Source: Moscow Government – Government of Moscow –
A decision has been made to pay one-time financial assistance to citizens who suffered as a result of radiation exposure. The corresponding order was signed by Sergei Sobyanin.
Traditionally, the payment will be timed to coincide with the anniversary of the Chernobyl nuclear power plant (NPP) accident on April 26. Its size will be from three to 10 thousand rubles, depending on the category of recipients.
It is planned that 13,632 Muscovites will receive support: these are liquidators of the Chernobyl accident, victims of other radiation accidents and disasters, as well as members of families who lost a breadwinner from among the city residents exposed to radiation.
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Pupils at Fishergate Primary School are now able to get a free breakfast at school each morning as part of the citywide campaign to deliver free meals to primary school pupils.
The campaign is part of the council’s wider commitment to ensure that residents start good health and wellbeing as early as possible in their lives – part of the council’s four year plan – One City for all.
York Hungry Minds was set up in a bid to address disadvantage and the impact of the cost of living crisis, in response to national evidence suggesting that providing children with healthy, nourishing food can make a significant difference to school attendance, concentration and their physical and mental wellbeing.
Fishergate Primary School joins existing schools offering free lunches for children in years 3-6* at Westfield Community Primary School and free breakfasts for to all pupils at Burton Green Primary School, which have been running since early 2024.
The pilots have been made possible thanks to funding from City of York Council and donations to the York Community Fund’s York Hungry Minds Appeal.
Initial research carried out by researchers from the Universities of York, Leeds and Sheffield into the impact of the York pilots last autumn showed that pupils taking in part in the schemes showed improved attendance and punctuality compared to their peers.
Schools also saw evidence of improved behaviour as a result of children feeling less hungry, with staff noting improvements in the pupils’ focus and energy levels after receiving a free breakfast.
Tina Clarke, headteacher at Fishergate Primary School, said:
I am delighted that my children are benefiting from this opportunity. It is lovely to see them tucking into pancakes with bananas and honey, cereal, toast or crumpets with their friends in the morning.
“It means that they can start the school day in a calm and settled way and that they are well- fuelled for their learning”.
Cllr Bob Webb, the council’s Executive Member for Children, Young People and Education, said:
I’m delighted that we’ve been able to make free school breakfasts available to pupils at another primary school in the city as part of York Hungry Minds.
“Local and national evidence shows the positive impact universal free school meals have on pupils’ attendance and behaviour. We hope that our work and peoples’ generous donations will help to support our long term aim to ensure all children in the city have a great start to their health and wellbeing, as well as supporting all families through the cost of living crisis.”
The new Ratho Library has officially opened its doors to the public as it moves into its permanent location after closing its doors in 2020 and serving as a mobile service since 2021.
The opening celebration includes the unveiling of a special artwork inside the library, showcasing a quote chosen by the local community.
In the summer of 2023, the library hosted a community vote to select a quote from a selection of beloved children’s books. The winning quote, now proudly displayed above the children’s library section, is from Charlie Cook’s Favourite Book by Julia Donaldson and Axel Scheffler. The quote celebrates the joy of reading and literature, making it a perfect fit for the new library’s vibrant atmosphere.
In addition to the winning quote, illustrations of Rowena frog and other characters from the book accompany the quote, further enhancing the library’s welcoming environment for young readers.
Each child who attends the early years centre adjacent to the new library will receive a copy of Charlie Cook’s Favourite Book by Julia Donaldson and Axel Scheffler to mark the official opening of the new library.
Winning quote ‘Charlie Cook’s Favourite Book’ (2005) written by Julia Donaldson and illustrated by Axel Scheffler. Macmillan Children’s Books (Pan Macmillan).
‘About Rowena Reddalot, a very well-read frog, Who jumped upon a lily pad and jumped upon a log, Then jumped into the library which stood beside the brook, And went, “Reddit! Reddit! Reddit!” as she jumped upon a book…’
Julia Donaldson said:
I have long campaigned on the valuable role that public libraries play in communities and in developing a love of books. I am very pleased that this library is opening in Ratho; it isn’t news that you hear every day. I want to thank everyone who voted to see ‘Charlie Cook’s Favourite Book’ featured on the walls in the children’s area and I hope this joyful space introduces a new generation of readers to stories they will treasure for life.
Axel Scheffler said:
It is an honour to know that ‘Charlie Cook’s Favourite Book’ was chosen by the local community in Ratho to feature in their new library. I would like to thank them all and also the librarian team who have worked so hard to make this happen. I am so pleased that Rowena frog and Charlie will welcome young readers into the children’s area and I hope they will inspire families to discover great new books together.
Culture and Communities Convener Val Walker, said:
We are thrilled to open the doors of our new Ratho Library and celebrate the community’s involvement in selecting the quote that now graces our children’s library. This collaboration highlights our shared love of reading and the importance of literature in inspiring young minds. The winning quote from ‘Charlie Cook’s Favourite Book’ perfectly reflects the joy of storytelling, and we are excited to create a space where every visitor, especially our young readers, can feel the magic of books.
Our dedicated team at Ratho has worked closely with Macmillan Children’s Books to develop the graphic design for our new library and it looks fantastic. I would like to extend our sincere thanks to Julia Donaldson, Axel Scheffler and Macmillan Children’s Books for their permission to use ‘Charlie Cook’s Favourite Book’ and their ongoing support in the process. I hope visitors enjoy the design for years to come.
Ratho Library offers a broad range of services to customers, including access to a wide variety of digital and printed books, free public access to computers, free public Wi-Fi, collection of NHS hearing Aid batteries, support with National Entitlement Cards alongside an exciting programme of events and activities for children and adults. The library will host Tech Donation Boxes later in the year where everyday tech devices can be upcycled.
An official opening event for the library will be held at a later date.
Manchester City Council has become the first local authority in the UK to be awarded ‘Gold’ status for its staff’s understanding of climate change.
More than half of the people working for the Council and associated bodies such as MCR Active – and more than 90 per cent of senior officers and councillors – have completed Carbon Literacy® training which gives an insight into the implications of climate change, how harmful carbon emissions cause the problem and how they might be reduced.
Being Carbon Literate enables people to take informed decisions in both their personal and work lives which will support Manchester’s commitment to become zero carbon by 2038 or earlier.
In total, Manchester City Council and its associates have almost 4,000 employees who have completed Carbon Literacy training – the most of any council in the country.
Being named a Gold Carbon Literate Organisation by the Carbon Literacy Project is a further marker of progress for the Council, which had previously become the first local authority to gain Silver status in February 2021.
Councillor Tracey Rawlins, Executive Member for Environment, said: “We’re pleased that Manchester City Council is leading the way nationally in empowering our staff with an understanding of environmental issues and giving them a foundation to take actions which will support our mission to cut harmful carbon emissions, in both their professional and personal lives.
“Getting to Gold status has been a long journey but what’s important is not the accolade itself but the understanding which now runs through the organisation. It’s something that our staff have really embraced.
“We have also launched and are actively supporting the Manchester Carbon Literate City initiative which aims to be another UK first for Manchester, the first city where 15 per cent of people who live, work and study here will have been certified as Carbon Literate.”
Dave Coleman, Co-founder and Managing Director of The Carbon Literacy Project, said: “As the city in which Carbon Literacy was created, it probably shouldn’t be any surprise that Manchester is the first local authority anywhere to achieve Carbon Literate Organisation (CLO) Gold level accreditation.
“Gold CLO required not just that more than half of the Council’s workforce be Carbon Literate, and delivering action on climate in their jobs, it also required the Council to demonstrate evidence that it is culturally Carbon Literate and has embedded the values of Carbon Literacy in its delivery, its working practices and its policy.
“We applaud Manchester City Council as the UK’s very first local authority to achieve Gold CLO status.”
Statement from Premier Pillai on the Ontario election zaburke
Premier Ranj Pillai has issued the following statement:
“On behalf of the Government of Yukon, I would like to congratulate Premier Doug Ford on his government’s re-election in yesterday’s provincial election in Ontario.
“Premier Ford has been given a renewed mandate to serve the people of Ontario. I look forward to continuing our collaboration and strengthening the relationship between our jurisdictions and our country. Strong partnerships between provinces and territories are essential to tackling the challenges and opportunities ahead.
“I wish Premier Ford and his team success as they work on behalf of Ontarians and I look forward to continuing our work together around the Premiers’ table, in the spirit of cooperation and shared prosperity.”
The School of Business will induct five alumni business leaders into its ‘Hall of Fame’ during a dinner and ceremony on Friday, April 11 at the Hartford Marriott Downtown.
The School’s signature event typically draws hundreds for a night of celebration.
“This year, we proudly induct five exceptional alumni into the UConn School of Business Hall of Fame. Their remarkable achievements, leadership, and dedication to service place them among the most distinguished executives in their fields,’’ says Professor Greg Reilly, interim dean of the School of Business.
“A highlight of the evening is hearing their reflections on their time at UConn and the invaluable advice they offer to students and young alumni,’’ he says. “The Hall of Fame celebration stands as one of the most inspiring and anticipated events of the year.”
Tickets to the event, which is black-tie optional, are $175 each. There is still time to become an event sponsor as well. For reservations or additional information, please visit: alumni.business.uconn.edu.
This year’s inductees include:
Entrepreneur Trisha Bailey Believes in Exceptional Service
Trisha Bailey, ’99 (CLAS) ’23 (HON) is an entrepreneur, and the founder and CEO of Bailey’s Pharmacy & Medical Equipment & Supplies, a company built on a culture of exceptional service. She oversees her flagship company, as well as other successful enterprises, employing more than 500 people and generating revenue in the hundreds of millions annually. She is also the mother of five.
Tricia Bailey (contributed photo)
Bailey graduated with a bachelor’s degree from UConn in 1999, majoring in human development and family relations, and received an honorary degree from the School of Pharmacy in 2023.
A track standout at Weaver High School in Hartford, Bailey has been a generous donor to UConn Athletics and became the first woman to have a building named in her honor on campus. She is also involved in real estate development and housing; is a minority owner of NBA teams; and is the owner of the largest equestrian farm in Florida.
A native of Jamaica, she is deeply committed to community impact, supporting underserved communities in her native land and in the U.S., supporting nursing programs, and food and toy drives.
Her autobiography “UNBROKEN’’ addresses her complex life journey and shares her deeply held values of compassion, excellence, and empowerment.
Laurie Havanec Led 300,000 Employees at CVS Health
Laurie Havanec ’82 (BUS), ’94 JD recently retired from CVS Health, where she served as Executive Vice President and Chief People Officer. In that role, she was responsible for 300,000 employees. Prior to joining CVS, Havanec served as Executive Vice President and Chief People Officer at Otis Worldwide Corporation, including during its transition from United Technologies Corporation to an independent, publicly traded company.
Laurie Havanec (contributed photo)
Havanec earned her bachelor’s degree, with a marketing major, from the School of Business in 1982. Six weeks after the birth of her second child, she returned to UConn to fill her longtime desire to study law at the UConn Law School. She completed her degree with honors.
In 2019, Havanec endowed a need-based scholarship, through UConn Women and Philanthropy, to help women in their path to law school. She has served on the Board of Directors of American Water, as a member of the Board of Trustees for both the Connecticut Women’s Hall of Fame and the Connecticut Governor’s Committee on Workforce and Education. A two-time cancer survivor, Havanec has told her story many times to help educate women about the importance of breast-cancer detection and prevention.
Inclusivity Always Important to John Hodson
John Hodson ’85 (BUS), is the Founder and President of True Benefit, a division of AmWINS, a company that goes beyond traditional employee benefits to foster a culture of inclusivity, ethical practices, and community engagement. The company’s mission is to serve both business and the broader community and he has championed diversity, equity, and belonging throughout his career.
John Hodson (contributed photo)
Hodson earned his bachelor’s degree, with a marketing major, in 1985 and worked at The Travelers and ConnectiCare. He then became an insurance broker and eventually founded True Benefit. Since its inception, the company has grown to become the exclusive program and risk manager for ADP Total Source, the largest professional employer organization in the nation. True Benefit now serves more than 750,000 employees nationwide, overseeing more than $4 billion in healthcare premiums and delivering healthcare savings and solutions for small- to mid- sized businesses.
A dedicated advocate for LGBTQ+ rights and racial equity, Hodson has worked to improve insurance policies for the transgender community, addressing gaps in coverage and access to mental health care. He is also a proud supporter of UConn’s Name, Image, and Likeness (NIL) initiatives, with a focus on promoting mental health and the wellbeing of students. He is actively involved with several professional organizations and serves on the Board of Trustees at Sarah Lawrence College, which two of his children attended.
Greg Lewis Served as SVP and CFO of Honeywell
Greg Lewis ’91 (BUS) is the former Senior Vice President and CFO of Honeywell, a Fortune 100 company. This month, he will be stepping down from those roles and is serving as a special advisor to the CEO of the company, where he has worked since 2006.
Greg Lewis (contributed photo)
During his time at Honeywell, he served as a catalyst for digital transformation, launched the company’s Enterprise Information Management Strategy and made significant changes for greater operational excellence. He built a culture with data at the forefront of strategic decision making and provided critical leadership in response to the COVID-19 pandemic and the dynamic economic and geopolitical environment during the last five years.
Lewis earned his bachelor’s degree from the School of Business in 1991, with a major in finance, and four years later earned an MBA from Fordham University.
Over the last three years, Lewis has been involved with the School of Business, engaging with faculty and students, and mentoring teams. Lewis is a champion of diversity and inclusion and is the executive sponsor of the All-Abilities Employee Network at Honeywell with over 2,500 associates. He chairs the Charlotte (NC) Small Business Innovation Fund and is a board member for Roof Above, a Charlotte-based organization fighting homelessness. He is also an independent director on the board of Medtronic.
Lewis’ wife, Barbara, is a 1989 graduate of the School of Business. They have established a scholarship here, providing opportunities based on academic achievement and need.
Rob Skinner Named a Top Financial Advisor
Rob Skinner ’93 (CLAS) is a Founder and Managing Partner of IEQ Capital, an independent wealth management advisory firm which integrates investing and intellectual and emotional decisions.
Robert Skinner (contributed photo)
Skinner began his career at Fidelity Investments in 1995 and later joined Merrill Lynch as First Vice President of Investments. In 2008, he co-founded Luminous Capital, where he served as Chief Investment Officer, Co-Head of Investment Research, and Co-Manager of Portfolio Construction. Luminous Capital managed $5.5 billion of assets when it was acquired by First Republic Bank in 2012. At First Republic, Skinner served as Senior Managing Director and Wealth Manager.
Skinner has been lauded for his expertise, including being named as one of America’s Top Wealth Advisors by Forbes and as one of America’s Top 100 Financial Advisors by Barron’s.
Skinner earned a bachelor’s degree from UConn in 1993, with a major in political science. He is active in a host of community programs, serving on the board of directors for The First Tee of Monterey County and also the Pebble Beach Company Foundation. He is a trustee of PGA REACH, the charitable arm of the PGA of America, as well as the Naval Postgraduate School Foundation, and serves on multiple investment advisory boards.
MILWAUKEE, March 04, 2025 (GLOBE NEWSWIRE) — Artisan Partners Asset Management Inc. (NYSE: APAM, the “Company”) announced today the appointment of Jason Gottlieb, current President of the Company, to succeed Eric Colson as Chief Executive Officer, and the appointment of Mr. Colson as Executive Chair of the Company, each effective following the Company’s 2025 annual meeting of stockholders on June 4, 2025. At that time, it is expected that Mr. Gottlieb will be elected to the Company’s Board of Directors, and Mr. Colson will become Chair of the Board, assuming the role from Stephanie DiMarco who will transition to Lead Independent Director.
Mr. Gottlieb joined Artisan Partners in October 2016 as a Managing Director of Investment Operations. He was promoted to Chief Operating Officer of Investments and Executive Vice President in February 2017 and President in January 2021. Prior to joining the firm, Mr. Gottlieb was a partner and managing director at Goldman Sachs where he was a leader in Goldman Sachs’ Alternative Investment & Manager Selection Group and a portfolio manager on the Goldman Sachs Multi-Manager Alternatives Fund.
Mr. Colson said, “Appointing Jason as CEO is the culmination of our long-term leadership succession plan and the natural evolution of his current responsibilities. Given his proven track record of leadership and management along with his strategic contributions to the Company over time, our Board of Directors and I have tremendous confidence in Jason’s ability to lead Artisan. I look forward to my continued partnership with Jason and the senior management team in my new role as an active and engaged Executive Chair.”
“I am honored to have the opportunity to lead this world-class investment organization, further expand our multi-asset investment platform and drive the growth of our business,” added Mr. Gottlieb. “We believe we are well positioned to seize the right opportunities to grow our business and continue to deliver successful outcomes for our clients, employees and shareholders.”
About Artisan Partners Artisan Partners is a global investment management firm that provides a broad range of high value-added investment strategies in growing asset classes to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.
Certain statements in this release are “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and our future performance, as well as management’s current expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. These forward-looking statements are only predictions based on current expectations and projections about future events. These forward-looking statements are subject to a number of risks and uncertainties, and there are important factors that could cause actual results, level of activity, performance, actions or achievements to differ materially from the results, level of activity, performance, actions or achievements expressed or implied by the forward-looking statements. These factors include: the loss of key investment professionals or senior management, adverse market or economic conditions for whatever reason, poor performance of our investment strategies, change in the legislative and regulatory environment in which we operate, operational or technical errors or other matters that cause damage to our reputation, and other factors disclosed in the Company’s filings with the Securities and Exchange Commission, including those factors listed under the caption entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025, as such factors may be updated from time to time. Our periodic and current reports are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
I am pleased to send warm greetings to the Tokyo Conference.
This year marks the 80th anniversary of the end of the Second World War and the founding of the United Nations.
This milestone is a crucial opportunity to reaffirm enduring principles that emerged from one of humanity’s darkest hours:
Peace through dialogue. Respect for human rights and international law. The promotion of social progress and sustainable development.
Japan is a leader in advancing these values and a pillar of multilateralism.
Your commitment to international cooperation stands as a powerful example of how nations can transform historical legacies into positive change.
As we look to our world today, we are confronted with myriad challenges – from multiplying conflicts to the raging climate crisis, from rampant inequalities to Artificial Intelligence without sufficient guardrails.
Your conference’s theme this year reminds us that global challenges demand global solutions.
In September, Member States of the United Nations adopted the Pact for the Future.
The Pact charts a bold course for reforming multilateral institutions for the 21st century;
It calls for reforming the Security Council and the international financial architecture – so every nation, large and small, has a voice in shaping our collective future.
It seeks to prioritize prevention, mediation and peacebuilding;
Enhance coordination with regional organizations;
And develop innovative approaches to emerging security challenges.
The Pact includes new strategies to end the use of chemical and biological weapons, the first global agreement on the international regulation of AI, and the first multilateral agreement on nuclear disarmament in more than a decade.
As we prepare to mark the 80th anniversary of the devastation of Hiroshima and Nagasaki, we will continue to be guided by the inspiring example and vision of the hibakusha for a world free of nuclear weapons.
Excellencies,
By bringing together government leaders and diverse voices from around the world, the Tokyo Conference offers an important platform to advance the Pact’s objectives and drive multilateralism into the future.
Let us seize this moment to strengthen the foundations of trust, solidarity and cooperation and write a new chapter in our shared journey towards lasting peace, dignity and progress.
Source: United Kingdom – Executive Government & Departments
Press release
£1.5 billion to restore pride in Britain’s neighbourhoods
The government has announced £1.5 billion funding for 75 selected communities through the Plan for Neighbourhoods.
Turning the tide on a decade of decline, £1.5bn funding will foster stronger, better connected and healthier communities across the UK.
High streets, local parks, youth clubs, cultural venues, libraries and health and wellbeing services in scope of regeneration, creating local growth and opportunities through new Plan for Neighbourhoods.
New neighbourhood boards across the 75 selected communities will bring together residents and businesses to decide how to spend the money in their area.
The latest step in the government’s ambitious Plan for Change, kickstarting national renewal, taking back control of our streets and putting more money in local people’s pockets
Local people to see their high streets revived, community hubs saved and public services transformed and strengthened through the Plan for Neighbourhoods, announced today.
£1.5 billion to be handed to towns across the UK to tackle deprivation and turbocharge growth as every area joins the decade of national renewal committed to in our Plan for Change.
A total of 75 areas will each receive up to £20 million of funding and support over the next decade through the plan, with ministers vowing it will help transform “left behind” areas by unleashing their full potential by investing in delivering improved vital community services from education, health and employment, to tackling local issues like crime. Transformation will be holistic, long-term, and sustainable to deliver meaningful change in the day-to-day lives of local people.
Communities across the four nations from Scunthorpe in England, Irvine in Scotland, Wrexham in Wales, and Coleraine and Derry~Londonderry in Northern Ireland are among the areas set to benefit.
This is the latest step in the government’s ambitious Plan for Change missions to grow the UK economy, deliver safer streets and create opportunities for everyone.
The Plan for Neighbourhoods doubles the scope of the types of projects that can benefit and is now fully aligned with the government’s long-term Plan for Change missions: breaking down barriers to opportunity and kickstarting economic growth.
Deputy Prime Minister and Secretary of State for Housing, Communities and Local Government, Angela Rayner said:
“For years, too many neighbourhoods have been starved of investment, despite their potential to thrive and grow. Communities across the UK have so much to offer – rich cultural capital, unique heritage but most of all, an understanding of their own neighbourhood.
“We will do things differently, our fully funded Plan for Neighbourhoods puts local people in the driving seat of their potential, having control of where the Whitehall cash goes – what issues they want to tackle, where they want to regenerate and what growth they want turbocharge.”
Minister for Local Growth and Building Safety, Alex Norris said:
“When our local neighbourhoods thrive, the rest of the country thrives too. That’s why we are empowering communities to take control of their futures and create the regeneration and growth they want to see.
“Our Plan for Neighbourhoods we will deliver long-term funding that will bolster that inner community spirit in us all and relight the fires in corners of the UK that have for too long been left fighting for survival.
“This, along with our ambitious reforms to streamline the planning system, devolve powers and strengthen workers’ rights, will help get places and people thriving once again.”
In each area, the government will help set up a new ‘Neighbourhood Board’, bringing together residents, local businesses, and grassroots campaigners to draw up and implement a new vision for their neighbourhood. Mayors will have a formal role in town boards allowing local people to take advantage of the powers devolved from Westminster.
Each board will decide how to spend up to £20 million – they can choose from options ranging from repairs to pavements and high streets, to setting up community grocers providing low-cost alternatives when shopping for essentials, as well as co-operatives or even neighbourhood watches.
By creating thriving places, strengthening communities, and empowering people to take back control, areas can now drive forward their own priorities.
Through our ambitious devolution plans already underway, creating the greatest shift in power from Whitehall to local areas across England – change and growth for every corner of the country is already being seen. Leaders with skin in the game are finally able to take the lead on decision making, tackling the issues that matter to voters, breaking down barriers to opportunity and boosting economic growth.
Further information
The Plan for Neighbourhoods delivers on the commitments made to these deprived communities from the previous administration’s Long-Term Plan for Towns, which it was confirmed at the 2024 Autumn Budget would be retained and reformed.
Ministers have also published a list of regeneration powers that communities will be encouraged to use, like the power to save pubs by listing them as community assets, and the use of respect orders to tackle repeat offenders.
Funding will be released from April 2025 with delivery investment commencing in 2026, and areas included in the Plan for Neighbourhoods were chosen after considering key factors including rates of deprivation and healthy life expectancy.
MISSISSAUGA, Ontario, March 04, 2025 (GLOBE NEWSWIRE) — Next Hydrogen Solutions Inc. (“Next Hydrogen“ or the “Company”) (TSXV:NXH, OTC:NXHSF) is pleased to announce that it has received official ISO 9001-2015 and ISO 45001-2018 certification notices for its 6610 Edwards Blvd site in Mississauga, Canada. These certifications demonstrate and certify Next Hydrogen’s standardized quality systems, health and safety management systems, supplier selection processes, and continuous improvement processes.
With these certifications Next Hydrogen has demonstrated that we have a robust operating system that can be scaled quickly to effectively support our growing customer base. Team Next Hydrogen is poised to exceed our customers’ expectations and become the supplier of choice for green hydrogen electrolysis systems. In 2024, the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) provided a $2 million investment to Next Hydrogen which was critical in allowing Next Hydrogen to further enhance its quality standards and processes to help secure these certifications.
“These important certifications highlight our team’s continued commitment and dedication to build our brand steeped in innovation, quality, safety and reliability”, said Raveel Afzaal, President & CEO. “We are particularly grateful to FedDev Ontario for their financial support to achieve this critical milestone as part of our scale-up activities.”
“Congratulations to Next Hydrogen on this impressive milestone. Investments in clean technology companies, like Next Hydrogen, bolster Canada’s position as a global leader in green manufacturing and support our carbon reduction objectives,” said the Honourable Ruby Sahota, Minister of Democratic Institutions and Minister responsible for the Federal Economic Development Agency for Southern Ontario.
About Next Hydrogen SolutionsInc. Founded in 2007, Next Hydrogen Solutions Inc. is a designer and manufacturer of water electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as a green energy source or a green industrial feedstock. Next Hydrogen’s unique cell design architecture supported by 40 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize transportation and industrial sectors. For further information: www.nexthydrogen.com
About FedDev Ontario For 15 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our investment profiles, our Southern Ontario Spotlight, and FedDev Ontario’s X, Facebook, Instagram and LinkedIn.
Cautionary Statements This news release contains “forward-looking information” and “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the risks associated with the hydrogen industry in general; delays or changes in plans with respect to infrastructure development or capital expenditures; the uncertainty of estimates and projections relating to costs and expenses; failure to obtain necessary regulatory approvals; health, safety and environmental risks; uncertainties resulting from potential delays or changes in plans with respect to infrastructure developments or capital expenditures; currency exchange rate fluctuations; as well as general economic conditions, stock market volatility; and the ability to access sufficient capital. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, there will be no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
TORONTO, March 04, 2025 (GLOBE NEWSWIRE) — Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to provide an update on its Taylor Brook nickel project where 2024 drilling and prospecting have returned anomalous Vanadium-Titanium-Magnetite (“VTM”) results at the TB-01 to TB-04 chargeability targets. These targets only cover a small area explored thus far on the margin of the large South Lobe of the Taylor Brook Gabbro Complex (“TBGC”), but suggest it to be a layered intrusion with critical minerals potential, in addition to the property’s high-grade magmatic Ni-Cu-Co mineralization seen at Layden (See news releases February 13, 2023, October 26, 2023).
Mineralized magnetite-layered units sampled thus far at the South Lobe are generally several metres thick and gently dipping northeasterly, from which numerous 2024 samples returned anomalous values of 540ppm-955ppm V, 3.1%-7.29% Ti and >20% Fe with Ni, Cu and Co enrichment at several sites at the TB-01 Target (Fig. 1 and Table 1). Winter Borehole Induced Polarization (“BHIP”) surveys at TB-01 have generated high chargeability off-hole targets in this same area, which will be drill tested along with a systematic trenching program.
Highlights:
Taylor Brook Gabbro a layered intrusion with economic potential for VTM critical metals
Numerous enriched VTM layers outcrop at the South Lobe allowing systematic surface testing
Ni-Cu-Co sulphides found at/near surface at TB-01, also enriched in VTM mineralization
BHIP defines large, high chargeability targets near holes TB-24-42B and TB-24-43 at TB-01
Spring 2025 work plans include systematic trenching and more drilling at TB-01, and
Further exploration for both Ni-Cu-Co magmatic sulphides and VTM mineralization along strike from TB-01 and the ~10km2 magnetic/gravity anomaly at the South Lobe
Paul Sobie, CEO, commented:
“The anomalous VTM results we’re starting to see at TB-01 to 04, along with the associated shallow Ni-Cu-Co trends, are compelling, and systematic follow-up work will commence as soon as the snow cover melts. We prioritized this area based on anomalous Ni-Cu-Co in soils, and have drilled and prospected on surface the probable source layer within the TBGC, which is also anomalous in VTM’s, a good indication of layered intrusion-type mineral deposits. We’ve really only begun to evaluate a small portion of the overall approximately 10km2 magnetic / vanadium soil anomaly VTM target on the South Lobe and its margins, so our 2024 results are encouraging.
VTM’s are important strategic metals for the steel, aerospace and battery industries for vanadium, and the pigment, steel and medical industries for titanium. North America has no vanadium production, with China, Russia, South Africa and Brazil the major producers, world-wide, from large layered intrusions such as the Bushveld Complex (South Africa). Layered intrusive mineral deposits typically exhibit layered VTM mineralization in the upper portions, with PGE and chromite deposits somewhat deeper, and Ni-Cu-Co-PGE deposits lowest, in the more ultramafic portion of the intrusion. The VTM mineralization intersected and prospected at surface at the TBGC therefore would appear to be at its upper levels, with exploration just getting started on the South Lobe.
Figure 1 – Vanadium in rocks, soils and drill cores over South Lobe TMI with VTEM anomalies
Systematic prospecting, mapping and trenching at the South Lobe, as well as more drilling at TB-01 are being planned. New exploration permit applications are being prepared for submittal. We’re quite excited by the BHIP method and results, which has located the highest chargeability targets within the TB-01 anomaly, off-hole but not distal from our 2024 drillholes. We’ll drill test these in 2025.”
The South Lobe has been of particular interest to CRI since staking it in 2021 based on its intense magnetic signature and coincident gravity anomaly, more particularly now as it is returning anomalous vanadium and titanium soil survey and prospecting results per Figure 1. The South Lobe magnetic feature is predominantly a topographic high with good exposures of layering along its margins, where the VTM horizons are commonly resistive, outcropping or forming scarps. Presently less that 10% of the South Lobe has been prospected, therefore the Company is planning a comprehensive prospecting, mapping, and trenching/stripping program for the Spring. The TB-01 horizon(s) are laterally extensive based on airborne geophysics and soil sampling and will be followed up along strike in Spring 2025. As well, the Company’s exploration team will comprehensively sample holes TB-24-41, -42B and -43 for VTM mineralization and PGEs in order to test for potential deeper horizons of mineralization.
Petrographic, lithogeochemical, and mineral liberation studies on mineralized samples are pending, which will assist in assessing the economic potential of these VTM units.
Table 1 – Selected 2024 Assay and Lithogeochemical Samples Metal Analytical Results
BHIP surveys at the TB-01 target were successful and have confirmed that off-hole chargeability anomalies correlate well with layers of VTM mineralization including a near-surface horizon also enriched in Ni-Cu-Co (see inset map on Figure 1). Hole TB-24-41 was blocked at 100m depth so the entire hole could not be surveyed, but the BHIP did detect the near-surface Ni-Cu-Co-VTM horizon (the Ni-Cu-Co trend on the figures) observed in the core as well as in numerous nearby angular boulders.
The technical and scientific information in this news release has been reviewed and approved by Dr. Derek H.C Wilton, P.Geo., FGC, who is a “qualified person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Wilton is an honourary research professor of Economic Geology at Memorial University in St. John’s and is independent of the Company for the purposes of NI 43-101.
The lithogeochemical samples reported here were whole rock pieces, collected from outcrop and historical drill core by Dr. Wilton during fieldwork in September/October 2024. These samples were sealed in labelled plastic bags in the field. All sample bags were photographed and transported to Thunder Bay, ON, by secure courier. The samples were analysed by ALS Geochemistry Ltd. in Thunder Bay using ME-ICP06 whole rock and ME-MS61L analytical protocols. Samples with over limit Ni contents were re-assayed using OG-46 Aqua-Regia overlimit method. Quality control results, including the laboratory’s own control samples, were evaluated immediately.
The assay drill core and rock samples were placed in labelled, sealed plastic bags and delivered to Eastern Analytical of Springdale, NL, an ISO/IEC 17025 certified facility. The samples were analysed using ICP 34 (inductively coupled plasma) analytical protocols. Samples with over limit Ni and Fe contents were re-assayed using Eastern’s Ore Grade Assay (multi acid digestion) overlimit method. Quality control results, including the laboratory’s control samples, were evaluated immediately. 1
1The Company reminds investors that surface rock samples are select samples and may not be representative of all mineralization on the Taylor Brook property.
About Churchill Resources Inc.
Churchill Resources Inc. is a Canadian exploration company focused on high grade, magmatic nickel sulphides in Canada, principally at its prospective Taylor Brook and Florence Lake properties in Newfoundland & Labrador. The Churchill management team, board and its advisors have decades of combined management experience in mineral exploration and in the establishment of successful publicly listed mining companies, both in Canada and around the world. Churchill’s Taylor Brook and Florence Lake projects have the potential to benefit from the province’s large and diversified minerals industry, which includes world class nickel mines and processing facilities, and a well-developed mineral exploration sector with locally based drilling and geological expertise.
Further Information
For further information regarding Churchill, please contact:
Churchill Resources Inc.
Paul Sobie, Chief Executive Officer
Tel.
+1 416.365.0930 (o)
+1 647.988.0930 (m)
Email
psobie@churchillresources.com
Alec Rowlands, Corporate Consultant
Tel.
+1 416.721.4732 (m)
Email
arowlands@churchillresources.com
Cautionary Note Regarding Forward Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “proposed”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, , the Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the Company’s properties; interpretation of recent exploration results; future growth potential of the Company, including whether any proposed exploration programs at any of the Company’s properties will be successful; exploration results; and future exploration plans and costs and financing availability.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the expected benefits to the Company relating to the exploration conducted and proposed to be conducted at the Company’s properties; failure to identify any mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Company’s properties; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; and those factors described in the most recently filed management’s discussion and analysis of the Company. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Photos accompanying this announcement are available at:
MOUNTAIN VIEW, Calif., March 04, 2025 (GLOBE NEWSWIRE) — Terecircuits Corporation, a venture-backed startup in advanced materials for the semiconductor industry, today announced that it has joined the National Semiconductor Technology Center (NSTC), a public-private consortium established under the CHIPS and Science Act.
“Terecircuits is proud to be a Member of the National Semiconductor Technology Center as it expands its membership and impact,” says Wayne Rickard, Terecircuits CEO. “We fully support NSTC’s mission to accelerate U.S. led semiconductor research, strengthen domestic manufacturing and build a skilled workforce. With our expertise in the synthesis, characterization and delivery of polymers, encapsulants and thin film coatings for advanced packaging, we look forward to collaborating with fellow Members to drive innovation and global leadership in semiconductor technology.”
Operated by Natcast, an independent non-profit entity, the mission of the NSTC is to convene Members, now numbering more than 100, from across the U.S. semiconductor value chain, academia and government to advance three shared and strategic goals: strengthen U.S. semiconductor leadership; reduce time from lab-to-fab; and expand the U.S. semiconductor workforce. NSTC Members benefit from access to leading-edge research, state-of-the-art facilities, shared physical and digital assets, dedicated events and collaboration opportunities, and employer-driven workforce development programming.
“As a deep tech startup, our NSTC Membership gives us access to invaluable resources and collaboration opportunities that would be difficult or impossible to acquire independently,” says Rickard. “By working alongside industry leaders across the U.S. semiconductor ecosystem, we can accelerate the development of advanced material solutions for heterogeneous integration. Membership offers a unique opportunity to tackle critical challenges in high-density, high-performance chip manufacturing while strengthening domestic capabilities.”
To view a comprehensive list of NSTC Members and learn how to join, visit natcast.org/nstcmembership/members. For more information on opportunities to engage with Terecircuits on NSTC-related efforts, please visit www.terecircuits.com.
ABOUT TERECIRCUITS CORPORATION
Terecircuits Corporation is a venture-backed startup, launched by founders with previous startup success, years of experience, and new and inventive materials and processes that increase current semiconductor yield and throughput while reducing cost compared to current technology. These improvements mitigate the low cost of offshore labor, presenting an opportunity for reshoring packaging and assembly. Terecircuits’ technology is ideal for achieving scale with reduced waste, while meeting critical assembly challenges such as heterogeneous assembly, 3D assembly, IoT, SiC die attach, flexible circuits, chiplets, and MicroLED.
ABOUT THE NSTC AND NATCAST
Natcast is a purpose-built, non-profit entity designated to operate the National Semiconductor Technology Center (NSTC) by the Department of Commerce. Established by the CHIPS and Science Act of the U.S. government, the NSTC is a public-private consortium dedicated to semiconductor R&D in the U.S. The NSTC convenes industry, academia and government from across the semiconductor ecosystem to address the most challenging barriers to continued technological progress in the domestic semiconductor industry, including the need for a skilled workforce. The NSTC reflects a once-in-a-generation opportunity for the U.S. to drive the pace of innovation, set standards and secure global leadership in semiconductor design and manufacturing. Learn more at natcast.org.
PETAH TIKVA, Israel, March 04, 2025 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a global leader in satellite networking technology, solutions, and services and Waveform Architecture for Virtualized Ecosystems (WAVE) Consortium are proud to announce the appointment of Dubi Lever, Chief Technology Officer (CTO) at Gilat Satellite Networks, as the new Chair of the WAVE Board. Lever, who brings over 27 years of experience at Gilat, steps into this role with a clear vision for advancing the WAVE mission: transforming the satellite communications (SATCOM) industry through open, interoperable, and virtualized networks.
Formed under the auspices of IEEE-ISTO, WAVE comprises leading companies, government agencies, and research institutions working together to establish standardized architectures and specifications for waveform virtualization. WAVE’s foundational goal is to ensure that next-generation SATCOM networks can take advantage of commodity hardware and novel software approaches, achieving greater agility, scalability, and cost-effectiveness. As the WAVE Board Chair, Lever will lead strategic initiatives to strengthen cross-industry collaboration, streamline technology adoption, and accelerate the consortium’s efforts to create innovative solutions that serve both commercial and defense markets.
“We are excited to have Dubi Lever’s passion and success help drive WAVE forward,” said Dr. Juan Deaton, Executive Director of the WAVE Consortium. “Dubi’s proven leadership in SATCOM technologies and track record of innovation at Gilat will be instrumental. We look forward to working together as WAVE moves into future success.”
“The hardware abstraction layer marks the next step in actualizing WAVE’s mission,” said Dubi Lever, Chief Technology Officer at Gilat. “By allowing multiple waveforms to be deployed seamlessly on common hardware, we bring new flexibility and readiness to commercial and defense customers who demand greater efficiency and faster adaptability. This project directly aligns with our longstanding vision at Gilat, where open standards and reprogrammable solutions are key to driving better performance at lower costs.”
About WAVE
Waveform Architecture for Virtualized Ecosystems (WAVE), created under the auspices of IEEE-ISTO, envisions a future where SATCOM networks are built on agile, scalable, and cost-effective commodity platforms, facilitating rapid innovation and more competitive offerings. The consortium includes prominent players in commercial and government sectors, working together to define and implement an interoperable environment for next-generation waveform virtualization. For membership details and more information, visit waveconsortium.org.
About Gilat
Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.
Together with our wholly-owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.
Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect Gilat’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the war and hostilities between Israel and Hamas, Hezbollah, Iran and Yemen and the instability in the middle east; and other factors discussed under the heading “Risk Factors” in Gilat’s most recent annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and Gilat undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
The US President’s Emergency Plan for AIDS Relief has been a cornerstone of global HIV/Aids prevention, care and treatment for over two decades. Pepfar has enjoyed broad bipartisan support in the US, but its future is now uncertain. Public health scholars Eric A. Friedman, Sarah A. Wetter and Lawrence O. Gostin explain Pepfar’s history and impacts, as well as what may lie ahead.
The early years
Many people today have forgotten the sheer devastation that the Aids pandemic wrought on the African continent, first spreading widely in east Africa in the 1980s. By the end of the 20th century, life expectancy in the region had decreased from 64 to 47 years.
Millions of children were infected and many grew up as orphans, with HIV taking the life of one or both of their parents. Children, especially girls, were taken out of school to nurse sick relatives or because school fees were unaffordable.
Underfunded health systems were near collapse, as were the economies of many African countries.
These devastating figures persisted despite the discovery of highly effective antiretroviral therapies in the 1990s. These drugs rapidly became widely available in rich countries, beginning in 1996, leading to an 84% decline in death rates over four years.
But cost kept the drugs out of reach for African countries.
Only about 100,000 of the 20 million people infected with HIV in Africa were accessing drug treatment in 2003.
The turnaround
A major breakthrough came when US president George W Bush proposed a bold global initiative, Pepfar, in his 2003 State of the Union Address. Pepfar would dedicate US$15 billion over five years with the goals of preventing 7 million new infections, treating 2 million people, and caring for another 10 million infected with HIV or orphaned by the disease.
By 2005, more than 800,000 people were being treated for HIV in Africa – an eightfold increase from only two years prior. Under Pepfar, the costs of antiretroviral treatment per person per year in low- and middle-income countries fell from US$1,200 in 2003 to just US$58 in 2023.
Pepfar maintained bipartisan support throughout both Democratic and Republican-led administrations and Congresses. Through 2018, it had been reauthorised three times, each for five years.
The programme has lived up to its promise. The investment of over US$110 billion since being launched has been transformative, with sub-Saharan Africa benefiting the most.
Its importance extends beyond Aids. The programme directly supports more than 340,000 health workers, a tremendous contribution in Africa especially, given severe health worker shortages in much of the continent.
A key member of Congress, along with organisations against abortion, raised concerns that Pepfar was supporting abortions, even though there was no such evidence at the time. In fact, by law Pepfar is prohibited from supporting abortions.
Ever since then, the threats posed to a five-year Pepfar reauthorisation have grown.
The Trump effect
In January, Pepfar reported to Congress that its own investigators had found that four nurses in Mozambique had used Pepfar funding to perform abortions (which are legal in Mozambique), 21 in all. Pepfar officials froze funds to the four nurses and required staff to attest to understanding that they were prohibited from providing abortion as part of US-funded health services.
Days later Pepfar, along with most other US foreign assistance programmes, suffered a severe blow. President Donald Trump signed an executive order pausing all further disbursements and new obligations of foreign assistance funds for 90 days, pending a sweeping review.
Four days later, secretary of state Marco Rubio issued a directive that went even further, also requiring organisations to stop work, even those that had already received funds needed to operate.
By 27 January, virtually all US foreign assistance programmes had come to a halt, including Pepfar programmes.
Following an outcry, Rubio issued a waiver for lifesaving humanitarian assistance on 28 January. With confusion over what was covered, including whether the waiver encompassed HIV medicines, he issued another waiver on 1 February, covering Pepfar treatment and care programmes, including prevention of and treatment for TB and other opportunistic infections, as well as prevention of mother-to-child transmission programmes.
But organisations receiving US foreign assistance funds needed to get individual approval to resume, and the administration had put much of USAid’s staff on administrative leave. USAid (along with the US Centers for Disease Control and Prevention) has a central role in administering Pepfar. Many others, including contractors embedded in USAid operations, have been furloughed or fired.
Very few people existed to process requests to resume work. Furthermore, USAid’s payment system appeared not to be working.
The decisions of the Trump administration are being challenged in court in the US on the grounds that they are illegal and unconstitutional because they are usurping Congress’s power to determine how the US government spends funds, among other violations of the law.
Nonetheless, as of this writing, despite a court order to resume funding, it remains entirely frozen, and most programmes are still shut down. The day after the court ordered the government to pay nearly US$2 billion it owes organisations for work already done, the administration revealed that it had terminated the vast majority of foreign assistance awards, including some for Pepfar. Details have not been made public. Meanwhile, the US Supreme Court put a short-term pause on the lower court’s order to immediately pay the money already owed.
The impact
The impact has been immediate. People on HIV treatment could not pick up additional medicine, leading to treatment interruption. Pepfar-funded health services had to turn away patients. Health workers supported by Pepfar, among them 40,000 in Kenya, could no longer be paid.
Many organisations that relied on Pepfar funds also had to lay off staff. Community groups have been affected and many have suspended their services entirely.
It remains unclear what the future holds – how severe the cuts will be, and to what programmes. In the near term, much depends on the courts and whether the administration implements court orders, as it has yet to do. In the longer term, Congress could seek to resume Pepfar to its former strength, though this would mean acting against the administration’s wishes. Even then, it is not clear whether the administration would spend the money allocated, and the damage already done to Pepfar programmes and trust in the US government will not be repaired quickly.
Pepfar is currently funded at US$7.5 billion annually. It accounts for over 10% of all US foreign assistance and over half of US global health assistance.
The separate Pepfar waiver suggests the deepest support for Pepfar is for HIV treatment programmes, as well as others meant to be protected under the waiver. Barring vast cuts to foreign assistance and Pepfar, these programmes are most likely to be at least spared, though the administration has terminated even some grants that had been covered by the waiver.
Other Pepfar programmes, particularly with respect to HIV prevention, are most vulnerable.
Rethinking priorities
The vulnerability of different African countries to Pepfar cuts varies widely. Some fund most of their own HIV programmes. South Africa’s HIV programmes are 74% domestically funded, with the balance coming from Pepfar (17%) and the Global Fund (7%).
But Pepfar funding accounts for about 90% of all HIV funding in Tanzania and Côte d’Ivoire, and more than half of HIV medicines purchased for the Democratic Republic of Congo, Mozambique and Zambia are purchased by the US.
If there are significant Pepfar funding cuts, it is doubtful that other wealthy countries will be able to compensate. And because the US, through Pepfar, is the largest contributor to the Global Fund, it is unlikely that the Global Fund could fill the gap either.
Under these circumstances, unless countries increase their domestic HIV spending, the dramatic progress in combating HIV/Aids in Africa could begin to become undone. The conversation in Africa must focus on ending reliance on foreign assistance and developing resilient financing mechanisms to continue the fight to end Aids.
– Pepfar funding to fight HIV/Aids has saved 26 million lives since 2003: how cutting it will hurt Africa – https://theconversation.com/pepfar-funding-to-fight-hiv-aids-has-saved-26-million-lives-since-2003-how-cutting-it-will-hurt-africa-250413
Source: United Kingdom – Executive Government & Departments
Correspondence
Council Tax information letter 3/2025: Ukraine Permission Extension council tax regulations
This letter confirms that the Secretary of State has made regulations to ensure that hosting a Ukraine Permission Extension visa holder will not affect their council tax status.
The letter sets out measures the government is taking to ensure that households providing a home for a sponsored person with a Ukraine Permission Extension visa maintain their council tax discounts, exemptions and local council tax support. This reflects the protection already in place for households hosting a person with a Homes for Ukraine visa.
I am pleased to send warm greetings to the Tokyo Conference.
This year marks the 80th anniversary of the end of the Second World War and the founding of the United Nations.
This milestone is a crucial opportunity to reaffirm enduring principles that emerged from one of humanity’s darkest hours:
Peace through dialogue. Respect for human rights and international law. The promotion of social progress and sustainable development.
Japan is a leader in advancing these values and a pillar of multilateralism.
Your commitment to international cooperation stands as a powerful example of how nations can transform historical legacies into positive change.
As we look to our world today, we are confronted with myriad challenges – from multiplying conflicts to the raging climate crisis, from rampant inequalities to Artificial Intelligence without sufficient guardrails.
Your conference’s theme this year reminds us that global challenges demand global solutions.
In September, Member States of the United Nations adopted the Pact for the Future.
The Pact charts a bold course for reforming multilateral institutions for the 21st century;
It calls for reforming the Security Council and the international financial architecture – so every nation, large and small, has a voice in shaping our collective future.
It seeks to prioritize prevention, mediation and peacebuilding;
Enhance coordination with regional organizations;
And develop innovative approaches to emerging security challenges.
The Pact includes new strategies to end the use of chemical and biological weapons, the first global agreement on the international regulation of AI, and the first multilateral agreement on nuclear disarmament in more than a decade.
As we prepare to mark the 80th anniversary of the devastation of Hiroshima and Nagasaki, we will continue to be guided by the inspiring example and vision of the hibakusha for a world free of nuclear weapons.
Excellencies,
By bringing together government leaders and diverse voices from around the world, the Tokyo Conference offers an important platform to advance the Pact’s objectives and drive multilateralism into the future.
Let us seize this moment to strengthen the foundations of trust, solidarity and cooperation and write a new chapter in our shared journey towards lasting peace, dignity and progress.
VICTORIA, Seychelles, March 04, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of Roam (ROAM) on its platform. Trading for ROAM/USDT will commence on 6 March 2025, 10:00 (UTC).
Roam is the largest decentralized wireless network worldwide. Roam’s vision is to create a decentralized future where users are rewarded for sharing network data, thus encouraging a more collaborative and privacy-conscious online environment. Roam ensures automated wireless connections, seamless switching between different networks, and secure connectivity for individuals, smart devices, and AI agents. By leveraging a blockchain-based credential infrastructure, Roam has facilitated the widespread adoption of WiFi OpenRoaming, offered global smart eSIM services, and enabled a privacy-protected data layer for AI applications.
To celebrate this listing, Bitget launches an exclusive promotion, Candybomb. The CandyBomb promotional event offers Bitget users the chance to earn ROAM through deposits and trading activity. A total of 1,675,000 ROAM tokens have been allocated for this campaign, which runs from 6 March 2025, 10:00 to 13 March 2025, 10:00 (UTC). The ROAM airdrop is divided into spot trading pools and futures trading pools. New spot traders and new futures traders can join the campaign via the CandyBomb page. The first 5,560 new users to complete the spot trading task will evenly share 1,390,000 ROAM, with each receiving 250 ROAM.
This listing positions ROAM within Bitget’s expanding portfolio of assets available in the Innovation, WEB3, and Depin Zone, underlining the platform’s commitment to offering users access to promising projects that align with the broader principles of blockchain technology, emphasizing transparency, security, and decentralization.
Bitget has consistently expanded its market share in both spot and derivatives trading among centralized exchanges. With an extensive selection of over 800 cryptocurrency pairs and a commitment to broaden its offerings to more than 900 trading pairs, Bitget connects users to various ecosystems, including Bitcoin, Ethereum, Solana, Base, and TON.
For more information on Roam (ROAM), users can visit here.
About Bitget Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
Risk Warning:Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to ourTerms of Use.
Source: Africa Press Organisation – English (2) – Report:
ACCRA, Ghana, March 4, 2025/APO Group/ —
Ghana’s mining industry stands as a key driver of economic growth – with GDP projections reaching 1.5% by 2025 (https://apo-opa.co/4klB6s7) – fueled by expanding opportunities within the sector. A stable political and business environment, coupled with the discovery of new mineral reserves and a well-established mining ecosystem, Ghana is an attractive investment destination for global mining institutions. The upcoming Mining in Motion Summit, taking place in Accra on June 2 – 4 will further highlight lucrative investment opportunities, connecting Ghanaian stakeholders with international financiers and technology providers to enhance collaboration across the mining value chain.
Rich Mineral Resources
Ghana leads Africa in gold production and ranks 6th globally. In 2024 alone, artisanal miners contributed over $5 billion in foreign exchange earnings, underscoring the vast potential of Ghana’s gold sector. Ongoing industrial-scale projects like Goldstone’s Homase Mine Expansion, Cardinal Namdini Mine and Newmont’s Ahafo North Project continue to expand investment opportunities in the gold industry. In addition to gold, Ghana is the world’s 4th-largest manganese producer, presenting attractive prospects for investors seeking exposure to high-value minerals. The country’s untapped reserves of lithium, iron ore and bauxite also offer substantial growth potential as the demand for these minerals expand owing to the energy transition.
Strong, Investor-Friendly Regulatory Framework
Ghana introduced incentives including as tax breaks, customs duty exemptions and foreign ownership rights, attracting significant foreign direct investment. For example, Atlantic Lithium secured $6.7 million to accelerate the Ewoyaa Lithium Project, while Asante Gold committed $525 million to expand its Bibiani and Chirano Mines. Policies such as the Green Minerals Policy (2023) streamline entry for critical mineral investors, while the Equipment Tracking Regulations (2020) simplify equipment procurement and transportation processes for mining projects.
Skilled Workforce Availability
Ghana’s mining history has fostered a highly skilled workforce, making it easier for international investors to recruit trained personnel for their operations. Partnerships with global institutions, including the World Bank, have led to initiatives like the Ghana Landscape Restoration and Small-Scale Mining Project, which equips miners with modern, sustainable practices. Additionally, programs focused on apprenticeship, mentorship and capacity-building continue to enhance the local workforce. AngloGold Ashanti graduated 1,010 apprentices in October 2023 and added 140 more in February 2024, supporting Ghana’s local content development.
Infrastructure Readiness
Ghana’s infrastructure readiness further strengthens its appeal as a mining investment hub. Recent developments include the inauguration of the Royal Ghana Gold Refinery in Accra in August 2024, which allows for local gold processing, streamlining operations and boosting export revenues through the sale of refined gold. The Ministry of Lands and Natural Resources in collaboration with testing laboratories company Intertek launched a new testing laboratory (https://apo-opa.co/3FeePMx) in Tarkwa, in 2023. The laboratory offers faster mineral sample analysis for over 500 exploration projects and 23 large-scale operations. Furthermore, the continuous modernization of the Tema and Takoradi ports has improved export logistics, ensuring that Ghana’s minerals reach international markets efficiently.
Amid these investor-friendly conditions established by Ghana, Mining in Motion will further unveil burgeoning and lucrative opportunities within the West African nation’s mining sector. The summit will serve as a platform to connect stakeholders, foster partnerships, and facilitate deal signings that drive growth and investment.
Stay informed about the latest advancements, network with industry leaders, and engage in critical discussions on key issues impacting ASGM and medium to large scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting www.MininginMotionSummit.com. For sponsorship opportunities or delegate participation, contact Sales@ashantigreeninitiative.org.
Source: Africa Press Organisation – English (2) – Report:
ADDIS ABABA, Ethiopia, March 4, 2025/APO Group/ —
We, the delegates participating in the Conference held in Addis Ababa, Ethiopia, from 27 to 28 February 2025, under the theme “The Role of Faith Communities and Ethical Organisations in Advancing Justice for Africans and People of African Descent through Reparations,” along with representatives from religious organisations, scientific and ethical institutions, and cultural associations of African and international civil society,
EXPRESS our deep gratitude to His Excellency Mr. João Lourenço, President of the Republic of Angola and Chairperson of the African Union (AU), and to His Excellency Mr. Mahmoud Ali Youssouf, Chairperson of the African Union Commission, for their unwavering support to faith communities and ethical organisations in implementing Africa’s Agenda 2063.
RECOGNISE, with appreciation, the decision of the African Union to dedicate the theme for the year 2025 to “Justice for Africans and People of African Descent through Reparations.”
NOTE WITH DEEP SATISFACTION the work and recommendations from the 38th Ordinary Session of the Assembly of Heads of State and Government of the African Union, which reflect a collective commitment to advancing restorative justice and healing for Africans and people of African descent.
RECALL that in November 2022, the African Commission on Human and Peoples’ Rights (ACHPR) adopted resolution ACHPR/Res.543 (LXXIII) 2022, reaffirming that accountability and redress for historical mass crimes—including slavery, the African slave trade, colonisation, and racial segregation—are essential to combating persistent systemic racism and promoting the human rights of Africans and people of African descent.
RECALL ALSO the conclusions and recommendations from the Accra International Conference of November 2023 on “Building a United Front to Advance the Cause of Justice and the Payment of Reparations for Africans,” and those from the Accra Summit on Reparations and Racial Healing held in August 2022, organised at the proposal of the Government of Ghana.
SUPPORT the call for a collective commitment to confront the historical injustices and severe crimes perpetrated against Africans and people of African descent throughout the slave trades, colonialism, and apartheid. We also commit to addressing the narratives and policies that foster negrophobia and racial hatred in all contexts, and to tackling the inequalities that exist in the international economic and political systems.
EMPHASISE our individual and collective recognition of the profound and lasting effects of slavery, colonialism, racial discrimination, and neo-colonialism on Africans and people of African descent. We acknowledge how these injustices continue to inflict immense suffering, cultural disruption, economic exploitation, emotional trauma, and enduring discrimination on Africans and people of African descent throughout history.
AFFIRM that the implementation of reparations is both a moral and legal imperative, grounded in the principles of justice, human rights, and human dignity. The demand for reparations signifies a concrete step toward addressing historical wrongs and fostering healing among the peoples of Africa and those of African descent.
RECOGNISE the concept of ecological debt as a critical component of reparations, acknowledging the severe environmental degradation caused by colonial exploitation, industrial pollution, and resource extraction. We affirm that historical and ongoing environmental destruction, including deforestation, water contamination, soil depletion, and biodiversity loss, has disproportionately affected African communities, leading to food scarcity, health crises, and climate vulnerability.
SUPPORT the commitments made at the Accra Conference on Reparations and the recommendations directed to the Member States of the African Union. These call for the establishment by the African Union Commission and the inauguration of a Committee of Experts on Reparations, in consultation with Member States and AU Organs, aiming to develop a unified African policy on reparations and implement an African Programme of Action on Reparations, in line with due process and considering the following proposals:
To act as the primary reference point for the African Union on issues related to reparations and ethical healing;
To solicit, cultivate, and promote knowledge on restorative justice within the African Union by developing and implementing reparations-related knowledge among various AU organs, Member States, and the global African community;
To establish an official programme for the African Union and its Member States, along with other institutions, to commemorate historical events that necessitate strong actions for justice and reparations for Africans and individuals of African descent;
To liaise with and support the role of an AU Special Envoy on Reparations for Africa and the Sixth Region of the Diaspora;
To undertake other tasks as assigned and determined by the African Union.
PROPOSE the formation of an Ethical Reference Group, in close coordination with the African Union Commission, to assist the AU Committee of Experts and the AU Special Envoy by providing ethical guidance on the issue of reparations. This includes best practices of restorative justice based on indigenous African traditions, sources, and spirituality. The Ethical Reference Group will also offer thought leadership and counsel, drawing on global case studies to inform policy and advocate for the application of international standards in support of restorative justice.
RESOLVE to centre “Justice for Africans and People of African Descent through Reparations” within the African Peace Initiative, in pursuit of a Civilisational Truce aimed at transforming a world marked by conflict, war, and dysfunction into societies characterised by dialogue, reconciliation, and reparations. This aligns with the principles of Ubuntu philosophy and the teaching of the Golden Rule, which states, “Treat others the way you want to be treated,” as well as the objectives of the AU’s Agenda 2063, which seeks to advance the vision of the AU of “An integrated, prosperous and peaceful Africa.”
PROPOSE to the AU to consider a decade of reparations.
INVITE all religious, ethical, scientific, and cultural organisations, along with African citizens—particularly the youth and women—to embrace and promote the call for reparations. It is essential to prioritise the protection of human beings and to respect the sanctity of human life, as this focus will help build centres of shared interest.
The US President’s Emergency Plan for AIDS Relief has been a cornerstone of global HIV/Aids prevention, care and treatment for over two decades. Pepfar has enjoyed broad bipartisan support in the US, but its future is now uncertain. Public health scholars Eric A. Friedman, Sarah A. Wetter and Lawrence O. Gostin explain Pepfar’s history and impacts, as well as what may lie ahead.
The early years
Many people today have forgotten the sheer devastation that the Aids pandemic wrought on the African continent, first spreading widely in east Africa in the 1980s. By the end of the 20th century, life expectancy in the region had decreased from 64 to 47 years.
Millions of children were infected and many grew up as orphans, with HIV taking the life of one or both of their parents. Children, especially girls, were taken out of school to nurse sick relatives or because school fees were unaffordable.
Underfunded health systems were near collapse, as were the economies of many African countries.
These devastating figures persisted despite the discovery of highly effective antiretroviral therapies in the 1990s. These drugs rapidly became widely available in rich countries, beginning in 1996, leading to an 84% decline in death rates over four years.
But cost kept the drugs out of reach for African countries.
Only about 100,000 of the 20 million people infected with HIV in Africa were accessing drug treatment in 2003.
The turnaround
A major breakthrough came when US president George W Bush proposed a bold global initiative, Pepfar, in his 2003 State of the Union Address. Pepfar would dedicate US$15 billion over five years with the goals of preventing 7 million new infections, treating 2 million people, and caring for another 10 million infected with HIV or orphaned by the disease.
By 2005, more than 800,000 people were being treated for HIV in Africa – an eightfold increase from only two years prior. Under Pepfar, the costs of antiretroviral treatment per person per year in low- and middle-income countries fell from US$1,200 in 2003 to just US$58 in 2023.
Pepfar maintained bipartisan support throughout both Democratic and Republican-led administrations and Congresses. Through 2018, it had been reauthorised three times, each for five years.
The programme has lived up to its promise. The investment of over US$110 billion since being launched has been transformative, with sub-Saharan Africa benefiting the most.
Its importance extends beyond Aids. The programme directly supports more than 340,000 health workers, a tremendous contribution in Africa especially, given severe health worker shortages in much of the continent.
A key member of Congress, along with organisations against abortion, raised concerns that Pepfar was supporting abortions, even though there was no such evidence at the time. In fact, by law Pepfar is prohibited from supporting abortions.
Ever since then, the threats posed to a five-year Pepfar reauthorisation have grown.
The Trump effect
In January, Pepfar reported to Congress that its own investigators had found that four nurses in Mozambique had used Pepfar funding to perform abortions (which are legal in Mozambique), 21 in all. Pepfar officials froze funds to the four nurses and required staff to attest to understanding that they were prohibited from providing abortion as part of US-funded health services.
Days later Pepfar, along with most other US foreign assistance programmes, suffered a severe blow. President Donald Trump signed an executive order pausing all further disbursements and new obligations of foreign assistance funds for 90 days, pending a sweeping review.
Four days later, secretary of state Marco Rubio issued a directive that went even further, also requiring organisations to stop work, even those that had already received funds needed to operate.
By 27 January, virtually all US foreign assistance programmes had come to a halt, including Pepfar programmes.
Following an outcry, Rubio issued a waiver for lifesaving humanitarian assistance on 28 January. With confusion over what was covered, including whether the waiver encompassed HIV medicines, he issued another waiver on 1 February, covering Pepfar treatment and care programmes, including prevention of and treatment for TB and other opportunistic infections, as well as prevention of mother-to-child transmission programmes.
But organisations receiving US foreign assistance funds needed to get individual approval to resume, and the administration had put much of USAid’s staff on administrative leave. USAid (along with the US Centers for Disease Control and Prevention) has a central role in administering Pepfar. Many others, including contractors embedded in USAid operations, have been furloughed or fired.
Very few people existed to process requests to resume work. Furthermore, USAid’s payment system appeared not to be working.
The decisions of the Trump administration are being challenged in court in the US on the grounds that they are illegal and unconstitutional because they are usurping Congress’s power to determine how the US government spends funds, among other violations of the law.
Nonetheless, as of this writing, despite a court order to resume funding, it remains entirely frozen, and most programmes are still shut down. The day after the court ordered the government to pay nearly US$2 billion it owes organisations for work already done, the administration revealed that it had terminated the vast majority of foreign assistance awards, including some for Pepfar. Details have not been made public. Meanwhile, the US Supreme Court put a short-term pause on the lower court’s order to immediately pay the money already owed.
The impact
The impact has been immediate. People on HIV treatment could not pick up additional medicine, leading to treatment interruption. Pepfar-funded health services had to turn away patients. Health workers supported by Pepfar, among them 40,000 in Kenya, could no longer be paid.
Many organisations that relied on Pepfar funds also had to lay off staff. Community groups have been affected and many have suspended their services entirely.
It remains unclear what the future holds – how severe the cuts will be, and to what programmes. In the near term, much depends on the courts and whether the administration implements court orders, as it has yet to do. In the longer term, Congress could seek to resume Pepfar to its former strength, though this would mean acting against the administration’s wishes. Even then, it is not clear whether the administration would spend the money allocated, and the damage already done to Pepfar programmes and trust in the US government will not be repaired quickly.
Pepfar is currently funded at US$7.5 billion annually. It accounts for over 10% of all US foreign assistance and over half of US global health assistance.
The separate Pepfar waiver suggests the deepest support for Pepfar is for HIV treatment programmes, as well as others meant to be protected under the waiver. Barring vast cuts to foreign assistance and Pepfar, these programmes are most likely to be at least spared, though the administration has terminated even some grants that had been covered by the waiver.
Other Pepfar programmes, particularly with respect to HIV prevention, are most vulnerable.
Rethinking priorities
The vulnerability of different African countries to Pepfar cuts varies widely. Some fund most of their own HIV programmes. South Africa’s HIV programmes are 74% domestically funded, with the balance coming from Pepfar (17%) and the Global Fund (7%).
But Pepfar funding accounts for about 90% of all HIV funding in Tanzania and Côte d’Ivoire, and more than half of HIV medicines purchased for the Democratic Republic of Congo, Mozambique and Zambia are purchased by the US.
If there are significant Pepfar funding cuts, it is doubtful that other wealthy countries will be able to compensate. And because the US, through Pepfar, is the largest contributor to the Global Fund, it is unlikely that the Global Fund could fill the gap either.
Under these circumstances, unless countries increase their domestic HIV spending, the dramatic progress in combating HIV/Aids in Africa could begin to become undone.
The conversation in Africa must focus on ending reliance on foreign assistance and developing resilient financing mechanisms to continue the fight to end Aids.
Lawrence O. Gostin is Director of the WHO Collaborating Center on Global Health Law
Eric Friedman and Sarah Wetter 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.
Source: Moscow Government – Government of Moscow –
The section of the Moscow Ring Road (MKAD) from Entuziastov Highway to Moldagulova Street will be reconstructed. The work will affect exits, acceleration lanes, side roads and entry pockets in the area of the MKAD intersections with Entuziastov Highway, Nosovikhinskoye Highway and Pobedy Street. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.
“The project provides for the construction and reconstruction of 5.5 kilometers of roads. This includes the construction of a side road along the outer side of the Moscow Ring Road on a section of the 1st to 3rd kilometers, as well as work on the reconstruction of existing and the construction of new exits. Currently, preparatory stage activities are underway at the site. The planned completion of construction falls on August 2026,” Vladimir Efimov noted.
The areas where the work will take place are located in the capital’s districts of Ivanovskoye, Veshnyaki, Novokosino and Kosino-Ukhtomsky, as well as in the urban district of Reutov in the Moscow region. The implementation of the project will improve their transport services.
“In particular, it is planned to build an exit from the side road of the Moscow Ring Road to Ivanovsky Bridge, an entrance and exit from the Moscow Ring Road to Stalevarov Street, a connection and reconstruction of Kosinskaya and Reutovskaya Streets. In Reutov, on Pobedy Street, the exit from the Ring Road will be updated and a roundabout will be organized on this same street,” added the head of the Department for the Construction of Transport and Engineering Infrastructure
Previously Sergei Sobyanin reported, that in 2024, 100 kilometers of roads, 25 artificial structures and 15 pedestrian crossings were built in the capital.
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.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
Source: United Kingdom – Executive Government & Departments
Press release
Wales to get £100 million to restore pride in neighbourhoods and boost growth
Wales to receive a share of £1.5 billion creating local growth and opportunities through new Plan for Neighbourhoods.
£100 million for five Welsh communities through the UK Government’s Plan for Neighbourhoods
Wales to receive a share of £1.5 billion to foster stronger, better connected and healthier communities across the UK.
High streets, local parks, youth clubs, cultural venues, libraries and more in scope of regeneration, creating local growth and opportunities through new Plan for Neighbourhoods.
New neighbourhood boards across the 75 selected communities will bring together residents and businesses to decide how to spend the money in their area.
The latest step in the government’s ambitious Plan for Change, kickstarting national renewal, taking back control of our streets and putting more money in local people’s pockets
Local people in Wales to see their high streets revived, community hubs saved and public services transformed with £100 million funding through the government’s Plan for Neighbourhoods to tackle deprivation and turbocharge growth, as every area joins the decade of national renewal committed to in our Plan for Change.
A total of 75 areas will each receive up to £20 million of funding and support over the next decade through the plan, with ministers vowing it will help transform “left behind” areas by unleashing their full potential by investing in delivering improved vital community services from education, health and employment, to tackling local issues like crime. Transformation will be holistic, long-term, and sustainable to deliver meaningful change in the day-to-day lives of local people.
In Wales areas due to receive funding through the plan include:
Barry
Wrexham
Rhyl
Cwmbrân
Merthyr Tydfil
Each board will decide how to spend up to £20 million of funding and support – they can choose from options ranging from repairs to pavements and high streets, to setting up low-cost community grocers providing low-cost alternatives when shopping for essentials, as well as co-operatives or even neighbourhood watches.
This is the latest step in the government’s ambitious Plan for Change missions to grow the UK economy, deliver safer streets and create opportunities for everyone.
UK Government will work with the Welsh Government to ensure the Plan for Neighbourhoods compliments, supports, and aligns with the Welsh Government’s existing work and policies on regeneration and local economic growth.
Today’s announcement is in contrast to unfunded pledges from the previous government. The Plan for Neighbourhoods doubles the scope of the types of projects that can benefit and is now fully aligned with the Government’s long-term Plan for Change missions: breaking down barriers to opportunity and kickstarting economic growth.
Deputy Prime Minister and Secretary of State for Housing, Communities and Local Government Angela Rayner MP said:
For years, too many neighbourhoods have been starved of investment, despite their potential to thrive and grow. Communities across the UK have so much to offer – rich cultural capital, unique heritage but most of all, an understanding of their own neighbourhood.
We will do things differently, our fully funded Plan for Neighbourhoods puts local people in the driving seat of their potential, having control of where the Whitehall cash goes – what issues they want to tackle, where they want to regenerate and what growth they want turbocharge.”
Minister for Local Growth and Building Safety, Alex Norris MP, said:
When our local neighbourhoods thrive, the rest of the country thrives too. That’s why we are empowering communities to take control of their futures and create the regeneration and growth they want to see.
Our Plan for Neighbourhoods we will deliver long-term funding that will bolster that inner community spirit in us all and relight the fires in corners of the UK that have for too long been left fighting for survival.
“This, along with our ambitious reforms to streamline the planning system, devolve powers and strengthen workers’ rights, will help get places and people thriving once again.”
Secretary of State for Wales Jo Stevens MP said:
The UK Government’s Plan for Neighbourhoods is fantastic news for Wales, providing £100 million to boost growth by investing in high streets, parks, cultural venues, youth clubs and more. We are working with the Welsh Government to help local people from Rhyl to Merthyr Tydfil transform their communities.
Our Plan for Change sets out how we want to the grow the economy, create jobs and put more money in people’s pockets. Targeted local funding is a vital part of our economic growth mission and will support the fantastic work the Welsh Government are already doing to regenerate communities across Wales.”
In each area, the government will support the establishment of a new ‘Neighbourhood Board’, bringing together residents, local businesses, and grassroots campaigners to draw up and implement a new vision for their neighbourhood.
Each board will decide how to spend up to £20 million of funding and support. The government’s Plan for Neighbourhoods’ ultimate aim is to create thriving places, strengthen communities, and empower local people to take back control in towns across the country.
By creating thriving places, strengthening communities, and empowering people to take back control areas can drive forward their priorities and the Government’s long-term Plan for Change missions: breaking down barriers to opportunity and kickstarting economic growth.
We will work with the Welsh Government through the normal intergovernmental structures to make boards’ work stronger and more effective by ensuring greater strategic alignment across the priorities of both governments.
Source: Australian Government – Minister of Foreign Affairs
Spence Denny, Host: Foreign Minister Penny Wong, good evening to you.
Foreign Minister: Good to speak with you, Spence.
Denny: She was an amazing woman, Rosemary, in so many ways. Quite zany too, wasn’t she?
Foreign Minister: Yeah, she had such a wonderful sense of humour. But I was just reflecting, you know, there are these women who have gone before who really did, who really were trailblazers and showed so much courage to be the first or one of the only, and Rosemary was one of them, and I was so grateful for her support over my political life, and I do want to just express my condolences to Stephen, Vincent and Dermot and all of the family and her friends, because this is, you know, it is very sad to see.
Denny: Yeah. She held two Ministerial positions, both of which were really focused on women.
Foreign Minister: That’s right. And I remember working with her, actually, when she was Minister for Families. And, as you know, she did a lot of work on childcare, but she also had such an interest because of her medical background in health policy. But I did want to say, two points I wanted to make if I may Spence; one is she was the first Labor woman South Australia sent to Federal Parliament. So, not only the first female Senator from South Australia for the Labor Party, but the first Labor woman to go to Canberra, which is quite an extraordinary achievement, I think. The other thing, I remember her taking me out to lunch when I was looking to think about standing for preselection and her saying that she would back me. And I remember what that meant to me, to have a woman who had had that career say, I’m prepared to support you. It meant a lot to me.
Denny: Yeah, it would have done. What is, and I had this conversation with her once, what is remarkable as the first female from South Australia to go to Canberra, that happened in 1983.
Foreign Minister: I know.
Denny: Wow. That was. How overdue was that?
Foreign Minister: I know. It’s difficult, isn’t it, when we look back? Because I was just actually looking up the order of elections and so forth before I spoke to you, and I thought, how did it take us that long before we sent a woman to Canberra? It’s quite remarkable, isn’t it? Anyway, it’s a different world now. We’re now 51 per cent women in the Federal Parliament from the Labor Party. So, it’s a different world.
Denny: Look, we contacted former Senator Natasha Stott Despoja as well, and clearly her and Rosemary are very close friends. Can I just read a part of what Natasha sent to us?
Foreign Minister: Sure.
Denny: She said, “Rosemary was a true sister. I loved her sense of humour, which could be bawdy at times, her feminism and her passion for policy and legislation that advanced the needs of families, grew economies and especially support women and children, be it through social security, health and even as the first promoter of women’s sport.” One of the things – there’s more to say, but I love this paragraph here – and this all just came straight out of Natasha’s head. Okay. She said, “she was a trailblazer in South Australia, but also nationally,” as we said, the first ALP female Senator from South Australia. “I have many fond memories, but I can’t help but laugh remembering us doing the conga line in the Senate corridors to protest the ban on dancing in Parliament House issued by the new Howard government.” You weren’t allowed to dance?
Foreign Minister: No, that was before I got there. But that just sounds so much like Rosemary, doesn’t it? That’s a great story, very well said. I think Natasha’s words are perfect.
Denny: Yeah. She goes on to say a few more. I might try and read it later on. But the other thing is, I mean, you actually have an opportunity on Friday to really pay tribute to Rose because she was one of the people who helped establish the International Women’s Day Breakfast.
Foreign Minister: Yes, absolutely. She led the establishment of it, she was host and she put me on the committee to help organise the Women’s Day Breakfast before I was, obviously, before I was a candidate. And I took over hosting from her when she retired and I went into Parliament. So, she handed that on to me. And it’s an event that over the years has grown and Rosemary was so committed to it as such a strong feminist, but also not just to commemorate International Women’s Day, but to give women in South Australia, women in Adelaide, an opportunity to come together to celebrate what we’ve done, and affirm what we need to do.
Denny: And she was a serious talker. Once you got into a conversation with Rose, it was pretty hard to get. And people accuse me of being like that, but, boy, once you got into a conversation with Rose, it was pretty hard to escape. Not that you necessarily wanted to because what she said was always interesting.
Foreign Minister: Yeah, she had a really interesting mind, a really beautiful heart and a sense of humour, a very mischievous sense of humour.
Denny: Yeah, yeah. Hey, look, I know you’re very busy tonight, Senator Penny Wong, so thank you for taking time to pay tribute to Rosemary. I know you’re actually joining the breakfast team at the Women’s Day breakfast on Friday, from which they are broadcasting on Friday. And I know it’s a sellout again, so, again, it’ll be a huge celebration of International Women’s Day, but also a chance to reflect on the contribution that former Senator Rosemary Crowley made to what is now very much a fixture on the social calendar in South Australia.
Foreign Minister: Yeah, that contribution to the event, but to women everywhere around this country.
The Green Party has called on Prime Minister Christopher Luxon to rule out Aotearoa New Zealand joining the AUKUS military technical pact in any capacity following the row over Ukraine in the White House over the weekend.
President Donald Trump’s “appalling treatment” of his Ukrainian counterpart Volodymyr Zelenskyy was a “clear warning that we must avoid AUKUS at all costs”, said Green Party foreign affairs and Pacific issues spokesperson Teanau Tuiono.
“Aotearoa must stand on an independent and principled approach to foreign affairs and use that as a platform to promote peace.”
US President Donald Trump has paused all military aid for Ukraine after the “disastrous” Oval Office meeting with President Zelenskyy in another unpopular foreign affairs move that has been widely condemned by European leaders.
Oleksandr Merezhko, the chair of Ukraine’s Parliamentary Foreign Affairs Committee, declared that Trump appeared to be trying to push Kyiv to capitulate on Russia’s terms.
He was quoted as saying that the aid pause was worse than the 1938 Munich Agreement that allowed Nazi Germany to annex part of Czechoslovakia.
‘Danger of Trump leadership’ Tuiono, who is the Green Party’s first tagata moana MP, said: “What we saw in the White House at the weekend laid bare the volatility and danger of the Trump leadership — nothing good can come from deepening our links to this administration.
“Christopher Luxon should read the room and rule out joining any part of the AUKUS framework.”
Tuiono said New Zealand should steer clear of AUKUS regardless of who was in the White House “but Trump’s transactional and hyper-aggressive foreign policy makes the case to stay out stronger than ever”.
“Our country must not join a campaign that is escalating tensions in the Pacific and talking up the prospects of a war which the people of our region firmly oppose.
“Advocating for, and working towards, peaceful solutions to the world’s conflicts must be an absolute priority for our country,” Tuiono said.
Five Eyes network ‘out of control’ Meanwhile, in the 1News weekly television current affairs programme Q&A, former Prime Minister Helen Clark challenged New Zealand’s continued involvement in the Five Eyes intelligence network, describing it as “out of control”.
Her comments reflected growing concern by traditional allies and partners of the US over President Trump’s handling of long-standing relationships.
Clark said the Five Eyes had strayed beyond its original brief of being merely a coordinating group for intelligence agencies in the US, Canada, UK, Australia, and New Zealand.
“There’s been some talk in the media that Trump might want to evict Canada from it . . . Please could we follow?” she said.
“I mean, really, the problem with Five Eyes now has become a basis for policy positioning on all sorts of things.
“And to see it now as the basis for joint statements, finance minister meetings, this has got a bit out of control.”
CHICAGO, March 04, 2025 (GLOBE NEWSWIRE) — Marquette National Corporation (OTCQX: MNAT) today reported net income of $17.1 million for the year ended December 31, 2024, compared to net income of $16.1 million for the year ended December 31, 2023. The Company recorded earnings per share of $3.91 for 2024 as compared to earnings of $3.69 per share for the year ended December 31, 2023.
At December 31, 2024, total assets were $2.208 billion, an increase of $66 million, or 3%, compared to $2.142 billion at December 31, 2023. Total loans decreased by $19.3 million, to $1.405 billion compared to $1.425 billion at the end of 2023. Total deposits increased by $30.0 million, or 2%, to $1.740 billion compared to $1.710 billion at the end of 2023.
Paul M. McCarthy, Chairman & CEO, said, “the primary reason for the increase in consolidated earnings was a higher level of realized and unrealized gains on the Company’s equity portfolio in 2024. The increase in realized and unrealized gains on the Company’s equity portfolio was partially offset by a decrease in net interest income and an increase in provision for credit losses.”
Marquette National Corporation is a diversified financial holding company and the parent of Marquette Bank, a full-service, community bank that serves the financial needs of communities in Chicagoland. The Bank has branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Summit and Tinley Park, Illinois.
Special Note Concerning Forward-Looking Statements.
This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,” “likely,” “might,” “potential,” “continue,” “annualized,” “target,” “outlook,” as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (viii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (ix) unexpected results of acquisitions which may include failure to realize the anticipated benefits of the acquisitions and the possibility that transaction costs may be greater than anticipated; (x) the loss of key executives and employees, talent shortages and employee turnover; (xi) changes in consumer spending; (xii) unexpected outcomes and costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiii) the economic impact on the Company and its customers of climate change, natural disasters and exceptional weather occurrences such as tornadoes, floods and blizzards; (xiv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xv) credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio and large loans to certain borrowers (including CRE loans); (xvi) the overall health of the local and national real estate market; (xvii) the ability to maintain an adequate level of allowance for credit losses on loans; (xviii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xix) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xx) the level of non-performing assets on our balance sheets; (xxi) interruptions involving our information technology and communications systems or third-party servicers; (xxii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) changes in the interest rates and repayment rates of the Company’s assets; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
Marquette National Corporation and Subsidiaries
Financial Highlights
(Unaudited)
(in thousands, except share and per share data)
Balance Sheet
12/31/24
12/31/23
Percent Change
Total assets
$2,207,663
$2,142,039
3
%
Total loans, net
1,390,799
1,410,345
-1
%
Total deposits
1,739,799
1,709,750
2
%
Total stockholders’ equity
173,579
159,053
9
%
Shares outstanding
4,367,477
4,381,162
0
%
Book value per share
$39.74
$36.30
9
%
Tangible book value per share
$31.65
$28.24
12
%
Operating Results
Year Ended December 31,
Percent Change
2024
2023
Net Interest income
$45,032
$48,654
-7
%
Provision for credit losses
3,700
2,619
41
%
Realized securities gains (losses), net
1,947
(662
)
*
Unrealized holding gains on equity securities and exchange traded funds
MAHWAH, N.J., March 04, 2025 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, announced it is holding its Hackers Challenge on March 13, 2025, in Lima, Peru at the Westin Lima Hotel and Convention Center. The flagship event, which brings together global security and technology experts from the private and public sector, will combine learning, collaboration and innovation to help companies solve their most pressing cybersecurity issues.
According to Piero Garmendia, Radware’s regional manager for the South of Latin America region, “Radware’s Hackers Challenge offers organizations a unique opportunity to watch hackers in live action and then apply that learning in strengthening their own cyber defense strategies. We are convinced the simulation will serve as a key platform to inspire ideas and prepare security professionals for the cyber challenges of the future.”
During the event, hackers will go head-to-head with Radware’s security experts and web application and API protection defenses, trying to breach protected web applications by circumventing tools designed to block their malicious attempts. While witnessing the hackers’ techniques, the live audience will learn corresponding protection strategies.
In addition, participants will learn how artificial intelligence can be used to manage security vulnerabilities across corporate networks. They also will get firsthand insights from a panel of cybersecurity and digital transformation experts representing government offices and leading financial institutions from Peru as well as an international embassy.
“In a world that is becoming more inter-connected, cybersecurity is a fundamental pillar for progress,” said Arie Simchis, Radware’s regional director in Latin America. “Our event reflects Radware’s leadership and ongoing commitment to cybersecurity innovation in the region. Operating for nearly 20 years in Latin America, we intend to continue to play a major role in strengthening cybersecurity capabilities and increasing technological resilience across the region.”
Radware’s Latin American presence spans Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, Mexico, Panama, and Peru. In addition, the company has cloud security service centers in Chile and Brazil. The Latin American facilities are part of Radware’s worldwide network of over 50 cloud security service centers, which offer a combined mitigation capacity of 15Tbps. The company plans to continue to grow its global footprint, opening more cloud security service centers in 2025.
Visit Radware’s Hackers Challenge website for more information.
About Radware Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.
Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.
The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.
Safe Harbor Statement This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that we intend to continue to play a major role in strengthening cybersecurity capabilities and increasing technological resilience across the region, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively;a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing businessin countries with a history of corruption or with foreign governments;changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website atwww.radware.com.
Thank you for the invitation to speak at Stellenbosch University today. I’m visiting South Africa in my capacity as a Deputy Governor of the Bank of England, attending the bi-monthly meetings of the Bank for International Settlements, starting later today in Cape Town. This morning I’m speaking as one of nine members of the Bank’s Monetary Policy Committee (MPC), which has responsibility for setting monetary policy in the UK, with the primary objective of keeping UK inflation at 2% sustainably over the medium term.
In my speech today I want to set out how my views on monetary policy in the UK have evolved over recent months in response to my changing assessment of the outlook for the economy. That could sound like a relatively narrow focus but I hope my focus on the challenge of setting monetary policy against a back-drop of heightened uncertainties is of wider relevance.
Uncertainty is going to be a recurring theme of my speech. There are three dimensions that I’m going to bring out. The majority of my speech is going to be devoted to the prevailing uncertainty about the state of the UK economy; in particular the state of the UK labour market and the persistence of inflationary pressures. Most economies face some of the same uncertainties given the huge shocks that have hit the global economy but the UK is experiencing more than most.
The second aspect of uncertainty is about global developments, whether that be geopolitics or trade and financial fragmentation. The UK is a relatively small open economy so these matter and I will return to this aspect towards the end of my speech.
The third dimension is the impact domestic and global uncertainty has on the actions of businesses and consumers and what that means for the outlook for the economy.
Quantifying the value of natural capital and ecosystem services is essential for governments to make more informed decisions that account for how ecosystem health contributes to economic growth, improve fiscal management, and support communities that depend on natural resources. These metrics also create opportunities to attract investments that jointly support fiscal sustainability, sustainable development, and long-term economic resilience by underscoring the economic benefits of nature.
Understanding the value of natural capital aids in assessing the economic viability of investments and enhancing ecosystem management. In the Cook Islands, the valuation of the benefits provided by the Muri Lagoon can guide investment decisions for proposed wastewater treatment plants. In the People’s Republic of China, efforts to estimate the value of the ecosystem services of the South Dongting Lake’s wetlands, a critical resource that supports tourism and livelihoods of millions, helped prioritize key interventions. Moreover, pilot ecosystem service accounts are being developed in many Asia Pacific countries such the Philippines, Armenia, and Sri Lanka to enhance watershed management planning.
Asia and the Pacific face a daunting infrastructure challenge, requiring sustained investment to enhance connectivity, safety, and resilience. While road networks dominate spending, underinvestment in maintenance and limited private-sector involvement threaten long-term sustainability.
Asia and the Pacific will require about $43 trillion from 2020 to 2035 to develop, maintain, repair, and climate-proof its transport infrastructure, according to the Asian Transport Observatory. This represents about 2% of the region’s GDP, averaging roughly $2.7 trillion annually.
Infrastructure investment requirements have tripled, increasing from roughly $750 billion annually between 2000 and 2020 to $2.7 trillion.
Failing to secure the needed resources risks inadequate infrastructure development, leading to deterioration, costly repairs, and transport disruptions over time.
Traffic congestion currently represents about 2-4% of GDP in Asia’s major cities. Road traffic fatalities and severe injuries cost $1.5 trillion in 2021, factoring in the loss of lives, assets, and workforce productivity.
The health consequences of PM2.5 air pollution also contributed to a further loss of at least $4 trillion in 2019. Climate-related challenges may also bring significant expenses, with potential damages to Asia’s transport infrastructure approaching $54 billion.
Moreover, delays and interruptions due to weakened transport infrastructure could lead to logistical losses estimated annually at $43 billion in 2023. It’s estimated that inadequate transport infrastructure directly threatens about 7% of GDP.
Tackling these challenges requires a forward-thinking approach emphasizing infrastructure maintenance, capacity enhancement, safety enforcement, and disaster preparedness to mitigate these considerable costs.
The infrastructure investment needs across the region are vast and varied. The largest share of the investment needs lies within East Asia (58%) and South Asia (17%) sub-regions, representing 73% of the population.
Our projections suggest that investment in transport infrastructure within high-income economies will stagnate by 2035, influenced by an aging population, stabilized travel demand, and well-established infrastructure networks.
On the other hand, low- and middle-income economies are expected to see a sharp rise in investment requirements, driven by inadequate access to transport infrastructure and increasing demand for passenger and freight transport.
Upper-middle-income economies are set to spearhead transport infrastructure investments, maintaining a significant share of 67% of total investment from 2000 to 2020, followed by 65% from 2020 to 2035.
About 74% of total investment needs over the next decade will be concentrated in East and South Asia, propelled by the ongoing rapid growth of transport demand in India and the People’s Republic of China.
Road transport will continue to secure bulk investments from 2020 to 2035, accounting for 63% of total investments (approximately 1.3% of GDP). This is required to bridge the infrastructure gap and improve access and connectivity.
The remaining investment needs are as follows: 17% for railways, including high-speed rail (around 0.4% of GDP), 11% for raid urban transit (about 0.2% of GDP), 4% for ports (0.1% of GDP), and 5% for airports (0.1% of GDP).
Urban rail investment will equal that of heavy rail infrastructure for the first time. Investment in metro systems is expected to increase from 7% of total investments between 2000 and 2020 to 10% from 2020 to 2035. Other than that, we don’t see a significant shift in the pattern of infrastructure spending.
Maintenance is crucial for transport infrastructure, guaranteeing assets’ durability, safety, and effectiveness. Studies show that every dollar invested in maintenance saves $4-$5 later required for reconstruction.
However, there’s a worrying trend of underinvestment in maintenance. This underinvestment will likely persist. On average, maintenance costs for transport infrastructure are expected to represent approximately 24% of total investment expenses from 2020 to 2035.
Nonetheless, maintenance expenditures differ across various modes and countries. New construction projects often receive significant media and political attention, but maintenance initiatives, which are vital for the long-term viability of transport infrastructure, are usually overlooked and go underfunded.
Regrettably, the issue of insufficient maintenance funding is a persistent challenge in Asia.
With nearly 1.8 billion people lacking access to transport infrastructure in Asia, countries are rapidly building infrastructure. But even with a $43 trillion investment by 2035, the infrastructure gap with the global North will continue to exist.
By 2035, Asia’s average transport infrastructure per capita is projected to still be 70% lower than current levels in wealthier countries, as measured by OECD country levels. However, the silver lining is that we will bridge the gap in specific modes at a lower income level.
For example, the average availability of urban rapid transit per capita in Asia and the Pacific is expected to double, rising from 6 kilometers in 2020 to 12 kilometers per million people by 2035. OECD countries had similar access back in 2013, having a GDP per capita nearly four times higher.
Maintaining a sustained annual investment rate of 2.3% of GDP is a challenge in itself. Identifying who will provide that investment is another complex question. While infrastructure development offers clear socio-economic benefits, investments in this area have declined as a percentage of GDP.
This shift raises concerns, especially given the limited involvement of private funding in the region’s infrastructure development. Historically, governments have been the leading financiers.
However, the aftermath of COVID-19 has strained public finances and increased debt burdens. Public-private partnerships show potential but have not expanded enough to meet the growing transport infrastructure demands.
There is an urgent need for a significant increase in private investment to bridge this gap. Attracting such capital depends on the government’s ability to create a more favorable regulatory and planning environment.
Moreover, there is considerable potential for optimizing public infrastructure investments. Governments should explore alternative funding methods, such as raising user fees, leveraging land value, and adopting innovative financing techniques.
Strategic investments, regulatory reforms, and innovative funding solutions are essential to ensuring Asia’s transport infrastructure meets future demands.
TheAsian Transport Observatorywas developed by the Asian Development Bank to strengthen the knowledge base on transport in Asia and the Pacific, and to support better informed investments and policies in the sector.
Headline: Thales reports its 2024 full-year results
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Order intake: €25.3 billion, up 9% (+6% on an organic basis1)
Sales: €20.6 billion, up 11.7% (+8.3% on an organic basis)
Adjusted EBIT2: €2,419 million, up 13.4% (+5.7% on an organic basis)
Adjusted net income, Group share2: €1,900 million, up 7%
Consolidated net income, Group share: €1,420 million, up sharply by 39%
Free operating cash flow from continuing operations2,3: €2,142 million, up 9%
Free operating cash flow2: €2,027 million, stable against 2023
Dividend4of €3.70 per share, representing 40% of Adjusted net income, Group share
Non-financial performance: steady progress towards medium to long-term targets
2025 objectives:
Book-to-bill5above 1
Organic sales growth of between +5% and +6%, corresponding to sales between €21.7 billion and €21.9 billion
Adjusted EBIT margin between 12.2% and 12.4%
Thales’s Board of Directors (Euronext Paris: HO) met on March 3, 2025 to review the 2024 financial statements6.
“2024 was once again a year of strong profitable growth for Thales. Thales, a world leader in advanced technologies in Defence, Aerospace, Cybersecurity and Digital, maintained excellent sales momentum throughout the year, achieving a record order intake of more than €25 billion. The record order book provides unprecedented visibility for all our activities. Sales exceeded the €20 billion mark with organic growth of 8.3%, above expectations. Defence activities, underpinned by an ongoing increase in the Group’s production capacity, the technological excellence of our products and the commitment from all our colleagues, contributed in particular to this performance. Thales also demonstrated once again its ability to generate profitable growth, with an increase in EBIT in absolute terms and as a percentage, reflecting the strength of its operating leverage. Thanks to its unique business model based on world-class products, systems and services, Thales generated free operating cash flow of more than €2 billion. Non-financial performance was also remarkable in 2024. The validity of our CSR strategy was acknowledged as Thales joined the CAC 40 ESG index in 2024. This historic performance is the result of the unfailing commitment of our 83,000 employees, and I would like to thank them sincerely for their dedication to our clients. We are starting 2025 with confidence and determination and a positive outlook for the vast majority of our activities. Thales presented its new strategic roadmap in November 2024. By drawing on its unique leadership positions serving growing markets and its ability to innovate and anticipate technological breakthroughs, the Group affirms its ambition to deliver accelerated, profitable and sustainable growth over the coming years, starting in 2025.” Patrice Caine, Chairman & Chief Executive Officer
Key figures
Order intake for the 2024 financial year increased by 9% compared with 2023 at €25,289 million and by +6% on an organic basis (i.e. at constant scope and exchange rates). Commercial performance was once again supported by strong demand in the Defence segment and by continued sustained momentum in the Aerospace segment. As at 31 December 2024, the consolidated order book amounted to nearly €51 billion, a record level, up by nearly €5.4 billion compared with the end of 2023.
Sales totaled €20,577 million, up 11.7% from 2023 (+8.3% in organic growth). This robust growth reflects in particular the solid performance of the Defence business throughout the year.
Adjusted EBIT7 stood at €2,419 million in 2024 (11.8% of sales), compared with €2,132 million (11.6% of sales) in 2023, an increase of 13.4% (+5.7% organic change).
At €1,900 million, Adjusted net income,Group share7 was up +7% compared to 2023.
Consolidated net income, Group share, stood at €1,420 million, up sharply by +39% from 2023. This increase can be explained notably by the recognition in 2023 of a non-current and non-recurring expense linked to the implementation of insurance coverage for the Group’s commitments under the Thales UK Pension Scheme. These commitments were transferred to Rothesay at the end of 2023.
Free operating cash flow from continuing operations7,9 amounted to €2,142 million, compared with €1,968 million in 2023. Including the contribution of discontinued operations, free operating cash flow7 amounted to €2,027 million, compared with €2,026 million in 2023. Calculated on the basis of the scope of continuing operations, the cash conversion ratio of Adjusted net income, Group share, into operating free cash flow was 114%. This once again exceptional performance, which saw the cash conversion ratio exceed 100% for the fifth consecutive year, reflects the excellent momentum of new orders, the phasing effects on cash inflows related to contracts’ execution and the continued Group’s mobilization of its CA$H! plan aimed at optimizing this conversion ratio.
In this context, the Board of Directors decided to propose the payment of a dividend of €3.70 per share, corresponding to a payout ratio of 40% of the Adjusted net income, Group share. An interim dividend of €0.85 per share was paid on December 5, 2024. The balance of €2.85 will be paid on May 22, 2025.
Order intake
Order intake for the 2024 financial year totaled €25,289 million, up 9% from 2023 in total change and up +6% at constant scope and exchange rates11. For the fourth consecutive year, the order intake was more than 20% higher than sales (book-to-bill). Thebook-to-bill ratio was 1.23, flat against 2023, and 1.28 excluding the Cyber & Digital business, where the order intake is structurally very close to sales.
In 2024, Thales signed 35 large orders with a unit value of over €100 million, representing a total of €8,674 million:
Four large orders booked in Q1 2024:
The entry into force of the third phase of the order placed by Indonesia in 2022 for the purchase of 42 Rafale aircraft (18 aircraft and support services);
Phased contract with the French Defence Procurement Agency (DGA) to develop the next generation of sonars to equip French nuclear-powered ballistic-missile submarines (SSBN);
Order of an aerial surveillance system for a military customer in the Middle East;
Second tranche of the contract signed in 2023 between France and Italy for the production of 400 ASTER B1NT ground-to-air missiles.
Eight large orders booked in Q2 2024:
Order for a next generation cloud native “FLYTEDGE” InFlight Entertainment System for a major worldwide airline;
Order by SKY Perfect JSAT to Thales Alenia Space of JSAT-31, a new generation of satellite reconfigurable in orbit using Space INSPIRE technology;
Exomars 2028, a contract signed between industrial prime contractor Thales Alenia Space and the European Space Agency (ESA) to relaunch the European space mission dedicated to the exploration of the Red Planet;
Order of two new F126 frigates by the German Navy. This additional contract brings the number of F126 frigates acquired by the German Navy to six in the past four years;
Order by the Dutch Ministry of Defence of seven additional Ground Master 200 multi-mission compact radars;
Service contract for the maintenance of the Royal Australian Navy fleet;
Order by an Asian customer of latest-generation Ground Master 400 Alpha long-range air surveillance radars;
Order by France’s Joint Munitions Command (SiMu) of tens of thousands of 120mm rifled ammunition.
Seven major orders recorded in Q3 2024:
Notification by the DGA of the second tranche of the development of the future RBE2 XG radar for the Rafale F5;
Order for the supply of anti-submarine warfare systems for the first phase of the construction of six HUNTER-class frigates for the Royal Australian Navy;
Order for the renovation of an air traffic management system;
Order from the UK Ministry of Defence for the supply of Lightweight Multi-role Missiles (LMM) to strengthen Ukraine’s air defence capabilities;
Order of LMM for the British armed forces;
Order for the supply of Ground Fire multifunction radar and engagement modules following France’s acquisition of seven SAMP/T NG air defence systems;
Order for the supply of communications, vetronics, navigation and optronics equipment for vehicles in the French Army’s SCORPION program.
Sixteen large orders booked in Q4 2024:
Order for the supply of a satellite for the European Space Agency’s EnVision scientific mission to understand the planet Venus;
Contract amendment signed with OHB System for the payload of the third satellite of the European CO2M mission focused on CO2 emissions generated by human activity;
Amendment to the contract with the European Space Agency for the development of the ESPRIT communications and refueling module for the future lunar space station, Gateway;
Order for the development of the world’s first quantum key distribution (QKD) system from geostationary orbit, in collaboration with Hispasat;
Contract with the Mohammed Bin Rashid Space Centre to develop the Emirates Airlock Module on board the future lunar space station Gateway;
Entry into force of the contract for the supply of 12 Rafale to Serbia;
Order from Naval Group for the supply of equipment for the submarine delivery contract in the Netherlands;
Order under the AJISS contract to provide In-Service Support to Royal Canadian Navy ships;
Order for the development and production of 430 new-generation MICA-NG interception, combat and self-defence missile seekers;
Order from the UK Ministry of Defence for the development and preparation of large-scale production of STARStreak HVMs (High Velocity Missiles) for the armed forces;
Order from the French Air Navigation Services Directorate (DSNA) aimed at improving the 4-Flight air traffic management system;
Amendment to the CONTACT contract with the DGA providing the armed forces with a range of software-defined radios designed for collaborative combat;
Order from the UK Ministry of Defence to ensure the permanence and maneuverability of the Royal Navy’s operational communications;
Order from the DGA as part of the SYRACUSE IV program to equip the French army’s SCORPION vehicles with Thales’ secure satellite communications solution;
Order from the DGA for the design, delivery and maintenance of a resilient communication system;
Order from the DGA to produce an encryption key management and distribution system and key injector for the Ministry of the Armed Forces.
With a total amount of €16,615 million, order intake with a unit value of less than €100 million continued to record favorable momentum.
Geographically12, order intake in mature markets amounted to €19,010 million, very close to that recorded in 2023, which though included the £1.8 billion MSET contract in the United Kingdom. Sales momentum elsewhere was also solid, particularly in the rest of Europe (up by 16% on an organic basis) and in Australia and New Zealand (up by 13% on an organic basis). Order intake in emerging markets was up sharply in 2024, amounting to €6,279 million (+39% at constant scope and exchange rates) thanks to continued strong momentum in the Near and Middle East (with an organic increase of 80%).
Order intake in the Aerospace segment totaled €6,434 million compared to €5,606 million in 2023 (+14% at constant scope and exchange rates). This solid growth reflects several trends.
The different segments of the Avionics market continued to record sustained demand in 2024;
The Space business posted sustained growth in order intake, including five orders with a unit value of more than €100 million recorded in the fourth quarter, four of which in OEN (Observation, Exploration & Science and Navigation) activities.
At December 31, 2024, the segment’s order book stood at €10.5 billion, up 13% from 2023.
At €14,723 million compared to €13,944 million in 2023, order intake in the Defence segment set a new record (+5% at constant scope and exchange rates). The book-to-bill ratio was 1.34, above 1.2 for the sixth consecutive year. This high level is explained by continued strong demand in all activities, with twenty-seven contracts with a unit value of more than €100 million recorded in 2024. The segment’s order book reached a new record at €39.2 billion (up 12%), corresponding to 3.6 years of sales, offering strong visibility for the years ahead.
At 4,032 million, order intake in the Cyber & Digital segment was structurally very close to sales as most business lines in this segment operate on short sales cycles. The order book is therefore not significant.
Sales
Note: full-year 2023 figures have been restated to reflect the transfer of cyber civil activities from the Defence segment to the Cyber & Digital segment.
Sales for the 2024 financial year totaled €20,577 million, compared to €18,428 million in 2023, up 11.7% in total change and 8.3% in organic terms (at constant scope and exchange rates14), driven in particular by the robust performance of the Defence segment.
Geographically15, sales recorded solid growth in both mature markets (+7.9% in organic terms) and emerging markets (+9.6% in organic terms), driven by double-digit growth in Asia.
Sales in the Aerospace segment totaled €5,471 million, up 4.8% from 2023 (+2.9% at constant scope and exchange rates). Momentum in this segment reflects contrasting trends:
The Avionics business posted mid-single digit organic growth in 2024, notably driven by strong momentum in both original equipment activities and aftermarket services, with a return to pre-Covid levels in air traffic. However, as expected, the fourth quarter was impacted by delays in aircraft deliveries to airlines, which postponed in-flight entertainment (IFE) sales;
As expected, sales were almost flat in the Space business. The telecommunications segment continued to be impacted by structurally lower demand in the geostationary satellite market. Conversely, trends remain positive for OEN activities.
Sales in the Defence segment totaled €10,969 million, up 13.9% from 2023 (+13.3% at constant scope and exchange rates). This strong growth came against a backdrop of steady growth in the Group’s production capacity, enabling it to meet high demand in all product lines. Growth was notably driven by land and air systems, such as tactical vehicles and systems or surface radars. The fourth quarter of 2024 also benefited from favorable cut-off effects.
At €4,024 million, sales in the Cyber & Digital segment increased by 1.4% at constant scope and exchange rates (and +14.8% in total change including the positive scope effect of the acquisitions of Imperva and Tesserent). This moderate organic sales growth reflects different trends depending on the activities:
Strong momentum continued for cyber businesses, including a strong performance from Imperva;
Against a high comparison basis in 2023, payment services sales were impacted by destocking by our customers in North America;
Lastly, the digitalization of secure connectivity solutions maintained its strong growth. Sales generated in fully digital connectivity solutions (including eSIMs and on-demand connectivity platforms) recorded double-digit organic growth and accounted for more than half of sales of this secure connectivity solutions business in 2024.
Results
For 2024, the Group posted Adjusted EBIT16 of €2,419 million, or 11.8% of sales, compared to €2,132 million (11.6% of sales) in 2023.
The Aerospace segment recorded Adjusted EBIT of €391 million (7.2% of sales), compared with €369 million (7.1% of sales) in 2023. The segment’s Adjusted EBIT margin is driven by the Avionics business, which posted a double-digit margin and improving, including the contribution of Cobham AeroComms. However, Space activities weighed on the segment’s margin, recording as expected a negative Adjusted EBIT margin in 2024 resulting from several factors: an expected increase in R&D spending, restructuring costs linked to the adaptation plan announced in March 2024 and the impact of inflation not reflected on past contracts.
Adjusted EBIT for the Defence segment amounted to €1,432 million, compared with €1,270 million in 2023 (an increase of +13.0% at constant scope and exchange rates). The margin for this segment was stable at 13.1%, compared to 13.2% in 2023.
At €585 million (14.5% of sales), Adjusted EBIT in the Cyber & Digital segment recorded solid growth in both value and margin. The improvement in profitability was notably due to the successful integration of Imperva and the robust margin on payment services and secure connectivity solutions for mobile networks in highly competitive markets.
Naval Group’s contribution to the Group’s Adjusted EBIT amounted to €93 million in 2024, compared with €91 million in 2023.
At -€166 million, compared with €2 million in 2023, net financial interest increased sharply, as expected. This increase was mainly linked to the substantial rise in debt following the acquisitions made in 2023. Other adjusted financial income16 stood at €35 million in 2024 versus -€37 million in 2023, reflecting the exceptional positive impact of dividends on non-consolidated affiliates and foreign exchange gains. The adjusted financial expense on pensions and other long-term employee benefits16 improved significantly (-€49 million compared with -€76 million in 2023), reflecting the removal of the interest expense following the transfer of UK pension obligations in December 2023.
At €21 million, compared with €105 million in 2023, the Adjusted net income, Group share, from discontinued operations16 was in line with trends in the Transport business, which was sold on May 31, 2024.
As a result, Adjusted net income, Group share16 was €1,900 million, compared to €1,768 million in 2023, after an adjusted income tax charge16 of -€427 million, compared to -€370 million in 2023. At 20.4% in 2024 compared to 20.1% in 2023, the effective tax rate was stable.
The Adjusted net income, Group share, per share16 amounted to €9.24, up 9% from 2023 (€8.48).
Consolidated net income, Group share, stood at €1,420 million, up 39% from 2023. This increase can be explained notably by the recognition in 2023 of a non-current and non-recurring expense linked to the implementation of insurance coverage for the Group’s commitments under the Thales UK Pension Scheme.
Financial position at December 31, 2024
Free operating cash flow17 amounted to €2,027 million compared to €2,026 million in 2023. It included a contribution of €2,142 million from continuing operations and -€116 million from discontinued operations. For continuing operations, the cash conversion ratio of Adjusted net income, Group share, into free operating cash flow was 114%.
The net balance of acquisitions and disposals of subsidiaries and affiliates amounted to €359 million. Under its acquisition strategy, the Group completed two major operations in 2024:
The acquisition (on April 2, 2024) of Cobham Aerospace Communications, a leading supplier of cutting-edge technologies enabling flexible, integrated and more-autonomous avionics systems, based primarily in the United States and generating sales of approximately $200 million in 2023 (see press releases dated July 12, 2023 and April 2, 2024);
The sale (on 31 May 2024) to Hitachi Rail of the Transport business, a global leader in rail signaling and train control systems, telecommunications and supervision systems, and fare collection solutions (see press releases dated August 4, 2021 and May 31, 2024). This business generated sales of €1,822 million in 2023.
As part of the share buyback program covering a maximum of 3.5% of the capital announced in March 2022 and completed in March 2024, 1,245,757 shares were repurchased during 2024, representing 0.6% of the share capital, for €176 million. The Group repurchased a total of 7,469,396 shares under this program, 3.5% of the share capital.
At December 31, 2024, net debt amounted to €3,044 million compared with €4,190 million at December 31, 2023. This decrease reflects the impact of free operating cash flow generation, acquisitions and disposals for -€359 million (€3,464 million in 2023), the payment of €708 million in dividends (€634 million in 2023), new lease liabilities for €143 million (€166 million in 2023) and the share buyback program.
Equity, Group share amounted to €7,515 million, compared with €6,830 million at December 31, 2023. This increase reflects the positive contribution of consolidated net income, Group share (€1,420 million) less the dividend payout (-€708 million) and share buybacks (-€176 million).
Non-financial performance
In line with its corporate purpose of “Building a future we can all trust”, Thales has set itself the ambition in terms of Corporate Social Responsibility (CSR): to contribute to a safer, greener and more inclusive world. First, the Group will seek to maximize the contribution of its portfolio of solutions to the planet and society. Secondly, Thales has set itself ambitious targets on three main priorities:
The fight against global warming;
Strengthening gender diversity at all levels;
The implementation of the best standards in terms of ethics and compliance.
In terms of the fight against global warming, scope 1 & 2 CO2 emissions fell by 56.8% in 2024 compared to 2018 and scope 3 emissions fell by 24.7% compared to 2018. The Group has thus achieved its 2030 targets ahead of schedule for the second consecutive year. The absolute value reduction targets for carbon footprint remain relevant for 2030 given the Group’s growth prospects. To raise employee awareness to climate change and its impacts on society and on the Group, a voluntary training named “Thales Climate Passport” was deployed in 2024 with the aim of training 50% of managers. Over 67.4% of managers, representing around 35,000 employees, completed this training course in 2024, demonstrating the great success of this training.
With regard to strengthening diversity, Thales has set itself an ambitious target for 2026 to have 75% of management committees with at least 4 women. Thus, at the end of 2024, 61.5% of the Group’s management committees had at least 4 women, compared to 52.6% at the end of 2023. The highest levels of responsibility comprised 21.1% women at the end of 2024[1]; a performance in line with the Group’s trajectory to reach the set goal of 22.5% by 2026 (compared to 20.4% at the end of 2023 and 16.6% at the end of 2018).
In the area of ethics and compliance, 100% of employees concerned by the 2024 anti-corruption training campaign have been trained, demonstrating the Group’s continuous commitment to train all employees potentially exposed to risk situations. In 2024, the ISO 37001 certification “Anti-bribery management systems” was renewed for 3 years and extended to Germany, Australia, and New Zealand after Canada and the United States in 2023, and the United Kingdom and the Netherlands in 2022. Thus, in 2024, the revenue generated by certified entities represents 64% of the Group’s revenue (vs. 58% in 2023).
[1] Percentage of women in the total workforce: 27.4%.
Proposed dividend
The Board of Directors decided to propose to the shareholders, who will convene at the Annual General Meeting on May 16, 2025, the payment of a dividend of €3.70 per share. This corresponds to a payout ratio of 40% of the Adjusted net income, Group share, per share.
If approved, the ex-dividend date will be May 20, 2025, and the payment date will be May 22 2025. This dividend will be paid fully in cash and will amount to €2.85 per share, after deducting the interim dividend of €0.85 per share paid in December 2024.
Outlook
Thales is embarking on 2025 with confidence, bolstered by good visibility in the vast majority of its activities.
In 2025, the Avionics business will be driven by both the original equipment and aftermarket services activities, the continued growth of the Cobham AeroComms business, and the gradual recovery of the IFE business. In the Space business, the outlook remains positive, particularly in the Observation, Exploration & Science, Navigation and military telecommunications activities. However, the structural weakness of demand in the geostationary satellite market will dampen the growth of this activity. Thales will continue to implement its cost adaptation plan, with the objective of an Adjusted EBIT margin of 7%+ in the Space business in 2028.
The Defence segment, which enjoys a record order book, will be further supported by strong demand in 2025, against a backdrop of increasing military spending, particularly in the geographical areas where the Group operates. With the increase in its production capacity over the past several years and a portfolio of premium solutions incorporating differentiating leading technologies, Thales is ideally positioned to meet its customers’ needs.
Lastly, the Cyber and Digital segment will benefit from positive momentum in 2025, supported by Thales’ unique positioning and leadership. The continued development of Imperva will strengthen the differentiating value proposition in cybersecurity activities in order to take advantage of the buoyant environment. The payment services business is also expected to gradually return to growth.
The Group expects net investment expenses to slightly exceed €700 million in 2025 (after €617 million in 2024) to meet the need to increase production capacity, particularly in the Defence business.
As a result, Thales sets the following targets for 2025:
A book-to-bill ratio above 1;
Organic sales growth of between +5% and +6%, corresponding to sales in the range of €21.7 billion to €21.9 billion;
An Adjusted EBIT18 margin between 12.2% and 12.4%, up 40 to 60 basis points from 2024.
The Group also expects to maintain a high cash conversion ratio of between 95% and 100% in 2025.
Note: assuming no new major disruptions of macroeconomic and geopolitical context; including tariff increase.
Impact of new tax measures in France
Following the adoption of the 2025 budget, which introduces various tax changes, the impacts for the Thales Group are as follows:
An additional tax expense of ~€80 million related to the temporary additional corporate tax charge, giving rise to an additional tax of 41.2% in 2025, resulting in an overall tax rate of 36.13% (instead of the current rate of 25.83%);
~€8 million in taxes payable on share cancellations made in October 2024 as part of the share buyback program.
The temporary additional contribution to corporate tax for Naval Group could have a negative impact of around €8 million on Thales’ Adjusted EBIT in 2025.
These different impacts will represent an equivalent cash outflow in 2025.
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This press release contains certain forward-looking statements. Although Thales believes that its expectations are based on reasonable assumptions, actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company’s Universal Registration Document, which has been filed with the French financial markets authority (Autorité des marchés financiers – AMF).
1 In this press release, “organic” means “at constant scope and exchange rates”. See note on methodology on page 18 and calculation on page 23.
2 Non-GAAP financial indicators, see definitions in the appendices, page 18. The title “EBIT” has been amended to “Adjusted EBIT”, in accordance with ESMA’s recommendation.The definition remains unchanged.
3 Operating free cash flow from continuing operations, excluding the Transport activity sold on May 31, 2024.
4 Proposed to the Annual General Meeting on May 16, 2025.
5 Ratio of order intake to sales.
6 As at the date of this press release, the verification process on the sustainability information is ongoing. With the exception of the possible impact of the conclusions of this process, the audit procedures have been carried out. The audit report will be issued following the Board of Directors’ meeting on April 2, after the finalization of the procedures related to sustainability information.
7 Non-GAAP financial indicators, see definitions in the appendices, page 18.
8 Proposed to the Annual General Meeting on May 16, 2025.
9 Free operating cash flow from continuing operations, excluding the Transport activity sold on May 31, 2024.
10 Mature markets: Europe, North America, Australia, New Zealand; emerging markets: all other countries. See table on page 22.
11 Taking into account a currency effect of €49 million and a net scope effect of €625 million.
12 See table on page 22.
13 Mature markets: Europe, North America, Australia, New Zealand; emerging markets: all other countries. See table on page 22.
14 The calculation of the organic change in sales is shown on page 23.
15 See table on page 22.
16 Non-GAAP financial indicator, see definition in the appendices, page 18 and calculation, pages 20 and 21.
17 Non-GAAP financial indicator, see definition in the appendices, page 18.
18 The title “EBIT” has been amended to “Adjusted EBIT”, in accordance with ESMA’s recommendation.The definition remains unchanged.