responsibility of the rapporteur for the opinion.

Where natural persons are identified in the list by their name, by their function or by both, the rapporteur for the opinion declares that he has submitted to the concerned natural persons the European Parliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

PROCEDURE – COMMITTEE ASKED FOR OPINION

Title	Macro-financial assistance to the Hashemite Kingdom of Jordan
References	COM(2024)0159 – C9-0146/2024 – 2024/0086(COD)
Committee(s) responsible	INTA
Opinion by Date announced in plenary	AFET 25.4.2024
Rapporteur for the opinion Date appointed	Malik Azmani 14.10.2024
Date adopted	30.1.2025
Result of final vote	+: –: 0:	54 11 6
Members present for the final vote	Mika Aaltola, Lucia Annunziata, Petras Auštrevičius, Jordan Bardella, Dan Barna, Wouter Beke, Robert Biedroń, Ioan-Rareş Bogdan, Marc Botenga, Grzegorz Braun, Sebastião Bugalho, Danilo Della Valle, Özlem Demirel, Elio Di Rupo, Michael Gahler, Geadis Geadi, Giorgos Georgiou, Raphaël Glucksmann, Bernard Guetta, Rima Hassan, Rasa Juknevičienė, Sandra Kalniete, Łukasz Kohut, Rihards Kols, Andrey Kovatchev, Vilis Krištopans, Nathalie Loiseau, Claudiu Manda, David McAllister, Sven Mikser, Francisco José Millán Mon, Arkadiusz Mularczyk, Leoluca Orlando, Kostas Papadakis, Tonino Picula, Nacho Sánchez Amor, Andreas Schieder, Alexander Sell, Villy Søvndal, Davor Ivo Stier, Sebastiaan Stöteler, Stanislav Stoyanov, Marie-Agnes Strack-Zimmermann, Michał Szczerba, António Tânger Corrêa, Marta Temido, Cristian Terheş, Riho Terras, Hermann Tertsch, Pierre-Romain Thionnet, Sebastian Tynkkynen, Reinier Van Lanschot, Roberto Vannacci, Hilde Vautmans, Harald Vilimsky, Željana Zovko
Substitutes present for the final vote	Malik Azmani, Engin Eroglu, Sandra Gómez López, Evin Incir, András László, Ana Catarina Mendes, Hans Neuhoff, Nicolás Pascual de la Parte, Tineke Strik, Ingeborg Ter Laak, Matej Tonin, Ivaylo Valchev, Isabel Wiseler-Lima, Milan Zver
Members under Rule 216(7) present for the final vote	Catarina Vieira

FINAL VOTE BY ROLL CALL IN COMMITTEE ASKED FOR OPINION

54	+
ECR	Geadis Geadi, Rihards Kols, Arkadiusz Mularczyk, Cristian Terheş, Ivaylo Valchev
PPE	Mika Aaltola, Wouter Beke, Ioan-Rareş Bogdan, Sebastião Bugalho, Michael Gahler, Rasa Juknevičienė, Sandra Kalniete, Łukasz Kohut, Andrey Kovatchev, David McAllister, Francisco José Millán Mon, Nicolás Pascual de la Parte, Davor Ivo Stier, Michał Szczerba, Ingeborg Ter Laak, Riho Terras, Matej Tonin, Isabel Wiseler-Lima, Željana Zovko, Milan Zver
PfE	András László
Renew	Petras Auštrevičius, Malik Azmani, Dan Barna, Engin Eroglu, Bernard Guetta, Nathalie Loiseau, Marie-Agnes Strack-Zimmermann, Hilde Vautmans
S&D	Lucia Annunziata, Robert Biedroń, Elio Di Rupo, Raphaël Glucksmann, Sandra Gómez López, Evin Incir, Claudiu Manda, Ana Catarina Mendes, Sven Mikser, Tonino Picula, Nacho Sánchez Amor, Andreas Schieder, Marta Temido
The Left	Özlem Demirel, Rima Hassan
Verts/ALE	Leoluca Orlando, Villy Søvndal, Tineke Strik, Reinier Van Lanschot, Catarina Vieira

11	–
ECR	Sebastian Tynkkynen
NI	Grzegorz Braun, Kostas Papadakis
PfE	Jordan Bardella, Vilis Krištopans, Sebastiaan Stöteler, António Tânger Corrêa, Hermann Tertsch, Pierre-Romain Thionnet, Roberto Vannacci, Harald Vilimsky

6	0
ESN	Hans Neuhoff, Alexander Sell, Stanislav Stoyanov
The Left	Marc Botenga, Danilo Della Valle, Giorgos Georgiou

Key to symbols:

+ : in favour

– : against

0 : abstention

PROCEDURE – COMMITTEE RESPONSIBLE

Title	Macro-financial assistance to the Hashemite Kingdom of Jordan
References	COM(2024)0159 – C9-0146/2024 – 2024/0086(COD)
Date submitted to Parliament	8.4.2024
Committee(s) responsible	INTA
Committees asked for opinions Date announced in plenary	AFET 25.4.2024
Rapporteurs Date appointed	Céline Imart 30.9.2024
Discussed in committee	14.10.2024	30.1.2025
Date adopted	20.3.2025
	BUDG 29.1.2025
Result of final vote	+: –: 0:	35 2 3
Members present for the final vote	Christophe Bay, Brando Benifei, Anna Bryłka, Udo Bullmann, Benoit Cassart, Markéta Gregorová, Bart Groothuis, Céline Imart, Karin Karlsbro, Bernd Lange, Ilia Lazarov, Thierry Mariani, Javier Moreno Sánchez, Ştefan Muşoiu, Daniele Polato, Majdouline Sbai, Lukas Sieper, Dominik Tarczyński, Francesco Torselli, Kathleen Van Brempt, Jörgen Warborn, Iuliu Winkler, Bogdan Andrzej Zdrojewski, Juan Ignacio Zoido Álvarez
Substitutes present for the final vote	Mika Aaltola, Nicolas Bay, Markus Buchheit, João Cotrim De Figueiredo, Danilo Della Valle, Borja Giménez Larraz, Vicent Marzà Ibáñez, Marina Mesure, Martin Schirdewan, Kris Van Dijck
Members under Rule 216(7) present for the final vote	Hildegard Bentele, Mélanie Disdier, Niels Geuking, Chloé Ridel, Romana Tomc, Matthieu Valet
Date tabled	24.3.2025

FINAL VOTE BY ROLL CALL BY THE COMMITTEE RESPONSIBLE

35	+
ECR	Daniele Polato, Dominik Tarczyński, Francesco Torselli, Kris Van Dijck
NI	Lukas Sieper
PPE	Mika Aaltola, Hildegard Bentele, Niels Geuking, Borja Giménez Larraz, Céline Imart, Ilia Lazarov, Romana Tomc, Jörgen Warborn, Iuliu Winkler, Bogdan Andrzej Zdrojewski, Juan Ignacio Zoido Álvarez
PfE	Christophe Bay, Anna Bryłka, Mélanie Disdier, Thierry Mariani, Matthieu Valet
Renew	Benoit Cassart, João Cotrim De Figueiredo, Bart Groothuis, Karin Karlsbro
S&D	Brando Benifei, Udo Bullmann, Bernd Lange, Javier Moreno Sánchez, Ştefan Muşoiu, Chloé Ridel, Kathleen Van Brempt
Verts/ALE	Markéta Gregorová, Vicent Marzà Ibáñez, Majdouline Sbai

2	–
ECR	Nicolas Bay
ESN	Markus Buchheit

3	0
The Left	Danilo Della Valle, Marina Mesure, Martin Schirdewan

Key to symbols:

+ : in favour

– : against

0 : abstention

MIL OSI Europe News –

March 25, 2025

MIL-OSI Security: NEWARK EXPEDITER ADMITS CONSPIRING TO GIVE BRIBES TO NEWARK OFFICIALS AND OTHER FRAUD

Source: Office of United States Attorneys

NEWARK, N.J. – A Newark-based expediter today admitted to conspiring to give bribes to Newark public officials, including then-Newark Councilmember Joseph A. McCallum, Jr., in connection with real estate development and construction-related transactions and conspiring with others to create and sell falsified documents supposedly issued by the City of Newark in connection with development, construction, rental or sale of such properties in Newark. Baxter also admitted to feigning the need to pay a bribe to a Newark official to fraudulently obtain money for himself and participating in a separate scheme to fraudulently obtain federal COVID-19 Paycheck Protection Program (PPP) loans, U.S. Attorney John Giordano announced.

Lamont Baxter, 49, pleaded guilty before U.S. District Judge William J. Martini to seven counts in an information charging him with conspiring to give bribes to Newark officials, giving bribes to McCallum in connection with a developer’s real estate transactions, committing wire fraud in connection with a purported cash bribe payment, conspiring to commit wire fraud in connection with falsifying documents purportedly issued by the City of Newark, and committing wire fraud to obtain PPP loans.

According to documents filed in these cases and statements made in court:

As an expediter on real estate and construction matters in Newark, from 2017 through August 2022, Baxter served as a liaison between Newark officials and agencies and individuals seeking permits, Certificates of Continued Occupancy (CCO), Certificates of Code Compliance (CCC), approvals and other actions on an expedited basis. To provide these expediting services, for years, Baxter conspired with others, including developers, to pay cash bribes to various Newark officials so that these officials completed the official acts that Baxter requested on behalf of the developers and others. Baxter would often use the term “taking care of” a Newark official to indicate to a developer when additional cash or extra payment was needed to be added to official fees charged by Newark so that Baxter could use the extra money to bribe a Newark official, such as an official handling the issuance of a CCC.

In addition to paying bribes to Newark officials on behalf of others, Baxter also once fraudulently obtained a $10,000 cash payment for himself by falsely indicating to his developer client that the cash was needed to pay a bribe to a Newark official. In that instance, Baxter kept the entire payment for himself and simply pretended that he had given the payment to a Newark Official.

Part of Baxter’s participation in the bribery schemes included delivering cash bribes exceeding $5,000 from 2019 to 2020 to then-Councilmember McCallum on behalf of a Newark developer who sought and obtained McCallum’s official assistance in obtaining approvals for real estate projects in Newark. On March 15, 2022, before Judge William J. Martini, McCallum admitted receiving bribes while serving as a Councilmember and a director of the Newark Community Economic Development Corporation, as part of his guilty plea to wire fraud for devising a scheme to defraud Newark and of the right to McCallum’s honest services and subscribing to a false personal tax return for calendar year 2018.

Part of Baxter’s expediting services from 2017 to August 2022, included conspiring with others to create and deliver falsified and fraudulent CCOs, CCCs, and certificates of approval issued by the City of Newark notifying a utility that was to provide electricity for a property that the required inspection had been conducted at the property (known as “cut-in cards”) to individuals who needed these official documents in relation to the development, construction, rental or sale of properties in Newark. Baxter and others used this scheme to fraudulently obtain payments from the individuals who required these official documents from the City of Newark.

Baxter also used the various entities he incorporated to obtain payments as an expediter to facilitate a scheme to fraudulently obtain PPP loans during the COVID-19 pandemic. In 2020 and 2021, Baxter participated in preparing and submitting fraudulent PPP loan applications that included false tax forms and documents and contained false information on the application forms, concerning, among other things, the companies’ gross revenue. As part of this scheme, Baxter even attempted to obtain a PPP loan for a lounge that he did not actually own and control, pretending to be its owner. As a result of his fraudulent scheme, Baxter obtained over $40,000 in PPP loan funds.

The conspiracy to commit bribery charge in Count 1 of the information to which Baxter pleaded guilty carries a maximum penalty of 5 years in prison and the bribery charge in Count 2 to which Baxter pleaded guilty carries a maximum penalty of 10 years in prison. The wire fraud and wire fraud conspiracy charges in Counts 3 through 7 to which Baxter pleaded guilty each carry a maximum penalty of 20 years in prison. All of the charges carry a maximum fine of $250,000, or twice the pecuniary gain to the defendant or loss to the victims, whichever is greater. Sentencing for Baxter is scheduled for August 12, 2025 at 11 a.m.

U.S. Attorney Giordano credited special agents of the FBI’s Newark Field Office, under the direction of Special Agent in Charge in Newark Terence G. Reilly in Newark; special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan, and special agents of the U.S. Department of Housing and Urban Development, Office of Inspector General, under the direction of Special Agent in Charge Shawn Rice, with the investigation leading to today’s guilty plea by Baxter.

The government is represented by Deputy Chief Jihee G. Suh and Assistant U.S. Attorney Francesca Liquori of the U.S. Attorney’s Office’s Special Prosecutions Division and Chief Katherine Calle of the U.S. Attorney’s Office’s Opioid Unit.

All other co-conspirators identified in the Information are presumed innocent until proven guilty.

                                                 ###

Defense counsel: John A. McMahon, Esq.

MIL Security OSI –

March 25, 2025
MIL-OSI Asia-Pac: Union Health Minister Shri JP Nadda Inaugurates World TB Day 2025 Summit

Source: Government of India

Union Health Minister Shri JP Nadda Inaugurates World TB Day 2025 Summit

Our TB elimination strategy is based on ‘whole of the society’ and ‘whole of the government’ approach: Shri JP Nadda

“Over 13.46 lakh Nikshay Shivirs, or community screening and awareness camps were organised in the districts bringing essential TB services directly to the doorsteps of crores of people”

Under the 100-day TB Mukt Bharat Abhiyaan, 12.97 crore people were screened for TB with over 7.19 lakh TB patients notified across India

Approximately 2.85 lakh of the notified patients were asymptomatic, who might have otherwise gone undetected without the stratified screening strategy of the campaign

With a proven blueprint derived from the campaign’s success, Union Health Minister announces nationwide expansion of the campaign, highlighting its efficient case finding, leveraging of technology and ensuring timely treatment initiation

State/UTs awarded for exemplary performance during the 100 Days intensified TB Mukt Bharat Abhiyan and in the TB Mukt Gram Panchyat Initiative

A digital Coffee Table Book and Guidance document on ‘differentiated TB care’ launched at the event

Posted On: 24 MAR 2025 7:26PM by PIB Delhi

“Our TB elimination strategy is based on ‘whole of the society’ and ‘whole of the government’ approach”. This was stated by Shri Jagat Prakash Nadda, Union Minister of Health and Family Welfare during his address to the World TB Day 2025 summit, here today. The theme for this year’s World TB Day summit is “Yes! We Can End TB: Commit, Invest, Deliver”.

The Union Minister reaffirmed India’s unwavering commitment to achieving a TB-Mukt Bharat in his address. While presiding over the Summit, he lauded the 100 Days Intensified TB Elimination campaign’s strategy to deploy cutting-edge technologies, including handheld X-ray units and upfront Nucleic Acid Amplification Testing (NAAT) some of which were deployed using mobile vans (Nikshay Vahans). This helped the campaign shatter geographical barriers and brought vital screening and diagnostic services to remote and underserved areas. He mentioned that over 13.46 lakh Nikshay Shivirs, or community screening and awareness camps were organised in the districts bringing essential TB services directly to the doorsteps of crores of people.

The Union Minister noted that TB treatment coverage in India has increased from 59% to 85%. He informed that 12.97 crore people were screened for TB with 7.19 lakh new cases detected. Among the notified TB cases, approximately 2.85 lakh were asymptomatic cases who might have otherwise gone undetected without the stratified screening strategy of the campaign. More than 5,000 MLAs and 10,000 Gram Panchayats participated in the campaign. Citing these successes, he announced the Ministry’s plans to scale the campaign nationwide. Stating that TB is not over yet, he announced further scaling up of the TB elimination campaign to cover all districts in India.

Shri Nadda highlighted that 22 line ministries supported the 100-days campaign and more than 30,000 elected representatives were mobilized for the common cause, demonstrating that the fight against TB is a collective mission. He informed that in just 100 days, over 1,05,181 new Ni-kshay Mitras have registered and distributed over 3,06,368 food baskets among TB patients and their family members.

He noted that during the recently concluded 100-Day Intensified TB Elimination Campaign, modern technology was leveraged to improve case detection, reduce diagnostic delays, and ensure timely treatment initiation, particularly for vulnerable populations. “The campaign strategically screened vulnerable populations, including asymptomatic individuals, household contacts of TB patients, those with a history of TB, undernourished individuals, and those with chronic comorbidities such as diabetes and HIV”.

Shri Nadda stated that India is one of the top global funders on TB research and congratulated ICMR for their significant research on TB. He highlighted some innovations like RT-PCR machines used during the Covid pandemic which is adapted for use in TB screening. Similarly, indigenous diagnostic kits developed by ICMR not only reduce the cost for TB detection but also improve efficiency by conducting 32 tests in one go. “Hand held x-ray machines with AI support have also played a huge role in detecting asymptomatic TB”, he added.

He concluded his address by thanking the invaluable support and involvement of elected representatives and community leaders, MPs, MLAs, Gram Pradhans and local leaders which was instrumental in raising awareness and mobilizing communities against this disease. “Their dedication has fostered a sense of ownership and accountability in the community, one of the many unique strategies India has adopted to fight TB”, he stated.

Smt. Punya Salila Srivastava, Union Health Secretary said, “World TB Day is a day where we remind ourselves that this disease still exists while we can eliminate it”. She further stated that this is a day to chart out our task ahead. “All our stakeholders have put in a lot of effort towards the goal of eliminating TB and this should continue until we achieve the goal of TB Mukt Bharat”, she added.

A digital Coffee Table Book on TB Mukt Bharat Abhiyaan, capturing and showcasing the implementation of the Abhiyaan through photos from the field, was unveiled on the occasion. The Union Health Minister also launched a ‘Guidance Document on Differentiated TB Care’ to ensure timely and effective care for high-risk patients. This document provides guidelines for triaging high-risk patients (for instance, those suffering from severe undernutrition or respiratory insufficiency) at diagnosis and refers to a comprehensive treatment plan for them.

State/UTs were awarded for the exemplary performance during the 100 Days intensified TB Mukt Bharat Abhiyan and also for their performance in the TB Mukt Gram Panchyat Initiative.

Dr Rajiv Bahl, Secretary, Department of Health Research and DG, ICMR; Dr Atul Goel, Director General of Health Services (DGHS); Smt. Aradhana Patnaik, Additional Secretary and Mission Director, National Health Mission; and senior officials of the Union Health Ministry were present on the occasion. The event also witnessed participation from NTEP Staff from State and Districts, TB Champions, District Magistrates, District Collectors, MD NHMs, Medical Institutions, Civil society, WHO Consultants and development partners.

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MV

HFW/World TB Day Inauguration/24March2025/1

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MIL OSI Asia Pacific News –

March 25, 2025
MIL-OSI Asia-Pac: India’s Digital Revolution Earns Global Recognition: Dr. Jitendra Singh

Source: Government of India

India’s Digital Revolution Earns Global Recognition: Dr. Jitendra Singh

From DBT to Space Startups: Union Minister Showcases India’s Tech Leadership

Posted On: 24 MAR 2025 7:21PM by PIB Delhi

NEW DELHI, March 24 : Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh underscored India’s leadership in digital public infrastructure and technology innovation at the “ET Telecom 5G Congress”, emphasizing the transformative strides made in the last decade under the Digital India initiative.

Speaking at the event, Dr. Jitendra Singh highlighted India’s success in pioneering digital public infrastructure, which has become a model for the world. He pointed to the Direct Benefit Transfer (DBT) scheme, launched during the early years of the Modi government, as a game changer. “The real litmus test of this digital transformation came during the COVID-19 pandemic, ensuring seamless transactions and financial inclusion without disruptions,” he said.

Dr. Jitendra Singh also spoke about the Swamitva scheme, which empowers citizens by enabling digital mapping of land ownership, reducing dependence on traditional revenue officers. “With nearly 70% of India’s villages already mapped, this initiative represents the true spirit of citizen-centric governance,” he added.

Emphasizing India’s technological advancements, Dr. Jitendra Singh noted that the country has emerged as a global leader in multiple domains, from space exploration to biotechnology. He cited India’s rapid ascent in the Global Innovation Index—from 81^st place to 39^th—as a testament to the nation’s innovation ecosystem. “India is now ranked sixth globally in patent filings, with 56% of those patents coming from resident Indians. This marks a dramatic shift from earlier decades when Indian talent sought recognition abroad,” he remarked.

Highlighting the government’s commitment to scientific research and innovation, Dr. Jitendra Singh pointed to the launch of a viability fund for space startups, a new National Research Foundation, and the recent decision to open up the nuclear sector to private players. “In the first 100 days of Modi 3.0, we allocated Rs 10,000 crore for space startups and launched a pioneering biotechnology policy—BioE3—focusing on environmental sustainability, employment generation, and economic growth,” he said.

Dr. Jitendra Singh also touched upon the role of women in India’s scientific advancements, stating that women are not just participating but leading critical missions. “India’s first solar mission, Aditya-L1, was led by a woman scientist, marking a paradigm shift in gender representation in STEM fields,” he noted.

Concluding his address, Dr. Jitendra Singh lauded India’s thriving StartUp ecosystem and the increasing global recognition of Indian talent. “Indian professionals are now the preferred choice in global innovation hubs, known for their dedication and work ethic. The world is looking at India not just as a participant but as a leader in the digital and technological revolution,” he affirmed.

As India continues to set benchmarks in digital governance and scientific innovation, Dr. Jitendra Singh’s remarks reinforce the country’s commitment to leveraging technology for inclusive growth and global leadership in emerging sectors.

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NKR/PSM

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MIL OSI Asia Pacific News –

March 25, 2025
MIL-OSI Global: Hudson’s Bay liquidation: What happens when a company goes bankrupt?

Source: The Conversation – Canada – By Michael R. King, Associate Professor, Gustavson School of Business and Lansdowne Chair in Finance, University of Victoria

An Ontario court has approved the liquidation of nearly all Hudson’s Bay Company’s stores, marking the end of Canada’s oldest company, which has been in operation for 355 years. The liquidation is set to begin March 24, and will continue until June 15, leaving only six stores in operation.

The court’s decision came shortly after Hudson’s Bay filed for creditor protection, signalling the company’s struggle to manage its mounting debt.

With widespread layoffs sure to follow, this corporate collapse is both shocking and distressing. But the court documents suggest it was not unexpected. Hudson’s Bay lost $329.7 million in the 12 months leading up to Jan. 31, 2025. As of that date, Hudson’s Bay had only $3.3 million in cash and owed more than $2 billion in debt and leases.

The final straw appears to have been trade tensions between Canada and the U.S., with the increased geopolitical and economic uncertainty leading lenders to shun Hudson’s Bay as it sought more financing, according to court documents.

What bankruptcy looks like

The downfall of a major company like Hudson’s Bay brings with it a wave of financial jargon. Understanding the differences between insolvency, bankruptcy, restructuring and liquidation is crucial to fully grasp the situation.

Insolvency occurs when a business runs out of cash and cannot pay its bills. At the start of March, it was $5 million behind on rent and supplier payments, and within days of missing payroll.

Bankruptcy is a legal process under Canada’s Companies’ Creditors Arrangement Act where a company files for protection from its creditors. The goal is to avoid the social and economic costs of liquidation, preserve jobs and protect the interests of affected stakeholders. If granted, the judge sets a “stay period” where the company works out a restructuring plan with its creditors.

Hudson’s Bay has more than 2,000 creditors, including $430 million in secured term loans, $724 million in mortgages and $512 million to unsecured creditors, mostly owed to suppliers. Hudson’s Bay also owes payroll remittances, federal sales taxes and over $60 million in customer gift cards and loyalty points. Gift cards are good until April 6.

A restructuring wipes out the equity holders and allows a company to negotiate a reduction in its debts. The business continues to operate under the supervision of a court-appointed monitor, using interim financing to pay bills. If successful, the company re-emerges from bankruptcy and continues to do business.

If restructuring is not successful, the company asks the court for permission to liquidate. Liquidation means a “fire sale” of all assets such as inventory, shelving, real estate, leases and trademarks. Items are sold at a deep discount, leading to potential bargains.

The Ontario Superior Court denied the initial request to liquidate on March 14, telling Hudson’s Bay and its creditors to “lower the temperature” and work on a deal. With only limited progress and some concessions made to support Hudson’s Bay’s joint venture with RioCan REIT, the court gave permission for the liquidation on March 21.

Many will lose, some will win

The collapse of Hudson’s Bay will leave many facing financial losses, while a select few stand to gain.

Secured creditors, some suppliers and Hudson’s Bay pensioners are expected to be protected by the courts. However, many others, including thousands of customers and more than 1,800 unsecured creditors, will suffer a financial hit.

The hardest impact will be felt by the more than 9,300 employees losing their jobs. Employees will lose their income, health and disability benefits, and life insurance, significantly impacting families across the country.

However, employees will not lose their pension benefits. The company’s pension plan is fully funded and in surplus position. This was not the case for Sears Canada when it went bankrupt in 2018. A surplus means the value of investments is greater than the promised benefits and is good news for retirees.

Read more:
Sears Canada tarnishes the gold standard of pensions

Mall landlords will also lose out. Hudson’s Bay drove foot traffic in malls across the country where it was the anchor-tenant. There will likely be painful ripple effects for smaller Hudson’s Bay store owners, including falling sales, defaults on mortgages and business failures.

That said, some stand to benefit. For example, the American financial services company Restore Capital LLC is providing interim debtor-in-possession (DIP) financing, charging a hefty fee in the process. The lawyers and accountants involved in the bankruptcy may also benefit.

Priority of proceeds

When a company is liquidated, the proceeds from selling its assets are used to repay claimants based on their priority in bankruptcy. This is sometimes referred to as the waterfall of “who gets what.” Think of it as a queue with people lining up to get paid.

Interim DIP financing is paid off first, together with legal and accounting fees related to the bankruptcy. Essential operating costs during the restructuring are also paid, including employee wages.

Next come secured creditors. These lenders provided funding backed by specific assets, known as collateral. Collateral may include inventory and real estate. A similar process happens on a personal residence; if a homeowner defaults on their mortgage payments, the bank may take possession of the house.

Third in line are debts granted priority by the courts. Employees receive unpaid wages up to a certain cap, just under $9,000, under the federal Wage Earner Protection Program. Pension benefits are paid out and outstanding payroll and sales tax remittances are paid.

As the pool of assets gets smaller, unsecured creditors are paid off next including suppliers, landlords and employees owed additional wages or termination benefits.

Last in the queue from the wind-up are equity holders — the residual claimants — who control the company through their common and preferred shares.

In 2020, Hudson’s Bay’s CEO Richard Baker and a group of investors took the company private, meaning it was no longer publicly traded on the Toronto Stock Exchange, buying out shareholders for approximately $2 billion. This stake is now wiped out.

Disappointing, but not surprising

Hudson’s Bay’s current financial situation is disappointing, but not surprising. The COVID-19 pandemic made times tough for brick-and-mortar retailers. On top of this, under-investment and a failed e-commerce strategy left the company struggling to compete in an increasingly digital retail landscape.

With tariffs and trade uncertainty hurting the Canadian economy, the unfolding trade war is expected to have far-reaching consequences for Canadian households and businesses. Hudson’s Bay was not immune to these effects.

In the end, Hudson’s Bay backed itself into a corner, arguably waiting too long to secure funding and ultimately losing control of its own destiny. Its bankruptcy is a major blow to Canadian retail, marking the end of a era for a company that lasted more than three-and-a-half centuries.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Hudson’s Bay liquidation: What happens when a company goes bankrupt? – https://theconversation.com/hudsons-bay-liquidation-what-happens-when-a-company-goes-bankrupt-252784

MIL OSI – Global Reports –

March 25, 2025
MIL-OSI Global: Heeding the lessons of COVID-19 in the face of avian influenza

Source: The Conversation – Canada – By Matthew S Miller, Executive Director, Global Nexus and M.G. DeGroote Institute for Infectious Disease Research, McMaster University

If the H5N1 avian flu virus learns to spread efficiently from person to person, it could pose an imminent threat to humanity. (CDC and NIAID), CC BY

Infectious disease outbreaks have a bad habit of piling on at the worst possible times.

The 1918 flu pandemic, also known as the Spanish flu, caught the world by surprise just as the First World War was coming to an end. It was responsible for killing three to five per cent of the world’s population (50-100 million people, equivalent to about 400 million today).

Now, as we reflect on five years since the declaration of the COVID-19 pandemic and face economic uncertainty imposed by the United States administration — as well as lingering conflicts in places such as the Middle East and Ukraine — it’s the steady march of avian influenza, or “bird flu,” that poses an imminent threat to humanity.

Walter Reed hospital flu ward in Washington, D.C. during the flu epidemic of 1918-19, which killed three to five per cent of the world’s population.
(Shutterstock)

Bird flu has been causing a flurry of human infections, especially in U.S. cattle workers. If the virus learns to spread effectively from human to human, it could change the course of history. Even though our weary world already feels maxed out, we have to make room to avert yet another crisis.

Read more:
Bird flu in cattle: What are the concerns surrounding the newly emerging bovine H5N1 influenza virus?

The good news is that we know how to minimize risk and mobilize resources quickly, before the virus starts moving from human-to-human.

Heading off a bird flu pandemic

Knowing what to do and actually doing it, though, are very different, as we saw all too well five years ago when COVID-19 shut down much of the world, killing more than seven million people worldwide. And it’s not through with us yet.

The question is whether we will act in time to head off a bird flu pandemic. The Spanish Flu was the first of five influenza pandemics since the end of the First World War.

A sixth is inevitable without co-ordinated global action. Otherwise, the only questions are when it will it come and how bad it will be.

Read more:
Combatting the measles threat means examining the reasons for declining vaccination rates

Infectious diseases constitute a permanent threat to society, especially as vaccine hesitancy and misinformation grow. Fighting pandemics needs to be a full-time, ongoing priority for governments everywhere.

After the arrival of COVID-19, there were some impressive investments in infrastructure and science to support pandemic preparedness, but many were essentially one-time projects.

Canada needs to establish permanent capacity to prevent and respond to health emergencies. Government agencies specifically dedicated to supporting the development of medical countermeasures for pathogens that pose a pandemic risk, like the recently established Health Emergencies Readiness Canada (HERC), are a step in the right direction.

However, we must also re-prioritize investments in the fundamental research that is the birthplace of new medical and non-medical solutions to pandemic preparedness — where we currently lag far behind essentially all of our G7 counterparts. This has never been more important than in the current global political context.

The cost of acting to prevent or limit a pandemic is infinitesimal compared to the price of letting one happen, whether one measures the toll in human lives, or in dollars.

The world needs to adopt a collective mentality that we are “all in” on prevention if we want to maximize our chances of avoiding the next pandemic. We cannot sit on our hands and hope we get lucky. That strategy has failed us in the past and will doom us in the future.

H5N1 avian flu

Today, as we stand on the brink of an avian influenza pandemic that could be significantly worse than COVID-19, too much of the world seems unaware, unprepared or largely disengaged.

Globally, more than 900 humans are known to have been infected by H5N1 avian influenza so far. The death rate associated with these human infections is a staggering one in two, placing it on par with threats such as Ebola.

Death rates resulting from human infections of the most prevalent currently circulating H5N1 virus in the U.S. (clade 2.3.4.4b) have been much lower — though the very narrow demographic characteristics of the individuals that have been infected leaves many questions regarding the true danger that this virus poses to the population at-large.
Avian influenza has become more prevalent than ever in our environment. Having adapted to spread efficiently among cattle and other mammals, the virus will follow its biological imperative to adapt and survive.

No responsible country can ignore the possibility that person-to-person spread could start anywhere and quickly wash over the planet.

Read more:
An ounce of prevention: Now is the time to take action on H5N1 avian flu, because the stakes are enormous

Certainly, Canada is treating the issue seriously, as I know from my work with the Public Health Agency of Canada, the National Advisory Committee on Immunization, the Ontario Immunization Advisory Committee and other bodies.

But the effort to stop or at least slow avian influenza needs to include all countries and to engage everyday people, especially those who work directly with birds, cattle and other wild and domestic animals.

Targeted interventions

The best tactics to stave off a pandemic, at least at this point, are relatively unintrusive, targeted interventions. It’s critical that farm workers, veterinarians and others who work with animals follow careful protocols such as wearing masks and goggles, sanitizing equipment and continuing to cull poultry flocks where exposure is identified.

We also need to educate hunters about protective measures to lower their risk of exposure.

Most mitigation measures are entirely non-medical — though offering vaccines to those at high risk of exposure, as Finland has done, would be prudent. It’s much easier to target vaccination programs to high-risk groups than to organize a global vaccine campaign after a pandemic has begun.

We need to encourage these groups to take every possible action to protect themselves — and therefore the world — and to provide financial supports that enable them to comply without cost.

If avian flu becomes established among humans, which could happen rapidly and with very little warning, COVID-19 has shown that only a swift, decisive and truly global approach can fend off disaster.

A significant lesson from COVID-19 is that we have to support pandemic prevention and response efforts for people in every corner of the world, however remote they may be, and that we must reach vulnerable populations within wealthy countries, such as elderly, frail and marginalized people, and those affected by poverty. These are the people always impacted most by infectious diseases.

A selective distribution of resources among the planet’s wealthiest populations will not provide the protection the world needs and will only enlarge and extend the reach of a new pandemic.

We must remember what it was like to close down schools, workplaces and public gatherings and to have hospitals overflowing with patients as clinicians risked their lives to care for them.

We could have saved so many people and so much money by taking the threat more seriously from the outset, including providing better public education about evidence-based measures such as masking and vaccines.

It’s past time we made pandemic prevention and response a permanent priority, no matter what else is happening in the world.

Matthew S Miller is co-founder and Chief Scientific Officer of AeroImmune Inc. He has received compensation from Seqirus, Sanofi, GSK, Roche, Grifols, and Aramis Biotechnologies for participating on advisory boards and for supporting educational activities. He has received research funding from the Canadian Institutes of Health Research, the Canadian Foundation for Innovation, the Natural Sciences and Engineering Research Council of Canada, the Canada Research Chairs Program, the Federal Economic Development Agency for Southern Ontario, Ontario Centre of Innovation, Bay Area Health Trust, Providence Therapeutics, JN Nova Pharma, Lactiga, and Zentek. He is a member of the National Advisory Committee on Immunization COVID-19 Working Group and H5N1 Influenza Working Group. He is also a member of the Ontario Immunization Advisory Committee and the Public Health Agency of Canada Expert Panel on Avian Influenza A(H5Nx).

– ref. Heeding the lessons of COVID-19 in the face of avian influenza – https://theconversation.com/heeding-the-lessons-of-covid-19-in-the-face-of-avian-influenza-252161

MIL OSI – Global Reports –

March 25, 2025
MIL-OSI Global: More girls are getting excluded from school – here’s why they feel misjudged by teachers

Source: The Conversation – UK – By Emma Clarke, Senior Lecturer and Programme Leader in Teacher Education, University of York

Tero Vesalainen/Shutterstock

More children are being permanently excluded from their school in England. In the 2023-24 autumn term, over 1,000 more pupils were excluded than in the autumn term the previous year. Rates of permanent exclusion have risen rapidly since the pandemic, with no sign of slowing down.

What is perhaps unexpected is that the rate of permanent exclusions is rising much faster among girls than boys. Girls are also more at risk of “hidden” or “grey” exclusions – when a pupil stops going to school but isn’t formally excluded. But partly because schools are seen as environments in which girls are more likely to thrive than boys, the issues girls face may be overlooked.

Stereotypes of schools as places where “good girls” are the hardworking majority – and boys are the disruptive ones – have repercussions for both girls and teachers.

In my research I interviewed 12 girls at risk of permanent exclusion aged between 12 and 16 in two different secondary schools and one pupil referral unit. I found that they struggled with being heard.

Girls in my study were unanimous that they wanted teachers to listen and take time for them, but felt this did not happen. They resorted to shouting before they could be shouted at. “When they shout it doesn’t mean we’re going to listen, we’re going to shout back,” one said.

Girls reported teachers did not know them, listen or allow them to explain and so responded with aggression: “Why should I bother about them when they ain’t bothered about me?”

Consequences of exclusion

Research from Agenda Alliance, a charity, has found that 74% of girls in youth custody were previously permanently excluded, compared to 63% of boys. After permanent exclusion, girls (unlike boys) are more likely to suffer significant mental health issues.

There has been very little progress in managing girls’ behaviour over the last two decades. Research has found consistent reports of girls being sidelined in education as far back as the 1970s.

Research also suggests that girls using their voice in ways that do not fit gender stereotypes – such as being loud and shouting at teachers – was particularly problematic. This damaged relationships with teachers.

In my research, girls believed both male and female teachers were sexist, singling them out for behaviour ignored in boys. This resulted in a deeply held sense of unfairness, particularly when teachers simply linked behaviour to their hormones. “Certain teachers overlook the girls, they pin it on your hormones,” one said.

This results in girls feeling they have no voice, and avoiding some lessons, teachers or situations by truanting – inside school or not attending at all – or by trying to “get in before they [teachers] do” and behaving aggressively.

These two extremes mean girls either end up using their voice in ways schools cannot manage, or remain systematically silenced: not present at school at all. Neither helps them to address the problems they are experiencing and the resulting behaviour.

Appearance and behaviour

I also found that girls struggled with how visible they were at school. Many girls in my study talked about facing sanctions over their uniform. They argued that teachers punished them for minor infringements, and that there was a double standard: teachers could wear two pairs of earrings, for instance, but they could not. One said that staff “don’t care about education it’s about earrings and that”.

Girls felt singled out in ways boys were not, suggesting teachers were sexist and only interested in them looking right.

Girls felt they received too much scrutiny over their appearance.
Rawpixel.com/Shutterstock

However, girls told me that modifying their uniform was central to fitting in with peers and not being bullied. This results in girls treading a fine line between not standing out too much to other girls and not attracting the censure of staff.

Girls reported being too visible in other ways. They told me that trips to the toilet were policed by staff standing outside. Girls also felt too visible in class, with significant anxiety expressed in my research about being picked on in class. “My face goes all blotchy and I start shaking, it’s hard to breathe,” one said.

This fear was so significant girls chose to walk out of lessons rather than face embarrassment in front of their peers. “If a teacher picks on me to answer a question I just won’t come to the next lesson,” one girl said. They chose this despite risking being put in isolation – working in seclusion away from the rest of the school and their peers, where they once again became invisible. “It’s like a prison, they boarded up the windows and don’t listen to you.”

With some schools shifting to zero-tolerance approaches, permanent exclusion – once a last resort – may now be perceived as a reasonable response to school improvement drives.

Striking the balance between being appropriately seen and heard is a challenge for many girls in school, even those who appear to manage it successfully. But for those who struggle, the current and widespread problems in schools make it less likely that teachers will “take more notice of how you behave, [because] there might be something behind it”. Without significant and widespread change in schools, more girls will either disappear from the system or be silenced by it.

Emma Clarke received funding in a one off grant from British Educational Research Association. She is a member of Universities and Colleges Union.

– ref. More girls are getting excluded from school – here’s why they feel misjudged by teachers – https://theconversation.com/more-girls-are-getting-excluded-from-school-heres-why-they-feel-misjudged-by-teachers-249753

MIL OSI – Global Reports –

March 25, 2025
MIL-OSI Security: Minneapolis Man Pleads Guilty; Forty-Fifth Conviction in the $250 Million Feeding Our Future Fraud Scheme

Source: Office of United States Attorneys

MINNEAPOLIS – Abdihakim Ali Ahmed, a Minneapolis man, has pleaded guilty to wire fraud and money laundering for his role in the $250 million fraud scheme that exploited a federally funded child nutrition program during the COVID-19 pandemic, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

According to court documents, from September 2020 through January 2022, Abdihakim Ali Ahmed, 40, claimed to be operating a child nutrition site in St. Paul, Minnesota. As part of the scheme, on or about September 4, 2020, Ahmed registered ASA Limited LLC with the Minnesota Secretary of State. Four days later, Ahmed applied for ASA Limited to operate a purported food site in the Federal Children Nutrition Program under the sponsorship of Feeding Our Future at the Gurey Deli, a small market located in a St. Paul strip mall. Ahmed submitted his application together with Aimee Bock, Feeding Our Future’s executive director. Within just three weeks of creating the ASA Limited site, Ahmed and his co-conspirators falsely claimed to be serving meals to 2,000 or 3,000 children each day, seven days a week. During the one-year period from September 2020 to September 2021, Ahmed his co-conspirators fraudulently claimed to have served more than 1.6 million meals at the ASA Limited site.

To accomplish his scheme, Ahmed submitted multiple fake attendance rosters that purported to identify both the names and ages of approximately 2,000 children who attended the ASA Limited site’s “after-school program” in September through December 2021. The lists of names and ages were fake, and Ahmed’s roster spreadsheets contained a formula that inserted a random number between 7 and 17 in the age column for each “child” on the list.

According to court documents, rather than use fraudulently obtained money to serve meals or feed children, Ahmed and his co-conspirators misappropriated much of it. Ahmed transferred hundreds of thousands of dollars to himself and other co-conspirators, which included transferring fraud proceeds to a shell company he created called 1130 Holdings Inc. He and his co-conspirators also created another shell company called Five A’s Projects LLC, where they transferred more than $1 million in Federal Child Nutrition Program funds. Ahmed used these proceeds to purchase the former location of Kelly’s 19th Hole, a bar and restaurant in Brooklyn Park, Minnesota, which will be now forfeited to the United States. Ahmed used more fraudulent proceeds to purchase a 2022 Mini Cooper vehicle, which has been seized and will be forfeited to the United States.

According to court documents, Ahmed paid more than $49,000 in bribes and kickbacks to Abdikerm Eidleh, a Feeding Our Future employee, in exchange for sponsoring and facilitating ASA Limited’s fraudulent participation in the Federal Child Nutrition Program. In exchange, Feeding Our Future received nearly $400,000 in administrative fees for sponsoring ASA Limited’s participation in the program.

In total, Ahmed and his co-conspirators caused a loss of $7.3 million to Federal Child Nutrition Programs based on fraudulent claims submitted through Feeding Our Future.

“I am proud of the unrelenting efforts of our prosecution team to hold the defendants—who engaged in a massive pay-to-play fraud scheme that exploited Minnesota and the Federal Child Nutrition Program—accountable,” said Acting U.S. Attorney Lisa D. Kirkpatrick.

Ahmed pleaded guilty today in U.S. District Court before Judge Nancy E. Brasel. A sentencing hearing will be scheduled at a later date.

The case is the result of an investigation by the FBI, IRS – Criminal Investigation, and the U.S. Postal Inspection Service.

Assistant U.S. Attorneys Joseph H. Thompson, Matthew S. Ebert, Harry M. Jacobs, and Daniel W. Bobier are prosecuting the case. Assistant U.S. Attorney Craig Baune is handling the seizure and forfeiture of assets.

MIL Security OSI –

March 25, 2025
MIL-OSI Security: Six Defendants Charged with Attempting to Steal Approximately $80 Million in Government Check Fraud Scheme

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

The Defendants Deposited Approximately $50 Million Using Stolen and Fake Identities During Their Years-Long Check Fraud Scheme

Matthew Podolsky, the Acting United States Attorney for the Southern District of New York; Leslie R. Backschies, the Acting Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”); and Harry T. Chavez, Jr., the Special Agent in Charge of the New York Field Office of the Internal Revenue Service, Criminal Investigations (“IRS-CI”), announced the unsealing of a four-count criminal Indictment charging SHAN ANAND, NOSAKHARE NOBORE, NICHOLAS PAPPAS, LEONARD UJKIC, SOLOMON ALUKO, a/k/a “D1 ReallyRich,” and JORGE GONZALEZ with a scheme to fraudulently obtain checks and launder the proceeds. Many of the checks were funds provided by the government for COVID-19 relief that the defendants stole before depositing into bank accounts opened using sham businesses or stolen or fake identities. In total, the defendants attempted to steal approximately $80 million and succeeded in depositing approximately $50 million.

Acting U.S. Attorney Matthew Podolsky said: “We allege that the defendants stole tens of millions of dollars in COVID-19 relief and other checks, and even used a ‘Fraud Bible’ containing instructions for committing fraud. This Office will not tolerate the exploitation of programs designed to support the public in times of crisis, and we and our law enforcement partners will hold those responsible to full account.”

FBI Acting Assistant Director Leslie R. Backschies said: “These six defendants allegedly used sham businesses, stolen, and fake identities to operate a multi-year check fraud scheme, resulting in $50 million in illicit funds being deposited into their accounts. The defendants brazenly attempted to exploit multiple United States government programs in their attempts to illegally enrich themselves. The FBI will continue to ensure fraudsters attempting to lie, cheat, and steal from the Government answer for their crimes in the criminal justice system.”

IRS Special Agent in Charge Harry T. Chavis, Jr. said: “This group of suspects openly communicated about their fraud, taking pride in the multiple schemes that stole nearly $50 million from the American public. They lied and cheated a benefits system meant to help struggling businesses that need it, all while stealing checks from agencies who assist the elderly and veterans. This gang of ‘bag hunters’ will now face justice for multiple charges. This time, the U.S. government were the hunters, and the arrests in this massive fraud case are ‘in the bag.’”

As alleged in the Indictment:[1]

From 2021 to 2025, the six defendants worked together to steal money from the U.S. government, banks, and individuals. The defendants opened bank accounts using fake or stolen identity information for individuals or businesses, and were assisted in doing so by one of the defendants who was a teller at a major bank. From the inside, he worked to open or alter bank accounts to advance the defendants’ fraud.

The defendants then deposited fraudulently obtained or counterfeit checks into the accounts. Many of the checks were issued by the U.S. Treasury (the “Treasury”) based on false and fraudulent filings with the Internal Revenue Service (“IRS”) in connection with the Employee Retention Credit (“ERC”) and Qualified Sick Leave Wages (“QSLW”) credit. The ERC is a refundable tax credit for businesses and tax-exempt organizations that had employees during and were affected by the COVID-19 pandemic. Employers must have paid qualified wages to claim the credit. The QSLW credit is a related credit that was also established in response to the COVID-19 pandemic. The defendants did not operate businesses that would have qualified for these credits. The businesses they used to open bank accounts and apply for the credits were fake or sham businesses.

Other Treasury checks passed as part of the defendants’ scheme were payments for different tax refunds, including personal and corporate income tax refunds. Still other Treasury checks were associated with programs at other government agencies such as the Department of Veterans of Affairs and the Social Security Administration. Some of the checks involved in the scheme—both Treasury checks and other business or individual checks—were stolen from the mail or elsewhere. Other checks were partially or completely forged.

Once the checks were deposited, the defendants withdrew the fraudulently obtained funds in cash or transferred them to other banks accounts under their control. Over the course of their scheme, the defendants attempted to obtain approximately $80 million in total. They succeeded in depositing approximately $50 million.

The defendants communicated openly about their fraud. One defendant sent another a video of a screen recording of a document or documents titled “✅ 2021 Fraud Bible ✅”, shown in the following image:

This “Fraud Bible” contained instructions on how to engage in various forms of fraud, including credit card fraud, ATM fraud, and mobile cash transfer fraud.

Since at least 2021, some members of the conspiracy have worn clothing items bearing a logo depicting a sack of money running along with the phrase “Bag Hunter.”

Certain members of the conspiracy wore this logo while engaging in criminal conduct. For example, the following image shows NOBORE withdrawing fraudulently obtained funds while prominently displaying the Bag Hunters logo:

* * *

ANAND, 34, of Queens, New York; NOBORE, 29, of Edgewater, New Jersey; PAPPAS, 28, of Miami, Florida; UJKIC, 44, of Ft. Lauderdale, Florida; ALUKO, 29, of Hackensack, New Jersey; and GONZALEZ, 28, of North Bergen, New Jersey, are each charged with conspiracy to commit wire fraud and bank fraud, which carries a maximum sentence of 30 years in prison; conspiracy to commit money laundering and engaging in a monetary transaction in property derived from specific unlawful activity, which carries a maximum sentence of 20 years in prison; conspiracy to defraud the government, which carries a maximum sentence of 10 years in prison; and aggravated identity theft, which carries a mandatory sentence of two years in prison.

The maximum potential sentences are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendants will be determined by a judge.

Mr. Podolsky praised the outstanding work of the FBI and IRS-CI. Mr. Podolsky also thanked the U.S. Postal Inspection Service and the New York City Police Department for their assistance.

The case is being prosecuted by the Office’s Complex Frauds and Cybercrime and Illicit Finance and Money Laundering Units. Assistant U.S. Attorneys Maggie Lynaugh, Steven J. Kochevar, and Qais Ghafary are in charge of the prosecution.

The charges contained in the Indictment are merely accusations, and the defendants are presumed innocent unless and until proven guilty.

[1] As the introductory phrase signifies, the entirety of the text of the Indictment, and the description of the Indictment set forth herein, constitutes only allegations, and every fact described therein should be treated as an allegation.

MIL Security OSI –

March 25, 2025
MIL-OSI: 180 Degree Capital Corp. Notes Filing of Preliminary Joint Proxy Statement/Prospectus for Proposed Business Combination With Mount Logan Capital Inc. and Provides Interim Update on Developments in Q1 2025

Source: GlobeNewswire (MIL-OSI)

MONTCLAIR, N.J., March 24, 2025 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ:TURN) (“180 Degree Capital”) today noted that it had filed a preliminary joint proxy statement/prospectus on Schedule 14A with the Securities and Exchange Commission (“SEC”) regarding its proposed merger with Mount Logan Capital Inc. (“Mount Logan”) in an all-stock transaction (the “Business Combination”). As noted in its original press release issued on January 17, 2025, the surviving entity is expected to be a Delaware corporation operating as Mount Logan Capital Inc. (“New Mount Logan”) listed on Nasdaq under the symbol “MLCI”. In connection with the Business Combination, 180 Degree Capital shareholders will receive proportionate ownership of New Mount Logan determined by reference to 180 Degree Capital’s NAV at closing relative to a valuation of Mount Logan of approximately $67.4 million at signing, subject to certain pre-closing adjustments.

“We are pleased to have the preliminary proxy materials for our proposed Business Combination on file with the SEC and look forward to having more fulsome discussions with our shareholders regarding what we believe to be are the unique opportunities for creation of value for our shareholders through this transaction,” said Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital. “I encourage our shareholders to review our preliminary proxy materials, and when available, our definitive proxy materials, as they contain a detailed background of the robust process of the Special Committee of our Board of Directors that concluded with its recommendation to pursue the Business Combination with Mount Logan. We believe that this Business Combination has the potential to create meaningful value for 180 Degree Capital shareholders and that Mount Logan continues to build value through its growing platform including the recent close of its strategic minority investment in Runway Growth Capital and Mount Logan’s strong operating metrics. We could not be more excited about the potential for further value creation through the combination of our businesses.”

“We are also pleased that Q1 2025 has been positive for a number of our portfolio holdings, including the culmination of a number of identified potential catalysts that have led to increases in value for these holdings this quarter,” added Daniel B. Wolfe, President of 180 Degree Capital. “We are proud of the significant outperformance of our investment portfolio versus the Russell Microcap Index this year through March 14, 2025. This outperformance was driven primarily by long-awaited catalysts including the announcement of the sale of IVAC to Seagate, the positive Q4 2024 results and outlook from SNCR and the announced sale of certain assets along with the improving operating performance of ACNT, offset by ongoing struggles at LTRX and CVGI. We are optimistic regarding the potential additional value-creating catalysts in our portfolio that we expect to occur during the period between now and the potential closing of the proposed Business Combination with Mount Logan. We remain focused on building the maximum net asset value of 180 Degree Capital heading into this proposed Business Combination to set the floor for potential future value creation for our collective shareholders.”

Mr. Rendino concluded, “While we remain in a blackout period for management trading of 180 Degree Capital common shares, 180 Degree Capital currently anticipates a trading window will open once an updated Preliminary Proxy Statement/Prospectus that includes U.S. GAAP financial statements for Mount Logan is filed with the SEC. When a trading window opens, you can expect Daniel and I will be active purchasers of 180 Degree Capital common shares in the open market.”

About 180 Degree Capital Corp.

180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 Degree Capital and its holdings can be found on its website at www.180degreecapital.com.

Press Contact:
Daniel B. Wolfe
Robert E. Bigelow
180 Degree Capital Corp.
973-746-4500
ir@180degreecapital.com

Additional Information and Where to Find It

In connection with the agreement and plan of merger among 180 Degree Capital Corp. (“180 Degree Capital”), Mount Logan Capital Inc. (“Mount Logan”), Yukon New Parent, Inc. (“New Mount Logan”), Polar Merger Sub, Inc., and Moose Merger Sub, LLC, dated January 16, 2025, as it may from time to time be amended, modified or supplemented (the “Merger Agreement”) that details the proposed combination of the businesses of 180 Degree Capital and Mount Logan and any other transactions contemplated by and pursuant to the terms of the Merger Agreement (the “Business Combination”), 180 Degree Capital intends to file with the SEC and mail to its shareholders a proxy statement on Schedule 14A (the “Proxy Statement”), containing a form of WHITE proxy card. In addition, the surviving Delaware corporation, New Mount Logan plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will register the exchange of New Mount Logan shares in the Business Combination and include the Proxy Statement and a prospectus of New Mount Logan (the “Prospectus”). The Proxy Statement and the Registration Statement (including the Prospectus) will each contain important information about 180 Degree Capital, Mount Logan, New Mount Logan, the Business Combination and related matters. SHAREHOLDERS OF 180 DEGREE CAPITAL AND MOUNT LOGAN ARE URGED TO READ THE PROXY STATEMENT AND PROSPECTUS CONTAINED IN THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE APPLICABLE SECURITIES REGULATORY AUTHORITIES AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT 180 DEGREE CAPITAL, MOUNT LOGAN, NEW MOUNT LOGAN, THE BUSINESS COMBINATION AND RELATED MATTERS. Investors and security holders may obtain copies of these documents and other documents filed with the applicable securities regulatory authorities free of charge through the website maintained by the SEC at https://www.sec.gov and the website maintained by the Canadian securities regulators at www.sedarplus.ca. Copies of the documents filed by 180 Degree Capital are also available free of charge by accessing 180 Degree Capital’s investor relations website at https://ir.180degreecapital.com.

Certain Information Concerning the Participants

180 Degree Capital, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the Business Combination. Information about 180 Degree Capital’s executive officers and directors is available in 180 Degree Capital’s Annual Report filed on Form N-CSR for the year ended December 31, 2024, which was filed with the SEC on February 13, 2025, and in its proxy statement for the 2024 Annual Meeting of Shareholders (“2024 Annual Meeting”), which was filed with the SEC on March 1, 2024. To the extent holdings by the directors and executive officers of 180 Degree Capital securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at https://www.sec.gov. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the 180 Degree Capital shareholders in connection with the Business Combination will be contained in the Proxy Statement when such document becomes available.

Mount Logan, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Mount Logan in favor of the approval of the Business Combination. Information about Mount Logan’s executive officers and directors is available in Mount Logan’s annual information form dated March 14, 2024, available on its website at https://mountlogancapital.ca/investor-relations and on SEDAR+ at https://sedarplus.ca. To the extent holdings by the directors and executive officers of Mount Logan securities reported in Mount Logan’s annual information form have changed, such changes have been or will be reflected on insider reports filed on SEDI at https://www.sedi.ca/sedi/. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Mount Logan shareholders in connection with the Business Combination will be contained in the Prospectus included in the Registration Statement when such document becomes available.

Non-Solicitation

This letter and the materials accompanying it are not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Forward-Looking Statements

This press release, and oral statements made from time to time by representatives of 180 Degree Capital and Mount Logan, may contain statements of a forward-looking nature relating to future events within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s and 180 Degree Capital’s current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the Business Combination involving Mount Logan and 180 Degree Capital, including future financial and operating results, Mount Logan’s and 180 Degree Capital’s plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the Business Combination, and other statements that are not historical facts, including but not limited to future results of operations, projected cash flow and liquidity, business strategy, payment of dividends to shareholders of New Mount Logan, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the ability to obtain the requisite Mount Logan and 180 Degree Capital shareholder approvals; the risk that Mount Logan or 180 Degree Capital may be unable to obtain governmental and regulatory approvals required for the Business Combination (and the risk that such approvals may result in the imposition of conditions that could adversely affect New Mount Logan or the expected benefits of the Business Combination); the risk that an event, change or other circumstance could give rise to the termination of the Business Combination; the risk that a condition to closing of the Business Combination may not be satisfied; the risk of delays in completing the Business Combination; the risk that the businesses will not be integrated successfully; the risk that synergies from the Business Combination may not be fully realized or may take longer to realize than expected; the risk that any announcement relating to the Business Combination could have adverse effects on the market price of Mount Logan’s common shares or 180 Degree Capital’s common shares; unexpected costs resulting from the Business Combination; the possibility that competing offers or acquisition proposals will be made; the risk of litigation related to the Business Combination; the risk that the credit ratings of New Mount Logan or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the Business Combination; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Business Combination; competition, government regulation or other actions; the ability of management to execute its plans to meet its goals; risks associated with the evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions; natural and man-made disasters; civil unrest, pandemics, and conditions that may result from legislative, regulatory, trade and policy changes; and other risks inherent in Mount Logan’s and 180 Degree Capital’s businesses. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which 180 Degree Capital has filed or will file from time to time with the SEC and Mount Logan has filed or will file from time to time on SEDAR+.

Neither Mount Logan nor 180 Degree Capital undertakes any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The references and link to the website www.180degreecapital.com and mountlogancapital.ca have been provided as a convenience, and the information contained on such websites are not incorporated by reference into this press release. Neither 180 Degree Capital nor Mount Logan is responsible for the contents of third-party websites.

The MIL Network –

March 25, 2025
MIL-OSI Economics: India: Financial Sector Assessment Program, 2024

Source: Reserve Bank of India

The Financial Sector Assessment Program (FSAP), a joint program of the International Monetary Fund (IMF) and the World Bank (WB), undertakes a comprehensive and in-depth analysis of a country’s financial sector. Since September 2010 the exercise has become mandatory for jurisdictions with systemically important financial sectors. Currently, it is mandatory for 32 jurisdictions including India, every five years, and for another 15 jurisdictions every ten years. Last FSAP for India was conducted in 2017 and the Financial System Stability Assessment (FSSA) report was published by IMF on 21st December, 2017.

2. IMF released the latest India-FSSA report on their websites on February 28, 2025, based on the assessment carried out during 2024, while WB’s Financial Sector Assessment (FSA) report is due for publication.

3. India welcomes assessment of the Indian financial system undertaken by the joint IMF-World Bank team conforming to the highest international standards.

4. IMF’s FSSA report highlights that India’s financial system has become more resilient and diverse since the last FSAP in 2017, driven by rapid economic growth. Financial Sector in India has shown recovery from various distress episodes of 2010s and withstood the pandemic well. In terms of evolution of financial sector landscape, Non-Banking Financial Intermediaries (NBFI) sector has become diverse but more interconnected. Banks and Non-Banking Financial Companies (NBFCs) have sufficient aggregate capital to support moderate lending even in severe macrofinancial scenarios.

5. On regulation and supervision of NBFCs, IMF acknowledged India’s systematic approach for prudential requirements of NBFCs with scale based regulatory framework. IMF appreciated India’s approach on introduction of bank-like Liquidity Coverage Ratio (LCR) for large NBFCs. For supervision of banks, IMF suggested strengthening credit risk management through IFSR 9 adoption and upgrading supervision over individual loans, collateral valuation, connected borrower groups, large exposure limits, and related-party transactions.

6. IMF acknowledges that the regulatory framework in securities markets has been enhanced in line with international practice to manage and prevent emerging risks. Notable improvements include establishing the Corporate Debt Market Development Fund (CDMDF), introducing swing pricing and liquidity requirements for bond mutual funds. The regulatory scope has also been expanded over emerging areas such as sustainability and investor protection measures for fast-growing equity derivatives products.

7. IMF has stated that public digital infrastructures have significantly improved retail financial inclusion and recommended that financially underserved sectors’ access to credit can be enhanced by strengthening legal, tax, and informational infrastructures for asset-based and digital lending.

8. The FSSA report acknowledges that India’s insurance sector is strong and growing, with a significant presence in both life and general insurance. The sector has remained stable, supported by better regulations and digital innovations. The report notes India’s progress in improving oversight, risk management and governance and suggests further steps toward riskbased solvency / supervision frameworks and stronger group supervision. It acknowledged transition plans towards risk-based approach in the insurance sector. This reflects India’s commitment to global best practices and a resilient insurance sector.

9. IMF recommends that financial stability should be the primary objective of the macroprudential authorities.

10. In terms of emerging risks, cybersecurity, climate change and system-wide contagion need attention. Financial stability risks from climate change appear manageable but warrant careful monitoring. The assessment suggested enhanced data coverage with better granularity for mapping climate-related financial risks.

11. IMF also analysed cyber security framework in banking sector, Financial Market Infrastructure (FMI), Critical Information Systems, and other relevant players in securities market. IMF found that Indian authorities have advanced cybersecurity risk oversight, especially for banks. However, IMF stated that extensive cybersecurity crisis simulations and stress tests for banks could be expanded for cross-sectoral and market-wide events to further strengthen cybersecurity resilience.

12. The recommendations in case of India FSAP are mainly focussed on bringing about further improvements in the structure and functioning of the financial system and many of the detailed recommendations are in conformity with the concerned authorities’/regulators’ own developmental plans. India remains committed to adoption of internationally accepted standards and best practices in a phased manner, attuned to domestic needs and economic conditions, wherever necessary.

The FSSA released by IMF can be accessed at:

(https://www.imf.org/en/Publications/CR/Issues/2025/02/28/India-Financial-Sector-Assessment-Program-Financial-System-Stability-Assessment-562815)

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2449

MIL OSI Economics –

March 25, 2025
MIL-OSI Global: Egg prices soar as outdated supply chains crack under pressure

Source: The Conversation – USA – By Jack Buffington, Associate Professor of Practice in Supply Chain Management, University of Denver

Experts predict that egg prices will keep climbing in 2025. Lindsey Nicholson/UCG/Universal Images Group via Getty Images

There may be no kitchen table issue in America more critical than the price of food.

So when the price of eggs rose over 40% from 2024 to 2025, it became a headline news story in Colorado and across the nation.

Public officials and the media blamed high egg prices on bird flu outbreaks and said containing the outbreak in supply chains would lower prices. In early March 2025, egg prices fell in the U.S., but these trends are likely to reverse due to higher seasonal demand during Easter and Passover.

Rising prices and market volatility have led to food costs climbing to 11.4% of American’s disposable income, the largest percentage since 1991.

Arresting these rising costs, as I argue in my 2023 book, means reinventing supply chains to address the growing supply, demand and price volatility that has created uncertainty for consumers since the COVID-19 pandemic of 2020.

I have described global supply chains, and supply chains in the U.S. in particular, as “efficiently broken.” By this I mean that they aspire to offer low prices from economies of scale but lack sufficient resiliency to create stability.

Without addressing the systemic weaknesses in supply chains, I believe major health and economic disruptions will continue to happen in Colorado, nationally and around the world.

Cage-free eggs

Colorado faces a double whammy where egg prices are concerned.

It’s one of nine states with a cage-free egg mandate, which requires all eggs sold in the state to come from cage-free facilities. The regulation has been shown to increase the price of eggs by as much as 50%.

Over the past two decades, cage-free egg laws have been passed in states as consumers have grown more concerned with the welfare of farm animals. What that means varies from state to state because the term cage-free isn’t regulated by a federal agency. In Colorado, egg-laying hens must be housed in a cage-free system and must have a minimum of 1 square foot of usable floor space per hen.

Colorado is the 28th largest egg producer in the U.S., far behind Midwestern states such as Iowa, Indiana and Ohio, but it has a few large producers such as Morning Fresh Farms, as well as smaller ones such as the Colorado Egg Producers Association, a collection of seven family-owned farms.

Colorado’s cage-free egg law went into effect in January 2025 – around the same time that consumers noticed bare egg shelves at their supermarkets. Many consumers and some elected Republicans in Colorado blamed the cage-free law.

Nevada is pulling back on its cage-free egg mandate to deal with the challenge of unaffordable egg prices.

But cage-free laws are not the main driver of increasing egg prices, as I’ve noted in my research. Like many others, the egg supply chain needs to be reinvented to balance price, scale, resiliency and stability.

Supply chain issues

What is driving up the prices of eggs and other consumer goods is the concentration of producers. The COVID-19 pandemic revealed just how vulnerable prices and supply chains are.

Five years ago this month, when the pandemic started, many products became unavailable and more expensive.

In 2022, a major product recall of Similac led to a baby formula shortage in the U.S. The baby formula market is highly concentrated, with four companies responsible for approximately 90% of the domestic market. A large-scale facility that produced the baby formula was found to have unsanitary conditions and contaminated products. Pulling this one facility offline at the same time the nation was coping with pandemic-related supply chain issues led to the shortage.

Supply chain issues led to a U.S. shortage of baby formula in 2022.
Lindsey Nicholson/UCG/Universal Images Group via Getty Images

Then at the beginning of 2024, supplies of insulin ran short due to production issues at Eli Lilly, one of the three companies responsible for over 90% of the U.S. insulin market.

And in the second half of 2024, hospitals couldn’t get enough IV fluid due to damage caused by Hurricane Helene to a Baxter factory in North Carolina that manufactures approximately 60% of IV fluids in the U.S. This factory had been relocated to North Carolina from Puerto Rico due to the supply impact from Hurricane Maria that damaged the island in 2017.

In all of these cases, the supply chain was easily interrupted due to a reliance on a few large producers. In 2025, bird flu and eggs are just another example of America’s “efficiently broken” supply chain.

Bird flu and cost of eggs

In the U.S., the top five egg producers are responsible for 40% of hens, with Mississippi-based Cal-Maine Foods alone responsible for 13% of total U.S. production.

An average-sized production facility in the U.S. can house 75,000 to 500,000 hens. Large facilities can house over 4 million. The mass production of eggs from these facilities means eggs are, in stable times, cost effective for the American consumer. Prior to the COVID-19 pandemic, eggs in the U.S. never surpassed $3 a dozen, and it was an affordable food solution compared with processed foods.

But this scale and efficiency comes at the price of resiliency during something like a bird flu outbreak. Larger farms create a higher risk of viral outbreak, which leads to the need for culling millions of birds and a heightened risk of viral replication and mutation.

The solution may increase prices

Policymakers want to reduce the spread of disease at American egg factories to mitigate the spread of bird flu. But these measures are expensive.

Factory farms increase the potential for viruses to spread rapidly and even mutate. Therefore, bird flu is a more serious precursor of supply chain disruption than a hurricane or product recall because it has the potential to create a public health crisis.

One solution to limit the spread of bird flu is to regulate the number of hens allowed in a single facility. This would lead to smaller and more farms across the U.S., but also higher consumer prices.

This solution would mirror other countries such as Canada, where the average facility size is much smaller than in the U.S. and eggs and poultry cost significantly more. That’s why – under the terms of the United States-Mexico-Canada Agreement – Canada has quota and tariff protection from American companies flooding its market with eggs and poultry that would cost consumers two to three times less.

Yet in March 2025, the price of eggs in Canada is 50% cheaper than eggs in the U.S. because the country has not suffered the same damages from bird flu.

Following Canada’s lead wouldn’t result in egg prices as low as giant factory farms, but it would protect American consumers from the periodic price shocks caused by disease or localized weather events that disrupt supplies.

Despite the threat of a public health crisis, American consumers don’t want to pay more for eggs – and their leaders have promised they won’t have to.

Read more of our stories about Colorado.

Jack Buffington 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. Egg prices soar as outdated supply chains crack under pressure – https://theconversation.com/egg-prices-soar-as-outdated-supply-chains-crack-under-pressure-251425

MIL OSI – Global Reports –

March 25, 2025
MIL-OSI: Roper Technologies to acquire CentralReach

Source: GlobeNewswire (MIL-OSI)

SARASOTA, Fla., March 24, 2025 (GLOBE NEWSWIRE) — Roper Technologies, Inc. (Nasdaq: ROP) today announced that it has reached a definitive agreement to acquire CentralReach from Insight Partners for a net purchase price of approximately $1.65 billion, including a $200 million tax benefit resulting from the transaction. Roper expects CentralReach to deliver sustainable 20%+ organic revenue and EBITDA growth.

CentralReach is a leading provider of cloud-native software enabling the workflow and administration of Applied Behavior Analysis (“ABA”) therapy. Over 200,000 professionals utilize CentralReach’s purpose-built solutions to help provide care for individuals with autism spectrum disorder (“ASD”) and related intellectual and developmental disabilities (“IDD”). ABA therapy providers rely on CentralReach’s comprehensive electronic medical records platform as their mission critical operating system, which includes highly specialized tools for client set-up, practice management, claims processing, care scheduling, clinical data collection, and service delivery, along with several AI-powered add-on modules.

“CentralReach is a fantastic business with clear niche market leadership, mission critical and high ROI solutions, a high recurring revenue mix, and outstanding customer retention, which leads to strong organic revenue growth and excellent cash conversion,” said Neil Hunn, Roper’s President and CEO. “This acquisition is another example of Roper identifying a business that provides greater value creation for our shareholders. CentralReach meets each of our long-standing acquisition criteria, while also having a structurally faster organic growth profile and the ability to expand margins under Roper’s long-term ownership. We are excited to welcome the CentralReach team to the Roper family and look forward to partnering with the team to execute their strategy.”

Acquisition financial outlook and financing

CentralReach is expected to contribute approximately $175 million of revenue and $75 million of EBITDA for the twelve months ending June 30, 2026, and will be reported in Roper’s Application Software segment. Roper expects CentralReach to deliver sustainable 20%+ organic revenue and EBITDA growth.

The transaction is expected to close in April/May 2025, subject to regulatory approval and customary closing conditions, and will be funded using Roper’s revolving credit facility. Additional information about CentralReach is available in the Investors section of Roper’s website (www.ropertech.com).

Use of non-GAAP financial information

Roper supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information, including EBITDA, to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Roper defines EBITDA as earnings before interest, taxes, depreciation, and amortization. Roper has not provided a reconciliation of the expected EBITDA contribution by CentralReach to the expected net income contribution by CentralReach for the twelve months ending June 30, 2026 because we are unable to quantify certain amounts that would be required to be included in CentralReach’s contribution to net income without unreasonable efforts. In addition, Roper believes such reconciliation would imply a degree of precision that would be confusing or misleading to investors. The non-GAAP financial measure disclosed by Roper in this press release should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.

About Roper Technologies

Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 1000. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company’s website at www.ropertech.com.

About CentralReach

CentralReach is a leading provider of Autism and IDD Care Software, providing a complete, end-to-end software and services platform that helps therapists who serve children and adults diagnosed with autism spectrum disorder (ASD) and related intellectual and developmental disabilities (IDD). With its roots in Applied Behavior Analysis, the company is revolutionizing how the lifelong journey of autism and IDD care is enabled at home, school, and work with powerful and intuitive solutions purpose-built for each care setting.

Trusted by more than 200,000 professionals globally, CentralReach is committed to ongoing product advancement, market-leading industry expertise, world-class client satisfaction, and support of the autism and IDD community to propel autism and IDD care into a new era of excellence. For more information, please visit www.CentralReach.com.

Contact information:
Investor Relations
941-556-2601
investor-relations@ropertech.com

The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as “anticipate,” “estimate,” “plans,” “expects,” “projects,” “should,” “will,” “believes,” “intends” and similar words and phrases. These statements reflect management’s current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, acquired businesses, including obtaining any required regulatory approvals with respect thereto. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, including risks related to labor shortages and rising interest rates, changes in foreign exchange rates, risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises (such as the COVID-19 pandemic) or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of inflation and potential supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

The MIL Network –

March 25, 2025
MIL-OSI Economics: Piero Cipollone: Interview with Expansión

Source: European Central Bank

Interview with Piero Cipollone, Member of the Executive Board of the ECB, conducted by Andrés Stumpf

24 March 2025

The last ECB Governing Council meeting left the door open for a pause in interest rate cuts, or even stopping them all together. Would you be OK with rates remaining at their current level of 2.5%?

At the time of our March meeting, markets were pricing in a reduction in interest rates over the coming months, including going below 2%, with rates stabilising around that level. To produce our macroeconomic projections we take as given the rate path being priced in by markets and, despite rates being on a downward trajectory, the projections showed inflation converging towards our target at the beginning of 2026, with slightly weaker growth.

Since then, not only has this narrative been confirmed, but key issues have arisen that have strengthened the arguments in favour of continuing to lower rates. First, energy prices have fallen significantly. The upward revision to projected inflation for this year was based on increased energy costs, but the pressure has eased as this trend reverses. Second, the euro has appreciated and real rates have increased, which contributes to lower inflation.

And if the United States were to impose tariffs on European exports, that would have a negative impact on demand, which would further strengthen the downward trend in inflation. In the same vein, trade tensions between China and the United States could lead to China redirecting its products to the European market, increasing the downward pressure on prices.

So will you continue cutting rates?

We will go into each meeting with an open mind, assessing the available data and taking decisions on a meeting-by-meeting basis. Each adjustment will depend on how the economy evolves and how the uncertainties are resolved, but current conditions make it conceivable that monetary policy will be less restrictive as, at the moment, the outlook remains consistent with our March projections.

In fact, according to the data we have available, we are likely to reach our inflation objective sooner than our latest projections indicate.

The ECB’s latest statement signalled that monetary policy is now “meaningfully less restrictive”. Does this solely refer to the rate cuts that have already happened, or might it give us some hints about your next moves?

That phrase alludes to the fact that we have already come a long way. It doesn’t say anything about the future, and we will go into the next meeting with new data that we will have to assess. If the path and our narrative are confirmed, from my perspective there is room to relax our monetary policy further.

Would additional rate cuts get us to the famous, much-debated “neutral rate”, which is neither expansionary nor contractionary?

It’s an interesting theoretical concept, but not particularly useful for conducting monetary policy. At the ECB we have sophisticated models and economists who analyse projections and risks. Their work provides crucial information that enables the Governing Council to take decisions on the basis of sound evidence. The neutral rate sparks an engaging debate, but the range [from 1.75% to 2.25%] is so wide that, depending on where you fall within this apparent neutral range, you could be conducting a totally different monetary policy.

Europe currently needs substantial investment to tackle the climate transition and the loss of competitiveness, and now also for defence. Can the ECB help to mitigate this challenge?

The ECB will contribute by providing a stable environment. For us, price stability and the expectation of price stability are essential elements because they encourage long-term planning. Families and businesses can plan, invest and take decisions accordingly.

We are considering climate change, competitiveness and security challenges and the associated financing needs from that angle, analysing their economic and financial impact from the perspective of price stability. Aside from that, we’re getting into areas that aren’t within the ECB’s mandate.

In any case, it’s important to avoid monetary policy keeping GDP growth below potential if that isn’t necessary to control inflation. If we are continually growing below potential we will end up undermining that potential. Investment is essential for supporting and growing the economy, and unnecessarily reducing investment can hamper long-term growth and make the economy more vulnerable to shocks.

So, in this sense, our main contribution will be maintaining price stability, securing a stable economic environment and avoiding unnecessary restrictions on GDP growth.

Recently you have signalled that the ECB shrinking its balance sheet could make monetary policy more restrictive and demand larger rate cuts.

It’s more complicated than that. The large asset purchases we carried out in the past lowered long-term sovereign bond yields by as much as 175 basis points. Now, because of the reduction in the size of our balance sheet, this figure is 75 basis points and falling.

But there’s another important factor. It’s not just about the size of central bank reserves, it’s also about their composition. ECB research shows that the composition of these reserves is very important for banks’ lending ability. The research estimates that debt portfolio holdings (under the ECB’s asset purchase programme (APP) and pandemic emergency purchase programme (PEPP)) will decrease by around €500 billion in 2025. This is associated with a possible €75 billion decline in credit supply. To put this into perspective, it is roughly equivalent to the amount of loans that banks granted to non-financial corporations in 2024.

Therefore, we should bear in mind that, if nothing else happens, the reduction of the central bank balance sheet is putting pressure on banks’ lending capacity. So we need to monitor this effect and take it into consideration when calibrating our monetary policy stance.

Growth in Spain is stronger and inflation is somewhat higher. Is the country at risk from the interest rate cuts?

Inflation in Spain is currently slightly higher due to energy prices, and the stronger growth is in part also driven by supply factors, such as the impact of migration on the labour market. I think Spain’s growth is healthy.

In any case, there have always been differences between euro area economies, and between regions in individual countries. The important thing is that there is convergence in economic and financial conditions, and we are actually seeing that in many respects. For example, despite all the volatility, risk premia have remained relatively contained.

What is the current status of the digital euro?

We are progressing as planned with our preparation phase, which will come to an end in October this year. We have been working on selecting providers. We’ve carried out the procurement process with potential suppliers and are about to finalise it. We are also developing the rulebook, and we’re working on ways to engage more with users.

In the meantime, we are waiting for the legislative process to be completed. That is a key component.

Are you optimistic?

We know that progress has been made and we hope that the process will be concluded within a reasonable amount of time.

One factor is important: there is a growing sense of urgency. The situation outside the euro area is a source of pressure and demands greater consideration of the risks we face in payments as a result of our fragility and our extreme dependence on foreign providers. I have the impression that this increased sense of urgency has now reached the legislators.

At the European Parliament, President Lagarde argued that the digital euro is a tool of sovereignty. Would you agree with that?

I fully agree with that statement. The digital euro is a structural necessity for the European payments market, irrespective of recent developments in other countries. However, recent events further underline the urgent need to make progress in this direction.

The digital euro is key to reducing our foreign dependence as regards Europeans’ everyday payments. In addition, having more solutions across Europe will make us more competitive, which will lead to lower prices, better services and greater innovation.

At a time of tensions between the EU and the United States, don’t you think that a public initiative designed to compete with US payment systems could cause further friction?

I don’t think so, because it’s logical to think that each jurisdiction should have its own infrastructure that it can rely on. Payments are like water or electricity – essential services that every economy needs to ensure are available. In developing a digital euro, we are not seeking a confrontation with anyone. Implementing a digital euro is something that we should have done irrespective of the circumstances. It is about ensuring the resilience of our economy and that we are the master of our own destiny.

The United States has abandoned plans for a digital dollar and other countries have also put their projects on hold. Why do you think the digital euro should go ahead?

Every country and every region has its particular characteristics. In Europe we are facing specific challenges, like a fragmented payments market and a dependence on foreign solutions. Other countries and regions do not have the same problems and so may not see the same need.

In any case, in the United States, there is a proposal that would allow stablecoins to hold their reserves with the Federal Reserve. This could be marketed as a form of hybrid digital dollar. In fact, some stablecoins present themselves as the world’s digital dollar.

When will people be able to pay with digital euro?

It very much depends on when the legislative process is finalised. The technical preparations and developments will take time, both on our side and for banks and the market. This could take some two or two-and-a-half years from the moment the decision to issue a digital euro is taken, once the legislation is in place.

Do you have an estimate of the cost of the project?

As the legislation is still pending and the procurement phase has not yet been finalised, it is difficult to say what the final cost of the project will be. In the procurement documentation we gave an initial estimate for the elements that will be sourced externally. This was based on market research we had carried out previously. These costs are estimated to be €432 million, including both the infrastructure and the operation of the system for 10-15 years. On top of that there will also be internal development costs, especially for the ledger. The ECB would bear these costs in the same way as it does for the production and issuance of banknotes. And like for banknotes, these costs would be covered by the seigniorage income generated by the digital euro.

MIL OSI Economics –

March 25, 2025

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Union Health Minister Shri JP Nadda Inaugurates World TB Day 2025 SummitOur TB elimination strategy is based on ‘whole of the society’ and ‘whole of the government’ approach: Shri JP Nadda

India’s Digital Revolution Earns Global Recognition: Dr. Jitendra SinghFrom DBT to Space Startups: Union Minister Showcases India’s Tech Leadership

What bankruptcy looks like

Many will lose, some will win

Priority of proceeds

Disappointing, but not surprising

Heading off a bird flu pandemic

H5N1 avian flu

Targeted interventions

Consequences of exclusion

Appearance and behaviour

Cage-free eggs

Supply chain issues

Bird flu and cost of eggs

The solution may increase prices

Interview with Piero Cipollone, Member of the Executive Board of the ECB, conducted by Andrés Stumpf

Union Health Minister Shri JP Nadda Inaugurates World TB Day 2025 Summit

Our TB elimination strategy is based on ‘whole of the society’ and ‘whole of the government’ approach: Shri JP Nadda

India’s Digital Revolution Earns Global Recognition: Dr. Jitendra Singh

From DBT to Space Startups: Union Minister Showcases India’s Tech Leadership