NewzIntel.com

Category: Politics

  • MIL-OSI United Kingdom: Regulator criticises governance at Sikh TV charity

    Source: United Kingdom – Executive Government & Departments

    Press release

    Regulator criticises governance at Sikh TV charity

    The Charity Commission, the regulator of charities in England and Wales, has found serious failings at Sikh Channel Community Broadcasting Company Limited.

    The charity operated a television channel, which was based in Birmingham, to advance the knowledge of the Sikh faith.

    An official inquiry report, published today, found that the former trustees of the charity had not sufficiently overseen the actions of the charity’s then CEO, which in turn led to failures in the administration, financial control and governance of the charity.

    A new board of trustees was appointed over the course of the inquiry, and they took the decision to wind up and dissolve the charity. Additionally, the former CEO has formally undertaken not to act as a trustee or in a senior role at a charity for ten years.

    Background

    The Commission began engaging with the charity in 2019, after concerns arose about the charity’s fundraising partnership with the unregistered organisation Sikh Youth UK, an organisation which was already subject to a statutory inquiry.

    Concerns were also raised about the relationship between the charity and companies connected to the charity’s CEO.

    Findings

    In its report, the Commission finds that:

    • Trustees failed to manage a clear conflict of interest in relation to the appointment of the CEO of the charity. The CEO, who was also a trustee at the time, appointed himself to the role without an open recruitment process, and in breach of the charity’s governing document. The trustees were all family members of the CEO, and inquiry found that the trustees had insufficient control and oversight of his actions, leading to breaches of charity law. This amounted to misconduct and/or mismanagement by the trustees at the time.
    • The CEO, at the relevant times, acted as a de-facto trustee, and set himself a yearly salary of £40,000, which was unauthorised. Additionally, the inquiry found that the charity made a bank transfer for £654 to a private company owned and directed by the CEO. The payments of the unauthorised salary, the bank transfer and loans to a trading subsidiary of the charity showed a lack of financial control by the trustees, and failure to act in the charity’s best interests.
    • The charity began a fundraising partnership with an unregistered organisation, Sikh Youth UK. It organised a fundraiser, stating that money raised would pay for Sikh Youth UK support workers. However, the Commission found that it misled members of the public by not stating that 40% of their donations would be kept by the Sikh Channel Community Broadcasting for its general expenditure. The inquiry found that the then trustees’ failure to conduct due diligence on Sikh Youth UK, failure to monitor the use of the charity’s funds, and the misleading nature of the fundraising appeal were all misconduct and/or mismanagement by the trustees of the charity at the time.

    Regulatory action

    • The CEO of the charity gave a formal undertaking that he would not act, be appointed, or accept a position as trustee or senior manager of any charity including non-registered charities and would refrain from acting as a trustee or senior manager for a period of ten years without the express written permission of the Commission.

    Joshua Farbridge, Head of Compliance, Visits and Inspections at Charity Commission said:

    Our findings serve as a cautionary tale against allowing any one person to dominate and assume control of a charity.

    In this case, the trustees failed in their duty to oversee and manage the actions of the CEO, resulting in significant failures in the charity’s administration and governance.

    As a result of our intervention, and the identified misconduct and/or mismanagement, the CEO has committed to refraining from acting as a trustee of a charity for ten years.

    The full report detailing the findings of this inquiry can be found on gov.uk.

    ENDS

    Notes to editors

    1. The Charity Commission is the independent, non-ministerial government department that registers and regulates charities in England and Wales. Its ambition is to be an expert regulator that is fair, balanced, and independent so that charity can thrive. This ambition will help to create and sustain an environment where charities further build public trust and ultimately fulfil their essential role in enhancing lives and strengthening society.
    2. On 13 November 2019, the Commission opened a statutory inquiry into The Sikh Channel Community Broadcasting Company Limited under section 46 of the Charities Act 2011.
    3. A statutory inquiry is a legal power enabling the Commission to formally investigate matters of regulatory concern within a charity and to use protective powers for the benefit of the charity and its beneficiaries, assets, or reputation. An inquiry will investigate and establish the facts of the case so that the Commission can determine the extent of any misconduct and/or mismanagement; the extent of the risk to the charity, its work, property, beneficiaries, employees or volunteers; and decide what action is needed to resolve the concerns.
    4. The inquiry made an Order dated 19 March 2020 under section 76(3)(g)11 of the Act to appoint Mr Philip Watts and Ms Sarah Tomlinson of Anthony Collins Solicitors to act as Interim Managers for the charity from the date of that Order. A Notice of Appeal dated 28 April 2020 was submitted to the Charity Tribunal first Tier in which the new trustees appealed against the appointment of the IMs. The Tribunal determined that the legal test was met, namely that the inquiry was open and ongoing into the charity, and that there had been mismanagement in the charity. However, the Tribunal did not consider in their discretion that an interim manager should be appointed, and instead considered that additional trustees could be appointed to strengthen the trustee board. As such, the trustees’ appeal against the Order was allowed and the IMs appointment therefore immediately ceased on 31 July 2020.

    Press office

    Email pressenquiries@charitycommission.gov.uk

    Out of hours press office contact number: 07785 748787

    Updates to this page

    Published 28 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Oma Savings Bank Plc’s Notice of Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC STOCK EXCHANGE RELEASE, 28 FEBRUARY 2025 AT 09.20 A.M EET, NOTICE OF ANNUAL GENERAL MEETING

    Oma Savings Bank Plc’s Notice of Annual General Meeting

    NOTICE TO GENERAL MEETING

    The shareholders of Oma Savings Bank Plc are invited to the Annual General Meeting to be held on Tuesday 8 April 2025 at 13.00 p.m. (EEST) at Scandic Helsinki Hub, Annankatu 18, Helsinki. The reception of persons who have registered for the meeting and distribution of voting tickets will begin at 11.00 a.m. (EEST) at the Meeting venue. Refreshments will be served before the meeting starting at 11:30 a.m.

    The new CEO will be introduced before the Annual General Meeting starting at 12.15 p.m. It is possible to follow the introduction of the CEO and the General Meeting via webcast. Instructions on how to follow the webcast are available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025. It is not possible to ask questions, make counterproposals, make other interventions, or vote via webcast. Following the meeting via webcast shall not be considered as participation in the General Meeting or as the exercise of shareholders’ rights.

    Prior to the meeting, shareholders may also submit written questions referred to in Chapter 5, Section 25 of the Finnish Limited Liability Companies Act on matters to be discussed at the meeting. Instructions on how to submit written questions are set out in Section C of this notice to the General Meeting.

    A. Matters to be discussed at the General Meeting 

    1. Opening the Meeting

    2. Matters of order for the Meeting

    3. Election of the persons to scrutinize the minutes and to supervise the counting of votes

    4. Recording the legal convening of the Meeting and quorum

    5. Establishment of the persons present and confirmation of the voting list

    6. Presentation of the financial statements, annual report and auditor’s report for the year 2024

    Presentation of the CEO’s review.
    As of 14 March 2025, the financial statements, the annual report and the auditor’s report are available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    7. Adoption of the financial statements

    8. Resolution on the use of the profit shown on the balance sheet and the distribution of dividend

    The Board of Directors proposes that based on the balance sheet adopted for the financial year 2024, a dividend of EUR 0.36 per share be paid, totaling approximately EUR 12.0 million, and that the remainder of the distributable assets will be left in equity.

    The dividend shall be paid to shareholders registered in the register of shareholders of the Company maintained by Euroclear Finland Ltd on the record date of 10 April 2025. The Board of Directors proposes that the dividend shall be paid out on 17 April 2025 in accordance with the rules of Euroclear Finland Ltd.

    9. Resolution on the discharge of the members of the Board of Directors and the President and CEO from liability

    10. Handling of the remuneration policy for governing bodies

    The Board of Directors proposes that the General Meeting approves the updated remuneration policy. In accordance with the Finnish Companies Act, the decision is advisory.

    The proposal for the Company’s remuneration policy for governing bodies is attached to this notice as Annex 1 and is available on Oma Savings Bank Plc’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    11. Handling of the Remuneration Report for governing bodies

    As of 14 March 2025, the remuneration report for governing bodies will be available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    12. Resolution on the remuneration of the members of the Board of Directors

    The Shareholders’ Nomination Committee proposes that remuneration for the members of the Board of Directors to be paid as follows:

    Annual fees:

    • Chairperson of the Board EUR 85,000
    • Vice Chairperson of the Board EUR 60,000
    • Other members of the Board EUR 40,000
    • Chairperson of the Remuneration Committee EUR 6,000
    • Chairperson of the Risk Committee EUR 9,000
    • Chairperson of the Audit Committee EUR 9,000

    Meeting fees:

    • Board or Committee meeting EUR 1,000
    • Email meeting of the Board or Committee EUR 500

    The Shareholders’ Nomination Committee proposes that 25 percent of the annual remuneration of the Board of Directors be paid from the market in Oma Savings Bank Plc’s shares acquired on behalf of the members of the Board of Directors. The shares will be acquired directly on behalf of the members of the Board of Directors at a price formed on the market in public trading when the interim report for the period from 1 January to 31 March 2025 has been published. The Company is responsible for the costs of acquiring the shares and any transfer tax. The rest of the annual fee is paid in cash to cover the taxes arising from the fee.

    In addition, Oma Savings Bank Plc pays or reimburses travel expenses and other expenses related to board work to the members of the Board of Directors.

    13. Resolution on the number of members of the Board of Directors

    The Shareholders’ Nomination Committee proposes that seven members be elected for the Board of Directors.

    14. Election of members of the Board of Directors

    The Shareholders’ Nomination Committee proposes that the current Board members Juhana Brotherus, Irma Gillberg-Hjelt, Aki Jaskari, Jaakko Ossa, Carl Pettersson, Kati Riikonen and Juha Volotinen having given their consent, shall be re-elected.

    1. All candidates are proposed to be elected for the period starting at the Annual General Meeting 2025 and ending at the Annual General Meeting 2026.
    2. All nominees have given their consent to the election.
    3. At the time of election, all proposed nominees are independent in their relationship with the Company and its significant shareholders.
    4. Additional information on the members of the Board of Directors is available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025.

    15. Resolution on the remuneration of the auditor

    The Board proposes to the Annual General Meeting that the reimbursements to the auditor are paid on the basis of reasonable invoicing approved by the Company.

    16. Election of the auditor

    The Board of Directors proposes that KPMG Oy Ab, a firm authorised public accountants, shall continue to be elected as the auditor for the term beginning at the end of the Annual General Meeting 2025 and ending at the Annual General Meeting 2026.

    KPMG Oy Ab has indicated that if it is elected as an auditor M.Sc. (Econ.), APA Tuomas Ilveskoski would continue as auditor-in-charge.

    17. Resolution on the remuneration of the sustainability reporting assurer

    The Board proposes to the Annual General Meeting that the reimbursements to the sustainability reporting assurer are paid on the basis of reasonable invoicing approved by the Company.

    18. Election of the sustainability reporting assurer

    The Board of Directors, on the recommendation of the audit committee, proposes that KPMG Oy Ab, Authorized Sustainability Audit Firm, be elected as the Company’s sustainability reporting assurer for the term ending upon the conclusion of the next Annual General Meeting. KPMG Oy Ab has informed the Company that Authorised Public Accountant (KHT), Authorized Sustainability Auditor (KRT) Tuomas Ilveskoski would act as the principally responsible sustainability reporting assurer.

    19. Proposal by the Board of Directors to amend the Articles of Association

    The Board of Directors proposes to the Annual General Meeting that Section 6 (Nomination Committee) of the Company’s Articles of Association be amended by removing the provision regarding the due date for the Committee’s proposals.

    The Board further proposes to the Annual General Meeting that Section 10 (Notice of the meeting) of the Company’s current Articles of Association be supplemented with a provision regarding remote meetings. According to the proposed addition, the General Meeting could, by a decision of the Board, be held without a physical meeting venue, allowing shareholders to exercise their decision-making rights in full and in real time through telecommunication and technical means (remote meeting). Shareholders would thus be able to exercise their right to ask questions and vote in the same manner as in a physical meeting.

    Additionally, the Board proposes to the Annual General Meeting that Section 12 (General meeting) of the Company’s current Articles of Association, concerning the General Meeting, be supplemented to include provisions on deciding the remuneration of the sustainability reporting auditor and the appointment of the sustainability reporting auditor.

    The amended Articles of Association in their entirety are attached as Annex 2 to this notice of the Annual General Meeting.

    20. Resolution on the revised Charter of the Shareholders’ Nomination Committee

    The Shareholders’ Nomination Committee proposes that the Annual General Meeting resolve on the approval of the revised Charter of the Shareholders’ Nomination Committee.

    The proposed amendments to the Charter include, among other things, a provision requiring the Nomination Committee to submit its proposals regarding the composition and remuneration of the Board of Directors to the Company’s Board no later than the end of the calendar month preceding the Board meeting that decides on convening the Annual General Meeting.

    Additionally, the Charter is proposed to be amended to include a provision on the maximum continuous term of a Board member, ensuring alignment with the regulations, guidelines, and statements applicable to credit institutions, including the guidelines issued by the European Banking Authority (EBA).

    The proposed amendments also include certain technical revisions.

    The revised Charter in its proposed amended form is available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    21. Authorizing the Board of Directors to resolve on a share issue, the transfer of own shares and the issuance of special rights entitling to shares

    The Board of Directors proposes that the Annual General Meeting authorises the Board of Directors to resolve on the issuance of shares or transfer of the Company’s shares and the issuance of special rights entitling to shares referred to in Chapter 10, Section 1 of the Finnish Companies Act, subject to the following conditions:

    Shares and special rights can be issued or disposed of in one or more instalments, either in return for payment or free of charge.

    The total number of shares to be issued under the authorisation, including shares acquired on the basis of special rights, cannot exceed 3,000,000 shares, which corresponds to approximately 9 percent of the Company’s total number of shares on the day of the Annual General Meeting on the date of the notice of the meeting.

    The Board of Directors decides on all terms and conditions related to the issuance of shares. The authorisation concerns both the issuance of new shares and the transfer of own shares. A share issue and the issuance of special rights entitling to shares include the right to deviate from the pre-emptive right of shareholders if there is a weighty financial reason for the Company (special issue). A special share issue may be free of charge only if there is a particularly weighty financial reason from the point of view of the Company and in the interest of all its shareholders.

    The authorisation is proposed to be valid until the end of the next Annual General Meeting, but not later than 30 June 2026. The authorisation revokes previous authorisations given by the Annual General Meeting to decide on a share issue, as well as the option rights and the issuance of special rights entitling to shares.

    22. Authorizing the Board of Directors to decide on the repurchase of the Company’s own shares

    The Board of Directors proposes that the Annual General Meeting authorise the Board of Directors to decide on the repurchase of the Company’s own shares with funds belonging to the Company’s free equity under the following conditions:

    Maximum number of 1,000,000 own shares may be repurchased, representing approximately 3 percent of the Company’s total shares according to the situation on the date of the notice of the meeting, however, that the number of own shares held by the Company does not exceed 10 percent of the Company’s total shares of the Company at any time. This amount includes the own shares held by the Company itself and its subsidiaries within the meaning of Chapter 15, Section 11 (1) of the Finnish Companies Act.

    The Board of Directors is authorised to decide how to acquire own shares.

    Own shares may be repurchased otherwise than in proportion to the shares held by the shareholders (directed repurchase) at the price formed in public trading organized by Nasdaq Helsinki Ltd or at a price otherwise formed on the market. Own shares may be repurchased in one or more tranches.

    Shares purchased by the Company may be held by it, cancelled or transferred. The Board of Directors decides on other matters related to the repurchasing of own shares.

    The Board of Directors proposes that the authorisation repeal previous authorisations granted by the Annual General Meeting to decide on the repurchase of own shares.

    It is proposed that the authorisation remain valid until the closing of the next Annual General Meeting, but not later than 30 June 2026.

    23. Closing the meeting

    B. Documents of the General Meeting

    This notice, which contains all proposals for resolutions on the agenda of the General Meeting is available on Oma Savings Bank Plc’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025. Oma Savings Bank Plc’s financial statements, annual report, auditor’s report and remuneration report will be available on said website by 14 March 2025. The updated remuneration policy is attached to this notice and is also available at https://www.omasp.fi/en/annual-general-meeting-year-2025. Copies of the above-mentioned documents will be sent to shareholders on request, and they will also be available on the Annual General Meeting.

    The minutes of the General Meeting will be available on the above-mentioned website from 22 April 2025 onwards.

    C. Instructions for meeting participants

    1. Shareholders registered in the shareholders’ register

    Shareholders who are registered in the shareholders’ register of Euroclear Finland Oy on the record date of the General Meeting 27 March 2025 are entitled to participate the General Meeting. Any shareholder whose Company shares are recorded in their personal Finnish book-entry account is automatically included in the Company’s shareholders’ register. Changes in the shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s voting rights.

    The registration period for the General Meeting commences on 6 March 2025 at 9.00 a.m. (EET). A shareholder who is registered in the Company’s shareholders’ register and wishes to participate in the General Meeting must register for the Meeting no later than 1 April 2025 at 4.00 p.m. (EEST), by which time the registration must be received.

    A shareholder can register for the General Meeting:

    a)   via the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025. Electronic registration requires strong identification of the shareholder or their legal representative or proxy with a Finnish, Swedish, or Danish bank ID, or a mobile certificate.
    b)   by e-mail. Shareholders registering by e-mail shall submit the registration form available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025 or equivalent information to agm@innovatics.fi.
    c)   by mail. Shareholders registering by mail shall submit the registration form available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025 or equivalent information to Innovatics Oy, General Meeting / Oma Savings Bank Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki
    d)   by phone to Innovatics Ltd at +358 10 2818 909 on weekdays from 9 a.m. to 12 p.m. and from 1 p.m. to 4 p.m.

    In connection with the registration, the shareholder must provide the requested information:

    1. his/her name and date of birth or business ID
    2. telephone number and/or email address
    3. name of the possible assistant or name, date of birth, telephone number and/or e-mail address of the representative

    The personal details that shareholders give to Oma Savings Bank Plc will only be used for purposes associated with the General Meeting and processing the relevant registrations.

    The shareholder, his/her authorised representative or proxy representative, shall on demand be able to prove his/her identity and/or right of representation.

    Further information related to the registration is available by phone during the registration period of the General Meeting at the phone number of Innovatics Ltd. +358 10 2818 909 on weekdays from 9 a.m. to 12 p.m. and from 1 p.m. to 4 p.m.

    2. Holders of nominee-registered shares

    A holder of nominee-registered shares is entitled to participate the General Meeting based on the shares, which would entitle them entry into the shareholders’ register held by Euroclear Finland Oy on the record date for the General Meeting 27 March 2025. Participation also requires that the shareholder is temporarily registered in the shareholders’ register held by Euroclear Finland Oy by 3 April 2025 by 10.00 a.m. (EEST) at the latest. In the case of nominee-registered shares, this is considered as registration for the General Meeting. Changes in the shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s voting rights.

    A holder of nominee-registered shares is advised to request well in advance the necessary instructions from their custodian bank regarding temporary registration in the register of shareholders, the issuing of proxy documents and voting instructions, registration, and attendance at the General Meeting. The account manager of the custodian bank shall register the holder of nominee-registered shares who wishes to participate the General Meeting temporarily in the register of shareholders of the Company by the aforementioned date and time at the latest. Further information is also available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    3. Proxy representatives and powers of attorney

    Shareholders may participate in the General Meeting and exercise their rights through a representative. Shareholder’s representative must identify himself/herself to the electronic registration service with a strong identification, after which he/she can make the registration on behalf of the shareholder he/she represents. A shareholder’s proxy representative must present a dated proxy or otherwise in a reliable manner demonstrate his/her right to represent the shareholder at the General Meeting shall present a dated power of attorney or demonstrate their right to represent the shareholder in some other reliable way. If a shareholder is represented by more than one representative at the General Meeting, each of whom represents the shareholder with shares by the shareholder in different book-entry accounts, the shares by held which each representative represents the shareholder shall be identified in connection with the registration for the General Meeting.

    Possible powers of attorney are requested to be delivered before the end of the registration period primarily as an attachment in connection with electronic registration or alternatively or by letter to Innovatics Ltd, General Meeting / Oma Savings Bank Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki or by email to agm@innovatics.fi. In addition to the delivery of proxy documents, the shareholder or his/her proxy representative shall arrange for registration at the General Meeting as described above in this notice.

    As an alternative to the traditional power of attorney, shareholders may use the electronic authorisation service for authorising the representative. The representative is appointed on the suomi.fi service at www.suomi.fi/e-authorizations (authorisation matter “Representation at the General Meeting”). At the General Meeting Service, the delegate must identify himself/herself with a strong electronic identification when registering, and then the electronic authorisation is automatically verified. Strong electronic identification occurs with bank IDs or mobile certificate. More information about electronic authorisation is available at www.suomi.fi/e-authorizations.

    Model proxy documents and voting instructions are available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025.

    4. Other instructions/information

    The meeting language is Finnish.

    Shareholders present at the General Meeting have the right to ask questions about the matters discussed at the meeting in accordance with Chapter 5, Section 25 of the Finnish Limited Liability Companies Act. Shareholders may submit questions referred to in Chapter 5, Section 25 of the Limited Liability Companies Act on matters to be discussed at the meeting until 1 April 2025 also by email to lakiasiat@omasp.fi or by letter to Oma Savings Bank Plc, Legal Affairs, Kluuvikatu 3, 6th floor, 00100 Helsinki. The management of the Company will respond to such questions submitted in advance in writing at the General Meeting. At the time of asking a question, the shareholder shall provide an adequate explanation of his/her shareholding.

    Changes in shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s number of votes.

    On the date of the notice to the meeting, 28 February 2025, Oma Savings Bank Plc has a total of 33,292,771 shares representing the same amount of votes. The Company holds a total of 136,647 of its own shares which are not entitled to vote at the General Meeting.

    Oma Savings Bank Plc

    Board of Directors

    For more information:

    Hanna Sirkiä, CLO, tel. +358 44 022 4604, hanna.sirkia@omasp.fi
    Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi

    DISTRIBUTION
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    Attachments

    The MIL Network –

  • MIL-OSI USA: Padilla Urges Elon Musk and OPM to Stop Sending Mass Emails to Legislative Branch Employees

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla Urges Elon Musk and OPM to Stop Sending Mass Emails to Legislative Branch Employees

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.), Ranking Member of the Senate Committee on Rules and Administration, urged Elon Musk and Acting Director of the Office of Personnel Management (OPM) Charles Ezell to cease mass email communications from the Department of Government Efficiency (DOGE) and OPM to employees of legislative branch offices and agencies. Despite not being subject to personnel actions by the executive branch, several legislative branch offices and agencies have received mass emails from hr@opm.gov, risking the sharing of sensitive, unauthorized information.

    Over the weekend, thousands of employees across the federal government received mass emails, asking them to summarize what they did in the past week, with Musk saying failure to respond would be taken as their resignation. Padilla stressed that sending these emails to legislative branch offices and agencies is particularly troubling as executive branch agencies warn their own employees not to respond to OPM’s mass email because “doing so would risk sensitive information falling into the hands of malign foreign actors.”

    “Neither the White House nor DOGE nor OPM have any authority or legitimate purpose to mass email legislative branch offices and agencies demanding information from employees or to threaten adverse personnel actions,” wrote Senator Padilla. “Unfortunately, Rules Committee staff have verified that mass emails from hr@opm.gov were sent to multiple legislative branch offices and agencies, wasting time and resources and potentially misleading employees into responding and sharing legislative branch information in an unauthorized manner.”

    “The fact that these mass emails are also going beyond the scope of the executive branch is yet another sign of how DOGE is operating in an uninformed, poorly executed, and chaotic manner,” continued Padilla.

    Specifically, Padilla asked Musk and Ezell to take steps by Monday, March 3, to stop any further mass email communications directed at employees in legislative branch offices and agencies. 

    Full text of the letter is available here and below:

    Dear Acting Director Ezell and Mr. Musk:

    Your agencies should cease directing any further mass email communications from the Office of Personnel Management (OPM) or the White House’s U.S. Department of Government Efficiency (DOGE) Service to the employees of legislative branch offices and agencies, who are not subject to personnel actions by the Executive branch. 

    Neither the White House nor DOGE nor OPM have any authority or legitimate purpose to mass email legislative branch offices and agencies demanding information from employees or to threaten adverse personnel actions. Unfortunately, Rules Committee staff have verified that mass emails from hr@opm.gov were sent to multiple legislative branch offices and agencies, wasting time and resources and potentially misleading employees into responding and sharing legislative branch information in an unauthorized manner.

    This is especially concerning as several executive branch agencies have even warned their own employees not to respond to these messages because doing so would risk sensitive information falling into the hands of malign foreign actors. The fact that these mass emails are also going beyond the scope of the executive branch is yet another sign of how DOGE is operating in an uninformed, poorly executed, and chaotic manner.

    In light of these inappropriate and potentially harmful actions, I ask that you confirm by Monday, March 3, 2025, that OPM and DOGE have taken steps to ensure that they will cease directly any further mass email communications at legislative branch offices and agencies and their employees. 

    I appreciate your prompt attention to this matter. For any questions, please do not hesitate to contact the Senate Rules Committee Democratic staff at 202-224-6352.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI United Kingdom: UK’s global science and tech ambitions refreshed under new banner

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK’s global science and tech ambitions refreshed under new banner

    Worldwide team championing UK science and tech partnership as a force for good, to be re-launched as the Science and Technology Network.

    Science and Technology Network launched.

    • Worldwide team championing UK science and tech partnership as a force for good, to be re-launched as the Science and Technology Network
    • Network already has over 130 staff in 65 locations globally, building partnerships around the science and tech innovations set to make us collectively healthier, wealthier, more resilient and secure in support of the Plan for Change
    • Science Minister welcomes Network’s re-launch alongside leaders from across research, academia and business

    The UK’s global team for forging the international collaboration and championing the power of British science and tech expertise to solve some of the world’s most pressing problems– from clean energy to health – will be refreshed under a new banner, as officially unveiled by the Science Minister in Whitehall on Thursday 27 February.

    The Science and Technology Network (STN) will be the new name for the former Science and Innovation Network: a 130-strong team based in 65 locations worldwide, with a mission to forge deeper international partnerships on science and technology, and seek new opportunities for British sci-tech pioneers in support of the Plan for Change.

    The network’s new name reflects the circumstances we now live in, where breakthrough technologies like AI, quantum, and engineering biology hold enormous potential for tackling environmental and social challenges and unlocking economic growth. In a fast-changing global landscape, now more than ever we need to pool the bright talent and big ideas that are needed to harness these emerging technologies for good, at home and abroad.

    Recent announcements like the AI Opportunities Action Plan clearly show the government’s domestic ambitions for harnessing the power of technology to improve people’s lives, but these aspirations are not solely inward-facing. The UK wants to work with international partners to share expertise, unlock investment, and deliver transformational benefits for communities in the UK and around the world.

    UK Science Minister Lord Vallance said:

    Britain is stronger when it works together with others and nowhere is that more true than when it comes to science and technology. Genius is not bound by geography, and by building international ties, we stand the best chance of developing new ideas and breakthroughs to solve the toughest challenges that all societies face.

    The UK has a long track record as a global leader, when it comes to research and innovation. We are uniquely placed to convene international work that brings scientific expertise to bear on improving health, adoption clean sources of energy, and more. It is only right that we put the critically important role of technology, at the centre of those efforts.

    Foreign, Commonwealth and Development Office Minister Catherine West said:

    The UK harnesses cutting-edge technology to tackle the world’s toughest challenges, from the climate crisis to the threat of pandemics.

    With staff based in 65 locations, the newly-named Science and Technology Network will help us forge global partnerships and galvanise scientific expertise, to enhance security and growth around the world.

    Lord Vallance will speak to an audience of researchers, academics and business leaders at the Foreign, Commonwealth & Development Office, this evening – which also marks the Network’s 25th anniversary. He will be joined by FCDO’s Chief Scientific Adviser, Professor Charlotte Watts, as they welcome the Network’s new name and to emphasise the importance of its ongoing work.

    Some examples of STN wins include UK-Danish work in the Arctic that could be crucial to our understanding of climate change, the establishment of the UK-Japan Semiconductors Partnership, and a UK-USA partnership that is bringing the massive potential of quantum technologies to bear in health and life sciences.

    The Network has also supported the delivery of potentially lifesaving research as overseas aid, ranging from work tackling the Zika virus outbreak in Brazil, to a project trying to better forecast devastating typhoons in South-East Asia.

    The Science and Technology Network has 3 objectives:

    • promoting UK science, technology and innovation excellence and leadership globally
    • actively building and facilitating science, technology and innovation collaborations
    • providing insight on science and technology trends and opportunities

    Through its work, the Network aims to build international partnerships that can help seize the opportunities and mitigate the risks arising from critical and emerging technologies, as well as tackling the climate crisis and improving health.

    Sir Mark Walport, Vice President and Foreign Secretary of the Royal Society, said:

    Maintaining the position of the UK as a global leader in science, engineering and technology is essential for the UK’s long-term prosperity and international standing. Furthermore, diplomacy in support of science is at the heart of the development of international policies and collaboration to address issues such as climate change, loss of biodiversity, pandemics and food security. The Science and Technology Network’s team of diplomats and civil servants will play an extremely important role in support of these aims.

    Professor Christopher Smith, UK Research and Innovation’s International Champion, said:

    The rebrand of The Science and Technology Network is a reflection of its evolving role in fostering global research and innovation partnerships.

    The network has been instrumental in strengthening the UK’s position as a world leader in science, and we look forward to continuing our collaboration to drive international research excellence, support innovation-led growth, and tackle global challenges together across all disciplines and sectors.

    Maddalaine Ansell, Director Education, British Council, said:

    International collaboration in science and technology is critical if we are to overcome global challenges. The UK, which is ranked 3rd in the world for producing highly cited research outputs, must be part of the global effort. Playing our full part will also reinforce and further expand the UK’s reputation both for excellence in science and as a force for good in the global community. The Science & Technology Network is an important enabler of UK activity on the global stage, supporting the UK’s scientific community to develop stable and lasting partnerships with peers around the world.

    Jamie Arrowsmith, Director of Universities UK International, said:

    UK universities have a long-standing relationship with the Network, and our members get immense value from their in-country expertise, insight, and intelligence. This rebranding reflects the dynamic and evolving landscape of science and technology, and we believe it will further enhance the network’s ability to drive international collaboration and deliver on global and technological challenges. 

    Universities UK International is committed to fostering a globally collaborative higher education environment where research, science, and technology can thrive. We look forward to continuing to work with the Science and Technology Network to advance these shared goals.

    Beth Thompson, Executive Director Policy and Partnerships, Wellcome, said:

    Science and technology are pillars of the UK’s diplomatic work. We welcome the government’s recognition of the Science and Technology Network’s (STN) newly invigorated and invaluable role, fostering global partnerships that tackle shared challenges, and unlock new opportunities for collaboration.

    The UK has a world-class research sector, but progress is not achieved in isolation – it thrives on international cooperation. We have seen first-hand the value of the Network in helping us build relationships across the globe that are critical to advancing research. The refreshed STN will be instrumental in strengthening these international partnerships, ensuring science and technology continue to deliver a healthier, more prosperous future for the UK and the world.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 300

    Updates to this page

    Published 28 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI China: China’s Anhui culture, tourism in spotlight in UK

    Source: China State Council Information Office 3

    The cultural and tourism resources of east China’s Anhui Province were showcased in Derbyshire, the United Kingdom (UK) on Wednesday, at an event highlighting the collaboration and friendship between the two regions.

    The event attracted dozens of participants, including government officials and representatives from the tourism sector.

    Jo Dilley, managing director of Visit Peak District & Derbyshire, said it was a “tremendous opportunity” to exchange knowledge and ideas on how to “capture a fair share” of the “valuable” tourism market. She told Xinhua that the event will also strengthen the friendship between Anhui and Derbyshire, noting the similarities shared by the two regions in their mountainous landscapes and cultural heritage.

    “Britain is an important partner for Anhui,” said Wang Chunming, deputy secretary-general of the Anhui Provincial People’s Government. Amid enhanced ties between China and the UK, Anhui is committed to further deepening cooperation across various fields, Wang said.

    “Tourism and culture are powerful bridges between nations, bringing people together, fostering understanding and creating economic opportunities,” said Barry Lewis, leader of Derbyshire County Council, adding that Derbyshire shares a strong relationship with Anhui and “greatly values this opportunity to explore deeper collaboration.”

    During the event, performers from Anhui presented traditional cultural practices including Wuqinxi, a traditional health-preserving technique also known as the Five-Animal Exercises, and Huangmei Opera. 

    MIL OSI China News –

  • MIL-OSI: DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024

    Source: GlobeNewswire (MIL-OSI)

    DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024 
    (Not audited)

    DIGITALIST 2024 

    SUMMARY

    October–December 2024 (comparable figures for 2023 in parentheses):

    • Turnover: EUR 4.7 million (EUR 4.2 million), change 12.9%. 
    • EBITDA: EUR -0.2 million (EUR -0.4 million*), -4.3% of turnover (-9.1%).
    • EBIT: EUR -0.3 million (EUR -0.6 million*), -7.1% of turnover (-14.4%). 
    • Net income: EUR -1.0 million (EUR -1.6 million*), -21.3% of turnover (-38.9%).
    • Earnings per share EUR -0.00 (EUR -0.00).

    January–December 2024 (comparable figures for 2023 in parentheses): 

    • Turnover: EUR 16.2 million (EUR 16.7 million), change -3.1%. 
    • EBITDA: EUR -1.5 million (EUR -0.9 million**), -9.4% of turnover (-5.2%). 
    • EBIT: EUR -2.0 million (EUR -1.7 million**), -12.3% of turnover (-10.2%). 
    • Net income: EUR -5.0 million (EUR -4.1 million**), -31.0% of turnover (-24.5%). 
    • Earnings per share: EUR -0.01 (EUR -0.01). 
    • Earnings per share (diluted): EUR -0.01 (EUR -0.01). 
    • Cash flow from operations EUR -1.4 million (EUR -2.9 million). 
    • Number of employees at the end of the review period: 122 (126), decrease of 3.2%.

    *) EBIT, EBITDA, and net income for the comparison period were affected by a recorded gain of EUR 0.3 million, resulting from the write-down of Turret accounts payable and an additional purchase price related to the Ticknovate divestment.

    **) EBIT, EBITDA, and net income for the period were affected by a one-time gain of EUR 1.0 million, which includes a recorded gain of EUR 0.6 million from the FutureLab Share transaction, EUR 0.3 million from the write-down of Turret accounts payable and an additional purchase price adjustment related to the Ticknovate divestment.

    CEO’s review 

    As we close the year 2024, Digitalist Group stands at the intersection of ongoing market challenges and promising opportunities. While the Finnish economy remained weak, causing clients to hesitate in initiating new projects, we observed steady growth in Sweden. We are committed to coping with the challenges in the Finnish market, but we have increased focus on exploiting opportunities in the Swedish market and have expanded our offering with new applied AI services.

    Despite the turnover growth in the last quarter, the Group’s turnover in 2024 slightly declined to EUR 16.2 million (from EUR 16.7 million in 2023) and EBITDA ended at EUR -1.5 million (EUR -0.9 million in 2023 including a one-time gain of EUR 1.0 million). This outcome mirrors both the current market conditions and the positive but not sufficient impact of the strategic measures we implemented throughout the year.

    A key driver of our performance has been the Swedish market, where demand remained robust enough to offset weaker activity in Finland. In 2024 Sweden contributed around 70% of our total turnover, up from 61% in the same period last year. We also intensified our cost-saving efforts, reducing personnel costs and streamlining our organizational structure to create a stronger foundation for future improvements.

    This year, we enhanced our service portfolio through the full launch of Digitalist Open Cloud AB and the introduction of Digitalist Private AI Hub, offering secure and GDPR-compliant AI capabilities. These new solutions cater to the rising demand for data privacy and advanced digital services, attracting clients who recognize the value of our approach.

    Looking ahead, we remain focused on driving operational efficiency, sharpening our service offerings, and capitalizing on growth opportunities. Although the market may remain challenging in the near term, our product innovation and constant focus on cost management, positions Digitalist Group for long-term success.

    I extend my sincere gratitude to our employees for their commitment and to our clients for their trust. Together, we have navigated a demanding year, and together we will seize the opportunities that lie ahead.

    Magnus Leijonborg
    CEO, Digitalist Group

    Future prospects

    In 2025, it is expected that turnover and EBITDA will improve in comparison with 2024.

    SEGMENT REPORTING

    Digitalist Group reports its business in a single segment.

    TURNOVER

    In the fourth quarter, the Group’s turnover was EUR 4.7 million (EUR 4.2 million), reflecting a 12.9% increase compared to the previous year. The increase was due to the strengthening of the Swedish business.

    The Group’s turnover for the period totalled EUR 16.2 million (EUR 16.7 million), which is 3.1% lower than the previous year, as a result of the weak market situation in Finland. The turnover for the whole year fell short of the targets, as the economic slowdown and uncertainty have made customers more cautious when starting new projects.

    Market conditions in Finland have been challenging. The share of turnover outside Finland rose to 70 percent (61 %), and the increase was mainly due to the strengthening of the Swedish business. The net impact on turnover from the divestment of FutureLab and the acquisition of Open Communications for the review period is EUR 0.1 million compared to the comparison period.

    RESULT

    In the fourth quarter, EBITDA was EUR -0.2 million (EUR -0.4 million), EBIT was EUR -0.3 million (EUR -0.6 million) and profit before taxes was EUR -0.9 million (EUR -1.6 million). EBITDA was positively affected by improved sales and a EUR 0.3 million reduction in personnel and operating expenses. Net income for the final quarter amounted to EUR -1.0 million (EUR -1.6 million), earnings per share were EUR -0.00 (EUR -0.00).

    EBITDA for the financial period amounted to EUR -1.5 million (EUR -0.9 million), EBIT was EUR -2.0 million (EUR -1.7 million) and profit before taxes was EUR -4.9 million (EUR -4.0 million). Expenses were EUR 0.7 million lower compared to the previous year, of which operating expenses were EUR 0.3 million lower and personnel expenses EUR 0.4 million lower. Cost savings improved EBITDA, but the decline in sales weakened the overall impact.

    The EBIT was influenced by the decrease of depreciations of balance sheet items by EUR 0.4 million. EBIT, EBITDA and net income of the comparison period were impacted by a booked gain of EUR 0.6 million from the FutureLab Share transaction and EUR 0.3 million is attributed to the write-down of Turret accounts payable and an additional purchase price related to the Ticknovate divestment.

    Net financial items amounted to EUR -3.0 million (EUR -2.3 million), mainly comprising external interest expenses related to loans from financial institutions and related parties. External interest expenses were EUR -2.2 million (EUR -2.1 million). Financial items in the comparison period were positively impacted by Business Finland’s non-collection decision on a EUR 0.3 million part of the product development loan and unrealized exchange gains. Net income for the financial period amounted to EUR -5.0 million (EUR -4.1 million), earnings per share totalled EUR -0.01 (EUR -0.01).

    RETURN ON EQUITY

    The Group’s shareholders’ equity amounted to EUR -37.7 million (EUR -32.7 million). The Group’s equity considering the capital loans was EUR -13.8 million (EUR -15.8 million). Return on equity (ROE) was negative. Return on investment (ROI) was -161.9% (-27.8%).

    BALANCE SHEET AND FINANCING

    The balance sheet total was EUR 10.1 million (EUR 11.4 million). The solvency ratio was -379.1% (-285.9%). 

    At the end of the period, the Group’s liquid assets totalled EUR 0.9 million (EUR 0.9 million).

    At the end of the financial period the Group’s interest-bearing liabilities amounted to EUR 38.2 million (EUR 35.7 million). The Group’s balance sheet recognised EUR 11.0 million (EUR 11.4 million) in loans from financial institutions, including the overdrafts in use. IFRS 16 leasing debts were EUR 0.6 million (EUR 1.0 million). 

    In addition, the company has loans from its main owners. The loans from related parties amount to EUR 26.6 million (EUR 23.4 million). EUR 23.9 million (EUR 16.9 million) related party loans were capital loans, EUR 0 million (EUR 5.8 million) were convertible bonds, EUR 2.8 million (EUR 0.8 million) were other related party loans, of which EUR 2.0 million were short term. The changes result from the conversion of convertible bonds into capital loans in accordance with Chapter 12 of the Limited Liability Companies Act and from the new loan installments from Turret. More information about the arrangements can be found in the section of the review: Related party transactions.

    CASH FLOW

    The Group’s cash flow from operating activities during the review period was EUR -1.4 million (EUR -2.9 million), a change of EUR 1.5 million. The development of the company’s liquid assets was influenced by improved working capital. In order to reduce the rate of turnover of trade receivables, the Group sells part of its trade receivables from Finnish customers. In addition, some Swedish trade receivables are financed through factoring arrangements.

    GOODWILL

    On 31 December 2024, the Group’s balance sheet included goodwill of EUR 5.2 million (EUR 5.4 million). The company tested goodwill in accordance with IAS 36 on 31 December 2024 and no need for an impairment charge was detected. 

    PERSONNEL

    During the financial period, the Group had an average of 123 employees (139). At the end of the financial period, the total number of employees was 122 (126), with 52 (52) working for the Group’s Finnish companies and 70 (74) employed by its foreign subsidiaries.

    SHARES AND SHARE CAPITAL

    Share turnover and price

    During the financial period, the company’s share price hit a high of EUR 0.02 (EUR 0.03) and a low of EUR 0.01 (EUR 0.01), and the closing price on 31 December 2024 was EUR 0.01 (EUR 0.02). The average price in the financial period was EUR 0.01 (EUR 0.02). During the financial period 78,321,067 (40,711,793) shares were traded, corresponding to 11.3% (6.0%) of the number of shares in circulation at the end of the period. The Group’s market capitalisation at the closing share price on 31 December 2024 was EUR 9,985,399 (EUR 10,236,341).
         
    Share capital

    At the beginning of the period under review, the company’s registered share capital was EUR 585,394.16, and there were 693,430,455 shares. At the end of the period, the share capital was EUR 585,394.16, and there were 693,430,455 shares. The company has one class of shares. At the end of the reporting period, the company held a total of 7,664,943 treasury shares corresponding to 1.1% of the total shares. 

    Option plan 2019 and 2021

    The option plan 2019 has expired.

    The option rights belonging to the company’s option program 2021 are marked as series 2021A1, 2021A2, 2021B1, 2021B2 and 2021C1. A maximum of 60,000,000 stock options can be issued and they entitle to subscribe for a maximum of 60,000,000 new shares of the Company. A total of 38,450,000 options belonging to the 2021A1 and 2021A2 series have been distributed among the options included in the option program. The last exercise date for the series 2021A1 was 31.12.2024. 28,650,000 of the distributed options have expired, so based on the terms of the option program, it is possible to subscribe for a maximum of 9,800,000 new shares of the Company.

    The theoretical market value of the options allocated by the end of the financial period is approximately EUR 0.8 million, which is recognised as an expense in accordance with IFRS 2 for the years 2021-2025. The expense recognition for 2024 is EUR 0.1 million. The expense recognition does not have cash flow impact.

    Terms and conditions of option programs can be found at the Company’s web site https://investor.digitalistgroup.com//investor

    Shareholders

    The number of shareholders on 31 December 2023 was 5,705 (5,578). Private individuals owned 11.8% (10.4%) of the shares, and institutions held 78.4% (79.5%). Foreign nationals or entities held 9.8% (10.0%) of the shares. Nominee-registered shares accounted for 12.6% (6.3%) of the total.

    AUTHORIZATIONS OF THE BOARD OF DIRECTORS

    Annual General Meeting 25 April 2024

    The company held its Annual General Meeting on 25 April 2024. The minutes of the Annual General Meeting and the decisions made are on the company’s website at https://investor.digitalistgroup.com/investor/governance/annual-general-meeting

    The financial statements and consolidated financial statements for the financial year ended December 31, 2023, were approved as presented.

    The Annual General Meeting resolved that the loss EUR 4,575,895.22 indicated by the financial statements for 2023 be recorded in the Company’s profit and loss account, and that no dividend be paid to shareholders for the financial period 2023.

    The Annual General Meeting elected Johan Almquist, Paul Ehrnrooth, Peter Eriksson, Esa Matikainen, and Andreas Rosenlew as ordinary members of the Board of Directors, and Magnus Wetter as a new member of the Board of Directors. At the Board meeting held on 25 April 2024 after the Annual General Meeting, the Board of Directors elected Esa Matikainen as the Chair of the Board and Andreas Rosenlew as the Deputy Chair of the Board. The Board resolved to continue with the Audit Committee. Esa Matikainen was elected as a chairman and Peter Eriksson and Magnus Wetter as members of the Audit Committee.

    The Board of Directors evaluated on the date of the financial statement release the independence of the Committee members in compliance with the recommendations of the Finnish Corporate Governance Code 2020 as follows. Esa Matikainen and Magnus Wetter are independent of the company and independent of a significant shareholder. Peter Eriksson is independent of the company and dependent on a significant shareholder.

    Audit firm KPMG Oy Ab was appointed as the company’s auditor.

    Authorisation of the Board of Directors to decide on share issues and on granting special rights entitling to shares

    The Annual General Meeting authorised the Board to decide on a paid share issue and on granting option rights and other special rights entitling to shares that are set out in Chapter 10 Section 1 of the Finnish Limited Liability Companies Act, or on the combination of all or some of the aforementioned instruments in one or more tranches on the following terms and conditions:

    The total number of the Company’s treasury shares and new shares to be issued under the authorisation may not exceed 346,715,227, which corresponds to approximately 50 per cent of all the Company’s shares at the time of convening the Annual General Meeting.

    Within the limits of the aforementioned authorisation, the Board of Directors may decide on all terms and conditions applied to the share issue and to the special rights entitling to shares, such as that the payment of the subscription price may take place not only by cash but also by setting off receivables that the subscriber has from the Company.

    The Board of Directors shall be entitled to decide on crediting the subscription price either to the Company’s share capital or, entirely or in part, to the invested unrestricted equity fund.

    The share issue and the issuance of special rights entitling to shares may also take place in a directed manner in deviation from the pre-emptive rights of shareholders if there is a weighty financial reason for the Company to do so, as set out in the Limited Liability Companies Act. In such a case, the authorisation may be used to finance corporate acquisitions or other investments related to the operations of the Company as well as to maintain and improve the solvency of the Group and to carry out an incentive scheme.

    The authorisation is proposed to be effective until the Annual General Meeting held in 2025, yet no further than until 30 June 2025.

    Authorising the Board of Directors to decide on the acquisition and/or on the acceptance as pledge of the Company’s treasury shares

    The Annual General Meeting authorised the Board to decide on acquiring or accepting as pledge, using the Company’s distributable funds, a maximum of 69,343,000 treasury shares, which corresponds to approximately 10 per cent of the Company’s total shares at the time of convening the Annual General Meeting. The acquisition may take place in one or more tranches. The acquisition price shall not exceed the highest market price of the share in public trading at the time of the acquisition.

    In executing the acquisition of treasury shares, the Company may enter into derivative, share lending or other contracts customary in the capital market, within the limits set out in laws and regulations. The authorisation entitles the Board to decide on an acquisition in a manner other than in a proportion to the shares held by the shareholders (directed acquisition).

    The Company may acquire the shares to execute corporate acquisitions or other business arrangements related to the Company’s operations, to improve its capital structure, or to otherwise further transfer the shares or cancel them.

    The authorisation is proposed to include the right for the Board of Directors to decide on all other matters related to the acquisition of shares. The authorisation is proposed to be effective until the Annual General Meeting held in 2025, yet no further than until 30 June 2025.

    The Annual General Meeting approved the Board’s proposals to change the terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 issued to Turret Oy Ab without modifications.

    The Annual General Meeting approved the Board’s proposals to change the terms of the Convertible Bonds 2021/2 and 2021/4 issued to Holdix Oy Ab without modifications.

    It was noted that the following measures have been taken in the Company after the end of the fiscal year on December 31, 2023:

    ●     Convertible bonds 2021/3 and 2021/4 were partially converted into capital loans as per Chapter 12 of the Companies Act, as announced on March 22, 2024; and
    ●     the General Meeting has decided, following the board’s proposals, to change the terms of the Convertible Bonds 2021/1, 2021/2, 2021/3, 2021/4, and 2022/1, including their maturity extensions until September 30, 2026.

    It was noted that these actions have supported and will support the Company’s balance sheet and solvency.

    It was resolved to accept the proposition of the Board of Directors of the Company not to implement immediate additional measures to rectify the Company’s financial position, but the Company will actively evaluate other possibilities and means to support the Company’s financial standing.

    The stock exchange releases are on the company’s website at https://investor.digitalistgroup.com/investor/releases

    CHANGES IN THE GROUP STRUCTURE

    Digitalist Open Tech AB sold part of its IT and SaaS business to the newly established Digitalist Open Cloud AB through an internal business transfer agreement 1 April 2024. Digitalist Open Cloud AB is now a subsidiary of Digitalist Open Tech AB, with a 15% minority stake held by the subsidiary management.

    Digitalist Group divested its fully-owned subsidiary Open Communications International AB 31 May 2024 to its subsidiary Grow AB, in which it holds a 90% ownership. Sales price was EUR 0.9 million.

    In addition, Digitalist Group has closed non-operative companies. Digitalist USA Ltd was formally dissolved in 2024. Grow Finland Oy and Ixonos Estonia have been removed from the trade register in 2024.

    EVENTS SINCE THE FINANCIAL PERIOD

    There have been no significant events since the end of the financial period.

    RELATED-PARTY TRANSACTIONS 

    Financing arrangements with related parties:

    Strengthening Digital Group Plc’s equity, conversion of convertible bonds partly into capital loans

    In order to strengthen the Company’s equity, Digital Group decided on 22 March 2024 to utilize the right provided by Turret Oy Ab and Holdix Oy Ab to convert a total of 1,907,175.40+interest 334,513.29 euros of the principal and interest of the convertible bonds 2021/3 and 2021/4 subscribed by Turret and Holdix into a capital loan in accordance with Chapter 12 of the Limited Liability Companies Act.

    Amendment of the terms concerning Convertible Bonds 2021/1, 2021/2, 2021/3, 2021/4 and 2022/1 issued by Digitalist Group Plc

    Convertible Bonds 2021/1, 2021/3 and 2022/1 directed to Turret Oy Ab

    The Annual General Meeting of Digitalist Group 25 April 2024 resolved on the amendments to the Terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 issued to Turret.

    Digitalist Group Plc and Turret Oy Ab signed agreements April 26 2024 to amend the terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 and the option rights and other special rights pursuant to Chapter 10 section 1(2) of the Limited Liability Companies Act attached to them issued to Turret.

    The maturity of the Convertible Bonds was extended to 30 September 2026.

    Convertible Bonds 2021/2 and 2021/4 directed to Holdix Oy Ab

    The Annual General Meeting of Digitalist Group 25 April 2024 resolved on the amendments to the Terms of the Convertible Bonds 2021/2 and 2021/4 issued to Holdix.

    Digitalist Group and Holdix Oy Ab signed agreements April 26 2024 to amend the terms of the Convertible Bonds 2021/2 and 2021/4 and the option rights and other special rights pursuant to Chapter 10 section 1(2) of the Limited Liability Companies Act attached to them issued to Holdix.

    The maturity of the Convertible Bonds was extended to 30 September 2026.

    Digitalist Group structures its financing

    Digitalist Group Plc’s agreed 28.10.2024 with Turret Oy Ab on a loan amounting to EUR 1,000,000 in order to strengthen the Company’s working capital. The Company has the right to withdraw the Loan in instalments by 31 December 2025 at the latest. The Loan was granted on market terms and it will fall due on 31 December 2026.

    Strengthening Digitalist Group Plc’s balance sheet position and conversion of convertible bonds 2021/1, 2021/2, 2021/3 and 2021/4 into capital loans

    Digitalist Group Plc decided 30.12.2024, in order to strengthen the Company’s balance sheet position, to utilize the right offered by Turret Oy Ab and Holdix Oy Ab to convert a total of 3,860,763.40 + interest 861,271.93 euros of the principal and interest of the convertible bonds 2012/1, 2021/2, 2021/3 and 2021/4 subscribed by Turret and Holdix into a capital loan in accordance with Chapter 12 of the Limited Liability Companies Act.

    OTHER EVENTS DURING THE FINANCIAL PERIOD

    Digitalist Group decreased its earlier guidance regarding future prospects 17.10.2024. The new guidance was: In 2024, turnover and EBITDA are expected to decrease in comparison with 2023.

    Operationally, not including the impact of other operating income (EUR 1.0 million), the current financial year was expected to be stronger than the previous year.

    The stock exchange releases for the review period are on the company’s website at https://investor.digitalistgroup.com/investor/releases

    RISK MANAGEMENT AND SHORT-TERM UNCERTAINTIES

    The objectives of Digitalist Group Plc’s risk management are to ensure the undisrupted continuity and development of the company’s operations, support the achievement of the company’s business objectives and increase the company’s value. For more details about the organisation of risk management, processes and identified risks, see the company’s website at https://investor.digitalistgroup.com/investor

    The company has been making a loss despite the efficiency measures it has taken. The company’s loss-making performance directly affects its working capital and the sufficiency of its financing. This risk is managed by maintaining the capacity to use different financing solutions. The company aims to continuously assess and monitor the amount of necessary business financing to ensure that it has sufficient liquid assets to finance its operations and repay maturing loans. Any disruptions in the financial arrangements would weaken Digitalist Group’s financial position.

    The company is currently dependent on external financing, most of which has been obtained from related-party companies and financial institutions. Digitalist Group’s ability to finance its operations and reduce the amount of its debt depends on several factors, such as the cash flow from operations and the availability of debt and equity financing, and there is no certainty that such financing will be available in the future. Similarly, there can be no certainty in the long term that Digitalist Group will be able to obtain additional debt or refinance its current debt on acceptable terms, if at all.

    During 2024, negotiations regarding the restructuring of maturing convertible bonds held by related parties were concluded, and the maturity date was extended until autumn 2026. The convertible bonds were converted into capital loans in two tranches in accordance with Chapter 12 of the Limited Liability Companies Act in 2024, strengthening the company’s balance sheet.

    Any changes to key client accounts could have a substantial impact on Digitalist Group’s operations, earning potential and financial position. If one of Digitalist Group’s largest clients decided to switch to a competing company or drastically altered its operating model, the chances of finding client volumes to replace the shortfall in the near term would be limited.

    The Group’s business consists mainly of individual client agreements, which are often relatively short-term. Forecasting the start dates and scopes of new products is occasionally challenging, while the cost structure is largely fixed. The aforementioned aspects can lead to unpredictable fluctuations in turnover and, thereby, in profitability. The Group’s business consists of some fixed-price deliveries (65%). Fixed-price client deliveries carry risks related to timing and content. The company endeavours to manage these risks through contractual and project management measures.

    Irrespective of the market situation, there is a shortage of certain experts in the Group’s business sector. Although the aggressive recruitment policies that occasionally arise in the Group’s business sector have decreased significantly, there is still a risk of personnel moving to competitors. There are no guarantees that the company will be able to retain its current personnel and recruit new employees to enable growth. If Digitalist Group loses a significant number of its current personnel, it would be more difficult to complete existing projects and acquire new ones. This could have an adverse impact on Digitalist Group’s business, earnings and financial position.

    The cost inflation has decreased significantly but can still exert pressure to raise salaries, so the importance of cost monitoring is emphasised further. Variation in interest rates do not have a significant direct impact on financing costs because most of the company’s debts have fixed interest rates. If the interest rates on the company’s loans from financial institutions rose by 1 per cent, the company’s annual interest costs would rise by approximately EUR 0.1 million.

    Part of the Group’s turnover is invoiced in currencies other than the euro – mainly in the Swedish krona. The risk associated with changes in exchange rates can be managed in various ways, including net positioning and currency hedging contracts. In 2024 and 2023, the Group had no hedging contracts.

    The Group’s balance sheet contains goodwill that is subject to impairment risk in the event that the Group’s future yield expectations decrease due to internal or external factors. The goodwill is tested for impairment every six months and whenever the need arises.

    General economic uncertainty and low growth forecasts in the company’s key markets affected the Group’s business during the financial period, but the future impact is difficult to estimate. Geopolitical uncertainty may affect the business activities of some of the Group’s clients, thereby indirectly affecting the Group’s business. The Group has no business activities in Russia or Ukraine.

    LONG-TERM GOALS AND STRATEGY

    Digitalist Group aims to achieve a profit margin of at least 10% over the long term. In order to achieve its long-term goals, Digitalist Group strives for profitable, international growth by shaping new forms of thinking, services and technological solutions for a variety of sectors. These sectors include, among others, the technology industry, energy industry, transport and logistics, as well as consumer services in both the public and private sectors. Digitalist Group’s strategy focuses on enhancing its service and solution business and seamlessly integrating user and operational research, branding, design and technology.

    PROPOSAL BY THE BOARD OF DIRECTORS TO THE ANNUAL GENERAL MEETING

    The Board of Directors of Digitalist Group Plc proposes to the Annual General Meeting that the distributable funds be retained in shareholders’ equity and that no dividend be distributed to shareholders for the 2024 financial period. On 31 December 2024, the parent company’s distributable assets were negative.

    Digitalist Group Plc’s Annual General Meeting will be held on 29 April 2025. 
    Digitalist Group’s Financial Statements 2024 will be published and posted on the company’s website on 28 March 2025. Digitalist Group Plc’s Financial Statements will be published in Finnish and English and they are available on the Group’s website https://investor.digitalistgroup.com/investor immediately after publication.

    NEXT REVIEW

    The Business review for January–March 2025 will be published on Friday 25 April 2025.

    DIGITALIST GROUP PLC
    Board of Directors

    Further information:
    Digitalist Group Plc
    CEO Magnus Leijonborg, tel. +46 76 315 8422, magnus.leijonborg@digitalistgroup.com
    Chairman of the Board Esa Matikainen, tel. +358 40 506 0080, esa.matikainen@digitalistgroup.com

    Distribution:
    NASDAQ Helsinki

    Key media
    https://investor.digitalistgroup.com/investor

    DIGITALIST GROUP 

    SUMMARY OF THE FINANCIAL STATEMENTS AND NOTES, 1 JANUARY–31 DECEMBER 2024

    CONSOLIDATED INCOME STATEMENT, EUR THOUSAND 

      1 Oct – 31 Dec 24 1 Oct – 31 Dec 23 Change (%) 1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 Change (%)
    Turnover 4,698.85 4,160.22 12,9 % 16,164.54 16,680.74 -3,1 %
    Other operating income -41.02 280.21 -114,6 % 50.00 1,006.67 -95,0 %
                 
    Materials and services -932.52 -639.82 -45,7 % -3,102.99 -3,202.01 3,1 %
    Expenses from employee benefits -3,251.70 -3,331.27 2,4 % -11,874.22 -12,269.02 3,2 %
    Depreciation and impairment -132.28 -218.14 39,4 % -469.53 -834.41 43,7 %
    Other operating expenses -673.33 -848.57 20,7 % -2,750.27 -3,077.67 10,6 %
    Total expenses -4,989.83 -5,037.80 1,0 % -18,197.01 -19,383.11 6,1 %
                 
    EBIT -331.99 -597.37 44,4 % -1,982.47 -1,695.70 -16,9 %
                 
    Financial income 78.27 4.17 1779,2 % 155.41 752.50 -79,3 %
    Financial expenses -695.08 -1,021.72 32,0 % -3,103.37 -3,026.21 -2,5 %
    Total financial income and expenses -616.81 -1,017.55 39,4 % -2,947.96 -2,273.71 -29,7 %
                 
    Profit before taxes -948.80 -1,614.92 41,2 % -4,930.43 -3,969.41 -24,2 %
    Income taxes -50.82 -3.87 -1214,3 % -87.04 -115.46 24,6 %
    PROFIT/LOSS FOR FINANCIAL PERIOD -999.62 -1,618.78 38,2 % -5,017.47 -4,084.87 -22,8 %
                 
    Distribution:            
    Parent company shareholders -875.12 -1,557.64 43,8 % -4,707.38 -4,042.14 -16,5 %
    Non-controlling interests -124.50 -61.15 -103,6 % -310.09 -42.73 -625,8 %
    Earnings per share:            
    Undiluted (EUR) 0.00 0.00   -0.01 -0.01  
    Diluted (EUR) 0.00 0.00   -0.01 -0.01  

    COMPREHENSIVE INCOME STATEMENT, EUR THOUSAND

      1 Oct – 31 Dec 24 1 Oct – 31 Dec 23 Change (%) 1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 Change (%)
    Profit/loss for the financial period -999.62 -1,618.78 38,2% -5,017.47 -4,084.87 -22,8%
    Other items of comprehensive income            
    Translation difference -140.67 663.20 -121,2% -67.99 229.71 -129,6%
    TOTAL COMPREHENSIVE INCOME FOR THE YEAR -1,140.29 -955.58 -19,3% -5,085.47 -3,855.45 -31,9%
    Parent company shareholders -1,006.68 -869.23 -15,8% -4,759.00 -3,807.09 -25,0%
    Non-controlling interests -133.61 -86.35 -54,7% -327.00 -48.06 -580,4%

    CONSOLIDATED BALANCE SHEET, EUR THOUSAND

    ASSETS 31 December 2024 31 December 2023
    NON-CURRENT ASSETS    
    Intangible assets 313.78 422.06
    Goodwill 5,244.98 5,444.44
    Tangible assets 569.43 916.99
    Buildings and structures, rights-of-use 528.59 867.73
    Machinery and equipment 27.55 34.52
    Other tangible assets 13.29 14.74
    Investments 6.23 6.28
    Other non-current financial assets 88.02 24.35
    NON-CURRENT ASSETS 6,222.44 6,814.12
         
    CURRENT ASSETS    
    Trade and other receivables 2,612.34 3,508.10
    Income tax asset 320.88 228.46
    Cash and cash equivalents 943.53 893.65
    CURRENT ASSETS 3,876.75 4,630.21
    ASSETS 10,099.19 11,444.12
         
    SHAREHOLDERS’ EQUITY AND LIABILITIES    
    SHAREHOLDERS’ EQUITY    
    Parent company shareholders    
    Share capital 585.39 585.39
    Share premium account 218.73 218.73
    Invested non-restricted equity fund 73,916.78 73,916.78
    Retained earnings -107,368.76 -103,343.29
    Profit/loss for the financial period -4,707.38 -4,042.14
    Non-controlling interests -311.28 -53.08
    Parent company shareholders -37,355.24 -32,664.53
    SHAREHOLDERS’ EQUITY -37,666.53 -32,717.43
    NON-CURRENT LIABILITIES 25,438.08 3,748.88
    CURRENT LIABILITIES 22,327.73 40,412.84
    SHAREHOLDERS’ EQUITY AND LIABILITIES 10,099.29 11,444.28

    CALCULATION OF CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY, EUR THOUSAND
    A:   Share capital
    B:   Share premium account
    C:  Invested unrestricted equity fund
    D:  Translation difference
    E:   Retained earnings
    F:   Total shareholders’ equity attributable to the parent company’s
    G: Non-controlling interests
    H:  Total shareholders’ equity

      A B C D E F G H
    Shareholders’ equity 1 Jan 2023 585.39 218.73 73,662.55 -1,197.92 -104,545.23 -31,276.47 503.13 -30,773.34
    Other changes                
    Profit/loss for the financial period         -4,042.14 -4,042.14 -42.73 -4,084.87
    Purchase of own shares       235.05   235.05 -5.33 229.72
    Other items of comprehensive income           -3,807.09    
    Paid in capital     253.98     253.98   253.98
    Translation difference         176.44 176.44   176.44
    Share-based remuneration         0.00 0.00   0.00
    Transactions with non-controlling interests             -508.15 1,480.52
    Shareholders’ equity 31 December 2023 585.00 219.00 73,916.78 -1,192.36 -106,192.89 -32,664.35 -53.08 -32,717.43
                     
      A B C D E F G H
    Shareholders’ equity 1 Jan 2024 585.00 219.00 73,916.78 -1,192.36 -106,192.89 -32,664.35 -53.08 -32,717.43
    Other changes       0.00 0.00      
    Profit/loss for the financial period         -4,707.38 -4,707.38 -310.09 -5,017.47
    Purchase of own shares       -51.33   -51.33 -16.66 -67.99
    Other items of comprehensive income           -4,758.71    
    Translation difference         54.23 54.23   54.23
    Share-based remuneration         -14.40 -14.40   -14.40
    Sale of subsidiary         13.81 13.81   13.81
    Transactions with non-controlling interests         14.18 14.18 68.55 82.73
    Shareholders’ equity 31 December 2024 585.00 219.00 73,916.78 -1,243.69 -110,832.45 -37,355.23 -311.29 -37,666.52

    CONSOLIDATED CASH FLOW STATEMENT, EUR THOUSAND 

      1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 1 Jul – 31 Dec 24 1 Jul – 31 Dec 23
    Cash flow from operations        
    Earnings before taxes in the period -5,017.47 -4,084.87 -2,461.65 -2,094.96
    Adjustments to cash flow from operations:        
    Other income and expenses with no payment -235.55 -76.63 -261.44 -174.25
    Depreciation, impairment 469.53 834.41 265.81 417.90
    Income taxes 87.04 115.46 42.16 31.37
    Unrealised foreign exchange gains and losses -85.26 -255.59 124.47 -296.11
    Financial income and expenses 3,057.58 2,273.71 1,655.67 1,704.54
    Other adjustments 4.81 -561.90 3.25 -576.30
    Cash flow financing before changes in working capital -1,719.32 -1,755.41 -631.73 -987.82
             
    Change in working capital 1,290.45 -262.04 936.75 -313.93
    Interest received 47.37 0.72 10.04 3.07
    Interest paid -883.89 -710.82 -395.39 -333.90
    Taxes paid -133.04 -149.35 -40.34 -46.81
    Net cash flow from operations -1,398.42 -2,876.89 -120.68 -1,679.39
             
    Cash flow from investments        
    Acquisition of shares in group companies 0.00   0.00  
    Proceeds from disposal of shares in group companies 0.00   0.00  
    Investments in tangible and intangible assets -15.42 -22.33 -6.49 -9.95
    Proceeds from repayment of loans 0.00      
    Interest received on investments 0.00      
    Taxes paid on investments 0.00      
    Cash flow from investments -15.42 2,447.66 -6.49 1,049.09
             
    Net cash flow before financial items -1,413.84 -429.23 -127.18 -630.30
             
    Cash flow from financing activities        
    Transactions with non-controlling interests 19.53 136.18 -6.25 -12.17
    Drawdown of long-term loans 2,025.00 750.00 1,275.00 750.00
    Drawdown of short-term loans 0.00 736.90 -212.58  
    Repayment of short-term loans -129.07   -105.31 -1.81
    Repayment of lease liabilities -429.40 -697.51 -184.02 -354.56
    Net cash flow from financing 1,486.06 423.76 766.83 441.83
             
    Change in cash and cash equivalents 72.22 -5.46 639.66 -188.47
    Liquid assets, beginning of period 893.44 898.55 308.06 1,041.04
    Impact of changes in exchange rates -22.14 0.36 -4.20 40.88
    Liquid assets, end of period 943.53 893.44 943.53 893.44

    Accounting principles

    This release has been prepared in accordance with IAS 34 – Interim Financial Reporting. The interim report release complies with the same accounting principles and calculation methods as the annual financial statements. The updates to the IFRS standards that entered into force on 1 January 2024 do not have a significant impact on the figures presented.

    The preparation of a financial statement release in accordance with IFRS requires the management to use certain estimates and assumptions that affect the amounts recognised in assets and liabilities when the balance sheet was prepared, as well as the amounts of income and expenses in the period. In addition, discretion must be used in applying the accounting policies. As the estimates and assumptions are based on outlooks on the balance sheet date, they contain risks and uncertainties. The realised values may deviate from the original assessments and assumptions.

    The original release is in Finnish. The English release is a translation of the original.

    Going concern

    The Group’s result has remained negative, and the financial situation has been challenging at times but the financial statement release has been prepared in accordance with the principle of the business as a going concern. The assumption of continuity is based management assumptions on several factors, including the following:

    • The cost-saving programs have improved the Group’s profitability in 2023 and 2024. Operating expenses and personnel expenses have decreased by EUR 0.7 million in comparison with the review period and the cost structure is now lighter.
    • Additional cost-saving programs started in 2024 will have nearly full effect in 2025.
    • The Group is finding new growth areas and reinforcing its market position in Sweden, which is expected to have a positive impact on sales trends.
    • Negotiations regarding the arrangements for related party convertible bonds maturing in 2024 were successfully completed in 2024, resulting in the extension of their maturity to the autumn 2026.

    EUR 2.0 million of the Group’s financial institution loans are set to begin repayment on April 30, 2025. As of the publication date of the financial statement release, negotiations to extend the loan’s maturity date are still ongoing. However, management is confident that the outcome will be favorable for the company.

    At the time of the financial statement release, the company expects its working capital to be sufficient to cover its requirements over the next 12 months based on the financing support provided by the main owner if needed. Negotiations with the main owner to secure financing for the next 12 months are ongoing and are expected to be completed before the publication of the financial statements and based on this the financial statement release has been prepared in accordance with the going concern principle.

    Goodwill impairment testing and recognised impairment

    Digitalist Group tested its goodwill for impairment on 30 June 2024 and 31 December 2024. The goodwill is allocated to one cash-generating unit. No need to write down goodwill was identified.

    The value in use of the tested property exceeded the tested amount by EUR 9.0 million. The tested amount of goodwill in the balance sheet at the end of the review period is EUR 4.9 million.

    The company tests its goodwill based on the utility value of the assets. In the testing conducted on 31 December 2024 in conjunction with the financial statements, the cash flow forecasting period was from 2025 to 2029. During the forecast period, average growth in revenue of 15% is expected to be achieved which is supported by the market growth of the group’s industries and the increasingly extensive impact of digitalization in business life. In addition, the rapid development of artificial intelligence (AI) and its integration into service offerings will accelerate growth by offering more efficient and innovative solutions to customers. The efficiency measures and strategic recruitment carried out provide a solid basis for growth. EBITDA is projected to rise to 7% in 2026 and to 12% by the end of the forecasting period, being 9% on average.

    The method involves comparing the tested assets with their cash flow over the selected period, taking into account the discount rate and the growth factor of the cash flows after the forecast period. The discount rate is 11.4% (11.4%). The growth factor used to calculate the cash flows after the forecast period is 2.35%.

    The average EBITDA margin for the forecast period was used to calculate the value of the terminal period. A significant negative change in individual assumptions used in the calculations can necessitate a goodwill impairment charge. The sensitivity analysis indicates that an impairment charge may be necessary if the average growth in turnover is below 14% in the forecasting period and the fixed cost structure does not change. If the EBITDA falls below 6% in the forecasting period or the WACC surpasses 28%, all else equal, impairment charges may become necessary.

    CONSOLIDATED INCOME STATEMENT BY QUARTER, EUR THOUSAND

      Q4/2024 Q3/2024 Q2/2024 Q1/2024 Q4/2023
      1.10.-31.12.24 1.7.-30.9.24 1.4.-30.6.24 1.1.-31.3.24 1.10.-31.12.21
    Turnover 4,698.85 3,585.61 4,021.60 3,858.48 4,160.22
    Other operating income and expenses -5,031.05 -3,898.35 -4,749.35 -4,468.49 -4,757.59
    EBIT -331.99 -312.54 -727.84 -610.10 -597.37
    Financial income and expenses -616.81 -1,158.14 -783.20 -389.80 -1,017.55
    Profit before taxes -948.80 -1,470.68 -1,511.03 -999.91 -1,614.92
    Income taxes -50.64 8.66 -1.20 -43.68 -3.87
    PROFIT/LOSS FOR COMPARISON PERIOD -999.62 -1,462.03 -1,512.24 -1,043.59 -1,618.78

    CHANGES IN INTANGIBLE AND TANGIBLE ASSETS, EUR THOUSAND
      

      Goodwill Intangible assets Tangible fixed assets Right-of-use assets Other investments Total
    Carrying value 1 Jan 2023 4,677.98 109.82 65.08 1,135.06 101.76 6,090.22
    Increases   462.69 26.56 416.91 4.70 2,059.07
    Decreases            
    Changes in exchange rates 43.80 6.30 -0.40 -5.85   43.85
    Depreciation for the review period   -156.59 -37.63 -640.18   -834.47
    Carrying value 31 Dec 2023 5,444.44 422.53 48.47 867.05 6.27 6,789.76
                 
                 
      Goodwill Intangible assets Tangible fixed assets Right-of-use assets Other investments Total
    Carrying value 1 Jan 2024 5,444.44 422.53 48.47 867.05 6.27 6,789.76
    Increases 0.00 0.42 15.97 482.60 0.00 498.99
    Decreases 0.00   0.00 -462.23 0.00 -462.23
    Changes in exchange rates -199.68 -22.70 -1.35 -12.90   -236.64
    Depreciation for the review period   -85.57 -22.18 -344.61   -452.36
    Carrying value 31 Dec 2024 5,244.75 314.67 40.91 529.90 6.27 6,137.51

    KEY INDICATORS

      1 Jan – 31 Dec 2024 1 Jan – 31 Dec 2023
    Earnings per share (EUR) diluted -0.01 0.00
    Earnings per share (EUR) -0.01 -0.01
    Shareholders’ equity per share (EUR) -0.05 -0.05
    Cash flow from operations per share (EUR) diluted 0.00 0.00
    Cash flow from operations per share (EUR) 0.00 0.00
    Return on capital employed (%) -161.86 -27.8
    Return on equity (%) neg. neg.
    Operating profit/turnover (%) -12.27 -10.2
    Gearing as a proportion of shareholders’ equity (%) -99.00 -106.5
    Equity ratio as a proportion of shareholders’ equity (%) -379.11 -285.9
    EBITDA (EUR thousand) -1,512.94 -861.30

    MATURITY OF FINANCIAL LIABILITIES AND INTEREST ON LOANS

    31 December 2023 Balance sheet value Cash flow Under 1 year 1-5 years Over 5 years
    Loans from financial institutions 2,865.85 3,067.25 340.83 2,726.43  
    Credit limits 8,525.07 8,525.07 8,525.07    
    Convertible bonds 5,767.94 6,849.62   0.00  
    Capital loans 16,865.42 19,265.00   0.00  
    Other related-party loans 750.00 876.00 0.00    
    Lease liabilities IFRS 16 973.00 961.00 701.00 260.00  
    Accounts payable 864.66 864.66 864.66    
               
    31 December 2024 Balance sheet value Cash flow Under 1 year 1-5 years Over 5 years
    Loans from financial institutions 2,783.19 2,828.47 2,362.78 465.69  
    Credit limits 8,258.19 8,258.19 8,258.19    
    Capital loans 23,867.82 29,233.30   29,233.30  
    Other related-party loans 2,775.00 3,191.33   907.67  
    Lease liabilities IFRS 16 555.71 562.27 298.30 264.32  
    Accounts payable 1,124.07 1,124.07 1,124.07 0.00  

    Credit limits are valid until further notice.

    OTHER INFORMATION

      1 Jan – 31 Dec 2024 1 Jan – 31 Dec 2023
    NUMBER OF EMPLOYEES, average 123 139
    Personnel at the end of the period 122 126
         
    LIABILITIES, EUR THOUSAND    
    Pledges made for own obligations    
    Corporate mortgages 13,300.00 13,300.00
         
    Total interest-bearing liabilities    
    Long-term loans from financial institutions 458.98 2,659.11
    Other long-term liabilities 24,902.02 1,007.67
    Short-term loans from financial institutions 2,221.92 414.39
    Other short-term interest-bearing liabilities 10,657.00 31,665.62
    Total 38,239.92 35,746.80
         

    CALCULATION OF KEY FINANCIAL FIGURES

    EBITDA = earnings before interest, tax, depreciation and amortisation

    Diluted earnings per share = Profit for the financial period / Average number of shares, adjusted for share issues and for the effect of dilution

    Earnings per share = Profit for the financial period / Average number of shares adjusted for share issues

    Shareholders’ equity per share = Shareholders’ equity / Number of undiluted shares on the balance sheet date

    Cash flow from operations per share (EUR) diluted = Net cash flow from operations / Average number of shares, adjusted for share issues and for the effect of dilution

    Return on investment (ROI) =
    (Profit before taxes + Interest expenses + Other financial expenses) /
    (Balance sheet total – non-interest-bearing liabilities (average)) x 100

    Return on equity (ROE) = Net income / Total shareholders’ equity (average) x 100

    Gearing = interest-bearing liabilities – liquid assets / total shareholders’ equity x 100

    Attachment

    The MIL Network –

  • MIL-OSI China: Woman executed for abducting, trafficking 17 children

    Source: China State Council Information Office 2

    Yu Huaying, the criminal convicted of abducting and trafficking 17 children, was executed on Friday, according to a court statement.
    The execution was conducted by the Guiyang Intermediate People’s Court in southwest China’s Guizhou Province after the death sentence was approved by the Supreme People’s Court. The procedure was supervised by prosecutors from the local procuratorate.
    Yu was found to have abducted children from Guizhou, Chongqing and Yunnan along with her accomplices, and sold them for profit between 1993 and 2003.
    Yu was sentenced to death for the crime of child trafficking in a first-instance criminal judgement delivered on Oct. 25, 2024. After Yu appealed, the Guizhou Provincial Higher People’s Court rejected her appeal and reaffirmed the death sentence following the second-instance trial.
    She was also deprived of her political rights for life, with all her personal property confiscated. 

    MIL OSI China News –

  • MIL-OSI: FRO – Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    FRONTLINE PLC REPORTS RESULTS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2024

    Frontline plc (the “Company”, “Frontline,” “we,” “us,” or “our”), today reported unaudited results for the three and twelve months ended December 31, 2024:

    Highlights

    • Profit of $66.7 million, or $0.30 per share for the fourth quarter of 2024.
    • Adjusted profit of $45.1 million, or $0.20 per share for the fourth quarter of 2024.
    • Declared a cash dividend of $0.20 per share for the fourth quarter of 2024.
    • Reported revenues of $425.6 million for the fourth quarter of 2024.
    • Achieved average daily spot time charter equivalent earnings (“TCEs”)1 for VLCCs, Suezmax tankers and LR2/Aframax tankers in the fourth quarter of $35,900, $33,300 and $26,100 per day, respectively.
    • Fully drew down a sale-and-leaseback agreement in an amount of $512.1 million to refinance 10 Suezmax tankers, which generated net cash proceeds of $101.0 million in the fourth quarter of 2024.
    • Sold its oldest Suezmax tanker, built in 2010, for a net sales price of $48.5 million and delivered the vessel to its new owner in October 2024. The transaction generated net cash proceeds of $36.5 million after repayment of existing debt and a gain of $17.9 million in the fourth quarter of 2024.
    • Repaid the remaining $75.0 million outstanding under the $275.0 million senior unsecured revolving credit facility with an affiliate of Hemen Holding Limited, the Company’s largest shareholder (“Hemen”) in the fourth quarter of 2024.
    • Entered into three senior secured credit facilities for a total amount of up to $239.0 million to refinance outstanding debt on three VLCCs and one Suezmax tanker and, in addition, to provide revolving credit capacity in a total amount of up to $91.9 million.

    Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented:

    “The fourth quarter of 2024 came in unusually soft compared to previous years. Global oil demand was up marginally as the year came to an end, but global seaborne exports slowed in the fourth quarter. During the quarter we saw positive developments in the enforcement of sanctions against Iran and Russia in particular, but we could not escape the fact that these two countries represent a material part of the supply to Asia, at cost to demand for the vessels Frontline operates. For 2025 we have already seen broader sanctions with a wider scope, at the same time as key importers of exposed crude are diversifying away from the mentioned suppliers. Compliant fleet growth for the asset classes we deploy peaked a few years back, making the outlook very constructive as Frontline sail into the new year with our cost-efficient operations and modern fleet.”

    Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:

    ”In February 2025 we entered into three senior secured credit facilities for a total amount of up to $239.0 million to refinance three existing term loan facilities, with total balloon payments of $142.0 million maturing during 2025, leaving the Company with no debt maturities until the end of 2026 and, in addition, to provide revolving credit capacity in a total amount of up to $91.9 million. Through these new financings we further strengthen our strong liquidity and reduce our borrowing costs and cash break even rates. We continue to focus on maintaining our competitive cost structure, breakeven levels and solid balance sheet to ensure that we are well positioned to generate significant cash flow and create value for our shareholders.”

    Average daily TCEs and estimated cash breakeven rates

    ($ per day) Spot TCE Spot TCE currently contracted % Covered Estimated average daily cash breakeven rates for 2025
      2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 2023 Q1 2025 2025
    VLCC 43,400 35,900 39,600 49,600 48,100 50,300 43,700 80% 29,200
    Suezmax 41,400 33,300 39,900 45,600 45,800 52,600 35,400 77% 24,000
    LR2 / Aframax 42,300 26,100 36,000 53,100 54,300 46,800 29,700 64% 22,200

    We expect the spot TCEs for the full first quarter of 2025 to be lower than the spot TCEs currently contracted, due to the impact of ballast days during the first quarter of 2025. See Appendix 1 for further details.

    The Board of Directors
    Frontline plc
    Limassol, Cyprus
    February 27, 2025

    Ola Lorentzon – Chairman and Director
    John Fredriksen – Director
    James O’Shaughnessy – Director
    Steen Jakobsen – Director
    Cato Stonex – Director
    Ørjan Svanevik – Director
    Dr. Maria Papakokkinou – Director

    Questions should be directed to:

    Lars H. Barstad: Chief Executive Officer, Frontline Management AS
    +47 23 11 40 00

    Inger M. Klemp: Chief Financial Officer, Frontline Management AS
    +47 23 11 40 00 

    Forward-Looking Statements

    Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

    Frontline plc and its subsidiaries, or the Company, desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance and are not intended to give any assurance as to future results. When used in this document, the words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect” and similar expressions, terms or phrases may identify forward-looking statements.

    The forward-looking statements in this report are based upon various assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include:

    • the strength of world economies;
    • fluctuations in currencies and interest rates, including inflationary pressures and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates;
    • the impact that any discontinuance, modification or other reform or the establishment of alternative reference rates have on the Company’s floating interest rate debt instruments;
    • general market conditions, including fluctuations in charter hire rates and vessel values;
    • changes in the supply and demand for vessels comparable to ours and the number of newbuildings under construction;
    • the highly cyclical nature of the industry that we operate in;
    • the loss of a large customer or significant business relationship;
    • changes in worldwide oil production and consumption and storage;
    • changes in the Company’s operating expenses, including bunker prices, dry docking, crew costs and insurance costs;
    • planned, pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including dry docking, surveys and upgrades;
    • risks associated with any future vessel construction;
    • our expectations regarding the availability of vessel acquisitions and our ability to complete vessel acquisition transactions as planned;
    • our ability to successfully compete for and enter into new time charters or other employment arrangements for our existing vessels after our current time charters expire and our ability to earn income in the spot market;
    • availability of financing and refinancing, our ability to obtain financing and comply with the restrictions and other covenants in our financing arrangements;
    • availability of skilled crew members and other employees and the related labor costs;
    • work stoppages or other labor disruptions by our employees or the employees of other companies in related industries;
    • compliance with governmental, tax, environmental and safety regulation, any non-compliance with U.S. or European Union regulations;
    • the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our ESG policies;
    • Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to bribery;
    • general economic conditions and conditions in the oil industry;
    • effects of new products and new technology in our industry, including the potential for technological innovation to reduce the value of our vessels and charter income derived therefrom;
    • new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or imposed by regional or national authorities such as the European Union or individual countries;
    • vessel breakdowns and instances of off-hire;
    • the impact of an interruption in or failure of our information technology and communications systems, including the impact of cyber-attacks upon our ability to operate;
    • potential conflicts of interest involving members of our Board of Directors and senior management;
    • the failure of counter parties to fully perform their contracts with us;
    • changes in credit risk with respect to our counterparties on contracts;
    • our dependence on key personnel and our ability to attract, retain and motivate key employees;
    • adequacy of insurance coverage;
    • our ability to obtain indemnities from customers;
    • changes in laws, treaties or regulations;
    • the volatility of the price of our ordinary shares;
    • our incorporation under the laws of Cyprus and the different rights to relief that may be available compared to other countries, including the United States;
    • changes in governmental rules and regulations or actions taken by regulatory authorities;
    • government requisition of our vessels during a period of war or emergency;
    • potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions;
    • the arrest of our vessels by maritime claimants;
    • general domestic and international political conditions or events, including “trade wars”;
    • any further changes in U.S. trade policy that could trigger retaliatory actions by the affected countries;
    • potential disruption of shipping routes due to accidents, environmental factors, political events, public health threats, international hostilities including the ongoing conflict between Russia and Ukraine, the conflict between Israel and Hamas and related conflicts in the Middle East, the Houthi attacks in the Red Sea and the Gulf of Aden, acts by terrorists or acts of piracy on ocean-going vessels;
    • the impact of the U.S. presidential and congressional election results affecting the economy, future government laws and regulations, trade policy matters, such as the imposition of tariffs, the amendment, termination or any other material change to a relationship governed by a treaty and other import restrictions;
    • the length and severity of epidemics and pandemics and their impacts on the demand for seaborne transportation of crude oil and refined products;
    • the impact of port or canal congestion;
    • business disruptions due to adverse weather, natural disasters or other disasters outside our control; and
    • other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission.

    We caution readers of this report not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are no guarantee of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

    1 This press release describes Time Charter Equivalent earnings and related per day amounts and spot TCE currently contracted, which are not measures prepared in accordance with IFRS (“non-GAAP”). See Appendix 1 for a full description of the measures and reconciliation to the nearest IFRS measure.

    Attachment

    The MIL Network –

  • MIL-OSI Economics: The SOC files: Chasing the web shell

    Source: Securelist – Kaspersky

    Headline: The SOC files: Chasing the web shell

    Web shells have evolved far beyond their original purpose of basic remote command execution, and many now function more like lightweight exploitation frameworks. These tools often include features such as in-memory module execution and encrypted command-and-control (C2) communication, giving attackers flexibility while minimizing their footprint.

    This article walks through a SOC investigation where efficient surface-level analysis led to the identification of a web shell associated with a well-known toolset commonly associated with Chinese-speaking threat actors. Despite being a much-discussed tool, it is still used by the attackers for post-exploitation activities, thanks to its modular design and adaptability. We’ll break down the investigative process, detail how the analysts uncovered the web shell family, and highlight practical detection strategies to help defenders identify similar threats.

    Onset

    It’s early Monday morning, almost 4am UTC time, and the apparent nighttime calm inside the SOC is abruptly interrupted by an alert from our SIEM. It indicates that Kaspersky Endpoint Security’s heuristic engine has detected a web shell (HEUR:Backdoor.MSIL.WebShell.gen) on the SharePoint server of a government infrastructure in Southeast Asia, a warning that no SOC analyst would want to ignore.

    The night shift team springs into action, knowing that the web shell could be the beginning of much worse activity, and that every second counts. Initial analysis of the telemetry suggests that the attackers exploited the affected web server, either by taking advantage of another web shell or a command injection vulnerability.

    From the listing above, where the process tree that triggered the first detection is reported, it is possible to observe an attempt to deploy a web shell disguised as a 404 page. The certutil utility was used to download the ASPX payload, which was hosted by abusing Bashupload. This web service, which is used to upload files from the command line and allows one-time downloads of samples, is no stranger to being abused as an ingress tool transfer technique.

    As is common practice, the command has been slightly obfuscated by using escape characters (such as ^ and “) to break up the keywords “certutil” and “urlcache” in order to bypass basic detection rules based on simple pattern matching.
    As part of our MDR service, we are required to operate within pre-established boundaries that are tailored to the customer’s business continuity needs and risk tolerance. In this case, the customer retains ownership of decisions regarding sensitive assets, including the isolation of compromised hosts, so we can’t instantly block the attack and must continue to observe and perform a preliminary threat analysis.

    A manual reconnaissance and discovery activity by an operator starts appearing, and despite the tension, an occasional typo (“localgorup”) manages to draw a smile:

    Aftermath

    To gain system privileges, the threat actors used several variants of the well-known Potato tools, either as memory-only modules or as standalone executables:

    To bring standalone binaries into the environment, the attackers again used the Bashupload free web service, which we saw in the initial web shell alert. Of all the tools, the GodPotato standalone binary ultimately succeeded in gaining system privileges.

    With elevated access, the attackers moved on to domain trust enumeration, mapping relationships between domains and identifying potential targets for lateral movement. But let’s get back to the main question: What kind of web shell are we dealing with here?

    Identifying the threat

    Unfortunately, we were unable to retrieve the web shell sample used during the initial access phase. However, starting with the privilege escalation phase, several .NET modules began to appear in the memory of the IIS worker process ( w3wp.exe), ranging from popular tools like Potato to other lesser known ones. One set of libraries in particular caught our attention, so we decided to investigate further by performing a manual inspection.

    Fortunately, the libraries were not obfuscated and lent themselves to quick static analysis:

    Example of a library detected in IIS process memory (0x0B593115C273A90886864AF7D4973EED)

    In the image above, if you look at the orange method names in the Assembly Explorer on the left, you can observe some peculiarities that can be used to identify similar samples. Although many of the methods names are very generic, there is one that is quite unique, EnjsonAndCrypt. A quick Google search of this name yields no results, which means it may be sample-specific.

    The getExtraData method is also interesting: although it has a non-specific name, there is a sequence of bytes [126, 126, 126, 126, 126, 126] that is used to parse key:value pairs whose value is base64 encoded:

    The “extraData” structure example

    Threat actors need to use the same byte sequence if they want to maintain backward compatibility across different implant versions, but since it is also very generic, we should combine both indicators, the getExtraData name and this byte array, to define a sufficiently precise detection condition that can be used in conjunction with EnjsonAndCrypt to create a detection rule.

    Uncovering modules and variants

    By feeding our newly created YARA rule to a multi-AV platform such as VirusTotal, we can identify additional samples that differ from those observed in the targeted infrastructure. It is worth noting that some of these have a poor detection rate:

    Poorly detected BasicInfo.dll (32865229279DE31D08166F7F24226843) sample

    Below are the most common names of libraries that match the rule:

    Module filenames

    Those familiar with the toolkit used may have already identified it by looking at these filenames, but if not, it is also possible to infer the relationship by simply pivoting to the samples available on VT:

    Sample FC793D722738C7FCDFE8DED66C96495B relations on VT

    Behinder, also known as Rebeyond, Ice Scorpion, 冰蝎 (Bīng xiē), is known as a cross-platform web shell designed to be compatible with most popular web servers running PHP, Java or ASP.NET as in our investigation. Although the web shell sample itself is very lightweight and somewhat basic, the tool includes a powerful GUI for operators with numerous capabilities including loading additional modules and giving them full control over compromised environments.

    Its built-in AES-encrypted communication allows threat actors to maintain stealthy control over a compromised web server, often bypassing traditional network detection mechanisms, and its modular, flexible nature allows malicious actors to use it as a base for customization even though it is only available as a pre-built tool on GitHub. Moreover, the presence of several step-by-step Chinese language tutorials on CSDN (Chinese Software Developer Network) makes it widely accessible to opportunistic bad actors.

    The bigger picture

    Taking a step back, the relationship between the memory artifacts observed on the customer’s server during the post-exploitation phase and the web shell source code becomes evident. The web shell is not just a foothold, it’s a fully functional backdoor that facilitates encrypted communication with the operators’ infrastructure, allowing them to call built-in or custom-loaded libraries, deploy additional tools, conduct reconnaissance and exfiltrate data while remaining hidden:

    ASPX web shell side by side with .NET payload

    Although the Behinder web shell has been widely discussed in the past, especially the PHP and JSP variants, it is still a current and evolving cyberweapon. Even if attackers make mistakes or act carelessly by reusing the same encryption keys or exhibiting the same patterns, we can’t afford to let our guard down. In the incident described in this article, if we had not taken the time to dig deeper into the artifacts observed in memory, we likely would have missed the toolkit altogether.

    Threats evolve quickly, and signature-based malware detection only catches what we already know. Underestimating the potential of memory-based payloads can lead to a false sense of security. Teams may assume that if they haven’t detected any suspicious files, they are safe, when in fact threats may be actively operating in memory.

    For SOC teams, continuous learning, proactive threat hunting, and refining detection techniques are essential to staying ahead of adversaries.

    Happy hunting and see you on the next mission!

    YARA rule

    Indicators of compromise

    Payloads
    EF153E1E216C80BE3FDD520DD92526F4                          god.exe
    B8A468615E0B0072D2F32E44A7C9A62F                          BadPotato.dll
    B5755BE4AAD8D8FE1BD0E6AC5728067B                          SweetPotato.dll
    578A303D8A858C3265DE429DB9F17695                         BasicInfo.dll
    EA19D6845B6FC02566468FF5F838BFF1                          FileOperation.dll
    CD56A5A7835B71DF463EC416259E6F8F                          Cmd.dll
    5EA7F17E75D43474B9DFCD067FF85216                          Echo.dll

    File paths

    C:ProgramDataDRM
    C:UsersDefaultVideos

    MIL OSI Economics –

  • MIL-OSI China: China, Botswana sign agreement on economic, technical cooperation

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

    GABORONE, Feb. 27 — China and Botswana signed an agreement on economic and technical cooperation between the two governments on Thursday in Gaborone, the capital of the southern African country.

    Speaking at the signing ceremony, Chinese Ambassador to Botswana Fan Yong said China and Botswana have long enjoyed a strong friendship, yielding fruitful results in practical cooperation. With the implementation of the agreement and other outcomes of the 2024 Beijing Summit of the Forum on China-Africa Cooperation, cooperation between the two countries in various fields will be further deepened.

    For his part, Botswanan Vice President and Minister of Finance Ndaba Gaolathe praised China’s remarkable achievements and expressed gratitude for China’s continuous support to Botswana, saying he hopes cooperation with China will contribute to Botswana’s economic growth and the well-being of its people.

    According to official statistics, in 2023, bilateral trade between China and Botswana reached 710 million U.S. dollars, marking a 15.7 percent year-on-year increase. In the first half of 2024, bilateral trade amounted to 419 million dollars, up 12.5 percent year on year.

    This year marks the 50th anniversary of diplomatic relations between China and Botswana, which were established on Jan. 6, 1975. The two countries’ relations were upgraded to a strategic partnership in September 2024.

    MIL OSI China News –

  • MIL-OSI China: Xi chairs CPC leadership meeting to discuss draft gov’t work report

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

    BEIJING, Feb. 28 — Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, on Friday chaired a meeting of the Political Bureau of the CPC Central Committee to discuss a draft government work report to be submitted by the State Council to the upcoming national legislative session for review.

    MIL OSI China News –

  • MIL-OSI: 6/2025・Trifork Group AG – 2024 annual report and interim report for the quarter ending 31 December 2024

    Source: GlobeNewswire (MIL-OSI)

     
     
    Trifork Group – 2024 annual report and interim report for the quarter ending 31 December 2024

    Company announcement no. 6 / 2025
    Schindellegi, Switzerland – 28 February 2025

    Trifork Group reports full-year 2024 net profit of EURm 17.9 and EPS growth of 13.3%. Trifork Segment reports Q4 2024 revenue growth of 1.8% and EBITDA margin of 16.1%.


    Full-year 2024

    • Trifork Group
      • In 2024, Trifork Group revenue amounted to EURm 205.9, a decline of 0.9% from 2023. Adjusted for the effect of third-party software and hardware sales, revenue grew by 0.4% of which inorganic growth of 3.0% was offset by an organic decline of 2.6%. The organic decline was driven by market headwinds throughout the year in Build and Run.
      • Trifork Group EBITDA amounted to EURm 24.7, corresponding to 12.0% EBITDA margin.
      • Trifork Group EBIT amounted to EURm 8.2, corresponding to 4.0% EBIT margin.
      • Trifork Group net income amounted to EURm 17.9. Realized and unrealized gains in Trifork Labs of EURm 16.2 contributed significantly to net income.
      • Basic earnings per share was EUR 0.85 (2023: EUR 0.75). Diluted earnings per share was EUR 0.85 (2023: EUR 0.74).
    • Trifork Segment
      • In 2024, adjusted EBITDA of the Trifork segment amounted to EURm 26.9, a decline of 23.2% from 2023. The adjusted EBITDA margin was 13.1%, down from 16.9% in 2023 mainly due to lower revenue growth and increased investments in business development in the first half of the year.
      • Sub-segments
        • Inspire revenue increased by 18.1% to EURm 7.4 and realized an adjusted EBITDA of EURm -2.4 (2023: -2.7).
        • Build revenue declined by 0.2% to EURm 149.3 and realized an adjusted EBITDA margin of 13.4% (2023: 18.8%).
        • Run revenue declined by 4.3% to EURm 49.1 and realized an adjusted EBITDA margin of 24.5% (2023: 24.3%). If adjusted for sales of third-party licenses and hardware, Run grew 1.4%.
    • Trifork Labs
      • In 2024, Trifork Labs recorded EBT of EURm 13.3 driven by realized and unrealized gains from the agreement to partially exit an investment in the company XCI and unrealized gains from updated valuations due to liquidity events driven by external investors or better-than-expected operational and financial performance in some companies. Three smaller investments were fully impaired and other risk-based partial impairments were made.
      • At year-end 2024, the total book value of active Labs investments amounted to EURm 83.2 (2023: 69.7).

    Fourth quarter 2024

    • Trifork Group
      • In Q4 2024, Trifork Group revenue amounted to EURm 56.0, an increase of 1.8% from Q4 2023. Adjusted for the effect of third-party software and hardware sales, revenue declined by 0.2%.
      • Trifork Group EBITDA amounted to EURm 8.3, corresponding to 14.9% EBITDA margin.
      • Trifork Group EBIT amounted to EURm 3.7, corresponding to 6.7% EBIT margin.
      • Trifork Group net income amounted to EURm 12.7. Realized and unrealized gains in Trifork Labs contributed significantly to net income.
    • Trifork Segment
      • In Q4 2024, adjusted EBITDA in the Trifork Segment amounted to EURm 9.0, a decline of 23.4% from Q4 2023. The adjusted EBITDA margin was 16.1%, down from 21.4% in Q4 2023.
      • Sub-segments
        • Inspire revenue increased by 30.1% to EURm 3.7 and realized an adjusted EBITDA of EURm -0.8 (Q4 2023: EURm -0.3).
        • Build revenue increased by 0.2% to EURm 38.8 and realized an adjusted EBITDA margin of 13.2% (Q4 2023: 18.3%).
        • Run revenue increased by 4.3% to EURm 13.7 and realized an adjusted EBITDA margin of 31.0% (Q4 2023: 31.2%).
    • Trifork Labs
      • In Q4 2024, Trifork Labs recorded EBT of EURm 9.3 driven by realized and unrealized gains from an agreement to partially exit an investment in the company XCI and unrealized gains from updated valuations due to liquidity events driven by external investors or better-than-expected operational and financial performance in some companies. Three smaller investments were fully impaired and other risk-based partial impairments were made.

    Comment from CEO Jørn Larsen

    “2024 was an eventful year for Trifork, marked by an unstable economic environment and the growing negative impact of climate change worldwide. We all need to become more sustainable, and I am proud to observe the impact we have on our customers’ ESG agenda through digital innovation. In 2024, we also had exciting technological breakthroughs, and growing interest and strong operational performance in our portfolio companies in Trifork Labs. Despite the tough customer environment in the private sector and reduced EBITDA, our diluted earnings per share grew 15%, proving the strength of our two-legged business model – profitable operations in the Trifork Segment paired with strategic R&D investments in Trifork Labs. We had to adapt as some large customers scaled back, but won new business and grew our public sector revenue, and we continued to sharpen our go-to-market approach and product offering. Our products and capabilities within AI and spatial computing are in high demand, and these may become significant revenue drivers in the coming years. At the same time, our EURm 10 cost savings program will set us up for stronger margins in 2025.”

    Financial guidance for 2025 

    • Revenue is expected to be in the range of EURm 215-225 equal to 4.4-9.3% total growth
    • Organic revenue growth is expected in the range of 2.9-7.8%
    • Adjusted EBITDA in Trifork Segment is expected in the range of EURm 32.0-37.0
    • EBIT in Trifork Group is expected to be in the range of EURm 14.5-19.5.

    The guidance does not include potential effects from new acquisitions or divestments.

    Mid-term financial targets for 2026

    Based on the lower-than-expected performance in 2024 and the continued instability in the economic environment in 2025, the mid-term revenue targets for 2026 are adjusted:
     

    • Total revenue CAGR of 10-15% from a baseline in 2024 (prev. 15-25% with a baseline in 2023)
    • Organic CAGR of 5-10% from a baseline in 2024 (prev. 10-15% with baseline in 2023)

    The margin and gearing targets for 2026 are maintained:

    • 16-20% adj. EBITDA margin in Trifork Segment in 2026
    • 10-14% EBIT margin in Trifork Group in 2026
    • Net interest-bearing debt leverage of up to 1.5x Group adj. EBITDA (may temporarily exceed during the period)

    Change to Executive Management

    The Group CRO role will transition into a decentralized structure, with four regional CRO positions covering our core markets in Denmark, US, Switzerland, and UK to better reflect our decentralized organization. Some of these positions will be filled internally. As a consequence, Trifork will reduce Executive Management to CEO Jørn Larsen and CFO Kristian Wulf-Andersen. Morten Gram will leave the Group Executive Management.

    Main events in 2024

    • Inspire
      Trifork’s Inspire sub-segment, where we arrange technology conferences and online tech content, planned to stabilize performance in 2024 compared to the loss of EURm -2.7 in 2023. Overall, it turned out to difficult and we did not see any major market improvements in willingness to invest in sponsorships to conferences and education of their employees. The result was a growth of 18.1% with an EBITDA improvement of just EURm 0.3 compared to 2023. This was not satisfactory and we have now decided to exit part of our conference activities in 2025 and co-work or potentially co-own minority stakes in some of these with other partners. In total, we had 5,900 attendees to our conferences. Our GOTO tech channels on YouTube and Instagram ended the year with more than 80 million accumulated views – equal to more than 18 million views in 2024. The YouTube channel now has more than 1 million subscribers and we received a gold-reward plate from Google. According to Tech Talk Weekly, GOTO was behind the single most watched tech talk on YouTube in 2024. GOTO had five videos in the top 10, and 22 times in the top 100.
    • Build
      Trifork’s Build sub-segment, where we develop innovative software solutions for customers, saw unchanged revenue compared to 2023. Build accounted for 72.5% of total revenue. Corporates continued to take a cautious approach to IT spending in light of the global economic and geopolitical uncertainty. The continued low activity from private sector customers has been particularly visible in UK, whereas private sector engagements in US displayed comparatively better performance due to successful business development efforts. Overall, new customers accounted for 28% of revenue – similar to 2023. The public sector customer base primarily consists of Danish engagements. Danish public revenue grew 9.4% in 2024. After a soft start to the year with disruptions to existing customer engagements, the Danish Public business gained momentum with several key wins and ramp-up of delivery on existing framework agreements won in previous quarters and years. In January 2024, Trifork increased its stake in Erlang Solutions, a previous acquisition. In May, Trifork acquired Spantree in the US. In June, Trifork acquired Sapere Group in Denmark. All companies primarily deliver Build revenue.
    • Run
      Trifork’s Run sub-segment, where we operate and maintain internally or externally developed products for our customers, grew by 1.4% on hosting, service agreements, and Trifork licenses. Run-based revenue now accounts for 23.8% of total revenue. Growth was lower than expected due to delayed start or ramp-up of new agreements. During 2024, we continued to develop on existing Trifork IP and products but also launched new product offerings like Corax AI and Contain hosting platform products.
    • Trifork Labs
      Trifork Labs, the investment arm of Trifork Group that invests in strategic partnerships and uses venture-financing to grow some of our internally developed products, saw a continued strong momentum in 2024 in its 24 investments. Revenue in the portfolio companies (not consolidated in Trifork Group due to minority ownership stakes) surpassed EURm 100, up from EURm 50 two years ago. Trifork Labs co-founded TSBX and Mirage Insights, and made a new external investment in Rokoko Care. Trifork Labs provided additional funding to Arkyn Studios, Bluespace Ventures, and Dryp. A partial exit was announced in December in XCI where an institutional investor joined the growth journey with a 30% acquisition of existing shares. The sale was done above book value and contributed significantly to Group net income.


    Initiation of share buyback program

    Today, 28 February 2025, the Board of Directors decided to initiate a share buyback program of up to DKKm 14.92 (EURm 2.0) for the period from 4 March 2025 up to and including no later than 30 June 2025. A separate announcement will be distributed with further details.

    Results presentation

    Trifork will host a results presentation and Q&A session with CEO Jørn Larsen and CFO Kristian Wulf-Andersen today, 28 February 2025 at 11:00 CET in a live webcast that can be accessed via the following link: https://investor.trifork.com/events/. A recording will be made available on our investor website.

    Investor and media contact

    Frederik Svanholm, Group Investment Director & Head of Investor Relations
    frsv@trifork.com, +41 79 357 7317

    About Trifork  

    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,229 professionals across 73 business units in 16 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.
     

    Attachments

    The MIL Network –

  • MIL-Evening Report: Diversity, equity and inclusion in the workplace are under attack. Here’s why they matter more than ever

    Source: The Conversation (Au and NZ) – By Gemma Hamilton, Senior Lecturer, RMIT University

    Jacob Lund/Shutterstock

    As International Women’s Day approaches, we must redouble our efforts to champion social justice and the principles of diversity, equity and inclusion (DEI). These are under unprecedented attack by some political leaders.

    In the United States, President Donald Trump has recently dismantled DEI measures, claiming they are wasteful and discriminatory. Without evidence, he even blamed diversity hirings for a deadly collision between a military helicopter and a passenger plane that killed 67 people.

    In Australia, Opposition Leader Peter Dutton is echoing a similar agenda with his criticism of “culture, diversity and inclusion” positions in the public service.

    We must resist attempts to tear down all the progress that has been made and remind ourselves of the many good reasons why we pursue DEI in the workplace.

    Women, racial minorities, people with disability and others continue to face barriers to equal opportunities at work. Too often, they remain excluded from leadership and decision-making roles.

    Defending diversity

    Given the assault on DEI measures, it is worth restating why they are so important to a truly inclusive modern workplace.

    DEI initiatives work to address obstacles and correct disadvantages so everyone has a fair chance of being hired, promoted and paid, regardless of their personal characteristics.

    They ensure every person has a genuinely equal chance of access to social goods. They can be seen as “catch up” mechanisms, recognising that we don’t all start our working lives on an equal footing.

    Gender equality initiatives address discrimination, stereotypes and structural barriers that disadvantage people on the basis of their gender.

    These initiatives call into question the idea of “merit-based” hiring, which often disguises the invisible biases which are held by many people in power – for example, against someone of a particular gender.

    Australia’s story

    In Australia, we have a mixed story to tell when it comes to diversity, equity and inclusion.

    The federal workplace gender laws require companies with more than 100 employees to report annually on gender equality indicators, including pay gaps and workforce composition.

    DEI initiatives are already being dismantled in the United States.
    Gorodenkoff/Shutterstock

    In Victoria, the Gender Equality Act 2020
    promotes “positive action” to improve gender equality in higher education, local government and the public sector, which covers around 11% of the total state workforce.

    Despite these laws, Australia is behind on gender equality indicators compared to other countries such as Iceland, Norway and New Zealand. According to the World Economic Forum’s Global Gender Gap report, Australia is ranked 26th out of 146 countries, albeit a step up from 54th in 2021.

    The report shows continuing and significant gender gaps, particularly regarding women’s representation in various industries such as science and political leadership.

    Increased recognition

    But in a cross section of fields, including politics, sports, medicine, media and academia there have been positive changes. Gender equality is being promoted through a wide range of initiatives that seek to push back against centuries of patriarchal dominance.

    Workplace policies around paid parental leave, flexible working arrangements, part-time work, breastfeeding and anti-discrimination are part of the broader agenda to make workplaces more inclusive for women, gender-diverse people and working parents.

    Many workplaces accommodate the needs of working mothers.
    Jacob Lund/Shutterstock

    While many would not consider these improvements specific diversity initiatives, they are clear examples of the ways in which workplaces now recognise the different needs of women and working mothers.

    Today, we see more women in the workplace and in positions of leadership across sectors.

    But as feminist Sara Ahmed has noted, it is often the marginalised employees who carry the burden of doing all the “diversity work” in the workplace.

    Diversity becomes work for those who are not accommodated by an existing system.

    Redoubling efforts

    Despite the welcome advances made, inequalities persist in the workplace.

    We recognise many in positions of power are not willing (or able) to acknowledge their own privileged positions. Therefore they do not see the barriers that exist for others.

    Social justice will not simply be gifted by those in power.

    Given the challenging political climate, it is more important than ever that we continue to strive for gender equality – rather than simply uphold the status quo.

    Gemma Hamilton receives funding from the Australian Research Council (ARC).

    Nicola Henry receives funding from the Australian Research Council (ARC) and Google. She is also a member of the Australian eSafety Commissioner’s Expert Advisory Group.

    Bess Schnioffsky 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. Diversity, equity and inclusion in the workplace are under attack. Here’s why they matter more than ever – https://theconversation.com/diversity-equity-and-inclusion-in-the-workplace-are-under-attack-heres-why-they-matter-more-than-ever-250651

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: Pro-birth tax deduction implemented

    Source: Hong Kong Information Services

    The Government today announced in the Gazette that a tax deduction for assisted reproductive (AR) service expenses came into force today.

     

    The deduction, under salaries tax and personal assessment, is applicable to qualifying AR service expenses paid starting from the 2024/25 year of assessment. All AR services received for medical reasons are considered as qualifying AR services.

     

    Two categories of persons are eligible:

     

    (1) infertile couples or people under specified circumstances, which individuals undergoing sex selection of embryos to avoid sex-linked genetic diseases, and single women continuing to receive a procedure where gametes were, or an embryo was, placed in their body, pursuant to the same procedure taking place when they were party to a marriage; and

     

    (2) patients who may be rendered infertile as a result of chemotherapy, radiotherapy, surgery, or other medical treatment.

     

    The Government elaborated that expenses paid for qualifying AR services by a taxpayer, by a taxpayer’s spouse (who is not living apart from the taxpayer), or by both, are allowable deductions.

     

    The maximum deduction allowable for a year of assessment is $100,000. For married taxpayers, the maximum deduction for both taxpayer and spouse is $100,000 in total.

     

    The Government reminded taxpayers that the Inland Revenue Department may request them to provide the Proof of Qualifying AR Service Expenses in support of any deduction claimed.

     

    Citizens who have paid for qualifying AR service expenses on or after April 1 last year and who intend to claim tax deductions for such expenses may obtain the proof retrospectively from centres holding an artificial insemination by husband licence, a treatment licence or a storage licence.

    MIL OSI Asia Pacific News –

  • MIL-OSI New Zealand: Speech to LGNZ Metro, Rural and Provincial Sectors Forum

    Source: New Zealand Government

    Good afternoon!

    I want to acknowledge the immense amount of work Minister Bishop has done in leading this Going for Housing Growth programme – it is vitally important.

    As the Minister flagged, central to Going for Housing Growth is this idea that growth should pay for growth, and a key tension in this system centres on finding a balance between certainty about where growth will occur and having the flexibility to respond to demand.

    The Infrastructure Funding and Financing Act (IFFA) hits both of these things – it levies those benefitting from the infrastructure and is an important piece in this responsiveness puzzle, enabling demand-led growth without further straining councils’ balance sheets.

    However, we’ve become aware of barriers to its use, so we’re making some changes to make it fit for purpose, which I’ve been tasked with leading.

    IFFA background

    The IFFA emerged from a great example of the market innovating to solve coordination problems and deliver benefits much sooner than the public sector could have. 

    Developers saw an opportunity at Milldale to deliver housing but needed infrastructure to enable that to happen.

    Unable to rely on a council constrained by its own growth plans and lack of funds, the developers set up a special purpose vehicle (SPV) to raise the finance needed to deliver the infrastructure and then levied the subsequent landowners to repay the debt.

    Recognising the value of this approach, the government at the time rightly sought to codify this to be replicated around the country, culminating in the IFFA.

    In addition to providing a responsive, market-led pathway to enable greenfield development, the IFFA has several benefits.

    It can enable intensification in existing urban areas by funding and financing infrastructure upgrades.

    As the SPV is off balance sheet, it preserves council debt headroom while delivering additional infrastructure capacity. 

    It ensures revenue streams are certain and are hypothecated to the relevant infrastructure.

    It ensures fairness in that those who benefit pay – it spreads the infrastructure costs over a longer period of time and, therefore, more fairly across the beneficiaries over that infrastructure’s lifespan.

    Yet, its responsive, market-led vision has not been realised.

    No further greenfield deal has been done since the IFFA’s Milldale inspiration, with only two city-wide levies have been struck.

    We set out to understand why, and we have gone about fixing it.

    Streamline levy development and approval

    We’ve heard the process for standing up an IFFA transaction is unnecessarily burdensome and costly.

    A range of requirements are duplicated and redundant, which slow the process without adding any real benefit.

    A Minister doesn’t need to be bogged down with immaterial technical detail, and we don’t need ambiguities that arbitrarily leave some important matters neglected.

    We’re making a range of detailed changes to address this.

    Our focus is to ensure the right information is available in the right format at the right time to make the right decisions.

    There is also an embedded suggestion that a Minister is somehow always the best arbiter of what’s reasonable and affordable, even where affordability is already internalised.

    While we acknowledge the decision to impose a levy on existing ratepayers is a serious one, if a greenfield levy is proposed by the developer with skin in the game, or everyone affected otherwise consents, we are now going to take the wild approach of trusting that they’re acting in their own best interests.

    Increasing uptake

    Extending access to a variety of users 

    Last year, Cabinet made the decision to extend the scope of the IFFA to cover water entities under Local Water Done Well, and now we’re extending it further to NZTA projects. 

    This will mean major transport projects can recover a share of the infrastructure cost from those who benefit from an increase in development capacity, helping growth pay for growth and adding to the potential funding stack.

    Supporting developer-led proposals

    Part of the current process requires a levy to be endorsed by levy and infrastructure authorities, such as councils, before a proposal can be progressed, with no clear criteria to limit obstruction.

    In pursuit of responsiveness and growth, we are making changes that will require the endorsements to be given where statutory requirements are met.

    We cannot afford to give a licence to say ‘no’, so we’re not going to give it.

    Deferrals

    We’re also moving to enable levy payment flexibility.

    While infrastructure adds value to properties which benefit, and generally increase wealth, annual levies may be difficult to provide for when property owners may not have much financial headroom.

    We’re therefore introducing levy deferral options, so property owners can defer payment to a later date or until a specified triggering event. 

    Ensuring deferral options are reflected clearly and transparently will mean all parties can make better decisions, including the responsible Minister through the affordability assessment.

    Project eligibility

    Currently, there is ambiguity about whether projects commissioned prior to when a levy proposal is submitted are eligible, so we’re clarifying that projects commissioned up to two years prior will be. 

    This will extend coverage to circumstances where projects may have recently been completed but house sales have yet to occur.

    Use for development levies

    With the advent of the development levies Minister Bishop has just announced, we’re also making changes to help them work together with the IFFA.

    If a developer is facing the prospect of big development levy for council-provided infrastructure, there may be demand for the IFFA to finance this to be repaid by future homeowners.

    For this use case, we are removing the requirement that IFFA levies have a direct link to specific bulk infrastructure.

    Other changes

    There are a range of other changes, such as:

    • SPVs getting explicit powers to commence recovery action for unpaid levies
    • councils being able to request reimbursement of levy administration costs as a condition of endorsement
    • introducing flexibility about where the infrastructure must be vested
    • putting levies on an even keel with rates in the event of a rating sale
    • several other minor, technical, and remedial tweaks.

    Together, these changes will deliver a more usable pathway for IFFA deals that can be accessed by developers and others.

    The objective is to deliver infrastructure that may not have been planned by councils or planned for in the timeframe that developers need it.

    Conclusion

    While the IFFA is relatively technical, it is a very important tool, and it has a key role in facilitating demand-led growth.

    By streamlining processes and improving usability, and having National Infrastructure Funding and Financing (NIFF) engaged to assist councils and others with expertise and growing capacity, we expect the IFFA will be much more attractive and used much more widely.

    We need growth, and growth must be responsive to demand.

    The IFFA has a distinct and important role in delivering this.

    MIL OSI New Zealand News –

  • MIL-Evening Report: Australia’s retirement savings are too big to invest at home – here’s why super funds are looking to the US

    Source: The Conversation (Au and NZ) – By Susan Thorp, Professor of Finance, University of Sydney

    Marek Masik/Shutterstock

    You might remember Pesto, the king penguin chick who became a star attraction at Melbourne Aquarium last year. Good food, good genes and a safe home let Pesto grow into a huge ball of brown fluff twice the size of his parents. Pesto became a local and international celebrity.

    While not cute or funny like Pesto, Australia’s financial sector gave birth to its own baby three decades ago that has since rapidly grown into a big adult – superannuation. It, too, has become internationally famous.

    This week, our superannuation sector attracted the attention of US asset managers and government officials, including the new US Treasury Secretary Scott Bessent, at a summit in Washington DC.

    Super industry leaders joined Treasurer Jim Chalmers and the Australian ambassador to the US, Kevin Rudd, to pitch a strengthening of ties. So, why are Australian super funds so keen to shore up support in the United States?



    Read more:
    Your super fund is invested in private markets. What are they and why has ASIC raised concerns?

    A giant nest egg

    Figures from the Australian Prudential Regulation Authority (APRA) show the total pool of superannuation assets had grown to about A$4.2 trillion by December 2024. That’s up 11.5% on the year before.

    That’s about 160% of the value of all goods and services produced in Australia – the gross domestic product (GDP) – over the year to June 2024 at $2.6 trillion.

    This scales to a very large pool of investable retirement money – the fifth largest in the world. Australia’s population ranks just 54th in the world.

    Some of the biggest individual funds have significant assets under management. Australian Super and Australian Retirement Trust, for example, both manage more than $300 billion in retirement savings.

    Looking overseas

    This leads us to why the Australian super industry is securing openings in the US. Australian super funds have invested some funds overseas since their inception. But this practice is expanding quickly for two reasons.

    First, the sheer size of the superannuation investment pool has largely outgrown its Australian asset base.

    To illustrate, our $4.2 trillion super pool is significantly larger than the total market capitalisation of the Australian Securities Exchange (ASX), about $3.1 trillion.

    Without new places to invest our super, it’s impossible to keep earning a return on it.

    The second – and related – reason is the need for diversification. It makes sense to lower risk by spreading funds across industries, geographies and jurisdictions.

    A scan of the aggregated asset allocation of large Australian super funds shows that around half of the funds invested in equities, property and infrastructure are currently in overseas assets.

    The US accounts for about 45% of aggregate financial assets of all investors worldwide – more than US$90 trillion (A$144 trillion).

    The strategy to diversify investments has paid off. The US stock market has seen some spectacular recent returns, with annual returns of more than 20% in some years. These have far outpaced those of the ASX.

    Compulsory savings

    Australia’s super sector has been fed by compulsory contributions (savings) and investment returns. Super has also been protected by legislation that makes participation compulsory for most workers and preserves savings until retirement.

    Australia has had a system of compulsory employer superannuation contributions for workers since 1992.
    DGLimages/Shutterstock

    Since 1992, employers have made compulsory (superannuation guarantee) contributions on behalf of workers into superannuation accounts. The compulsory contribution has risen significantly from an initial 3% of earnings to 12% of earnings from July this year.

    High coverage (well over 90% of workers), combined with rising contribution rates, has meant the amount of money flowing into superannuation accounts has grown at a remarkable compound annual rate of 14% since 1992.

    Even after the superannuation guarantee rate peaks at 12% this year, growth in labour earnings, fed by workforce and productivity growth, will continue to generate substantial inflows.

    Can’t touch our nest egg early

    Australia’s strict rules preventing withdrawals from super are among the tightest in the world. With some exceptions for extreme hardship, members of super funds can withdraw their savings from age 60 if they retire, and from age 65 even if they have not retired.

    An ageing population will mean more retirees in future decades, speeding up outflows. But so far, Australian retirees are proving to be very cautious with their nest eggs.

    Along with compulsory contributions and rules on withdrawing it, investment returns have grown the super baby, at rates of 7.3% annually over the past 30 years, or about 4.4% annually above inflation.

    The super sector is still smaller than its older sibling, the banking system, where assets of A$6.3 trillion are about 240% of the value of annual GDP. But super is forecast to grow to 200% of annual GDP over the next two decades.

    Riskier investments

    To generate these rates of return, Australian super funds have invested in a wide range of financial assets, and with a substantial exposure to high return (but riskier) assets.

    In Australia, super funds invest around two-thirds
    of funds in equities, property, infrastructure and commodities, and around one-third in safer bonds and cash.

    That contrasts with some other pension systems, such as Japan and the UK, where a majority of funds are invested in safer assets like government bonds.

    Susan Thorp is a member of UniSuper. She receives and has received research funding from the Australian Research Council, the Australian Securities and Investments Commission, the TIAA Institute (USA), IFM, and UniSuper and Cbus Superannuation funds via ARC Linkage Grants. Thorp was previously Professor of Finance and Superannuation at UTS, a position that was partly funded by Sydney Financial Forum (Colonial First State Global Asset Management), the NSW Government, the Association of Superannuation Funds of Australia (ASFA), the Industry Superannuation Network (ISN), and the Paul Woolley Centre for the Study of Capital Market Dysfunctionality, UTS. She was an Associate Investigator for the ARC Centre of Excellence in Population Ageing Research (CEPAR), and is a member of the OECD-International Network on Financial Education Research Committee, the Steering Committee of the Mercer CFA Global Pensions Index, the Australian Securities and Investments Commission (ASIC) Consultative Committee, the Board of New College (UNSW) and the Research Committee of Super Consumers Australia, a not-for-profit advocacy organisation for Australian pension plan participants.

    – ref. Australia’s retirement savings are too big to invest at home – here’s why super funds are looking to the US – https://theconversation.com/australias-retirement-savings-are-too-big-to-invest-at-home-heres-why-super-funds-are-looking-to-the-us-250920

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Release: Labour PR: More clarity needed for homebuyers

    Source: New Zealand Labour Party

    The Government’s levies announcement is a step in the right direction, but they must be upfront about who will pay its new infrastructure levies and ensure that first-home buyers are protected from hidden costs.

    “If we are truly going to address the housing shortage in this country, it will require a bipartisan approach across numerous Governments. Today’s announcement does build on some of the work Labour was doing,” Labour housing spokesperson Kieran McAnulty said.

    “We will be as constructive as we can when it comes to housing policy. We cannot support the Government’s appalling and backwards approach to social and emergency housing, but we are keen to work with the Government in the areas of planning and infrastructure.

    “After the Government scrapped a whole lot of reforms, causing massive upheaval for Councils and the construction and infrastructure sectors, we recognise that they are desperate for some certainty and we want to play our part in providing that.

    “Developers have told us that new homebuyers are already bearing too much cost. We have some questions that we will work through with the Government, such as who will actually be paying these new levies and whether there is a chance that this will lead to hidden costs for homebuyers. It’s important we get that straight early on.

    “Taking away development contributions from councils is a big deal, so we need to be clear on the details to make sure this doesn’t just shift the financial burden onto homeowners and first-home buyers. It is important the Government changes its attitude towards local government and works with them to get these settings right,” Kieran McAnulty said.

    Stay in the loop by signing up to our mailing list and following us on Facebook, Instagram, and X.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Statement on Consent Award to End Work Stoppage

    Source: US State of New York

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    A lock icon or https:// means you’ve safely connected to a ny.gov website. Share sensitive information only on official, secure websites.

    You are leaving the official State of New York website.

    The State of New York does not imply approval of the listed destinations, warrant the accuracy of any information set out in those destinations, or endorse any opinions expressed therein. External web sites operate at the direction of their respective owners who should be contacted directly with questions regarding the content of these sites.

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    MIL OSI USA News –

  • MIL-OSI USA: February 27th, 2025 Heinrich, Vasquez Urge New Mexico Attorney General to Investigate Health Care Centers in Denying Medical Care to New Mexicans

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) and U.S. Representative Gabe Vasquez (D-N.M.) sent a letter urging New Mexico Attorney General Raúl Torrez to open an investigation into Ben Archer Health Centers refusing to provide medical care to individuals without “proof of citizenship.”

    Heinrich’s office was alerted by constituents to Ben Archer Health Centers’ new practice of requiring “proof of citizenship” yesterday. His office then verified that Ben Archer was employing this practice at school-based health clinics, for scheduled appointments at standalone clinics, and for same-day appointment requests. In defense of their actions, Ben Archer leadership pointed to President Donald Trump’s Executive Order, “Ending Taxpayer Subsidization of Open Borders,” which was issued on February 19, 2025, but has no bearing on the provision of health care to non-citizens. In fact, New Mexico and federal law both require Ben Archer Health Centers and other similarly funded health centers in the United States to provide health care to all residents of the area the center serves.

    In a post published to his social media yesterday morning, Heinrich condemned Ben Archer Health Centers for turning away patients without birth certificates on-hand at their clinics. Heinrich later welcomed news that the policy had been reversed, but has since received reports that the reversal is not being implemented consistently.

    “We write to request that you investigate whether Ben Archer Health Centers’ (BAHC) denial of medical care to individuals unable to provide “proof of citizenship,” potentially denying care to U.S. citizens, violated federal or state law and to take appropriate legal action pursuant to those findings. BAHC operates 11 clinics throughout southern New Mexico and is funded by the U.S. Department of Health and Human Services, alongside the State of New Mexico and Doña Ana County. This federal and state support creates not only an ethical, but legal obligation to provide quality primary health care to all New Mexicans, addressing the urgent needs of medically underserved residents in our state. We are concerned that similar actions could undermine medical care across New Mexico if BAHC is not held accountable for their neglect of this principal duty,” the lawmakers wrote in their letter to New Mexico Attorney General Raúl Torrez.

    On February 26, the lawmakers received multiple, verified reports of Ben Archer Health Centers denying medical care to New Mexicans who were unable to provide proof of U.S. citizenship. One report was from an insulin-dependent patient with diabetes who was unable to refill their insulin prescription, and another report was from a patient who states they were unable to refill their psychotropic medication at Ben Archer Health Centers’ onsite pharmacy. Another individual sent a photo of a public posting at a school-based clinic in Las Cruces stating, “any ineligible alien who entered the United States illegally or is otherwise unlawfully present in the United States does not qualify for federally funded services at Ben Archer Health Centers.”

    Ben Archer Health Centers operate clinics at three of Las Cruces Public Schools’ (LCPS) high schools. After receiving calls from the New Mexico Department of Health and the Primary Care Association of New Mexico, Ben Archer took down the posted notices. However, in visits to Ben Archer Health Centers since the reversal, constituents have experienced inconsistent requirements to access health services.

    “A west Texas measles outbreak killed a school-age child just yesterday, and New Mexico’s Department of Health has confirmed nine cases of measles in Lea County. At a moment when access to vaccinations and treatment are paramount, the last thing a family needs when attending an appointment at their local school-based clinic — funded by federal, state, and county dollars — is to be turned away unless they prove citizenship,” the lawmakers stated.

    The lawmakers also emphasized that Ben Archer Health Centers appears to be violating both state and federal law.  

    “BAHC’s unilateral decision to require documentation of citizenship as a prerequisite to providing health care at their clinics is not only unreasonably burdensome for New Mexican families, we believe it also violates the law… Despite their citing of President Donald Trump’s Executive Order, “Ending Taxpayer Subsidization of Open Borders,” as justification for their actions, that executive order has no bearing on health centers’ provision of heath care to non-citizens and does not supersede applicable law,” the lawmakers declared.

    “We are aware of constituents who have been directly impacted by BAHC’s actions and can provide additional information upon request. While we believe that the vast majority of these vital health care providers are committed to serving vulnerable New Mexicans, we urge you to investigate these allegations against BAHC, determine the extent to which the practice is continuing, and hold them accountable on behalf of patients across our state,” the lawmakers concluded.

    The text of the letter is here and below:

    Dear Attorney General Torrez,

    We write to request that you investigate whether Ben Archer Health Centers’ (BAHC) denial of medical care to individuals unable to provide “proof of citizenship,” potentially denying care to U.S. citizens, violated federal or state law and to take appropriate legal action pursuant to those findings. BAHC operates 11 clinics throughout southern New Mexico and is funded by the U.S. Department of Health and Human Services, alongside the State of New Mexico and Doña Ana County.  This federal and state support creates not only an ethical, but legal obligation to provide quality primary health care to all New Mexicans, addressing the urgent needs of medically underserved residents in our state.  We are concerned that similar actions could undermine medical care across New Mexico if BAHC is not held accountable for their neglect of this principal duty. 

    On February 26, we received multiple, verified reports of BAHC denying medical care to New Mexicans who were unable to provide proof of U.S. citizenship.  One report was from an insulin-dependent patient with diabetes who was unable to refill their insulin prescription, and another report was from a patient who states they were unable to refill their psychotropic medication at Ben Archer’s onsite pharmacy. Another individual sent a photo of a public posting at a school-based clinic in Las Cruces stating, “any ineligible alien who entered the United States illegally or is otherwise unlawfully present in the United States does not qualify for federally funded services at Ben Archer Health Centers.” BAHC operates clinics at three of Las Cruces Public Schools’ (LCPS) high schools. After receiving calls from the New Mexico Department of Health and the Primary Care Association of New Mexico, BAHC took down the posted notices. However, a brief phone call between LCPS Superintendent, Ignacio Ruiz, and Ben Archer’s Chief Financial Officer indicates BAHC will continue to demand proof of citizenship prior to rendering health services.

    A west Texas measles outbreak killed a school-age child just yesterday, and New Mexico’s Department of Health has confirmed nine cases of measles in Lea County. At a moment when access to vaccinations and treatment are paramount, the last thing a family needs when attending an appointment at their local school-based clinic — funded by federal, state, and county dollars — is to be turned away unless they prove citizenship.

    BAHC’s unilateral decision to require documentation of citizenship as a prerequisite to providing health care at their clinics is not only unreasonably burdensome for New Mexican families, we believe it also violates the law. BAHC advertises their status as a Health Center Program grantee under 42 U.S.C. § 254b on the front page. of their website. Pursuant to subsection (a)(1)-(2) of that statute, health centers like BAHC are required to provide services for all residents within the area served by the center. Despite their citing of President Donald Trump’s Executive Order, “Ending Taxpayer Subsidization of Open Borders,” as justification for their actions, that executive order has no bearing on health centers’ provision of heath care to non-citizens and does not supersede applicable law.

    Additionally, BAHC’s actions are likely in violation of NM Stat § 24A-1-20 (2024). Section 24A-1(A)-(B) of that statute provides that state or local health benefits, therein defined as “any health benefit for which payments, assistance or health care services are provided to an individual, household or family eligibility unit by…appropriated funds of the state, a county, a local government…,” must be provided to all non-citizens, regardless of immigration status, if they meet the eligibility requirements for those benefits. Again, BAHC’s website clearly states that, in addition to federal funding, they receive funding from New Mexico state agencies, including the Department of Health, the Children, Youth, & Families Department, and the Human Services Department, as well as Doña Ana County.

    BAHC’s demands that patients produce proof of U.S. citizenship in order to receive basic health care appear to violate both state and federal law.  Their actions also unquestionably run counter to BAHC’s mission statement emphasizing access to health services for underserved populations.  Health Centers in New Mexico are currently serving over 331,000 patients, including 17,262 homeless, 18,934 school-based, and 6,596 Veteran patients. Altogether, over 15% of New Mexico’s residents are served by Health Centers with 51% of those residents being under the poverty line. We are aware of constituents who have been directly impacted by BAHC’s actions and can provide additional information upon request. While we believe that the vast majority of these vital health care providers are committed to serving vulnerable New Mexicans, we urge you to investigate these allegations against BAHC, determine the extent to which the practice is continuing, and hold them accountable on behalf of patients across our state.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI Russia: NSU Master’s students took part in the “Forum of Future Technologies”

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    The forum has been held at the initiative of the President of Russia since 2023. This year, it was attended by about 1,800 people from the fields of science, technology, politics and business from all over Russia. Among them are master’s degree students Physics Department of NSU, employees of the Institute of Hydrodynamics named after. M.A. Lavrentyeva Alexander Paraskun and Artur Asylkaev.

    The forum’s business program included 37 sessions. The key event of the forum was the plenary session with the participation of Russian President Vladimir Putin.

    — The level of development of materials science is a kind of marker of the level of technology of the country as a whole. Thus, for the synthesis of superheavy elements with numbers 119 and 120, accelerator targets based on intermetallic compounds of berkelium-249 and californium and curium, respectively, are needed. The discovery of new elements expands our knowledge of matter, and it is important to note that it was in our country that the element with atomic number 118, related to inert gases, was synthesized, but its properties are very different from other representatives of the group, — said Alexander Paraskun, a master’s student at the Physics Department of NSU.

    NSU representatives took part in several panel discussions in their fields.

    — Several panel discussions were taking place in parallel, so we visited the most interesting and closest to our specialty. Important topics were discussed at the session “Nature-like technologies: restoring the balance between the biosphere and the technosphere”. Biologization of the technosphere is one of the tasks of the century. However, without understanding how nature works at the molecular level, we will not be able to create nature-like technologies, which is exactly what megascience research facilities are needed for, — noted Alexander Paraskun.

    For two days, the forum featured an exhibition where high-tech companies from all over the country presented their innovative developments. These included titanium products, including those used in the medical field, plant growth stimulants, and 3D-printed intervertebral disc prostheses. Projects created using artificial intelligence were also presented.

    — Visiting the Future Technologies Forum is like looking into tomorrow. Here, ideas turn into projects, and an ordinary conversation can become the beginning of something grand. One of the key topics of discussion was innovative materials. For example, materials with extreme characteristics open up wide opportunities for increasing the efficiency of devices in such areas as energy, transport, aircraft engine building and space technologies. Their unique ability to withstand extreme conditions — high temperatures, pressure, mechanical loads and aggressive chemical environments — makes them indispensable for creating more reliable and efficient solutions, — shared his impressions Artur Asylaev, a master’s student at the NSU Physics Department.

    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-Evening Report: Yes, paper straws suck. Rather than bring back plastic ones, let’s avoid single-use items

    Source: The Conversation (Au and NZ) – By Bhavna Middha, ARC DECRA Senior Research Fellow, Centre for Urban Research, RMIT University

    Dragon Images/Shutterstock

    When US President Donald Trump ordered federal agencies to return to plastic straws, claiming the paper version is ineffective and “disgustingly dissolves in your mouth”, he was widely criticised for setting back efforts to reduce plastic pollution. But many alternatives designed to help phase out single-use plastics don’t really solve the problem at all.

    It’s not unusual to see plastic bans challenged or overturned. However, a government ban on the substitute is altogether new.

    It’s true paper straws can disintegrate and become soggy before we finish a drink. Problems with finding viable substitutes to single-use plastics is one of the many challenges involved in phasing them out.

    Sometimes, swapping one single-use item for another really is more trouble than it’s worth. A better approach would be to change our society’s single-use and disposal mindset.

    The problem with plastic

    Plastic pollution is an urgent problem for the environment and human health. Microplastics are everywhere, from Antarctica to our brains.

    Plastic is made from fossil fuels, and so contributes to global warming. What’s more, plastic production is forecast to triple by 2050.

    But recycling is difficult. Less than 10% of the world’s plastic has been recycled.

    So we need to reduce our use of plastic in the first place, rather than trying to clean it up afterwards.

    Substituting plastic straws for paper still involves using virgin materials.
    JeniFoto/Shutterstock

    Poor substitutes and other traps

    Trump rejected paper straws, saying they “don’t work” as well as plastic straws. The poor consumer experience of drinking through a soggy straw is one thing, but there are other problems too.

    Swapping one problematic or hazardous material for another is sometimes called “regrettable substitution”, because the replacement has its own issues. For example, one harmful chemical used to make plastics is often replaced with others that are as bad or worse.

    Paper straws, like paper cups, are often coated with plastics such as polyethylene or acrylic resin. This makes them difficult to recycle but also raises the risk of pollution. Some paper straws have been shown to contain more “forever chemicals” (per- and polyfluoroalkyl substances, or PFAS) than plastic.

    Along with paper, other plant-based materials such as corn starch and bamboo are increasingly replacing single-use plastics – especially in food packaging. These substitutes carry a cost that is passed down to consumers, and many are more expensive to produce than plastic.

    Some are labelled “compostable” or “biodegradable”. The term compostable suggests they will break down in home compost heaps or green waste bins, but that has been called into question.

    Unfortunately, the term “biodegradable” does not necessarily mean a material will break down in home compost, or even landfill. It may require heat or pressure – in an industrial setting – for it to disintegrate enough to be harmless or safely used on your garden.

    When it comes to straws, paper, bamboo, metal and glass have all been adopted as substitutes. Metal and glass straws could be dangerous for kids and less able-bodied people. They can also be hard to clean. Again, “biodegradable plastic” products have been accused of greenwashing and have been banned from organic composting bins in New South Wales and potentially Victoria because they don’t disintegrate well or are contaminated.

    Meanwhile, thicker plastic bags labelled “reusable” have been introduced following bans on lightweight “single-use” plastic bags. While these durable bags may be reused for months at a time, they will eventually wear out and then they are even harder to break down in landfill.

    Plastic bans can be problematic

    Governments all over the world have attempted to ban single-use plastic. Often these bans are introduced without considering how the products are used in daily life and how those services will be replaced. The changes may disadvantage certain groups and new supply chains need to be created.

    Often, governments wanting to be seen as protecting the environment target the low-hanging fruit such as plastic straws and plastic bags, rather than packaging as a whole.

    So it’s no surprise these bans have faced opposition. Many have already been repealed or diluted.

    In India, for example, the plastic ban was criticised for shifting the burden of waste management away from larger, more polluting industries on to smaller businesses. Larger establishments were also accused of passing the costs of substitute packaging, such as more expensive paper and cloth, to consumers.

    Better to avoid single-use items

    It’s time to stop searching for the perfect substitute. Let’s instead focus on getting rid of single-use items altogether.

    Remember, straws were originally used for very specific cases and places: very young children and others unable to drink straight from a cup. They might still need straws.

    Single-use bottles are unnecessary. We should learn from Germany’s glass bottle reuse system and set up circular loops of production and distribution.

    Get serious about reducing plastic packaging

    While some packaging – even some plastics – is needed for food safety and freshness, an overhaul of unnecessary packaging would go a long way.

    In the United Kingdom, anti-waste charity WRAP examined fresh produce in supermarkets and called for the government to ban packaging on 21 fruits and vegetables sold in supermarkets by 2030. These included cucumbers, bananas and potatoes.

    Removing unnecessary packaging and plastics involves reconfiguring social rules, knowledge, standards and expectations such as making items without packaging affordable and widely available. We must challenge our disposable society by creating spaces and practices that allow reuse.

    Better policies and regulations

    Policies that prevent plastics from reaching consumers in the first place would be better than bans on single-use items.

    Governments should put the onus on the corporations that have profited from plastic and their role in plastic pollution.

    Supermarkets and the food industry as a whole must also take responsibility for their part in the plastic waste problem.

    Voluntary codes have not worked. Government regulation levels the playing field, but industry expertise and technical and social knowledge is needed to ensure systems work. While not without its challenges, Australia’s tyre recycling system has addressed many similar issues. The scheme’s approach to developing a national market for used tyres could be replicated for plastics, packaging and glass.

    Meaningful change for our environment and health requires government regulations done well and fairly. It also requires coordinated waste infrastructure and industry practices that build on technical expertise and consumers’ lived experience.

    Bhavna Middha receives funding from the Australian Research Council through the Discovery Early Career Research Award.

    Ralph Horne receives funding from the Australian Research Council (ARC) and a range of industry and government partners from time to time, to support research activities relevant to this article. In particular, he is a Chief Investigator on the ARC Research Hub Transformation of Reclaimed Waste Resources to Engineered Materials and Solutions for a Circular Economy (TREMS).

    Kajsa Lundberg 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. Yes, paper straws suck. Rather than bring back plastic ones, let’s avoid single-use items – https://theconversation.com/yes-paper-straws-suck-rather-than-bring-back-plastic-ones-lets-avoid-single-use-items-250266

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: WATCH: Padilla Blasts Trump’s Pick to Lead the Department of Education

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)
    WATCH: Padilla warns of devastating impacts of Trump’s plan to abolish the Education DepartmentWASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.) delivered remarks on the Senate floor to oppose President Trump’s nomination of Linda McMahon to lead the Department of Education, underscoring the enormous threat the Trump Administration poses to education for millions of students in California and across the country. President Trump has repeatedly stated he wants to eliminate the Department of Education — which would irreparably harm the education of the 80 percent of students who attend public schools.
    Padilla called out McMahon for her startling lack of qualifications to lead the Department of Education.
    “We can talk about Linda McMahon’s qualifications — or frankly, lack thereof. But I’m not shocked, because President Trump isn’t looking for someone with the background or the commitment to strengthen education in America. He’s looking for someone to destroy it. President Trump has said publicly that he wishes that Ms. McMahon would ‘put herself out of a job.’ And it’s clear that she’s ready to do it.”
    Padilla also emphasized the crucial role the Department of Education plays in promoting equal access to education, issuing protections and support for students with special needs, defending the civil rights of tens of millions of students, and managing the student loans and Pell grants that students need to afford an education.
    “Linda McMahon and Republicans in Congress will try to sell us on the idea that education should be left to states and to local communities. … Now while it’s true that state and local communities play the primary role in education, it’s actually the federal government that helps close the gaps.
    “That’s part of what makes our country strong: the idea that no matter where you live, no matter who your parents are, or what tax bracket your family is in, you have the right to a good education. Because after all, it’s the surest path to achieving your American Dream.”
    A “proud product of public education,” Senator Padilla highlighted his own background graduating from San Fernando High School and using Pell grants to help pay for college. He emphasized the opportunities the public school system afforded him, and urged his Republican colleagues to vote against McMahon to protect the right to education for millions of students.
    “I find it outrageous that Ms. McMahon and Republicans can so callously plan to take a chainsaw to the American Dreams of so many current and future students. But today, we’re here to say that tens of millions of public school students are not line items on your chopping block.
    “They deserve better. Our country is better than this. And I urge all my colleagues to reject President Trump’s attempts to abolish the Department of Education and to reject Linda McMahon’s nomination or any nominee who’s willing to carry out his wishes.”
    Video of Senator Padilla’s full remarks is available here.
    Footage of his remarks can be downloaded here. Earlier this month, Senator Padilla joined Senator Elizabeth Warren (D-Mass.) and his Senate colleagues in launching a probe into recent reports that Elon Musk’s Department of Government Efficiency (DOGE) has infiltrated the Department of Education and gained access to federal student loan data, which includes millions of borrowers’ personal information. A federal court has since blocked DOGE’s access to this sensitive information, but the Senators sent a follow-up letter earlier today raising concerns about the Department of Education’s “woefully inadequate,” “misleading” response to their inquiry.

    MIL OSI USA News –

  • MIL-OSI USA: Murphy, Underwood Demand Answers from DHS on Executive Actions and Funding Decisions

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    February 27, 2025

    WASHINGTON—U.S Senator Chris Murphy (D-Conn.), Ranking Member of the U.S. Senate Appropriations Subcommittee on Homeland Security, and U.S. Representative Lauren Underwood (D-Ill.), Acting Ranking Member of the U.S. House Appropriations Subcommittee on Homeland Security, on Thursday sent a letter to U.S. Secretary of Homeland Security Kristi Noem raising concerns about the implementation and funding of recent Executive Actions affecting the Department of Homeland Security (DHS). Murphy and Underwood emphasize the consequences of prioritizing civil immigration enforcement over national security threats and call for transparency on DHS’s compliance with existing laws, funding decisions, and policy changes.

    Full text of the letter is available HERE and below:

    Dear Secretary Noem,  

    The recent Executive Actions direct significant changes across the Department of Homeland Security (DHS) with potentially grave implications for the DHS mission, its employees, American communities, and for the resources provided by Congress in prior fiscal years (FY). Given the consequences of prioritizing civil immigration enforcement over the prevention of future attacks against the United States, we have several questions relating to the execution and implementation of the identified subject areas below. We request the information and responses by March 5, unless otherwise indicated.

    Specifically, we ask for:

    1. Written updates on the status of DHS’s review of grants for non-governmental organizations pursuant to the Presidential Memorandum for the Heads of Executive Departments and Agencies entitled “Advancing United States Interests When Funding Nongovernmental Organizations” (February 6, 2025).
    2. Written updates on the status of DHS’s compliance with current law relating to requests for assistance to the Department of Defense (DOD), specifically whether DHS complied with the requirement to conduct an ‘alternatives analysis’ and a cost-benefit analysis as specified.2
    3. Written updates on the status of DHS’s compliance with the Ms. L, et al. vs. ICE, et al. court settlement regarding family separation. Additionally, please provide responses relating to the questions below on any funding agreements DHS has signed since January 20, 2025.
    4. Please provide written copies of all DHS or component specific memorandums and field guidance that cover the implementation of the Executive Actions and other policy changes that impact DHS signed since January 20, 2025.
      1. To the extent detailed funding implications are not covered in the memos or guidance (as described below), please provide responses to the following:
        1. If using current or prior year funds to execute the Executive Actions, please identify by Executive Action(s), the directed action within such Executive Action(s), the funding source(s) (by account/Program Project Activity), and total amount(s); and
        2. If additional resources are needed, please identify the type of resources (e.g., personnel, assets, etc.), the Executive Action(s) supported through these resources, anticipated amount(s) and source(s) for those funds, including whether Congress should anticipate a budget amendment to FY 2025.

    Please specify whether DHS, or any component, plan to make any changes from direction provided in the FY 2024 enacted appropriations bill (P.L. 118-47, Division C) and the accompanying Joint Explanatory Statement regarding the purpose(s) for funding provided, including any level(s) specified, such as hiring levels, detention beds, etc. during the period of the continuing resolution.

    1. If so, when will DHS provide notice to the Committees on these changes?
    2. What quantifiable measures does DHS, or any component, plan to use to assess the results of the Executive Actions issued after January 20, 2025?
    3. Do any funds Congress provided for the Shelter and Services Program (SSP), Citizenship and Integration Grant Program, and the Case Management Pilot Program remain frozen or paused?
      1. If funds for these programs remain frozen or paused, please explain the statutory authority permitting DHS to freeze or pause Congressionally appropriated funding and the process and timeline for DHS to make those funds available to recipients.
      2. Please provide a timeline of any actions taken related to the funding freeze or pause, as well as how the review of these programs has been handled.
      3. Please provide a copy of any additional departmental guidance from DHS leadership related to these funds.
    4. Please provide written copies of all external funding agreements DHS has entered since January 20, 2025, including interagency agreements, federal partnership agreements, and agreements with non-federal entities, to include agreements with state, local, and tribal governments.

    In conclusion, as we move forward in the 119th Congress we trust that the transparency, communication, and commitment to work with our Committees will continue as it has in prior Administrations. We look forward to your response and your response to our joint letter to you from February 14th that is past our requested deadline.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI Canada: Statement by the Prime Minister on the results of the provincial election in Ontario

    Source: Government of Canada – Prime Minister

    The Prime Minister, Justin Trudeau, today issued the following statement on the results of the provincial election in Ontario:

    “On behalf of the Government of Canada, I congratulate Doug Ford and the Progressive Conservative Party of Ontario on their re‑election.

    “At this crucial time, we must work together to defend Canadian interests, protect workers and businesses, and grow our economy. This includes making progress on the top-of-mind priorities of Ontarians and all Canadians – creating good-paying jobs, building more homes, and investing in health care and affordable child care.

    “Together, we can build stronger communities and a stronger, fairer province and country for everyone.”

    MIL OSI Canada News –

  • MIL-OSI Asia-Pac: President Lai presides over third meeting of Healthy Taiwan Promotion Committee

    Source: Republic of China Taiwan

    Details
    2024-11-28
    President Lai presides over second meeting of Healthy Taiwan Promotion Committee
    On the afternoon of November 28, President Lai Ching-te presided over the second meeting of the Healthy Taiwan Promotion Committee. In his opening statement, the president said that we are implementing mental health support programs this year to provide more support for young and middle-aged people, pointing out that the policy has served over 20,000 people since it was implemented just over three months ago. In terms of bolstering mental health resiliency, the president said we still have much to do, our government must lead by example, and the public and private sectors must work together, making every effort to ensure that no one is left behind. Noting that our goal is to reduce the standardized cancer mortality rate by one-third by the year 2030, President Lai stated that next year’s budget for cancer screening will be increased to NT$6.8 billion. He also stated that plans are in the works to establish a fund for new cancer drugs, adding that in the general budget we will allocate NT$5 billion, which will gradually rise to NT$10 billion. At the same time, he said, we are also actively promoting genetic testing and precision medicine. He expressed confidence that expanding preventive screening at the front end and providing advanced treatments at the back end will effectively fight cancer and improve the overall health of our citizens. A translation of President Lai’s opening statement follows: Today is the second meeting of the Healthy Taiwan Promotion Committee. First, I want to thank our two deputy conveners, our advisors and committee members, and our friends online for their enthusiastic participation. I also want to welcome Committee Member Chien Wen-jen (簡文仁), who was on leave for the previous meeting. I would also like to introduce three new committee members: Let’s welcome Committee Member Huang Chin-shun (黃金舜), president of the Federation of Taiwan Pharmacists Associations. During the pandemic, he led the nation’s pharmacists in promoting services including name-based distribution systems for masks and rapid-test kits and home delivery of medications. I am sure that he will be able to provide many valuable views regarding pharmaceutical safety and supply resilience.    Let’s also welcome Committee Member Ko Fu-yang (柯富揚). During his time as secretary-general of the National Union of Chinese Medical Doctors’ Association, he led the Chinese medicine community in the transition from experience-based medicine to evidence-based medicine, and promoted the modernization of traditional Chinese medicine. With his participation, the committee will be able to spur research and development in both modern and traditional medicine. Our third new committee member is Liao Mei-nan (廖美南), president of the Taiwan Nurses Association, who was unable to be here today. She has long been dedicated to raising the quality of nursing care and actively promoting a high-quality, friendly work environment for nurses. The committee will rely on her experience to strengthen the link between policy and practice in nursing care. I want to thank all the members of the committee once again for working together with the government. Since the last committee meeting, under the guidance of Minister without Portfolio Chen Shih-chung (陳時中), the Ministry of Health and Welfare (MOHW) has implemented various policies. At the beginning of October, for example, three major AI centers were set up to resolve three key AI application issues: implementation, certification, and reimbursement, helping advance Taiwan’s smart healthcare ecosystem. At today’s meeting, the MOHW will first deliver a report on the progress of certain items listed in the first committee meeting, followed by a joint report by the MOHW and Ministry of Education on bolstering public mental health resilience and a report by the MOHW on enhancing cancer prevention and treatment strategies.  The World Health Organization has affirmed that “there is no health without mental health.” In a fast-changing, fast-paced society, the government should invest more resources in the field of mental health to safeguard the people’s overall health. We are therefore implementing mental health support programs this year and expanding the range of eligibility, from 15 to 30, to 15 to 45 years old, to provide more support for young and middle-aged people. That policy has served over 20,000 people since it was implemented just over three months ago. In terms of bolstering mental health resiliency, we still have much to do. From the workplace to the campus and every corner of society, our government must lead by example, and the public and private sectors must work together, making every effort to ensure that no one is left behind.    Aside from mental health, in view of cancer being the leading cause of death in Taiwan for 42 consecutive years, our goal is to reduce the standardized cancer mortality rate by one-third by the year 2030. And so we must expand screening and advance treatment. Last year, the government subsidized screenings for five types of cancer, providing a total of 4.87 million screenings and detecting 11,000 cases of cancer and 52,000 cases of precancerous conditions. We have allocated an additional NT$4 billion beginning next year, bringing the total budget for cancer screening to NT$6.8 billion, to expand the scope of cancer screening eligibility and services.  Plans are also in the works to establish a fund for new cancer drugs. In next year’s general budget we will allocate NT$5 billion, which will gradually rise to NT$10 billion, to provide reimbursement funding for a variety of new cancer drugs and reduce the economic burden on patients. These new measures will be reported on in detail moments from now by the MOHW. At the same time, we are also actively promoting genetic testing and precision medicine. Next generation sequencing, for example, has already been included in National Health Insurance coverage, which will help provide patients with precise, individualized treatment strategies. I am confident that expanding preventive screening at the front end and providing advanced treatments at the back end will effectively fight cancer and improve the overall health of our citizens. Today’s meeting will help the government understand viewpoints from many perspectives so we can promote policies that more closely meet the public’s needs. Let’s keep working hard together. Thank you.  Following his statement, President Lai heard a report on the progress of certain items listed in the first committee meeting from deputy executive secretary and National Health Insurance Administration Director General Shih Chung-liang (石崇良), a joint report on bolstering public mental health resilience from Deputy Minister of Health and Welfare Lin Ching-yi (林靜儀) and Deputy Minister of Education Lin Teng-chiao (林騰蛟), and a report on enhancing cancer prevention and treatment strategies from Deputy Minister of Health and Welfare Chou Jih-haw (周志浩). Afterward, President Lai exchanged views with the committee members regarding the content of the reports.  

    Details
    2024-11-28
    President Lai presides over first meeting of Healthy Taiwan Promotion Committee
    On the afternoon of August 22, President Lai Ching-te presided over the first meeting of the Healthy Taiwan Promotion Committee. As the committee’s convener, the president presented committee members with their letters of appointment, and explained that the Healthy Taiwan Promotion Committee is not just about promoting a Healthy Taiwan, but also achieving a Balanced Taiwan. The president stated that the committee spans various areas of expertise, and also considers the balance of Taiwan’s northern, central, southern, and eastern regions. The president expressed confidence that by soliciting a wide range of suggestions, engaging in diverse dialogue, and forging a consensus, the committee can help to realize health equality and further elevate the standard of medical care in Taiwan. President Lai indicated that next year, the Ministry of Health and Welfare’s total budget will be increased, along with expanded investment in medical treatment and care. In addition, he reported that the central government budget has also added a National Health Insurance (NHI) financial assistance program, which will help to enhance the work environments of healthcare professionals. The president stated that we will also launch the Healthy Taiwan Cultivation Plan to help rear talent and develop smart medicine. These budgets and programs, President Lai stated, reflect the government’s determination to create a Healthy Taiwan, and prove that “Healthy Taiwan” is not just a slogan, and has already been turned into concrete action. A translation of President Lai’s opening statement follows: At the end of my first month in office, I announced that the Presidential Office will establish three committees in response to three major global issues of nationwide concern: climate change, health promotion, and social resilience. These committees will consolidate forces from different sectors to strategize on national development. At the beginning of this month, we convened the first meeting of the National Climate Change Committee. Today, we convene the first meeting of the Healthy Taiwan Promotion Committee. I would like to thank the three deputy conveners and all advisors and committee members for making a commitment to the Healthy Taiwan Promotion Committee. I also want to thank our fellow citizens and friends joining us online to follow the committee’s proceedings. During my campaign, I was constantly thinking about what I could contribute to our people that is different from past presidents if I were fortunate enough to be elected. After a lot of thought, I felt that as a physician, I should utilize my professional background in health care and work together with people from all sectors of society to help create a Healthy Taiwan. Healthy Taiwan is our goal, and health is both a basic human right and a universal value. Health promotion not only involves the well-being of a nation’s people, but is also of great concern to humankind so that we may survive and thrive. Taiwan is a responsible member of the international community. Amid the challenges of the pandemic over the past few years, we have shared disease prevention supplies, technology, and experience with countries around the world, and have continued to contribute to the global public health system. Going forward, Taiwan must actively address critical health-related challenges, including cancer, transnational communicable diseases of unknown origin, antibiotic-resistant superbugs, a low birth rate, and an aging society. We are confident that, sharing countermeasures and experience with countries around the world, we can keep people healthy and make the nation stronger so that the world embraces Taiwan. I want to thank former Superintendent of National Cheng Kung University Hospital Chen Jyh-hong (陳志鴻), who is also a mentor of mine, for organizing five regional forums and a national forum for the Healthy Taiwan Promotion Alliance this past March and April. Over 1,200 healthcare professionals from all over the country attended the forums and shared their views. Premier Cho Jung-tai (卓榮泰), Vice Premier Cheng Li-chiun (鄭麗君), and I were also invited to attend the national forum and participate in full. I also want to thank the experts from various fields for their suggestions throughout this process, which became key reference points for promoting policies after we took office on May 20. The position paper on the table in front of you is a compilation of those valuable insights, which will be the foundation of our future actions. To implement the Healthy Taiwan initiative, we must also achieve a Balanced Taiwan. Therefore, the Healthy Taiwan Promotion Committee established today not only spans various areas of expertise, but also considers the balance of Taiwan’s northern, central, southern, and eastern regions to achieve nationwide health equality. I want to thank the nine advisors here with us today: Superintendent Wu Ming-shiang (吳明賢), Superintendent Chen Wei-ming (陳威明), Chairman Cherng Wen-jin (程文俊), President Chiu Kuan-ming (邱冠明), and Chairman Chang Hong-jen (張鴻仁) from northern Taiwan; Superintendent Chen Mu-kuan (陳穆寬) from central Taiwan; Superintendent Lin Sheng-che (林聖哲) and President Yu Ming-lung (余明隆) from southern Taiwan; and Superintendent Lin Shinn-zong (林欣榮) from eastern Taiwan. Your participation will give us a better understanding of viewpoints from around the country. The objective of Healthy Taiwan is to raise the population’s average life expectancy while simultaneously reducing time spent living with illness or disability, while also caring for physical, mental, and spiritual health. The 20 members of the committee are therefore drawn from a variety of fields of professional expertise. We have Superintendent Chen Shih-ann (陳適安) in the field of smart medicine, Vice-Superintendent Susan Shur-fen Gau (高淑芬) in pediatric psychiatry, medical and long-term care service integration specialist Superintendent Chan Ding-cheng (詹鼎正), and emerging infectious disease specialist Director Shen Ching-fen (沈靜芬). We have also invited Professor Tsai Sen-tien (蔡森田) to provide suggestions on optimizing healthcare services and health insurance sustainability, and invited President Chou Ching-ming (周慶明) and President Huang Cheng-kuo (黃振國) to continue promoting the Family Medicine Plan and report on primary care issues. We have also recruited President Li Yi-heng (李貽恒), who put forward the 888 Program for prevention and treatment of the “three highs” (high blood pressure, high cholesterol, and high blood sugar) and kidney disease, pediatric health specialist President Ni Yen-hsuan (倪衍玄), women’s health care specialist Secretary-General Huang Jian-pei (黃建霈), and President Hung Te-jen (洪德仁), who is focused on community development. We also have Dean Shan Yan-shen (沈延盛) from the field of cancer prevention and treatment, psychiatric and mental health specialist Professor Su Kuan-pin (蘇冠賓), epidemiology expert and Emeritus Research Fellow Ho Mei-shang (何美鄉), and biomedicine and regenerative medicine specialist Professor Patrick Ching-ho Hsieh (謝清河). The committee also includes specialist in nutrition and health for all ages President Kuo Su-e (郭素娥), and expert in the promotion of physical activity and health Vice Chairman Chien Wen-jen (簡文仁). I also want to thank Chairman Lin De-wen (林德文) for participating as we work together to enhance the health and well-being of indigenous peoples. In addition, public sector participants include Minister of National Development Liu Chin-ching (劉鏡清) and Minister of Education Cheng Ying-yao (鄭英耀), as well as Minister of Health and Welfare Chiu Tai-yuan (邱泰源), who is serving as executive secretary, and NHI Administration Director General Shih Chung-liang (石崇良) serving as deputy executive secretary. Over 80 percent of the committee’s members are from the private sector, and I will take advantage of this opportunity to continue to combine the strengths of all stakeholders throughout society to promote a healthy lifestyle for one and all, and enhance medical care for all ages. At today’s first meeting of the committee, the Ministry of Health and Welfare will brief us on two topics: the first is the Healthy Taiwan vision plan, illustrating Taiwan’s current challenges and opportunities, as well as an action blueprint. The second issue is reform and optimization for NHI sustainability. Next year will mark the 30th anniversary of our NHI system. NHI is the pride of Taiwan, because health insurance can free citizens from the vicious cycle of poverty caused by illness, or illness caused by poverty. Since 2020, the NHI system has achieved a public satisfaction rate of over 90 percent. Next year, Taiwan will also become a “super-aged society,” which means that one of every five people will be a senior citizen 65 or older. Due to new pharmaceuticals of all kinds, the development of new technologies, and citizen expectations for an optimized medical practice environment, many aspects of health insurance operations will face an increasing number of challenges. The NHI system’s core values are health equality and mutual assistance for all. Better care for everyone, however, depends on sustainable NHI operations. We closely monitor NHI system point values, but also want to embody the greater values of the system. The government will continue to refine the budget system and management, rationally distribute medical resources and stabilize point values, and continue to optimize NHI finances to enhance the efficiency and quality of services. We also look forward to working with everyone to achieve sustainable NHI development, enhance health equality, and further elevate the standard of medical care in Taiwan. I also want to report that next year, the Ministry of Health and Welfare’s total budget will reach NT$370.2 billion, an increase of NT$31.8 billion over this year. The total budget is expected to allocate NT$60.7 billion to expand investment in medical treatment and care to create a Healthy Taiwan. The central government budget has also added an NHI financial assistance program that includes incentives for maintaining specified nurse-patient ratios across all three shifts and rotating night-shift nursing staff, and promoting smart information upgrades at medical facilities to enhance the work environments of healthcare professionals. We will also launch the Healthy Taiwan Cultivation Plan, investing funds to support medical institutions at all levels nationwide, rear talent, and develop smart medicine. Regarding the fund for new cancer drugs that many cancer patients care deeply about, in next year’s general budget we will allocate NT$5 billion for health insurance funding. In 2026, that figure is expected to reach NT$10 billion. We will also promote the fifth-stage national plan for cancer prevention and treatment, and beginning next year the budget for cancer screening will be increased by NT$4 billion, reaching NT$6.8 billion, to boost screening rates. I want everyone to know that these budgets and programs reflect the government’s determination to create a Healthy Taiwan. Since I took office, the government has created plans and programs to increase nursing staff levels and promote public mental health. We also launched an Acute Hospital Care at Home pilot project to provide integrated long-term and medical care services. Once again, I would like to thank everyone here today for participating, and thank our fellow citizens for their support. I also want our fellow citizens to know that Healthy Taiwan is not just a slogan, and has already been turned into concrete action. These are all concrete, substantive actions by a government team that has been in office for less than 100 days. I am confident that with the support and participation of our committee members and advisors, and through soliciting a wide range of suggestions, engaging in diverse dialogue, and forging a consensus, our actions to create a Healthy Taiwan will more closely align with society’s expectations, and we will move more quickly and steadily toward realizing our vision. Thank you. Following his statement, President Lai presented letters of appointment to the committee members, heard a report from Minister Chiu illustrating the Healthy Taiwan vision plan, and heard a report from Director General Shih on reform and optimization for NHI sustainability. Afterward, President Lai exchanged views with the committee members regarding the content of the two reports and the Rules of Procedure for Meetings of the Office of the President Healthy Taiwan Promotion Committee.

    Details
    2024-11-28
    President Lai attends opening of International Conference on Emergency Medicine 2024
    On the morning of June 20, President Lai Ching-te attended the opening ceremony of the International Conference on Emergency Medicine (ICEM) 2024. In remarks, President Lai stated that one goal of his administration is to create an even healthier Taiwan and that we will continue to strengthen our capabilities in medicine and public health to enhance health for all and help make the world a better place. The president emphasized that the global disease prevention network is something every country should be a part of, and that if any country is missing from this network, the rest of the world will be at a disadvantage. The president then asked for the participants’ support for Taiwan to participate in the World Health Organization so that we may contribute even more to the global public health system. A transcript of President Lai’s remarks follows: I would like to begin by welcoming all guests from overseas to Taiwan. ICEM is the world’s largest conference on emergency medicine. Over 2,500 experts and academics from home and abroad have gathered here for this year’s conference. This not only underlines the importance of emergency medicine, but is also a testament to global cooperation in medicine. This year also marks TSEM’s [Taiwan Society of Emergency Medicine] 30th anniversary. I would like to thank Chairperson Ng Chip-jin (黃集仁), President Hsu Chien-chin (許建清), and everyone who helped bring ICEM to Taiwan. This conference will help expand people-to-people diplomacy, showing Taiwan’s development and contributions in emergency medicine to the world. I am confident that everyone here shares my belief that health is a basic human right. And to ensure this right, emergency medical professionals are indispensable. Before entering politics, I myself worked as a clinician. I know well that emergency rooms are at the frontline of hospitals, and often the last hope for those who need lifesaving care. Especially during the COVID-19 pandemic, we all witnessed the rapid response and important support of emergency medical professionals, who gave their all for the health of others. I want to take this opportunity to express my utmost respect for your work. The theme of ICEM 2024 is Glocalization of Emergency Medicine: Global Wisdom and Local Solution. With that in mind, I hope that through clinical research, public health, smart tech, and other strategies, we can help reduce disparities in emergency medicine around the world. Here in Taiwan, we have made major progress in emergency medicine, from developing a cutting-edge trauma care system to implementing advanced strategies for disaster response. We are also committed to training highly skilled professionals in the field, as well as developing an advanced medical infrastructure. This conference will give Taiwan the opportunity to share our experience, and allow everyone to exchange best practices, engage in discussions, and promote the global development of emergency medicine. One goal of my administration is to create an even healthier Taiwan. We will continue to strengthen our capabilities in medicine and public health to enhance health for all and help make the world a better place. A healthier Taiwan also means a booming medical sector, and an even higher quality and diversity of medical services. Taiwan has had, and will continue to have, many medical accomplishments to share with the world. Today, all of you gather here to continue making global contributions through emergency medicine. The mission of IFEM [International Federation for Emergency Medicine] is to create a world where all people, in all countries, have access to high quality emergency medical care. On this point, the global disease prevention network is something every country should be a part of. If any country is missing from this network, the rest of the world will be at a disadvantage. I would like to ask for your support for Taiwan to participate in the World Health Organization, so that we may contribute even more to the global public health system. And as President Hsu Chien-chin has said, although the road is long, if we travel together, we can travel far. With this vision as our guide, alongside our friends from around the world, Taiwan will strive to achieve our common goals and realize quality healthcare for all. I wish ICEM 2024 great success, and all participants a rewarding experience. I also invite you to travel around Taiwan during your stay, and get to know our beautiful nation. Following his remarks, President Lai and the distinguished guests took part in the kick-off ceremony for the conference. IFEM President Ffion Davies was also in attendance at the event.

    Details
    2024-11-28
    President Lai meets WHA action team
    On the morning of June 1, President Lai Ching-te met with members of Taiwan’s World Health Assembly (WHA) action team. In remarks, President Lai stated that standing on the front lines, the team fought for the human right to health for both Taiwan and the world. He also thanked the international community for their support for Taiwan. The president said that Taiwan is an indispensable member of the international community when it comes to ensuring global health security. In addition, he said that one of the new government’s goals is to create a healthier Taiwan, as we want our people to live longer and healthier, and that we want to leverage Taiwan’s strengths in public health and medicine. He said we will continue to deepen our partnerships with other countries as we build an even more resilient global public health system, and that a healthy Taiwan will help make the world a better place. A translation of President Lai’s remarks follows: I would like to warmly welcome our partners from the WHA action team back from Geneva, and express my appreciation for your hard work and efforts. Standing on the front lines, you fought for the human right to health for both Taiwan and the world, and we thank you for giving it your all. Your flight only just arrived at 7 a.m., but I can see that everyone is still in high spirits. You have truly put in your heart for Taiwan, and once again, I thank you all. It is regrettable that at this year’s WHA, constrained by political factors, a proposal item for Taiwan to join as an observer was not included in the agenda yet again. However, the hard work of our WHA action team over the years has already borne fruit. Last year, the Ministry of Health and Welfare signed MOUs with the public health agencies of the Czech Republic, Canada, and the United Kingdom, and bilateral talks this year included discussion on substantive cooperation. The bilateral talks carried out by our action team in Geneva were not only more numerous this year, but also involved officials of even higher level. The team also held professional forums addressing important issues of the WHA in cooperation with various medical and health organizations. This is all proof of Taiwan’s contribution toward global public health and the human right to health. The steps we take for Taiwan to participate in world health affairs will not falter. Support for Taiwan from the international community grows stronger year by year. This year, 26 member states of the World Health Organization and the European Union, which is an observer, directly or indirectly voiced their support for Taiwan’s participation in the WHA. Their support reaffirms that Taiwan is an indispensable member of the international community when it comes to ensuring global health security. Health knows no borders. Health is a basic human right. One of the new government’s goals is to create a healthier Taiwan. We want our people to live longer and healthier. And we also want to leverage Taiwan’s strengths in public health and medicine, as we deepen our cooperation with other countries and work together to advance the health of humankind and global sustainable development. I want to thank the member states for their support for Taiwan. I also want to once again thank the members of the WHA action team and our many friends, both here and outside of Taiwan, for their hard work on this issue. Moving forward, we will continue to deepen our partnerships with other countries as we build an even more resilient global public health system. So just as democratic Taiwan continues to shine its light upon the world, a healthy Taiwan will help make the world a better place. On that note, let us keep working together toward these goals. After President Lai concluded his remarks, Minister of Health and Welfare Chiu Tai-yuan (邱泰源) presented a photo collage to show President Lai some of the highlights of the action team’s activities in Geneva.

    Details
    2024-11-28
    President Tsai meets World Medical Association President Lujain Alqodmani
    On the morning of December 11, President Tsai Ing-wen met with a delegation led by World Medical Association (WMA) President Dr. Lujain Alqodmani. In remarks, President Tsai thanked the WMA for its many years of speaking up for Taiwan on the international stage. President Tsai emphasized that we will continue to show how Taiwan can help by actively contributing to global health security. The president expressed her belief that with Taiwan’s achievements and capabilities in medicine and public health, we can join forces with many more countries to optimize the medical environment and make a more positive impact on the health of humankind. A translation of President Tsai’s remarks follows: I extend a warm welcome to President Alqodmani, who is visiting Taiwan once again. I am also glad to see WMA Secretary General Dr. Otmar Kloiber. Both of you are well acquainted with Taiwan and are our close friends. You have demonstrated your support through concrete actions. I would like to express my deepest thanks. The WMA is the largest international NGO that represents physicians. You staunchly defend health security and the rights and interests of physicians around the world with professionality and impartiality. I want to take this opportunity to thank the WMA on behalf of the Taiwanese people for its longstanding support of our participation in the World Health Organization (WHO) and World Health Assembly (WHA). This May, for example, our WHA action team collaborated with the WMA to hold a forum on emergency medicine in Geneva in the lead-up to the WHA. We will continue to show how Taiwan can help by actively contributing to global health security. During the COVID-19 pandemic, Taiwan demonstrated the resilience of its public healthcare system and shared its experiences in combating the pandemic with the world. We have also shared our medical services and construction capabilities, two areas in which we excel, with our diplomatic allies to help enrich the lives of their people and enhance the quality and environment of healthcare. We hope that President Alqodmani and Secretary General Kloiber will continue to speak up for Taiwan on the international stage. I believe that with Taiwan’s achievements and capabilities in medicine and public health, we can join forces with many more countries to optimize the medical environment. Together, we can make a more positive impact on the health of humankind. I also want to thank the Taiwan Medical Association (TMA) for serving as a bridge of communication between the government and the medical community, which helps us in implementing many of our policies. We look forward to the TMA further expanding exchanges and cooperation between the medical and international communities. I am looking forward to exchanging ideas with you today. Your visit to Taiwan will no doubt lay the groundwork for further cooperation. I wish you all a successful trip.

    Details
    2025-02-14
    President Lai holds press conference following high-level national security meeting
    On the morning of February 14, President Lai Ching-te convened the first high-level national security meeting of the year, following which he held a press conference. In remarks, President Lai announced that in this new year, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. He stated that the government will also continue to reform national defense, reform our legal framework for national security, and advance our economic and trade strategy of being rooted in Taiwan while expanding globally. The president also proposed clear-cut national strategies for Taiwan-US relations, semiconductor industry development, and cross-strait relations. President Lai indicated that he instructed the national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches outlined. He also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. He expressed hope that as long as citizens remain steadfast in their convictions, are willing to work hand in hand, stand firm amidst uncertainty, and look for ways to win within changing circumstances, Taiwan is certain to prevail in the test of time yet again. A translation of President Lai’s remarks follows: First, I would like to convey my condolences for the tragic incident which occurred at the Shin Kong Mitsukoshi department store in Taichung, which resulted in numerous casualties. I have instructed Premier Cho Jung-tai (卓榮泰) to lead the relevant central government agencies in assisting Taichung’s municipal government with actively resolving various issues regarding the incident. It is my hope that these issues can be resolved efficiently. Earlier today, I convened this year’s first high-level national security meeting. I will now report on the discussions from the meeting to all citizens. 2025 is a year full of challenges, but also a year full of hope. In today’s global landscape, the democratic world faces common threats posed by the convergence of authoritarian regimes, while dumping and unfair competition from China undermine the global economic order. A new United States administration was formed at the beginning of the year, adopting all-new strategies and policies to address challenges both domestic and from overseas. Every nation worldwide, including ours, is facing a new phase of changes and challenges. In face of such changes, ensuring national security, ensuring Taiwan’s indispensability in global supply chains, and ensuring that our nation continues to make progress amidst challenges are our top priorities this year. They are also why we convened a high-level national security meeting today. At the meeting, the national security team, the administrative team led by Premier Cho, and I held an in-depth discussion based on the overall state of affairs at home and abroad and the strategies the teams had prepared in response. We summed up the following points as an overall strategy for the next stage of advancing national security and development. First, for overall national security, so that we can ensure the freedom, democracy, and human rights of the Taiwanese people, as well as the progress and development of the nation as we face various threats from authoritarian regimes, Taiwan must resolutely safeguard national sovereignty, strengthen self-sufficiency in national defense, and consolidate national defense. Taiwan must enhance economic resilience, maintain economic autonomy, and stand firm with other democracies as we deepen our strategic partnerships with like-minded countries. As I have said, “As authoritarianism consolidates, democratic nations must come closer in solidarity!” And so, in this new year, we will focus on the following three priorities: First, to demonstrate our resolve for national defense, we will continue to reform national defense, implement whole-of-society defense resilience, and prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Second, to counter the threats to our national security from China’s united front tactics, attempts at infiltration, and cognitive warfare, we will continue with the reform of our legal framework for national security and expand the national security framework to boost societal resilience and foster unity within. Third, to seize opportunities in the restructuring of global supply chains and realignment of the economic order, we will continue advancing our economic and trade strategy of being rooted in Taiwan while expanding globally, strengthening protections for high-tech, and collaborating with our friends and allies to build supply chains for global democracies. Everyone shares concern regarding Taiwan-US relations, semiconductor industry development, and cross-strait relations. For these issues, I am proposing clear-cut national strategies. First, I will touch on Taiwan-US relations. Taiwan and the US have shared ideals and values, and are staunch partners within the democratic, free community. We are very grateful to President Donald Trump’s administration for their continued support for Taiwan after taking office. We are especially grateful for the US and Japan’s joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community,” as well as their high level of concern regarding China’s threat to regional security. In fact, the Democratic Progressive Party government has worked very closely with President Trump ever since his first term in office, and has remained an international partner. The procurement of numerous key advanced arms, freedom of navigation critical for security and stability in the Taiwan Strait, and many assisted breakthroughs in international diplomacy were made possible during this time. Positioned in the first island chain and on the democratic world’s frontline countering authoritarianism, Taiwan is willing and will continue to work with the US at all levels as we pursue regional stability and prosperity, helping realize our vision of a free and open Indo-Pacific. Although changes in policy may occur these next few years, the mutual trust and close cooperation between Taiwan and Washington will steadfastly endure. On that, our citizens can rest assured. In accordance with the Taiwan Relations Act and the Six Assurances, the US announced a total of 48 military sales to Taiwan over the past eight years amounting to US$26.265 billion. During President Trump’s first term, 22 sales were announced totaling US$18.763 billion. This greatly supported Taiwan’s defensive capabilities. On the foundation of our close cooperation with the past eight years’ two US administrations, Taiwan will continue to demonstrate our determination for self-defense, accelerate the bolstering of our national defense, and keep enhancing the depth and breadth of Taiwan-US security cooperation, along with all manner of institutional cooperation. In terms of bilateral economic cooperation, Taiwan has always been one of the US’s most reliable trade partners, as well as one of the most important cooperative partners of US companies in the global semiconductor industry. In the past few years, Taiwan has greatly increased both direct and indirect investment in the US. By 2024, investment surpassed US$100 billion, creating nearly 400,000 job opportunities. In 2023 and 2024, investment in the US accounted for over 40 percent of Taiwan’s overall foreign investment, far surpassing our investment in China. In fact, in 2023 and 2024, Taiwanese investment in China fell to 11 percent and 8 percent, respectively. The US is now Taiwan’s biggest investment target. Our government is now launching relevant plans in accordance with national development needs and the need to establish secure supply systems, and the Executive Yuan is taking comprehensive inventory of opportunities for Taiwan-US economic and trade cooperation. Moving forward, close bilateral cooperation will allow us to expand US investment and procurement, facilitating balanced trade. Our government will also strengthen guidance and support for Taiwanese enterprises on increasing US investment, and promote the global expansion and growth of Taiwan’s industries. We will also boost Taiwan-US cooperation in tech development and manufacturing for AI and advanced semiconductors, and work together to maintain order in the semiconductor market, shaping a new era for our strategic economic partnership. Second, the development of our semiconductor industry. I want to emphasize that Taiwan, as one of the world’s most capable semiconductor manufacturing nations, is both willing and able to address new situations. With respect to President Trump’s concerns about our semiconductor industry, the government will act prudently, strengthen communications between Taiwan and the US, and promote greater mutual understanding. We will pay attention to the challenges arising from the situation and assist businesses in navigating them. In addition, we will introduce an initiative on semiconductor supply chain partnerships for global democracies. We are willing to collaborate with the US and our other democratic partners to develop more resilient and diversified semiconductor supply chains. Leveraging our strengths in cutting-edge semiconductors, we will form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. Through international cooperation, we will open up an entirely new era of growth in the semiconductor industry. As we face the various new policies of the Trump administration, we will continue to uphold a spirit of mutual benefit, and we will continue to communicate and negotiate closely with the US government. This will help the new administration’s team to better understand how Taiwan is an indispensable partner in the process of rebuilding American manufacturing and consolidating its leadership in high-tech, and that Taiwan-US cooperation will benefit us both. Third, cross-strait relations. Regarding the regional and cross-strait situation, Taiwan-US relations, US-China relations, and interactions among Taiwan, the US, and China are a focus of global attention. As a member of the international democratic community and a responsible member of the region, Taiwan hopes to see Taiwan-US relations continue to strengthen and, alongside US-China relations, form a virtuous cycle rather than a zero-sum game where one side’s gain is another side’s loss. In facing China, Taiwan will always be a responsible actor. We will neither yield nor provoke. We will remain resilient and composed, maintaining our consistent position on cross-strait relations: Our determination to safeguard our national sovereignty and protect our free and democratic way of life remains unchanged. Our efforts to maintain peace and stability in the Taiwan Strait, as well as our willingness to work alongside China in the pursuit of peace and mutual prosperity across the strait, remain unchanged. Our commitment to promoting healthy and orderly exchanges across the strait, choosing dialogue over confrontation, and advancing well-being for the peoples on both sides of the strait, under the principles of parity and dignity, remains unchanged. Regarding the matters I reported to the public today, I have instructed our national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches I just outlined. I have also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. My fellow citizens, over the past several years, Taiwan has weathered a global pandemic and faced global challenges, both political and economic, arising from the US-China trade war and Russia’s invasion of Ukraine. Through it all, Taiwan has persevered; we have continued to develop our economy, bolster our national strength, and raise our international profile while garnering more support – all unprecedented achievements. This is all because Taiwan’s fate has never been decided by the external environment, but by the unity of the Taiwanese people and the resolve to never give up. A one-of-a-kind global situation is creating new strategic opportunities for our one-of-a-kind Taiwanese people, bringing new hope. Taiwan’s foundation is solid; its strength is great. So as long as everyone remains steadfast in their convictions, is willing to work hand in hand, stands firm amidst uncertainty, and looks for ways to win within changing circumstances, Taiwan is certain to prevail in the test of our time yet again, for I am confident that there are no difficulties that Taiwan cannot overcome. Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Transcript: Governor Hochul is a Guest on CNN’s “OutFront”

    Source: US State of New York

    arlier today, Governor Hochul was a guest on CNN’s “OutFront” with Erin Burnett.

    AUDIO: The Governor’s remarks are available in audio form here.

    Erin Burnett, CNN: So now let’s go out front to the Democratic Governor of New York, Kathy Hochul. And Governor, so much to talk to you about, but obviously this is an issue now at the center of things for New York too, because you had been saying that you wanted to hire federal workers who, perhaps, had been part of this purge. So what’s your reaction when you hear this federal judge saying that what OPM is doing — at least at this point in those mass firings of workers who had only been in their jobs for one or two years, shorter term — is unlawful?

    Governor Hochul: Two reactions: One is, I’m not surprised. And number two, thank God we have a judiciary as a check on the overreach of power that we’re witnessing by the hour by Donald Trump and Elon Musk.

    So yes, this is an important decision that says, “You went too far.” But I think that we’ll be seeing a lot more cases where the judges say, “This has never happened in the history of the universe,” and this is the new world we’re in. They don’t believe in laws. They don’t believe in the system of government we have. They don’t believe in states rights. They’re just like, bulldozing through it all, and thank God there’s a judge who stood up to them today.

    Erin Burnett, CNN: Well, I mean, the words do stand out, “Never any statute in the history of the universe.” Big statement to say I suppose, but that’s an existential question. Alright, so you also posted and this is what I wanted to get at. You posted in part, “Forget what DOGE says, New York wants YOU.” Alright, caps on the “YOU”. And you know, I spoke this week to one of those probationary workers who worked at Bronx Veterans Hospital. His name is Luke Graziani, 20 year veteran, four tours in Iraq and Afghanistan, fired from his job at the Bronx Hospital on Valentine’s Day. He goes in at the a.m., has the email, “You’re gone.” And he had five weeks until he wasn’t probationary, right? So it’s just very capricious in terms of how it happened. Let me just play some of what he said about what happened.

    Luke Graziani, Veteran: It’s surreal to think that, had this come five weeks later, I would have had no issues whatsoever. I’m very privileged to have the job that I have, or had. I’d very much like to get back to it. I think no one deserves a job, but if they’re willing to, you know, raise their right hand and swear the oath and become a federal service employee, I think that they have every right.

    Erin Burnett, CNN: So when you post you know, “Forget what DOGE says, New York wants YOU.” What does that mean for Luke?

    Governor Hochul: What that means is this: This administration loves to say, “You’re fired,” because they think they’re living in a game show once again. This is not a silly game called “The Apprentice.” These are real people’s lives. People like Luke — who works hard — he lives in Queens. He thought he had a job taking care of veterans and he’s a veteran himself.

    He served in Iraq and Afghanistan four times. These are the heroes. You know what they get from this administration? Instead of, “Thank you for your service,” they get, “You’re fired.” So I said, “These are the people who want to be part of our state workforce.” So not, “You’re fired,” but, “You’re hired.” So we set up a database. We want people to take a look at it. We have a shortage of state workers. We need more people to work. We need people that work in IT. We need people who want to be guards. We want to — we have people that can work in so many areas. But we respect public service in our state. We don’t denigrate it and treat these people like they’re nothing.

    And collateral damage to the buzzsaw of Elon Musk. This has to stop. But not only that, but they’re providing services to our seniors and taking care of programs. They keep people safe. They keep our skies safe. They’re researching ways to solve for bird flu. They’re helping us find cures for cancer. We have to honor their service. And right here in the State of New York, that’s exactly what we plan to do.

    Erin Burnett, CNN: Alright, so, let me ask you about some protests here in New York. And I know you’ve been obviously in the City all day. There were protesters demanding you use your powers, which you have as the Governor, to remove New York Mayor Eric Adams from office.

    One sign you see there, “Governor Hochul fire him,” and, “Shame on you Mayor Adams.” And another one says, claims, “Adams is Trump’s puppet.” And look, these are protests that came just a few days after you said you weren’t going to do that at the time. You had the option, you said, “I’m not going to get rid of him,” even amidst all of this consternation that he is doing Trump’s bidding on immigration, in exchange for those charges being dropped. He denies that that is a quid pro quo, but when you see these protests and you think about this situation, do you have any regrets? Do you think you should have gotten rid of him?

    Governor Hochul: No. People know this about me: There are often pressure campaigns that try to get me to do something I don’t want to do. It always backfires.

    I will stand up to protest when I believe I’m doing something that is right for the people of the State. And in this case, it is an extraordinary power that a governor has to be able to say, “I think you violated the public trust and you should go.” What I’m basically doing is overturning the will of New Yorkers who selected the Mayor to govern the City, and I’m trying to put in safeguards so people have a better sense—

    Erin Burnett, CNN: Now, if there weren’t primaries in June, would you feel differently?

    Governor Hochul: We have primaries in June. But also — overturning an election, unlike what the Trump administration would do — I have to respect the rule of law. I respect our democracy. But I’m keeping an eye on this.

    I understand the protests. I really do. I know why they’re frustrated. And they’re worried about undue influence from the Trump Administration, who’s trying so hard, trying so hard to tell me what to do, tell the Mayor what to do; try to tell all of us what to do. But we have to stand up to him, now more than ever and say, “No, you’re not going to boss us around. We’re New Yorkers.”

    Erin Burnett, CNN: Are you going to win on the congestion pricing? I mean, you went in, you made a presentation, you said you put it in his language. And, he says he wants to end the congestion pricing, which has reduced traffic. You have Broadway sales up, you have foot traffic up, you have businesses doing better. I mean, you’ve got numbers on your side.

    Governor Hochul: Yes, we do.

    Erin Burnett, CNN: He said he doesn’t care.

    Governor Hochul: It’s extraordinary to me that the President of the United States, who has a lot of other things on his plate, is focused on the Governor’s traffic policies in the City of New York. I mean, go focus on something else. This is for us to determine. This is part of our self determination as states. This was voted on by duly elected representatives of the people of New York, and you can’t overturn it without a fight from me. And that’s what we’re heading into. I believe we’ll be successful in the courts, and we’ll see what happens after that.

    If they want to work with me on helping fund new architecture and new infrastructure, let’s do Penn Station. Let’s do the Second Avenue subway. Let’s do the Interborough Express, which will connect Queens and Brooklyn for the first time. I’ve got so many great ideas that they can work with me on, but don’t shut down something that’s working just because you want to. Come on. It’s working. The data proves it. And the people of New York — many who hated it at first — are coming around saying life is better here now.

    Erin Burnett, CNN: Alright. Well, Governor Hochul, very much appreciate your time. And thank you so much.

    Governor Hochul: Thank you.

    MIL OSI USA News –

  • MIL-Evening Report: Political fighting over Chinese warships misses the point: Australia’s navy is no match for China’s built-up force

    Source: The Conversation (Au and NZ) – By Richard Dunley, Senior Lecturer in History and Maritime Strategy, UNSW Sydney

    Over the past few days, the Australian media has been dominated by the activities of the Chinese navy’s Task Group 107 as it has progressed south along the Australian coast and conducted a series of live-fire exercises.

    Much of the discussion has been rather breathless in nature, with accusations of “gunboat diplomacy” being bandied around.

    The live-fire exercises have also dominated the Australian political debate. Amid all the accusations, the fact that these exercises are routine and entirely legal has gotten lost.

    The Australian government was correct to lodge a complaint with its Chinese counterpart when one of these exercises disrupted civilian aviation. But the overall response has been an extraordinary overreaction.

    There is no indication the Chinese vessels undertook any surface-to-air exercises, and it remains unclear whether the initial firings involved medium-calibre weapons or smaller arms.

    Either way, the facts suggest the disruption from the Chinese vessels was caused by inexperience or poor procedure, rather than some more nefarious purpose.

    This is not to suggest the People’s Liberation Army-Navy’s (PLA-N) deployment is unimportant, but as happens all too often, the Australian public debate is missing the wood for the trees.

    While a number of retired naval officers have publicly played down the significance of the live-fire exercises, these voices have generally been drowned out by the politicisation of the issue. This highlights the failure of the Department of Defence to communicate effectively to the public.

    In other countries, including the United States, senior officers are given far more leeway to make public statements in matters within their purview.

    Had Vice Admiral Mark Hammond, the chief of navy, or Vice Admiral Justin Jones, the chief of Joint Operations, been empowered to explain how live-fire exercises are routine and are commonly carried out by Australian warships on deployment in our region, we may have avoided this unhelpful stoush.

    The remarkable growth of the Chinese navy

    The real significance of the activities of Task Group 107 is the way it has revealed the very different trajectories of the PLA-N and its Royal Australian Navy counterpart.

    The task group is made up of a Type 055 Renhai-class cruiser, a Type 054A Jiangkai II frigate and a Type 903 Fuchi-class replenishment ship. This is a powerful force that symbolises the rapid development of the Chinese navy.

    The Renhai-class cruisers are acknowledged to be some of the most capable surface combatants currently in operation.

    They are 13,000 tonnes in size and are armed with 112 vertical-launch system (VLS) missile tubes. The Australian navy’s premier surface warship, the Hobart-class destroyer, is just 7,000 tonnes and has 48 VLS missiles cells.

    These are very crude metrics, but it would be foolhardy to assume Chinese technology is dramatically inferior to that of Australia or its allies. Similarly, China’s Type 054A frigates are comparable to the general-purpose frigates that Australia is currently trying to acquire.

    Since 2020, China has commissioned eight Type 055 cruisers, adding to a fleet of more than 30 Type 52C and Type 52D destroyers and an even greater number of Type 054A frigates.

    This build-up vastly exceeds that of any other navy globally. Chinese shipyards are churning out the same combat power of the entire Royal Australian Navy every couple of years.

    Until recently, we have seen remarkably little of this naval capability in our region. A PLA-N task force operated off the northeast coast of Australia in 2022. Last year, a similar force was in the South Pacific. Most analysts expect to see more Chinese vessels in Australia’s region over the coming years.

    One significant limitation on Chinese overseas deployments has been the PLA-N’s small force of replenishment ships, which resupply naval vessels at sea.

    As the PLA-N’s capabilities continue to grow and priorities shift, this appears to be changing. A recent US Department of Defence report noted that China was expected to build further replenishment ships “to support its expanding long-duration combatant ship deployments”.

    Australia struggling to keep up

    In response to the Chinese build-up, Australia is investing heavily to rebuild its navy. However, this process has been slow and beset by problems.

    Indeed, this week, the Defence Department revealed that the selection of the design for the new Australian frigate has been postponed into 2026.

    This leaves the navy with a limited fleet of just 11 surface combatants, the majority of which are small and ageing Anzac-class frigates.

    The arrival of the Chinese task group also sheds an unfavourable light on other recent decisions.

    The cuts to the Arafura-class offshore patrol vessel program make sense from some perspectives. But these ships would have provided additional options to persistently shadow foreign warships in Australian areas of interest.

    Similarly, the growing need of Australian ships to escort Chinese vessels in our region will place an increasing strain on Australian replenishment capability.

    At present, both of Australia’s resupply ships are out of service. Additional capacity was also cut from the recent defence budget.

    The activities of the Chinese task force are not some aggressive move of gunboat diplomacy in our region.

    In many ways, this sensationalist messaging has distracted from a much bigger issue. The presence of Chinese naval ships in our region is going to be a fact of life. And due to failures from both sides of politics over the past 15 years, Australia’s navy is ill-equipped to meet that challenge.

    Richard Dunley 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. Political fighting over Chinese warships misses the point: Australia’s navy is no match for China’s built-up force – https://theconversation.com/political-fighting-over-chinese-warships-misses-the-point-australias-navy-is-no-match-for-chinas-built-up-force-251039

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Entrepreneurs to be provided policy support

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

    China will ramp up efforts to provide more effective financial and policy support for young entrepreneurs and aspiring business owners as part of a broader push to invigorate the economy and promote higher-quality employment.

    Seven central government departments, including the Ministry of Human Resources and Social Security, the Ministry of Education and the Ministry of Finance, recently issued a guideline aimed at optimizing the business environment and fostering more individual entrepreneurs and startups.

    The guideline underscores the importance of cultivating entrepreneurial awareness, particularly among young people. Universities and vocational colleges are encouraged to organize innovation-related activities and competitions while integrating more entrepreneurship-focused resources into their curricula.

    College graduates, migrant workers, demobilized military personnel and people having trouble finding jobs due to financial or physical difficulties will be the key beneficiaries of the government’s support. They will be provided with opportunities to gain hands-on experience at well-established companies, the guideline says.

    Local authorities are encouraged to use digital tools to create entrepreneurial simulation platforms, allowing aspiring business owners to gain immersive, real-world experience in company management, marketing and commercial operations.

    The guideline also calls for improved public services for entrepreneurs. Local governments can establish mentorship programs by inviting successful business leaders, investors and experts to provide guidance.

    For those whose ventures fail, authorities are urged to offer assistance in labor relations and social security, as well as provide loan support for those seeking a second chance.

    The government will also enhance financial support by expanding tax reductions, offering low-interest loans and providing one-time subsidies to eligible entrepreneurs.

    Banks are encouraged to streamline their approval processes to facilitate financing for startups.

    Additionally, China plans to promote entrepreneurship by highlighting success stories and awarding individuals who create significant employment opportunities or contribute to industrial development.

    Li Chang’an, a professor at the Academy of China Open Economy Studies at the University of International Business and Economics in Beijing, said entrepreneurship plays a crucial role in easing employment pressure and generating job opportunities.

    “Our surveys show that a self-employed individual can create three to five jobs, while a small private startup can generate about 10 jobs,” he said, adding that innovation and entrepreneurship have long been part of China’s national strategy to drive technological progress and economic growth.

    MIL OSI China News –

  • MIL-OSI New Zealand: Healthcare Safety – Staffing shortages putting patient safety at risk at Nelson Hospital

    Source: Association of Salaried Medical Specialists

    Nelson Hospital is operating with no medical registrar today as ongoing staffing shortages put patients and clinicians at risk, the Association of Salaried Medical Specialists says.
    An email sent to clinicians earlier today (February 28) advised between 1600 and 2200 the hospital will have no medical registrar. As a result, the hospital’s rapid response team – who handle acute deterioration of patients – will be supported by a newly graduated doctor, no ward consultations will be possible and there are likely be flow-on delays to the functioning of the emergency department.
    “Compounding the situation further is that the emergency department was also short staffed with no second senior medical officer on duty between 2pm and 4pm,” ASMS Executive Director Sarah Dalton says.
    “This is due to the hospital’s refusal to employ enough staff to cover absences.”
    Nelson’s emergency department is staffed to see 70 to 80 patients a day, but they regularly see more than 100 a day.
    Dalton says staffing issues at Nelson Hospital have been an issue for years and have been left unaddressed by DHB hospital management and now Te Whatu Ora.
    “We have advocated for years to get staffing to safe levels, yet the people of Nelson still have an under-staffed hospital,” she says.
    “On January 30 we held a crisis meeting with the regional Deputy Chief Executive Martin Keogh and still nothing has been done.
    Our President, Dr Katie Ben, has also raised the matter directly with Minister of Health Simeon Brown. She says staffing shortages have become “business as usual”.
    “Local managers, regional managers and central government are compromising patient care through continued inaction to resolve the healthcare worker shortages. It is unfair, unsafe and unacceptable.”

    MIL OSI New Zealand News –

  • MIL-OSI USA: SBA Opens Business Recovery Centers in Florida to Assist Small Businesses and Private Nonprofits Affected by Hurricanes Helene and Milton

    Source: United States Small Business Administration

    ATLANTA –The U.S. Small Business Administration (SBA) announced the opening of three Business Recovery Centers (BRCs) in Manatee, Sarasota and Volusia counties to assist small businesses and private nonprofit (PNP) organizations who sustained economic losses from Hurricanes Helene and Milton.

    SBA customer service representatives will be on hand at the BRCs to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application. Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov. The BRC’s opening dates and hours of operation are listed below.

    Business Recovery Center (BRC)  

    Manatee County  

    Tingley Memorial Library

    111 2nd St. N.  

    Bradenton Beach, FL 34217

    Opening: Friday, Feb. 28, 10 a.m. to 5 p.m.  

    Hours:         Monday – Friday, 8 a.m. to 5 p.m.  

     Closed:      Saturday and Sunday   

    Business Recovery Center (BRC)  

    Sarasota County  

     Sanford Information Center  

    (Entrance on Ringling Blvd)

     111 S. Orange Avenue

    Sarasota, FL 34236

     Opening: Monday, March 3, 10 a.m. to 5 p.m.  

     Hours:         Monday – Friday, 8 a.m. to 5 p.m.  

    Closed:       Saturday and Sunday  

    Business Recovery Center (BRC)  

    Volusia County  

    UCF Business Incubator Volusia County

    601 Innovation Way  

    Daytona Beach, FL 32114

    Opening: Friday, Feb. 28, 10 a.m. to 6 p.m.  

    Hours:         Monday – Friday, 8 a.m. to 5 p.m.  

    Closed:      Saturday and Sunday  

    “SBA’s BRCs have consistently proven their value to business owners following a disaster,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Business owners can visit these centers to meet face-to-face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.

    The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs impacted by financial losses directly related to these disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.  

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online and receive additional disaster assistance information visit sba.gov/disaster. Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or send an email to disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadlines to return economic injury applications are June 24, 2025, for Tropical Storm Debby and June 30, 2025, for Hurricane Helene.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News –