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Category: Politics

  • MIL-OSI Video: Truth vs Myth in Elections | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    In 2024, 50% of the global population went to the polls while disinformation remained a potent and pervasive challenge. False narratives and misleading information evolved and impacted the political landscape.

    What lessons can be learned about countering the spread of disinformation in the aftermath of major elections?

    This session was developed in collaboration with Politico.

    Speakers: Dorin Recean, Clara Chappaz, Sasha Havlicek, Almar Latour, John Harris

    The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

    This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/
    X ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #Davos2025 #WorldEconomicForum #wef25

    https://www.youtube.com/watch?v=LRFjk4VyGrU

    MIL OSI Video –

  • MIL-OSI United Nations: 26 February 2025 UHC-Partnership: Namibia tackles antimicrobial resistance

    Source: World Health Organisation

    In June 2024, a 66-year-old woman was admitted to the Medical Intensive Care Unit at Intermediate Hospital Katutura in Windhoek, Namibia. She was diagnosed with pneumonia, and tests showed that the organism responsible for her severe illness was resistant to all antibiotics except tigecycline. At the hospital, the pharmacy department had to obtain a compassionate clearance permit to procure and import tigecycline for the patient.

    “The patient completed the course, stabilized, and was discharged from the intensive care unit to a general ward. Unfortunately, due to various complicated comorbidities, the patient eventually passed away”, said Ms Taimi Ipinge, a Chief Pharmacist at Intermediate Hospital Katutura.

    Tragically, this type of resistance to antibiotics is all too common in Namibia, as with elsewhere in the world.

    Antimicrobial resistance (AMR) occurs when bacteria, viruses, fungi, and parasites change over time and no longer respond to medicines, making infections harder to treat and increasing the risk of disease spread, severe illness, and death. As a result, the medicines become ineffective and infections persist in the body, increasing the risk of spread to others.

    AMR is one of the top global public health and development threats. It is estimated that bacterial AMR was directly responsible for 1.27 million global deaths in 2019 and contributed to 4.95 million deaths.

    In 2019, Namibia recorded 451 deaths attributable to AMR and 1,900 deaths were associated with AMR.

    Acting to stop AMR

    The Government of Namibia recognizes that AMR is a threat to health security across the country and region and that a range of health system interventions are necessary to protect the population’s health and ensure good progress towards universal health coverage (UHC).

    The Ministry of Health and Social Services (MoHSS), with support from WHO through the UHC Partnership and others, is implementing various activities in line with the AMR National Action Plan in compliance with the Global Action Plan to address AMR.

    The Government responded to the overuse of antibiotics by setting up a national multi-sectoral AMR governance to guide, oversee, coordinate, and monitor AMR-related activities in all sectors to ensure a systematic and comprehensive implementation of Namibia’s National Action Plan on AMR.

    In November 2021, Namibia commemorated its first World Antimicrobial Awareness Week (WAAW). In 2023, MoHSS in collaboration with AMR quadripartite organizations, commemorated the week under the theme of ‘Preventing antimicrobial resistance together’ with the slogan ‘Antimicrobials: handle with care’. The event brought together the Ministry of Health and Social Services, the Ministry of Agriculture, Water and Land Reform, and the Ministry of Environment, Forestry and Tourism.

    Namibia launched its infection prevention and control action plan and national guidelines. WHO provided support to a range of activities for this including distribution of information, education and communication materials around infection prevention and control, regional orientation on quality standards, in-service training focal points, and training on water, sanitation, and hygiene for hospital quality improvement plans. Thanks to capacity-building support from WHO, Namibia also reached a significant milestone for the first submission of data on AMR to GLASS in December 2023.

    “AMR is extremely serious. If left unchecked it means we are heading to a world where medical treatment of routine ailments or operations is life threatening and a greater number of people might stop responding to drugs. It challenges all our efforts to strengthen health systems and achieve universal health coverage. WHO commends the Namibian Government for the strategic and multiple approaches taken through collaboration between sectors and work across the region to raise awareness amongst the public,” said Dr Richard Banda, WHO Representative to Namibia.

    Strengthening health security

    Namibia’s response to antimicrobial resistance (AMR) is part of the broader effort to strengthen health security across the country. By integrating a One Health approach and engaging key sectors, Namibia is actively working to strengthen its health systems, improve surveillance, and ensure that it is prepared to respond to emerging health threats. The launch of the National Tripartite One Health Strategy 2024-2028 further underlines the government’s commitment to safeguarding public health, both within the country and in collaboration with regional and international partners.

    The UHC Partnership operates in over 125 countries, representing over 3 billion people. It is supported and funded by Belgium, Canada, the European Union, France, Germany, Ireland, Luxembourg, Japan, the United Kingdom of Great Britain and Northern Ireland, and WHO.

    MIL OSI United Nations News –

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

    Source: GlobeNewswire (MIL-OSI)

    Company delivers ~10% EPS growth in 2024

    Company to Host Conference Call Today at 9 a.m. ET

    MIAMI, Feb. 26, 2025 (GLOBE NEWSWIRE) — International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), one of the nation’s leading omnichannel money transfer services to Latin America and the Caribbean, today reported operating results for the fourth quarter and full-year 2024.

    Financial performance highlights for the full-year:

    • Revenues of $658.6 million
    • Net income of $58.8 million
    • Diluted EPS of $1.79 per share
    • Adjusted Diluted EPS of $2.14 per share
    • Adjusted EBITDA of $121.3 million

    Financial performance highlights for the fourth quarter of 2024:

    • Revenues of $164.8 million
    • Net income of $15.4 million
    • Diluted EPS of $0.49 per share
    • Adjusted Diluted EPS of $0.57 per share
    • Adjusted EBITDA of $30.9 million

    Bob Lisy, Chairman, President, and CEO of Intermex, stated “We have delivered another year of strong EPS growth and continued providing solid operating results for our shareholders. As a highly efficient provider of the premium product at retail, we are now turning our attention to invest and expand our high margin digital business. We continue to be a highly profitable operator, and a strong generator of cash. At this afternoon’s Investor Day, we look forward to sharing our 2025 plan which will scale our digital business while continuing to leverage the strength of the underlying retail model we have built.”

    The Company also reported that, consistent with the recommendation of its independent Strategic Alternatives Committee (“SAC”), the Board of Directors (“Board”) has unanimously determined to suspend the Company’s previously announced assessment of strategic alternatives.

    The Board conducted the review of strategic alternatives through the SAC, composed solely of independent members of the Board. The SAC, along with its independent financial advisor, Lazard Freres, the Company’s financial advisor, FT Partners, and the assistance of its independent legal counsel, evaluated a comprehensive range of strategic alternatives to maximize stockholder value and held discussions with a wide array of strategic and financial investors since the process was announced in November of 2024 regarding potential alternatives, including a sale or merger of the Company and other transactions. The robust strategic review did not, however, result in a definitive offer at a price that offered a superior alternative to the long-term stockholder value potentially created by Intermex’s current business model and its strategic plan, which includes a significant investment to increase the revenue from the Company’s digital services.

    Accordingly, after considering views of Company stockholders, significant internal discussion and consultation with external financial and legal advisors, and the recommendation of the SAC, the Board concluded that the best interests of all stockholders are served by continuing to focus on the execution of the Company’s strategic plan, including opportunities to drive growth and enhance value as an independent public company.   As such, the Board has suspended the review process. The Intermex’s Board and management team are committed to maximizing stockholder value and remain open to all opportunities to achieve this objective.

    Mr. Lisy commented, “Since becoming a public company, we have built Intermex into one of the nation’s leading omnichannel money transfer services to Latin America and expanded our reach to additional markets while consistently generating strong and recurring bottom line results and free cash generated.   We are committed to building upon that foundation of success, which has been driven by our retail service offerings, by applying our cash resources and liquidity to invest in the expansion of our digital services and products that offer the potential for increased revenue and wider margins.   In addition, we have ample financial resources and flexibility to provide liquidity to our stockholders through share repurchases under our previously authorized share repurchase program.

    Our 2025 guidance reflects a large and aggressive investment on digital customer capture, along with additional staff and marketing to bolster our profitable, cash-generating retail engine. We will discuss how these – and the political and macro backdrop – impact our outlook at our Investor Day later this afternoon.”

    Financial Results for full-year 2024 (all comparisons are to the full-year 2023)
    Revenues remained relatively flat at $658.6 million, primarily due to slowing of the overall remittance market growth to Latin America, partially offset by our continued growth of our agent base and of our digital offering. Total principal sent from remittance activity decreased slightly by approximately 0.8% to $24.4 billion. Foreign exchange gains increased by 1.1% primarily due to improved foreign currency spreads.

    The Company reported net income of $58.8 million, a decrease of 1.2%. Diluted earnings per share were $1.79, an increase of 9.8%. The decrease in net income was driven primarily by the items noted above for revenues, partly offset by lower services charges from agents and banks. Lower salaries and benefits and income tax provision also positively impacted net income. The Company also incurred $1.8 million in transaction costs for the full year, primarily legal and professional fees incurred in relation to the evaluation of strategic alternatives. Diluted earnings per share was positively impacted by the reduction in share count from the Company’s stock repurchases.

    Adjusted net income totaled $70.4 million, a decrease of 0.8%. Adjusted diluted earnings per share totaled $2.14, an increase of 9.7%. Adjusted net income and adjusted diluted earnings per share were impacted by the items noted above, adjusted for certain items detailed in the reconciliation tables below. Adjusted diluted earnings per share was positively impacted by the reduction in share count from the Company’s stock repurchases.

    Adjusted EBITDA increased 1.1% to $121.3 million, attributable to the higher net effect of the adjusting items detailed in the reconciliation tables below following the consolidated financial statements.

    Fourth Quarter 2024 Financial Results (all comparisons are to the Fourth Quarter 2023)
    Total revenues for the Company were $164.8 million, down 4.1% versus last year due to slowing of the overall remittance market growth to Latin America – especially in retail. Revenue was positively impacted by 48.3% growth in revenues for digitally-sent money transfers. The Company’s user base generated 14.8 million money transfer transactions, down 3.2% from last year. The total principal amount transferred for the period was $6.1 billion, down 1.6%.

    Net income was $15.4 million, a decrease of 12.1%. Diluted earnings per share was $0.49, the same as in the prior year. The decrease in net income was driven primarily by the items noted above for revenues, partly offset by the same items noted above for the full year. The Company also incurred $1.7 million in transaction costs in the fourth quarter alone, primarily legal and professional fees incurred in relation to the evaluation of strategic alternatives. Diluted earnings per share was positively impacted by the reduction in share count from the Company’s stock repurchases.

    Adjusted net income decreased 10.6% to $17.8 million, and adjusted diluted earnings per share was $0.57, an increase of 1.8%. Adjusted net income and adjusted diluted earnings per share were impacted by the items noted above, adjusted for certain items detailed in the reconciliation tables below. Adjusted diluted earnings per share was positively impacted by the reduction in share count from the Company’s stock repurchases.

    Adjusted EBITDA decreased 7.2% to $30.9 million, driven primarily by business operating results discussed above.

    Adjusted and other non-GAAP measures discussed above and elsewhere in this press release are defined below under the heading, Non-GAAP Measures.

    Other Items
    The Company ended the fourth quarter of 2024 with $130.5 million in cash and cash equivalents. Net free cash generated for the fourth quarter of 2024 was $4.5 million, down from the fourth quarter of 2023, mainly due to the acquisition of the Amigo Paisano brands (“Amigo Paisano”) for $12.0 million and the $1.7 million in transaction costs incurred in the fourth quarter. The decrease in year-over-year net free cash generated reflects the fourth quarter factors mentioned above, the impact of assets placed into service as a result of the Company’s move to its new U.S. headquarters facility, and the impact of costs incurred in relation to business restructuring of the Company’s acquisitions.

    The Company repurchased 1,025,821 shares of its common stock for $20.2 million during the fourth quarter of 2024 through its share repurchase program and $63.2 million remains currently available for future share repurchases under the share repurchase program. During the full-year 2024, the Company purchased 3,765,320 shares for $75.1 million, which repurchases are expected to resume in the current quarter.

    In the year ended December 31, 2024, the Company incurred restructuring costs of approximately $3.1 million. The charges were primarily related to the Company’s foreign operations and constituted reorganizing the workforce, streamlining operational processes, and integrating technology.

    Guidance
    The Company provides the following full-year and first quarter guidance:

    Full-year 2025:

    • Revenue of $657.5 million to $677.5 million
    • Diluted EPS of $1.76 to $1.91
    • Adjusted Diluted EPS of $2.09 to $2.26
    • Adjusted EBITDA of $113.8 million to $117.3 million

    First quarter 2025:

    • Revenue of $145.5 million to $149.9 million
    • Diluted EPS of $0.32 to $0.34
    • Adjusted Diluted EPS of $0.40 to $0.43
    • Adjusted EBITDA of $23.3 million to $24.0 million

    The above guidance does not reflect an estimate of transaction costs related to the now suspended process to review strategic alternatives.

    Non-GAAP Measures
    Adjusted Net Income, Adjusted Earnings per Share, Adjusted EBITDA, Adjusted EBITDA Margin and Net Free Cash Generated, each a Non-GAAP financial measure, are the primary metrics used by management to evaluate the financial performance of our business. We present these Non-GAAP financial measures because we believe they are frequently used by analysts, investors, and other interested parties to evaluate companies in our industry. Furthermore, we believe they are helpful in highlighting trends in our operating results, because certain of such measures exclude, among other things, the effects of certain transactions that are outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the jurisdictions in which we operate and capital investments.

    Adjusted Net Income is defined as Net Income adjusted to add back certain charges and expenses, such as non-cash amortization of intangible assets resulting from business acquisition transactions, non-cash compensation costs, and other items outlined in the reconciliation table below, as these charges and expenses are not considered a part of our core business operations and are not an indicator of ongoing future Company performance.

    Adjusted Earnings per Share – Basic and Diluted is calculated by dividing Adjusted Net Income by GAAP weighted-average common shares outstanding (basic and diluted).

    Adjusted EBITDA is defined as Net Income before depreciation and amortization, interest expense, income taxes, and adjusted to add back certain charges and expenses, such as non-cash compensation costs and other items outlined in the reconciliation table below, as these charges and expenses are not considered a part of our core business operations and are not an indicator of ongoing future Company performance.

    Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Revenues.

    Net Free Cash Generated is defined as Net Income before provision for credit losses and depreciation and amortization adjusted to add back certain non-cash charges and expenses, such as non-cash compensation costs, and reduced by cash used in investing activities and servicing of our debt obligations.

    Adjusted Net Income, Adjusted Earnings per Share, Adjusted EBITDA, Adjusted EBITDA Margin, and Net Free Cash Generated are non-GAAP financial measures and should not be considered as an alternative to operating income, net income, net income margin or earnings per share, as a measure of operating performance or cash flows, or as a measure of liquidity. Non-GAAP financial measures are not necessarily calculated the same way by different companies and should not be considered a substitute for or superior to U.S. GAAP.

    Reconciliations of Net Income, the Company’s closest GAAP measure, to Adjusted Net Income, Adjusted EBITDA, and Net Free Cash Generated, as well as a reconciliation of Earnings per Share (Basic and Diluted) to Adjusted Earnings per Share (Basic and Diluted) and Net Income Margin to Adjusted EBITDA Margin, are outlined in the tables below following the consolidated financial statements. A quantitative reconciliation of projected Adjusted EBITDA and Adjusted Diluted EPS to the most comparable GAAP measure is not available without unreasonable efforts because of the inherent difficulty in forecasting and quantifying the amounts necessary under GAAP guidance for operating or other adjusted items including, without limitation, costs and expenses related to acquisitions and other transactions, share-based compensation, tax effects of certain adjustments and losses related to legal contingencies or disposal of assets. For the same reasons, we are unable to address the probable significance of the unavailable information.

    Investor and Analyst Conference Call / Presentation
    Intermex will host a conference call and webcast presentation at 9:00 a.m. Eastern Time today. Interested parties are invited to join the discussion and gain firsthand knowledge about Intermex’s financial performance and operational achievements through the following channels:

    • A live broadcast of the conference call may be accessed via the Investor Relations section of Intermex’s website at https://investors.intermexonline.com/.
    • To participate in the live conference call via telephone, please register HERE. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.
    • Following the conference call, an archived webcast of the call will be available for one year on Intermex’s website at https://investors.intermexonline.com/.

    Safe Harbor Compliance Statement for Forward-Looking Statements
    This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which reflect our current views concerning certain events that are not historical facts but could have an effect on our future performance, including but without limitation, statements regarding our plans, objectives, financial performance, business strategies, projected results of operations, restructuring initiatives and expectations for the Company. Such forward-looking statements include all statements regarding the Board’s evaluation of strategic alternatives, including exploring options for a potential sale in a private transaction. These statements may include and be identified by words or phrases such as, without limitation, “would,” “will,” “should,” “expects,” “believes,” “anticipates,” “continues,” “could,” “may,” “might,” “plans,” “possible,” “potential,” “predicts,” “projects,” “forecasts,” “intends,” “assumes,” “estimates,” “approximately,” “shall,” “our planning assumptions,” “future outlook,” “currently,” “target,” “guidance,” and similar expressions (including the negative and plural forms of such words and phrases). These forward-looking statements are based largely on information currently available to our management and our current expectations, assumptions, plans, estimates, judgments, projections about our business and our industry, and macroeconomic conditions, and are subject to various risks, uncertainties, estimates, contingencies, and other factors, many of which are outside our control, that could cause actual results to differ materially from those expressed or implied by such forward-looking statements and could materially adversely affect our business, financial condition, results of operations, cash flows, and liquidity. Such factors include, among others: potential adverse effects on the Company’s stock price from the suspension of the Company’s strategic alternatives evaluation process; our success in expanding customer acceptance of our digital services and infrastructure, as well as developing, introducing and marketing new digital and other products and services; new technology or competitors that disrupt the current money transfer and payment ecosystem, including the introduction of new digital platforms; loss of, or reduction in business with, key sending agents; our ability to effectively compete in the markets in which we operate; economic factors such as inflation, the level of economic activity, recession risks and labor market conditions, as well as volatility in market interest rates; international political factors, including ongoing hostilities in Ukraine and the Middle East, political instability, tariffs, including the effects of tariffs on domestic markets and industrial activity and employment, border taxes or restrictions on remittances or transfers from the outbound countries in which we operate or plan to operate; volatility in foreign exchange rates that could affect the volume of consumer remittance activity and/or affect our foreign exchange related gains and losses; changes in applicable laws and regulations; changes in immigration laws and their enforcement, including its effects on the level of immigrant employment and earning potential; consumer confidence in our brands and in consumer money transfers generally; expansion into new geographic markets or product markets; our ability to successfully execute, manage, integrate and obtain the anticipated financial benefits of key acquisitions and mergers; the ability of our risk management and compliance policies, procedures and systems to mitigate risk related to transaction monitoring; consumer fraud and other risks relating to the authenticity of customers’ orders or the improper or illegal use of our services by consumers, sending agents or digital partners; cybersecurity-attacks or disruptions to our information technology, computer network systems, data centers and mobile devices applications; our ability to maintain favorable banking and paying agent relationships necessary to conduct our business; bank failures, sustained financial illiquidity, or illiquidity at the clearing, cash management or custodial financial institutions with which we do business; changes to banking industry regulation and practice; credit risks from our agents, digital partners and the financial institutions with which we do business; our ability to recruit and retain key personnel; our ability to maintain compliance with applicable laws and regulatory requirements, including those intended to prevent use of our money remittance services for criminal activity, those related to data and cybersecurity protection, and those related to new business initiatives; enforcement actions and private litigation under regulations applicable to money remittance services; changes in tax laws in the countries in which we operate; our ability to protect intellectual property rights; our ability to satisfy our debt obligations and remain in compliance with our credit facility requirements; public health conditions, responses thereto and the economic and market effects thereof; the use of third-party vendors and service providers; weakness in U.S. or international economic conditions; and other economic, business, and/or competitive factors, risks and uncertainties, including those described in the “Risk Factors” and other sections of periodic reports and other filings that we file with the Securities and Exchange Commission. Accordingly, we caution investors and all others not to place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date such statement is made and we undertake no obligation to update any of the forward-looking statements.

    About International Money Express, Inc.
    Founded in 1994, Intermex applies proprietary technology enabling consumers to send money from the United States, Canada, Spain, Italy, the United Kingdom and Germany to more than 60 countries. The Company provides the digital movement of money through a network of agent retailers in the United States, Canada, Spain, Italy, the United Kingdom and Germany; Company-operated stores; our mobile apps; and the Company’s websites. Transactions are fulfilled and paid through thousands of retail and bank locations around the world. Intermex is headquartered in Miami, Florida, with international offices in Puebla, Mexico, Guatemala City, Guatemala, London, England, and Madrid, Spain. For more information about Intermex, please visit www.intermexonline.com.

    Alex Sadowski
    Investor Relations Coordinator
    ir@intermexusa.com
    tel. 305-671-8000

    Consolidated Balance Sheets
     
        December 31,   December 31,
    (in thousands of dollars)   2024   2023
    ASSETS   (Unaudited)    
    Current assets:        
    Cash and cash equivalents   $ 130,503   $ 239,203
    Accounts receivable, net of allowance of $3,546 and $2,610, respectively     107,077     155,237
    Prepaid wires, net     49,205     28,366
    Prepaid expenses and other current assets     10,998     10,068
    Total current assets     297,783     432,874
             
    Property and equipment, net     50,354     31,656
    Goodwill     55,195     53,986
    Intangible assets, net     26,847     18,143
    Other assets     32,198     40,153
    Total assets   $ 462,377   $ 576,812
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    Current liabilities:        
    Current portion of long-term debt, net   $ —   $ 7,163
    Accounts payable     19,520     36,507
    Wire transfers and money orders payable, net     85,044     125,042
    Accrued and other liabilities     47,434     54,661
    Total current liabilities     151,998     223,373
             
    Long-term liabilities:        
    Debt, net     156,623     181,073
    Lease liabilities, net     18,582     22,670
    Deferred tax liability, net     250     659
    Total long-term liabilities     175,455     204,402
             
    Stockholders’ equity:        
    Total stockholders’ equity     134,924     149,037
    Total liabilities and stockholders’ equity   $ 462,377   $ 576,812
             
    Consolidated Statements of Income
     
      Three Months Ended December 31,   Year Ended December 31,
    (in thousands of dollars, except for per share data) 2024   2023   2024   2023   2022
      (Unaudited)   (Unaudited)        
    Revenues:                  
    Wire transfer and money order fees, net $ 137,443   $ 145,185   $ 554,801   $ 561,540   $ 469,162
    Foreign exchange gain, net   21,843     23,669     88,944     87,908     72,920
    Other income   5,472     2,929     14,904     9,287     4,723
    Total revenues   164,758     171,783     658,649     658,735     546,805
                       
    Operating expenses:                  
    Service charges from agents and banks   106,317     110,882     428,968     430,865     364,804
    Salaries and benefits   16,010     18,606     68,247     70,203     52,224
    Other selling, general and administrative expenses   12,010     11,181     47,894     47,652     34,394
    Restructuring costs   322     69     3,060     1,214     —
    Transaction costs   1,733     33     1,819     445     3,005
    Depreciation and amortization   3,664     3,355     13,645     12,866     9,470
    Total operating expenses   140,056     144,126     563,633     563,245     463,897
                       
    Operating income   24,702     27,657     95,016     95,490     82,908
                       
    Interest expense   2,748     2,783     11,745     10,426     5,629
                       
    Income before income taxes   21,954     24,874     83,271     85,064     77,279
                       
    Income tax provision   6,569     7,375     24,450     25,549     19,948
                       
    Net income $ 15,385   $ 17,499   $ 58,821   $ 59,515   $ 57,331
                       
    Earnings per common share:                  
    Basic $ 0.50   $ 0.51   $ 1.81   $ 1.67   $ 1.52
    Diluted $ 0.49   $ 0.49   $ 1.79   $ 1.63   $ 1.48
                       
    Weighted-average common shares outstanding:                  
    Basic   30,998,252     34,638,245     32,430,755     35,604,582     37,733,047
    Diluted   31,406,360     35,426,435     32,850,497     36,429,714     38,625,390
                                 
    Reconciliation from Net Income to Adjusted Net Income
     
      Three Months Ended December 31,   Year Ended December 31,
    (in thousands of dollars, except for per share data) 2024   2023   2024   2023   2022
      (Unaudited)   (Unaudited)
                       
    Net income $ 15,385     $ 17,499     $ 58,821     $ 59,515     $ 57,331  
                       
    Adjusted for:                  
    Share-based compensation (a)   186       1,894       7,043       8,111       7,118  
    Restructuring costs (b)   322       69       3,060       1,214       —  
    Transaction costs (c)   1,733       34       1,819       445       3,005  
    Legal contingency settlement (d)   —       —       (570 )     —       —  
    Loss on bank closure (e)   —       —       —       —       1,583  
    Other charges and expenses (f)   308       294       1,239       1,850       1,141  
    Amortization of intangibles (g)   926       1,178       3,820       4,740       4,102  
    Income tax benefit related to adjustments (h)   (1,047 )     (1,042 )     (4,820 )     (4,914 )     (4,376 )
    Adjusted net income $ 17,813     $ 19,926     $ 70,412     $ 70,961     $ 69,904  
                       
    Adjusted earnings per common share:                  
    Basic $ 0.57     $ 0.58     $ 2.17     $ 1.99     $ 1.85  
    Diluted $ 0.57     $ 0.56     $ 2.14     $ 1.95     $ 1.81  
                                           
    (a) Represents share-based compensation relating to equity awards granted primarily to employees and independent directors of the Company.
     
    (b) Represents primarily severance, write-off of assets and, legal and professional fees related to the execution of restructuring plans.
     
    (c) Represents primarily financial advisory, professional and legal fees related to business acquisition transactions and strategic alternatives.
     
    (d) Represents a gain contingency related to a legal settlement.
     
    (e) Represents losses related to the closure of a financial institution in Mexico during 2021.
     
    (f) Represents primarily loss on disposal of fixed assets.
     
    (g) Represents the amortization of intangible assets that resulted from business acquisition transactions.
     
    (h) Represents the current and deferred tax impact of the taxable adjustments to Net Income using the Company’s blended federal and state tax rate for each period. Relevant tax-deductible adjustments include all adjustments to Net Income.
     
    Reconciliation from GAAP Basic Earnings per Share to Adjusted Basic Earnings per Share
     
      Three Months Ended December 31,   Year Ended December 31,
      2024   2023   2024   2023
      (Unaudited)   (Unaudited)
    GAAP Basic Earnings per Share $ 0.50     $ 0.51     $ 1.81     $ 1.67  
    Adjusted for:              
    Share-based compensation   0.01       0.05       0.22       0.23  
    Restructuring costs   0.01       —       0.09       0.03  
    Transaction costs   0.06       —       0.06       0.01  
    Legal contingency settlement   —       —       (0.02 )     —  
    Other charges and expenses   0.01       0.01       0.04       0.05  
    Amortization of intangibles   0.03       0.03       0.12       0.13  
    Income tax benefit related to adjustments   (0.03 )     (0.03 )     (0.15 )     (0.14 )
    Non-GAAP Adjusted Basic Earnings per Share $ 0.57     $ 0.58     $ 2.17     $ 1.99  
     
    The table above may contain slight summation differences due to rounding
     
    Reconciliation from GAAP Diluted Earnings per Share to Adjusted Diluted Earnings per Share
     
      Three Months Ended December 31,   Year Ended December 31,
      2024   2023   2024   2023
      (Unaudited)   (Unaudited)
    GAAP Diluted Earnings per Share $ 0.49     $ 0.49     $ 1.79     $ 1.63  
    Adjusted for:              
    Share-based compensation   0.01       0.05       0.21       0.22  
    Restructuring costs   0.01       —       0.09       0.03  
    Transaction costs   0.06       —       0.06       0.01  
    Legal contingency settlement   —       —       (0.02 )     —  
    Other charges and expenses   0.01       0.01       0.04       0.05  
    Amortization of intangibles   0.03       0.03       0.12       0.13  
    Income tax benefit related to adjustments   (0.03 )     (0.03 )     (0.15 )     (0.13 )
    Non-GAAP Adjusted Diluted Earnings per Share $ 0.57     $ 0.56     $ 2.14     $ 1.95  
     
    The table above may contain slight summation differences due to rounding
     
    Reconciliation from Net Income to Adjusted EBITDA
     
      Three Months Ended December 31,   Year Ended December 31,
    (in thousands of dollars) 2024   2023   2024   2023   2022
      (Unaudited)   (Unaudited)
    Net income $ 15,385   $ 17,499   $ 58,821     $ 59,515   $ 57,331
                       
    Adjusted for:                  
    Interest expense   2,748     2,783     11,745       10,426     5,629
    Income tax provision   6,568     7,375     24,450       25,549     19,948
    Depreciation and amortization   3,664     3,355     13,645       12,866     9,470
    EBITDA   28,365     31,012     108,661       108,356     92,378
    Share-based compensation (a)   186     1,894     7,043       8,111     7,118
    Restructuring costs (b)   322     69     3,060       1,214     —
    Transaction costs (c)   1,733     34     1,819       445     3,005
    Legal contingency settlement (d)   —     —     (570 )     —     —
    Loss on bank closure (e)   —     —     —       —     1,583
    Other charges and expenses (f)   308     294     1,239       1,850     1,141
    Adjusted EBITDA $ 30,914   $ 33,303   $ 121,252     $ 119,976   $ 105,225
     
    (a) Represents share-based compensation relating to equity awards granted primarily to employees and independent directors of the Company.
     
    (b) Represents primarily severance, write-off of assets, and legal and professional fees related to the execution of restructuring plans.
     
    (c) Represents primarily financial advisory, professional and legal fees related to business acquisition transactions and strategic alternatives.
     
    (d) Represents a gain contingency related to a legal settlement.
     
    (e) Represents losses related to the closure of a financial institution in Mexico during 2021.
     
    (f) Represents primarily loss on disposal of fixed assets.
     
    Reconciliation from Net Income Margin to Adjusted EBITDA Margin
     
      Three Months Ended December 31,   Year Ended December 31,
      2024   2023   2024   2023
      (Unaudited)   (Unaudited)
    Net Income Margin 9.3 %   10.2 %   8.9 %   9.0 %
    Adjusted for:              
    Interest expense 1.7 %   1.6 %   1.8 %   1.6 %
    Income tax provision 4.0 %   4.3 %   3.7 %   3.9 %
    Depreciation and amortization 2.2 %   2.0 %   2.1 %   2.0 %
    EBITDA Margin 17.2 %   18.1 %   16.5 %   16.4 %
    Share-based compensation 0.1 %   1.1 %   1.1 %   1.2 %
    Restructuring costs 0.2 %   — %   0.5 %   0.2 %
    Transaction costs 1.1 %   — %   0.3 %   0.1 %
    Legal contingency settlement — %   — %   (0.1 )%   — %
    Other charges and expenses 0.2 %   0.2 %   0.2 %   0.3 %
    Adjusted EBITDA Margin 18.8 %   19.4 %   18.4 %   18.2 %
     
    The table above may contain slight summation differences due to rounding
     
    Reconciliation of Net Income to Net Free Cash Generated
     
      Three Months Ended December 31,   Year Ended December 31,
    (in thousands of dollars) 2024   2023   2024   2023   2022
      (Unaudited)   (Unaudited)
                       
    Net income for the period $ 15,385     $ 17,499     $ 58,821     $ 59,515     $ 57,331  
                       
    Depreciation and amortization   3,664       3,355       13,645       12,866       9,470  
    Share-based compensation   186       1,894       7,043       8,111       7,118  
    Provision for credit losses   1,375       1,227       6,411       4,997       2,572  
    Cash used in investing activities   (16,087 )     (5,092 )     (43,946 )     (18,280 )     (12,529 )
    Term loan pay-downs   —       (1,641 )     (3,281 )     (5,469 )     (4,375 )
                       
    Net free cash generated during the period $ 4,523     $ 17,242     $ 38,693     $ 61,740     $ 59,587  

    The MIL Network –

  • MIL-OSI: January 2025: ELFA CapEx Finance Index Shows Demand Pulled Forward from Jan. to Dec.

    Source: GlobeNewswire (MIL-OSI)

    • FORECAST: Growth in new business volumes suggests durable goods orders will contract by 3.8% in January.
    • Total new business volume (NBV) rose by $9.3 billion seasonally adjusted, a decline of 17.8% from December to January among surveyed ELFA member companies.
    • NBV year-to-date contracted by 6.4% from 2023 to 2024 on a seasonally adjusted basis, and the year-over-year change declined by 10.6% on a non-seasonally adjusted basis.
    • Charge-offs (losses) dropped to 0.46%, the second decline in as many months.

    WASHINGTON, Feb. 26, 2025 (GLOBE NEWSWIRE) — “The latest CFI release showed that equipment demand was pulled forward from January to December, which caused volumes to underperform last month. Much of the overall decline came from the banking sector, which had a stellar yearend and a soft start to 2025. I expect conditions to normalize going forward, but risks to the outlook linger,” said Leigh Lytle, President and CEO at ELFA. “Global economic and political uncertainty remains elevated, which could weigh on equipment demand later this year as businesses decide to pause investment until tensions subside. As both aging receivables and charge-offs showed, the industry is well prepared for an extended period of uncertainty, or whatever else may be thrown its way in 2025.”

    New business volume growth dropped. NBV growth experienced its largest one-month drop on record, falling by 17.8% from December to January. While the percentage decline was sharp, the dollar amount of new business was only at its lowest since March 2023. New activity at banks and captives both experienced a monthly drop of more than 30%, while financing at independents grew by almost 9%. The dollar amount of new business was still above its monthly average from January through November of 2024, while new activity at captives declined to its lowest level since January 2017.

    Headcounts continue to decline. Employment in the equipment finance industry contracted for the third straight month, with the 12-month change dropping 3.5%. Employment at banks and captives continued to decline, while job gains at independents slowed.

    Credit approvals jump. The average credit approval rate increased to 75.9% in January, up 1.6 percentage points, the largest increase since October 2023. The rates for banks, captives, and independents all rose.

    Financial conditions remain healthy. Charge-offs dropped for the second consecutive month to 0.46%. The January decline brings the rate to just above levels experienced in the ten months prior to the November increase. Aging receivables over 30 days ticked up to 2.2% but remained low.

    “Despite macro-economic and political uncertainty, we anticipate companies will still look for creative financing solutions,” said Mitch Rice, CEO of Commercial Capital Company. “They’re seeking greater flexibility and simplified, frictionless processes to address their evolving needs. Recognizing this demand, the industry is undergoing a widespread focus on technological enhancement to deliver more efficient and effective solutions and services. We’re embracing this shift when it comes to process automation and utilizing artificial intelligence.”

    Industry Confidence
    The Monthly Confidence Index from ELFA’s affiliate, the Equipment Leasing & Finance Foundation, eased to 66.9 in February, as respondents grew slightly more pessimistic about conditions over the next four months.

    About ELFA’s CFI
    The CapEx Finance Index (CFI), formerly the Monthly Leasing and Finance Index (MLFI-25), is the only near-real-time index that reflects capex, or the volume of commercial equipment financed in the U.S. It is released monthly from Washington, D.C., one day before the U.S. Department of Commerce’s durable goods report. This financial indicator complements reports like the Institute for Supply Management Index, providing a comprehensive view of productive assets in the U.S. economy—equipment produced, acquired and financed. The CFI consists of two years of business activity data from 25 participating companies. For more details, including methodology and participants, visit www.elfaonline.org/CFI.

    About ELFA
    The Equipment Leasing and Finance Association (ELFA) represents financial services companies and manufacturers in the $1 trillion U.S. equipment finance sector. ELFA’s 575 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at www.elfaonline.org.

    Follow ELFA:
    X: @ELFAonline
    LinkedIn: https://www.linkedin.com/company/115191 

    Media/Press Contact: Catherine Lockwood, PR Manager, ELFA, catherine@360livemedia.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2b1a6575-a70f-4708-933c-8bc9d27c716f

    The MIL Network –

  • MIL-OSI United Kingdom: TUV welcome joint venture between the IFA Galgorm Resort

    Source: Traditional Unionist Voice – Northern Ireland

    TUV MP Jim Allister and MLA Timothy Gaston have today tabled parallel motions in the House of Commons and the Assembly welcoming the joint venture between the IFA and Galgorm Resort.

    The Assembly version of the motion tabled by Mr Gaston reads:

    “That this Assembly welcomes the joint venture between the Irish Football Association and Galgorm Resort, whereby a state of the art training facility will be provided for the Northern Ireland Football Teams, at Galgorm Co Antrim; notes that this project will fill a long existing void in national football provision and preparation, as well as affording community use and involvement; commends the commitment, foresight and dedication of all involved in promoting this project; and encourages the Executive to play its part in bringing the proposal to fruition.”

    Commenting on the venture TUV leader Jim Allister said:

    “The news of a national training centre for the Northern Ireland Football Teams, men and women, is both exciting and very welcome. The fact it is coming to Galgorm, here in North Antrim, is the icing on the cake.

    “This project will fill a long existing void in national football provision and preparation, as well as affording community use and involvement. The commitment, foresight and dedication of all involved in promoting this project is commended and Government is encouraged to play its part in bringing the proposal to fruition.

    “The fact that our national team had no where suitable to train within Northern Ireland has long been a substantial drawback. Now, allied to the premier hotel at Galgorm Resort, this state of the art provision will be a facility of which all can be proud.

    “When I was briefed on this project a few weeks ago, I was naturally delighted it was coming to North Antrim. I am disappointed I cannot be at the official launch today, but it clashes with NI Questions at Westminster.

    “I have already spoken to the Secretary of State about the need for the government to get behind this wonderful opportunity.”

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Union Minister Dr. Jitendra Singh Reviews Research Facilities at CSIR-IMTECH, Chandigarh, inspects Microbe Repository and takes update on ongoing projects

    Source: Government of India (2)

    Union Minister Dr. Jitendra Singh Reviews Research Facilities at CSIR-IMTECH, Chandigarh, inspects Microbe Repository and takes update on ongoing projects

    Dr. Jitendra Singh launches New Tulip Garden & Agri-Startups at CSIR-IHBT, Palampur

    From 50 to 9,000 Startups: India Emerges as Global Biotech Innovation Hub- Dr. Jitendra Singh

    Floriculture Mission Expands to 1,000 Hectares, Generating ₹80 Crores for Farmers

    Science and Technology Minister Dr. Singh Inaugurates Key projects at CSIR-IHBT, Palampur

    Posted On: 26 FEB 2025 5:54PM by PIB Delhi

    CHANDIGARH, February 26: Union Minister of State (Independent Charge) for Science and Technology, Dr. Jitendra Singh, inspected Microbe Repository and other facilities at the CSIR-Institute of Microbial Technology (CSIR-IMTECH) here and also took an update on the ongoing projects in the institute.

    During the review, Dr. Jitendra Singh highlighted that microbial technology is a crucial pillar of biotechnology, emphasizing its growing significance in shaping the next generation industrial revolution.

    Dr. Jitendra Singh credited Prime Minister Narendra Modi for the groundbreaking New BioE3 Policy, which places a renewed focus on biomanufacturing and bio foundries. He underscored India’s rapid progress in the biotech sector, stating, “India’s bioeconomy has witnessed an extraordinary surge from $10 billion in 2014 to over $130 billion in 2024, with projections to reach $300 billion by 2030.”

    The Minister also recalled the recent launch of India’s first indigenous antibiotic, Nafithromycin, developed to combat resistant infections. He noted that the number of biotech startups in India has grown exponentially from just 50 in 2014 to nearly 9,000 today, solidifying India’s position as a global hub for biotech innovation. Furthermore, he informed that India now ranks third in the Asia-Pacific region and 12th globally in bio-manufacturing, underscoring the increasing importance of CSIR-IMTECH in driving pioneering research in microbial genetics, infectious diseases, fermentation technology, environmental microbiology, and bioinformatics.

    CSIR-IMTECH, a premier research institute in microbial biotechnology, hosts a repository of over 14,000 microbial strains through its Microbial Type Culture Collection and Gene Bank (MTCC). This national repository not only provides authenticated cultures to researchers and industries but also supports key regulatory authorities, including IPC, BIS, and NBA, in microbe-related concerns. The institute is at the forefront of harnessing microbial resources for scientific and industrial applications, addressing unmet needs in healthcare, pharmaceuticals, agriculture, and environmental sciences.

    Connecting virtually with CSIR-Institute of Himalayan Bioresource Technology (CSIR-IHBT), Palampur, Dr. Singh inaugurated several new facilities and participated in critical scientific discussions. He joined the EMBO Workshop on High Elevation Plant Adaptation in a Changing Climate (HEPACC) and the Industry, Farmer & Academia (IFA) Meet, emphasizing that such initiatives reflect the Government of India’s commitment to scientific advancement, economic empowerment, and sustainable agriculture.

    Dr. Jitendra Singh also virtually inaugurated a New Tulip Garden at Palampur in Himachal Pradesh, commending the CSIR-IHBT Palampur team for their scientific interventions that have enabled wider tulip cultivation even in other seasons, a model that can be replicated in other regions. Additionally, he launched products developed by agri-startups that have been supported by the institute, fostering innovation in the agricultural sector.

    Dr. Jitendra Singh lauded CSIR-IHBT for leading multiple national missions, including: CSIR Floriculture Mission – Expanded floriculture to 1,000 hectares, benefiting 3,800 farmers across Himachal Pradesh, Punjab, Haryana, Uttarakhand, and Ladakh, generating an income of ₹80 crore. Aroma Mission. Millet Mission. Immunity Mission. Waste to Wealth Mission. Phenome India-CSIR Health Cohort Knowledgebase. CSIR Precision Agriculture Mission

    The Minister also inaugurated state-of-the-art facilities, including Autonomous Green House, Heeng Seed Production Centre, Heeng QPM Facility, Ornamental Bulb Processing Facility and Phyto-Analytical Facility.

    Additionally, he laid the foundation stone for the Phyto factory Facility and dedicated a Cement Concrete Road from Floriculture Junction to Chandpur R&D Farm.

    Dr. Jitendra Singh emphasized that by integrating scientific research, industry collaboration, and government policies, the rich biodiversity of Himalayan states can be harnessed for economic prosperity, benefiting farmers and advancing India’s scientific ecosystem.

    ****

    NKR/PSM

    (Release ID: 2106459) Visitor Counter : 76

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: ‘Fiscal balance is clear target’

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan today said that by putting up a fiscal consolidation programme in the 2025-26 Budget, the Government is taking specific steps towards the right direction of achieving fiscal balance.

    At the Budget press conference this afternoon, Mr Chan pointed out that the consolidation plan is able to increase government revenue without impairing the city’s competitiveness. Moreover, expenditure growth is contained in order to reach fiscal balance.

    “That is why, in the coming few years, up to 2027-28 cumulatively, we will be able to slash public government expenditure by about 7% and also cut the civil service establishment.”

    Separately, the finance chief remarked that the Government has no plan to introduce any form of goods and services tax, or sales tax. As he responded to reporters’ questions, he also explained the Government’s considerations when formulating revenue measures.

    “One is the competitiveness of Hong Kong in terms of attracting investment and talent.

    “Secondly, if we are to increase revenue, we will try to minimise the impact on the average citizen.”

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Public finance measures pragmatic: CE

    Source: Hong Kong Information Services

    Chief Executive John Lee today commented that the 2025-26 Budget proposes pragmatic measures to improve public finances and stressed that he has full confidence in Hong Kong’s development and future.

    In a statement, Mr Lee said Financial Secretary Paul Chan put forward a series of practical and effective measures on Hong Kong’s economic development and public fiscal consolidation, adding that the Budget will reinforce the Government’s financial strength, and create new momentum and new advantages for the city’s economic development.

    As part of its course of action, the Budget proposes nurturing new quality productive forces to strengthen the development of innovation and technology and artificial intelligence; speeding up the development of the Northern Metropolis and the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science & Technology Innovation Co-operation Zone, fully leveraging the strategic position of “three centres and a hub”, further nurturing and attracting talent, upgrading industries with advantages, and accelerating the development of Hong Kong’s economy.

    He pointed out that such measures are consistent with the directions of the Policy Address.

    Mr Lee also indicated that the Budget puts forward realistic measures to enhance public finances, focusing primarily on strictly controlling government expenditures, supplemented by suitably increasing revenue, to steadily restore fiscal balance while taking into account the actual social situation and Hong Kong’s competitiveness.

    In addition to emphasising that the Budget aims to leverage market forces to promote infrastructure projects through innovative and diversified development models, he made it clear that government bonds will be issued to finance related projects.

    Despite a complicated and volatile external environment, the Chief Executive expressed his confidence that Hong Kong will be able to seize opportunities and continue to give full play to its unique advantages under the “one country, two systems” principle of having the strong support of the country while maintaining unparalleled connectivity with the world, and further strengthening its connection with both the Mainland and the world.

    “We will proactively integrate into and align with the country’s national development strategies, foster accelerated economic growth and improve people’s livelihood.

    “Like the Financial Secretary, I have full confidence in Hong Kong’s development and future.”

    Mr Lee called on all sectors of the community to support this Budget.

    MIL OSI Asia Pacific News –

  • MIL-OSI Video: Israel/Palestine: Last chance to achieve two-state solution – Briefing | United Nations

    Source: United Nations (Video News)

    The Special Coordinator for the Middle East Peace Process, Sigrid Kaag, today (25 Feb) said the Middle East is faced with a “historic opportunity” to attain “peace, security, and dignity,” but warned that “this may be our last chance to achieve the two-State solution.”

    Kaag told the Security Council in New York that “Arab states are leading the efforts to devise a plan for rebuilding Gaza, with Egypt planning to host a conference dedicated to Gaza’s reconstruction” and pointed out that the UN “is ready to support reconstruction efforts.”

    Palestinian civilians, she said, “must be able to resume their lives, to rebuild, and to construct their future in Gaza” and stressed that “there can be no question of forced displacement.”

    Kaag said, “we need to ensure that: One, Gaza remains an integral part of a future Palestinian State. Two, Gaza and the West Bank including East Jerusalem are unified politically, economically, and administratively. Three, there will be no long-term IDF presence in Gaza and Israel’s legitimate security concerns are addressed.”

    She said, “we need to commit to ending the occupation and a final resolution of the conflict based on UN resolutions, international law and previous agreements.”

    Former Israeli hostage Noa Argamani plead the Council for a continuation of the ceasefire and the release of all hostages.

    Argamani said, “the deal must go on in full and completely in all the stages,” noting that her partner, Avinatan Or “and many other hostages are only supposed to be released in the second stage of the deal.”

    Argamani was rescued by Israeli forces in Gaza after eight months in captivity.

    United States Ambassador Dorothy Camille Shea said, “as a result of the ceasefire, the countries of the Middle East have an historic opportunity to reshape the region in a way that affords its people a better path forward,” adding that the United States “will do its part to create a more prosperous future for all of the region’s people.”

    Palestinian Ambassador Riyad Mansour for his part said, “our history is filled with wars that Israel promised will be decisive, and they were not; of mass forcible displacement that was supposed to end the Palestine question, and it did not. The idea that more injustice, more brutality, more oppression, would lead to peace is madness. The idea that more killing, more maiming, more displacing will bring security is delusional. There is no military solution to this conflict. Only a political one.”

    Israeli Ambassador Danny Danon told the Council that the conflict between Israel and Hamas was not a “symmetrical” one. He said, “on one side, there are families holding on to hope. On the other side, there is an organization that murders infants and holds onto their bodies until it serves a political and propaganda purpose. “

    “No matter what happens,” he said, “our commitment to freeing all the hostages and completely eradicating Hamas is unshakeable.”

    Outside the Council, Kaag told reporters that “forced displacement of the Palestinians from Gaza is both not acceptable. It’s a violation of international law and Palestinians themselves don’t want it, and countries of the region don’t want it.”

    She said, “Gaza can be recovered and reconstructed. It is complicated, complex, but with political will and the right agreements, it can be done.”

    Danon, for his part said, “the end game in Gaza will be without Hamas. That is a given. With these negotiations about how to achieve that, we have the similar voices from the US representative, and we are grateful for the votes and the support. And I think the negotiators should also understand that they we will not accept the end of the conflict when Hamas is still in power in Gaza.”

    https://www.youtube.com/watch?v=sb77YT5Wi7Q

    MIL OSI Video –

  • MIL-OSI United Kingdom: Change of British High Commissioner to Australia: Dame Sarah MacIntosh

    Source: United Kingdom – Executive Government & Departments

    News story

    Change of British High Commissioner to Australia: Dame Sarah MacIntosh

    Dame Sarah MacIntosh DCMG has been appointed British High Commissioner to Australia in succession to Mrs Victoria Treadell CMG, MVO.

    Sarah MacIntosh

    Dame Sarah MacIntosh DCMG has been appointed British High Commissioner to Australia in succession to Mrs Victoria Treadell CMG, MVO who will be transferring to another Diplomatic Service appointment. Dame Sarah will take up her appointment during April 2025.

    Curriculum Vitae

    Full name: Dame Sarah MacIntosh DCMG

    Year Role
    2022 to 2024 Prime Minister’s Adviser on International Affairs and Deputy National Security Adviser
    2017 to 2022 NATO, Brussels, Ambassador and Permanent Representative
    2014 to 2016 FCO, Director General, Defence & Intelligence
    2011 TO 2014 FCO, Director, Defence & International Security
    2009 to 2010 FCO, Director, Strategic Finance
    2008 to 2009 Harvard University, Fellow
    2006 to 2008 Freetown, British High Commissioner, and Her Majesty’s non-resident Ambassador to Liberia
    2004 to 2005 UN Mission in Kosovo, Strategy Coordinator
    2003 to 2004 FCO, Deputy Head, Conflict Group
    2002 to 2003 FCO, United Nations Dept, Deputy Head
    2000 to 2002 New York, UK Mission to the UN, Development, Macroeconomics and Health
    1997 to 2000 FCO, Strategic Planning
    1996 to 1997 Madrid, EU and Economic Affairs
    1994 to 1995 Vienna, UK Mission to the UN, Nuclear and Drugs
    1991 to 1993 FCO, UN Peacekeeping

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 26 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: BP renewables cuts will have devastating impact on people and planet

    Source: Scottish Greens

    26 Feb 2025 Climate

    BP is damaging our climate and communities.

    More in Climate

    Fossil fuel giant BP’s reported decision to slash renewables investment and double down on fossil fuels shows that the industry cannot be trusted to self-regulate and that governments need to act now for our planet, say the Scottish Greens.

    The party’s Co-Leader Lorna Slater has slammed the oil giant, calling for a stronger windfall tax without the perverse incentives that encourage domestic drilling.

    Ms Slater said:

    “After years of greenwashing and spin, it seems that BP has stopped even pretending to care about our climate.

    “This is a conscious act of climate vandalism and environmental negligence that can only have a devastating impact on people and planet.

    “Companies like BP have spent years raking in obscene profits at the expense of the world around us while making false promises that they would use it to diversify away from fossil fuels. Some of us will remember their cynical Beyond Petroleum campaign.

    “The reality is that the climate emergency is only getting worse, and some of the worst polluters are doing even less to stop it.

    “Time and again the oil and gas industry has shown that it simply cannot be trusted to make the transition to green energy without robust regulations in place to force them to do so.”

    Ms Slater added:

    “Our best defence against global oil and gas prices is to make the investment that is needed in clean, green renewable energy so that we can have proper energy security while lowering bills.

    “It is time for Labour to live up to its rhetoric on renewable energy and make the kind of bold investment programme that is needed to realise our renewables potential.

    “It must finally close the loopholes in the windfall tax and ensure that these climate wreckers are paying their fair share so that we can fund the transition to a greener future.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: CCC report must sound alarm bells for Labour Government

    Source: Scottish Greens

    26 Feb 2025 Climate

    Labour must work for people and planet.

    More in Climate

    The UK’s independent climate change advisor, known as the Climate Change Committee (CCC), has published their Seventh Carbon Budget. The report lays out how the UK Government must take urgent action to meet their legal carbon reduction targets.

    Scottish Greens Co-Leader Patrick Harvie said:

    “Tackling the climate crisis is the greatest national priority that all governments must be working towards. But for too long, we’ve seen successive Prime Ministers fail to turn their warm words on climate into real action.

    “Inaction has cost us already. 2024 was the warmest year on record, and we’ve seen natural disasters around the world and in the UK at an increasing rate. For the UK government to consider approving new oil and gas drilling or expanding airports would be simply climate vandalism.

    “The advice sets out the huge benefits which will come from climate action, greatly cutting the cost of living for households, and that these benefits can be won at lower cost than previous estimates – a fraction of what Keir Starmer committed to military spending yesterday.

    “The CCC is clear that these benefits will only come if action is taken now to reduce carbon emissions in all sectors, including heat, agriculture and especially in transport, which remains one of the biggest polluters in the UK. 

    “Rail travel in the UK is amongst the most expensive in Europe, and our infrastructure is still damaged from the brutal Beeching cuts in the 60s. It doesn’t have to be like this.

    “With real investment in public transport, we can make it cheaper and accessible to all whilst protecting out planet. With new rail routes, reliable buses and integrated ticketing, we could end the reliance on private cars. This investment in public transport infrastructure would benefit us for decades to come.

    “The SNP must also take heed. Specific advice for the Scottish Government will come next, but it’s already clear that their energy strategy, their Heat in Buildings Bill, and their plan for cutting road traffic are all missing in action.

    “It’s time for both Labour and the SNP to stand up and take real action to tackle the climate crisis, stop new oil and gas, reject absurd proposals for airport expansions and invest in our future.”

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Sarbananda Sonowal unveils ₹4,800 crore plan to transform Assam’s Inland Waterways at Advantage Assam 2.0

    Source: Government of India

    Sarbananda Sonowal unveils ₹4,800 crore plan to transform Assam’s Inland Waterways at Advantage Assam 2.0

    “₹1,500 crore for Green Vessel Transition in Assam by 2030 under ‘Harit Nauka Scheme’”: Sarbananda Sonowal

    “World Class Water Metro Service in Guwahati and Dhubri with an investment of ₹315 crore”: Sarbananda Sonowal

    “Centre earmarks ₹120 crore for Regional Centre of Excellence in Dibrugarh”: Sarbananda Sonowal

    “Centre to develop riverine lighthouses along Brahmaputra with ₹100 crore investment:” Sarbananda Sonowal

    Posted On: 26 FEB 2025 4:46PM by PIB Delhi

    The Union Minister of Ports, Shipping and Waterways, Shri Sarbananda Sonowal announced an investment of more than ₹4,800 crore to transform the inland waterways sector of Assam at the Advantage Assam 2.0 in Guwahati, today. The investment is to enable the immense potential that the complex and dynamic waterways system of the state has to offer to propel the growth and development of the region towards realising the vision of Prime Minister Shri Narendra Modi’s Viksit Bharat, Shri Sonowal asserted at the session on Assam’s Roads, Railway and Riverine Tourism on the second day of the investment summit.

     

    Speaking on the occasion, the Union Minister said, “Under the dynamic leadership of Prime Minister Shri Narendra Modi ji, the country is cruising ahead towards realising the vision of Viksit Bharat. Assam along with the Northeast plays an integral part in propelling this journey to realise the vision of Modi ji. Inland Waterways plays a crucial role in this scheme of things as the visionary Modi ji planned its revival since 2014 from near obscurity and neglect of the past. With its rich inter web of riverine system in the region, especially in Assam with Brahmaputra (NW2) and Barak (NW16), the inland waterways aims at rejuvenating its ageless role as the main conduit of trade and commerce. Globally considered as futuristic, the inland waterways provides an opportunity to opt for a more economic, efficient and environment friendly mode of transporting cargo and passengers. With the launch of schemes like ‘Jalvahak’, the Modi government has been incentivising the businesses to switch to inland waterways, thereby, improving the economies of scale, decongesting the railways and roadways and enabling a conducive ecosystem that is vital for pivotal role Assam is set to play towards India’s ascendency to become world’s biggest and an Atmanirbhar economy by 2047.”

    At the summit, Shri Sarbananda Sonowal announced allocation of ₹1,500 crore for a planned transition into Green Vessels by 2030 under the ‘Harit Nauka’ scheme. An amount of more than ₹1,500 crore has been earmarked to facilitate cruise tourism and enhance cargo handling capacity by 2027-28 in NW2 and NW16. This includes construction of jetties with on shore facilities at Silghat, Bishwanath ghat, Neamati Ghat and Guijan along with construction of a new building for Regional Office, MSDC, Guest house and office space for ITAT at Fancy Bazar in Guwahati. An amount of ₹375 crore is pegged for development of Phase II of Ship Repair Facility at Pandu. In order to maintain fairway, the government has entrusted Dredging Corporation of India (DCI) to ensure assured draft of 2.5 meters from Bangladesh Border to Pandu in NW-2 till 2026-27. An amount of ₹191 crore has been earmarked for this, Shri Sonowal stated.

     

    Adding further, he said, “Advantage Assam has always served as a catalyst for the region’s economic revival, providing businesses with a strategic platform to expand their trade and investment opportunities. With the immense support that Assam has received from our Hon’ble Prime Minister Shri Narendra Modi ji, we remain firmly committed to the holistic development of the economy of Assam and the Northeast. Among the various ongoing projects to enable inland waterways of Assam, we are also planning to transform the conventional vessels into Green Vessels under Harit Nauka scheme. This affirms the commitment of our government towards sustainable development, a milestone set by our dynamic leader Narendra Modi ji. Given the immense potential of riverine tourism in the state, we are developing an ecosystem including infrastructure and fairway for smooth, regular and viable operations. You may be happy to know that the Dredging Corporation of India (DCI), with its rich experience of dredging at the sea, has been entrusted with dredging the NW2, for the first time on any river in India.”

    The Union Minister also announced the development of Water Metro Service in Guwahati and Dhubri for an estimated investment of ₹315 crore. Based on the success of Kochi Metro Service, the feasibility study is being conducted for this. Shri Sarbananda Sonowal also announced deployment of two Electric Catamarans being built by Cochin Shipyard Limited (CSL). A world class cruise terminal will also be built in Guwahati with an estimated investment of ₹100 crore. 

    In Dibrugarh, an estimated ₹120 crore has been earmarked for development of Regional Centre of Excellence (RCOE). Adding further to the capital development along the NW2, Riverine Lighthouses will be built at FIVE places — Bogibeel, Biswanath, Nimati, Pandu and Silghat — at an estimated cost of ₹100 crore. In addition, a sum of ₹150 crore has been earmarked for fairway development with LAD of 2.5 meters between Pandu and Bogibeel. TWO Cutter Section Dredger units will also be purchased for Brahmaputra (NW2).

     

    The Inland Waterways Authority of India (IWAI), the nodal agency for the riverine transportation including national waterways under the Ministry of Ports, Shipping and Waterways (MoPSW), is implementing projects worth ₹1,010 crore along river Brahmaputra (NW2) and river Barak (NW16) in Assam. Among the major projects, the ship repair facility is being built at Panda with an investment of ₹208 crore while an alternate road from Pandu to NH27 is being built at an investment of ₹180 crore. New Inland Waterways Terminal (IWT) at Bogibeel as well as at Jogighopa —- with more than ₹66 crore and ₹82 crore of investment —- are being developed on Brahmaputra to ‘enable possibilities meet opportunities’, Shri Sonowal added.

    An investment of more than ₹646 crore has been earmarked to construct riverine infrastructure across Brahmaputra under the Sagarmala Scheme, the flagship programme of the Ministry of Ports, Shipping and Waterways. For Barak River, the Union Minister announced procurement of Survey Vessel, procurement of THREE Amphibian Dredgers, construction of Crane Pontoon and Gangway for proving Floating Terminal facilities in Karimganj, construction of Steel Pontoon and Gangway for providing Floating Terminal facilities at Badarpur among other projects.

    At this session, the Union Minister was joined by the Chief Minister of Assam, Dr Himanta Biswa Sarma; Minister of Animal Husbandry, Veterinary, Fishery and PWRD, Govt of Assam, Krishnendu Paul; Chairman of IWAI, Vijay Kumar; High Commissioner of Singapore, His Excellency Simon Wong among other officials and corporate leaders from infra, railways and marine sector.

     

    ***

    G.D.Hallikeri / Henry

    (Release ID: 2106438) Visitor Counter : 32

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Govt to optimise fiscal resources

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan today announced that the Government will adjust two transport subsidy schemes, including the $2 Scheme, in order to reduce government expenditure by about $6.2 billion in the next five years.

    This measure is part of the Government’s efforts to enhance the fiscal consolidation programme that was put forward in last year’s Budget.

    Unveiling the enhancements to the programme in his 2025-26 Budget this morning, Mr Chan said the Government will focus on strictly controlling its expenditure, supplemented by increasing revenue. The impact to the general public should be minimised.  

    The Government will lead by example to demonstrate its commitment to cutting expenditure while ensuring the delivery of high-standard public services. It will also continue to press ahead with infrastructure works projects in the Northern Metropolis and those related to the economy and people’s livelihood.

    Furthermore, it will maintain the competitiveness of Hong Kong’s simple and low tax regime, avoid a considerable increase in tax rates or introducing new taxes, and uphold the “user pays” and the “affordable users pay” principles as far as practicable while increasing revenue.

    Expenditure growth

    To strictly contain expenditure growth, the Government will step up the Productivity Enhancement Programme by increasing the rate of reduction in recurrent government expenditure from the original 1% to 2% in 2025‑26, and extending this arrangement for two more years to 2027‑28.

    Compared to 2023-24, recurrent government expenditure will decrease by around $3.9 billion in 2025-26, $19.5 billion in 2026-27, and $27.3 billion in 2027-28.

    Meanwhile, Comprehensive Social Security Assistance, Social Security Allowance and statutory expenditure will not be affected.

    The civil service establishment will be reduced by 2% each in 2026-27 and 2027-28.  By April 1, 2027, about 10,000 posts are expected to be deleted within the current-term Government.

    The Government will provide a total of $68.1 billion in funding to the University Grants Committee-funded universities in the coming three years. This funding has reflected a 2% reduction target each year, in line with the magnitude of the Government’s recurrent expenditure cut.

    The finance chief emphasised that such a funding level is still higher than the $63.2 billion in the last triennium.

    Transport subsidies

    After a review, the Government proposed adjustments to the two transport subsidy schemes that incur relatively high expenditure with a rapid growth rate.

    On the Government Public Transport Fare Concession Scheme for the Elderly & Eligible Persons with Disabilities or the $2 Scheme, the concessionary fare will be changed to “$2 flat rate and 80% discount”, while the targeted beneficiaries remain unchanged.

    Under the new arrangement, the beneficiaries will continue to pay $2 for trips with a fare below or equal to $10. For trips with a fare above $10, they will have to pay the full fare amount after the 80% discount. The number of concessionary trips will also be limited to 240 per month. 

    Mr Chan noted that this fine-tuned proposal preserves the Government’s policy intent while striking a balance between enhancing the scheme’s sustainability and minimising the impacts to the beneficiaries. 

    As for the Public Transport Fare Subsidy Scheme, from June 2025 onwards, the threshold of monthly public transport expenses incurred for receiving the subsidy under the scheme will be raised from $400 to $500. 

    The Government will continue to provide a subsidy amounting to one-third of the expenses in excess of $500, and the prevailing subsidy cap will stay at $400 per month.

    Upon implementation of the refined arrangements, the Government is expected to save $6.2 billion in the coming five years.

    Pay freeze

    In addition, the Government put forward that for 2025-26, the executive authorities, the legislature, the Judiciary and District Council members take a pay freeze. 

    This involves the Chief Executive and politically appointed officials; Executive Council non-official members; civil service members; Legislative Council (LegCo) President, members and secretariat; Court of Final Appeal Chief Justice, judges of the courts at all levels, and other Judiciary members; and District Council members.

    Capital works

    The Development Bureau’s Project Strategy & Governance Office will support various departments in enhancing governance of public works projects on all fronts. 

    The office is also formulating policies for the procurement of construction materials and products, through direct procurement by relevant works departments and centralised procurement by a single department. 

    It has reviewed over 540 public works projects, achieving savings in construction costs by over 15%.      

    The Government is also reviewing the scale and mode of delivery of district cooling systems in new development areas, such as Hung Shui Kiu/Ha Tsuen and the San Tin Technopole.

    The preliminary estimate of works expenditure savings is at least $40 billion. The Environment & Ecology Bureau will report the review results in the second quarter.

    Mr Chan has also requested the Audit Commission to organise workshops for the management of government department and public bodies to foster their understanding and adoption of principles and best practices in fiscal prudence and optimal use of public money.

    He also asked the relevant bureaus to review the expenditure on social welfare, healthcare and education. They should, having regard to the city’s demographic changes, optimise resources and review the sustainability of the use of resources.

    Increasing revenue

    The rate of air passenger departure tax will be increased from $120 to $200 per passenger starting the third quarter of 2025-26. Government revenue is expected to increase by about $1.6 billion per year.

    An application fee of $600 will be charged under various talent and capital investor admission schemes with immediate effect. The visa fees, to be charged based on the duration of limit of stay, will be raised to $600 or $1,300. It is estimated that government revenue will increase by about $620 million per year.

    The Transport & Logistics Bureau will review the tolls of relevant government tunnels and trunk roads, the annual licence fee for electric private cars, parking meter charges as well as the fixed penalties for traffic offences, for better traffic management. The various adjustments could generate about $2 billion additional revenue per year.

    The Government will explore introducing a boundary facilities fee on private cars departing via land boundary control points. Coaches, goods vehicles and the like will not be affected. Taking a fee of $200 per private car as an example, the measure will bring in revenue of about $1 billion per year.

    In January 2025, the Government submitted a bill to LegCo on the implementation of the global minimum tax proposal drawn up by the Organisation for Economic Co-operation & Development to address base erosion and profit shifting. 

    It aims to apply the global minimum tax rate of 15% on large multinational enterprise groups with an annual consolidated group revenue of at least 750 million euros and impose the Hong Kong minimum top up tax.

    Subject to the passage of the bill, the proposal will bring in a tax revenue of about $15 billion for the Government annually starting 2027-28.

    Financial resources

    To consolidate and optimise the use of its financial resources, the Government reviewed the utilisation of the Anti‑epidemic Fund. Taking into account the expenditure requirements, the fund has a remaining balance of about $15 billion, which will be brought back to the Government’s accounts next month. This sum has been reflected in the revised estimate for 2024-25.

    It also reviewed the funds set up outside the Government’s accounts by bureaus and departments for specific purposes from time to time. Some of these funds are seed capital funds that only use investment returns to meet their expenditure.

    The Government proposes bringing back the first six seed capital funds with relatively large unspent balance, totalling about $62 billion, to its accounts in 2025-26, after setting aside resources to meet the necessary expenditure of these funds for the next five years so as not to affect their sustainable operation. 

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Secretary Noem Announces Agency Will Enforce Laws That Penalize Aliens in the Country Illegally

    Source: US Federal Emergency Management Agency

    Headline: Secretary Noem Announces Agency Will Enforce Laws That Penalize Aliens in the Country Illegally

    lass=”text-align-center”>DHS Will Use Every Available Tool to Compel Illegal Aliens to Self-Deport 
    WASHINGTON – Today, Secretary Kristi Noem announced the Department of Homeland Security will fully enforce the Immigration and Nationality Act, which created multiple tools to track illegal aliens and compel them to leave the country voluntarily. These tools include criminal penalties for certain aliens who:   

    Willfully fail to depart the United States. 
    Fail to register with the federal government and be fingerprinted. 
    Fail to apprise the federal government of changes to their address. 

    An alien’s failure to depart the U.S. is a crime that could result in significant financial penalty. An alien’s failure to register is a crime that could result in a fine, imprisonment, or both. For decades, this law has been ignored—not anymore.  
    Compelling mass self-deportation is a safer path for aliens and law enforcement, and saves U.S. taxpayer dollars, in addition to conserving valuable Customs and Border Protection (CBP) and Immigration and Customs Enforcement (ICE) resources needed to keep Americans safe.  
    Statement Attributable to a DHS Spokesperson Tricia McLaughlin 
    “President Trump and Secretary Noem have a clear message for those in our country illegally: leave now. If you leave now, you may have the opportunity to return and enjoy our freedom and live the American dream. 
    “The Trump administration will enforce all our immigration laws—we will not pick and choose which laws we will enforce.  We must know who is in our country for the safety and security of our homeland and all Americans.”  
    Aliens can register here.  
    This announcement comes on the heels of a nationwide and international ad campaign warning illegal aliens to self-deport and stay out.   

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom issues statement on federal investments in Sites Reservoir

    Source: US State of California 2

    Feb 25, 2025

    What you need to know: Governor Newsom today issued a statement in response to the Trump administration’s announcement that it had released more than $315 million of obligated money to create new water storage at the future Sites Reservoir and at the existing San Luis Reservoir. 

    SACRAMENTO — Today, Governor Newsom celebrated the release of funding by the Trump Administration for the state’s Sites Reservoir Project and the existing San Luis Reservoir

    “We are grateful for this shared priority with the Trump Administration as we move forward together to build critical infrastructure to improve water storage.”

    Governor Gavin Newsom

    The Sites Reservoir will capture water during wet seasons and store it for use during drier seasons – holding up to 1.5 million acre-feet of water, enough to supply over 4.5 million homes for a year. It has received a total of $46.75 million in early funding from the state. In all, Sites is eligible for $875.4 million of Proposition 1 funding. The total project cost is estimated at $4 billion. Governor Newsom streamlined the project late last year, defeating a CEQA legal challenge and preserving that victory on appeal. Today’s funding was awarded during the Biden administration and released by President Trump today. More information about the project can be found at build.ca.gov.

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  • MIL-OSI USA: Los Angeles wildfire hazardous debris cleanup reaches substantial completion in record time

    Source: US State of California 2

    Feb 25, 2025

    What you need to know: More than 9,000 properties were cleared of hazardous materials in less than 30 days – marking the fastest-ever hazardous debris removal effort in the nation.

    LOS ANGELES – In less than 30 days, federal and state crews have substantially completed wildfire hazardous debris cleanup for the Eaton and Palisades fires, as part of broader efforts to help Los Angeles firestorm survivors recover and rebuild at a record pace. 

    U.S. EPA crews, working alongside state Department of Toxic Substances Control (DTSC) personnel and the U.S. Department of Defense, have reached 99% completion, with around 100 harder-to-access properties remaining. Crews have assessed and cleaned up thousands of residential parcels – clearing more than 9,000 properties of hazardous materials. 

    Phase 1 prioritizes the removal of household hazardous waste, which was necessary to begin Phase 2 clearing of structural debris. Governor Gavin Newsom joined federal, state and local leaders to launch that important second phase of work and mark the swift progress of cleanup efforts.   

    Thanks to the hard work and dedication of hundreds of federal and state crews, the first phase of debris cleanup is coming to a close and we can turn our focus fully to structural debris removal. Under the leadership of EPA Administrator Lee Zeldin, crews cleaned hazardous waste from thousands of properties in less than 30 days, a record pace never seen before at this scale.

    We’re working hand-in-hand with President Trump and his administration to clear debris as fast as possible to get Angelenos back to their properties to start rebuilding.

    Governor Gavin Newsom

    By the numbers

    Historic recovery and rebuilding efforts — faster than ever before

    • Cutting red tape to help rebuild Los Angeles faster and stronger. Governor Newsom issued an executive order to streamline the rebuilding of homes and businesses destroyed — suspending permitting and review requirements under the California Environmental Quality Act (CEQA) and the California Coastal Act. The Governor also issued an executive order further cutting red tape by reiterating that permitting requirements under the California Coastal Act are suspended for rebuilding efforts and directing the Coastal Commission not to issue guidance or take any action that interferes with or conflicts with the Governor’s executive orders. Additionally, he signed an executive order to cut more red tape and continue streamlining rebuilding, recovery, and relief for survivors. The Governor also issued an executive order removing bureaucratic barriers, extending deadlines, and providing critical regulatory relief to help fire survivors rebuild, access essential services, and recover more quickly.
    • Providing tax and mortgage relief to those impacted by the fires. California postponed the individual tax filing deadline to October 15 for Los Angeles County taxpayers. Additionally, the state extended the January 31, 2025, sales and use tax filing deadline for Los Angeles County taxpayers until April 30 — providing critical tax relief for businesses. Governor Newsom suspended penalties and interest on late property tax payments for a year, effectively extending the state property tax deadline. The Governor also worked with state– and federally-chartered banks that have committed to providing mortgage relief for survivors in certain zip codes. For additional relief, Governor Newsom is sponsoring new legislation to allow homeowners who receive insurance payments for lost or damaged property to receive the interest accrued rather than lenders. The Governor is also proposing to create an over $125 million mortgage relief program to assist homeowners whose homes were destroyed or severely damaged by recent natural disasters, placing them at risk of foreclosure.  
    • Fast-tracking temporary housing and protecting tenants. To help provide necessary shelter for those immediately impacted by the firestorms, the Governor issued an executive order to make it easier to streamline construction of accessory dwelling units, allow for more temporary trailers and other housing, and suspend fees for mobile home parks. Governor Newsom also issued an executive order that prohibits landlords in Los Angeles County from evicting tenants for sharing their rental with survivors displaced by the Los Angeles-area firestorms.
    • Mobilizing debris removal and cleanup. With an eye toward recovery, the Governor directed fast action on debris removal work and mitigating the potential for mudslides and flooding in areas burned. He also signed an executive order to allow expert federal hazmat crews to start cleaning up properties as a key step in getting people back to their properties safely. The Governor also issued an executive order to help mitigate risk of mudslides and flooding and protect communities by hastening efforts to remove debris, bolster flood defenses, and stabilize hillsides in affected areas. Governor Newsom joined federal and local partners to begin work on structural debris removal — just 35 days after the start of the fires, a record-breaking pace for cleanup. 
    • Safeguarding survivors from price gouging. Governor Newsom expanded restrictions to protect survivors from illegal price hikes on rent, hotel and motel costs, and building materials or construction. Report violations to the Office of the Attorney General here.
    • Directing immediate state relief. The Governor signed legislation providing over $2.5 billion to immediately support ongoing emergency response efforts and to jumpstart recovery efforts for Los Angeles. California quickly launched CA.gov/LAfires as a single hub of information and resources to support those impacted and bolsters in-person Disaster Recovery Centers. That website features a dashboard tracking recovery efforts and a recovery services finder to help connect survivors with help. The Governor also launched LA Rises, a unified recovery initiative that brings together private sector leaders to support rebuilding efforts. Governor Newsom announced that individuals and families directly impacted by the recent fires living in certain zip codes may be eligible to receive Disaster CalFresh food benefits.
    • Getting kids back in the classroom and supporting childcare providers. Governor Newsom signed an executive order to quickly assist displaced students in the Los Angeles area and bolster schools affected by the firestorms. Governor Gavin Newsom issued an executive order to ensure that childcare providers are aware of their potential eligibility for Disaster Unemployment Assistance and have the support needed to apply.
    • Protecting victims from real estate speculators. The Governor issued an executive order to protect firestorm victims from predatory land speculators making aggressive and unsolicited cash offers to purchase their property.

    Helping businesses and workers get back on their feet. The Governor issued an executive order to support small businesses and workers, by providing relief to help businesses recover quickly by deferring annual licensing fees and waiving other requirements that may impose barriers to recovery.

    Press Releases, Recent News

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    MIL OSI USA News –

  • MIL-OSI: Mavenir and O2 Telefónica Germany Strengthen Partnership with Multi-Year IMS Contract Extension for Cloud-Native IMS Services

    Source: GlobeNewswire (MIL-OSI)

    MUNICH and BONN, Germany, Feb. 26, 2025 (GLOBE NEWSWIRE) — Mavenir, the cloud-native network infrastructure provider building the future of networks, today announces that it has strengthened its long-term partnership with Telefónica and its global operating companies, with the signing of a new five-year contract which will see O2 Telefónica Germany transition from Mavenir’s virtualized IMS (vIMS) to Cloud-Native IMS solution. The multi-year contract extension covers both fixed and mobile IMS networks serving O2 Telefónica Germany’s entire subscriber base.

    Mavenir’s cloud-native, web-scale IMS platform offers a foundational technology for next-generation mobile networks, supporting voice over LTE (VoLTE) and voice over New Radio (VoNR) on a common IMS core and facilitating voice continuity between 4G and 5G. Mavenir IMS services operate on any cloud – public or private – and are deployed as stateless microservices in containers, giving operators the ability to accelerate innovation and rapidly launch new services.

    In its recent independent Mobile Network Test 2025, industry trade journal connect rated O2 Telefónica Germany ‘very good’, which also reflects the high performance and service quality achieved with Mavenir’s vIMS solution.

    Matthias Sauder, Director Networks at O2 Telefónica in Germany, commented: “It was a natural decision to extend our successful technology partnership with Mavenir, which has helped us to deliver our best ever quality of service to our customers and optimize our investment in agile network innovation. Mavenir’s clear leadership in network functions virtualization led to its initial selection and has since delivered transformative new capabilities across our operations. As the world embraces the opportunities being created by artificial intelligence and automation to open interfaces for digital transformation, Mavenir’s Cloud-Native IMS will be a core enabling platform for our ongoing network evolution and unlocking new routes to value for our business and our customers.”

    Antonio Correa, Senior RVP Southern Europe, Caribbean & Latin America at Mavenir, added: “Across multiple live deployments, our enduring partnership with Telefónica continues to set the pace for software-speed network evolution and the roll-out of advanced virtualized technologies. As the recognized leader in cloud-native IMS, we see this multi-year extension of our delivery into O2 Telefónica Germany as an exciting opportunity to push forward the next-generation performance and service enhancements that we are uniquely capable of achieving, in collaboration with an operator strongly committed to connectivity innovation, excellence and inclusion.”

    Notes to the editor:

    • connect mobile and 5G network test, issue 01/2025: “very good” (909 points) for O2; a total of 2x “very good” (924 and 909 points) and 1x “outstanding” (970 points) were awarded. For more information, see www.o2.de/netz

    About Mavenir

    Mavenir is building the future of networks today with cloud-native, AI-enabled solutions which are green by design, empowering operators to realize the benefits of 5G and achieve intelligent, automated, programmable networks. As the pioneer of Open RAN and a proven industry disruptor, Mavenir’s award-winning solutions are delivering automation and monetization across mobile networks globally, accelerating software network transformation for 300+ Communications Service Providers in over 120 countries, which serve more than 50% of the world’s subscribers. For more information, please visit www.mavenir.com

    Meet Mavenir at Mobile World Congress 2024, Barcelona, Mar 3-6, 2025.

    To explore Mavenir’s latest innovations and learn more about how Mavenir is delivering the Future of Networks – Today, visit us in Hall 2 (Stand 2H60).

    Mavenir PR Contacts:
    Emmanuela Spiteri
    PR@mavenir.com

    The MIL Network –

  • MIL-OSI: DT Midstream Reports Record 2024 Results; Raises Dividend and 2025 Adjusted EBITDA Guidance

    Source: GlobeNewswire (MIL-OSI)

    • Full year 2024 Adjusted EBITDA of $969 million
    • Increased dividend by 12%
    • Increased 2025 Adjusted EBITDA guidance
    • Announced new agreements to serve utility-scale power generation projects

    DETROIT, Feb. 26, 2025 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced fourth quarter 2024 reported net income of $73 million, or $0.73 per diluted share. For the fourth quarter of 2024, Operating Earnings were $94 million, or $0.94 per diluted share. Adjusted EBITDA for the quarter was $235 million.

    Full year 2024 reported net income was $354 million, or $3.60 per diluted share. For full year 2024, Operating Earnings were $375 million, or $3.81 per diluted share. Adjusted EBITDA for the year was $969 million.

    Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.

    “As a result of a great team effort, we delivered record results in 2024, exceeding our increased guidance. I want to thank each employee for their contribution,” said David Slater, President and CEO. “We successfully closed on the largest acquisition in our history last year and completed key organic growth projects ahead of schedule and on budget. We are very well positioned to serve growing demand across our footprint and continue our track record of premium, high-quality growth.”

    Slater noted the following significant business updates:

    • Increased 2025 Adjusted EBITDA guidance range to $1.095 to $1.155 billion, an 18% increase over 2024 original guidance
    • Increased dividend by 12% from fourth quarter 2024 to $0.82 per share, to be paid on April 15, 2025 to stockholders of record on March 17, 2025
    • Executed agreements for two new projects that will serve utility-scale power generation
    • Provided 2026 Adjusted EBITDA early outlook range of $1.155 to $1.225 billion, representing 6% annual growth from 2025

    “Our strong financial results for 2024, along with our increased organic project backlog, expanded asset footprint, and flexible balance sheet give us high confidence in meeting our goals for this year and beyond,” said Jeff Jewell, Executive Vice President and CFO.

    The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 9645886. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

    About DT Midstream

    DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a plan of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.

    Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow

    Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.

    Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.

    Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.

    In this release, DT Midstream provides 2025 and 2026 Adjusted EBITDA guidance. The reconciliation of net income to Adjusted EBITDA as projected for full-year 2025 and 2026 is not provided. DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.

    Forward-looking Statements

    This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.

    Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.

    Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; changes in global trade policies and tariffs; global supply chain disruptions; actions taken by third-party operators, producers, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; our ability to realize the anticipated benefits of the Midwest Pipeline Acquisition and our ability to manage the risks of the Midwest Pipeline Acquisition; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and greenhouse gas emissions; changes in laws and regulations or enforcement policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations; ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024 and our reports and registration statements filed from time to time with the SEC.

    The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2024, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.

    Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

                                       
    DT Midstream, Inc.
    Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)
          Three Months Ended
          December 31,   September 30,
            2024     2024
          Reported Earnings   Pre-tax Adjustments   Income Taxes (1)   Operating Earnings   Reported Earnings   Pre-tax Adjustments   Income Taxes (1)   Operating Earnings
          (millions)
      Midwest Pipeline Acquisition Tax Impact     $ —   $ 22   A         $ —   $ —    
      Louisiana Tax Impact       —     (4 ) B           —     —    
      Bridge Facility       4 C   (1 )             —     —    
      Net Income Attributable to DT Midstream $ 73   $ 4   $ 17     $ 94   $ 88   $ —   $ —   $ 88
                                       
          Year Ended
          December 31,   December 31,
            2024     2023
          Reported Earnings   Pre-tax Adjustments   Income Taxes (1)   Operating Earnings   Reported Earnings   Pre-tax Adjustments   Income Taxes (1)   Operating Earnings
          (millions)
      Midwest Pipeline Acquisition Tax Impact     $ —   $ 22   A         $ —   $ —    
      Louisiana Tax Impact       —     (2 ) B           —     —    
      Bridge Facility       4 C   (1 )             —     —    
      Net Income Attributable to DT Midstream $ 354   $ 4   $ 17     $ 375   $ 384   $ —   $ —   $ 384
                                       
    (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments
    Adjustments Key                              
    A State tax rate increase impact to deferred income tax expense due to Midwest Pipeline Acquisition
    B State tax rate reduction impact to deferred income tax expense due to enacted tax legislation
    C Bridge Facility interest expense related to funding Midwest Pipeline Acquisition
                                       
                                       
     
    DT Midstream, Inc.
    Reconciliation of Reported to Operating Earnings per diluted share (1)(non-GAAP, unaudited)
                                       
          Three Months Ended
          December 31,   September 30,
            2024     2024
          Reported Earnings   Pre-tax Adjustments   Income Taxes (2)   Operating Earnings   Reported Earnings   Pre-tax Adjustments   Income Taxes (2)   Operating Earnings
          (per share)
      Midwest Pipeline Acquisition Tax Impact     $ —   $ 0.22   A         $ —   $ —    
      Louisiana Tax Impact           (0.04 ) B           —     —    
      Bridge Facility       0.04 C   (0.01 )             —     —    
      Net Income Attributable to DT Midstream $ 0.73   $ 0.04   $ 0.17     $ 0.94   $ 0.90   $ —   $ —   $ 0.90
                                       
                                       
          Year Ended
          December 31,   December 31,
            2024     2023
          Reported Earnings   Pre-tax Adjustments   Income Taxes (2)   Operating Earnings   Reported Earnings   Pre-tax Adjustments   Income Taxes (2)   Operating Earnings
          (per share)
      Midwest Pipeline Acquisition Tax Impact     $ —   $ 0.22   A         $ —   $ —    
      Louisiana Tax Impact       —     —   B           —     —    
      Bridge Facility       0.04 C   (0.01 )             —     —    
      Net Income Attributable to DT Midstream $ 3.60   $ 0.04   $ 0.17     $ 3.81   $ 3.94   $ —   $ —   $ 3.94
                                       
    (1) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations
    (2) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments
    Adjustments Key
    		                              
    A State tax rate increase impact to deferred income tax expense due to Midwest Pipeline Acquisition
    B State tax rate reduction impact to deferred income tax expense due to enacted tax legislation
    C Bridge Facility interest expense related to funding Midwest Pipeline Acquisition
                                       
                                       
     
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)
                     
        Three Months Ended   Year Ended
        December 31,   September 30,   December 31,   December 31,
          2024       2024       2024       2023  
    Consolidated (millions)
    Net Income Attributable to DT Midstream $ 73     $ 88     $ 354     $ 384  
    Plus: Interest expense   36       38       153       150  
    Plus: Income tax expense   43       30       137       104  
    Plus: Depreciation and amortization   53       53       209       182  
    Plus: Loss from financing activities   1       4       5       —  
    Plus: EBITDA from equity method investees (1)   72       70       284       286  
    Less: Interest income   (5 )     (1 )     (7 )     (1 )
    Less: Earnings from equity method investees   (37 )     (40 )     (162 )     (177 )
    Less: Depreciation and amortization attributable to noncontrolling interests   (1 )     (1 )     (4 )     (4 )
    Adjusted EBITDA $ 235     $ 241     $ 969     $ 924  
                     
    (1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
        Three Months Ended   Year Ended
        December 31,   September 30,   December 31,   December 31,
          2024       2024       2024       2023  
        (millions)
      Earnings from equity method investees $ 37     $ 40     $ 162     $ 177  
      Plus: Depreciation and amortization attributable to equity method investees   21       20       82       82  
      Plus: Interest expense attributable to equity method investees   14       10       40       27  
      EBITDA from equity method investees $ 72     $ 70     $ 284     $ 286  
                     
                     
                     
     
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
    Pipeline Segment (non-GAAP, unaudited)
                     
        Three Months Ended   Year Ended
        December 31,   September 30,   December 31,   December 31,
          2024       2024       2024       2023  
    Pipeline (millions)
    Net Income Attributable to DT Midstream $ 60     $ 71     $ 276     $ 278  
    Plus: Interest expense   10       12       47       55  
    Plus: Income tax expense   35       24       107       75  
    Plus: Depreciation and amortization   19       18       74       69  
    Plus: Loss from financing activities   1       2       3       —  
    Plus: EBITDA from equity method investees (1)   72       70       284       286  
    Less: Interest income   (3 )     —       (4 )     (1 )
    Less: Earnings from equity method investees   (37 )     (40 )     (162 )     (177 )
    Less: Depreciation and amortization attributable to noncontrolling interests   (1 )     (1 )     (4 )     (4 )
    Adjusted EBITDA $ 156     $ 156     $ 621     $ 581  
                     
    (1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
        Three Months Ended   Year Ended
        December 31,   September 30,   December 31,   December 31,
          2024       2024       2024       2023  
        (millions)
      Earnings from equity method investees $ 37     $ 40     $ 162     $ 177  
      Plus: Depreciation and amortization attributable to equity method investees   21       20       82       82  
      Plus: Interest expense attributable to equity method investees   14     $ 10       40       27  
      EBITDA from equity method investees $ 72     $ 70     $ 284     $ 286  
                     
                     
     
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
    Gathering Segment (non-GAAP, unaudited)
                     
        Three Months Ended   Year Ended
        December 31,   September 30,   December 31,   December 31,
          2024       2024       2024       2023
      Gathering (millions)
      Net Income Attributable to DT Midstream $ 13     $ 17     $ 78     $ 106
      Plus: Interest expense   26       26       106       95
      Plus: Income tax expense   8       6       30       29
      Plus: Depreciation and amortization   34       35       135       113
      Plus: Loss from financing activities   —       2       2       —
      Less: Interest income   (2 )     (1 )     (3 )     —
      Adjusted EBITDA $ 79     $ 85     $ 348     $ 343
                     
                     
                     
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)
                       
          Three Months Ended   Year Ended
          December 31,   September 30,   December 31,   December 31,
            2024       2024       2024       2023  
      Consolidated (millions)
      Net Income Attributable to DT Midstream $ 73     $ 88     $ 354     $ 384  
      Plus: Interest expense   36       38       153       150  
      Plus: Income tax expense   43       30       137       104  
      Plus: Depreciation and amortization   53       53       209       182  
      Plus: Loss from financing activities   1       4       5       —  
      Plus: Adjustments for non-routine items (1)   —       (416 )     (416 )     (371 )
      Less: Earnings from equity method investees   (37 )     (40 )     (162 )     (177 )
      Less: Depreciation and amortization attributable to noncontrolling interests   (1 )     (1 )     (4 )     (4 )
      Plus: Dividends and distributions from equity method investees   43       465       633       623  
      Less: Cash interest expense   (60 )     (6 )     (140 )     (140 )
      Less: Cash taxes   (5 )     (4 )     (12 )     (22 )
      Less: Maintenance capital investment (2)   (13 )     (4 )     (30 )     (29 )
      Distributable Cash Flow $ 133     $ 207     $ 727     $ 700  
                       
    (1) Distributable Cash Flow calculation excludes certain items we consider non-routine. For the year ended December 31, 2024, adjustments for non-routine items included the $416 million Millennium financing distribution. For the year ended December 31, 2023, adjustments for non-routine items included the $371 million NEXUS financing distribution.
    (2) Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.
                       
                       

    The MIL Network –

  • MIL-OSI Video: State of Play: AI Governance | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    Despite the proliferation of AI governance frameworks, fragmentation and lack of coordination have hindered the responsible innovation, development and deployment of this technology.

    With AI’s global impact, how can we reduce governance gaps and foster a collaborative and interoperable approach?

    Speakers: Samir Saran, Arvind Krishna, Arthur Mensch, Clara Chappaz, Abdullah AlSwaha

    The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

    This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/
    X ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #Davos2025 #WorldEconomicForum #wef25

    https://www.youtube.com/watch?v=8Gy6pSRP5vU

    MIL OSI Video –

  • MIL-OSI United Kingdom: Trading Standards take action on illegal cigarettes

    Source: Scotland – Highland Council

    After receiving numerous complaints from businesses and the public, Highland Council Trading Standards has seized a significant quantity of illicit tobacco products from a retailer in the Highlands. This operation underlines the Council’s commitment to protecting consumers and supporting legitimate businesses.

    During a targeted inspection of several businesses, Trading Standards officers uncovered a substantial store of illicit tobacco products, including counterfeit cigarettes and hand-rolling tobacco. Some of the seized goods are pictured alongside Boo, the tobacco sniffer dog who assisted officers to find the concealed material.

    Trading Standards Manager, David MacKenzie commented, “This seizure highlights the persistent efforts of our Trading Standards team to combat the illegal tobacco trade. These products not only evade taxes but also pose serious health risks to Highland residents. We will continue to take robust action against those involved in such criminal activities.”

    It is a criminal offence under the Trade Marks Act to sell or have in your possession illicit goods which can result in a fine of up to £5000.

    Mr MacKenzie continued: “The sale of illicit tobacco undermines public health and safety, as these products often fail to meet regulatory standards.  Additionally, the illegal trade deprives the government of essential tax revenue, impacting public services and the wider community and reputable local businesses are adversely affected by the unfair competition”.

    Trading Standards works with HMRC under Operation CeCe to report illicit tobacco which fails to have the presence of unique identifiers as detailed in the Tobacco Products (Traceability and Security Features) Regulations 2019.  Where a tobacco product is found not to comply, this allows Trading Standards to refer this evidence to HMRC to consider applying a civil penalty called a sanction. For a first offence the maximum sanction is £10,000. See here for more information: https://www.gov.uk/government/news/stronger-powers-to-combat-illicit-tobacco-come-into-force

    Highland Council Trading Standards urges residents to remain vigilant and report any suspicious activities related to the sale of illicit cigarettes and tobacco. Information can be provided anonymously through the Trading Standards webpage – Report Counterfeit Goods https://self.highland.gov.uk/service/Report_counterfeit_goods

    Consumers can also report concerns and receive advice from Trading Standards partner agency Advice Direct Scotland on telephone 0808 164 6000 or at www.consumeradvice.scot

    Highland businesses can contact Trading Standards with specific queries on trading.standards@highland.gov.uk

    End of Release

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Convenor of ExCo Non-official Members speaks on Budget

    Source: Hong Kong Government special administrative region

    Convenor of ExCo Non-official Members speaks on Budget
    Convenor of ExCo Non-official Members speaks on Budget
    ******************************************************

    ​The following is issued on behalf of the Executive Council Secretariat:                Following are the remarks by the Convenor of the Non-official Members of the Executive Council (ExCo), Mrs Regina Ip, at a media session on the 2025-26 Budget in the Legislative Council Complex this afternoon (February 26):Reporter: Does the Executive Council believe that the cuts in measure in this current budget have been enough? Would it be able to lift Hong Kong out of the current deficit that we are encountering now? And the second question, does the city itself need to consider alternate revenue streams to help better balance the books in the long term, as stated by some observers? Will it consider things like sales tax or other forms of revenue increase for the Government? Thank you. Convenor of ExCo Non-official Members: The Financial Secretary made it quite clear that by the year 2027-28, I think, cumulatively, there will be 7 per cent cuts in Government expenditure. And, the Government will delete 10 000 Government positions and will ask the Director of Audit to discuss with Heads of Departments and Bureaux Directors how to achieve further savings. I think the Government is working very hard to cut back unnecessary Government expenditure. As for sources of revenue, I think it is entirely correct to stick to the “user pays” principle. The Government said that it would consider restoring tunnel fees and will consider charging cross-border private vehicles at land control points $200 per private vehicle, which is not a new proposal. It was first proposed by then Financial Secretary Anthony Leung back in 2003. And as the Government said, as the Government implements global minimum tax in accordance with the requirement of G20 nations, in the next five years, there will be $15 billion additional revenue, plus possible revenue after Government has studied the possibility of instituting basketball betting, that sort of thing, to counter illegal online betting. I think the Government is looking at different sources of revenue and also instituting cutbacks of government expenditure, which we fully welcome. Reporter: In this year’s financial budget, civil servants’ pay will be frozen and there is an adjustment on the $2 transport subsidy. What’s your opinion on such adjustment?Convenor of ExCo Non-official Members: I think freezing public servants’ pay, including our pay, legislators’ pay, is the best option forward in the present circumstances. Cutbacks will have ripple effects on the private sector, and it will affect the labour sector as well. As for the $2 transport concession, which has been the focus of much public attention, I think the Government measures introduced to make it sustainable are fairly moderate. No impact on the qualifying age of those benefiting from this concession, but would help to resolve the problem of paying very little fare for very long journeys. (Please also refer to the Chinese portion of the remarks.)

     
    Ends/Wednesday, February 26, 2025Issued at HKT 18:25

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ8:Promoting cooperation with the Belt and Road countries

    Source: Hong Kong Government special administrative region

    LCQ8:Promoting cooperation with the Belt and Road countries
    LCQ8:Promoting cooperation with the Belt and Road countries
    ***********************************************************

         Following is a question by the Hon Tang Fei and a written reply by the Secretary for Commerce and Economic Development, Mr Algernon Yau, in the Legislative Council today (February 26): Question:      It has been reported that in recent years, the Government has been actively promoting Hong Kong’s advantages as an international financial, trade and investment hub to the Belt and Road (B&R) countries, in particular the Middle East countries, and has signed a number of Memorandums of Understanding (MOUs) with the Middle East countries. In this connection, will the Government inform this Council: (1) of the number of MOUs signed between Hong Kong and the Middle East countries participating in the B&R Initiative (such as the United Arab Emirates, Saudi Arabia and Egypt) in the past three years, and set out the names of the countries, regions and relevant organizations which have signed the MOUs; (2) of the following information on the MOUs mentioned in (1): (i) the specific areas of cooperation covered, (ii) the current implementation situation, (iii) the specific assistance expected to be brought to Hong Kong’s economic development, and (iv) how to specifically implement the contents of such MOUs and ensure their effective implementation, so as to leverage their benefits to the fullest extent; and (3) whether it has plans to sign more MOUs or deepen the existing cooperation with the B&R countries, so as to attract more foreign direct investment, thereby enabling local enterprises to “go global” and consolidating Hong Kong’s role as a “super-connector”? Reply: President,      Hong Kong is an active participant, contributor and beneficiary of the Belt and Road Initiative (B&RI). We have been fully participating and contributing to the B&RI, utilising the role as a functional platform for the Belt and Road (B&R) and serving our role as a “super connector” and “super value-adder”. The Middle East region is a key area in the B&RI. The Government is committed to deepening the co-operation with B&R countries in the region through various measures.       In consultation with relevant bureaux, the consolidated reply to the Hon Tang Fei’s question is as follows: (1) and (2) The Government of the Hong Kong Special Administrative Region (HKSARG) and B&R countries in the Middle East region have signed Memoranda of Understandings (MOUs) for co-operation to help drive all round, multi field collaboration for mutual benefit to Hong Kong and the Middle East region, thereby laying a solid foundation for long-term exchange and co-operation. In the past three years, the HKSARG signed 11 MOUs with governments and related organisations in various B&R countries in the Middle East region (tabulated at Annex), with scope covering finance, investment promotion, legal, anti-corruption co-operation and customs co-operation. Relevant bureaux and departments of the HKSARG have been implementing and taking forward the related co-operation, and continue to maintain close contact with relevant governments and related organisations in B&R countries in the Middle East region, with a view to boosting the benefits of these co-operation.      In addition, the business sector and relevant organisations in Hong Kong have been actively engaging in co-operation and signing MOUs with various B&R countries in the Middle East region. These non-governmental MOUs are not covered at Annex. (3) The Government will continue to deepen the co-operation with B&R countries in the Middle East region through a range of measures, including: (a) Expanding economic and trade networks      The Government will continue to expand our economic and trade networks, with a view to facilitating Hong Kong enterprises and investors in expanding into the Middle East region markets and promoting the long-term economic development of Hong Kong. The Government established the Hong Kong Economic and Trade Office (ETO) in Dubai in October 2021 to strengthen Hong Kong’s economic and trade relations with trading partners in the region. The Government is following up on the establishment of an ETO in Riyadh, Saudi Arabia, while Invest Hong Kong (InvestHK) set up a consultant office in Cairo, Egypt in July 2024 and commenced operation of its consultant office in Izmir, Türkiye’s third largest city, in January this year to explore emerging markets in the region; (b) Negotiating and signing bilateral agreements      Hong Kong has signed 24 Investment Promotion and Protection Agreements (IPPAs) with 33 overseas economies (including B&R economies), including Bahrain, Kuwait, Türkiye and the United Arab Emirates (UAE). The Government is negotiating an IPPA with Saudi Arabia with a view to concluding the negotiations as soon as possible. We also plan to commence negotiations with Egypt. In addition, Hong Kong has signed Comprehensive Avoidance of Double Taxation Agreements with 49 overseas jurisdictions (including B&R jurisdictions), including Bahrain, Kuwait, Qatar, and Türkiye; (c) Organising outbound visits      In February 2023, the Chief Executive led an over 30-strong high-level business delegation, comprising representatives of the Government and the business sectors as well as professionals, to visit the Middle East region, promoting the unique advantages of Hong Kong to local government and business sectors in Saudi Arabia and the UAE;       In May 2024, the Secretary for Justice led a delegation comprising representatives from the Law Society of Hong Kong, the Hong Kong Bar Association, the Hong Kong Exchanges and Clearing Limited, InvestHK and related sectors to visit Saudi Arabia and the UAE to promote Hong Kong’s legal and dispute resolution services and enhance co-operation and exchanges between Hong Kong and the Middle East region;      In October 2024, the Financial Secretary led a business delegation of over 100 members, including representatives from the finance as well as innovation and technology (I&T) sectors, on a visit to Saudi Arabia. This visit aimed to strengthen and deepen connections between Hong Kong and the Middle East in trade, finance, and I&T, and included participation in the 8th Future Investment Initiative (FII) Conference. The visit yielded fruitful results, facilitated a number of joint projects, including the listing of two exchange-traded funds tracking Hong Kong stocks in the local market, investment pitches by over 20 Hong Kong startups during the FII Conference, and 11 co-operation agreements signed between Hong Kong institutions and companies and their Saudi counterparts. These co-operation agreements include an MOU signed by the Hong Kong Monetary Authority and the Public Investment Fund of Saudi Arabia to jointly establish a US$1 billion investment fund focused on investing in companies connected to Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area engaged in sectors such as manufacturing, renewable energy, fintech and healthcare, to expand in Saudi Arabia. This initiative will provide a platform for these companies to expand their international business. Additionally, the Hong Kong Science and Technology Parks Corporation signed a co-operation agreement with the FII Institute to enhance collaboration, exchange, and knowledge sharing;      The Government will continue to organise a number of outbound missions to markets in the Middle East region to assist Hong Kong enterprises and professional services to further expand business opportunities and build long-lasting collaborative relationships with relevant local enterprises and organisations; and (d) Organising major events      The Commerce and Economic Development Bureau will continue to actively organise various major events to promote Hong Kong’s advantages and facilitate business matching and project participation between Hong Kong and the Middle East region. In April 2024, the Belt and Road Office (BRO) partnered with NEOM of Saudi Arabia to organise the “Discover NEOM Hong Kong” roadshow, which attracted around 1 100 participants, including enterprises, investors and professional representatives from the Mainland and Hong Kong. During the roadshow, the BRO organised two business matching sessions, facilitating potential collaborations between 40 Hong Kong and Mainland enterprises and NEOM. Hong Kong has been organising the Belt and Road Summit (Summit) annually since 2016, and the Summit has been recognised by our country as a case of significance for the implementation of the B&RI in building a global community of shared future. The ninth Summit was held on September 11 and 12, 2024, and attracted around 6 000 government officials and business leaders from over 70 B&R countries and regions (including the Middle East region), as well as more than 100 delegations. The BRO has also organised 10 exchange sessions since November 2023, inviting Consul Generals from B&R countries (including relevant countries in the Middle East region) in Hong Kong as well as representatives of professional bodies and enterprises to share the opportunities and relevant experience in B&R countries.

     
    Ends/Wednesday, February 26, 2025Issued at HKT 18:18

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  • MIL-OSI Asia-Pac: Budget: Accelerating Development through Reform and Innovation

    Source: Hong Kong Government special administrative region

    Budget: Accelerating Development through Reform and Innovation
    Budget: Accelerating Development through Reform and Innovation
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         The Financial Secretary, Mr Paul Chan, unveiled today (February 26) his 2025-26 Budget. He noted that while geopolitical situation might bring risks, technology reform and artificial intelligence (AI) development are remoulding the global landscape, leading to the emergence of new industries, new forms of business, new products and new services. He stressed that Hong Kong must seize the opportunity to make the most out of this critical window to speed up development, establishing the new before abolishing the old. He also emphasised that transformation and innovation will lead the way into the future, and the Government is poised to fast-track the high-quality development of Hong Kong’s economy.      The Budget presents a series of measures aimed at accelerating the cultivation of new quality productive forces. On innovation and technology (I&T), the Government will promote Hong Kong into an international exchange and co-operation hub for the AI industry. Through frontier research and real-world application, the Government will endeavour to develop AI as a core industry and empower traditional industries in their upgrading and transformation. To spearhead and support Hong Kong’s innovative research and development as well as industrial application of AI, the Government will establish the Hong Kong AI Research and Development Institute and launch the Pilot Manufacturing and Production Line Upgrade Support Scheme (Manufacturing+). On finance, the Government will continue to take forward reforms to the listing regime, host the Hong Kong Global Financial and Industry Summit, and formulate a plan this year on promoting gold market development.      To seize the opportunities brought about by the rapid advancement of innovation and technology, the Budget highlights the need to accelerate the development of the Northern Metropolis, which is an investment in Hong Kong’s future. The Government will continue to accord priority to providing resources for this initiative, which primarily includes providing large tracts of I&T land at the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, together with San Tin Technopole; adopting an innovative mindset in piloting “large-scale land disposal”; developing a data facility cluster at Sandy Ridge; as well as identifying suitable sites in the Northern Metropolis for the construction of conference and exhibition facilities.     On the promotion of tourism, funding will be allocated to pursue the concept of “tourism is everywhere” and implement the Development Blueprint for Hong Kong’s Tourism Industry 2.0. A study will be conducted on the development of the waterfront and former sites to the south of the Hung Hom Station into a new harbourfront landmark, including a yacht club.     Regarding land supply, Mr Chan announced that the Government will not roll out any commercial site for sale in the coming year in view of the high vacancy rates of offices in recent years to allow the market to absorb the existing supply. The Government will also consider rezoning some of the commercial sites into residential use and allowing greater flexibility of land use. To tie in with the relevant work, the deadline for completing in-situ land exchange for commercial sites in the town centre of the Hung Shui Kiu/Ha Tsuen New Development Area will be extended.     Mr Chan proposed a reinforced version of the fiscal consolidation programme to focus on strictly controlling government expenditure, supplemented by increasing revenue, to restore fiscal balance in the Operating Account, in a planned and progressive manner, within the current term of the Government. For 2025-26, the executive authorities, the legislature, the judiciary and members of the District Councils, including members of the civil service, take a pay freeze. The Government will step up the Productivity Enhancement Programme; compared with 2023-24, the recurrent expenditure in 2027-28 will record a cumulative reduction by 7 per cent and deliver a saving of $27.3 billion. By April 2027, about 10 000 posts of the civil service establishment are expected to be deleted within this term of Government. The Government will also deliver more efficient public services to citizens through leveraging technology, streamlining processes and driving the digital transformation of public services. In the Budget, it is proposed to adjust two transport subsidy schemes, namely putting forward the “$2 flat rate cum 80 per cent discount” in the Government Public Transport Fare Concession Scheme for the Elderly and Eligible Persons with Disabilities ($2 Scheme), and raising the threshold for receiving the subsidy under the Public Transport Fare Subsidy Scheme from $400 to $500, with the prevailing subsidy cap at $400 per month remaining unchanged. He will uphold the “user pays” and the “affordable users pay” principles as far as practicable while increasing revenue, including increasing the air passenger departure tax, and reviewing the tolls of government tunnels and trunk roads. The Government will suitably expand the size of bond issuance on the premise of maintaining healthy public finances and use the funds raised on infrastructure works in a proper and flexible manner to invest in Hong Kong’s future and create value for society.     Mr Chan concluded that he has full confidence in and high expectations for the future of Hong Kong, because Hong Kong people are intelligent, creative and tireless in contributing to the economic development. More importantly, he is confident due to the staunch and unwavering support received from the country and Hong Kong people’s profound insight into the major development trends of the future, as well as the city’s enviable and advantageous position.     For more details on the 2025-26 Budget, click here.

     
    Ends/Wednesday, February 26, 2025Issued at HKT 17:30

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  • MIL-OSI Asia-Pac: LCQ5: Modular Integrated Construction method

    Source: Hong Kong Government special administrative region

    LCQ5: Modular Integrated Construction method
    LCQ5: Modular Integrated Construction method
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         Following is a question by the Hon Eunice Yung and a written reply by the Secretary for Development, Ms Bernadette Linn, in the Legislative Council today (February 26): Question:      ​There are views pointing out that in recent years, the Government has been actively promoting the construction of buildings by adopting the Modular Integrated Construction method (MiC), but the buildings constructed by adopting MiC vary in quality (e.g. more serious water leakage or seepage), and there are more design constraints (e.g. thicker walls and standardised flat layouts). In this connection, will the Government inform this Council: (1) whether it has compiled statistics on the following information on buildings constructed by adopting MiC: (i) the number of buildings (set out by types of buildings); (ii) the respective numbers of buildings and units provided under transitional housing, public rental housing, Home Ownership Scheme and private developments constructed by adopting MiC in each of the past five years; and (iii) the number of complaints about building quality problems received by the Government in the past five years and, among them, the respective numbers of cases which were successfully handled and could not be handled, with a breakdown by the contents of the complaints (including (a) water leakage, (b) ‍water seepage and (c) others); (2) of the following information on buildings constructed by adopting MiC and involved alteration of layouts in the past five years: (i) the number of applications for change of layout plans received by the Government, as well as the number of applications approved and the reasons for unsuccessful applications; and (ii) the number of cases in which the Government found that the buildings concerned involved unauthorised alterations to the layouts, and the details of the follow-up actions taken; (3) as there are views that more buildings problems have occurred in buildings constructed by adopting MiC, whether the Government has conducted studies in this regard and whether it has plans to further enhance regulation so as to improve the quality of such buildings; if so, of the details; if not, the reasons for that; and (4) whether the Government has plans to further promote the adoption of MiC; if so, how the Government will ameliorate the problems related to building quality and design arising from the adoption of MiC, and how it will encourage the industry to adopt MiC; if not, of the reasons for that? Reply: President,      ​Hong Kong construction industry has been facing challenges, including declining productivity, relatively high construction costs, and site safety issues. In recent years, the industry has been encouraged to adopt innovative construction technologies, new construction materials, and new construction methodologies to address these challenges comprehensively. Modular Integrated Construction (MiC) is one of the key initiatives  promoted by the Development Bureau (DEVB) since 2017. MiC is based on the “factory assembly followed by on-site installation” concept, which transfers the traditional on-site construction processes to factories. Freestanding MiC modules, including structure, interior fitting-outs and mechanical and electrical installations, are pre-fabricated off-site in factories and then transported to the site for assembly into buildings.      My reply in response to various parts of the question raised by the Hon Eunice Yung is as follows: (1) Completed MiC Projects in the past five years (2020-2024) (excluding emergency anti-epidemic facilities established in past years): 

    MiC Project
    Completed Projects (MiC Units)

    A. Public Works Programme

    4 (approx. 120)

    Elderly Care Homes

    1 (approx. 290)

    5 (approx. 4 300)

    Government Offices

    1 (approx. 20)

    B. Public Housing

    Transitional Housing

    32 (approx. 15 900)

    Elderly Housing

    1 (approx. 60)

    Subsidised Sale Housing

    1 (approx. 300)

    C. Private Housing
    1 (approx. 200)

    D. Others (Single-unit building)
    5 (approx. 5)

              Among the above completed MiC projects, according to records maintained by the relevant management parties, approximately one per cent of the units experienced cases of water leakage or water seepage. This percentage is lower than that of traditional construction methods, and there is no evidence to suggest that the water leakage or water seepage was related to the use of MiC. Most of these cases have been resolved, with only a few remaining under processing. (2) For MiC projects that are planned, under construction, or already completed as aforementioned, government departments have not received any applications for modifications to MiC partitions. (3) In terms of quality, MiC modules are assembled in factories using advanced automation and process management technologies. This allows manufacturers and supervisors to accurately and effectively monitor every detail of the assembly process, including material quality and deployment, assembly procedures, and product testing, ensuring that all completed MiC modules meet quality requirements.  Taking product testing as an example, each MiC module undergoes a series of tests related to structure, finishes, and electrical and mechanical installations before leaving the factory, including comprehensive water leakage and water seepage tests. If any quality issues arise, the causes can be easily and accurately identified and rectified. Additionally, each MiC module is equipped with an identification code to facilitate future maintenance. In terms of design, MiC is suitable for various layouts and building types, including housing, hostels, elderly care homes, schools, office buildings, data centres, and medical buildings. Large rooms such as classrooms and medical wards can be formed by combining multiple MiC modules. Currently, MiC construction technologies can minimise wall thickness and avoid double partition between modules, thereby enhancing the usability of indoor space. Besides its high quality and versatility, MiC also helps reduce on-site labour demand and shorten construction time, improving construction efficiency, reducing material waste, and enhancing site safety.      The University of Hong Kong conducted research on MiC pilot projects and found that the construction time for MiC is shortened by approximately 30 per cent to 50 per cent compared to traditional construction methods, on-site productivity increased by 100 per cent to 400 per cent, and construction costs are reduced by at least 10 per cent. In addition, the research confirmed that MiC outperforms traditional construction methods in terms of quality, environmental protection, and safety.      To enhance industry confidence in MiC quality, the DEVB has commissioned the Building Technology Research Institute (BTRi) to implement the MiC Manufacturer Accreditation Scheme, which started accepting applications in November last year. This scheme ensures that certified MiC manufacturers meet project requirements in management, production, and transportation, while also complying with relevant laws and regulations. (4) The Government leads by example through pilot projects and public works projects that adopt MiC, gaining experience and sharing it with the industry to promote wider use of MiC. To improve project design, the DEVB has established a MiC Dedicated Section that provides advice, technical support, and shares past project experiences during the MiC project design phase to optimise MiC design and fully leverage its advantages.      To encourage wider use of MiC by developers, the Government has introduced several measures, including a 10 per cent concession on MiC gross floor area and site coverage, a four per cent storey height concession for MiC floors, subsidies under the Construction Innovation and Technology Fund, and enhanced communication and collaboration with relevant departments to facilitate project approvals.      Additionally, the Hong Kong Construction Industry Council, Hong Kong Institute of Construction, and related associations are collaborating to enhance MiC site personnel training, including workers, supervisors, technicians, and project managers. They are also encouraging construction professionals to engage in more technological innovation and high-quality design to promote the development of the MiC industry.      In March of last year, the DEVB and the Department of Housing and Urban-Rural Development of Guangdong Province signed the Letter of Intent on Strengthening Guangdong-Hong Kong Cooperation in Construction and Related Engineering Sectors, deepening co-operation between Guangdong and Hong Kong in construction and engineering sectors. This includes developing MiC as a quality productive force to contribute to the high-quality national development. The goal is to make the Greater Bay Area a centre of MiC technology centre, turning MiC into a strategic industry that facilitates the exploration of overseas markets.

     
    Ends/Wednesday, February 26, 2025Issued at HKT 17:02

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  • MIL-OSI Asia-Pac: LCQ6: Commemorative activities for 80th anniversary of victory in War of Resistance

    Source: Hong Kong Government special administrative region

    LCQ6: Commemorative activities for 80th anniversary of victory in War of Resistance
    LCQ6: Commemorative activities for 80th anniversary of victory in War of Resistance
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         Following is a question by the Hon Chan Yung and a written reply by the Secretary for Constitutional and Mainland Affairs, Mr Erick Tsang Kwok-wai, in the Legislative Council today (February 26): Question:      This year marks the 80th anniversary of victory in the War of Resistance, and it is learnt that the Government will host a series of commemorative activities. In this connection, will the Government inform this Council: (1) whether it will set up a “Preparatory Committee for commemorative activities for the 80th anniversary of Hong Kong’s victory in the War ‍of Resistance” led by the Working Group on Patriotic Education, and extensively invite the participation of representatives of community organisations to co-ordinate the relevant activities; if so, of the expected time to commence such work; (2) of the key activities to be hosted to commemorate the 80th ‍anniversary of victory in the War of Resistance, so as to strengthen the sense of patriotism among the public while disseminating the message of peace; (3) how it will take the opportunity to make good use of the rich resources of the history of the War of Resistance in Hong Kong to promote the development of red tourism; and (4) how it will collaborate with the relevant Central authorities and other cities in the Guangdong-Hong Kong-Macao Greater Bay Area in jointly commemorating the 80th anniversary of victory in the War of Resistance? Reply: President,      Having consulted the relevant bureaux, a consolidated reply in response to the questions raised by the Hon Chan Yung is as follows:           This year marks the 80th anniversary of victory in the War of Resistance. The Chief Executive announced in the 2024 Policy Address that the Hong Kong Special Administrative Region (HKSAR) Government will host commemorative activities to strengthen the sense of patriotism. In terms of implementation, the Working Group on Patriotic Education led by the Chief Secretary for Administration will co-ordinate relevant bureaux and departments in launching a series of commemorative activities, including: (a) The HKSAR Government will host a solemn official ceremony at the Hong Kong City Hall Memorial Garden on September 3, the Victory Day of the War of Resistance, to honour the occasion. The commemoration will feature a rendition of the national anthem, ceremonial flag raising, a Rifle Volley by the Police Rifle Squad, an observation of silence, and bowing in tribute. The attendance at the ceremony will include the Chief Executive and senior government officials, representatives of the organs of the Central People’s Government in Hong Kong, former Chief Executives, members of the Executive Council, members of the Legislative Council, representatives of war veterans’ groups, HKSAR deputies to the National People’s Congress, HKSAR members of the National Committee of the Chinese People’s Political Consultative Conference, representatives of District Councils, representatives of Heung Yee Kuk, representatives of district organisations, members of uniformed groups and youth groups, etc; (b) With the funding and support from the Home Affairs Department, three major associations, namely the Hong Kong Island Federation, the Kowloon Federation of Associations and the New Territories Association of Societies, will organise activities on September 3 to commemorate the victory of the War of Resistance. Examples of these activities include a talk by veterans to recount their experiences during the War and a film show about the War, with a view to deepening the understanding among members of the public about the historical events of the War of Resistance on the Mainland and in Hong Kong and fostering their sense of patriotism; (c) The Hong Kong Museum of History (HKMH) under the Leisure and Cultural Services Department (LCSD) is currently liaising closely with the National Museum of China on co-organising a large-scale thematic exhibition scheduled to launch in early September for a period of about three months. The exhibition will mainly feature our country’s unyielding spirit of resistance during the War, as well as contents on Hong Kong people’s support for the Mainland compatriots, and the three years and eight months of Japanese occupation of Hong Kong, with a view to giving Hong Kong citizens (particularly the younger generation) a better understanding of the War of Resistance; (d) The Hong Kong Museum of the War of Resistance and Coastal Defence (MWRCD) is planning to collaborate with the Guangdong Museum of Revolutionary History to jointly organise a thematic exhibition on the 80th anniversary of victory in the War of Resistance. The exhibition will focus on an overview of the anti war activities of the Chinese Communist Party in Guangdong Province and Hong Kong during the War of Resistance. Through the display of valuable exhibits, historical photographs and multi-media programmes, the exhibition aims to enlighten the public about the history of the War, thereby promoting and inheriting the spirit of patriotic education; (e) The LCSD museums will also organise a diverse array of public and educational programmes, including thematic talks, workshops, field trips, and film screenings to raise public awareness of the history of the War of Resistance; (f) The LCSD will, from August to December, organise a thematic talk “Reapproaching the Japanese Occupation of Hong Kong from interactive map, 1941-1945” and a book display “Days of War” at the Hong Kong Central Library, as well as book displays, photo exhibitions and thematic talks at public libraries in different districts to introduce relevant collections and information, so as to enable citizens to learn about the history of the War of Resistance as well as the unity and resilience of the Chinese people in the fight for peace. These include the thematic talk cum roving exhibition “War of Resistance in Hong Kong: Sai Kung” to be held in Sai Kung District, guided tours of the Hong Kong Sha Tau Kok Anti-war Memorial Hall to be held in North District, and thematic talk series “Wartime Sham Shui Po” to be held in Sham Shui Po District, etc; (g) In terms of teachers and students, the Education Bureau (EDB) has always attached great emphasis on the education about the history of the War of Resistance, and continuously organises relevant activities for teachers and students to help them understand the history of the War and the heroic deeds of the martyrs, experience the indomitable spirit of the Chinese nation, learn to cherish peace through remembering history, as well as cultivate their sense of identity, belonging, responsibility and patriotic spirit. On teacher training activities, the EDB plans to organise an academic seminar on the 80th anniversary of victory in the War of Resistance, lecture on the contributions of the Hong Kong and Kowloon Independent Brigade of the East River Column, visits to places such as the Chinese People’s Liberation Army Hong Kong Garrison Exhibition Center at Ngong Shuen Chau Barracks, the Hong Kong Sha Tau Kok Anti-Japanese War Memorial Hall, and the Wu Kau Tang Martyrs Memorial Garden, as well as a study tour for teachers in the Guangdong-Hong Kong-Macao Greater Bay Area themed on the footprints in relation to the War of Resistance. On student activities, the EDB plans to roll out the “Visual Narrative of the War of Resistance: Territory-wide Creative Competition”, the History e-Reading Award Scheme themed on the 80th anniversary of victory in the War of Resistance, the second “Learn from Museums – Novice Curator Training Programme” co-organised with the Hong Kong Museum of the War of Resistance and Coastal Defence, as well as field study activities related to the history of the War of Resistance in both the local region and the Mainland; and (h) The Information Services Department is actively planning to collaborate with relevant government organisations on programme production under the theme of “Commemorating the 80th Anniversary of Victory in the War of Resistance”, so as to promote patriotic education through storytelling in a vivid manner.      To make good use of the abundant resources relating to the history of the War of Resistance in Hong Kong to promoting characteristic tourism, the Tourism Commission, in collaboration with the Agriculture, Fisheries and Conservation Department (AFCD), has been taking forward the Enhancement of Hiking Trails (the Project) since 2018 to enhance the tourism supporting facilities of 20 hiking trails in country parks which are popular and with tourism potential. The Project covers hiking trails relating to war history, namely Lion Rock Historic Walk, Shing Mun War Relics Trail and Luk Keng War Relics Trail. The AFCD completed the enhancement works at Lion Rock Historic Walk in December 2023, whereas those at Shing Mun War Relics Trail and Luk Keng War Relics Trail are expected to be completed progressively in 2026. In addition, the AFCD installed at the Robin’s Nest Country Park interpretation panels about its war relics and the deeds of nearby villagers at the War of Resistance, and produced a video for broadcasting on social media platforms, thereby showcasing the history of the War of Resistance at the Robin’s Nest Country Park. The HKSAR Government will continue to encourage the trade to make better use of the abundant resources relating to the history of the War of Resistance to develop more unique tourism products covering different themes of in-depth tours.           Besides, to preserve the history of the War of Resistance in Hong Kong, the MWRCD has commenced relevant historical research with a view to providing related historical information for the War of Resistance heritage trails to be set up by responsible government departments in the future. The information will offer the public an insight into the history of the War of Resistance, and enrich their travel experience.

     
    Ends/Wednesday, February 26, 2025Issued at HKT 15:30

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  • MIL-OSI Asia-Pac: LCQ19: Improving the Government’s human resources planning

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Mrs Regina Ip and a written reply by the Secretary for the Civil Service, Mrs Ingrid Yeung, in the Legislative Council today (February 26): Question:     It is learnt that the number of posts in the civil service establishment dropped from around 193 000 as at March 31, 2022 to 191 742 as at September 30 last year, while the civil service strength fell from around 176 000 to 172 499. On the other hand, there are views that the Government may further enhance its administrative efficiency by making good use of innovative technology and improving the existing human resources planning. In this connection, will the Government inform this Council:(1) whether the Government will review the existing establishment structure and integrate posts with similar or overlapping functions as appropriate; if so, of the details and the implementation timetable; if not, the reasons for that;(2) given that as indicated on November 20 last year in its reply to a question raised by a Member of this Council, the Government had started to provide a generative AI document processing copilot application (the AI application) developed by the Hong Kong Generative AI Research and Development Center for internal trial use by government staff to perform document processing work like drafting, translation and summarisation of documents, of the following information regarding the AI application: (i) the government departments using the AI application on a trial basis, (ii) the percentage of government documents drafted with the assistance of the AI application out of the total number of government documents and (iii) the Government’s savings in time and manpower costs after using the AI application;(3) whether the Government will further utilise the AI application to handle more routine document processing work so as to further release manpower; if so, of the details and the implementation timetable; if not, the reasons for that;(4) whether the Government has currently formulated policies and measures to streamline the government structure and enhance administrative efficiency; if so, of the details; if not, the reasons for that; and(5) whether the Government will consider setting up a high-level steering committee to assist itself in reviewing on a regular basis the establishment and functions of various government departments, as well as the application of various innovative technologies in government departments, and to make recommendations on the addition or deletion of posts within the establishment; if so, of the details and the implementation timetable; if not, the reasons for that?Reply:President,     Regarding the question raised by Hon Mrs Regina IP, we have consulted the Innovation, Technology and Industry Bureau, and our consolidated reply is as follows: (1), (4) & (5) The Civil Service Bureau (CSB) has been committed to enhancing the efficiency and effectiveness of the civil service, encouraging various policy bureaux/departments (B/Ds) to regularly review and appropriately deploy their manpower to effectively implement government policies and initiatives.     To strictly control the civil service establishment and ensure the sustainability of public finances, the Government has implemented the zero-growth policy in the overall civil service establishment since 2021-22. B/Ds have improved their work efficiency through re-organisation of work and internal redeployment, etc. It is anticipated that by March 31, 2025, the civil service establishment will have reduced, on a cumulative basis, by approximately 2 000 posts from the level as at end-March 2021.     The adjustment of the civil service establishment must adhere to the two principles of stability and sustainable development, balancing the manpower requirements of B/Ds to effectively provide existing and new services and the need to streamline the civil service. The current term Government will continue to strictly control the growth of the civil service establishment and optimise the use of manpower resources through the application of technology, for serving the society and citizens with dedication.     We have all along been mindful of the functions of different grades and ranks as to whether they are very similar or largely overlap, and will make adjustments or consolidation accordingly. We are also mindful of the need to update and adjust the functions of certain grades due to technology advancement. For instance, the demand for typing services has significantly dropped following the prevalence of the use of computers. As a result, the Government stopped the recruitment of Typists more than two decades ago and gradually re-appointed the serving Typists as Clerical Assistants through the In-service Appointment Scheme (IAS) and the provision of appropriate training. Apart from the continued delivery of clerical services, those Clerical Assistants re-appointed from Typists also provide frontline customer services and carry out various supporting work at B/Ds. After multiple rounds of IAS and through natural wastage, the number of Typists, which once exceeded 3 000 at its peak, has been successfully reduced to some 120 at the end of last year. The functions of the Typists now remaining have also been adjusted. In addition to handling Chinese and English clerical work through the use of word-processing softwares, they perform data entry or other clerical duties in law enforcement departments or departments which process large amounts of personal data (e.g. Inland Revenue Department).     Individual civil service grades whose future manpower needs are uncertain, such as those with surplus staff or those undergoing institutional reviews, are classified as “Controlled Grades” by the CSB. These grades require the CSB’s approval before open recruitment, which is not lightly granted unless they have clear prospect for development and the demand for manpower is obvious and certain. Under these “controlled” circumstances, B/Ds must seek alternative solutions to handle the responsibilities of these grades, including integrating the duties of the “Controlled Grades” with other grades.     The above-mentioned work has been carried out by the Government on a long-term basis without a fixed timeline.     The operation of B/Ds and the work of civil servants must keep pace with the times. The Supplement to the Chief Executive’s 2024 Policy Address has set out the initiative of promoting the adoption of management measures and digitalisation among B/Ds to reprioritise and re-organise their work, capitalise on technology solutions, and streamline work processes, with a view to optimising the use of the civil service manpower resources. With assistance from the Digital Policy Office (DPO), the CSB will drive these initiatives among B/Ds in 2025, with a view to deploying human resources more appropriately and enhancing the efficiency and effectiveness of the civil service. The DPO will continue to lead various B/Ds in applying innovative technologies and accelerating the development of digital government. The DPO will also actively support the above-mentioned measures of promoting digitalisation for optimising the use of civil service manpower resources, thereby enhancing government efficiency and services.(2) & (3) The Government has started the pilot use of a generative artificial intelligence document processing copilot application (the Application) developed by the Hong Kong Generative AI Research and Development Center (HKGAI) under InnoHK since mid-2024 to assist government officers in handling document processing tasks such as drafting, translation, and summarisation of documents. The DPO has invited all B/Ds to arrange their officers of different grades to participate in this pilot use exercise.     The Application is currently at the development stage. The purpose of conducting the pilot use exercise is to collect the government officers’ feedback on using the Application according to their operational needs, thus facilitating HKGAI in further training and optimising its large language model and the Application. The DPO does not, at the current stage, maintain information on the percentage of documents processed in the pilot use against all the government documents, as well as the time and manpower costs saved. In the longer term, the Application will help reduce the manpower required for government officers to handle general document processing tasks, allowing manpower to be deployed to other areas of need, thereby creating maximum value.     The DPO will continue to co-ordinate with various B/Ds to extend the pilot use of the Application to more government officers in handling the tasks of drafting, translation, and summarisation of documents, and through the collection of user feedback, to assist HKGAI in optimising the Application’s performance in handling document processing work.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Remarks by CS on 2025-26 Budget

    Source: Hong Kong Government special administrative region

         Following are the remarks by the Chief Secretary for Administration, Mr Chan Kwok-ki, at a media session at the Legislative Council Complex after the Financial Secretary delivered the Speech on the 2025-26 Budget today (February 26):

         Just now, the Financial Secretary delivered the 2025-26 Budget.

         Over the past year, the Government has worked closely with various sectors of the community to strive for economic growth and development, actively seizing national and international opportunities to drive the economy forward.

         However, as a small and externally oriented economy, Hong Kong has inevitably encountered various challenges in the face of a complicated and volatile external environment.

         This year’s Budget is comprehensive, well balanced, and pragmatic.  While promoting development, reform and innovation, it also focuses on controlling government expenditure and increasing government revenue where appropriate, demonstrating the Government’s determination to make the best use of public resources for sustainable economic development.

         Some highlights of the Budget include: 

         First, aligning with the national strategy of accelerating the development of new quality productive forces.  

         The Budget strategically allocates resources to promote artificial intelligence as a core industry and empower industry development through technology, with a view to developing Hong Kong into an international innovation and technology hub.  

         In particular, through the development of the Hetao Co-operation Zone, we will accelerate the development of emerging industries and achieve a more diversified economic structure.    

         Second, strengthening foundation to accelerate development.

         The Budget proposes a number of measures to leverage our strategic positioning as the “three centres and a hub”, that is international financial, shipping and trade centres, and international hub for high-calibre talent, to strengthen industries with a competitive edge, and enhance collaboration with cities in the Greater Bay Area.  

         We will attract more enterprises to establish their presence in Hong Kong, and proactively deepen the co-operation with emerging markets such as Southeast Asia and the Middle East, with a view to attracting enterprises, capital and talent from all over the world.

         Third, reinforcing fiscal consolidation programme. 

         In the face of the pressure on public finances, the Budget introduces various measures to manage expenditure growth, make good use of the Government’s fiscal resources, and identify new revenue sources with a view to ensuring fiscal health for development and future investment.  

         At the same time, the Government will ensure the delivery of high-standard public services, maintain Hong Kong’s competitiveness, and minimise the impact to the general public.  

         In addition, the Budget continues to support citizens and businesses, providing taxes and rates reduction, injection into the BUD Fund (Dedicated Fund on Branding, Upgrading and Domestic Sales) and the Export Marketing and Trade and Industrial Organisation Support Fund, and extra allowance for social security payment recipients.

         All in all, I fully support this year’s Budget, and hope the Legislative Council will promptly scrutinise and approve the appropriation bill.  

         With the strong support of our country, the Government will continue to join hands with all sectors of the community to seize opportunities and leverage our advantages under “one country, two systems” to strengthen the economy and build a better future for all of us.

         Thank you very much.

    (Please also refer to the Chinese portion of the remarks.)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ13: After-school care and support services for students

    Source: Hong Kong Government special administrative region

    LCQ13: After-school care and support services for students
    LCQ13: After-school care and support services for students
    **********************************************************

         Following is a question by the Hon Kenneth Leung and a written reply by the Secretary for Labour and Welfare, Mr Chris Sun, in the Legislative Council today (February 26): Question:      In order to enable students in need to stay at school outside school hours for care and learning support and allow their parents to take up jobs, the Government has proposed in the 2024 Policy Address to extend the School-‍based After-School Care Service Scheme to cover over 110 primary schools in the 18 districts across the territory. In parallel, the Education Bureau has set up the School-based After-school Learning and Support Programmes to support schools in providing after-school learning activities for needy students. Alongside in the community, after-school care services run by non-governmental organisations (NGOs) provide homework guidance, skill development and social activities for primary school children. In this connection, will the Government inform this Council: (1) of the respective numbers of (i) Primary One to Primary Six students and (ii) primary schools in various districts, as well as (I) ‍participating schools/centres (with the number of their service places) and (II) beneficiaries (with the utilisation rates) of (a) the School-based After-School Care Service Scheme, (b) the School-‍based After-school Learning and Support Programmes and (c) the after-school care services run by NGOs over the past two years (set out by District Council district in the following table);

    District Council district
    (i)
    (ii)
    (a)
    (b)
    (c)

    (I)
    (II)
    (I)
    (II)
    (I)
    (II)

    ……
     
     
     
     
     
     
     
     

    Total
     
     
     
     
     
     
     
     

     (2) in respect of the three types of after-school care and support service/scheme/programme mentioned in (1)(a) to (c), of the following information for each of them over the past two years: (i) ‍the overall expenditure, (ii) the average amount of government funding received by each school/centre in respect of the relevant service/scheme/programme and (iii) the amount of subsidy per student; (3) in respect of the three types of after-school care and support service/scheme/programme mentioned in (1)(a) to (c), of the respective numbers of beneficiaries under each of them over the past two years who were from (i) single-parent families, (ii) families receiving Comprehensive Social Security Assistance and (iii) ‍families receiving full grant under the Student Financial Assistance Schemes for primary and secondary school students, as well as the respective percentages of students with special educational needs under each type of service/scheme/programme; (4) of the current number of after-school care service units mentioned in (1)(c) which offer pick-up and drop-off arrangements for students so that students can be sent to such units after school for care services; whether the authorities have provided resources to assist these service units in offering pick-up and drop-off arrangements; if not, of the reasons for that; (5) given that many dual working parents have indicated that one of the difficulties they encounter is bringing their children to and from schools, whether the authorities will, in the long run, consider developing student escort platforms or services in the community using different modes such as innovative technology and neighbourhood support, so as to facilitate dual working parents in picking up and dropping off their children; and (6) as there are views pointing out that while the three types of after-‍school care and support service/scheme/programme mentioned in (1)(a) to (c) are mainly targeted at underprivileged families at present, dual working families in general have a need for such services too, whether the authorities will conduct a comprehensive review and consolidate such service/scheme/programme, so that they can be extended to cover dual working families; if so, of the details; if not, the reasons for that?Reply: President,      The Labour and Welfare Bureau, the Education Bureau (EDB) and the Social Welfare Department (SWD) have implemented the School-based After School Care Service Scheme since the 2023/24 school year. Under the Scheme, participating schools will provide venues, and the Community Care Fund will provide funding for non-governmental organisations (NGOs) to provide services for students in need (particularly those from single-parent families) to stay at school after-school hours for care and learning support in a safe and familiar environment, thereby allowing their parents to take up jobs. In addition, the EDB implements the School-based After-school Learning and Support Programmes (SALSP) to support needy students to participate in after-school learning activities with a view to facilitating their whole-person and all-round development. The SWD provides the Fee-waiving Subsidy Scheme (FWSS) under After School Care Programme (ASCP) to support primary students from low-income families to receive the ASCP service operated by NGOs.      After consulting the EDB, our consolidated reply to the Hon Kenneth Leung’s question is as follows: (1) SALSP and ASCP, implemented by the EDB and the SWD respectively, are existing programmes, while the School-based After School Care Service Scheme is a new scheme implemented by the Government in the 2023/24 school year. The information on the utilisation of the aforementioned three types of scheme/programme is set out in Annex 1. The School-based After School Care Service Scheme was implemented at 59 primary schools located at seven districts offering some 3 000 service places in the 2023/24 school year, and expanded to cover more than 120 primary schools in all 18 districts across the territory offering about 6 000 service places in the 2024/25 school year. Subject to actual utilisation and outcome of the Scheme, the Government plans to encourage more schools to participate in the Scheme, without capping the number of places, in the 2025/26 school year.      As regards SALSP, which has been implemented since the 2005/06 school year, its aim is to support needy students to participate in after-school learning activities with a view to facilitating their whole-person and all-round development. All public sector schools (including special schools) and schools under the Direct Subsidy Scheme can make application and there is no school quota. The main target beneficiaries of SALSP are Primary 1 to Secondary 6 students in receipt of Comprehensive Social Security Assistance (CSSA) or full grant under the Student Financial Assistance Schemes (SFAS). Participating schools could exercise discretion to benefit those students who are not in receipt of CSSA or full grant of SFAS but identified by schools as needy. The discretionary quota is capped at 25 per cent of the number of eligible students of the respective schools. Also under SALSP is the Community-based Projects, activities of which are organised in the respective districts by non-governmental organisations (NGOs) and collaborating schools. Eligible students may participate in various activities under the School-based Grant and Community-based Projects at the same time. As such, the actual number of beneficiaries and utilisation rate are not applicable to the School-based After-school Learning and Support Programmes. The EDB encourages schools to flexibly deploy the School-based Grant and other related funding to enhance synergy, thereby organising diversified after-school learning activities for needy students. (2) In respect of the School-based After School Care Service Scheme and ASCP, (i) the overall expenditure, (ii) the average amount of funding allocated to each school/centre under the scheme/programme and (iii) the amount of subsidy for each student, over the past two years (2022-23 and 2023-24) are set out in Annex 2.      As for SALSP, the amount of School-based Grant that a school receives is calculated based on its number of students in receipt of CSSA or full grant under the SFAS as at the end of March of the respective school year, as well as its number of approved classes in the following school year. When calculating the amount of the grant, the rate for each of the above student is $400. Should schools have an 80 per cent or above utilisation rate of the School-based Grant in the previous school year, the rate of $600 per eligible student will be adopted as an incentive. As for the Community-based Projects, the applications submitted by NGOs are assessed on the basis of the content and nature of the activities, as well as the number of students and sessions involved, etc, and therefore the amount of funding for each activity differs. Eligible students may participate in various activities based on their needs and interests. In the 2022/23 and 2023/24 school year, $140 million and $137 million were provided to primary schools and NGOs respectively. (3) In respect of the aforementioned three types of scheme/programme, the respective numbers of beneficiaries that were (i) from single-parent families, (ii) receiving CSSA and (iii) receiving full level of assistance under the Student Financial Assistance Schemes, and the respective percentages of students with special educational needs (SEN) over the past two years (2022-23 and 2023-24) are set out in Annex 3. (4) ASCP aims at providing care services for children whose parents are unable to give proper care to them during after-school hours because of work or other reasons. It is operated by NGOs on a self-financing and fee-charging basis, providing care and support services for primary school children, including homework guidance, parental guidance and education, skill learning and social activities. The SWD provides financial assistance for the low-income families in need through the Fee-waiving Subsidy Scheme. The SWD does not maintain information of the service unit providing escort service for children attending ASCP. (5) and (6) The Government will complete the evaluation of the School-based After School Care Service Scheme in the 2025/26 school year to decide on the way forward. 

     
    Ends/Wednesday, February 26, 2025Issued at HKT 14:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ2: Cases of child maltreatment

    Source: Hong Kong Government special administrative region

         Following is a question by Dr the Hon Tik Chi-yuen and a written reply by the Secretary for Labour and Welfare, Mr Chris Sun, in the Legislative Council today (February 26):
     
    Question:
     
         The Mandatory Reporting of Child Abuse Ordinance (the Ordinance) will take effect on January 20 next year. According to the data of the Child Protection Registry Statistical Report, the number of maltreatment cases involving children with disabilities is rising rapidly. For example, the number of children with disabilities who had been subjected to sexual abuse increased from 125 in 2022 to 175 in 2023. There are views pointing out that this trend attracts little media coverage or attention, and the actual situation of child maltreatment is not well-known. In this connection, will the Government inform this Council:
     
    (1) as there are views pointing out that some victims of child maltreatment cases choose to cover up the incident and refrain from reporting to the Police or the Social Welfare Department’s Family and Child Protective Services Unit, given the “secondary damage” caused to them by the fact that they have to recall the course of the incident when facing judicial proceedings (e.g. taking statements and giving evidence in court proceedings), how the Government will deal with such situation upon commencement of the Ordinance; whether it will consider amending the legislation to mitigate the secondary damage caused to the victims; if so, of the timetable; if not, the reasons for that;
     
    (2) given the increase in the number of child maltreatment cases (especially sexual abuse), whether the Government has conducted any in-depth investigation into this trend; if so, of the main reasons for such trend according to the findings of the investigation; whether it has formulated preventive measures targeting schools or youth groups;
     
    (3) as it is learnt that children with mental and physical disabilities are the major group of victims of child abuse cases involving children with disabilities, whether the Government has provided additional resources or protective measures to address the special needs of this group of people;

    (4) as the Secretary for Labour and Welfare has pointed out that the anticipated number of reported child abuse cases will increase substantially after the commencement of the Ordinance, whether the Government has sufficient resources to support child victims, such as enhancing the relevant psychological counselling, placement and rehabilitation mechanisms;
     
    (5) whether it will consider setting up a dedicated committee or organization to monitor the effectiveness of the implementation of the Ordinance, coordinate the relevant policies and initiatives, and regularly disclose to the public the data on case reports and the effectiveness of its efforts in handling the cases; and
     
    (6) as it has been reported that the Budget is going to propose a reduction in the funding for social welfare organisations, how the Government will tackle an increasing number of child maltreatment cases in the light of reduced funding and shortage of social workers, and whether it has estimated the average number of relevant cases that each social worker will need to handle after the reduction in funding?

    Reply:
     
    President,
     
         The Mandatory Reporting of Child Abuse Ordinance (the Ordinance) mandates specified professionals in the social welfare, education and healthcare sectors to report serious child abuse cases, creating a comprehensive and effective protection web for children and sending a strong deterrent message to potential perpetrators that their abuse behaviours will be easily exposed. The consolidated reply to the Member’s question, in consultation with Education Bureau (EDB) and Security Bureau (SB), is as follows:

    (1) Various government departments and the Judiciary have been protecting child victims and witnesses through administrative procedures, guidelines and measures to encourage and facilitate them to report and give evidence in child harm/abuse cases and to lessen their trauma in the process. The Social Welfare Department (SWD), in collaboration with the Hong Kong Police Force (HKPF) and the Judiciary, has taken a number of measures to protect children. For example, during criminal investigations, the relevant departments may arrange children to give evidence through video-recorded interviews (VRI) in appropriate circumstances. These VRIs are conducted in a comfortable home-like environment by specially trained police officers, social workers, and/or clinical psychologists. The video-recorded evidence can be admitted as valid evidence at the trial, saving the children from recounting the incidents in the courtroom, thereby alleviating their embarrassment and trauma. During trials, the children can enter and exit court rooms through special access. In addition, they can also testify in another room by means of live television link in the company of trained witness-support persons to avoid facing the defendant and the public directly, thereby alleviating their psychological stress. In addition, the HKPF and the Department of Justice jointly established the Vulnerable Witness and Child Protection Task Force in 2022 to speed up and improve the evidence collection, prosecution and follow-up investigation work with collective efforts. The SWD and the HKPF will continue to organise training courses and review the procedures for handling sexual violence cases to enhance the skills and sensitivity of different professionals in order to effectively assist child victims and ensure that they receive appropriate protection and support.

    (2) Through the Child Protection Registry, the SWD has been collecting and compiling statistics on information of registered cases involving children who have been harmed/abused or currently at risk of being harmed/abused. The annual statistics are uploaded onto the SWD’s website for public reference. There were 1 367 newly registered child protection cases in 2021 and 1 457 cases in 2023, representing an increase of about 6.6 per cent in three years. Among them, there were 448 sexual abuse cases in 2021 and 509 sexual abuse cases in 2023, representing an increase of about 13.6 per cent. According to the SWD’s analysis, possible reasons for the increase in registered cases include: growing public awareness on child protection and more proactive reporting of cases as a result of the legislative exercise of the Ordinance as well as publicity and public education on child protection in recent years; more children are using social media, messaging apps, chat applications, or online games in recent years; and children having more opportunities to interact with others in resumption of normalcy after the epidemic.
     
         On publicity and education in the community, the SWD has been launching the publicity campaign on “Strengthening Families and Combating Violence” to raise public awareness on child protection and prevention of domestic violence and encourage those in need to seek help early through large scale publicity events and district-based activities. In 2022, the SWD has produced a series of videos on “Heart and Hut Classroom: Online Sexual Abuse Pitfalls” and broadcasted on social media to remind young people and parents of the risk factors, prevention and handling of online sexual abuse. The HKPF has been organising the “Let’s T.A.L.K. Child Protection Campaign” every year since 2021 to raise public awareness of child protection through a series of publicity and promotional activities. In addition, the HKPF organised a multi-disciplinary seminar on “Child Sexual Abuse in the Cyber World” on March 21, 2024, together with experts and representatives from relevant sectors and discussed with more than 500 parents, principals, teachers, social workers, Police officers and child service workers online and offline on how to effectively protect children from online sexual crimes, thereby enhancing their understanding of children’s online safety and their awareness and response capabilities to protect children from such crimes, and promoting collaboration among different professions.
     
         In respect of preventive work targeting schools or youth groups, the EDB has all along been assisting schools in the prevention, early identification and appropriate intervention of suspected child abuse cases through various measures. These measures include issuance of circulars and guidelines requiring schools to devise relevant mechanisms, procedures and measures to handle such cases; strengthening school social work service to assist schools in the early identification of suspected abused students and potential issues in their families; encouraging schools to implement Comprehensive Student Guidance Service, under which all teachers collaborate with school social workers, other student guidance personnel or specialists to provide comprehensive and extensive guidance service to students in need; as well as supporting schools to adopt a whole school approach, through cross-sector collaboration among professionals from different disciplines in schools (including student guidance personnel, school social workers and school-based educational psychologists), to intervene and follow up as early as possible, and to provide students with appropriate support. At the same time, the EDB actively promotes the “Positive Parent Campaign” to foster parents’ positive attitude and understanding in nurturing their children, so as to enable students grow up healthily and prevent child abuse incidents. In addition, the EDB has been working closely with the SWD and the HKPF to organise various training activities with a view to strengthening school staff’s knowledge, skills and abilities in handling suspected child abuse cases.

    (3), (4) and (6) The Government has allocated an additional provision in 2023-24 for enhancing the Government’s enforcement and support capacity, providing appropriate training to practitioners in the relevant professions and strengthening the promotion and public education work on child protection, with a view to supporting the implementation of the mandatory reporting regime (MRR) for child abuse cases.
     
         The Government has further allocated an additional provision in 2024-25 to increase emergency places for residential child care service and strengthen professional support for child abuse victims and their families to prepare for the potential increase in the reported child abuse cases upon the implementation of the MRR. Among which, two new residential child care centres will commence operation before the Ordinance comes into effect, offering a total of 96 additional service places each year and are expected to provide emergency placement for 384 children in need (in the estimation that each place of residential child care centre can take care of 4 children on average per year).
     
         The SWD will also strengthen the professional support to actual or suspected child abuse victims (including pre-primary children with special needs) and their families. Starting from March 2025, the SWD will subsidise non-governmental organisations to implement various child protection support services, including Home Visitation Support, therapeutic/psycho-social groups, educational and family enrichment activities, to complement the work of social workers of the Family and Child Protective Services Unit of the SWD or related casework service units in providing focused support services for children and families in need.
     
         Child protection (including pre-primary children with special needs) work and cases are being handled and followed up in a multi-disciplinary manner (including social welfare, education, law enforcement, healthcare). Professionals from different service units, including social workers, work together to provide professional support to children and families in need. The SWD does not maintain information on the average number of child protection cases handled by each social worker.

    (5) The Labour and Welfare Bureau, the EDB, the Health Bureau and the SB have formed a Cross-bureaux Working Group to make preparations for the implementation of MRR in January next year. The SWD and the HKPF are jointly developing the internal work flow and mandatory reporting platform to facilitate mandated reporters in making reports and collecting relevant data, ensuring efficient and effective follow-up on reported cases. Relevant bureaux and departments will continue to monitor the operation of MRR and the trend of the number of reports after its implementation. The number of cases reported through the MRR will be incorporated into the statistics of the Child Protection Registry and disseminated to the public.

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