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Category: Politics

  • MIL-OSI United Kingdom: Construction boss jailed after moving £700,000 from failing companies into his own casino account

    Source: United Kingdom – Executive Government & Departments

    Press release

    Construction boss jailed after moving £700,000 from failing companies into his own casino account

    Fraudster used company money to fund casino gambling over several years

    • Wesley Grainger-Smith fraudulently removed more than £700,000 from four struggling construction companies between 2014 and 2017 

    • Grainger-Smith was not the official director of any of the companies but acted in the capacity of a director and had significant influence over their affairs 

    • All the company funds Grainger-Smith withdrew were transferred into his casino gaming account 

    • The 66-year-old claimed to have later repaid most or all of the amount with his winnings but was never entitled to gamble with company money in the first place 

    A Nottinghamshire construction boss who fraudulently removed more than £700,000 from four failing companies and transferred the money to his casino account has been jailed. 

    Wesley Grainger-Smith, 66, was sentenced to two years and four months in prison at Lincoln Crown Court on Friday 28 February. 

    Grainger-Smith, of Gainsborough Road, Winthorpe, had previously pleaded guilty to five counts of fraudulently removing company property at an earlier hearing. 

    The Insolvency Service also discovered around £570,000 in cash deposits paid back to the companies, which investigators believe may correlate with Grainger-Smith’s claim that he paid most of the money back through his gambling winnings. 

    Mark Stephens, Chief Investigator at the Insolvency Service, said: 

    Wesley Grainger-Smith removed vast sums of money from failing companies to fund his gambling at casinos. 

    He cannot have thought he was entitled to recklessly gamble with company money, or that he was acting in the best interests of the four companies where he said he acted as a consultant. 

    Directors, or those acting as directors such as Grainger-Smith, will continue to be prosecuted by the Insolvency Service if they deliberately and fraudulently put money out of the reach of creditors.

    Grainger-Smith’s offending took place between 2014 and 2017 when he acted in the role of director for the below four companies: 

    • Eagleport Ltd 

    • Smiths Constructions Ltd 

    • Smiths Construction Services Ltd 

    • Smiths Construction Specialists Ltd 

    Grainger-Smith said that while he was not the director of any of the companies, he was able to exert influence over the official directors and withdraw the money with their knowledge. 

    Between April 2014 and May 2015, Grainger-Smith removed £230,810 from Eagleport’s account. 

    A winding-up order was made against the company one month later in June 2015. 

    Grainger-Smith then removed £110,250 from Smiths Constructions between April and November 2015, with the company entering liquidation in December of that year. 

    In the five months from February to July 2016, Grainger-Smith fraudulently transferred £84,600 from the bank account of Smiths Construction Services. 

    A liquidator was appointed for Smiths Construction Services in September of that year.  

    Grainger-Smith’s final fraudulent removal of company funds came between August 2016 and February 2017, when he withdrew £276,390 from the account of Smiths Construction Specialists. 

    Smiths Construction Specialists, as with the other three companies, soon stopped trading after the removal of the funds, with winding-up proceedings beginning in June 2017.  

    In total, Grainger-Smith fraudulently removed £702,050 from the four companies, with the funds going into his casino gaming account. 

    Grainger-Smith was declared bankrupt in March 2017 and was banned as a company director for five years in July of that year as a result of his misconduct at Eagleport. 

    He was disqualified for a further 10 years in June 2019 for his misconduct at Smiths Construction Specialists. 

    Further information

    Updates to this page

    Published 3 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Occidental Announces Offer to Exercise Warrants at a Temporarily Reduced Price

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) today announced an offer to exercise its outstanding publicly traded warrants (the “Warrants”) at a temporarily reduced price (the “Offer”).

    The Offer is available to holders of the Warrants, each representing the right to purchase one share of Occidental’s common stock, $0.20 par value per share, at an exercise price of $22.00. The Warrants were initially distributed by Occidental on August 3, 2020 in the form of a dividend to the holders of record of Occidental’s common stock as of July 6, 2020 and are listed on the New York Stock Exchange under the symbol “OXY WS”. Warrant holders (the “Holders”) have the opportunity to exercise each of their Warrants at a temporarily reduced exercise price of $21.30. There is no minimum participation requirement with respect to the Offer.

    The Offer is subject to the terms and conditions set forth in the Offer to Exercise Warrants to Purchase Common Stock of Occidental Petroleum Corporation, dated March 3, 2025 (the “Offer to Exercise”), filed as an exhibit to Occidental’s Schedule TO filed with the U.S. Securities and Exchange Commission (“SEC”).

    To participate in the Offer and exercise the Warrants at the temporarily reduced exercise price, Holders must elect to participate prior to the expiration of the Offer at 5:00 p.m. Eastern Time on March 31, 2025, which may be extended by Occidental in its sole discretion (the “Expiration Date”), and must deliver payment and the required documentation in accordance with the Offer to Exercise prior to the Expiration Date. Holders who elect to participate in the Offer and do not withdraw their validly tendered Warrants will receive the shares of common stock issuable upon exercise of the Warrants promptly after the Expiration Date. Any Holder that tenders Warrants prior to the Expiration Date but changes their mind may withdraw their tender of Warrants at any time prior to the Expiration Date. 

    The purpose of the Offer is to encourage the exercise of the Warrants by temporarily reducing the exercise price. If all of the outstanding Warrants are exercised at the temporarily reduced exercise price, Occidental would receive gross proceeds of approximately $1.6 billion. Occidental intends to use the proceeds for general corporate purposes, which may include the redemption or repayment of certain of its outstanding indebtedness.

    For additional information or assistance, please contact D.F. King & Co., Inc., which is acting as Information Agent for the Offer, at:

    D.F. King & Co., Inc.
    48 Wall St, 22nd Floor
    New York, NY 10005
    Toll-Free: (888) 628-8208
    Email: OXY@dfking.com

    Additional Information

    The discussion of the Offer contained in this press release is for informational purposes only and is neither an offer to buy nor a solicitation of an offer to sell securities. Holders should read the Schedule TO filed with the SEC and the exhibits attached thereto carefully because they contain important information, including the various terms and conditions set forth in the Offer to Exercise. The Schedule TO, including the Offer to Exercise and other related materials, will also be available to Holders at no charge on the SEC’s website at http://www.sec.gov or from D.F. King & Co., Inc., Occidental’s Information Agent for the Offer. Holders are urged to read those materials carefully prior to making any decisions with respect to the Offer.

    Occidental has filed with the SEC a registration statement that includes a prospectus (as supplemented by a prospectus supplement, the “Prospectus”) relating to the offering of the shares of common stock issuable upon exercise of the Warrants, and has further filed with the SEC a prospectus supplement relating to such registration statement and Prospectus in respect of the exercise of the Warrants at the reduced exercise price. Copies of the Prospectus, as further supplemented by the prospectus supplement, may be obtained from the SEC at http://www.sec.gov, or by contacting D.F. King & Co., Inc.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy the common stock, nor shall there be any sale of the common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Occidental

    Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of America. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated to using our global leadership in carbon management to advance a lower-carbon world.

    Cautionary Statement Regarding Forward-Looking Statements

    This press release contains forward-looking statements, including, but not limited to, statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “commit,” “advance,” “likely” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

    Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental’s proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental’s ability to timely obtain or maintain permits or other government approvals, including those necessary for drilling and/or development projects; Occidental’s ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or divestitures; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections or projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, natural gas liquids and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; government actions (including geopolitical, trade, tariff and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, and deep-water and onshore drilling and permitting regulations; Occidental’s ability to recognize intended benefits from its business strategies and initiatives, such as Occidental’s low-carbon ventures businesses or announced greenhouse gas emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the scope and duration of global or regional health pandemics or epidemics, and actions taken by government authorities and other third parties in connection therewith; the creditworthiness and performance of Occidental’s counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental’s control.

    Additional information concerning these and other factors that may cause Occidental’s results of operations and financial position to differ from expectations can be found in Occidental’s filings with the SEC, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

    Contacts

    The MIL Network –

  • MIL-OSI: Ready Capital Corporation Reports Fourth Quarter 2024 Results and Declares First Quarter 2025 Dividends

    Source: GlobeNewswire (MIL-OSI)

    – GAAP LOSS PER COMMON SHARE FROM CONTINUING OPERATIONS OF $(1.80) –
    – DISTRIBUTABLE LOSS PER COMMON SHARE OF $(0.03) –
    – DISTRIBUTABLE EARNINGS PER COMMON SHARE BEFORE REALIZED LOSSES OF $0.23 –
    – DISTRIBUTABLE RETURN ON AVERAGE STOCKHOLDERS’ EQUITY BEFORE REALIZED LOSSES OF 7.1%    –
    – DECLARED A QUARTERLY CASH DIVIDEND OF $0.125 PER SHARE OF COMMON STOCK AND OPERATING PARTNERSHIP UNIT FOR THE QUARTER ENDING MARCH 31, 2025 –

    NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services lower-to-middle-market (“LMM”) investor and owner-occupied commercial real estate loans, today reported financial results for the quarter ended December 31, 2024 and declared dividends for the quarter ending March 31, 2025.

    “The fourth quarter closes out a year of mixed results. On one hand, our Small Business Lending segment performed well, with significant origination growth reflecting the benefits of past investments. Meanwhile, our multi-family lending focused business faced challenges from higher rates, inflationary pressures, and lower rent growth,” said Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “Entering 2025, we have taken decisive actions to stabilize and better position our balance sheet going forward by fully reserving for all of our non-performing loans in our CRE portfolio. While this reduces our book value per share in the short term, we believe it provides a path to recovery in our net interest margin through the accelerated resolution of our non-performing loans to generate liquidity for reinvestment in higher-yielding new originations. Additionally, we have adjusted our dividend to $0.125 per share to align with anticipated cash earnings to preserve capital for reinvestment and share repurchases with potential upward bias co-incident with the recovery in earnings. We believe these actions will enable the Company to resume growth in both book value per share and the dividend as we move forward.”

    Fourth Quarter Highlights

    • LMM commercial real estate originations of $436 million
    • Small Business Lending (“SBL”) loan originations of $348 million, including $315 million of Small Business Administration 7(a) loans
    • Book value of $10.61 per share of common stock as of December 31, 2024
    • Entered into a definitive merger agreement to acquire United Development Funding IV, a real estate investment trust providing capital solutions to residential real estate developers and regional homebuilders
    • Acquired approximately 5.8 million shares of the Company’s common stock at an average price of $7.35 per share as part of stock repurchase program
    • Issued $130 million in aggregate principal amount of 9.00% Senior Unsecured Notes due 2029

    Full Year Highlights

    • GAAP Loss per common share from continuing operations of $(2.52)
    • Distributable earnings per common share before realized losses of $0.97
    • Distributable return on average stockholders’ equity before realized losses of 7.5%
    • Total LMM and SBL originations of $2.4 billion, including $1.1 billion of Small Business Administration 7(a) loans
    • Sold $7.6 billion in mortgage servicing rights in connection with the disposition of its residential mortgage banking segment
    • Completed the acquisitions of Madison One, a leading originator and servicer of USDA and SBA guaranteed loan product, and Funding Circle USA, Inc., an online lending platform that originates and services small business loans
    • Acquired approximately 10.3 million shares of the Company’s common stock at an average price of $7.95 per share as part of stock repurchase program

    Subsequent Events

    • On January 16, 2025, the Board approved a new stock repurchase program authorizing the repurchase of up to $150 million of the Company’s common stock
    • On February 21, 2025, ReadyCap Holdings, LLC, a taxable REIT subsidiary of the Company, closed a private placement of $220 million in aggregate principal amount of its 9.375% Senior Secured Notes due 2028. The Company intends to use the net proceeds from the private placement to repay its indebtedness and for general corporate purposes

    Dividends

    • The Company announced that its Board of Directors declared a quarterly cash dividend of $0.125 per share of common stock and Operating Partnership unit for the quarter ending March 31, 2025. The dividend is payable on April 30, 2025, to shareholders of record as of the close of business on March 31, 2025
    • Additionally, the Company announced that its Board of Directors declared quarterly cash dividends on its 6.25% Series C Cumulative Convertible Preferred Stock (the “Series C Preferred Stock”), and its 6.50% Series E Cumulative Redeemable Preferred Stock (the “Series E Preferred Stock”)
    • The Company declared a dividend of $0.390625 per share of Series C Preferred Stock payable on April 15, 2025, to Series C Preferred stockholders of record as of the close of business on March 31, 2025
    • The Company declared a dividend of $0.40625 per share of Series E Preferred Stock payable on April 30, 2025, to Series E Preferred stockholders of record as of the close of business on March 31, 2025

    Use of Non-GAAP Financial Information

    In addition to the results presented in accordance with U.S. GAAP, this press release includes distributable earnings, formerly referred to as core earnings, which is a non-U.S. GAAP financial measure. The Company defines distributable earnings as net income adjusted for unrealized gains and losses related to certain mortgage backed securities (“MBS”) not retained by us as part of our loan origination business, realized gains and losses on sales of certain MBS, unrealized gains and losses related to residential mortgage servicing rights (“MSR”) from discontinued operations, unrealized changes in our current expected credit loss reserve, unrealized gains or losses on de-designated cash flow hedges, unrealized gains or losses on foreign exchange hedges, unrealized gains or losses on certain unconsolidated joint ventures, non-cash compensation expense related to our stock-based incentive plan, and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses.

    The Company believes that this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, provides investors greater transparency into the information used by management in its financial and operational decision-making, including the determination of dividends. However, because distributable earnings is an incomplete measure of the Company’s financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company’s net income computed in accordance with U.S. GAAP as a measure of the Company’s financial performance. In addition, because not all companies use identical calculations, the Company’s presentation of distributable earnings may not be comparable to other similarly-titled measures of other companies.

    In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by the Company in the secondary market but is not adjusted to exclude unrealized gains and losses on MBS retained by Ready Capital as part of its loan origination businesses, where the Company transfers originated loans into an MBS securitization and the Company retains an interest in the securitization. In calculating distributable earnings, the Company does not adjust Net Income (in accordance with U.S. GAAP) to take into account unrealized gains and losses on MBS retained by us as part of the loan origination businesses because the unrealized gains and losses that are generated in the loan origination and securitization process are considered to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of the Company’s historical loan originations. In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude realized gains and losses on certain MBS securities considered to be non-distributable. Certain MBS positions are considered to be non-distributable due to a variety of reasons which may include collateral type, duration, and size.

    In addition, in calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains or losses on residential MSRs, held at fair value from discontinued operations. Servicing rights relating to the Company’s small business commercial business are accounted for under ASC 860, Transfer and Servicing. In calculating distributable earnings, the Company does not exclude realized gains or losses on commercial MSRs, as servicing income is a fundamental part of Ready Capital’s business and is an indicator of the ongoing performance.

    To qualify as a REIT, the Company must distribute to its stockholders each calendar year at least 90% of its REIT taxable income (including certain items of non-cash income), determined without regard to the deduction for dividends paid and excluding net capital gain. There are certain items, including net income generated from the creation of MSRs, that are included in distributable earnings but are not included in the calculation of the current year’s taxable income. These differences may result in certain items that are recognized in the current period’s calculation of distributable earnings not being included in taxable income, and thus not subject to the REIT dividend distribution requirement until future years.

    The table below reconciles Net Income computed in accordance with U.S. GAAP to Distributable Earnings.

    (in thousands) Three Months Ended
    December 31, 2024    		 Year Ended
    December 31, 2024
    Net Loss $ (314,751 ) $ (430,398 )
    Reconciling items:    
    Unrealized loss on MSR – discontinued operations   33,175     40,394  
    Unrealized gain on joint ventures   (5,015 )   (3,503 )
    Increase in CECL reserve   277,277     272,964  
    Increase (decrease) in valuation allowance   (31,229 )   124,878  
    Non-recurring REO impairment   31,175     55,686  
    Non-cash compensation   2,826     8,510  
    Unrealized loss on preferred equity, at fair value   15,613     15,613  
    Merger transaction costs and other non-recurring expenses   6,579     17,432  
    Bargain purchase gain   —     (13,859 )
    Realized losses on sale of investments   51,688     183,718  
    Total reconciling items $ 382,089   $ 701,833  
    Income tax adjustments   (22,825 )   (89,504 )
    Distributable earnings before realized losses $ 44,513   $ 181,931  
    Realized losses on sale of investments, net of tax   (44,246 )   (153,571 )
    Distributable earnings $ 267   $ 28,360  
    Less: Distributable earnings attributable to non-controlling interests   3,113     8,167  
    Less: Income attributable to participating shares   2,248     9,125  
    Distributable earnings attributable to common stockholders $ (5,094 ) $ 11,068  
    Distributable earnings before realized losses on investments, net of tax per common share – basic and diluted $ 0.23   $ 0.97  
    Distributable earnings per common share – basic and diluted $ (0.03 ) $ 0.07  

    U.S. GAAP return on equity is based on U.S. GAAP net income, while distributable return on equity is based on distributable earnings, which adjusts U.S. GAAP net income for the items Din the distributable earnings reconciliation above.

    Webcast and Earnings Conference Call

    Management will host a webcast and conference call on Monday, March 3, 2025 at 8:30am ET to provide a general business update and discuss the financial results for the quarter ended December 31, 2024. During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

    The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

    To Participate in the Telephone Conference Call:

    Dial in at least five minutes prior to start time.

    Domestic: 1-877-407-0792
    International: 1-201-689-8263

    Conference Call Playback:

    Domestic: 1-844-512-2921
    International: 1-412-317-6671
    Replay Pin #: 13750356

    The playback can be accessed through March 17, 2025.

    Safe Harbor Statement

    This press release contains statements that constitute “forward-looking statements,” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company’s investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company’s assets; the degree and nature of competition, including competition for the Company’s target assets; and other factors, including those set forth in the Risk Factors section of the Company’s most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    About Ready Capital Corporation

    Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program and government guaranteed loans focused on the United States Department of Agriculture. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide.

    Contact
    Investor Relations
    Ready Capital Corporation
    212-257-4666
    InvestorRelations@readycapital.com

    Additional information can be found on the Company’s website at www.readycapital.com.

    READY CAPITAL CORPORATION
    UNAUDITED CONSOLIDATED BALANCE SHEETS
    (in thousands) December 31, 2024   December 31, 2023
    Assets      
    Cash and cash equivalents $ 143,803     $ 138,532  
    Restricted cash   30,560       30,063  
    Loans, net (including $3,533 and $9,348 held at fair value)   3,378,149       4,020,160  
    Loans, held for sale (including $128,531 and $81,599 held at fair value and net of valuation allowance of $97,620 and $0)   241,626       81,599  
    Mortgage-backed securities   31,006       27,436  
    Investment in unconsolidated joint ventures (including $6,577 and $7,360 held at fair value)   161,561       133,321  
    Derivative instruments   7,963       2,404  
    Servicing rights   128,440       102,837  
    Real estate owned, held for sale   193,437       252,949  
    Other assets   362,486       300,175  
    Assets of consolidated VIEs   5,175,295       6,897,145  
    Assets held for sale   287,595       454,596  
    Total Assets $ 10,141,921     $ 12,441,217  
    Liabilities      
    Secured borrowings   2,035,176       2,102,075  
    Securitized debt obligations of consolidated VIEs, net   3,580,513       5,068,453  
    Senior secured notes, net   437,847       345,127  
    Corporate debt, net   895,265       764,908  
    Guaranteed loan financing   691,118       844,540  
    Contingent consideration   573       7,628  
    Derivative instruments   352       212  
    Dividends payable   43,168       54,289  
    Loan participations sold   95,578       62,944  
    Due to third parties   1,442       3,641  
    Accounts payable and other accrued liabilities   188,051       207,481  
    Liabilities held for sale   228,735       333,157  
    Total Liabilities $ 8,197,818     $ 9,794,455  
    Preferred stock Series C, liquidation preference $25.00 per share   8,361       8,361  
           
    Commitments & contingencies      
           
    Stockholders’ Equity      
    Preferred stock Series E, liquidation preference $25.00 per share   111,378       111,378  
    Common stock, $0.0001 par value, 500,000,000 shares authorized, 162,792,372 and 172,276,105 shares issued and outstanding, respectively   17       17  
    Additional paid-in capital   2,250,291       2,321,989  
    Retained earnings (deficit)   (505,089 )     124,413  
    Accumulated other comprehensive loss   (18,552 )     (17,860 )
    Total Ready Capital Corporation equity   1,838,045       2,539,937  
    Non-controlling interests   97,697       98,464  
    Total Stockholders’ Equity $ 1,935,742     $ 2,638,401  
    Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity $ 10,141,921     $ 12,441,217  
    READY CAPITAL CORPORATION
    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share data) Three Months Ended
    December 31, 2024    		   Year Ended
    December 31, 2024
    Interest income $ 203,965     $ 896,975  
    Interest expense   (153,911 )     (696,455 )
    Net interest income before provision for loan losses $ 50,054     $ 200,520  
    Provision for loan losses   (285,008 )     (292,759 )
    Net interest income after provision for loan losses $ (234,954 )   $ (92,239 )
    Non-interest income      
    Net realized gain (loss) on financial instruments and real estate owned   (10,934 )     (54,000 )
    Net unrealized gain (loss) on financial instruments   (17,025 )     (14,991 )
    Valuation allowance, loans held for sale   31,229       (124,878 )
    Servicing income, net of amortization and impairment of $7,756 and $21,972   4,112       16,556  
    Gain on bargain purchase   —       13,859  
    Income on unconsolidated joint ventures   6,065       10,886  
    Other income   13,557       50,803  
    Total non-interest income (expense) $ 27,004     $ (101,765 )
    Non-interest expense      
    Employee compensation and benefits   (23,320 )     (82,522 )
    Allocated employee compensation and benefits from related party   (3,350 )     (11,387 )
    Professional fees   (7,557 )     (26,887 )
    Management fees – related party   (5,518 )     (24,862 )
    Loan servicing expense   (12,749 )     (46,656 )
    Transaction related expenses   (4,878 )     (10,118 )
    Impairment on real estate   (29,876 )     (56,503 )
    Other operating expenses   (19,637 )     (63,572 )
    Total non-interest expense $ (106,885 )   $ (322,507 )
    Loss from continuing operations before benefit for income taxes   (314,835 )     (516,511 )
    Income tax benefit   17,318       104,512  
    Net loss from continuing operations $ (297,517 )   $ (411,999 )
    Discontinued operations      
    Loss from discontinued operations before benefit for income taxes   (22,978 )     (24,532 )
    Income tax benefit   5,744       6,133  
    Net loss from discontinued operations $ (17,234 )   $ (18,399 )
    Net loss $ (314,751 )   $ (430,398 )
    Less: Dividends on preferred stock   1,999       7,996  
    Less: Net income attributable to non-controlling interest   1,389       5,357  
    Net loss attributable to Ready Capital Corporation $ (318,139 )   $ (443,751 )
           
    Earnings per common share from continuing operations – basic $ (1.80 )   $ (2.52 )
    Earnings per common share from discontinued operations – basic $ (0.10 )   $ (0.11 )
    Total earnings per common share – basic $ (1.90 )   $ (2.63 )
           
    Earnings per common share from continuing operations – diluted $ (1.80 )   $ (2.52 )
    Earnings per common share from discontinued operations – diluted $ (0.10 )   $ (0.11 )
    Total earnings per common share – diluted $ (1.90 )   $ (2.63 )
           
    Weighted-average shares outstanding      
    Basic   167,434,683       169,107,477  
    Diluted   168,845,426       170,472,273  
           
    Dividends declared per share of common stock $ 0.25     $ 1.10  
    READY CAPITAL CORPORATION
    UNAUDITED SEGMENT REPORTING
      Three Months Ended December 31, 2024
    (in thousands) LMM
    Commercial
    Real Estate    		   Small Business
    Lending    		   Corporate-Other   Consolidated
    Interest income $ 170,292     $ 33,673     $ —     $ 203,965  
    Interest expense   (131,128 )     (22,783 )     —       (153,911 )
    Net interest income before provision for loan losses $ 39,164     $ 10,890     $ —     $ 50,054  
    Provision for loan losses   (279,483 )     (5,525 )     —       (285,008 )
    Net interest income after provision for loan losses $ (240,319 )   $ 5,365     $ —     $ (234,954 )
    Non-interest income              
    Net realized gain (loss) on financial instruments and real estate owned   (33,206 )     22,272       —       (10,934 )
    Net unrealized gain (loss) on financial instruments   (19,629 )     2,604       —       (17,025 )
    Valuation allowance, loans held for sale   31,229       —       —       31,229  
    Servicing income, net   1,761       2,351       —       4,112  
    Income on unconsolidated joint ventures   6,065       —       —       6,065  
    Other income   2,279       9,155       2,123       13,557  
    Total non-interest income (loss) $ (11,501 )   $ 36,382     $ 2,123     $ 27,004  
    Non-interest expense              
    Employee compensation and benefits   (4,741 )     (14,564 )     (4,015 )     (23,320 )
    Allocated employee compensation and benefits from related party   (335 )     —       (3,015 )     (3,350 )
    Professional fees   (1,639 )     (3,210 )     (2,708 )     (7,557 )
    Management fees – related party   —       —       (5,518 )     (5,518 )
    Loan servicing expense   (11,592 )     (1,157 )     —       (12,749 )
    Transaction related expenses   —       —       (4,878 )     (4,878 )
    Impairment on real estate   (29,876 )     —       —       (29,876 )
    Other operating expenses   (4,257 )     (12,215 )     (3,165 )     (19,637 )
    Total non-interest expense $ (52,440 )   $ (31,146 )   $ (23,299 )   $ (106,885 )
    Income (loss) before provision for income taxes $ (304,260 )   $ 10,601     $ (21,176 )   $ (314,835 )
    Total assets $ 8,058,707     $ 1,427,281     $ 368,338     $ 9,854,326  
    READY CAPITAL CORPORATION
    UNAUDITED SEGMENT REPORTING
      Year Ended December 31, 2024
    (in thousands) LMM
    Commercial
    Real Estate    		   Small Business
    Lending    		   Corporate-Other   Consolidated
    Interest income $ 766,354     $ 130,621     $ —     $ 896,975  
    Interest expense   (598,846 )     (97,609 )     —       (696,455 )
    Net interest income before provision for loan losses $ 167,508     $ 33,012     $ —     $ 200,520  
    Provision for loan losses   (283,800 )     (8,959 )     —       (292,759 )
    Net interest income after provision for loan losses $ (116,292 )   $ 24,053     $ —     $ (92,239 )
    Non-interest income              
    Net realized gain (loss) on financial instruments and real estate owned   (132,746 )     78,746       —       (54,000 )
    Net unrealized gain (loss) on financial instruments   (20,588 )     5,597       —       (14,991 )
    Valuation allowance, loans held for sale   (124,878 )     —       —       (124,878 )
    Servicing income, net   5,759       10,797       —       16,556  
    Gain on bargain purchase   —       —       13,859       13,859  
    Income on unconsolidated joint ventures   10,876       10       —       10,886  
    Other income   22,605       23,424       4,774       50,803  
    Total non-interest income (loss) $ (238,972 )   $ 118,574     $ 18,633     $ (101,765 )
    Non-interest expense              
    Employee compensation and benefits   (25,821 )     (46,036 )     (10,665 )     (82,522 )
    Allocated employee compensation and benefits from related party   (1,139 )     —       (10,248 )     (11,387 )
    Professional fees   (4,963 )     (12,681 )     (9,243 )     (26,887 )
    Management fees – related party   —       —       (24,862 )     (24,862 )
    Loan servicing expense   (44,667 )     (1,989 )     —       (46,656 )
    Transaction related expenses   —       —       (10,118 )     (10,118 )
    Impairment on real estate   (56,428 )     (75 )     —       (56,503 )
    Other operating expenses   (15,212 )     (36,108 )     (12,252 )     (63,572 )
    Total non-interest expense $ (148,230 )   $ (96,889 )   $ (77,388 )   $ (322,507 )
    Income (loss) before provision for income taxes $ (503,494 )   $ 45,738     $ (58,755 )   $ (516,511 )
    Total assets $ 8,058,707     $ 1,427,281     $ 368,338     $ 9,854,326  

    The MIL Network –

  • MIL-OSI: Kayne Anderson Energy Infrastructure Fund Announces Distribution of $0.08 Per Share for March 2025

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) — Kayne Anderson Energy Infrastructure Fund, Inc. (the “Company”) announced today a monthly distribution of $0.08 per share for March 2025. This distribution is payable to common stockholders on March 31, 2025 (as outlined in the table below).

    The Company declares distributions on a monthly basis, with its next distribution expected to be declared in early April. Payment of future distributions is subject to the approval of the Company’s Board of Directors, as well as meeting the covenants on the Company’s debt agreements and the terms of its preferred stock.

    Record Date /
    Ex-Date    		 Payment Date Distribution Amount Return of Capital
    Estimate
    3/14/25 3/31/25 $0.08 75%(1)

    (1) This estimate is based on the Company’s anticipated earnings and profits. The final determination of the tax character of distributions will not be determinable until after the end of fiscal 2025 and may differ substantially from this preliminary information.

    Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The Company’s investment objective is to provide a high after-tax total return with an emphasis on making cash distributions to stockholders. KYN intends to achieve this objective by investing at least 80% of its total assets in securities of Energy Infrastructure Companies. See Glossary of Key Terms in the Company’s most recent quarterly report for a description of these investment categories and the meaning of capitalized terms.

    The Company pays cash distributions to common stockholders at a rate that may be adjusted from time to time. Distribution amounts are not guaranteed and may vary depending on a number of factors, including changes in portfolio holdings and market conditions. 

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or consider any investor’s specific objectives or circumstances. Before investing, please consult with your investment, tax, or legal adviser regarding your individual circumstances.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This communication contains statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events. These and other statements not relating strictly to historical or current facts constitute forward-looking statements as defined under the U.S. federal securities laws. Forward-looking statements involve a variety of risks and uncertainties. These risks include but are not limited to changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the Company’s filings with the SEC, available at www.kaynefunds.com or www.sec.gov. Actual events could differ materially from these statements or our present expectations or projections. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Kayne Anderson undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objectives will be attained.

    Contact investor relations at 877-657-3863 or cef@kayneanderson.com.

    The MIL Network –

  • MIL-OSI United Kingdom: Liverpool Calling: The Results Are In

    Source: City of Liverpool

    Ground-breaking research has found that hosting the Eurovision Song Contest 2023 delivered a £54million economic boost to the Liverpool City Region. 

    In a first for any Eurovision Song Contest host city, a Multi-Agency Evaluation Steering Group led by Liverpool City Council, has commissioned five in-depth, independent evaluations – the interim results of which will be announced today (Thursday 26 October) by Leader of Liverpool City Council, Councillor Liam Robinson and Liverpool City Region Mayor, Steve Rotheram.

    The reports looked at the economic and social impact of staging the event on behalf of Ukraine, as well as the influence on cultural relations; the impact on wellbeing in the city and the wider city region; the visitor experience and the effectiveness of the strategic collaboration between delivery agencies. 

    Key data highlights include:

    The Big Numbers

    • Eurovision boosted the Liverpool City Region economy by £54.8million (net) with restaurants, accommodation providers, shops, bars and transport networks all benefitting.
    • In total 473,000 people attended Eurovision events in the city, with 306,000 additional visitors heading to Liverpool to be part of the celebrations.
    • In May, 175,000 city centre hotel rooms were sold  – the best month on record since 2018. (STEAM data)   

    Culture Counts

    • The education and community programmes, EuroStreet and EuroLearn, engaged with 367 organisations and directly with 50,000 people, young and old. The overall programme is estimated to have reached 2 million people.
    • EuroFestival – the Culture Liverpool curated two-week culture festival – presented 24 brand new commissions, 19 of which were in collaboration with Ukrainian artists. A huge 328,346 people engaged with this programme – 557 artists, 1,750 participants involved in a commission and an audience number of 326,039.
    • The official Eurovision Village, located at the Pier Head attracted 250,000 visitors across the ten days it was open, with the ticketed final selling out within hours.

    Visitor’s Views

    • Visitors to Liverpool reported an overwhelmingly positive experience. In a survey, 89 per cent of those questioned, felt it was a safe event and 88 per cent praised its inclusivity. A whopping 96 per cent of those surveyed would recommend Liverpool as a destination to visit and 42 per cent of overseas visitors said the city’s staging of the event had a positive impact on how they viewed the UK.
    • The official Eurovision Fan Club – the OGAEs – carried out a survey and found that 99 per cent of their members felt welcomed in the city and 98 per cent loved the undeniable festival atmosphere.

    Resident’s Reaction

    • There was a huge amount of pride around Liverpool being the host city, with 80 per cent of residents noting how important it was for Liverpool and a further 93 per cent saying they were pleased with how the city delivered the event.
    • Of those questioned, 74 per cent were enthusiastic about Liverpool hosting on behalf of Ukraine and 71 per cent felt that the city’s leading role promoted positive feelings across all of the participating nations.

    People Power

    • An impressive 475 people provided 12,000 hours of volunteering, covering 350 shifts. The majority (90 per cent) were from the North West of England, and 30 were Ukrainian.
    • A Eurovision job recruitment fair saw 394 jobs offered in one day.
    • A partnership between the BBC and Liverpool Institute for Performing Arts saw 145 students become part of the Eurovision production – in roles such as on stage dancers in the live shows, costume makers or in the TV production team.

    Read all about it

    • Between the period of October 2022, when Liverpool was announced as host city, until end of May 2023, more than 280,000 pieces of global news coverage were generated.
    • The three live BBC shows were watched by 162 million people.

    Keep Liverpool Tidy

    • More than 50,000 tonnes of waste was collected throughout the Eurovision period, 80 per cent of which could be recycled.

    The independent reports were:

    • Economic Impact – Commissioned by Liverpool City Region Combined Authority and funded by Arts and Humanities Research Council. The research was compiled by AMION Consulting.
    • Community and Wellbeing – Commissioned by Liverpool City Council and funded by Spirit of 2012 and the Department of Culture, Media and Sport (DCMS). The research was carried out by University of Liverpool.
    • Cultural Diplomacy – Commissioned by Liverpool City Council and funded by British Council and DCMS. The British Council led on the research along with the University of Hull, and consultants from Universities of Brighton, Southampton and Royal Holloway (University of London).
    • Nightlife – Funded and compiled by Liverpool John Moores University.
    • Multi–Agency Working – Led by Edge Hill University.  

    Along with these reports, the BBC has commissioned its own Eurovision Highlights Report.

    To bring together the findings of the reports, Liverpool City Council’s Public Health team commissioned The Heseltine Institute for Public Policy, Practice and Place to compile the headline findings. This comprehensive overview can be found at the Heseltine Institute website. 

    The interim findings of these reports will be discussed at a special one-day Eurovision event taking place at ACC Liverpool today (Thursday 26 October).

    Head to the official Liverpool Calling website for full details of the day which will include panels with the Liverpool Host City team who will give an insight into the complexities of staging an event of this scale. This is a Liverpool City Council event supported by the Liverpool BID Company and The ACC Liverpool Group.

    Follow @CultureLpool on Twitter, @CultureLiverpool on Facebook and @culture_liverpool on Instagram for the latest updates as well as using #LiverpoolCalling on social media.

    Reaction

    Leader of Liverpool City Council, Councillor Liam Robinson, said:

    “The whirlwind that was Eurovision, gave this city an unparalleled stage where it could showcase not just its organisational prowess, but also its heart and soul.

    “From the outset, we put plans in place to evaluate everything we programmed in order to have a thorough understanding of the impact of major events.

    “The visitor and economic figures speak for themselves – jobs were created, local businesses were on the receiving end of a much-needed boost and hundreds of thousands of people came to the city, had a great time and are more than likely to return again.

    “My mantra is proud but never satisfied. These comprehensive reports give us the opportunity to reflect on what was achieved over an incredibly short period of time, but more importantly we can look at lessons learnt for the next time we host a major event. And this is Liverpool, so there will definitely be a next time.

    “Knowing the financials and the visitor numbers is always a great indicator of success, but with Eurovision we wanted to do more. As the first host city ever to introduce a school and community programme dedicated to Eurovision, we needed to drill into what that really meant for people – did it make a positive difference to their lives and as a result to our city? Never before has any other location commissioned such a detailed analysis, and it goes without saying that our methodology can be adopted by locations across the world which is a real badge of honour for Liverpool.

    “This collective research proves that events like Eurovision can transcend boundaries, leaving a legacy of inspiration and goodwill. It was a milestone moment in our city’s history, and now we’re more than ready for the next one.”

    Liverpool City Region Mayor Steve Rotheram said:
    “There was never a doubt in my mind as to whether our region was up to the challenge of hosting a global spectacle like Eurovision on behalf of our friends in Ukraine – because nowhere does culture bigger or better than the Liverpool City Region. From the hundreds of thousands of visitors who flocked to our region for a fortnight of fun and frivolity, to the tens of millions around the world who tuned in, we gave millions of people a Eurovision they will never forget.

    “While that’s an incredible result in itself, the contest was also a vital shot in the arm for our local economy, bringing in more than £54m, creating thousands of jobs and opportunities for local people and showcasing our brand to an international audience. None of this would have been possible without the hard work of everyone who truly embraced the Eurovision spirit and made our visitors feel so welcome. I said all along that nowhere can throw a party quite like us – and now we have the results to prove it!”

    Liverpool’s Director of Culture, Claire McColgan CBE, said:

    “We experienced this Eurovision-high as a result of cultural back catalogue.

    “We have spent years working towards what we all experienced in May – we cut our teeth during our European Capital of Culture year and from that point we have grown exponentially in confidence and ability as year-on-year we continue to deliver events that rival any other on the world stage.

    “The pandemic was a real line in the sand for us, and undoubtedly Liverpool’s role in leading the charge on the reopening of venues nationwide made us stand out from the crowd – we are recognised as a city that can deliver unforgettable moments, safely, quickly and with a scouse panache that simply can’t be replicated anywhere else.

    “Quite simply, it was an honour to deliver Eurovision on behalf of Ukraine and the UK. I’ve never known time move so fast as it did across those seven months and it has been a real pleasure to digest these impact reports and relive the experience once again and reassure myself it wasn’t just a crazy dream! They underline the fact Liverpool has the skill, agency-wide teamwork and the creativity to deliver time and time again.

    “So I’d like to say to everyone – whether you worked on the event, donned those iconic yellow hoodies and volunteered, performed on stage or on our streets, danced at the Village, sang along at the arena or perhaps you discovered more about Ukraine in the classroom or even helped evaluate the event – thank you. You made Eurovision. Liverpool made Eurovision. We were all united by music.”

    Eurovision Minister Stuart Andrew said: 

    “It is fantastic to see the impact that hosting the Eurovision Song Contest has had on Liverpool. The city put on a fantastic display of culture and creativity, showing solidarity with our friends in Ukraine and highlighting what unites us all. 

    “This research demonstrates the positive impact of hosting major events and I hope that we can continue to build on this success.” 

    Tim Jones, the University of Liverpool’s Vice-Chancellor said:

    “Today’s announcement gives us much to be proud of. It was the University’s Heseltine Institute that compiled the data that this success is judged on and it was our academics who played an important role in carrying out a key strand of research. But as a civic institution, we are immensely proud of the city of Liverpool. Our city put on a show like no other and I am delighted to see these positive results that I’m sure will have a lasting legacy for those who live, work, study and do business here.”

    Rhiannon Corcoran, Professor of Psychology and Public Mental Health University of Liverpool said:

    “Our survey was designed to understand Eurovision’s impact on the wellbeing and sense of community of local residents. The data we collected shows overwhelmingly positive feelings of pride in the city. I’m sure many people will recognise and understand how this is hugely beneficial to wellbeing.” 

    Sue Jarvis, Co-Director at the Heseltine Institute said:

    “At the Heseltine Institute we were delighted to work with partners across the city to publish this summary of the comprehensive evaluation of what Eurovision achieved for our city.

    “Liverpool has a long history of hosting and learning from major events, and these evaluations will help developing understanding of the key lessons from Eurovision 2023.

    “While the full legacy will emerge over time, it was fantastic to see that the positive impacts of Eurovision exceeded expectations. Eurovision not only brought immense financial and cultural benefits to the city but also enhanced the view of Liverpool across the UK, Europe and the world.”

    Phil Harrold, BBC Chief of Staff and Chair of 2023 City Selection Group, said:
    “When the BBC selected Liverpool to host the Eurovision Song Contest 2023 we knew that the city would deliver with a passion and enthusiasm that was second to none. The incredible numbers proven in this research, coupled with our own record-breaking audience figures, demonstrate that 2023 was indeed the most successful Eurovision ever and is testament to all who played a part in bringing this year’s Song Contest to life.”

    Amy Finch – Head of Policy & Influencing, Spirit of 2012, said:

    “We are proud to see the headline statistics from the Eurovision evaluations show tremendous benefits for Liverpool. Particularly, we are delighted to see the amazing reach of EuroLearn and the effects of cultural engagement inspiring civic pride in Liverpool residents. Liverpool has once again proven itself to be a world class host city and we must ensure that the impact of Eurovision in communities will endure for years to come.”

    Dr Rebecca Phythian, Reader in Policing at Edge Hill University, said:

    “Having behind the scenes access to see first-hand the partnership working that goes into staging multi-agency operations like Eurovision was incredible. Since then, we’ve been working with practitioners from Merseyside Police, Culture Liverpool, BBC and many of the other organisations involved to identify what worked well and what could be done differently, all to inform future large-scale operations.”

    Mike Smith, Edge Hill University’s Senior Lecturer in Policing, said:

    “We found that trust and co-location were key to effective information sharing and multi-agency working. This was supported by building new, and strengthening existing, relationships, and ensured a joint understanding of risk and situational awareness.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Council housing scheme opens door to local green space improvements

    Source: City of Leeds

    Green space in a Leeds community has been given a new and attractive lease of life thanks to a local council housing development.

    The Leeds City Council development, currently nearing completion at Brooklands Avenue in Seacroft, will provide a total of 33 high-quality homes for affordable rent.

    But the scheme – part of Leeds’s Council Housing Growth Programme (CHGP) – will not just have a positive impact on the lives of the people who move into the finished homes.

    Funding made available through the development has also been used to carry out improvements to existing green space close to Brooklands Avenue. Key elements of this work include:

    • The tidying of a woodland area that sits between Brooklands Avenue and Seacroft Village Green;
    • The planting of trees, shrubs and bulbs on two pieces of land next to The Green, a road which leads off Brooklands Avenue;
    • Enhancements to a footpath that runs between The Green and Redmire Drive.

    The improvements were carried out in partnership between the council and environmental charity Groundwork Yorkshire following consultation with residents and other regular users of the green space.

    And the difference that has been made to the area left two senior councillors hugely impressed when they paid a recent visit to Brooklands Avenue.

    Councillor Jess Lennox, Leeds City Council’s executive member for housing, and Councillor Mohammed Rafique, Leeds City Council’s executive member for climate, energy, environment and green space, helped out with the planting of a tree during their visit.

    Funds generated by the Brooklands Avenue scheme and another council housing development in the Ambertons area of Gipton are also being used to improve the biodiversity of 1.14 hectares of amenity grassland near the Denbigh Heights and Denbigh Croft flats, off Wykebeck Valley Road. Work here has included the planting of native scrub, providing a variety of food sources and shelter for wildlife.

    Councillor Jess Lennox, Leeds City Council’s executive member for housing, said:

    “The Brooklands Avenue development illustrates how our successful Council Housing Growth Programme is continuing to deliver the kind of high-quality, affordable homes that can change lives for the better.

    “Homes are more than just bricks and mortar, they can add social value and vibrancy to existing communities. I was really pleased, therefore, to see the positive difference that this particular scheme has made to green space in the surrounding area.”

    Councillor Mohammed Rafique, Leeds City Council’s executive member for climate, energy, environment and green space, said:

    “The work that has taken place at Brooklands Avenue and Wykebeck Valley Road is a great example of how the council, with support from residents and partners, can provide and enhance local green space.

    “Making our parks, fields, woods and footpaths as attractive and accessible as possible will encourage more and more people to use them and enjoy the benefits for health and wellbeing that come with spending time outdoors.”

    The Brooklands Avenue development will comprise 25 one-bedroom apartments – in a five-storey building named after Doris Storey, a Leeds swimming champion of the 1930s – and eight two and three-bedroom houses.

    The council is meeting most of the cost of the development, with additional support coming from the West Yorkshire Combined Authority’s Brownfield Housing Fund.

    Around 700 homes have been built or acquired via Leeds’s CHGP since 2018, supporting ongoing efforts to ease local affordable housing pressures.

    By increasing the number of appropriate properties available to tenants looking to downsize, the programme has also helped free up some homes that are best suited to larger families.

    Places where new housing has recently been delivered by the CHGP include Barncroft Close in Seacroft and Scott Hall Drive in Chapel Allerton as well as a site in Middleton formerly occupied by Throstle Recreation Ground and Middleton Skills Centre.

    ENDS

    MIL OSI United Kingdom –

  • MIL-OSI Russia: The qualifying round of the All-Russian school TIM championship has started at SPbGASU

    Translartion. Region: Russians Fedetion –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering –

    The qualifying round of the School Olympiad “All-Russian School TIM Championship” has started at SPbGASU. From March 3 to 11, participants will take tests and complete practical tasks remotely using Renga software.

    The Olympiad is being held within the framework of the federal innovation platform “Innovative methodology for the formation of digital professional competencies of students and specialists in the construction industry” implemented at the SPbGASU. The organizer is the Educational Center for Digital Competencies (ECDC).

    Our university is holding the All-Russian School TIM Championship for the second time. As the director of the OCCK Inna Sukhanova said, this year’s competition is distinguished by the presence of a qualifying round, which was not there before, as well as a large number of participants: 180 students from grades 8–11 registered for February 28 (last time there were 44).

    “TIM-Championship is an important event for schoolchildren. In preparation for the tournament, the children master the information modeling program, which is used in the construction industry. Thus, schoolchildren can decide in advance on the choice of future specialty, check whether project activities are suitable for them. It is very important that SPbGASU holds such events. After all, with the help of such championships, many children can be interested in project activities and admission to our university,” said jury member Kirill Sukhanov, associate professor of the Department of Heat, Gas Supply and Ventilation of SPbGASU.

    The jury is headed by Nikita Gorovoy, a specialist at the OCC. Together with him and Kirill Sukhanov, the participants’ work will be assessed by Svetlana Ezhova, TIM coordinator at JSC “Head Design and Survey Institute “Chuvashgrazhdanproekt”, Alevtina German, BIM expert at Vysotskiy consulting, and Ekaterina Velichko, chief architect of the project, OOO “Metropolis”.

    Schoolchildren who successfully pass the selection will take part in the final stage. It will be held from March 26 to 28 with the possibility of in-person and remote participation.

    The award ceremony for the winners of the Olympiad will take place on April 25, 2025, as part of the VIII International Scientific and Practical Conference “Information Modeling in Construction and Architecture” (BIMAC-2025).

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

    MIL OSI Russia News –

  • MIL-OSI China: Chinese national lawmakers gather in Beijing for annual session

    Source: People’s Republic of China – State Council News

    BEIJING, March 3 — Delegations of deputies attending the third session of the 14th National People’s Congress (NPC), China’s national legislature, have all registered for the NPC annual session scheduled to open in Beijing on Wednesday.

    Preparations for the session have been completed, according to the press center of the session on Monday.

    MIL OSI China News –

  • MIL-OSI Europe: ASIA/THAILAND – Apostles among Burmese refugees, the Capuchin Friars bring food and spiritual comfort

    Source: Agenzia Fides – MIL OSI

    Ofm cap Thailand

    Chiang Mai (Agenzia Fides) – In the Thai parish of Mae Teng, in the diocese of Chiang Mai, in northern Thailand, 350 Burmese Catholics belonging to the Kayaw, Kayah and Kayan tribes have found refuge. In recent days, the death of a little girl from the Kayaw tribe, whose parents did not know who to turn to for her funeral, has drawn the attention of the Capuchin Franciscan friars who work there. Brother Denchai, Brother Alshem Anuchit Sombunpoolpeume and Brother André Thaweedet Sawanphaophan welcomed the family, celebrated the funeral rite, and offered them comfort and support in their grief. Now, the Capuchin friars have established a bond with the refugees and begun to visit their villages and settlements to better understand their needs and offer them material and spiritual support.The men of these tribes, the brothers report, are engaged in training elephants, while the women sell crafts to visitors. However, their economic situation remains precarious: they are mostly illegal immigrants, without official residence and work permits, and they lack rights, like thousands of other Burmese refugees who have fled the conflict and are not recognized by the Thai government.The Franciscans are committed to providing food, medicine and other essential goods, but they also guarantee a supportive presence that is not secondary: spiritual, through liturgical celebrations, sacraments and human closeness, based on authentic fraternity. These elements are as important as material food, sometimes even more so, as they bring peace and hope to afflicted hearts.Now, the friars plan to organize an educational course for 45 children and young people who cannot pay school fees. At the same time, they are looking for resources to buy medicines and cover medical care, something these families cannot afford with the little they manage to earn. To respond to their needs, the Capuchin Missionary Centre in Milan has also been mobilized, with its director, Friar Giovanni Cropelli, who wants to take advantage of the favourable time of Lent to raise awareness among the faithful about charity and to support these needs. “These refugees – he notes – are part of the so-called “ghost towns”, which are not recognized in any way by the State. Without civil identity, they have no access to medical care, education or any public service. They are in a state of extreme need”. He adds that “among them, there is an even more disadvantaged minority, the community of Catholic refugees, who, fleeing the civil war, have left behind their home, their relatives, their memories and their roots”. Forced emigration is a consequence of the deep political, social, economic and humanitarian crisis that followed the military coup in February 2021, aggravated by the civil war, which has created more than 3.5 million internally displaced persons and thousands of people crossing the border into neighbouring Thailand.The Thai government has tried to curb this phenomenon through repatriation policies, creating detention camps for migrants or refugee camps guarded by the police, without allowing refugees to integrate into society. In 2024, the repatriation policy resulted in the detention of nearly 200,000 Myanmar citizens. As the war in Burma continues, with the compulsory recruitment law enacted by the Burmese junta, many young people continue to try to leave the country, choosing Thailand as their destination. Some enroll in schools, universities and study courses, applying for residence visas as students; for others, the only way is clandestinely, in the hope of finding work and regularizing their situation. (PA) (Agenzia Fides, 3/3/2025)

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    MIL OSI Europe News –

  • MIL-OSI Europe: AFRICA/DR CONGO – Rebel movement M23 is said to be responsible for the attack in Bukavu

    Source: Agenzia Fides – MIL OSI

    Kinshasa (Agenzia Fides) – “According to credible witnesses, the two explosions that hit the crowd in Bukavu are attributable to the M23,” a local source from the capital of the Congolese province of South Kivu tells Fides.On February 27, at the end of a rally organized by Corneille Nanga, coordinator of the Congo River Alliance (the political wing of the M23), two hand grenades exploded on the Place de l’Indépendance, leaving 13 dead and a hundred injured. The double attack was attributed by the M23 on the authorities in Kinshasa, but there were at least three versions of who was supposedly responsible for the massacre (see Fides, 27/2/2025). Now our source, who asked to remain anonymous for security reasons, reconstructs the events as follows: “According to a witness who was wounded in the double attack, at the end of the speech by the ‘new authorities’ on the Place de l’Indépendance, an invitation was made to the young people to join the M23; then, while most of the bystanders left the square, some young people began to shout: ‘Rwandans, go back to your homes’. This angered the M23 militiamen who were present to guard the event. In particular, militiamen were positioned in two small trucks on opposite sides of the square. A hand grenade was thrown from one of the trucks, causing the first victims. On the other side of the square, a second grenade was thrown from the other truck, causing more deaths and injuries. At least one person was hit in the head and is now in a coma.””The fact that the M23 was responsible for the massacre,” our source continues, “is confirmed by the fact that the area of the two explosions was immediately surrounded by militiamen who prevented the fragments from being collected. The next day, the square was perfectly clean, without any trace of the bombs or the blood of the victims.” The Fides source adds that the security situation in Bukavu remains precarious. “There are still many deaths in the city because, in the absence of the police and the prison (which was set on fire when the city was taken, see Fides, 20/2/2025), people resort to the so-called ‘popular justice’ to defend themselves against crimes. This has already happened before with thieves and robbers; Fearing that if they were handed over to the police they would be released and then return to take revenge on those who had denounced them, some preferred to resort to a quicker form of justice by killing and burning thieves and robbers. On February 27 alone, five people accused of various robberies were found murdered in a district of the city. This is the situation of a population left to its own devices.” Finally, according to our source, “the so-called ‘Wazalendo’, the local self-defense militias, are reorganizing themselves after the regular army soldiers fled.” “According to the testimonies collected, on March 1, an M23 formation was ambushed by the Wazalendo near Minova. There are reports of around 50 deaths among the M23. The fighting these days is concentrated in the Nyangesi area, a strategic point on the road from Bukavu to the plain. However, the M23 is located in Kamaniola, while the Wazalendo are stationed in a nearby town.” (L.M.) (Agenzia Fides, 3/3/2025)
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    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Government to take over redress for convicted postmasters from Post Office

    Source: United Kingdom – Executive Government & Departments

    Press release

    Government to take over redress for convicted postmasters from Post Office

    All postmasters who have had their convictions overturned will now have their conviction claims administered by the government

    • Government to manage redress for postmasters who have had convictions overturned by the Courts to ensure it is delivered promptly and sensitively
    • The Post Office will cease to be involved in the redress for postmasters with overturned convictions following calls from campaigners and postmasters
    • Redress for victims of Horizon scandal has more than doubled under this government, delivering on a key manifesto commitment

    All postmasters who have had their convictions overturned, whether by a court or legislation last year, will now have their conviction claims administered by the government, completely taking them out of the hands of the Post Office – fulfilling a key request from those impacted by the scandal.  

    After a three-month transitional period, the Department for Business and Trade’s Horizon Convictions Redress Scheme (HCRS) will broaden its scope to take on responsibility for redress for postmasters who have had their convictions overturned by the Courts. These are currently dealt with by the Post Office through their Overturned Convictions scheme. This is something that postmasters, campaigners, and Parliamentarians, including the Business and Trade Select Committee, have all called for.  

    Postmasters have suffered a huge amount. While the government can’t fully put right what they have been through, it can make sure the compensation process works better for them by listening to their grievances and acting upon them where possible to ensure postmasters are treated with dignity and respect. Today, this means ending the difficulty of dealing with the organisation which upended so many of their lives.   

    The delivery of redress for victims of the Post office Horizon scandal is a key government manifesto commitment, with a commitment of £1.8 billion to ensure all postmasters receive the justice and financial redress they deserve. 

    Post Office Minister Gareth Thomas said:

    My priority upon coming into office was to speed up the delivery of compensation to the victims of the Horizon scandal. We have made significant progress, and we are now moving to ensure there is a quick transfer of schemes from the Post Office to the Department. 

    In the meantime, I encourage all those eligible to apply for redress under the Overturned Convictions scheme and continue to progress their claims with the Post Office until the transfer date.

    The Department for Business and Trade will formally take over on 3 June 2025. The three-month transitional period between now and then will allow for the smooth transfer of active claims from one scheme to the other, ensuring there is no gap in service for postmasters who have claims in the system. 

    As of 31 January, approximately £663 million has been paid to over 4,300 claimants, which has more than doubled since the end of June 2024. 

    Today’s announcement is the latest in a series of government actions to address the Post Office Horizon Scandal, including:  

    • launching the Horizon Convictions Redress Scheme (HCRS) for postmasters whose horizon-related convictions were quashed by Parliament. This scheme has made 364 interim payments to eligible claimants and has fully settled 208 claims, paying out a total of £156 million;    

    • on the HCRS, committing to provide first offers on receipt of detailed claims within 40 working days in 90% of cases;  

    • beginning payments of a £75,000 fixed offer for those postmasters in the Horizon Shortfall Scheme (HSS) who want to accept it: approximately £171 million has been paid in award top-ups and £75,000 awards;  

    • publishing our response to the consultant’s report into the Post Office Capture software (predecessor to Horizon) and have committed to offering redress to all non-convicted postmasters who fell victim to flaws in Capture software;   

    • announcing an independent appeals process for the HSS to provide individuals with a chance to have their claims reassessed through a DBT-run process. We expect the first cases will be ready for submission in the Spring;  

    • confirmed the Horizon Compensation Advisory Board in place.

    Updates to this page

    Published 3 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: SLC announces new Glasgow apprenticeships during Scottish Apprenticeship Week

    Source: United Kingdom – Executive Government & Departments

    News story

    SLC announces new Glasgow apprenticeships during Scottish Apprenticeship Week

    SLC announces 12 new Glasgow apprenticeships during Scottish Apprenticeship Week

    To mark Scottish Apprenticeship Week (3-7 March), the Student Loans Company (SLC) has announced it is recruiting 12 new apprentices in Glasgow.

    Applications for the Student Finance Officer (SFO) Apprenticeships are now open, and successful candidates will be based in the Hillington office within the Customer Operations team.

    The 12–18-month programme will start on 30th June and is being delivered in conjunction with education provider, Babbington. Apprentices will work towards will work towards a SCQF level 6 in Business and Administration.

    SLC supports students across the UK to invest in their futures and unlock their potential by administering loans and grants to students in universities and colleges across the UK. The new SFO apprentices will be at the heart of this operation, supporting customers through their student finance journeys and helping to process around 1.5million applications each year.

    Jackie Currie, Executive Director of Customer Operations at SLC said: “It’s fantastic to be launching our latest apprentice search during Scottish Apprenticeship Week. The theme for the week is ‘Made for Business’ and I’m proud of the role that SLC plays in developing the talent of the future, through our apprenticeship programmes. 

    “I’m looking forward to welcoming our new apprentices to the Customer Operations Team this summer and would urge people across Glasgow and the surrounding area to apply. It’s a fantastic opportunity to work and gain experience within a large public sector organisation and achieve a recognised qualification at the same time.”

    SLC currently has 29 apprentices working across all areas of the organisation, with many former apprentices continuing to progress their careers with SLC after completing their qualification.

    For more information and to apply, please visit https://www.civil-service-careers.gov.uk/student-loans-company-hub/.

    Updates to this page

    Published 3 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: How to Make Money Easily in the Web3.0 Era? JA Mining Cloud Mining Reveals the Secret

    Source: GlobeNewswire (MIL-OSI)

    Warwick, England, March 03, 2025 (GLOBE NEWSWIRE) — JA MiningWith the advancement of blockchain technology, cloud mining has become a new hotspot attracting global investors. The JAmining platform offers a simple and efficient way to start mining cryptocurrency without the need to purchase expensive hardware or master complex technology, while earning substantial profits. The platform’s daily earnings can reach up to $35,000, attracting the attention of numerous investors.

    How to Start Cloud Mining with JAmining？

    Click to start making money

    JA Mining was founded in 2004 and is a global company headquartered in the UK. It is authorized and regulated by the UK government and conducts business legally and compliantly. It focuses on mainstream cryptocurrency cloud mining and has a reliable operating record and global influence.

    Platform reputation guarantee

    • · · JA Mining is a global company legally registered in the UK, authorized and regulated by the UK Financial Services Authority (FCA)
    • · · Has more than 100 global data centers located in Eastern Europe, North America, the Middle East and South America
    • · · Always abide by local laws and regulations to provide users with safe and stable services

     Here are the main advantages of JA Mining：

    1. Easy and quick start

    2. Top technology guarantee

    • · Use industry-leading hardware such as Bitmain and NVIDIA to ensure efficient mining performance
    • · The data center uses advanced cooling technology to ensure stable operation even under high load

    3. Environmentally friendly mining

    • · Use renewable energy such as solar and wind power to power data centers, reducing environmental impact while lowering operating costs

    4. Transparent with no hidden fees

    • · Only the contract deposit needs to be paid, which will be fully refunded after the contract expires
    • · No additional maintenance fees or hidden costs

    Flexible mining contract plan

    JA Mining offers a variety of flexible mining contracts suitable for both beginners and experienced investors. The following are some examples of plans：

    • · Basic Cloud Computing Plan： Invest $200, contract period 2 days, profit $214
    • · Classic Cloud Computing Plan： Invest $500, contract period 3 days, profit $527
    • · Advanced Cloud Computing Plans： Invest $1000, contract period 5 days, profit $1095.
    • · Super Cloud Computing Plan： Invest $5800, contract period 14 days, profit $7424

     After the contract ends, the investment principal will be automatically returned to the account, and the user can choose to continue investing or exit the platform

    Join JA Mining Now

    JA Mining is not only a cloud mining platform, but also an ideal choice for users to provide efficient and sustainable income sources. Whether you are a novice or a senior investor, you can find a low-risk, high-return solution that suits you here. Join JA Mining now, seize the wealth opportunities in the cryptocurrency era, start your passive income journey, and realize your dream of wealth freedom.

    Official Website： https://jamining.com/
    Contact Email： info-at-jamining.com

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining and staking involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-Evening Report: Schools agreement provides NSW $4.8 billion extra for public schools over a decade

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    The Albanese government has signed up New South Wales to its new schools funding agreement, with an extra A$4.8 billion in funding for the state’s public schools over ten years.

    Queensland remains the only state still to join the agreement, which ties federal funding to schools to specific measures, such as phonics checks and teacher training. The federal government is working hard to finalise a deal with that state before going into caretaker mode for the election.

    The federal government has been negotiating with states and territories over a new schools funding deal for more than 12 months.

    NSW has been among states asking for a 5% increase in funds, while the federal government was initially only offering 2.5%. In January 2025, Victoria and South Australia successfully negotiated for a 5% increase from the federal government, leaving NSW and Queensland as the only two states without a deal ahead of a new school year.

    The Commonwealth and NSW governments said in a statement that under the NSW deal, the federal government will provide an extra 5% of the Schooling Resource Standard (SRS).

    This would lift the federal contribution from 20% to 25% of the SRS by 2034. It follows the NSW government delivering an election commitment to reach 75% of the SRS by 2025.

    The 2011 Gonski review recommended all schools receive a minimum level of funding, called the SRS, with additional funds based on need. In 2025 the estimated SRS amounts are $13,977 for primary school students and $17,565 for secondary school students.

    Under the new national agreement all states would reach the full SRS funding in a decade, although at different paces. A lot of the fine print has still to be negotiated.

    NSW has committed to removing the 4% provision of indirect school costs such as capital depreciation, so NSW schools would be fully funded over the life of the agreement.

    This national agreement ties the funding to teaching and other reforms. These include more individualised support for students, continuing evidence-based teaching practices, and more mental health and wellbeing support for schools.

    The two governments said: “This is not a blank cheque. The agreement will be accompanied by a NSW Bilateral Agreement, which ties funding to reforms that will help students catch up, keep up and finish school”.

    These include

    • Year 1 phonics and early years of schooling numeracy checks to identify those needing more help

    • evidence-based teaching and targeted and intensive supports such as small-group or catch-up tutoring

    • wellbeing initiatives, including greater access to mental health professionals

    • access to high-quality and evidence-based professional learning, and

    • initiatives to attract and retain teachers.

    The federal-state agreements incorporate national targets. These include improving NAPLAN reading and numeracy proficiency; increasing NAPLAN outcomes for priority equity cohorts; boosting student attendance; increasing the engagement rate of teacher education students, and raising the proportion of students successfully completing year 12.

    Prime Minister Anthony Albanese said “every dollar of this funding will go into helping children learn”.

    Federal Education Minister Jason Clare said: “This will help more than 780,000 kids in more than 2,200 public schools. This is real funding tied to real reforms to help students catch up, keep up and finish school.”

    Premier Chris Minns said: “We’ve seen a 40% reduction in teacher vacancies since we came to government, but we know there’s still more to do. This investment is vital as we work to lift education standards across the state by ensuring there is a qualified, dedicated teacher at the front of the classroom.”

    The Coalition has been critical of the time it has taken for the Albanese government to finalise the funding deal.

    In January, opposition education spokeswoman Sarah Henderson said Clare had “failed to get the job done”. She noted students in NSW and Queensland “continue to pay the price”.

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

    – ref. Schools agreement provides NSW $4.8 billion extra for public schools over a decade – https://theconversation.com/schools-agreement-provides-nsw-4-8-billion-extra-for-public-schools-over-a-decade-251255

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Expert offers free personal safety sessions for women

    Source: City of Wolverhampton

    The sessions are designed to encourage women to believe they are entitled to defend themselves, to help women feel safer by having strategies which make them more able to deal with threatening and intimidating situations, and to build women’s confidence in their own skills and resources.

    There are 2 sessions taking place on Tuesday 25 March, 2025 – one at the Bob Jones Community Hub in Blakenhall from 10am to 12pm, and a second at Pendeford Community Hub from 2pm to 4pm. They are open to all women and places are free, but booking is essential – please email charlotte.woodcock2@wolverhampton.gov.uk or call 01902 552025.

    Amanda, who was formerly a tutor with Adult Education Wolverhampton, has over 20 years’ experience as a Women’s Self Defence Trainer and was a member of the National Women’s Self Defence Association. She has supported Wolverhampton Domestic Violence Forum by delivering training and has also been a key worker for Women’s Aid. Most recently, she has been working as a Child and Adolescent Mental Health Service Therapeutic Practitioner for the NHS.

    Councillor Obaida Ahmed, Cabinet Member for Digital and Community, said: “We are delighted to be working with Amanda to deliver these important sessions to mark International Women’s Day. She is passionate about bringing skills and strategies for personal safety to women of all backgrounds, and I would encourage women to book their places today.”

    International Women’s Day takes place this Saturday (8 March) and is a global day celebrating the social, economic, cultural, and political achievements of women. The day also marks a call to action for accelerating women’s equality. For more information, please visit International Women’s Day.

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Message of the Holy Father to participants in the General Assembly of the Pontifical Academy for Life

    Source: The Holy See

    Message of the Holy Father to participants in the General Assembly of the Pontifical Academy for Life, 03.03.2025
    The following is the Message sent by the Holy Father Francis to the participants in the General Assembly of the Pontifical Academy for Life, on the theme: “The End of the World? Crises, Responsibilities, Hopes”, taking place from 3 to 5 March at the Conference Centre of the Augustinianum:
     
    Message of the Holy Father
    The End of the world? Crises, Responsibilities, Hopes
    Dear Academicians,
    It is always a pleasure for me to address the women and men of science, as well as those in the Church who cultivate dialogue with the scientific world. Together you can serve the cause of life and the common good. And I warmly thank Archbishop Paglia and the collaborators for their service to the Pontifical Academy for Life.
    In this year’s general Assembly, you have proposed to consider the question that is today defined as “polycrisis”. It relates to some fundamental aspects of your research activity in the field of life, health and care. The term “polycrisis” evokes the dramatic nature of the historical juncture we are currently witnessing, in which wars, climate changes, energy problems, epidemics, the migratory phenomenon and technological innovation converge. The intertwining of these critical issues, which currently touch on various dimensions of life, lead us to ask ourselves about the destiny of the world and our understanding of it.
    A first step to be taken is that of examining with greater attention to our representation of the world and the cosmos. If we do not do this, and we do not seriously analyze our profound resistance to change, both as people and as a society, we will continue to do what we have always done with other crises, even very recent ones. Think of the Covid pandemic: we have, so to speak, “squandered” it; we could have worked more deeply in the transformation of consciences and social practices (cf. Apostolic Exhortation Laudate Deum, 36).
    And another important step to avoid remaining immobile, anchored in our certainties, habits and fears, is to listen carefully to the contribution of areas of scientific knowledge. The theme of listening is decisive. It is one of the key words of the entire synodal process we have undertaken, and which is now in its implementation phrase. I therefore appreciate that your way of proceeding reflects its style. I see in it the attempt to practice in your specific sphere that “social prophecy” to which the Synod was dedicated (Final Document, 47). In the encounter with people and their stories, and in listening to scientific knowledge, we realize that our parameters regarding anthropology and culture require profound revision. This was also the origin of the intuition of the study groups on certain topics that emerged during the synodal process. I know that some of you are part of them, also valuing the work done by the Academy for Life over the past years, work for which I am very grateful.
    Listening to the sciences continually offers us new knowledge. Consider what we are told about the structure of matter and the evolution of living beings: there emerges a far more dynamic view of nature compared to what was thought in Newton’s time. Our way of understanding “continuous creation” must be re-elaborated, in the knowledge that it will not be technology that saves us (cf. Encyclical Letter Laudato si’, 101): endorsing utilitarian deregulation and global neoliberalism means imposing the law of the strongest as the only rule; and it is a law that dehumanizes.
    We can cite as an example of this type of research Fr. Teilhard de Chardin and his attempt – certainly partial and unfinished, but daring and inspiring – to enter seriously into dialogue with the sciences, practising an exercise in trans-disciplinarity. It is a risky path, which leads us to wonder: “I ask whether it is necessary for someone to throw the stone into the pond – indeed, to end up being ‘killed’ – to open the way”.1 Thus he launched his insights that focused on the category of relationship and interdependence between all things, placing homo sapiens in close connection with the entire system of living things.
    These ways of interpreting the world and its evolution, with the unprecedented forms of relatedness that correspond to it, can provide us with signs of hope, which we are seeking as pilgrims during this Jubilee year (cf. Bull Spes non confundit, 7). Hope is the fundamental attitude that supports us on the journey. It does not consist of waiting with resignation, but of striving with zeal towards true life, which leads well beyond the narrow individual perimeter. As Pope Benedict XVI reminded us, hope “is linked to a lived union with a ‘people’, and for each individual it can only be attained within this ‘we’” (Encyclical Letter Spe salvi, 14).
    It is also because of this community dimension of hope, faced with a complex and planetary crisis, that we are urged to value instruments with a global reach. We must unfortunately note a progressive irrelevance of international bodies, which are also undermined by short-sighted attitudes, concerned with protecting particular and national interests. And yet we must continue to commit ourselves with determination for “more effective world organizations, equipped with the power to provide for the global common good, the elimination of hunger and poverty, and the sure defence of fundamental human rights” (Encyclical Letter Fratelli tutti, 172). In such a way, a multilateralism is promoted that does not depend on changing political circumstances or the interests of the few, and which has stable effectiveness (cf. Apostolic Exhortation Laudate Deum, 35). It is an urgent task which regards the whole of humanity.
    This vast scenario of motivations and objectives is also the scope of your Assembly and of your work, dear members of the Academy for Life. I entrust you to the intercession of Mary, Seat of Hope and Mother of Hope, “as we, the pilgrim people, the people of life and for life, make our way in confidence towards ‘a new heaven and a new earth’ (Rev 21:1)” (Saint John Paul II, Encyclical Letter Evangelium vitae, 105).
    For all of you and for your work, I impart my heartfelt blessing.
    Rome, from “Gemelli” Hospital, 26 February 2025
    FRANCIS
    ____________________
    1Quotation from B. DE SOLANGES, Teilhard de Chardin. Témoignage et étude sur le développement de sa pensée, Toulouse 1967, 54

    MIL OSI Europe News –

  • MIL-OSI: Hut 8 Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fortified balance sheet, optimized operations, disciplined growth initiatives, and strategic hires set foundation for 2025

    12,300 MW development pipeline with 2,800 MW under exclusivity as of December 31, 2024

    Earnings Release Highlights

    • Full year 2024 revenue of $162.4 million, net income of $331.4 million, and Adjusted EBITDA of $555.7 million.
    • Fourth quarter 2024 energy cost per megawatt-hour (“MWh”) of $31.63, a 30% decrease from the fourth quarter of 2023.
    • Total energy capacity under management of 1,020 megawatts (“MW”) as of December 31, 2024.
    • 12,300 MW development pipeline with 2,800 MW of capacity under exclusivity as of December 31, 2024.
    • Strategic Bitcoin reserve of 10,171 Bitcoin with a market value of $949.5 million as of December 31, 2024.

    MIAMI, March 03, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced its financial results for the fourth quarter and full year of 2024.

    “In 2024, we delivered on our commitment to operational excellence and bottom-line economics, setting the foundation for disciplined growth in 2025,” said Asher Genoot, CEO of Hut 8. “In the fourth quarter, we fortified our capital strategy and balance sheet—converting our Anchorage loan to equity, launching ATM and stock repurchase programs, and expanding our strategic Bitcoin reserve. Today, we operate from a position of strength as we focus on advancing our 12.3-gigawatt development pipeline.”

    “We believe our platform model will enable us to strategically allocate capital as we aim to optimize returns, mitigate sector-specific volatility, accelerate speed to market, and deliver innovation at every stage of the development value chain. To align our reporting structure with this model as we enter this next phase of growth, we have realigned our operating segments around the three layers of our platform: Power, Digital Infrastructure, and Compute, as reflected in our results.”

    “Looking ahead, we believe our application-agnostic approach to digital infrastructure development and experience in greenfield development will reinforce a structural advantage over peers reliant on single-market exposure or more complex commercialization models. Together with our robust development pipeline and strengthened team, we believe we are well-positioned to meet the continued and rising demand for energy capacity from applications like AI while building a platform positioned to fuel the world’s most transformative technologies for decades to come.”

    2024 Highlights

    Power

    • Generated $56.6 million in full-year revenue, consisting of revenue from Power Generation and Managed Services.
    • Secured Vega, a 205 MW behind-the-meter site in Texas, which is expected to be energized in Q2 2025, less than one year after acquisition, through the Company’s greenfield development capabilities, which enables rapid deployment low-cost Bitcoin mining infrastructure.
    • Advanced three large-scale AI data center development projects, which, if secured, would collectively add over 430 MW of capacity. After the quarter, Hut 8 secured 592 acres of land for its River Bend campus, a project from this subset of its development pipeline.

    Digital Infrastructure

    • Generated $17.5 million in full-year revenue, consisting of revenue from CPU Colocation and ASIC Colocation services.
    • Completed the greenfield development and energization of Salt Creek, a 63 MW Bitcoin mining facility, just over three months after breaking ground for an all-in cost of approximately $240,000 per MW.
    • Developed custom data center architecture for Bitcoin mining ASIC compute. Set for deployment at Vega, the architecture enables rack-based ASIC compute utilizing a custom-designed direct-to-chip (“DTC”) liquid cooling system at densities of up to 180 kilowatts per rack, helping bridge the gap to traditional HPC architecture.
    • Secured a major colocation contract with BITMAIN Technologies Ltd. (“BITMAIN”), the world’s leading manufacturer of digital currency mining servers. The ASIC colocation contract is expected to generate ~$125 million in annualized revenue upon full ramp and includes a purchase option at Hut 8’s discretion for the full ~15 exahash-per-second (“EH/s”) deployment.

    Compute

    • Generated $80.7 million in full-year revenue, consisting of revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations.
    • Partnered with BITMAIN to develop and launch a next-generation ASIC miner. The U3S21EXPH will be the first model mass-commercialized by BITMAIN with DTC cooling within a U form factor.
    • Launched Highrise AI, Inc. (“Highrise”), a wholly-owned subsidiary providing GPU-as-a-Service through an initial five-year customer agreement with an AI cloud services provider. Hut 8 intends to leverage operational data and insights from Highrise to optimize the design, development, and operations of its digital infrastructure as it expands into AI data center development.
    • Executed a purchase agreement for BITMAIN Antminer S21+ miners for the Company’s initial ASIC fleet upgrade, which is expected to increase self-mining hashrate to ~10.3 EH/s while driving average fleet efficiency down to 20.5 joules per terahash (“J/TH”). If the Company were to execute its purchase option under the aforementioned BITMAIN colocation agreement, it anticipates total self-mining hashrate of ~25.1 EH/s with average fleet efficiency of 16.0 J/TH.

    Operations

    • Appointed Asher Genoot as CEO on February 7, 2024.
    • Executed a comprehensive restructuring program to strengthen bottom-line economics, delivering a ~30% reduction in energy cost per MWh and an approximately eight-point increase in gross margin per Bitcoin mined from Q4 2023 to Q4 2024.
    • Expanded team with strategic hires, including Sean Glennan as CFO and Victor Semah as CLO.

    Capital Strategy and Balance Sheet

    • Closed a $150 million strategic investment from Coatue to partner in building AI infrastructure.
    • Converted our $37.9 million Anchorage Digital loan balance to shares of our common stock at a 51% premium to the 20-Day VWAP through the day prior to the signing of the Debt Repayment Agreement.
    • Launched a $500 million ATM program and a $250 million stock repurchase program.
    • Surpassed 10,000 Bitcoin held in reserve with the purchase of approximately 990 Bitcoin, of which 968 were pledged as collateral to BITMAIN as part of an innovative financing model for the purchase of Antminer S21+ miners for our initial fleet upgrade.

    Key Performance Indicators

      Three Months Ended December 31,   Twelve Months Ended December 31,
      2024   2023   2024   2023
    Cost to mine a Bitcoin (excluding hosted facilities)(1)   $ 37,958   $ 17,171   $ 27,959   $ 13,198
    Cost to mine a Bitcoin(2) $ 37,958   $ 20,051   $ 28,161   $ 16,570
    Weighted average revenue per Bitcoin mined(3) $ 82,412   $ 37,313   $ 60,834   $ 29,913
    Bitcoin mined(4)   236     852     1,466     2,789
    Energy cost per MWh $ 31.63   $ 45.47   $ 32.52   $ 40.80
    Hosting cost per MWh $ N/A   $ 65.84   $ 68.72   $ 62.57
    Energy capacity under management (mining)(5)   665 MW     839 MW     665 MW     839 MW
    Total energy capacity under management(6)   1,020 MW     842 MW     1,020 MW     842 MW
    Number of Bitcoin in strategic reserve(7)   10,171     9,195     10,171     9,195
    (1) Cost to mine a Bitcoin (excluding hosted facilities) is equivalent to the all-in electricity cost to mine a Bitcoin at owned facilities and includes our net share of the King Mountain JV.
    (2) Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (3) Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (4) Bitcoin mined includes our net share of the King Mountain JV. Bitcoin mined excluding our net share of the King Mountain JV was 190 and 690 for the three months ended December 31, 2024 and 2023, respectively. Bitcoin mined excluding our net share of the King Mountain JV was 1,184 and 2,138 for the twelve months ended December 31, 2024 and 2023, respectively.
    (5) Energy capacity under management (mining) represents the total power capacity related to Bitcoin mining infrastructure, including self-mining sites, colocation agreements, and managed services agreements.
    (6) Total energy capacity under management includes (i) energy capacity under management (mining) and (ii) all energy-related assets including power generation, non-operational sites, and traditional data centers.
    (7) Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, and pledged for a miner purchase under an agreement with BITMAIN.
       

    Select Fourth Quarter 2024 Financial Results

    U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) and Hut 8 Mining Corp. completed an all-stock merger of equals (the “Business Combination”) on November 30, 2023. USBTC was deemed the accounting acquirer in the transaction and, as a result, the historical figures in the Company’s income statement for the three months ended December 31, 2023 reflect two months of USBTC’s standalone performance and one month of the combined company’s performance. Results for the three months ended December 31, 2024 reflect the performance of the combined company. All financial results are reported in US dollars.

    Revenue for the three months ended December 31, 2024 was $31.7 million compared to $38.9 million in the prior year period, and consisted of $9.9 million in Power revenue, $2.5 million in Digital Infrastructure revenue, $19.2 million in Compute revenue, and $0.1 million in Other revenue. Other consists primarily of equipment sales and repairs.

    Net income for the three months ended December 31, 2024 was $152.0 million compared to $10.6 million for the prior year period. This included gain on digital assets of $308.2 million and $32.8 million for the three months ended December 31, 2024 and 2023, respectively.

    Adjusted EBITDA for the three months ended December 31, 2024 was $310.6 million compared to $48.6 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    Select Full Year 2024 Financial Results

    As a result of the Business Combination, the historical figures in the Company’s income statement for the twelve months ended December 31, 2023 reflect eleven months of USBTC’s standalone performance and one month of the combined company’s performance. Results for the twelve months ended December 31, 2024 reflect the performance of the combined company. With respect to the balance sheet, the ending balance for year-end 2024 is being compared to year-end 2023, both of which reflect the combined company’s performance.

    Revenue for the twelve months ended December 31, 2024 was $162.4 million compared to $96.0 million in the prior year, and consisted of $56.6 million in Power revenue, $17.5 million in Digital Infrastructure revenue, $80.7 million in Compute revenue, and $7.6 million in Other revenue. Other consists primarily of equipment sales and repairs.

    Net income for the twelve months ended December 31, 2024 was $331.4 million compared to $21.9 million for the prior year period. This included gain on digital assets of $509.3 million and $32.6 million for the twelve months ended December 31, 2024 and 2023, respectively.

    Adjusted EBITDA for the twelve months ended December 31, 2024 was $555.7 million compared to $85.7 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    Conference Call

    The Hut 8 Corp. Full-Year 2024 Conference Call will commence today, Monday, March 5, 2025, at 8:30 a.m. ET today. Investors can join the live webcast here.

    Supplemental Materials and Upcoming Communications

    The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

    Analyst Coverage

    A full list of Hut 8 Corp. analyst coverage can be found at https://hut8.com/investors/analyst-coverage/.

    Upcoming Conferences & Events

    • March 11–12, 2025: Cantor Crypto, Digital Assets & AI Infrastructure Conference, Miami
    • March 16–18, 2025: 37th Annual ROTH Conference, Dana Point
    • March 25–27, 2025: Mining Disrupt, Fort Lauderdale
    • April 7–8, 2025: Jones Healthcare and Technology Innovation Conference, Las Vegas
    • May 13–15, 2025: J.P. Morgan Global Technology, Media and Communications Conference, Boston
    • May 19–20, 2025: Barclays 15th Annual Emerging Payments and FinTech Forum, New York

    About Hut 8

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-potential computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company’s foundation for disciplined growth; its position of strength; its development pipeline, including the three large-scale AI data center development projects and the expected capacity assuming these projects are secured; its platform model; its ability to strategically allocate capital; its goal of optimizing returns, mitigating sector volatility, accelerating speed to market, and delivering innovation across the development value chain; its next phase of growth; its structural advantage over peers; its ability to meet demand for energy capacity; its expected energization of Vega, including the expected timing and site capabilities; its colocation contract with BITMAIN, including the anticipated revenue and expected hashrate and average fleet efficiency improvements if the Company executes its purchase option under the agreement; the commercialization of the U3S21EXPH miner from BITMAIN, including the expected timing and miner capabilities; the initial Highrise customer agreement; the operational data and insights derived from Highrise for the Company’s planned expansion into AI data center development; its expected ASIC fleet upgrade, including the expected timing and anticipated hashrate and average fleet efficiency improvements; and the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

    Adjusted EBITDA

    In addition to results determined in accordance with GAAP, Hut 8 relies on Adjusted EBITDA to evaluate its business, measure its performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net income (loss), adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, gain on debt extinguishment, gain on derivatives, gain on bargain purchase, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gains or losses, the removal of non-recurring transactions, impairment on assets, gain or loss on sale of property and equipment, loss from discontinued operations, net loss attributable to non-controlling interests, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons the Company’s board of directors and management team consider them appropriate for supplemental analysis.

    The Company’s board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period.
    Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company’s definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

     
    Hut 8 Corp. and Subsidiaries
    Consolidated Statements of Operations and Comprehensive Income (Loss)
    (Unaudited, in USD thousands, except share and per share data)
     
      Three Months Ended   Twelve Months Ended
          December 31,       December 31,
      December 31,   2023   December 31,   2023
    (in USD thousands) 2024      (Unaudited)      2024      (Unaudited)
    Revenue:                      
    Power $ 9,949     $ 7,818     $ 56,602     $ 22,794  
    Digital Infrastructure   2,520       4,455       17,482       8,291  
    Compute   19,159       26,519       80,701       64,851  
    Other   66       110       7,600       110  
    Total revenue   31,694       38,902       162,385       96,046  
                           
    Cost of revenue (exclusive of depreciation and amortization shown below):                  
    Cost of revenue – Power   7,465       1,944       21,538       7,263  
    Cost of revenue – Digital Infrastructure   2,929       3,048       15,556       4,321  
    Cost of revenue – Compute   9,781       15,764       44,977       42,592  
    Cost of revenue – Other   138       20       4,584       18  
    Total cost of revenue   20,313       20,776       86,655       54,194  
                           
    Operating (income) expenses:                      
    Depreciation and amortization   14,308       6,134       47,773       17,537  
    General and administrative expenses   18,844       33,380       72,917       49,133  
    Gains on digital assets   (308,157 )     (32,811 )     (509,337 )     (32,626 )
    Loss (gain) on sale of property and equipment   —       443       (634 )     888  
    Realized gain on sale of digital assets   —       —       —       (2,376 )
    Impairment of digital assets   —       —       —       1,431  
    Impairment – other   4,472       —       4,472       —  
    Legal settlement   —       —       —       (1,531 )
    Total operating (income) expenses   (270,533 )     7,146       (384,809 )     32,456  
    Operating income (loss)   281,914       10,980       460,539       9,396  
                           
    Other (expense) income:                      
    Foreign exchange (loss) gain   (4,042 )     1,002       (5,000 )     1,002  
    Interest expense   (9,563 )     (5,980 )     (29,794 )     (24,933 )
    Gain on debt extinguishment   —       —       5,966       23,683  
    (Loss) gain on derivatives   (13,143 )     —       6,780       —  
    Gain on bargain purchase   3,060       —       3,060       —  
    Equity in earnings of unconsolidated joint venture   1,902       4,098       10,359       12,815  
    Total other (expense) income   (21,768 )     (880 )     (8,629 )     12,567  
                           
    Income from continuing operations before taxes   260,146       10,100       451,910       21,963  
                           
    Income tax (provision) benefit   (110,482 )     482       (113,457 )     (190 )
                           
    Net income from continuing operations $ 149,664     $ 10,582     $ 338,453     $ 21,773  
                           
    Income (Loss) from discontinued operations   2,320             (7,044 )     77  
                           
    Net income   151,984       10,582       331,409       21,850  
    Less: Net loss attributable to non-controlling interests   241       —       473       —  
    Net income attributable to Hut 8 Corp. $ 152,225     $ 10,582     $ 331,882     $ 21,850  
                           
    Net income $ 151,984     $ 10,582     $ 331,409     $ 21,850  
    Other comprehensive loss:                      
    Foreign currency translation adjustments   (46,011 )     10,761       (56,390 )     10,761  
    Total comprehensive income   105,973       21,343       275,019       32,611  
    Less: Comprehensive loss attributable to non-controlling interest 387       —       549       —  
    Comprehensive income attributable to Hut 8 Corp. $ 106,360     $ 21,343     $ 275,568     $ 32,611  


    Adjusted EBITDA Reconciliation

      Three Months Ended   Twelve Months Ended
      December 31,   December 31,      December 31,   December 31,
    (in USD thousands) 2024      2023   2024      2023
    Net income $ 151,984     $ 10,582     $ 331,409     $ 21,850  
    Interest expense   9,563       5,980       29,794       24,933  
    Income tax provision (benefit)   110,482       (482 )     113,457       190  
    Depreciation and amortization   14,308       6,134       47,773       17,537  
    Gain on debt extinguishment   —       —       (5,966 )     (23,683 )
    Loss (gain) on derivatives   13,143       —       (6,780 )     —  
    Gain on bargain purchase   (3,060 )     —       (3,060 )     —  
    Share of unconsolidated joint venture depreciation and amortization (1)   3,120       2,887       21,792       21,016  
    Foreign exchange loss (gain)   4,024       (1,002 )     5,000       (1,002 )
    Loss (gain) on sale of property and equipment   —       443       (634 )     888  
    Non-recurring transactions (2)   327       12,044       (9,882 )     10,513  
    Impairment – other   4,472       —       4,472       —  
    (Income) loss from discontinued operations   (2,320 )     77       7,044       (77 )
    Net loss attributable to non-controlling interests   241       —       473       —  
    Stock-based compensation expense   4,342       11,912       20,783       13,563  
    Adjusted EBITDA $ 310,626     $ 48,575     $ 555,675     $ 85,728  
    (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 10. Investment in unconsolidated joint venture of the Consolidated Financial Statements for further detail.
    (2) Non-recurring transactions for the three months ended December 31, 2024 represent approximately $0.2 million of restructuring costs and $0.1M of Far North related costs. Non-recurring transactions for the three months ended December 31, 2023 represent approximately $9.6 million related to a sales tax accrual and $2.4 million of transaction costs related to the Business Combination. Non-recurring transactions for the twelve months ended December 31, 2024 represent approximately $4.0 million of restructuring costs and $1.9 million related to the Far North transaction costs, offset by a $13.5 million contract termination fee received from MARA, and a $2.2 million tax refund. Non-recurring transactions for the twelve months ended December 31, 2023 represent approximately $9.6 million related to a sales tax accrual and $2.4 million of transaction costs related to the Business Combination, partially offset by a gain from a legal settlement of $1.5 million.
       

    Contacts

    Hut 8 Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Media Relations
    media@hut8.com

    The MIL Network –

  • MIL-OSI United Kingdom: Potentially life-saving bleed kits installed in the Coalfield Area

    Source: City of Sunderland

    Ten new potentially lifesaving bleed kits have been installed across Copt Hill, Hetton, Houghton and Shiney Row

    Sunderland City Council’s Coalfield Area Committee has funded the bleed kits in partnership with the Connor Brown Trust set up by the parents of 18-year-old Connor Brown following his tragic death in 2019.

    Tanya and Simon Brown are actively supporting the community to prevent knife crime and raising awareness of its impact. The kits were installed six years on from the fatal knife attack on Connor Brown in the city. 

    The Coalfield Area Committee allocated £5,400 from its neighbourhood fund budget towards the kits.

    Bleed kits could be used to give vital care and attention to a patient in those first few minutes before the emergency services arrive, potentially saving their life. These kits are part of the wider fight against knife crime across the city with over 50 installed so far by the Connor Brown Trust.

    Councillor Mel Speding, Chair of Sunderland City Council’s Coalfield Area Committee, said: “As a group, the Coalfield Committee aims to support and improve our communities in Houghton, Hetton, Shiney Row and Copt Hill. We were keen to provide funding for these kits which could make a big difference in an emergency.

    “We appreciated the opportunity to partner with the Connor Brown Trust which does such fantastic work across Sunderland. While we hope these kits are never needed, it is reassuring to know that they are there for our residents. We are taking the necessary steps to keep our communities safe.”

    The Coalfield Area Committee is one of five area committees across Sunderland. Made up of local councillors, area committees provide residents with a greater say by working closely with their communities and drawing on local knowledge to identify priorities for their area. They also create Area Plans to support the City Plan, focusing on local needs. These plans help fund and deliver projects in partnership with local voluntary and community sector organisations.

    This is one of 11 grants awarded by the Coalfield Area Committee since April 2024 to support community groups and voluntary organisations with various projects. These include social inclusion and wellbeing activities, Clean It, Green It, and holiday activities for children and young people. 

    Tanya Brown from The Connor Brown Trust said: “If there is an incident, doing nothing means a patient has less chance of survival, but using the kit gives anyone a better chance, before paramedics get to the scene. It’s important to have these bleed kits in as many places as possible simply because they could save lives.

    “The kits have been designed so that little to no training is needed and they can be used by the public or a first responder to any accident where there is a catastrophic bleed. The cabinets contain easy to read instructions and illustrations for each part of equipment showing where and how to use it.”

    In the event of the bleed kits being needed, the 999 operators will direct the caller to the nearest mobile kit or fixed unit and give them the combination code to unlock the unit. The kits are designed for catastrophic bleeding and the caller will be guided on how to use the equipment.

    The kits are now registered and ready to use if needed at:

    • Colliery Inn, Hetton, DH5 9JQ
    • Easington Lane Workmens Club, DH5 0JR
    • Houghton Sports and Wellness Centre, DH4 5AF
    • New Herrington Bowling Club, DH4 4UG
    • Penshaw Community Centre, DH4 7HU
    • Queensway Pharmacy, Houghton, DH5 8EL
    • Shiney Resource and Advice Centre (ShARP), Shiney Row, DH4 4QW
    • Springboard Adventure, Hetton Lyons Country Park, DH5 0RH
    • St John’s Methodist Church, Fencehouses, DH4 6HN
    • St Matthews Youth and Community Centre, Newbottle, DH5 8EL

    For more information about other kits across the city, visit: Connor Brown Trust

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Passengers to enjoy greener air travel as UK backs sustainable fuel production

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    Passengers to enjoy greener air travel as UK backs sustainable fuel production

    Have your say on how the sustainable aviation fuel (SAF) revenue certainty mechanism could be funded.

    • air travel to become greener as government introduces industry-led price guarantee to boost sustainable aviation fuel supply while keeping ticket fares down
    • investment in low carbon fuels could support up to 15,000 new jobs and £5 billion for the UK economy by 2050 – delivering economic growth as part of the government’s Plan for Change
    • plans will turbocharge investment in UK SAF, bolster expansion plans and cut carbon emissions while minimising the impact on industry and passengers

    Passengers will enjoy greener plane journeys thanks to new support for the sustainable aviation fuel (SAF) industry helping to tackle emissions, establish Britain as a clean energy superpower and allow the UK to go further and faster with expansion plans.   

    The government has today (3 March 2025) published a consultation setting out how it intends to support the green fuels sector and provide certainty for SAF producers, in the latest step in the government’s plan to support the aviation sector to kickstart economic growth.

    The SAF industry is crucial for the future of aviation, offering a sustainable alternative to traditional jet fuels. By reducing greenhouse gas emissions by up to 70% compared to fossil fuels, SAF will play a vital role in delivering our clean energy mission as part of our Plan for Change and allow the UK to back airport expansion in line with climate commitments.

    Backing investment in the low carbon sector also has huge potential for driving economic growth, as it’s expected to support up to 15,000 new jobs and deliver £5 billion to the UK economy by 2050.

    As this is still a new and emerging industry, today’s proposals will tackle the current uncertainty in the sector by introducing an industry funded price guarantee – known as the revenue certainty mechanism (RCM) – to ensure a steady income flow for producers, even if the price of SAF fluctuates, helping to keep down costs for airlines and holidaymakers.   

    The proposals will help to reduce risk, give investors the confidence they need to invest in UK SAF plants and help the sector secure the supply it needs to bolster the SAF industry in the UK. The mechanism is also designed to limit costs and protect holidaymakers and working people against significant cost increases, with any rises expected to be in line with the usual variation of ticket prices.

    The revenue certainty comes alongside the introduction of the SAF Mandate in January 2025, which requires a growing percentage of aviation fuel to come from sustainable sources to support the industry by securing demand and driving production in the UK. The mandate was one of the first in the world to be put into law, once again putting the UK at the forefront of decarbonising air travel.

    The revenue certainty mechanism combined with the mandate will contribute to our net zero goals, enabling the aviation sector to continue to grow, including through airport expansion. This is also expected to drive significant investment into the SAF sector, creating green jobs, fostering innovation and driving growth as part of our Plan for Change.

    Aviation Minister, Mike Kane, said:    

    We are committed to building the technology and fuel supply that will see greener flying become a reality in a way that protects consumers.    

    As part of our Plan for Change, these proposals will power up SAF production in the UK, support thousands of green jobs and bolster expansion plans.

    Tim Alderslade, Chief Executive of Airlines UK, said:

    UK airlines support the RCM as a means of driving production in SAF and ensuring the industry can comply with the mandate.

    We look forward to working with government on its design with a particular focus on encouraging a competitive market and supporting FOAK plants. The goal must be the production of as much SAF at the cheapest possible price for consumers, to help the industry get to net zero, support growth in UK aviation whilst minimising the impact on passengers.

    Karen Dee, Chief Executive of AirportsUK, said: 

    SAF will play a key role in decarbonising aviation and a revenue certainty mechanism will not only ensure the UK can access enough supply but also that we can benefit from thousands of jobs and billions in investment.

    Airports will work with government as part of the aviation sector to develop the right solution that will give the market the confidence it needs to bring investment forward, enabling a new UK industry producing homegrown SAF to emerge.

    This, in turn, will allow the UK’s global air connectivity to expand sustainably within our net zero targets and play an increasing role in growing our economy, something the government is prioritising to drive up the prosperity of the whole country.

    Gaynor Hartnell, Chief Executive of the Renewable Transport Fuel Association, said: 

    The RCM is essential if SAF is to be manufactured here in the UK rather than imported. Home produced SAF leads to more jobs and improved fuel security, plus it’s a better way of dealing with household and commercial waste than burning it for electricity generation.

    The consultation will run from 3 March to 31 March, with the Sustainable Aviation Fuel (Revenue Support Mechanism) Bill being laid in Parliament in the spring. This support will build on the £63 million recently announced by the Chancellor in her growth speech to boost production of alternative fuels in the UK.

    Last month, the Chancellor also invited Heathrow Airport to bring forward expansion plans for consideration by the summer. The government will then review the Airports National Policy Statement (ANPS) to ensure that any scheme is delivered in line with our legal, environmental and climate obligations.

    In September last year, the department announced a refreshed and rejuvenated Jet Zero taskforce, which is serving as the driving force to transform how people fly – aligning with the government’s missions to make the UK a clean energy superpower and kickstart the economy.

    In a further boost for sustainable aviation, the UK led the charge for new carbon limits on aircrafts at the International Civil Aviation Organization (ICAO), which will see all new aircraft types become 10% more efficient from 2031. This will help cut emissions and fuel costs, benefitting passengers as well as the planet. Regulations on aircraft noise will also be strengthened from 2029 to make planes quieter when taking off and landing.

    The RCM will help deliver certainty in the green fuels market, supporting stable production of the SAF needed for aviation decarbonisation. The scheme is similar to that used in the UK’s world-leading renewables sector and could now boost domestic sustainable fuel production, driving investment in the UK SAF industry and boosting the economy through more green jobs. 

    This is a temporary measure, while SAF market prices are uncertain, to help scale early technologies while supporting a competitive market for SAF production. The government will monitor its impacts and can manage liabilities by capping the support to a pre-agreed volume of SAF, as well as agreeing the strike price within contracts.

    Aviation, Europe and technology media enquiries

    Media enquiries 0300 7777 878

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    Updates to this page

    Published 3 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Asian Development Blog: Multi-Stakeholder Solutions Needed for Women Entrepreneurs in South Asia

    Source: Asia Development Bank

    Gender-inclusive entrepreneurship in South Asia remains hindered by financial, social, and structural barriers. A holistic approach—combining access to finance, business development services, and multi-stakeholder partnerships—can accelerate women’s entrepreneurship and foster inclusive growth.

    While gender-inclusive entrepreneurship is a significant enabler of economic growth, only 18% of firms in South Asia are owned by women, compared to 34% globally. Women in the region lack capital and finance, as well as opportunities to access business networks and effectively market products and services. They have limited engagement in trade activities and with innovative solutions. 

    These challenges are compounded by structural barriers, such as social and customary norms and disproportionate household and care responsibilities that limit women’s opportunities as entrepreneurs and hinder their economic participation. 

    The following approaches, which should be tailored to distinct contexts, cultures, and levels of development, can help boost women’s entrepreneurship in South Asia:

    Create an inclusive business ecosystem: Accelerating women’s entrepreneurship in South Asia, a region with complexities and inequalities intertwined, requires development of an ecosystem of inclusive interventions and investments, policies, private sector engagement, and promoting resources that give women access to capital, skills, innovation, services and new markets.

    Access to finance for women has positive direct and indirect impact on business and economic empowerment, reducing poverty, and achieving good health and well-being. 

    Addressing only one issue in the chain of challenges cannot produce a sustainable effect; rather, adopting a holistic approach that creates an enabling environment by explicitly addressing constraints of women and promoting women’s entrepreneurship through specific actions is essential for long-term strategic changes that can support inclusive economic growth and development in South Asia. 

    Providing access to finance for women can be life changing: Limited financial resources confine women to smaller-scale business operations at the micro level in countries such as Sri Lanka, Bhutan, and Bangladesh. Challenges related to capital are often rooted in gender biases, lack of tailored financial products, absence of collateral, and limited understanding of financial institutions.

    Applying innovations in finance, more targeted approaches, including for women in more vulnerable positions, can help overcome the barriers related to social norms, mobility, and control of resources and assets. While 65% of women-led small and medium enterprises in developing countries are unserved financially, access to finance for women has positive direct and indirect impact on business and economic empowerment, reducing poverty, and achieving good health and well-being. 

    Providing targeting approaches and giving access to finance has been done in Bangladesh, India, Sri Lanka, Nepal, and Bhutan and has helped women to expand and grow their businesses. Targeting women as clients has a business case as well, offering opportunities for the private sector to capitalize on this important segment by providing tailored financial products and services.

    Offer comprehensive business development services: Because women-owned enterprises are under-financed and under-resourced in South Asia, offering non-financial services can be a driver of business growth. Business development services, such as mentoring, financial advisory, legal support, skills training, and accessing new markets and networks can be key drivers for women entrepreneurs in Bangladesh, Maldives, Sri Lanka, and other South Asian countries. 

    Providing tailored services for women in start-ups is equally important as challenges at this stage are intertwined with a lack of confidence, social norms, and expectations towards women with limited resources. While also facing other forms of discrimination (particularly, in India and Nepal), supplying women with these services can lead to more equitable access to non-financial resources and significant economic growth on local and regional levels. 

    Leverage multi-stakeholder partnerships: Development partners, governments, and private sector companies – all can play role in advancing women’s entrepreneurship in South Asia. Gender-inclusive investments by development partners, improving policy frameworks by governments, and fostering bold actions by the private sector through targeted investments and financial products can all address the gender divide in entrepreneurship. Moreover, partnerships across stakeholders can only enhance these actions. 

    The path to advancing women’s entrepreneurship and engagement of stakeholders needs to be deepened to also address often discriminatory underlying social norms and practices that hold women back. This is particularly so in South Asia, where gender disparities are intertwined with religion, caste, ethnicity, and other social exclusions that exacerbate gender inequalities.

    MIL OSI Economics –

  • MIL-OSI Economics: Development Asia: Harnessing Youth and Infrastructure for Timor-Leste’s Sustainable Future

    Source: Asia Development Bank

    Timor-Leste presents a unique mix of strengths and weaknesses that shape its development trajectory.

    Youth and labor supply. The country’s youthful population is part of its strength, with a median age of 20.7 years and 64.6% of its citizens under 30. By 2037, the labor forces is expected to grow by 34.8% compared to the 2022 population. Depending on various population growth scenarios, the labor force will increase by at least 26% to 27% over the next 15 years based on the latest population census (Figure 1). This increase in the working-age labor force presents a significant opportunity to boost employment prospects and sustain higher economic growth.

    Figure 1: Supply of Labor Force

    Source: The National Institute of Statistics (INETL). 2023. Timor-Leste Population and Housing Census 2022; Author’s estimate.

    Strategic location and vibrant democracy. Geographically situated in Southeast Asia, Timor-Leste holds a strategic position at the intersection of key sea lines in the Indo-Pacific region—giving it an advantage in terms of regional investments, maritime trade, and security. Benefitted from a robust electoral process, pluralism, and civil liberties, Timor-Leste is ranked 45th out of 167 countries in the 2023 Democracy Index, surpassing the average indices of the Association of Southeast Asian Nations (ASEAN), Asia and the Pacific, and the world (Figure 2).

    Figure 2: Democracy Index

    Source: The Economist Intelligence Unit (EIU). 2024. Democracy Index 2023-Age of Conflict.

    Resource endowment and savings. The country boasts significant oil and gas reserves in the Timor Sea, especially in the Greater Sunrise gas and condensate field. In 2005, it established a petroleum fund as a sovereign wealth fund, primarily sourced from petroleum revenues from the Bayu-Undan field and investment income from the petroleum fund. By the end of 2024, the petroleum fund’s balance has reached nearly $18.3 billion, exceeding the non-petroleum gross domestic product (GDP) by more than tenfold (Figure 3).

    Figure 3: The Petroleum Fund

    Source: The Central Bank of Timor-Leste (BCTL). 2024. The Petroleum Fund Reports; Author’s estimate.

    High poverty and food and nutrition insecurity. Despite its strengths, Timor-Leste faces significant challenges with poverty and food insecurity. Issues—such as poverty rate standing at 41.8% based on the national poverty line and 48.3% when measured using the multidimensional poverty, over 62.5% of the population experiencing food insecurity, 42% of households dealing with acute food insecurity, and half of the children under five years old are stunted—represent major barriers to development. Malnutrition, reduced cognitive development, impaired learning ability, and low productivity have limited human capital development.

    Narrow economic base and high dependence on the petroleum fund. The economy remains undiversified and highly susceptible to domestic and external shocks, including disasters from natural hazards and trade fluctuations. GDP growth has been low and volatile, heavily reliant on public expenditures and the petroleum fund, projected to be depleted by 2035 based on current spending. From 2009 to 2023, the average annual real GDP growth was 2.9%, but it decelerated to just 1% over the past decade, highly correlated with the growth in budget expenditure and withdrawals from the petroleum fund (Figure 4).[1]

    Figure 4: GDP Growth and Public Spending

    Source: Ministry of Finance of Timor-Leste. 2009-2024. Budget Transparency Portal; Author’s estimate.

    Lack of competitiveness and budget deficit. The high cost of doing business stems from challenges related to connectivity, land title issues, limited electricity and clean water supply, and low labor productivity—contributing to lack of competitiveness. The underdeveloped private sector contributes to a low domestic revenue base, averaging only 12.3% over the past 15 years. In contrast, total spending has been exceedingly high, averaging 90.5% of GDP. This imbalance has resulted in a significant government budget deficit, averaging 35.4% of GDP over the same period, primarily financed through persistent and excessive withdrawals from the petroleum fund (Figure 5).[2] As of 2023, GDP per capita and gross national income per capita remained low at $1,324 and $1,294 respectively. This current economic structure underscores the urgent need for economic diversification and development of a robust private sector to ensure sustainable growth and resilience against economic shocks.

    Figure 5: Government Budget

    ESI = estimated sustainable income, GDP = gross domestic product, PF = petroleum fund.
    Source: Ministry of Finance of Timor-Leste. 2009-2024. Budget Transparency Portal; Author’s estimate.

    Infrastructure gaps and limited basic services. In addition to underdeveloped human, institutional, and private sector capacities, Timor-Leste faces significant gaps and challenges in infrastructure development and provision of basic services. The country was ranked 46th out of 50 in terms of facilities supporting regulatory compliance and institutions and infrastructure enabling business activities. Due to inadequate infrastructure connectivity, access to markets and essential services—such as healthcare, education, and clean water—is limited, particularly in rural areas where 71.4% of the population resides. Significant investment in human capital, institutional strengthening, and infrastructure and logistics is crucial to support development and improve living standards.

    Lack of policy continuity. New administrations often bring changes in policies and program orientations, along with high staff turnover in the public sector. To advance ongoing priority initiatives and achieve development goals, it is crucial to strengthen institutions and ensure policy continuity and certainty.

    Suboptimal allocation of government resources to social sectors. Over the past 15 years, the compound annual growth rate of current budget expenditures in Timor-Leste was 8.9%, significantly outpacing the 4.2% compound annual growth rate of capital expenditures. Consequently, the share of current spending in the total budget has risen to 79% in 2024 from 65% in 2009. Despite the increase, there remains a persistent misallocation of resources, particularly in health and education. This misallocation leads to intergenerational human capital issues and economic disparity. Notably, the planned spending from the veterans’ fund for 2025 is nearly double the annual healthcare budget. Education spending has remained low at 7.6% of total government expenditure, significantly below the ASEAN historical average of 13.8%. Similarly, healthcare expenditure per capita in Timor-Leste is only $59, starkly contrasted with the ASEAN average of $630.

    MIL OSI Economics –

  • MIL-Evening Report: French minister wraps up key talks in New Caledonia, returning late March

    By Patrick Decloitre, RNZ Pacific correspondent French Pacific desk

    French Minister for Overseas Manuel Valls left New Caledonia at the weekend after a one-week stay which was marked by the resumption of inclusive political talks on the French territory’s future.

    He has now submitted a “synthetical” working document to be discussed further and promised he would return later this month.

    During his week-long visit, Valls had taken time to meet New Caledonia’s main stakeholders, including political, economic, education, health, and civil society leaders.

    He has confirmed France’s main pillars for its assistance to New Caledonia, nine months after deadly and destructive riots broke out, leaving 14 dead, several hundred businesses destroyed, and thousands of job losses for a total estimated damage of 2.2 billion euros (NZ$4 billion).

    The French aid confirmed so far mainly consisted of a loan of up to 1 billion euros (NZ$1.8 billion) as well as grants to rebuild all damaged schools and some public buildings.

    Valls also announced French funding to pay unemployment benefits (which were to expire at the end of this month) were now to be extended until the end of June.

    However, the main feature of his stay, widely regarded as the major achievement, was to manage to gather all political tendencies (both pro-independence and those in favour of New Caledonia remaining a part of France) around the same table.

    The initial talks were first held at New Caledonia’s Congress on February 24.

    Two days later, talks resumed at the French High Commission between Wednesday and Friday last week, in the form of “tripartite” discussions between pro-France, pro-independence local parties and the French State.

    As some, especially the pro-independence umbrella FLNKS (Kanak and Socialist National Liberation Front), insisted that those sessions were “discussions”, not “negotiations”, there was a general feeling that all participants now seemed to recognise the virtues of the exchanges and that they had at least managed to openly and frankly confront their respective views.

    Valls, who shared a feeling of relative success in view of what he described as a sense of “historic responsibility” from political stakeholders, even extended his stay by 24 hours.

    Speaking at the weekend, he said he had now left all parties with a document that was now supposed to synthesise all views expressed and the main items remaining to be further discussed.

    New Caledonia’s parties begin talks at the French High Commission in Nouméa last Wednesday. Image: RNZ Pacific/RRB

    ‘A situation no longer sustainable’
     “Political deadlocks, economic and social stagnation, violence, fear, and the lack of prospects for the territory’s inhabitants create a situation that is no longer sustainable. Everyone agrees on this observation,” the document states.

    A cautiously hopeful Valls said views would continue to be exchanged, sometimes by video conference.

    Taking part in the same visit last week was Eric Thiers, a special adviser to French Prime Minister François Bayrou.

    Valls also stressed he would return to New Caledonia sometime later this month, maybe March 22-23, depending on how talks and remote exchanges were going to evolve.

    In the meantime, the shared document would be subjected to many amendments and suggestions in order to take the shape of a fit-enough basis for a compromise acceptable by all.

    The work-in-progress document details a wide range of subjects, such as self-determination, the relationship with France, the transfer of powers, who would be in charge of international relations, independence, a future system of governance (including the organisation of the three provinces), the electoral roll for local elections, the notion of citizenship (with a proposed system of “points-based” accession system), all these under the generic notion of “shared destiny”.

    There was also a form of consensus on the fact that if a future text was to be submitted to popular approval by way of a referendum, it should not be based on a binary “yes” or “no” alternative, but on a comprehensive, wide-ranging “project”.

    On each of those topics, the draft takes into account the different and sometimes opposing views expressed and enumerates a number of possible options and scenarios.

    Based on this draft working document, the next round of talks would lead to a new agreement that is supposed to replace and offer a continuation to the ageing Nouméa Accord, signed in 1998 and install a new roadmap for New Caledonia’s future.

    As part of discussions, another topic was the future of New Caledonia’s great council of chiefs, the Customary Senate, and possible changes from its until-now consultative status to a more executive role to turn New Caledonia’s legislative system from a Congress-only system to a bicameral one (Congress-Parliament and a chiefly Senate).

    Struggling nickel mining industry
     The very sensitive question of New Caledonia’s nickel mining industry was also discussed, as the crucial industry, a very significant pillar of the economy, is undergoing its worst crisis.

    Since August 2024, one of its three factories and smelters, Koniambo (KNS) in the north of the main island has been mothballed and is still up for sale after its majority stakeholder, Anglo-Swiss Glencore, decided to withdraw after more than a decade of losses (more than 13 billion euros — NZ$24 billion).

    Another nickel-producing unit, in the South, Prony, is currently engaged in negotiations with potential investment companies, one South African, one from  the United Arab Emirates and the other Indian.

    New Caledonia’s historic nickel miner, Société le Nickel (SLN, a subsidiary of French giant Eramet), is still facing major hurdles to resume operations as it struggles to regain access to its mining sites.

    The situation was compounded by a changing competition pattern on the world scale, New Caledonia’s production prices being too high and Indonesia now clearly emerging as a world leader, producing much cheaper first-class nickel and in greater quantities.

    ‘A new nickel strategy is needed’, Valls says
     While political parties involved in the talks (all parties represented at the Congress) remained tight-lipped and media-elusive throughout last week, they recognised a spirit of “constructive talks” with a shared goal of “listening to each other”.

    However,  the views remain radically opposed, even irreconcilable — pro-independence supporters’ most clear-cut position (notably that from the Union Calédonienne) consists of a demand for a quick, full independence, with a “Kanaky Accord” to be signed this year, to be followed by a five-year “transition” period.

    On the pro-France side, one of the main bones of contention defended by the two main parties (Les Loyalistes and Rassemblement-LR) is to affirm that their determination to maintain New Caledonia as a part of France has been confirmed by three referenda (in 2018, 2020 and 2021) on self-determination.

    Pro-independence parties argue, however, that the third and last referendum, in December 2021, was boycotted by the pro-independence movement and that it was not legitimate, even though it was ruled by the courts as valid.

    They are also advocating for significant changes to be made in the way the three provinces are managed, a system described as “internal federalism” but decried by opponents as a form of separatism.

    In the pro-France camp, the Calédonie Ensemble party holds relatively more open views.

    In between are the more moderate pro-independence parties, PALIKA and UMP, which favour of a future status revolving around the notion of “independence in association with France”.

    ‘At least no one slammed the door’
     “At least no one slammed the door and that, already, is a good thing,” said pro-France leader and French MP Nicolas Metzdorf.

    “We’re still a long way away from a political compromise, but we have stopped moving further away from it,” he added, giving credit to Vall’s approach.

    On his part, Valls stressed that he did not want to rush things in order to “maintain the thread” of talks, but that provincial elections were scheduled to take place no later than 30 October 2025.

    “I don’t want to force things, I don’t want to break the thread . . . sometimes, we wanted to rush things, and that’s why it didn’t work,” he elaborated, in a direct reference to numerous and unsuccessful attempts by previous French governments, since 2022, to kick-start the comprehensive talks.

    “Some work will be done by video conference. I will always take my responsibilities, because we have to move forward”, Valls told public broadcaster NC la 1ère.

    He said France would then return with its proposals and offers.

    “And we will take our responsibilities. The debate cannot last for months and months. We respect everyone, but we have to move forward. There is no deadline, but we all know that there are provincial elections.”

    Those elections — initially scheduled in May 2024 and then in December 2024 — have already been postponed twice.

    They are supposed to elect the members of New Caledonia’s three provinces (North, South and Loyalty Islands), which in turn makes up the territory’s Congress and the proportional makeup of the government and election of President.

    All parties involved will now to consult with their respective supporters to get their go-ahead and a mandate to embark on full negotiations.

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Beginning of the end for the ‘feudal’ leasehold system

    Source: United Kingdom – Executive Government & Departments

    Press release

    Beginning of the end for the ‘feudal’ leasehold system

    The government has published the Commonhold White Paper today.

    • Commonhold, a radical improvement on leasehold ownership, will be reinvigorated under major reforms
    • New leasehold flats to be banned as the government takes steps to honour its manifesto commitment to ensure commonhold becomes the default tenure
    • Major change will give homeowners a stake in the ownership of their buildings and will hand them more power, control and security over their homes.
    • Change will ensure flat owners are not second-class homeowners and that the unfair feudal leasehold system is brought to an end, building on the Plan for Change ambition to drive up living standards

    Homeowners will have a stake in the ownership of their buildings from day one, not have to pay ground rent, and will gain control over how their buildings are run under major plans to bring the feudal leasehold system to an end. 

    Plans to reinvigorate commonhold and make it the default tenure have been announced today. Unlike leasehold ownership where third-party landlords own buildings and make decisions on behalf of homeowners, these changes will empower hard working homeowners to have an ownership stake in their buildings from the outset and will give them greater control over how their home is managed and the bills they pay. 

    Supporting delivery of a manifesto commitment – these reforms mark the beginning of the end for the feudal leasehold system. The changes complement the Plan for Change milestone to build 1.5 million homes, combatting the acute and entrenched housing crisis by making homeownership fit for the future, by putting people in control of the money they spend on their home. 

    Commonhold-type models are used all over the world. The autonomy and control that it provides for are taken for granted in many other countries. It can and does work and the government is determined, through both new commonhold developments and by making conversion to commonhold easier, to see it take root – so millions of existing leaseholders can also benefit from this step change in rights and security.

    Housing and Planning Minister Matthew Pennycook said:

    “This government promised not only to provide immediate relief to leaseholders suffering now but to do what is necessary to bring the feudal leasehold system to an end – and that is precisely what we are doing. 

    “By taking decisive steps to reinvigorate commonhold and make it the default tenure, we will ensure that it is homeowners, not third-party landlords, who will own the buildings they live in and have a greater say in how their home is managed and the bills they pay.

    “These reforms mark the beginning of the end for a system that has seen millions of homeowners subject to unfair practices and unreasonable costs at the hands of their landlords and build on our Plan for Change commitments to drive up living standards and create a housing system fit for the twenty-first century.”

    Following the introduction of a comprehensive new legal framework for commonhold, new leasehold flats will be banned, and in the meantime the government will continue to implement reforms to help millions of leaseholders who are currently suffering from unfair and unreasonable practices at the hands of unscrupulous freeholders and managing agents.  

    The government has already empowered leaseholders with more rights and security – enabling them to buy their freehold or extend their lease without having to wait two years from the point they purchased their property, and overhauling the right to manage – putting more leaseholders in the driving seat of the management of their property and service charges. 

    Progress will be made as quickly as possible to make it cheaper and easier for leaseholders to buy their freehold or extend their lease, and to make it easier for leaseholders to challenge unreasonable service charge increases.

    Changes set out in the Commonhold White paper include:

    • New rules that will enable commonhold to work for all types of developments, including mixed-use buildings and allowing shared ownership homes within a commonhold.   
    • Greater flexibility over development rights, helping developers build with confidence and maintaining safeguards for the consumer.   
    • Giving mortgage lenders greater assurance with new measures to protect their stake in buildings and protect the solvency of commonholds – such as mandatory public liability insurance and reserve funds and greater oversight by commonhold unit owners to keep costs affordable.   
    • Strengthening the management of commonholds, with new rules around appointing directors, clear standards for repairs, and mandating use of reserve funds; and  
    • Providing an enhanced offer for homeowners – including requiring greater opportunities for democracy in agreeing the annual budget, clarifying how owners may change “local rules” over how a building is run and new protections for when things go wrong.

    A new Code of Practice will set out how costs should be apportioned in commonhold, aimed at providing consumers with transparency and clarity, and the Government is committed to strengthening regulation of managing agents. The government will also launch a consultation to ban new leasehold flats later this year to explore the best way forward. 

    An ambitious draft Leasehold and Commonhold Reform Bill will be published later this year setting out the legal framework for how reformed commonhold will work.

    Further information

    Under the current system, leasehold ownership hands the homeowner the right to occupy land or a property for a set period which reverts back to the freeholder once this expires. It means leaseholders don’t own their property outright, are forced to pay potentially escalating ground rent costs in some cases, and have a landlord who determines how the building is run and determines service charges the leaseholder must pay.  

    Commonhold ownership allows people to fully own their property outright, with no expiring term or need to save to extend a lease. They can have a say in managing their building, and have the benefit of not needing to pay ground rent or have a third party landlord. There are no leases, with the rights, responsibilities and rules for all property owners set out in the Commonhold Community Statement (CCS). This “rulebook” establishes how the shared areas and facilities will be managed, maintained and funded, as well as the obligations for each person. It establishes a democratic system of decision-making and helps prevent disputes.  

    Each property owner will become part of a commonhold association upon buying their home, which oversees both the governance and management of the building unless it decides to bring in a managing agent – which will be accountable to the commonholders, not to a landlord, including the power to hire and fire them.   

    Through the commonhold association, homeowners will have a vote on the annual budget, which is for upkeep and for maintenance of the building, and on the charges they have to pay – equivalent to what service charges are used for under the current leasehold system. Homeowners will also be able to effectively plan for longer-term repairs or maintenance under commonhold, and vote on issues that affect them including adopting ‘local rules’ – specific to how they and their neighbours in the same block of flats want to live.   

    The government is pushing forward the majority of the Law Commission’s recommendations due to the benefits of this tenure over leasehold.  Initially introduced in England and Wales in 2002, commonhold has struggled to take off due to flaws in its legal framework, despite its success in Europe, New Zealand, Australia, the US and other parts of the world.

    Key differences between commonhold and leasehold:

    • Commonhold offers full freehold ownership – real homeownership – unlike leasehold, whereby a property is leased out for a set amount of time before reverting back to the landlord and homeowners have a lack of control over their building.  
    • Commonhold allows homeowners a say on the annual budget for their building – including how their charges for upkeep and maintenance are spent – unlike leasehold, where a bill is usually imposed on leaseholders by landlords often even after the money has been spent.  
    • There is no ground rent in a commonhold property, compared to older leasehold properties. The ground rent requirement for newer properties was removed in 2022 (2023 for retirement properties) through the Leasehold Reform (Ground Rent) Act 2022.   
    • Forfeiture is not possible under commonhold, meaning a unit owner cannot be threatened with losing their home and equity as they can in leasehold. The government will also address the disproportionate and draconian threat of forfeiture as a means of compliance with a lease agreement.    
    • Commonholders have the power to hire or fire a managing agent who works in their interests, unlike in leasehold where one is appointed by the landlord.

    Updates to this page

    Published 3 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: 2025-31 – ATTORNEY GENERAL ANNE LOPEZ CALLS ON COURT TO KEEP NATIONAL LABOR BOARD FUNCTIONING

    Source: US State of Hawaii

    2025-31 – ATTORNEY GENERAL ANNE LOPEZ CALLS ON COURT TO KEEP NATIONAL LABOR BOARD FUNCTIONING

    Posted on Mar 1, 2025 in Latest Department News, Newsroom

     

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF THE ATTORNEY GENERAL

    KA ʻOIHANA O KA LOIO KUHINA

     

    JOSH GREEN, M.D.
     GOVERNOR

    KE KIAʻĀINA

     

    ANNE LOPEZ

    ATTORNEY GENERAL

     

    ATTORNEY GENERAL ANNE LOPEZ CALLS ON COURT TO KEEP NATIONAL LABOR BOARD FUNCTIONING

     

    News Release 2025-31

     

    FOR IMMEDIATE RELEASE                                                       

    February 28, 2025

     

    HONOLULU – Today, Attorney General Anne Lopez joined a coalition of 20 attorneys general in filing an amicus brief in Wilcox v. Trump in the U.S. District Court for the District of Columbia supporting Gwynne Wilcox, a member of the National Labor Relations Board (NLRB), in her lawsuit against President Donald Trump. 

      

    On January 27, 2025, President Trump purported to dismiss Wilcox from the NLRB during the middle of her five-year appointment, leaving just two members remaining on the five-member Board. As the NLRB cannot act without a quorum of at least three members, it has been incapacitated by Wilcox’s purported dismissal. The amici states argue that a functioning NLRB is necessary for the enforcement of labor laws across the United States and urge the court to order the defendants to allow Wilcox to continue performing her responsibilities as an NLRB member. 

     

    In 1935, President Roosevelt signed the National Labor Relations Act (NLRA) into law, which guarantees to American workers the right to join a union, bargain for better wages and working conditions, and engage in activities like strikes and pickets, and which protects workers from retaliation due to certain union-related activities. The Act also created the NLRB, an independent, quasi-judicial federal agency with the authority to enforce the NLRA, investigate violations of labor laws, adjudicate labor disputes, and certify the results of union elections. 

     

    In their brief, the states note that Supreme Court precedent gives the NLRB broad authority over the conduct of labor relations and preempts states from regulating that conduct. As a result, if the NLRB cannot issue rules or adjudicate unfair labor practices, it creates a significant vacuum that harms workers everywhere. This regulatory vacuum is deeply troubling given the importance and scale of the work done by the NLRB. In the past decade, the NLRB reviewed almost 3,000 allegations of unfair labor practices. In fact, there are currently 130 cases of unfair labor practices pending in Hawai‘i alone. 

     

    The amici states note in their filing that union employees earn higher wages and receive better benefits than their non-union counterparts, and that even non-union employees benefit from this as an increase in private-sector union membership often coincides with an increase in wages for non-union workers. 

      

    For these reasons, the amici states urge the Court to grant Wilcox’s motion for expedited summary judgment and order the defendants to allow her to continue performing her responsibilities as an NLRB member. 

      

    Joining Attorney General Lopez in submitting this brief, are the attorneys general from Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont and Wisconsin.

     

    # # #

     

    Media contacts:

    Dave Day

    Special Assistant to the Attorney General

    Office: 808-586-1284                                                  

    Email: [email protected]        

    Web: http://ag.hawaii.gov

     

    Toni Schwartz
    Public Information Officer
     Hawai‘i Department of the Attorney General
    Office:     808-586-1252
    Cell: 808-379-9249
    Email:     [email protected] 

    Web: http://ag.hawaii.gov

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom announces executive staff transitions with appointments of Nani Coloretti, Ann Patterson

    Source: US State of California 2

    Feb 28, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the appointment of Nani Coloretti as his new Cabinet Secretary and expressed deep gratitude to departing Cabinet Secretary Ann Patterson for her six years of exemplary service. Patterson, who had planned to step down, has agreed to extend her public service as Senior Counselor to the Governor, primarily supporting the administration’s recovery initiatives for Los Angeles.

    “I am profoundly grateful for Ann’s guidance over these last six years — helping me navigate some of the most meaningful, as well as the most challenging, moments of my governorship.

    “Ann was ready to take the next step, but her willingness to stay to help us transition during LA’s recovery speaks volumes about her dedication to California.

    “During this transition, I am thrilled to welcome Nani as she steps into this critical role. Nani’s decades of experience navigating complex policy issues at all levels of government make her uniquely qualified to lead our cabinet in continuing to deliver bold solutions to improve the health, well-being, and safety of all Californians.” 

    Governor Gavin Newsom

    Coloretti previously held the position of Deputy Director of the Office of Management and Budget under President Joe Biden, where she helped manage the nation’s nearly $7 trillion federal budget and implement key initiatives across all areas of government. She has also held senior leadership roles at the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury and played a pivotal role in establishing the Consumer Financial Protection Bureau.

    During her tenure as Cabinet Secretary, Patterson guided California through historic challenges, including the state’s response to multiple natural disasters and the COVID-19 pandemic. She played a pivotal role in advancing nearly all of Governor Newsom’s efforts, including PAGA reform, historic laws protecting ratepayers and wildfire survivors, establishing the world’s largest aerial wildfire-fighting fleet, improving public safety through the California Model, and implementing universal free school meals for all kids in California.

    Nani Coloretti, of Sacramento, has been appointed Cabinet Secretary in the Office of Governor Gavin Newsom. Coloretti has been Senior Counselor in the Office of Governor Gavin Newsom since 2025. Coloretti was Deputy Director at the United States Office of Management and Budget from 2022 to 2025. She was Senior Vice President for Business and Financial Strategy at The Urban Institute from 2017 to 2022. Coloretti was Deputy Secretary at the United States Department of Housing and Urban Development from 2014 to 2017. She served in multiple roles at the United States Department of the Treasury from 2009 to 2014, including Assistant Secretary for Management, Acting Chief Operating Officer for the Consumer Financial Protection Bureau, and Deputy Assistant Secretary of Management and Budget. Coloretti was San Francisco Budget Director in the Office of Mayor Gavin Newsom from 2006 to 2009. She served in multiple roles in the Office of Mayor Gavin Newsom from 2005 to 2006, including Policy Director and Deputy Policy Director. Coloretti earned a Master of Public Policy degree from University of California, Berkeley and a Bachelor of Arts degree in Economics and Communications from University of Pennsylvania. This position does not require Senate confirmation, and the salary is $235,344. Coloretti is a Democrat.

    Ann Patterson, of Sacramento, has been appointed Senior Counselor at the Office of Governor Gavin Newsom. Patterson has been Cabinet Secretary at the Office of Governor Gavin Newsom since 2022 and has served in multiple roles in the Office of Governor Newsom since 2019, including Legal Affairs Secretary and Chief Deputy Legal Affairs Secretary. Patterson was a Partner at Orrick, Herrington, and Sutcliffe from 2005 to 2018. This position does not require Senate confirmation, and the compensation is $235,344. Patterson is a Democrat.

    Press Releases, Recent News

    Recent news

    Feb 27, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Aaron Maguire, of Roseville, has been appointed Executive Officer of the Board of State and Community Corrections, where he has been Acting Executive Officer at the Board of State and…

    Feb 27, 2025

    News SACRAMENTO – California and a consortium of 21 Brazilian states are partnering together to combat pollution and foster sustainable economic growth. Governor Gavin Newsom and Governor Renato Casagrande of the Brazilian state of Espírito Santo signed a Memorandum…

    Feb 26, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced multiple clemency actions. He granted pardons in three cases. He also sent multiple clemency cases to the Board of Parole Hearings, initiating the process for granting clemency in fifteen cases. He also sent two…

    MIL OSI USA News –

  • MIL-OSI Economics: Verizon announces strategic partnership with Accenture to help organizations tackle emerging cybersecurity threats

    Source: Verizon

    Headline: Verizon announces strategic partnership with Accenture to help organizations tackle emerging cybersecurity threats

    What you need to know:

    • Verizon Business and Accenture will help customers across all industries and businesses of all sizes become cyber resilient.
    • New advanced services will help companies identify security vulnerabilities and detect, respond to and recover from cyberattacks and will be integrated with Verizon’s portfolio of network solutions. 
    • The partnership will focus on the most pressing areas of risk: identity and access management (IAM), managed extended detection and response (MxDR) and cyber risk services.

    NEW YORK – To address the rapidly evolving cybersecurity landscape, Verizon Business and Accenture today announced a strategic partnership to accelerate the development and delivery of advanced cybersecurity solutions. The agreement aims to help businesses of all sizes mitigate a range of growing threats, from data breaches to phishing attacks to social engineering and beyond.

    Combining both companies’ strengths in cybersecurity and networking, the partnership will begin by offering new as-a-service capabilities including Identity and Access Management (IAM)1, Managed Extended Detection and Response (MxDR)2, as well as cyber risk services. Following this initial phase, the partnership will concentrate on co-innovating new solutions.

    “Cybersecurity is a top priority for businesses. With our decades of experience in this area, Verizon is committed to offering solutions that protect our customers and keep their data secure,” said Kyle Malady, CEO of Verizon Business. “We are seeing evolving demands from our customers and we are building out new cybersecurity capabilities. Partnering with Accenture will be key to scaling our capabilities and delivering new and innovative products to address our customers’ most pressing needs.”

    “The security landscape is growing more complex, driven by emerging technologies, geopolitical uncertainty, global data and cyber security regulations, supply chain risks, and a cyber skills gap. Businesses must prioritize resilience to stay ahead of evolving threats,” said Manish Sharma, CEO – Americas, Accenture. “Our solutions, coupled with Verizon’s core network services and deep security expertise will enable businesses to better protect their data and operations against cyber-attacks.”

    “Verizon’s targeted emphasis on security services offerings, combined with its collaboration with Accenture, enables both companies to effectively address the increasing demand for comprehensive cybersecurity solutions” noted Craig Robinson, IDC Research Vice President, Security & Trust. “This initiative will improve Verizon Business’s competitive edge and align its offerings with current market trends and customer needs”

    For more information, visit the Verizon & Accenture Partnership page.

    1 Identity and Access Management (IAM) is a security and business discipline that includes multiple technologies and business processes to help the right people or machines to access the right assets at the right time for the right reasons, while keeping unauthorized access and fraud at bay.

    2 Managed Extended Detection and Response (MXDR) delivers unified security incident detection and automated response capabilities for security infrastructure managed by a third-party security provider. MXDRs integrate threat intelligence and telemetry data (from multiple sources) with security analytics to provide contextualization and correlation of security alerts; they must also include native sensors.

    MIL OSI Economics –

  • MIL-OSI Economics: Trade and Gender Group launches new edition of equality prize, consultations on future work

    Source: WTO

    Headline: Trade and Gender Group launches new edition of equality prize, consultations on future work

    The co-chairs of the Informal Working Group (IWG) — Ambassador Clara Delgado of Cabo Verde, Ambassador Patricia Benedetti of El Salvador and Ambassador Simon Manley of the United Kingdom — looked back at key achievements in 2024. They highlighted the specific wording on trade and gender in the Abu Dhabi Ministerial Declaration WT/MIN(24)/DEC, the launch of a new trade policy tool in support of women entrepreneurs’ financial inclusion, and progress on “sharing experiences” on gender-responsive trade policy making.
    Progress was also made in integrating gender issues into the work of various WTO bodies, such as the Informal Working Group on Micro, Small and Medium-sized Enterprises (MSMEs), they added. 
    Members welcomed the co-chairs’ initiative to launch consultations on the IWG’s work plan for 2025-26, including on potential outcomes at the 14th Ministerial Conference, to be held in March 2026.
    Members also agreed to launch the second edition of the International Prize for Gender Equality in Trade to support members’ work on inclusive trade. The call for applications is now open via this form.
    Presentations
    The United Kingdom presented its work on the implementation of gender equality in free trade agreements (FTAs), including the UK-New Zealand FTA and the UK-Japan Comprehensive Economic Partnership Agreement.
    The importance of mainstreaming gender across trade agreements was highlighted. In addition, cooperation provisions are key for collecting gender-disaggregated data and for monitoring the impact of trade agreements on women, the UK said. The United Kingdom also noted that it is crucial to secure an institutional mechanism for discussing and implementing cooperation activities with stakeholders such as trade associations and women entrepreneurs. 
    Australia introduced its recently launched “International Gender Equality Strategy for a Safer and More Prosperous Indo-Pacific and the World”. Developed following consultations with over 600 stakeholders, the strategy aims to support gender equality in trade commitments at the WTO and other international and regional organizations
    Mexico reported on a recent capacity-building workshop on trade and gender organized by the countries of the Global Trade and Gender Arrangement (GTAGA) in coordination with the WTO Secretariat. Bringing together experts, government representatives, academics and women entrepreneurs, the event looked into the challenges and opportunities in mainstreaming gender into global trade.
    The International Trade Centre (ITC) provided an update on the Women Exporters in the Digital Economy (WEIDE) Fund, launched at MC13. This WTO-ITC initiative will provide grants and technical assistance regarding digital trade to support export growth in women-led businesses. Following a call for applications in September 2024, the Fund will work with a number of business support organizations to be announced  in early March.
    The WTO Secretariat provided an update on its activities, highlighting training programmes, collaborative research projects, and outreach initiatives. The Secretariat emphasized progress in capacity-building initiatives with the Latin American Integration Association, the Food and Agriculture Organization of the United Nations (FAO), and various universities. A thematic course on trade, gender and agriculture will be launched with the FAO in 2025 as a follow-up to the WTO-FAO Memorandum of Understanding signed  in 2024.
    The Trade and Gender Office also underlined its collaboration with the Secretariat of the Convention on the Elimination of All Forms of Discrimination Against Women (CEDAW) on drafting a recommendation (General Recommendation number 40) on women’s access to decision-making positions and its ongoing work.

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    MIL OSI Economics –

  • MIL-OSI NGOs: UK/Egypt: PM call to President Sisi on Alaa Abdel Fattah ‘welcome’ but pressure must continue at this critical time

    Source: Amnesty International –

    © KHALED DESOUKI/AFP via Getty Images

    Keir Starmer raised case of Alaa Abdel Fattah during a call with Egyptian President today

    The timing is urgent – Alaa’s mother, Laila Soueif, is critically ill in hospital having spent more than 150 days on hunger strike

    “This cannot be a moment where too little action is taken too late” – Sacha Deshmukh

    Responding to news that the Prime Minister pressed for the release of jailed Egyptian-British activist Alaa Abdel Fattah during a phone call with the President of Egypt this afternoon, Sacha Deshmukh, Amnesty International UK’s Chief Executive, said: 

    “It is welcome news that the Prime Minister has raised the case of Alaa Abdel Fattah in a call with President Sisi today. This is an urgent time in the campaign for Alaa’s release – his mother’s health is in a critical condition having been on hunger strike for more than 150 days, desperate for the release of her son.

    “This cannot be a moment where too little action is taken too late. Whilst a phone call is a promising step, this needs to be the beginning of a sustained dialogue between the UK and Egyptian governments that results in the safe and prompt release of Alaa.

    “Keir Starmer must keep ramping up the pressure. The suffering that this whole family has had to endure must be put to an end.”

    View latest press releases

    MIL OSI NGO –

  • MIL-OSI United Kingdom: World Book Day celebration comes to city library

    Source: City of Wolverhampton

    Key Stage 1 pupils from Dunstall Hill Primary, West Park Primary and SS Peter and Paul Primary came along to choose their books, hear a talk from author Nadia Shireen and take part in an illustration workshop run by Vivian Trogg, the illustrator for this year’s World Book Day campaign.

    They also enjoyed a craft session and met Postman Bear from the Julia Donaldson book, all courtesy of the World Book Day charity. The children were joined by local MPs Sureena Backenridge and Warinder Juss and World Book Day CEO Cassie Chadderton, and the event was compered by Kenny Baraka.

    Councillor Obaida Ahmed, the City of Wolverhampton Council’s Cabinet Member for Digital and Community, said: “Getting into reading at an early age instils a life long love of books, and we were pleased to be one of 6 library services across the country to be able to welcome representatives of the World Book Day charity to an exciting event ahead of World Book Day here in Wolverhampton.

    “If you are inspired to read this World Book Day, why not become a member of Wolverhampton’s libraries? It’s free to join and will give you access to a huge range of books, including eBooks and eAudiobooks.”

    Cassie added: “World Book Day is all about unlocking the fun of reading for all children. Through events like this brilliant one at Whitmore Reans Library, we’re encouraging children to see reading as an exciting and enjoyable hobby.

    “Libraries provide children with a community to explore books, share recommendations, and experience reading as a joyful, judgment free activity beyond the classroom. Bhttps://www.wolverhampton.gov.uk/librariesy letting go of pressure and embracing choice, we can help more children find the fun in reading and unlock the incredible benefits it brings.”

    World Book Day, which this year will take place on Thursday (6 March), is celebrated annually by 100 countries around the world, with children being given tokens to exchange for free books from a selection chosen by the World Book Day charity. To find out more, please visit World Book Day. 
                                   
    For more information about Wolverhampton’s libraries, and to join, please visit Libraries.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Q&A with the Deputy Mayor for Environment and Energy

    Source: Mayor of London

    In his election campaign ahead of the May 2024 elections, the Mayor’s manifesto committed to ‘Making London Greener’, including to:

    • Help schools in London reach net zero.
    • Introduce a new Green Roots Fund for community green spaces.
    • Develop a bold plan for swimmable rivers within 10 years.[1]

    Tomorrow, the London Assembly Environment Committee will meet with the Deputy Mayor for Environment and Energy for a question and answer session, exploring the progress made in achieving the Mayor’s manifesto priorities, as well as wider progress on areas in the London Environmental Strategy and London’s 2030 net zero target.
     
    Other topics will include noise pollution, the expansion of Heathrow Airport, green roots fund, and swimmable rivers.

    The guests are:

    • Mete Coban MBE, Deputy Mayor of London for Environment and Energy
    • Megan Life, Assistant Director for Environment and Energy, Greater London Authority (GLA)
    • Pete Daw, Head of Climate Change, GLA

    The meeting will take place on Tuesday 4 March 2025 from 10am in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.

    Media and members of the public are invited to attend. 

    The meeting can also be viewed LIVE or later via webcast or YouTube.
     
    Follow us @LondonAssembly.
     

    MIL OSI United Kingdom –