Category: Politics

MIL-OSI: Sprott Announces Year Ended 2024 Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Sprott Inc. (NYSE/TSX: SII) (“Sprott” or the “Company”) today announced its financial results for the year ended December 31, 2024.

Management commentary

“Sprott’s Assets Under Management (“AUM”) ended the year at $31.5 billion, down 6% from $33.4 billion as at September 30, 2024, but up 10% from $28.7 billion as at December 31, 2023. 2024 was our seventh consecutive year of double-digit AUM growth and, subsequent to year-end, as at February 21, 2025, AUM had further increased to $33.5 billion, up $2 billion, or 6% from December 31, 2024,” said Whitney George, Chief Executive Officer of Sprott. “During the year we benefited from strong precious metals prices as well as $698 million in net sales, primarily in our physical trusts and uranium and critical materials ETFs.”

“The recent turmoil in precious metals markets has highlighted the importance of physical ownership, an area where Sprott offers best-in-class solutions to individual and institutional investors. The realignment of global trade and a focus on energy security will create demand for critical materials produced in “friendly” jurisdictions. We continue to develop new exchange-listed and actively-managed critical materials strategies to capitalize on this powerful long-term trend. We have invested in our sales and marketing capabilities to deliver our clients the highest levels of client service, while building on our position as thought leaders in our core themes. Sprott is well positioned to create value for our clients and shareholders in the months and years ahead,” continued Mr. George.

Key AUM highlights¹

AUM ended the year at $31.5 billion as at December 31, 2024, down 6% from $33.4 billion as at September 30, 2024 but was up 10% from $28.7 billion as at December 31, 2023. Although fourth quarter AUM was negatively impacted by market value depreciation across most of our funds and the termination of certain subadvised fund contracts, 2024 was nevertheless our seventh consecutive year of double-digit AUM growth as we benefited from strong market value appreciation in our precious metals physical trusts and net inflows to our exchange listed products.

Key revenue highlights

Management fees were $41.4 million for the quarter, up 20% from $34.5 million for the quarter ended December 31, 2023 and $155.3 million on a full-year basis, up 17% from $132.3 million for the year ended December 31, 2023. Carried interest and performance fees were $2.5 million for the quarter, up from $0.5 million for the quarter ended December 31, 2023 and $7.3 million on a full-year basis, up from $0.9 million for the year ended December 31, 2023. Net fees were $38.6 million for the quarter, up 24% from $31 million for the quarter ended December 31, 2023 and $144.6 million on a full-year basis, up 22% from $118.8 million for the year ended December 31, 2023. Our revenue performance in the quarter and on a full-year basis was primarily due to higher average AUM on strong market value appreciation in our precious metals physical trusts and inflows to the majority of our exchange listed products. We also benefited from carried interest and performance fee crystallization in certain funds in our managed equities and private strategies segments.
Commission revenues were $0.8 million for the quarter, down 38% from $1.3 million for the quarter ended December 31, 2023 and $5.7 million on a full-year basis, down 31% from $8.3 million for the year ended December 31, 2023. Net commissions were $0.4 million for the quarter, down 47% from $0.7 million for the quarter ended December 31, 2023 and $2.7 million on a full-year basis, down 43% from $4.6 million for the year ended December 31, 2023. Commission revenue was lower in the quarter due to modest ATM activity in our critical materials physical trusts. On a full-year basis, the decline in commission revenue was due to the sale of our former Canadian broker-dealer in the second quarter of last year.
Finance income was $1.4 million for the quarter, up 4% from the quarter ended December 31, 2023 and $8.9 million on a full-year basis, up 37% from $6.5 million for the year ended December 31, 2023. The increase in the quarter was due to higher income generation in co-investment positions we hold in our LPs managed in our private strategies segment. The increase on a full-year basis was due to higher income earned on streaming syndication activity in the second quarter.

Key expense highlights

Net compensation expense was $17 million for the quarter, up 11% from $15.3 million for the quarter ended December 31, 2023 and $67.3 million on a full-year basis, up 10% from $61.2 million for the year ended December 31, 2023. The increase in the quarter and on a full-year basis was primarily due to increased Annual Incentive Program (“AIP”) accruals on higher net fee generation. Our net compensation ratio was 44% in the quarter (December 31, 2023 – 47%) and 45% on a full-year basis (December 31, 2023 – 49%).
SG&A expense was $4.9 million for the quarter, up 25% from $4 million for the quarter ended December 31, 2023 and $18.8 million on a full-year basis, up 13% from $16.6 million for the year ended December 31, 2023. The increase in the quarter and on a full-year basis was due to higher professional services, marketing and technology costs.

Earnings summary

Net income for the quarter was $11.7 million ($0.46 per share), up 21% from $9.7 million ($0.38 per share) for the quarter ended December 31, 2023 and was $49.3 million ($1.94 per share) on a full-year basis, up 18% from $41.8 million ($1.66 per share) for the year ended December 31, 2023. Our earnings in the quarter and on a full-year basis benefited from higher average AUM on strong market value appreciation in our precious metals physical trusts and inflows to the majority of our exchange listed products. We also benefited from carried interest and performance fee crystallization in certain funds in our managed equities and private strategies segments.
Adjusted base EBITDA was $22.4 million ($0.88 per share) for the quarter, up 19% from $18.8 million ($0.75 per share) for the quarter ended December 31, 2023 and $85.2 million ($3.35 per share) on a full-year basis, up 18% from $71.9 million ($2.85 per share) for the year ended December 31, 2023. Adjusted base EBITDA in the quarter and on a full-year basis benefited from higher average AUM on strong market value appreciation in our precious metals physical trusts and inflows to the majority our exchange listed products

^{1 See “non-IFRS financial measures” section in this press release and schedule 2 and 3 of “Supplemental financial information”}

Subsequent events

Subsequent to year-end, as at February 21, 2025, AUM was $33.5 billion, up 6% from $31.5 billion at December 31, 2024.
On February 25, 2025, the Sprott Board of Directors announced a quarterly dividend of $0.30 per share.

Supplemental financial information

Please refer to the December 31, 2024 annual financial statements of the Company and the related management discussion and analysis filed earlier this morning for further details into the Company’s financial position as at December 31, 2024 and the Company’s financial performance for the three and twelve months ended December 31, 2024.

Schedule 1 – AUM continuity

3 months results

(In millions $)	AUM Sep. 30, 2024	Net inflows ⁽¹⁾	Market value changes	Other net inflows ⁽¹⁾	AUM Dec. 31, 2024	Net management fee rate ⁽²⁾

Exchange listed products
– Precious metals physical trusts and ETFs
– Physical Gold Trust	8,617	35	(44)	—	8,608	0.35%
– Physical Silver Trust	5,566	83	(422)	—	5,227	0.45%
– Physical Gold and Silver Trust	5,225	(69)	(143)	—	5,013	0.40%
– Precious Metals ETFs	404	(10)	(40)	—	354	0.33%
– Physical Platinum & Palladium Trust	151	33	(16)	—	168	0.50%
	19,963	72	(665)	—	19,370	0.39%

– Critical materials physical trusts and ETFs
– Physical Uranium Trust	5,408	45	(591)	—	4,862	0.31%
– Critical Materials ETFs	2,307	27	(314)	—	2,020	0.52%
– Physical Copper Trust	103	(1)	(12)	—	90	0.32%
	7,818	71	(917)	—	6,972	0.37%

Total exchange listed products	27,781	143	(1,582)	—	26,342	0.39%

Managed equities ⁽³⁾⁽⁴⁾	3,276	(55)	(221)	(127)	2,873	0.90%

Private strategies ⁽⁴⁾	2,382	(35)	(27)	—	2,320	0.83%

Total AUM ⁽⁵⁾	33,439	53	(1,830)	(127)	31,535	0.47%


12 months results

(In millions $)	AUM Dec. 31, 2023	Net inflows ⁽¹⁾	Market value changes	Other net inflows ⁽¹⁾	AUM Dec. 31, 2024	Net management fee rate ⁽²⁾

Exchange listed products
– Precious metals physical trusts and ETFs
– Physical Gold Trust	6,532	351	1,725	—	8,608	0.35%
– Physical Silver Trust	4,070	339	818	—	5,227	0.45%
– Physical Gold and Silver Trust	4,230	(230)	1,013	—	5,013	0.40%
– Precious Metals ETFs	339	(24)	39	—	354	0.33%
– Physical Platinum & Palladium Trust	116	75	(23)	—	168	0.50%
	15,287	511	3,572	—	19,370	0.39%

– Critical materials physical trusts and ETFs
– Physical Uranium Trust	5,773	311	(1,222)	—	4,862	0.31%
– Critical materials ETFs	2,143	321	(444)	—	2,020	0.52%
– Physical Copper Trust	—	1	(21)	110	90	0.32%
	7,916	633	(1,687)	110	6,972	0.37%

Total exchange listed products	23,203	1,144	1,885	110	26,342	0.39%

Managed equities ⁽³⁾⁽⁴⁾	2,874	(222)	348	(127)	2,873	0.90%

Private strategies ⁽⁴⁾	2,661	(207)	(134)	—	2,320	0.83%

Total AUM ⁽⁵⁾	28,738	715	2,099	(17)	31,535	0.47%
^{(1) See “Net inflows” and “Other net inflows” in the key performance indicators and non-IFRS and other financial measures section of the MD&A.}
^{(2) Net management fee rate represents the weighted average fees for all funds in the category, net of fund expenses.}
^{(3) Managed equities is made up of primarily precious metal strategies (53%), high net worth managed accounts (38%) and U.S. value strategies (9%).}
^{(4) Prior period figures have been reclassified to conform with current presentation.}
^{(5) No performance fees are earned on exchange listed products. Certain managed equities products earn either performance fees based on returns above relevant benchmarks or earn carried interest calculated as a predetermined net profit over a preferred return. Private strategies LPs primarily earn carried interest calculated as a predetermined net profit over a preferred return.}

Schedule 2 – Summary financial information

(In thousands $)	Q4 2024		Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023
Summary income statement
Management fees ⁽¹⁾	41,161		38,693		38,065		36,372		34,244		32,867		32,940		31,170
Fund expenses ^{(2), (3)}	(2,708	)	(2,385	)	(2,657	)	(2,234	)	(2,200	)	(1,740	)	(1,871	)	(1,795	)
Direct payouts	(1,561	)	(1,483	)	(1,408	)	(1,461	)	(1,283	)	(1,472	)	(1,342	)	(1,187	)
Carried interest and performance fees	2,511		4,110		698		—		503		—		388		—
Carried interest and performance fee payouts – internal	(830	)	—		(251	)	—		(222	)	—		(236	)	—
Carried interest and performance fee payouts – external ⁽³⁾	—		—		—		—		—		—		—		—
Net fees	38,573		38,935		34,447		32,677		31,042		29,655		29,879		28,188

Commissions	819		498		3,332		1,047		1,331		539		1,647		4,784
Commission expense – internal	(146	)	(147	)	(380	)	(217	)	(161	)	(88	)	(494	)	(1,727	)
Commission expense – external ⁽³⁾	(290	)	(103	)	(1,443	)	(312	)	(441	)	(92	)	(27	)	(642	)
Net commissions	383		248		1,509		518		729		359		1,126		2,415

Finance income ⁽²⁾	1,441		1,574		4,084		1,810		1,391		1,795		1,650		1,655
Gain (loss) on investments	(3,889	)	937		1,133		1,809		2,808		(1,441	)	(1,950	)	1,958
Co-investment income ⁽²⁾	296		418		416		274		170		462		1,327		93
Total net revenues ⁽²⁾	36,804		42,112		41,589		37,088		36,140		30,830		32,032		34,309

Compensation ⁽²⁾	19,672		18,547		19,225		17,955		17,096		16,939		21,468		19,556
Direct payouts	(1,561	)	(1,483	)	(1,408	)	(1,461	)	(1,283	)	(1,472	)	(1,342	)	(1,187	)
Carried interest and performance fee payouts – internal	(830	)	—		(251	)	—		(222	)	—		(236	)	—
Commission expense – internal	(146	)	(147	)	(380	)	(217	)	(161	)	(88	)	(494	)	(1,727	)
Severance, new hire accruals and other	(166	)	(58	)	—		—		(179	)	(122	)	(4,067	)	(1,257	)
Net compensation	16,969		16,859		17,186		16,277		15,251		15,257		15,329		15,385
Net compensation ratio	44	%	46	%	44	%	47	%	47	%	50	%	48	%	52	%

Severance, new hire accruals and other	166		58		—		—		179		122		4,067		1,257
Selling, general and administrative (“SG&A”) ⁽²⁾	4,949		4,612		5,040		4,173		3,963		3,817		4,752		4,026
SG&A recoveries from funds ⁽¹⁾	(280	)	(275	)	(260	)	(231	)	(241	)	(249	)	(282	)	(264	)
Interest expense	613		933		715		830		844		882		1,087		1,247
Depreciation and amortization	600		502		568		551		658		731		748		706
Foreign exchange (gain) loss ⁽²⁾	(2,706	)	1,028		122		168		1,295		37		1,440		440
Other (income) and expenses ⁽²⁾	—		—		(580	)	—		3,368		4,809		(18,890	)	1,249
Total expenses	20,311		23,717		22,791		21,768		25,317		25,406		8,251		24,046

Net income	11,680		12,697		13,360		11,557		9,664		6,773		17,724		7,638
Net income per share	0.46		0.50		0.53		0.45		0.38		0.27		0.70		0.30
Adjusted base EBITDA	22,362		20,675		22,375		19,751		18,759		17,854		17,953		17,321
Adjusted base EBITDA per share	0.88		0.81		0.88		0.78		0.75		0.71		0.71		0.68

Summary balance sheet
Total assets	388,798		412,477		406,265		389,784		378,835		375,948		381,519		386,765
Total liabilities	65,150		82,198		90,442		82,365		73,130		79,705		83,711		108,106

Total AUM	31,535,062		33,439,221		31,053,136		29,369,191		28,737,742		25,398,159		25,141,561		25,377,189
Average AUM	33,401,157		31,788,412		31,378,343		29,035,667		27,014,109		25,518,250		25,679,214		23,892,335
^{(1) Previously, management fees within the above summary financial information table included SG&A recoveries from funds consistent with IFRS 15. For management reporting purposes, these recoveries are now shown next to their associated expense as management believes this will enable readers to transparently identify the net economics of these recoveries. However, consistent with IFRS 15, SG&A recoveries from funds are still shown within the “Management fees” line on the consolidated statement of operations. Prior year figures have been reclassified to conform with current presentation.}
^{(2) Current and prior period figures on the consolidated statements of operations include the following adjustments: (1) trading costs incurred in managed accounts are now included within “Fund expenses” (previously included within “SG&A”); (2) interest income earned on cash deposits are now included within “Finance income” (previously included within “Other income”); (3) co-investment income and income attributable to non-controlling interest are now included as part of “Co-investment income” (previously included within “Other income”); (4) expenses attributable to non-controlling interest is now included within “Co-investment income” (previously included within “Other expenses”); (5) the mark-to-market expense of DSU issuances are now included within “Compensation” (previously included within “Other expenses”); (6) foreign exchange (gain) loss is now shown separately (previously included within “Other expenses”); and (7) shares received on a previously unrecorded contingent asset in Q2 2023 are now included within “Other (income) and expenses” (previously included within “Other income”). Management believes the above changes enable readers to better identify the nature of these revenues and expenses. Prior year figures have been reclassified to conform with current presentation.}
^{(3) These amounts are included in the “Fund expenses” line on the consolidated statements of operations.}

Schedule 3 – EBITDA reconciliation

	3 months ended				12 months ended

(In thousands $)	Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Net income for the period	11,680		9,664		49,294		41,799
Net income margin ⁽¹⁾	27	%	24	%	28	%	28	%
Adjustments:
Interest expense	613		844		3,091		4,060
Provision for income taxes	4,813		1,159		19,712		8,492
Depreciation and amortization	600		658		2,221		2,843
EBITDA	17,706		12,325		74,318		57,194
Adjustments:
(Gain) loss on investments ⁽²⁾	3,889		(2,808	)	10		(1,375	)
Stock-based compensation ⁽³⁾	4,988		4,681		18,817		17,128
Foreign exchange (gain) loss ⁽⁴⁾	(2,706	)	1,295		(1,388	)	3,212
Severance, new hire accruals and other ⁽⁴⁾	166		179		224		5,625
Revaluation of contingent consideration ⁽⁴⁾	—		2,254		(580	)	—
Costs relating to exit of non-core business ⁽⁴⁾	—		155		—		5,142
Non-recurring regulatory, professional fees and other ⁽⁴⁾	—		959		—		3,982
Shares received on recognition of contingent asset ⁽⁴⁾	—		—		—		(18,588	)
Carried interest and performance fees	(2,511	)	(503	)	(7,319	)	(891	)
Carried interest and performance fee payouts – internal	830		222		1,081		458
Carried interest and performance fee payouts – external	—		—		—		—
Adjusted base EBITDA	22,362		18,759		85,163		71,887
Adjusted base EBITDA margin ⁽⁵⁾	59	%	56	%	58	%	57	%
^{(1) Calculated as IFRS net income divided by IFRS total revenue.}
^{(2) This adjustment removes the income effects of certain gains or losses on short-term investments, co-investments, and digital gold strategies to ensure the reporting objectives of our EBITDA metric as described below are met.}
^{(3) In prior years, the mark-to-market expense of DSU issuances were included with “other (income) and expenses”. In the current period, these costs are included as part of “stock based compensation”. Prior year figures have been reclassified to conform with current presentation.}
^{(4) Foreign exchange (gain) and loss, severance, new hire accruals and other; revaluation of contingent consideration; costs relating to exit of non-core business; non-recurring regulatory, professional fees and other; and shares received on recognition of contingent asset were previously included with “other (income) and expenses” and are now shown separately in the reconciliation of adjusted base EBITDA above. Prior year figures have been reclassified to conform with current presentation.}
^{(5) Prior year figures have been restated to remove the adjustment of depreciation and amortization.}

Conference Call and Webcast

A webcast will be held today, February 26, 2025 at 10:00 am ET to discuss the Company’s financial results.

To listen to the webcast, please register at: https://edge.media-server.com/mmc/p/syh6xw97

Please note, analysts who cover the Company should register at: https://register.vevent.com/register/BIe9622ad4a1434ee3beff3bfb7224f1ef

This press release includes financial terms (including AUM, net commissions, net fees, expenses, adjusted base EBITDA, adjusted base EBITDA margin and net compensation) that the Company utilizes to assess the financial performance of its business that are not measures recognized under International Financial Reporting Standards (“IFRS”). These non-IFRS measures should not be considered alternatives to performance measures determined in accordance with IFRS and may not be comparable to similar measures presented by other issuers. Non-IFRS financial measures do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Our key performance indicators and non-IFRS and other financial measures are discussed below. For quantitative reconciliations of non-IFRS financial measures to their most directly comparable IFRS financial measures please see schedule 2 and schedule 3 of the “Supplemental financial information” section of this press release.

Net fees

Management fees, net of fund expenses and direct payouts, and carried interest and performance fees, net of carried interest and performance fee payouts (internal and external), are key revenue indicators as they represent the net revenue contribution after directly associated costs that we generate from our AUM.

Net commissions

Commissions, net of commission expenses (internal and external), arise primarily from purchases and sales of critical materials in our exchange listed products segment and transaction-based service offerings by our broker dealers.

Net compensation & net compensation ratio

Net compensation excludes commission expenses paid to employees, other direct payouts to employees, carried interest and performance fee payouts to employees, which are all presented net of their related revenues in this MD&A, and severance, new hire accruals and other which are non-recurring. Net compensation ratio is calculated as net compensation divided by net revenues.

EBITDA, adjusted base EBITDA and adjusted base EBITDA margin

EBITDA in its most basic form is defined as earnings before interest expense, income taxes, depreciation and amortization. EBITDA (or adjustments thereto) is a measure commonly used in the investment industry by management, investors and investment analysts in understanding and comparing results by factoring out the impact of different financing methods, capital structures, amortization techniques and income tax rates between companies in the same industry. While other companies, investors or investment analysts may not utilize the same method of calculating EBITDA (or adjustments thereto), the Company believes its adjusted base EBITDA metric results in a better comparison of the Company’s underlying operations against its peers and a better indicator of recurring results from operations as compared to other non-IFRS financial measures. Adjusted base EBITDA margins are a key indicator of a company’s profitability on a per dollar of revenue basis, and as such, is commonly used in the financial services sector by analysts, investors and management.

Forward Looking Statements

Certain statements in this press release contain forward-looking information and forward-looking statements (collectively referred to herein as the “Forward-Looking Statements”) within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify Forward-Looking Statements. In particular, but without limiting the forgoing, this press release contains Forward-Looking Statements pertaining to: (i) our ability to capitalize on our constructive outlook in precious metals and critical materials; and (ii) the declaration, payment and designation of dividends and confidence that our business will support the dividend level without impacting our ability to fund future growth initiatives.

Although the Company believes that the Forward-Looking Statements are reasonable, they are not guarantees of future results, performance or achievements. A number of factors or assumptions have been used to develop the Forward-Looking Statements, including: (i) the impact of increasing competition in each business in which the Company operates will not be material; (ii) quality management will be available; (iii) the effects of regulation and tax laws of governmental agencies will be consistent with the current environment; (iv) the impact of public health outbreaks; and (v) those assumptions disclosed under the heading “Critical Accounting Estimates, Judgments and Changes in Accounting Policies” in the Company’s MD&A for the period ended December 31, 2024. Actual results, performance or achievements could vary materially from those expressed or implied by the Forward-Looking Statements should assumptions underlying the Forward-Looking Statements prove incorrect or should one or more risks or other factors materialize, including: (i) difficult market conditions; (ii) poor investment performance; (iii) failure to continue to retain and attract quality staff; (iv) employee errors or misconduct resulting in regulatory sanctions or reputational harm; (v) performance fee fluctuations; (vi) a business segment or another counterparty failing to pay its financial obligation; (vii) failure of the Company to meet its demand for cash or fund obligations as they come due; (viii) changes in the investment management industry; (ix) failure to implement effective information security policies, procedures and capabilities; (x) lack of investment opportunities; (xi) risks related to regulatory compliance; (xii) failure to manage risks appropriately; (xiii) failure to deal appropriately with conflicts of interest; (xiv) competitive pressures; (xv) corporate growth which may be difficult to sustain and may place significant demands on existing administrative, operational and financial resources; (xvi) failure to comply with privacy laws; (xvii) failure to successfully implement succession planning; (xviii) foreign exchange risk relating to the relative value of the U.S. dollar; (xix) litigation risk; (xx) failure to develop effective business resiliency plans; (xxi) failure to obtain or maintain sufficient insurance coverage on favorable economic terms; (xxii) historical financial information being not necessarily indicative of future performance; (xxiii) the market price of common shares of the Company may fluctuate widely and rapidly; (xxiv) risks relating to the Company’s investment products; (xxv) risks relating to the Company’s proprietary investments; (xxvi) risks relating to the Company’s private strategies business; (xxvii) those risks described under the heading “Risk Factors” in the Company’s annual information form dated February 25, 2025; and (xxviii) those risks described under the headings “Managing Financial Risks” and “Managing Non-Financial Risks” in the Company’s MD&A for the period ended December 31, 2024. In addition, the payment of dividends is not guaranteed and the amount and timing of any dividends payable by the Company will be at the discretion of the Board of Directors of the Company and will be established on the basis of the Company’s earnings, the satisfaction of solvency tests imposed by applicable corporate law for the declaration and payment of dividends, and other relevant factors. The Forward-Looking Statements speak only as of the date hereof, unless otherwise specifically noted, and the Company does not assume any obligation to publicly update any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

About Sprott

Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and the company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com.

Investor contact information:

Glen Williams
Managing Partner
Investor and Institutional Client Relations
(416) 943-4394
gwilliams@sprott.com

The MIL Network –

February 27, 2025

MIL-OSI Video: “We will become a part of ASEAN” #Davos2025 #WorldEconomicForum #MuhammadYunus

Source: World Economic Forum (video statements)

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.

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MIL OSI Video –

February 27, 2025
MIL-OSI Europe: Combating Misinformation on Social Media

Source: Universities – Science Po in English

In addition to regulation and long-term policies, an inexpensive way of curbing the spread of false information online would be to take action as early and as upstream as possible, influencing internet users themselves.

The desire of individuals not to appear ill-informed in the eyes of their audience, thereby damaging their reputation, could be an effective lever, as shown by the different treatments tested with a group of internet users in a recent empirical survey to which Émeric Henry, Head of Sciences Po Department of Economics, contributed.

This article was originally published in the second issue of Understanding Our Times, Sciences Po Magazine.

flip through the full magazine

Social media has fundamentally changed the way we interact, communicate and access information. Its potential to spread misinformation is a major concern for citizens and politicians alike. Political misinformation is rife on platforms such as Facebook, X/Twitter and Reddit. This is worrying given that a substantial share of users rely on these platforms to get information.

A delicate balance needs to be struck between combating false information and protecting freedom of expression. In the United States, constitutional limits hinder the regulation of content moderation. The European Union does plan to regulate platforms via the Digital Services Act (DSA), but for the time being the focus is on illegal content while significant political misinformation continues. Some researchers are advocating for the introduction of digital education programmes to teach citizens to distinguish between accurate information and fake news as a long-term solution to combat the phenomenon.

A completely different approach consists of influencing users before they decide whether or not to share content on social media, that is, taking action as early as possible. Such a policy would be less costly and some of its components would be easy to implement. It could involve requiring confirmation clicks when the decision is made to share, encouraging users to think about the consequences of sharing false information – an intervention known as a “nudge” that was recently demonstrated to be effective by psychologist Gordon Pennycook and David Rand, professor of management science, brain and cognitive sciences – or even offering fact-checking, as some platforms already do.

How can we encourage people to think before they share?

How effective could these various interventions be? What mechanisms do they activate? A recent experimental study on “Curtailing False News, Amplifying Truth” provides some answers.

Conducted by Sergei Guriev, Émeric Henry, Theo Marquis and Ekaterina Zhuravskaya during the 2022 mid-term legislative campaign in the United States, it used different treatments to assess their impact on the circulation of both false and true information. The study exposed 3,501 American X/Twitter users to four political news tweets: two containing misinformation and two containing facts. The participants, who had to decide whether or not to share one or more of these tweets on their X/Twitter account, were randomly divided into groups to receive different treatments.

In the first group (the No policy control group) they could do whatever they wanted with these four tweets. In the second group (Require extra click), they had to click one more time to confirm their sharing decision – a slightly more tedious process. In a third group (Prime fake news circulation), they received a “nudge” message prior to sharing, inspired by the incentives proposed by Pennycook and Rand: “Please think carefully before retweeting. Remember that a significant amount of fake news circulates on social networks.” The fourth group, Offer fact-check, were informed that two tweets contained false information detected by PolitiFact.com, a well-known fact-checking non-governmental organisation. They were given the link to access the fact-check.

The effects of various treatments to combat misinformation (credits: S. Guriev, É.Henry, T. Marquis and E. Zhuravskaya, ‘Curtailing False News, Amplifying Truth’, CEPR Discussion Paper, No. 18650, 2023. https://cepr.org/publications/dp18650)

At the end of the survey, all participants were asked to rate the veracity and partisan tendency of each post. The figure above illustrates the effects of the different treatments on the sharing of false information (left-hand panel) and true information (right-hand panel). It shows that all the treatments helped to reduce the rate of sharing false information. In the Require extra-click, Prime fake news circulation and Offer fact-check groups, the sharing rates were respectively 3.6, 11.5 and 13.6 points lower than in the control group, bearing in mind that 28 per cent of the latter’s members shared one of the tweets containing false information.

However, not all the interventions had the same effect on the rate of sharing true information, which was 30 per cent in the control group: asking for an extra click before sharing had no discernible effect; offering access to a fact-check reduced the sharing of truthful tweets by 7.8 percentage points; but sending a behavioural warning message (Prime fake news circulation) increased the average rate of sharing truthful tweets by 8.1 points.

All these results establish a clear hierarchy of the effectiveness of policies designed to improve the accuracy of shared content. The Prime fake news circulation policy, which encourages users to think about the consequences of sharing false information, appears to be more effective, as it encourages the “sharing discernment” advocated by Pennycook and Rand: it increases the sharing of true information while decreasing the sharing of false information.

The major impact of reputation effects

To understand the mechanisms underlying the differentiated effects of these treatments on the sharing of true and false information, the study looked at the motives that encourage users to share information on social media. It shows that the perception of veracity reinforces the sense that sharing information is useful for reputational reasons, that’s to say not wanting to appear ill-informed in the eyes of one’s audience.

Information matching the user’s opinion also increases feelings of satisfaction when sharing it, be it to convince an audience or to signal political identity. The study confirms that it is possible to influence sharing through three processes: updating, salience and cost of sharing.

The first process leads users to revise their beliefs about the veracity or partisan alignment of content. For example, exposure to fact-checking aims to change one’s perception of information accuracy. The second process increases the salience of reputational concerns over partisan motives, so that the user pays more attention than before to the veracity of information when deciding to share it. Treatments that encourage caution (Prime fake news circulation), for example, are designed to affect this salience. The third process, which consists of requesting an additional click for confirmation, regardless of information veracity, increases the cost of sharing for the user. Each process impacts this cost.

The figure below breaks down the effects of these three processes. Surprisingly, treatments designed to revise beliefs about the veracity of information, such as fact-checking, have little impact. In fact, the overall effect of each treatment stems from a combination of the salience of reputational concerns, partisan motives and the cost of sharing.

The breakdown of the effects of different treatments to combat disinformation (credits: S. Guriev, É. Henry, T. Marquis, and E. Zhuravskaya, ‘Curtailing False News, Amplifying Truth’, CEPR Discussion Paper, No. 18650, 2023. https://cepr.org/publications/dp18650)

Salience in particular explains the difference between the effects of the treatments on the sharing of true and false information. Improving (or protecting) one’s reputation increases the sharing of true information and reduces the sharing of false information. All the treatments, to varying degrees, increase salience, with the message encouraging caution (Prime fake news circulation) having the greatest effect.

At the same time, the friction associated with the different treatments reduces the sharing of both true and false information. The additional costs of the Prime fake news circulation treatment are considerably lower than those of the Offer fact-check treatment, which makes this type of intervention more effective in increasing the sharing of true information.

A question of efficiency

The results of this study have two implications for policies aiming to fight misinformation.

First, they confirm the effectiveness of shortterm actions to encourage users to think about the consequences of circulating false information, as recommended by Pennycook and Rand. This method reduces the sharing of false information and increases the sharing of true facts, without reducing the overall engagement of social media users.

Second, these results show that with fact-checking users share less false information, not because they discover that it is false, but because at the moment of sharing they become aware of the need to check the veracity of the information. As a result, despite involving significant investment, fact-checking by professional verifiers could be less effective than fact-checking by an algorithm, which is faster (occurring earlier in the sharing process) and less costly, but more prone to error.

In the latter case, the user is quickly informed that the content was flagged as suspect by the algorithm, heightening concern for veracity. These short-term policies are obviously complementary to, and not a substitute for, long-term policies such as digital literacy.

Sign outside a hot dog restaurant in Chicago, after the televised presidential debate on 11 September 2024, during which Donald Trump claimed that in Springfield, Ohio, immigrants were stealing people’s dogs and cats to eat them. (credits: Scott Olson / Getty images via AFP)

The study also shows an interesting mechanism that underscores this complementarity: if the users, concerned about their reputation, know that their audience is more alert to misinformation as a result of better education, they are less likely to spread misinformation.

However, short-term policies are likely to foster habituation, which may reduce their effectiveness. It might be wise to use them only during periods of heightened risk, such as election campaigns.

MIL OSI Europe News –

February 27, 2025
MIL-OSI Video: Is the US economy on a strong path? #Davos2025 #WorldEconomicForum #RichLesser

Source: World Economic Forum (video statements)

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.

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MIL OSI Video –

February 27, 2025

MIL-OSI United Kingdom: Change of British High Commissioner to Namibia: Neil Bradley

Source: United Kingdom – Executive Government & Departments 3

Press release

Change of British High Commissioner to Namibia: Neil Bradley

Mr Neil Bradley has been appointed British High Commissioner to the Republic of Namibia in succession to Mr Charles Moore.

Neil Bradley

Mr Neil Bradley has been appointed British High Commissioner to the Republic of Namibia in succession to Mr Charles Moore who will be transferring to another Diplomatic Service appointment. Mr Bradley will take up his appointment during April 2025.

Curriculum vitae

Full name: Neil Andrew Bradley

Year	Role
2020 to 2025	Monrovia, His Majesty’s Ambassador
2017 to 2020	FCO, Head of Human Rights Policy Unit
2015 to 2016	Brussels, Head of UK-EU Funding Unit, UK Permanent Representation to the EU
2011 to 2015	Pretoria, Political Counsellor, Secondment to the European External Action Service, EU Delegation South Africa
2008 to 2011	Pretoria, Political Counsellor
2006 to 2008	FCO, Deputy Head, Migration Group
2000 to 2006	Brussels, First Secretary, Justice and Home Affairs Section, UK Permanent Representation to the EU
2000	Joined FCO, pre-posting training (including French Language training)
1998 to 2000	Joint Home Office/Cabinet Office Unit, Head of Voluntary Sector Relations Section
1993 to 1998	Home Office, Fast Stream Entrant

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.

Published 26 February 2025

MIL OSI United Kingdom –

February 27, 2025

MIL-OSI Global: Renewable energy: rural areas can be the EU’s green powerhouse

Source: The Conversation – France – By Lewis Dijkstra, Team Leader Urban and Territorial Analysis, Joint Research Centre (JRC)

The European Union aims to cut greenhouse gas emissions by at least 55% in 2030 compared to 1990 levels, and to become the first carbon-neutral economy by 2050. This ambitious goal requires a radical increase in the production of green energy within a relatively short timeframe. The untapped potential of rural areas in the union offers a way forward.

Rural areas could produce more energy than we need

Rural areas cover more than 80% of the EU’s territory and are host to around 30% of its population. Our work at the European Commission’s Joint Research Centre (JRC) shows that rural territories already generate the largest share of green electricity (72%) from the three most prominent renewable technologies: solar photovoltaic, onshore wind and hydropower. The remaining share of renewable energy is produced in towns and suburbs (22%) and cities (6%). Germany, Spain, France, Italy and Sweden are the top five renewable energy producers in the union, accounting for 68% of its total production from solar, onshore wind and hydropower installations.

But there is more. According to our analyses, rural areas also possess the highest untapped potential of renewable energy production–nearly 80%. Theoretically, they could produce enough to meet the total energy demand of the EU. We estimate that the total potential of solar, onshore wind and hydropower energy production in rural areas nears 12,500 terawatt hours per year. That’s more than five times the amount of electricity the union consumed in 2023, and it surpasses total energy consumption (which includes sources such as gas, oil and coal) for that year, too.

Technologies that suit the land

All this energy could be produced in rural areas without disrupting existing agricultural systems, landscapes and natural resources. Rural areas could produce up to 60 times more solar energy than what they currently deliver, quadruple their output from wind, and boost hydropower production by 25%. Spain, Romania, France, Portugal and Italy are the five EU countries with the highest combined (solar, wind and hydropower) untapped potential: together, they account for 67% of the EU’s potential, with contributions from rural areas ranging from 92% in France to 49% in Italy.

Overall, solar panels installed on the ground can make the biggest contribution to green energy production in the EU. However, rural areas across the union are highly diverse, so choosing the right technology would depend on local characteristics. Mountainous areas with abundant water resources are a good fit for hydropower production, while rural municipalities with large areas of suitable land lend themselves to solar or wind energy, depending on sun irradiation and wind speed. In rural areas where wind and land are insufficient, rooftop photovoltaic systems are a good option.

Boosting clean energy production can be a win-win

Rural areas are key to producing more renewable energy, as almost 80% of suitable, available land is located there. In addition, some of these areas are facing demographic and economic decline and are already the target of measures aimed at making them stronger, resilient and prosperous–as part of the EU’s long-term vision for rural areas. In this context, ensuring that these areas benefit economically from hosting more renewable energy projects makes them even more enticing. It also aligns with political considerations, as energy independence is a key part of the EU’s goal of strategic autonomy.

À lire aussi :
Could the EU’s Green Deal provide security benefits?

Addressing local concerns and fostering acceptance

While the potential offered by renewables is unquestionable, their production sites can face resistance from communities concerned about impacts on the local economy and quality of life. Seeing land used to produce energy with little local employment and seemingly for the benefit of large companies can also lead to resistance. Other concerns include competition for land use in areas where income is tied to other industries (such as agriculture or tourism), and the potential environmental impact of solar panels and wind or hydropower plants on rustic landscapes. With these concerns in mind, we identified portions of land suitable to host renewable energy plants that comprise roughly 3.4% of the EU’s surface. We excluded protected nature sites and biodiversity areas, forests and water bodies. We used strict limits on the use of agricultural land for energy production by only considering land that has been abandoned or has a very low productivity. Finally, we created buffer zones around infrastructure and settlements to minimise disturbance and safeguard natural beauty and cultural heritage.

Engaging local communities to find solutions

In our report, several case studies show the successful implementation of renewable energy projects in rural areas, driven by community engagement, collaboration and innovative financing models. From the first community-owned turbine in southern Europe in Catalonia, Spain, to a commercial energy company giving part of its profits to a local cause chosen with an energy community in the northern Netherlands, these cases highlight the potential for such projects to contribute to energy security, produce economic and social benefits and promote environmental sustainability.

These case studies show that active involvement of local communities from the early stages of renewable energy projects can foster acceptance. Citizens who are actively engaged or even share ownership in small- or medium-scale projects become more supportive. Beyond seeing profits stay local, engaged communities can mitigate negative effects of production by, for instance, choosing where to locate new energy plants.

Our report also offers an overview of renewable energy communities’ role in ensuring a sustainable energy transition in which rural areas are not left behind. The number of renewable energy communities in the EU is rising and, although an exact count is unavailable, it is estimated that there were over 4,000 of them, with some 900,000 members, in 2023. These communities are mainly concentrated in northwest Europe, and a high proportion are rural. Beyond energy communities, place-based approaches, where local populations and administrations are engaged from the early stages and see clear benefits, can make an important contribution to our sustainable transition.

Lewis Dijkstra ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

– ref. Renewable energy: rural areas can be the EU’s green powerhouse – https://theconversation.com/renewable-energy-rural-areas-can-be-the-eus-green-powerhouse-250669

MIL OSI – Global Reports –

February 27, 2025
MIL-OSI United Kingdom: Supporting the UK aviation sector
Source: United Kingdom – Executive Government & Departments

Speech

Supporting the UK aviation sector

Secretary of State for Transport outlines next steps for airport expansion during the Airlines UK annual dinner.
Good evening, everyone.

I’ve had the pleasure of meeting some of you over the last couple of weeks individually. But I will be honest with you, not only did I not expect to find myself in this job, I also didn’t envisage spending quite so much time talking about airports.

But I am glad I have because aviation not only underpins the growth we want, but our approach to it says a lot about the country we want to be.

Now some might say the current debate about airport expansion highlights a fundamental tension between growing the economy, whilst protecting the environment.

I say: we must do both.

We could put our head in the sand and pretend that people don’t want to fly. Pretend that families aren’t dispersed across the globe. That they don’t work hard for, and enjoy, their summer holidays. We could pretend that businesses don’t have international clients and colleagues and that air freight isn’t a significant part of the UK’s trade by value. We could pretend that aviation isn’t critical to the economy of an island nation. But we would be knowingly detaching ourselves from reality.

We live in an increasingly interconnected world. Whilst technology has in some respects brought us all so much closer together, there are some things that smartphones, streaming or Zoom just can’t replicate. So as a government, we have a choice – either engage with the world as we find it, or we fail. We know demand for air travel is only going in one direction. Record-breaking stats from the Civil Aviation Authority (CAA) last week confirm passenger levels were 7% higher in 2024 than the previous year. Demand is up – and if we don’t meet it, then we will lose out to our European competitors and risk being on the wrong side of public aspirations.

So the Chancellor has been clear: we will do all we can to support the sector and take the brakes off growth. It’s why we’ve approved London City Airport’s plans to expand to 9 million passengers per year by 2031 and it’s why we welcomed Stansted’s additional £1.1 billion investment to extend its terminal. But there remain capacity problems – particularly at airports in the southeast.

So, as you know, planning applications for Gatwick and Luton are literally on my desk. And as you might have picked up, the government has invited proposals for a third runway at Heathrow to be brought forward by the summer. Once received, we will move at speed to review the Airports National Policy Statement. But let me be clear – this is in no way a blank cheque. My job as decision maker on all of these schemes will be to strike a balance – between expansion’s potential benefits of jobs, trade and tourism, with tough questions on:

whether this is compatible with our climate and air quality obligations

whether we can minimise noise and disruption to local communities

whether this will benefit airlines and passengers, and how we make sure costs are shared fairly

This government believes in increasing airport capacity. We’re ambitious for the sector, but these strict criteria must be met if we are to balance the needs of today with the necessities of tomorrow.

But it’s not just about airport expansion – I want us to take a holistic look at aviation. Our Aviation Minister, Mike Kane, has worked with many of you for years on what are now some of this government’s key manifesto commitments. He has seen first-hand this sector re-emerge stronger from one of its toughest periods and stand today at the cusp of what could be the biggest transformation in its 100-year history. Now more than ever, you need a government that is a willing partner you can trust, whose electoral mandate provides stability, and whose policy agenda provides certainty.

But I would ask that you judge me and the government not on what we say – because goodness knows you’ve had enough of politicians promising you things. But judge us on the choices we make. While this government is only 8 months old, our choices are clear. Every decision measured against the yardstick of growth:

planning reforms – delayed by successive governments as just too hard, now allowing us to finally build again

a national wealth fund – now creating thousands of jobs and unlocking investment

the first industrial strategy in years – due this summer

work accelerated on modernising our airspace, that critical national infrastructure which gets forgotten far too often

Right across the board, it’s clear, we’re choosing growth. For us here tonight, that means running hell for leather towards greener and quieter flights. Stand still and we risk making ourselves poorer in every way. I, therefore, see both decarbonisation and modernisation, above all, as a moral mission.

Let me be clear, I have no intention of clipping anyone’s wings. I am not some sort of flight-shaming eco-warrior. I love flying – I always have. For me, there is something intrinsically optimistic about taking to the sky. I’d even go as far as saying that EasyJet’s bacon sandwich on an early morning flight from Gatwick is up there with my favourite things in life. Other airports, operators and snacks are of course available!

I believe it is incumbent on all those in public life to give businesses the tools for success and increase opportunities for people to improve their lot. That means more passengers and freight in the air, not less. But I am equally clear that this must also mean less carbon, not more. That’s why sustainable aviation fuel (SAF) is so important. Over its lifecycle, it will reduce emissions by 70% when compared with jet fuel. And just weeks into office, we reiterated our commitment to the SAF Mandate and, in November, we signed it into law.

Throughout, we’ve listened to your concerns. You rightly said demand without supply will mean higher costs – and that’s on top of pressures you’re already facing on many fronts. Harming your competitiveness doesn’t help anyone. So I don’t suggest for a second that SAF is a silver bullet, but it is integral to reaching net zero aviation by 2050 – that’s why we are backing it to the hilt. And by legislating for a price guarantee, we will send a clear signal to investors: that this is a serious opportunity for you.

It will give certainty to producers looking to grow their UK production, and our £63 million investment in the Advanced Fuels Fund will ensure we start becoming more self-sufficient.

I know it is early days, and many technologies are not yet scaled, but SAF sits alongside a range of other levers that we must pull to decarbonise the sector. More efficient aircraft and engines will burn less fuel and play a key role. We are even starting to get ready for zero emission flights. These projects – and more – are supported by nearly £1 billion in government funding for the aerospace technology programme as well as the CAA’s hydrogen in aviation regulatory challenge. And I’ve mentioned it already, but our ongoing commitment to airspace modernisation is key for both growth and decarbonisation, with the potential for quicker and greener flights.

Getting all this right matters – it matters for the planet and for the next generation. I don’t have children, but I know what I want for my nieces and nephew.

A world ravaged by climate change and extreme weather events? Of course not.

A world where they have been denied the opportunities to travel that I have? No.

I want them to live life. To fly. To see different places. Experience different cultures. To understand that those who would see countries retreating into their own corners of the globe are on the wrong side of history.

So this matters – for the next generation, but also for today. Decarbonising aviation could be worth billions to the economy, and support thousands of jobs. It is an important enabler to our industrial strategy.

And if we are to be successful, we must embrace partnership.

I am grateful to many in this room for your involvement in the Jet Zero taskforce, it’s crucial that we pool our resources and expertise – both government and industry – to secure this industry’s future.

So, I’ll finish by saying this – the government’s Plan for Change depends on aviation’s success, on the economic value you bring, on the jobs you support, on the trade you facilitate. But that growth depends on us running as fast as we can towards cleaner aviation. It’s the only way to break out of the paralysis successive governments have tolerated.

The new aviation futures forum will be a crucial vehicle for that work. Some of you may remember this as the Aviation Council – and I’m sorry that we seem to have to rename everything when there’s a change of government. But I hope it’s clear that our commitment is immutable: we are as determined as you are to tackling our shared challenges.

I don’t just want to talk about challenges though. Because if we continue making the right choices, we will achieve our shared vision of a growing, thriving aviation sector. One that improves both the lives and the livelihoods of people right across the country. Not many sectors so visibly and tangibly sustain both our economy and people’s lives. So let’s make sure, together, that we secure more of those benefits in the future.

Thank you.

Updates to this page

Published 26 February 2025
MIL OSI United Kingdom –
February 27, 2025
MIL-OSI United Kingdom: Twelve people recognised by His Majesty’s Lord-Lieutenant of Dyfed
Source: United Kingdom – Executive Government & Departments
News story

Twelve people recognised by His Majesty’s Lord-Lieutenant of Dyfed

English

Cymraeg

The efforts of 12 people, including 7 young cadets, from across Dyfed have been recognised by the King’s representative for the county.
Dyfed Lord-Lieutenant standing with Certificate of Merit recipients and the Lord-Lieutenant Cadets of Dyfed. RFCA for Wales copyright.

In recognition of their outstanding service and devotion to duty, 5 people were awarded the Lord-Lieutenant’s Certificate of Merit by Miss Sara Edwards, in the ceremony at Picton Barracks, Carmarthen, on Thursday 20 February.

The 5 were Lieutenant Aled Davies of Milford Haven Sea Cadets, Lieutenant Steven Grant of Fishguard Sea Cadets, Warrant Officer Jane Sanders of No 3 Welsh Wing RAF Air Cadets, Civilian Instructor Lisa Bevan of No 3 Welsh Wing RAF Air Cadets and Flight Sergeant Richard Fisher also of No 3 Welsh Wing RAF Air Cadets.

The achievements of the Lord-Lieutenant’s 7 cadets were recognised and celebrated during the event attended by more than 120 people.

Leading Cadet Chloe Faulkner of Llanelli Sea Cadets, Leading Cadet Finley Fells of Fishguard Sea Cadets, Cadet Sergeant Zuzanna Radkowska of Dyfed and Glamorgan Army Cadet Force, Cadet Squadron Sergeant Major Archie Measey of Dyfed and Glamorgan ACF, Cadet Sergeant Mariana Lemon of Dyfed and Glamorgan ACF, Cadet Flight Sergeant Katy Moyes of No 3 Welsh Wing RAF Air Cadets and Cadet Flight Sergeant Laura Edwards of No 3 Welsh Wing RAF Air Cadets outlined to the audience their time in cadets, including highlights of their role over the last 12 months.

The role, which continues until September, includes attendance with the Lord-Lieutenant at a number of official engagements such as Remembrance events, Royal visits and parades.

The 7 were selected for the prestigious Lord-Lieutenant’s cadet role after being put forward for nomination by cadet group leaders and the Reserve Forces’ and Cadets’ Association for Wales.

There are nearly 5,000 cadets in Wales who gain skills and qualifications through working with local communities, charities and taking part in a variety of practical activities.

The cadet syllabus is delivered by 1,850 volunteering adult Instructors and civilian assistants, who give up their spare time on weeknights and weekends.

The awards event was organised by the Reserve Forces’ and Cadets’ Association (RFCA) for Wales – an organisation that has supported the armed forces for over 100 years.

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Updates to this page

Published 26 February 2025
MIL OSI United Kingdom –
February 27, 2025

MIL-OSI United Kingdom: Court and tribunal fees: updates from April 2025

Source: United Kingdom – Executive Government & Departments

News story

Court and tribunal fees: updates from April 2025

An update on upcoming increases to selected court and tribunal fees.

In early April 2025, and subject to parliamentary approval, the Ministry of Justice will increase 171 court and tribunal fees to account for changes to the Consumer Price Index (CPI). The income generated from these uplifts will help to support the efficient and effective running of His Majesty’s Courts and Tribunal Service (HMCTS).

The department recovers a modest contribution towards the costs of providing HMCTS services from court and tribunal users, where they can afford to do so. The department has a history of increasing court and tribunal fees by inflation to ensure that fees keep pace with increased costs to HMCTS as a result of the general rise in prices, while at the same time minimising the cost to the taxpayer.

The majority of the 171 fees in scope will be increased by 3.2% to reflect the change in CPI between March 2023 and March 2024, with a small number of fees increased by 13.5% to reflect backdated inflation to March 2022. These fee increases are all rounded to the nearest pound. These fee changes will produce a significant level of additional funding that will go towards improving service delivery, subsidising the cost of related court and tribunal services for which we do not charge a fee, and reducing the overall cost to the taxpayer.

The Help with Fees remissions scheme remains available for those with lower financial means who are unable to afford a court or tribunal fee. More information on the scheme can be found on GOV.UK.

As well as increasing fees, the department will be reducing the value of a further 24 fees to ensure they remain aligned with the latest estimate of their underlying cost.

A full list of the fee changes, including the 171 to be increased and the 24 to be reduced, can be found in the table below. The government’s intention is for the changes to go live from 1 April for applications received by courts or tribunals on or after that date. Until then, the current fees will continue to apply.

Civil Proceedings Fees Order 2008

SI Reference ID	Description	Current	New
1.4a	Recovery of Land (High Court)	£528	£545
1.4b	Recovery of Land (County Court)	£391	£404
1.5	Any other remedy (County Court)	£365	£377
1.5	Any other remedy (High Court)	£626	£646
1.6	Filing proceedings against an unnamed party	£65	£67
1.8a	Permission to issue proceedings	£65	£67
1.8b	Assessment of costs (under Part 3, Solicitors Act 1974)	£65	£67
1.9a	For permission to apply for judicial review	£169	£174
1.9b	On applying for a request to reconsider at a hearing a decision on permission	£424	£438
1.9ba	On an application for judicial review where fee 1.9(b) has been paid and permission is granted at a hearing	£385	£436
1.9c	Permission to proceed with judicial review if started with application for permission to apply for JR	£847	£874
1.9d	Permission to proceed with judicial review where started other than with permission to apply for JR	£169	£174
2.1a	Hearing fee: Multi track case	£1,175	£1,334
2.1b	Hearing fee: Fast track case	£545	£619
2.2	Appellant’s/respondent’s notice (High Court)	£285	£294
2.3a	Appellant’s/respondent’s notice (County court small claims)	£142	£147
2.3b	Appellant’s/respondent’s notice (County court other claims)	£166	£171
2.4(a)	General application (on notice) excluding Protection from Harassment Act 1997 & Court Fund Pay Out	£303	£313
2.4(b)	General application (on notice) Protection from Harassment Act 1997 & Court Fund Pay Out	£184	£190
2.5(a)	General application (by consent/without notice) excluding Protection from Harassment Act 1997 & Court Fund Pay Out	£119	£123
2.5(b)	General application (by consent/without notice) Protection from Harassment Act 1997 & Court Fund Pay Out	£59	£61
2.6	Application for summons or order for witness to attend court	£21	£4
2.8	Issue of a certificate of satisfaction	£15	£19
3.1b	Petition for bankruptcy (presented by creditor/other person)	£332	£343
3.4(a)	Request for a certificate of discharge from bankruptcy	£75	£22
3.7	Voluntary winding up fee	£50	£16
3.9	Submission of nominees report	£35	£11
3.11	Application within proceedings (by consent/without notice)	£29	£30
3.12	Application within insolvency proceedings (with notice, where no other fee is specified)	£109	£112
3.13	Search of bankruptcy and company records (County Court)	£45	£11
3.2	Petition for an administration order	£332	£343
3.3	Any other petition	£332	£343
3.5	Insolvency – other application	£308	£318
3.8	Notice of intention to appoint administrator	£55	£57
5.3	Issue of default costs certificate – Civil	£78	£80
5.4	Appeal (detailed assessment proceedings) – Civil	£274	£283
5.5	Request/application to set aside a default costs certificate	£143	£148
6.1	On the filing of a request for detailed assessment for Court of Protection	£96	£99
6.2	Appeal against a Court of Protection costs assessment decision	£77	£79
6.3	Request to set aside a default Court of Protection costs certificate	£72	£74
7.1	Sealing a writ of control/possession/delivery (High Court)	£78	£80
7.2	Order requiring a judgment debtor or other person to attend court	£65	£67
7.3a	Third party debt order or the appointment of a receiver by way of equitable execution	£131	£135
7.3b	Application for a charging order	£131	£135
7.4	Application for a judgment summons	£131	£135
7.5	Register a judgment or order, or for permission to enforce an arbitration award, or for a certificate or a certified copy of a judgment or order for use abroad	£78	£80
8.1	Issue warrant of control	£91	£94
8.2	Request for attempt of execution of a warrant at new address	£36	£37
8.3	Order requiring judgment debtor to attend court	£65	£67
8.4a	Application for a third party debt order	£131	£135
8.4b	Application for a charging order	£131	£135
8.5	Application for a judgment summons	£131	£135
8.6	Issue of a warrant of possession/warrant of delivery	£143	£148
8.7	Application for an attachment of earnings order – Civil	£131	£135
8.9	Application for enforcement of an award of a sum of money or any other decision made by any court, tribunal, body or person	£52	£54
8A.1	Service by a bailiff of an order to attend County Court for questioning	£131	£135
10.1	Bills of sale	£33	£34
10.4	Appointment of a High Court judge as arbitrator or umpire	£671	£692
10.5	Hearing before a High Court judge (per day or part day) as arbitrator or umpire	£671	£692
11.1	On the issue of a warrant for the arrest of a ship or goods	£20	£21
13.1a	Filing an appellant’s/respondent’s notice in the Court of Appeal where permission to appeal/extension of time is applied for	£626	£646
13.1b	Filing an appellant’s/respondent’s notice in the Court of Appeal where permission to appeal is not required or has been granted	£1,421	£1,466
13.1c	Court of Appeal – Appellant/respondent filing an appeal questionnaire	£1,421	£1,466
13.2	Court of Appeal – On filing a respondent’s notice	£569	£587
13.3	Court of Appeal – On filing an application notice	£626	£646

Magistrates’ Court Fees Order 2008

SI Reference ID	Description	Current	New
1.1	Application for a justice of the peace to perform function not on court premises	£28	£29
2.1	Application to state a case for the opinion of the High Court	£151	£156
2.2	Appeal (deduction from earnings order)	£21	£22
2.3	Appeal – proceedings under Schedule 5, Licensing Act 2003	£68	£70
2.4	Appeal (no other fee specified)	£68	£70
3.2	Request for a certificate of satisfaction	£18	£19
3.3	Request for a certified copy of a memorandum of conviction	£20	£15
3.4	Request for certificate/certified document (no fee specified)	£22	£23
4.2	Application for Child Support Liability Order	£25	£14
6.1	Request for licence/consent/authority (no other fee specified)	£30	£31
6.2	Application for renewal/variation of an existing licence	£30	£31
6.3	Application for the revocation of licence (no other fee specified)	£30	£31
7.2	For every oath (etc) where no other fee is specified	£30	£31
8.1	Commencing proceedings where no other fee is specified	£249	£284
8.2a	Application for leave/permission to commence proceedings (no other fee specified)	£138	£142
8.2b	Commencing proceedings where leave/permission has been granted	£138	£142
8.3	Contested hearing	£567	£644
9.2	Application for any other warrant (no other fee specified)	£89	£92
10.1	Application for a warrant of commitment (council tax proceedings)	£264	£212
10.2	Application for a warrant of commitment (Child Support Act 1991)	£45	£46

Family Proceedings Fees Order 2008

SI Reference ID	Description	Current	New
1.1	Originating proceedings where no other fee is specified	£270	£279
1.2	Application for a divorce, nullity or civil partnership dissolution	£593	£612
1.3	Application for matrimonial or civil partnership order	£402	£415
1.5	Amendment of application for matrimonial/civil partnership order	£95	£59
1.6	Answer to application for matrimonial/civil partnership order	£245	£234
1.7	On application for an order of assessment of costs	£55	£57
1.8	Application for parental order	£255	£263
2.1a	Parental responsibility (section 4(1)(c) or (3), 4A(1)(b) or(3) of the Children Act 1989)	£255	£263
2.1b	Parental responsibility (section 4ZA(1)(c) or (6) of the Children Act 1989)	£255	£263
2.1c	Guardians (section 5(1) or 6(7) of the Children Act 1989)	£255	£263
2.1d	Section 8 orders (section 10(1) or (2) of the Children Act 1989)	£255	£263
2.1e	Enforcement orders (section 11J(2) of the Children Act 1989)	£255	£263
2.1f	Compensation for financial loss (section 11O(2) of the Children Act 1989)	£255	£263
2.1g	Change of child’s surname or removal from jurisdiction while residence order in force (section 13(1) of the Children Act 1989)	£255	£263
2.1h	Special guardianship orders (section 14A(3) or (6)(a), 14C(3) or 14D(1) of the Children Act 1989)	£255	£263
2.1i	Secure accommodation order (section 25 of the Children Act 1989) – England	£255	£263
2.1ia	Secure accommodation order (section 25 of the Social Services and Well-being (Wales) Act 2014)	£255	£263
2.1j	Change of child’s surname or removal from jurisdiction while care order in force (section 33(7) of the Children Act 1989)	£255	£263
2.1k	Contact with child in care (section 34(2), (3), (4) or (9) of the Children Act 1989)	£255	£263
2.1l	Education supervision order (section 36(1) of the Children Act 1989)	£255	£263
2.1m	Variation or discharge etc of care and supervision orders (section 39 of the Children Act 1989)	£255	£263
2.1n	Child assessment order (section 43(1) of the Children Act 1989)	£255	£263
2.1o	Emergency protection orders (sections 44, 45 and 46 of the Children Act 1989)	£255	£263
2.1p	Warrant to assist person exercising powers under emergency protection order (section 48 of the Children Act 1989)	£255	£263
2.1q	Recovery order (section 50 of the Children Act 1989)	£255	£263
2.1s	Warrant to assist person exercising powers to search for children or inspect premises (section 102 of the Children Act 1989)	£255	£263
2.1t	Applications in respect of enforcement orders (under Schedule A1 of the Children Act 1989)	£112	£116
2.1u	Amendment of enforcement order by reason of change of address (under Schedule A1 of the Children Act 1989)	£77	£79
2.1v	Financial provision for children (paragraph 1(1) or (4), 2(1) or (5), 5(6), 6(5), (7) or (8), 8(2), 10(2), 11 or 14(1) of Schedule 1 of the Children Act 1989)	£255	£263
2.1w	Approval of court for child in care of local authority to live abroad (paragraph 19(1) of Schedule 2 of the Children Act 1989) – England	£255	£263
2.1wa	Approval of court for child in care of local authority to live abroad (Wales)	£255	£263
2.1x	Extension of supervision order (paragraph 6 of Schedule 3 of the Children Act 1989)	£255	£263
2.1y	Extension or discharge of education supervision order (paragraph 15(2) or 17(1) of Schedule 3 of the Children Act 1989)	£255	£263
2.1z	Appeals concerning foster parents (paragraph 8(1) of Schedule 8 of the Children Act 1989)	£255	£263
2.2	Care and supervision order (Section 31 of the Children Act 1989)	£2,437	£2,515
2.3	Appeal relating to Children Act fees 2.1(a) to 2.1(s) (v) to (y) and 2.2)	£237	£245
2.4	Appeal against a contribution order – England	£237	£245
2.5	Appeal against a contribution order – Wales	£237	£245
2.6(a)	Section 72 Cancellation, variation or removal or imposition of condition of registration of child minder or day carer (England)	£255	£263
2.6(b)	Section 34 Cancellation of registration of child minder or day carer (Wales)	£255	£263
2.7	Commencing child mind or day carer appeal for application (England or Wales)	£237	£245
3.1	Application/permission to apply for adoption	£201	£207
3.2	Application for a placement order (under Section 22 of the Adoption and Children Act 2002)	£539	£556
3.3	Application to the High Court with regards to inherent jurisdiction with respect to children	£201	£207
4.1	On an application for a warning notice to be attached to a contact order	£54	£56
5.1	Application (without notice)	£58	£60
5.2	Application for decree nisi, conditional order, separation order (no fee if undefended)	£59	£61
5.3	Application (on notice) (unless otherwise listed)	£184	£190
5.4	Application for a financial order (other than consent order)	£303	£313
6.1	Filing an appeal notice from a district judge, one or more lay justices, a justices’ clerk or an assistant to a justices’ clerk	£138	£142
7.2	Search of central index of parental responsibility agreements	£45	£17
9.2(d)	On filing a request for detailed assessment where fee 9.1 does not apply	£1,345	£1,365
9.3	Issue of default costs certificate	£65	£18
9.4	Appeal (detailed assessment proceedings) – Family	£231	£238
9.5	Request/application to set aside a default costs certificate	£121	£125
10.2	Application for a maintenance order to be registered under the Maintenance Orders 1950 or 1958 Act	£55	£57
11.1	Application for order for financial provision	£237	£245
12.1	Application to question a judgment debtor or other person	£59	£61
12.2	Application for a third party debt order/appointment of a receiver	£85	£88
12.3	Application for a charging order	£42	£43
12.4	Application for a judgment summons	£80	£83
12.5	Application for an attachment of earnings order – Family	£37	£38
13.1	Application for enforcement of a judgment or order – warrant of control against goods	£110	£114
13.2	On a request for further attempt at execution of a warrant at a new address where the warrant has been returned to the court not executed	£30	£6
13.3	Issue for a warrant of possession or a warrant of delivery	£131	£135
14.1	Sealing a writ of execution/possession/delivery	£66	£68
14.2	On a request or application to register a judgment or order; or for permission to enforce an arbitration award; or for a certified copy of a judgment or order for use abroad	£66	£68
15.1	Request for service by a bailiff of document (see order for exceptions)	£45	£46

Upper Tribunal (Lands Chamber) Fees Order 2009

SI Reference ID	Description	Current	New
1	Permission to appeal r21	£242	£250
2	Notice of reference r28 / appeal r24	£303	£313
3	Absent owner application (Compulsory Purchase Act 1965)	£550	£624
4	Restrictive covenant application r32 re s84 Law of Property Act 1925	£968	£999
5a	Rights of light application r41 to s2 Rights of Light Act 1959 – Definitive certificate	£1,320	£775
5b	Rights of light application r41 to s2 Rights of Light Act 1959 – Temporary & Definitive certificate	£1,650	£761
6	Interlocutory application	£121	£125
11a	Hearing as to entitlement – s84 Law of Property Act 1925 – discharge/modify restrictive covenant	£605	£624
11b	Order without hearing (r46) – s84 Law of Property Act 1925 – discharge/modify restrictive covenant	£275	£166
11c	Substantive hearing of originating application – s84 Law of Property Act 1925 – discharge/modify restrictive covenant	£1,210	£1,249
11d	Engrossing Minutes of Order – s84 Law of Property Act 1925 – discharge/modify restrictive covenant	£220	£41
12	Hearing or preliminary hearing of reference/appeal (no amount awarded)	£605	£624

Upper Tribunal (Immigration and Asylum Chamber) (Judicial Review) (England and Wales) Fees Order 2011

SI Reference ID	Description	Current	New
1.1	Permission to apply for Judicial Review	£169	£174
1.1a	Judicial Review – Oral renewal	£424	£438
1.2a	Proceed with Judicial Review – permission granted at oral hearing	£385	£436
1.2b	Proceeding with Judicial Review after permission granted	£847	£874
1.3	Permission for Judicial Review – permission to proceed where proceedings started otherwise than by application for permission	£169	£174
2.1	Judicial Review General Application – On notice (where no other fee is specified)	£281	£290
2.2	Judicial Review General Application – By consent or without notice (where no other fee is specified)	£110	£114
2.3	Judicial Review – Application for a summons or order for a witness to attend the Tribunal	£55	£57

Non-Contentious Probate Fees Order 2004

SI Reference ID	Description	Current	New
3.1	Duplicate/second grant for same deceased person	£20	£21
6	Deposit of wills	£22	£23
7	Inspection of will/other document retained by the registry	£20	£23
11	Settling documents	£4	£5

First-tier Tribunal (Property Chamber) Fees Order 2013

SI Reference ID	Description	Current	New
1.1	Commence proceedings (application or appeal) in a leasehold or residential property case, where no other fees applies	£110	£114
1.2	File proceedings for approval of the exercise of a power of entry	£110	£114
1.3	Mobile homes application (pitch fee other than Local Authority sites)	£22	£23
1.4	Mobile Homes – Application for determination to take into account cost of owner improvements – para 1.4	£22	£23
1.5	Mobile Homes – Determination of Local Authority pitch fee	£22	£23
1.6	Mobile Homes – Application for determination to take into account cost of owner improvements – para 1.6	£22	£23
2.1	Notice of hearing date for 1.1 or 1.2 application – only one payable if applications joined together	£220	£227

First-tier Tribunal (Gambling) Fees Order 2010

SI Reference ID	Description	Current	New
1.1*	Appeal s141 Gambling Act 2005 – casino operating licence s65(2)(a)	£14,000	£4,521
1.3*	Appeal s141 Gambling Act 2005 – general betting operating licence s65(2)(c)	£10,000	£4,521
1.4*	Appeal s141 Gambling Act 2005 – pool betting operating licence s65(2)(d)	£10,000	£4,521
1.5*	Appeal s141 Gambling Act 2005 – better intermediary operating licence s65(2)(e)	£10,000	£4,521
1.10*	Appeal s141 Gambling Act 2005 – lottery operating licence s65(2)(j)	£9,400	£4,521
1.11	Appeal s141 Gambling Act 2005 – personal management office licence s127	£1,760	£1,816
1.12	Appeal s141 Gambling Act 2005 – personal operational function licence s127 of that Act	£880	£908
2	Appeal s337(1) Gambling Act 2005 – order to void a bet s336(1)	£9,400	£4,521

Court of Protection Fees Order 2007

SI Reference ID	Description	Current	New
4	Application fee (Article 4)	£408	£421
5	Appeal fee (Article 5)	£257	£265
6	Hearing fee (Article 6)	£494	£259

Gender Recognition (Application Fees) Order 2006

SI Reference ID	Description	Current	New
2	Application for a Gender Recognition Certificate	£5	£6

*Please note that fees 1.1 – 1.10 in the First-tier Tribunal (Gambling) Fees Order 2010 will all be consolidated under one fee at £4,521 from 1st April.

Published 26 February 2025

MIL OSI United Kingdom –

February 27, 2025

MIL-OSI New Zealand: PM announces major upgrade to relationship with Viet Nam

Source: New Zealand Government

Prime Minister Christopher Luxon and his Vietnamese counterpart, His Excellency Prime Minister Pham Minh Chinh, have today announced the elevation of the New Zealand-Viet Nam relationship to a Comprehensive Strategic Partnership.

This upgrade was announced during the Prime Minister’s visit to Viet Nam as the two countries mark 50 years of diplomatic relations.

Both leaders discussed opportunities to further grow and deepen the relationship between New Zealand and Viet Nam across economics, trade and investment, defence and security, education, and people-to-people connections under the new partnership.

“Strengthening our relationship with Viet Nam is incredibly important to New Zealand’s economic future, with more opportunities for businesses at home to access this crucial market. I am delighted that Prime Minister Chinh and I today agreed to take the relationship between our countries to the next level,” Mr Luxon says.

“A Comprehensive Strategic Partnership is the highest level of partnership with Viet Nam and is a fitting way to commence our 2025 anniversary year.

“This significant upgrade in the relationship is a major milestone and demonstrates the high level of trust, ambition, and strategic alignment between our countries. Viet Nam is the rising star of Asia, and the opportunities to work together on common goals are enormous.

“Today, Prime Minister Chinh and I reflected on the flourishing relationship between New Zealand and Viet Nam, and the shared ambition to expand cooperation and to do more together across a wide range of priorities.

“The agreement also shows the priority my Government is placing on relationships with Southeast Asia – a region crucial to our plan to grow our economy, create jobs and lift incomes.”

Prime Minister Luxon’s visit to Viet Nam continues tomorrow with a range of business and political engagements in both Ha Noi and Ho Chi Minh City.

Editor’s notes:

New Zealand and Viet Nam agreed a Strategic Partnership in 2020.

The agreement to elevate to a Comprehensive Strategic Partnership will place New Zealand at the top tier of Viet Nam’s international relationships.

Over the next year, New Zealand and Viet Nam will agree a Plan of Action to outline joint initiatives under five pillars: (i) political engagement, (ii) defence, security and oceans, (iii) economics, trade and investment, (iv) climate change, science and technology; and (v) education and people to people links.

This is Viet Nam’s 10^th Comprehensive Strategic Partnership.

MIL OSI New Zealand News –

February 27, 2025
MIL-OSI Africa: Ghana’s Mining in Motion Summit Gains Support from Key Leaders

Source: Africa Press Organisation – English (2) – Report:

ACCRA, Ghana, February 26, 2025/APO Group/ —

Otumfuo Osei Tutu II, King of the Ashanti Kingdom; Hon. Emmanuel Armah Kofi Buah, Minister of Lands and Natural Resources of Ghana; and Oheneba Kwaku Duah, the son of Otumfuo Osei Tutu II and Managing Director of the Ashanti Green Initiative recently met to discuss the upcoming Mining in Motion Summit in Ghana.

They explored the summit’s potential to improve the artisanal and small-scale gold mining (ASGM) sector in Ghana and the role of government, international partners and major mining firms in accelerating the sector’s growth. Hon. Kofi Buah endorsed the event, emphasizing its significance in connecting small-scale miners with technology providers, financiers, regulatory bodies and global industry stakeholders to improve their operations and impact.

Organized by the Ashanti Green Initiative along with the World Bank, the World Gold Council and other international partners, Mining in Motion will take place from June 2 – 4 in Accra.

The summit is held under the theme Sustainable Mining & Local Growth – Leveraging Resources for Global Impact, uniting key decision-makers, including H.E. John Dramani Mahama, President of the Republic of Ghana, as well as representatives from public and private sector mining institutions from South Africa, the Republic of Guinea, the African Union, ECOWAS and the United Nations.

The three-day event will highlight the role of traditional authorities in shaping artisanal and small-scale mining practices, emphasizing the sector’s contribution to employment and economic growth. In 2024 alone, Ghana’s artisanal miners generated $5 billion in foreign exchange earnings through gold exports. Providing direct employment for over one million Ghanaians and accounting for 35% of domestic gold output, the sector has the potential to significantly shape socioeconomic development in the west African country.

As Ghana’s mining sector increasingly supports sustainable development, the Mining in Motion Summit will highlight best practices for integrating ASGM into the global financial system. Representatives from prominent international financing organizations will share their insights.

In a significant move to boost earnings for small-scale miners, Ghana has announced plans to establish a Gold Board. This new entity will simplify the process of purchasing gold from small-scale miners, providing them with easier access to global markets. With Samuel Adu Gyamfi, who was appointed Acting Managing Director of Precious Minerals Marketing Company last month and tasked with setting up the Ghana Gold Board, playing a pivotal role in shaping the summit, Mining in Motion is set to have a sizable impact on the growth of Ghana’s gold sector.

Through a series of high-level panel discussions, deal signings, project showcases and exclusive networking, Mining in Motion serves as the ideal platform to connect Ghanaian miners with regional counterparts and global investors for forge industry-changing partnerships.

Stay informed about the latest advancements, network with industry leaders and engage in critical discussions on key issues impacting ASGM and medium- to large-scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting https://MiningInMotionSummit.com. For sponsorship opportunities or delegate participation, contact sales@energycapitalpower.com.

MIL OSI Africa –

February 27, 2025
MIL-OSI Video: Prioritising women’s healthcare in different countries #Davos2025 #WorldEconomicForum #CatherineRuss

Source: World Economic Forum (video statements)

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=pjCKElOFuCI

MIL OSI Video –

February 27, 2025
MIL-OSI Europe: Minister Burke welcomes €23 million in Shared Island Development Tourism funding
Source: Government of Ireland – Department of Jobs Enterprise and Innovation

25th February 2025
- The government’s Shared Island initiative aims to harness the full potential of the Good Friday Agreement to enhance cooperation, connection and mutual understanding on the island and engage with all communities and traditions to build consensus around a shared future.
- Fáilte Ireland, Tourism Northern Ireland and Tourism Ireland continue to build on the strong relationships already developed with the local authorities in both jurisdictions.
Minister for Enterprise, Tourism and Employment, Peter Burke, today welcomed funding of up to €23 million for three Shared Island Tourism Destination projects.

Carlingford Lough: A network of trailheads, trails and water access points will be delivered across the region; increasing connectivity between tourism assets and complemented by delivery of a Destination Experience Strategy to promote the region. The investment will harness the benefits of the Narrow Water Bridge as a lynchpin for sustainable tourism and recreation activity around the whole Carlingford Lough area.

Cuilcagh Lakelands UNESCO Global Geopark: The trail network will be developed to link existing trails North and South of the border; enhancing and further linking the regional tourism offering at Cuilcagh and the wider cross-border UNESCO Global Geopark. Trail development will provide connectivity between the Marble Arch Caves, Cuilcagh Boardwalk and on to Cavan Burren Park and include interpretation, wayfinding and infrastructure, including a community-based interpretative centre at Glangevlin village.

Sliabh Beagh: Extensive connected walking, cycling, equestrian cross-border trails around Sliabh Beagh Mountain will be developed along the border, with the inclusion of trailheads and gateways. Trail development will also include interpretation, wayfinding and other facility development.

Minister Burke said:

“I welcome the announcement of this significant funding, which will boost the all-island economy and benefit communities north and south of the border. These projects have the potential to deliver sustained economic, social and environmental benefits across counties in both jurisdictions. Communities on either side of the border Ireland continue to collaborate in creating a place that they are proud to share with others, delivering a warm welcome and the promise of a memorable holiday.”

ENDS

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MIL OSI Europe News –
February 27, 2025
MIL-OSI United Kingdom: Westminster City Council’s housing inspection result | Westminster City Council

Source: City of Westminster

The Regulator of Social Housing (RSH) has confirmed that Westminster City Council has achieved a C1 rating following an inspection of its housing services. This is the highest possible rating, indicating that the Council meets the consumer standards set by the regulator and effectively addresses and resolves problems when they are identified.

The Council is the first Local Authority in London to achieve this rating to date. The inspection involved a detailed review of documents, an on-site inspection and attendance at resident engagement meetings. The regulator also met with staff and residents to better understand their experiences.

The inspection follows significant focus and investment by the Council in improving its housing services. In Spring 2023, Westminster City Council introduced a housing improvement programme, which has included a focus on improving repairs, complaints and our support for the most vulnerable residents. Central to this has been a focus on improving the frontline service offer, including opening more service centres and a focus on engaging and listening to our residents.

The council has acknowledged there is still more to do, and this result does not mean it always gets everything right. The housing teams are committed to continuing to learn from residents and provide opportunities for them to influence how to further improve our services. This involves continuing the improvement journey which is shaped by the feedback from the inspection and what residents are saying.

Councillor Liza Begum, Cabinet Member for Housing Services, stated:

We welcome the findings from the Regulator of Social Housing, which demonstrates the significant progress we’ve made in improving our housing services over recent years.

This C1 rating provides an important validation of the steps we have taken to improve the leadership, governance and performance of our housing services and reflects the achievements so far. However, we know that there is still much to do to ensure residents receive the best possible service, and we fully acknowledge that this result does not mean we always get everything right.

Our improvement plans are still underway, and we will continue to work closely with residents, tenant management organisations and partners to drive continuous improvement.

We’re committed to listening to residents and acting on their feedback to ensure all our tenants have a safe, secure and well-maintained home.

Thank you to all the residents, staff, and partners who contributed to the inspection process. The feedback that we have received has been key in helping us deliver better homes, and services across Westminster.

To read the full inspection report, please visit: gov.uk.

MIL OSI United Kingdom –

February 27, 2025
MIL-OSI United Kingdom: Local people asked for their views about the future of Newton Heath
Source: City of Manchester

A consultation has opened today (Weds 26 Feb) asking the Newton Heath community for feedback around what investment they would like to see in their district centre.

The engagement opportunity will look at how best to unlock the potential of the north Manchester neighbourhood as part of a city-wide approach to investing in and improving the city’s high streets.

The responses from local people will help the Council to develop a long-term plan for Newton Heath – or Neighbourhood Development Framework (NDF) – that will help guide future development and improvements in the neighbourhood.

Currently the draft NDF focuses on a range of possible investment opportunities:
- Providing new high-quality housing
- A new public square and better public spaces that are more welcoming, safe and enjoyable
- Improving and expanding community facilities such as the library
- Improving health care facilities
- Creating a more vibrant ‘high street’ (Old Church Street) by improving the shopping environment
- Measures to help reduce peak traffic congestion
- Making it easier to move around on foot or by bicycle
Local people and businesses can respond to the consultation online or complete a paper copy of the survey at Newton Heath Library.

Two in-person drop-in events will also allow visitors to take a look at a range of display boards and speak to the team to find out more.

The sessions will take place at Newton Heath Library, Old Church Street, M40 2JB on:
- Friday 28 February , 10:00 am to 2:00 pm
- Saturday 1 March, 09:30 am to midday
The consultation about the future of Newton Heath’s district centre will close on Sunday 23 March 2025.

This project is funded by the UK government through the UK Shared Prosperity Fund

Cllr Gavin White, Manchester City Council’s executive member for housing and development, said:

“We have made a clear commitment to investing in Manchester’s high streets, which are the heart and soul of our communities. Already we have key projects nearing completion in Gorton and Withington – and key schemes on the way in Moston and Wythenshawe.

“This is about understanding what services and facilities our residents need and want from the district centres and working in collaboration with communities to invest in the right things.

“That’s why engagement opportunities like this are so important. This is the chance for local people to have their say and help guide the long-term development plan for Newton Heath.”
MIL OSI United Kingdom –
February 27, 2025
MIL-OSI New Zealand: Opening remarks in meeting with China Foreign Minister

Source: New Zealand Government

Opening remarks by New Zealand Foreign Minister Winston Peters in meeting with China Foreign Minister Wang Yi, in Beijing on 26 February 2025:

Thank you, Minister, for your warm welcome tonight.

It is a pleasure to return to Beijing, after our last visit in 2018. And thank you for your hospitality then, as now, and to a number of people on your side whose faces we recognise across many, many years.

This reciprocates your visit to Wellington last year. Our personal connection, built over many years, enables us to exchange candid perspectives on developments in our long-standing bilateral relationship and to continue to build our mutual understanding.

The New Zealand-China relationship continues to benefit, as you said, from our mutually beneficial and significant trade and economic relationship and the comprehensive, regular two-way exchanges by our people, which are again growing following the COVID-19 pandemic.

Our relationship also benefits from a resilient bilateral architecture that has been built up over many years of hard work and commitment by both sides, from regular high-level political exchanges to technical dialogues covering issues from trade and agriculture, to education, science and innovation, and indeed the environment.

Our long-standing connection enables our frank and comprehensive discussions on areas of disagreement, including those that stem from our different histories and different systems. Indeed, it is a sign of healthy relationships that we can and do express disagreement on important issues.

For New Zealand, you will be well aware of our ambition for the Pacific region to be peaceful, prosperous, and focused on Pacific-led institutions and solutions. Our connections to the Pacific are deep, particularly in the Realm of New Zealand which includes the Cook Islands, Niue and Tokelau. Indeed, it’s in the name: Pacific.

Alongside this, our deep and abiding support for the rules-based international order and stable security, defence, and political engagement in the Indo-Pacific region are fundamental to our interests.

Turning to the global picture, we are meeting at a time of great uncertainty and strain, with the conflict in Ukraine having just entered its fourth year, and the Middle East turning to rebuild and addressing the immense humanitarian need on the ground.

Our dialogue with China on bilateral, regional and international issues is more important than ever. We encourage China to use its influence, weight and role as a permanent member of the United Nations Security Council to work towards resolution of global issues.

We look forward to discussing these matters further with you this evening and in the following years.

Thank you.

MIL OSI New Zealand News –

February 27, 2025
MIL-OSI: Radware’s Cyber Threat Report: Web DDoS Attacks Surge 550% in 2024
Source: GlobeNewswire (MIL-OSI)

MAHWAH, N.J., Feb. 26, 2025 (GLOBE NEWSWIRE) — Radware^® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, released its 2025 Global Threat Analysis Report.

Radware’s new report leverages intelligence provided by 2024 network and application attack activity sourced from the company’s cloud and managed services and threat intelligence research team. In addition, it draws from information found on Telegram, a public messaging platform often used by cybercriminals.

2024 report highlights
- The average duration of network DDoS attacks increases 37% over 2023
- North America faces 66% of web application and API attacks
- Nearly 400% year-over-year growth in DDoS attack volume strikes finance and transportation
- Hacktivist claims rise 20% globally; governments top targets
“Multiple catalysts drove the threat revolution witnessed in 2024, including geopolitical conflicts, bigger and more complex threat surfaces, and more sophisticated and persistent threats,” said Pascal Geenens, director of threat intelligence at Radware. “Add to that the impact of AI, which is lowering barriers to entry, multiplying the number of adversaries and enabling even novice actors to successfully launch malicious campaigns, and what you have is a threat landscape that looks very daunting.”

Web DDoS attacks mount on geopolitical tensions
Layer 7 (L7) Web DDoS attacks escalated significantly, linked predominately to hacktivist groups motivated by geopolitical conflicts and facilitated by easy accessibility to more sophisticated tools. During 2024:
- Number of attacks: Total Web DDoS attacks surged 550% compared to 2023.
- Geographic targets: EMEA remained the primary target, accounting for 78% of global incidents.
Network-layer DDoS attacks become bigger and more prolonged
The volume, frequency and duration of network DDoS attacks more than doubled since 2022. During 2024:
- Attack volume: The average mitigated attack volume rose 120% compared to 2023.
- Attack duration: The average duration of attacks increased 37% over 2023.
- Geographic targets: Organizations in Europe faced the highest proportion of network DDoS activity, accounting for 45% of the global attack volume, followed by North America (21%).
- Industry targets: Telecommunications bore 43% of the global network DDoS attack volume, followed by finance at 30%. Growing faster than the global average of 120%, finance experienced the steepest growth in attack volume per organization, increasing 393% year-over-year, followed by transportation and logistics (375%), e-commerce (238%), and service providers (237%).
“The escalations in the threat landscape have significant implications for every sector from finance and telecommunications to government and e-commerce and beyond,” explained Geenens. “Organizations are operating in a dynamic environment that demands equally dynamic defense strategies. While bad actors don’t have to do their jobs perfectly to have a major impact, defenders do.”

Application-layer DNS DDoS attacks post unprecedented gains
Last year was a pivotal year in the evolution of L7 DNS DDoS attacks. During 2024:
- Attack activity: The amount of DNS flood queries rose 87% over 2023.
- Industry targets: The financial sector accounted for 44% of the total L7 DNS attack activity. Healthcare (13%) ranked second, followed by telecom (10%), and communications (8%).
Hacktivist campaigns intensify marked by retaliation and disruption
Propelled by political and ideological tensions, hacktivism remained a leading driver of cyberattacks. According to data gathered from Telegram in 2024:
- Number of attacks: The total number of claimed DDoS attacks increased by 20% compared to 2023.
- Geographic targets: Ukraine was the most targeted nation with 2,052 claimed attacks, followed by Israel (1,550). The United States became a prime target for DDoS-as-a-service providers.
- Industry targets: Government institutions were the top hacktivist targets, accounting for 20% of hacktivist activity, followed by business services (9%), finance (9%) and transportation (7%).
- Top claiming actors: Pro-Russian hacker NoName057(16), the most prolific threat actor in 2024, claimed 4,767 DDoS attacks, followed by RipperSec (1,388), Executor DDoS (1,002) and the Cyber Army of Russia Reborn (716).
Web applications and APIs become prime targets for exploitation
Attackers aim to profit from the expanding complexity and breath of the threat surface in modern organizations by exploiting known vulnerabilities. In 2024:
- Number of attacks: Web application and API attacks climbed 41% compared to 2023.
- Attack vector: Vulnerability exploitation remained the most prominent attack type, comprising more than one-third of all malicious requests.
- Geographic targets: North America experienced 66% of these attacks, followed by EMEA (26%).
Radware’s complete 2025 Global Threat Analysis Report can be downloaded here.

About Radware
Radware^® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, YouTube, and Radware Mobile for iOS.

©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

THIS PRESS RELEASE AND THE RADWARE 2025 GLOBAL THREAT ANALYSIS REPORT ARE PROVIDED FOR INFORMATIONAL PURPOSES ONLY. THESE MATERIALS ARE NOT INTENDED TO BE AN INDICATOR OF RADWARE’S BUSINESS PERFORMANCE OR OPERATING RESULTS FOR ANY PRIOR, CURRENT, OR FUTURE PERIOD.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

Safe Harbor Statement
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that organizations are operating in a dynamic environment that demands equally dynamic defense strategies, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

Media Contact:
Gerri Dyrek
Radware
Gerri.Dyrek@radware.com

The MIL Network –
February 27, 2025
MIL-OSI United Kingdom: Trials for contactless ticketing in the North and Midlands takes another step closer
Source: United Kingdom – Executive Government & Departments

Press release

Trials for contactless ticketing in the North and Midlands takes another step closer

Contactless will offer simpler ticketing and a better experience for rail customers.
contactless ticketing is on its way to the North and Midlands with trials later this year

Yorkshire and the East Midlands will be the first to try out the new simpler way to travel

part of wider moves to overhaul the railways to put passenger experience at the forefront

Plans to trial simpler and more flexible ticketing across the North and Midlands have taken one step closer this week with trials on track for later this year.

The government is kickstarting the procurement process to find the suppliers who will run the technology for the trials across the East Midlands and Yorkshire. The successful bidders will work alongside Northern and East Midlands Railways to deliver the trials.

Unlike the previous roll out of pay as you go, these trials will use Global Positioning System (GPS) based technology. This will track your location on your train journey, ensuring you pay the best fare for the journey you take. For ticket inspections and to go through ticket barriers, a unique bar code will pop up in the app to be scanned.

The use of contactless ticketing offers passengers simpler, more accessible and more flexible train travel as well as a guarantee of the best value ticket on the day. By saving both time and money on a number of journeys, the trials will help to improve living standards and make working people better off – delivering on the government’s Plan for Change.

Backed by government funding, the trials are part of plans to modernise our transport system, put passenger experience at the heart of the railways and drive more people back onto trains building on the government’s mission to deliver growth.

Rail Minister, Lord Peter Hendy, said:

We’ve seen the success that contactless ticketing has on making journeys easier to navigate and attracting more people to our railways.

It’s only right that we now look to expand contactless ticketing to other major cities across the North and Midlands, ensuring they can reap the economic benefits that simpler ticketing offers and that passengers are having a better experience.

Jacqueline Starr, Chief Executive Officer of Rail Delivery Group, said:

We are proud to support the pay as you go trials in Yorkshire and East Midlands. This is another step in making fares and ticketing easier for everyone.

We are committed to developing a simpler fare system that not only meets passengers’ expectations but also supports the long-term growth of rail travel making customers experience of the railway better.

This follows the roll out of contactless ticketing at 53 stations across the South East. In the first 6 months of contactless ticketing being available at the first 6 stations, more than 268,000 entries and exits were made using contactless cards or mobile devices – showing how popular the system is with customers using those stations already.

The department is also working closely with Greater Manchester and the West Midlands to develop their proposals for rolling out contactless ticketing even further.

Alex Hornby, Commercial and Customer Director at Northern, said:

Historically, ticketing across the rail industry has been far too complicated and so anything that makes the customer experience simpler has my vote.

We’ve already seen a huge swing away from physical tickets to digital alternatives, which now make up over 80% of journeys on our network. The option to pay as you go is a development of that trend which we’re looking forward to introducing on selected routes very soon.

Oli Cox, Head of Commercial Strategy and Business Planning at East Midlands Railway, said:

We’re excited to be trialling digital pay as you go between Derby, Nottingham, and Leicester, making rail travel simpler and more convenient for our customers.

We know that complex fares can sometimes be a barrier to travel, and this trial will help to remove that uncertainty – allowing customers to simply tap in and out via their phone – confident that they’re getting the best value fare for their journey.

Last week, the government launched a consultation on a landmark bill to rewire Britain’s railways, including committing to a further overhaul of ticketing and setting up a powerful passenger watchdog to give passengers a voice and hold train operators to account.

Rail media enquiries

Media enquiries 0300 7777878

Switchboard 0300 330 3000

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Published 26 February 2025
MIL OSI United Kingdom –
February 26, 2025
MIL-OSI United Kingdom: UKIFS seeks exceptional talent to shape the future of fusion
Source: United Kingdom – Executive Government & Departments

Press release

UKIFS seeks exceptional talent to shape the future of fusion

UKIFS launches search for exceptional talent to shape the future of fusion energy
Image credit: UK Industrial Fusion Solutions

UK Industrial Fusion Solutions (UKIFS), the organisation responsible for delivering the STEP (Spherical Tokamak for Energy Production) programme, is excited to launch the recruitment process for seven senior technical roles that are central to the future success of the programme.

The positions we’re recruiting are:

Deputy Chief Engineer

Head of Tokamak Machine

Design Chief Architect Engineer

Head of Engineering Assurance

Head of Whole Plant Performance

Head of Engineering – Fuel Cycle

Head of Engineering – Power & Cooling

The people appointed to these roles will be key to the successful delivery of the technical programme, adding significant weight to the senior leadership team within the programme.

STEP is the programme to deliver the UK’s first prototype fusion energy plant, targeting 2040 and a path to the commercial viability of fusion, as a safe, low-carbon and near-limitless energy source. The key objectives of the programme are to demonstrate net energy production from fusion as well as fuel self-sufficiency and a route to plant maintenance for future fusion power plants.

This recruitment drive marks the beginning of a significant expansion of roles across the programme, with many more expected through the year.

All positions can be based at either Culham Campus in Oxfordshire, or the West Burton site in Nottinghamshire.

Paul Methven – CEO of UKIFS and Senior Responsible Officer for STEP said:

UKIFS is a new and exciting organisation, working to prove that fusion energy can make a meaningful difference to address climate change and energy security, by delivering net energy. This is a project that really could change the world, place the UK in the lead of a key global technology and generate real economic value for the country.

We are very excited to be launching our search for these roles, which are fundamental to the technical success of the project and are looking forward to receiving applications from people working in these areas of engineering, not only those in fusion but across adjacent industries.

We’d love you to join us.

About UK Industrial Fusion Solutions Ltd

UK Industrial Fusion Solutions Ltd (UKIFS) is a wholly owned subsidiary of the UK Atomic Energy Authority (UKAEA) Group, responsible for the STEP (Spherical Tokamak for Energy Production) programme to deliver the UK’s prototype fusion energy plant.

Targeting first operations in 2040, UKIFS will lead STEP’s integrated delivery team to design and build the prototype fusion energy plant at West Burton, a former coal-fired power station site in Nottinghamshire.

To sign-up for updates about STEP, visit: step.ukaea.uk or follow our social channels @STEPtoFusion.

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Published 26 February 2025
MIL OSI United Kingdom –
February 26, 2025
MIL-OSI United Kingdom: More than £100 million in Indian investment creating UK jobs
Source: United Kingdom – Executive Government & Departments

Press release

More than £100 million in Indian investment creating UK jobs

New Indian investment deals worth over £100 million demonstrate investors’ confidence in the UK.
UK welcomes latest Indian investments, demonstrating investors’ confidence in doing business

New deals will create jobs as the government continues to focus on delivering economic growth under the Plan for Change

Recent Indian budget drives more opportunity for UK insurance companies to expand presence in India

Recent investment wins for the UK worth over £100 million from Indian companies are being celebrated as proof the government’s Plan for Change is providing global investors with the confidence they need to do business in the UK.

Trade Secretary Jonathan Reynolds has been in New Delhi this week, as the UK Government relaunched talks on a trade deal with India to bring more opportunity to UK businesses and deliver on its core mission to grow the economy, as part of the Plan for Change.

UK Investment Minister Poppy Gustafsson is in Bangaluru on the second leg of a two-city visit to India to bang the drum for Britain, champion free trade and promote exciting investment opportunities in the UK economy.

Recent Indian investments in the UK cover a range of sectors including AI, professional services and textiles and are expected to create hundreds of new jobs over the next three years.

This continues the trend of strong Indian investment into the UK in recent years, with the last year-on-year change showing the value of inward FDI stock from India having increased 28% at the end of 2023. India has remained the second largest investor in terms of number of projects into the UK for five consecutive years.

The deals come as UK insurance companies gain more potential to expand in India thanks to the recent Indian budget which increased the amount of FDI permitted in the insurance sector from 74% to 100%.

Business and Trade Secretary Jonathan Reynolds said:

“These investment deals will deliver more than £100 million for the UK economy, creating jobs, strengthening growth, and helping working people.

“They prove that the government’s Plan for Change is giving Indian businesses the confidence they need to continue investing in Britain.

“Now the UK will strive to be more ambitious and collaborative than ever before as we show the world why the UK is the best place to invest.”

The investment announcements include:

Aaseya Technologies, professional services company specialising in digital transformation through automation, is growing its presence in London and creating up to 250 new jobs over three years with a £25 million investment.

Sastra Robotics is investing £8 million in Manchester over three years, creating 75 new jobs. The investment aims to expand the company’s robotics innovation and development. This is the first time a robotics company from South India has invested in the UK.

AI CyberIntel company Deepcytes has set up its global headquarters in London, investing £5 million and creating 80 jobs in the next three years to combat problems of anti-bullying and cyber frauds.

University Living, a global student housing managed marketplace, plan to open a new UK office, investing £10 million and creating 50 jobs over three years.

One of the largest producers of hand-knotted rugs in India, Jaipur Rugs have opened a store in London and are looking to create 75 jobs through a £5 million investment over the next three years.

Time Cinemas have established their global headquarters in the UK, introducing The Black Box by Time, an innovative, patent applied, cloud platform solution that empowers filmmakers, content creators, producers, and distributors to reach out to a much wider cinema audience across geographies. This expansion will create 75 new jobs in London over the next three years, supported by a capital expenditure of £20 million.

Novigo solutions, a technology-focused organisation specialising in end-to-end IT services, technology consulting, business consulting, analytics, and robotic process automation, has started its operation in Warwick by investing £12 million and creating 75 jobs over three years.

Test Yantra, one of India’s largest testing and training services companies, is investing £10 million and creating 100 jobs over the next three years.

Zoondia software, a leading provider of technology solutions, AI solutions, custom software development, IOT, data analytics and resource augmentation areas, is investing £10 million and creating 60 jobs over three years.

Notes to editors

FDI project numbers are sourced from DBT inward investment results 2023/24

FDI stock values are sourced from ONS foreign direct investment involving UK companies 2023

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Published 26 February 2025
MIL OSI United Kingdom –
February 26, 2025
MIL-OSI United Kingdom: UK firms rake in ‘tens of millions’ in exports to India
Source: United Kingdom – Executive Government & Departments

Press release

UK firms rake in ‘tens of millions’ in exports to India

Companies in the UK’s tech and life sciences sectors have announced expansions in India which will amount to tens of millions of pounds for the UK economy.
Over 600 UK companies, including in cutting-edge tech and life sciences sectors, are already based in India

UK businesses exported a total of £17 billion goods and services to India in the 12 months to September 2024

A trade deal which brings down barriers could make selling to this huge market easier and cheaper for businesses, delivering on the government’s Plan for Change

Companies in the UK’s tech and life sciences sectors are making huge strides in global markets and going for growth by announcing expansions in India.

UK tech and science firms are thriving thanks to deals and partnerships valued at tens of millions of pounds, involving everything from supplying internet-based learning to pupils in disadvantaged communities to helping improve outcomes for patients undergoing complex surgery in hospitals.

Trade Secretary Jonathan Reynolds has been in New Delhi this week, as the UK Government relaunched talks on a trade deal with India to bring more opportunity to UK businesses and deliver on its core mission to grow the economy, as part of the Plan for Change.

Already an economic heavyweight, India is expected to become the fourth largest importer by 2035, presenting new opportunities for UK businesses. In the year to September 2024, UK businesses exported a total of £17 billion goods and services to India.

Business and Trade Secretary Jonathan Reynolds said:

“Tech and life sciences are two huge growth sectors for the UK economy that feature at the heart of our Industrial Strategy.

“I’m proud that government support has helped some of our finest businesses in these sectors to expand into the exciting Indian market.

“It’s great to see them going for growth, and their successes will amount to tens of millions of pounds for the UK economy, which will see living standards improve, and put money in people’s pockets.”

UK businesses expanding their exports into India include:

Manufacturer of RF solutions to mobile networks, defence, and aerospace markets Radio Design, headquartered in Shipley, has expanded its global operations with a manufacturing facility in India.

Global Tech operations for Marcus Evans Group, London-based specialists in high-impact and bespoke events, are now established in Mumbai.

Appliansys, an innovative tech company based in Coventry whose internet-based education supports students in low or no internet areas, has worked with Tata Motors and developed a pilot which will be used across almost 5,000 Indian schools.

Leicester-based chemicals company Microfresh has now rolled out its smart antimicrobial technology across multiple Indian textile and leather players.

A digital health tech business headquartered in London, Novocuris has begun operating in multiple Indian hospitals.

Keele-based Biocomposites is supplying hospitals in India with its medical devices for use in complex bone, joint, and musculoskeletal infections.

York business Optibiotix Health has entered into a long-term partnership with Morepen Laboratories with its brand “Light life” containing its patented, award-winning and clinically tested SlimBiome, used as a pre-meal and on-the-go meal product.

REM3DY Health, a Birmingham based advanced manufacturing business has partnered with a leading Indian pharmacy giant to bring its innovative gummy vitamin products to India with discussions ongoing to expand into even more personalised solutions in the future.

Notes to editors:

GDP figures are sourced from the IMF World Economic Outlook October 2024

Number of UK companies based in India are sourced from Grant Thornton

Trade values sourced from ONS UK total trade all countries July to September 2024

Forecasts for 2035 imports are as reported in the DBT global trade outlook February 2023 report

Total predicted export values have been generalised as the request of the companies for commercial confidentiality reasons.

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Published 26 February 2025
MIL OSI United Kingdom –
February 26, 2025
MIL-OSI Asia-Pac: FS unveils rates, tax cuts

Source: Hong Kong Information Services

In his 2025-26 Budget Speech, Financial Secretary Paul Chan this morning announced measures to provide rates concessions, reduce salaries and profits taxes, and pay an extra allowance to eligible social security recipients.

Mr Chan said the measures had been devised in light of the economic pressures faced by some industries and people, and of the Government’s fiscal position.

In the first quarter of the next financial year, rates concessions for domestic and non-domestic properties will be provided, subject to a ceiling of $500 for each rateable property.

The measure is estimated to involve 3.12 million domestic properties and 430,000 non-domestic properties, and a reduction in government revenue of $1.5 billion from the former and of $200 million from the latter.

Meanwhile, salaries tax and tax under personal assessment for the 2024-25 tax year will be reduced by 100%, subject to a ceiling of $1,500, with the reduction being reflected in the final tax payable for the year of assessment. The same reduction, also subject to a ceiling of $1,500, will be applied to profits tax for the 2024-25 year of assessment.

With regard to salaries tax and tax under personal assessment, the reduction will benefit 2.14 million taxpayers and reduce government revenue by $2.9 billion. The profits tax cut will benefit 165,400 businesses and reduce government revenue by $200 million.

In addition, the Government will provide an extra allowance to eligible social security recipients that is equal to half a month of the standard-rate Comprehensive Social Security Assistance payments, Old Age Allowance, Old Age Living Allowance or Disability Allowance. Similar arrangements will apply to recipients of the Working Family Allowance.

Altogether, the extra allowance payments will involve an additional expenditure of about $3.1 billion.

Furthermore, to ease the burden on buyers of residential and non-residential properties at lower values, the maximum value of properties chargeable to a $100 stamp duty will be raised from $3 million to $4 million with immediate effect.

This concession will benefit about 15% of property transactions and reduce government revenue by about $400 million annually.

MIL OSI Asia Pacific News –

February 26, 2025
MIL-OSI Economics: North Macedonia: Staff Concluding Statement of the 2025 Article IV Mission
Source: International Monetary Fund

February 26, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Growth is gaining momentum amid rising risks

Growth is gaining momentum. After picking up in early 2024, growth is expected at 3.3 percent in 2025, driven by stronger domestic demand as public investment projects (including the Corridor 8/10d road project) intensify and consumption is supported by government transfers and real wage growth. The impact of weak external demand seen in 2024 is expected to persist in 2025, driven by structural shifts in the European automotive sector. In the long term, high emigration, especially among the young segment of the population, is projected to lower potential growth, which Staff now estimate at 3.0 percent.

Inflation is rising again. In January, inflation reached 4.9 percent year-on-year, up from a low of 2.2 percent in August 2024. Core inflation has become the main driver and remains persistent, fueled by strong wage growth. Food inflation remains high despite administrative price controls and other interventions.

Domestic risks are elevated and the external outlook more uncertain. Weak public investment, stalled productivity reforms, emigration, and slowing activity of key trade partners threaten growth in the medium-term. Meanwhile, high real wage growth without productivity gains and increased fiscal transfers could further fuel inflation and erode competitiveness. Trade policy shifts and shocks to FDI may suppress exports and tighten financial conditions.

Adhering to the fiscal rules requires credible fiscal consolidation

IMF staff agree with the authorities’ goal of reducing the deficit this year, but are concerned revenue will underperform, rendering this goal out of reach. The 4 percent of GDP deficit envisaged in the 2025 budget will be exceeded if the authorities’ expected revenue gains (of 1½ percent of GDP) from reducing the shadow economy and increasing tax compliance fall short. We welcome the Public Revenue Office’s efforts to modernize tax collection and reduce informality, but these efforts will take time to deliver results. Staff recommends that in any planned supplementary budget, the authorities avoid increasing spending and focus on reducing tax expenditures and transfers (e.g., subsidies to agriculture). Ensuring the full and timely transfer of contributions to the second-pillar pension system is essential.

A credible fiscal strategy is needed to bring debt on a downward path. The budget deficit has exceeded the 3 percent of GDP ceiling in the fiscal rules, while public debt is on an upward trend and has surpassed 60 percent of GDP in 2024—14 percentage points above pre-pandemic levels. A credible fiscal strategy to restore compliance with fiscal rules is key, for preserving credibility to maintain access to international capital markets, for creating space for investment, and strengthening resilience against future shocks. The focus should be on:
- Controlling current spending:Staff recommend omitting further pension increases in September 2025 and returning to a rule-based pension system in 2026—indexing only to inflation—to support consolidation while protecting pensioners’ purchasing power. Staff advise limiting public wage growth to inflation in the near term. The Ministry of Finance should strengthen oversight to ensure public wage increases are consistent with achieving the fiscal rules. Over time, unifying the fragmented wage negotiating system will help prevent unexpected budget pressures.
- Mobilizing revenues. North Macedonia’s tax revenue potential is estimated at 22-24 percent of GDP. To realize these revenues, tax reforms should focus on reducing tax expenditures, limiting reduced rates and exemptions, improving tax compliance, and gradually increasing property tax. The government’s accelerated digitalization efforts will enhance revenue mobilization.
Beyond consolidation, structural fiscal reforms are needed to strengthen fiscal governance and improve spending efficiency, with some progress underway. Key ongoing measures include implementing the Public Investment Management decree and manual, adopting the PPP law, and conducting spending reviews to optimize budget allocation. Managing fiscal risks, especially from SOEs and major projects like the Corridor 8/10d road, is crucial. The inclusion of a fiscal risk assessment in the Medium Term Fiscal Strategy marks an achievement for the ministry. The state-owned electricity generator, ESM, requires investments in technology and efficiency improvements to lower production costs and expand production, while gradually reducing its role in the subsidized, regulated market. The operationalization of the Fiscal Council is a positive step and it is encouraged to strengthen its independent assessments.

Monetary and financial sector policies to maintain stability and mitigate risks

Policy rates should remain on hold and liquidity tools warrant further tightening until inflation steadily declines. Robust reserves accumulation in 2024 has fostered stability in the foreign exchange market. Given the renewed acceleration in both headline and core inflation, the National Bank (NBRNM) should remain on hold until there is clear evidence of sustained disinflation. Staff support the changes in reserve requirements implemented by the NBRNM and advise further tightening to absorb excess liquidity. The NBRNM should remain vigilant to inflationary risks from domestic factors, including wage and pension increases, as well as heightened external risks from trade uncertainties. If these risks materialize, the NBRNM should be prepared to tighten further to prevent inflation from becoming entrenched. The NBRNM has effectively managed recent challenges, including the energy cost shock. Its resilience stems from operational and financial autonomy, which underpin its independence and credibility—both essential for maintaining price and exchange rate stability and must be safeguarded.

The financial system remains resilient, but macro prudential settings may need to be tightened in response to brisk credit growth. Overall, the banking sector is well-capitalized, highly liquid, and profitable, with low system-wide non-performing loans. NBRNM’s active macroprudential and microprudential measures have strengthened resilience. Strong balance sheets and increased deposits have fueled an acceleration in lending activity towards the end of 2024. The implemented loan-to-value and debt service-to-income ratios will continue to help safeguard financial stability by reducing pressures in the real estate market and preventing higher levels of indebtedness. Staff support the NBRNM’s gradual tightening of the countercyclical capital buffer and additional capital requirements to ensure banks maintain adequate loss-absorbing and recapitalization capacity, in line with EU regulations. Should lending and real estate prices continue growing briskly, further tightening of macroprudential instruments may be warranted.

Structural reforms to boost productivity and offset costs of emigration

IMF staff support the authorities’ objectives of boosting productivity, raising living standards, and reducing informality. Over the past decade, growth in North Macedonia has lagged regional peers and convergence with the EU has stalled. High emigration has led to a declining population that threatens to be a drag on potential growth. Accelerating structural reforms is key to achieving the authorities’ objectives, offsetting the costs of emigration, and supporting the country on its path to EU accession. The priorities are well known:
- Improving the business environment. Reducing informality through streamlined business registrations and expanded digital public services is a priority. The predictability of the legal and regulatory environment can be improved by limiting the use of expedited procedures in Parliament, increasing stakeholder consultation, and applying the regulatory requirements more consistently. Simplifying and digitalizing work permits would help businesses address skill and labor shortages more efficiently. Avoiding ad-hoc adjustments to the minimum wage will help contain inflation, preserve competitiveness and provide a more predictable policy environment for business.
- Strengthening the labor market. Improving labor market outcomes can stimulate private investment, increase labor participation, and reduce emigration. Raising educational quality and job matching between firms and workers through vocational training will help address labor shortages. Expanding affordable childcare in municipalities, and gradually raising the retirement age of women to match men can help to offset workforce losses from high emigration.
- Increasing public infrastructure investment. The quality of public infrastructure in North Macedonia lags peers. The major infrastructure projects Corridor 8/10d and the Kicevo-Ohrid highways are over budget and behind schedule. Staff urge the authorities to complete the started projects and realize their investments. Capital expenditures should be safeguarded in the budget and public investment management should be strengthened to prioritize high-impact projects.
- Strengthening the rule of law and anti-corruption efforts. Improving judicial independence and impartiality would strengthen contract enforcement and help reduce informality. The fight against corruption remains weak, particularly in prosecuting high-profile cases. Aligning the Criminal Code with international standards and enhancing resources for key anti-corruption institutions are crucial. The upcoming new national anti-corruption strategy is an opportunity to accelerate reforms through stronger accountability and coordination.
- Enhancing governance.Improving public resource efficiency, accountability, and transparency requires expanding digital public services, reassessing state aid schemes, strengthening procurement systems, and improving SOE management.
The IMF team thanks the authorities of North Macedonia and other counterparts for their productive collaboration and constructive policy dialogue.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Eva Graf

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson
MIL OSI Economics –
February 26, 2025
MIL-OSI Video: UK Prime Minister’s Questions (PMQs) – 26 February 2025

Source: United Kingdom UK Parliament (video statements)

Watch PMQs with British Sign Language (BSL) – https://youtube.com/live/gPjfHWGwA6g

Prime Minister’s Question Time, also referred to as PMQs, takes place every Wednesday the House of Commons sits. It gives MPs the chance to put questions to the Prime Minister, Sir Keir Starmer MP, or a nominated minister.

In most cases, the session starts with a routine ‘open question’ from an MP about the Prime Minister’s engagements. MPs can then ask supplementary questions on any subject, often one of current political significance.

The Leader of the Opposition, Kemi Badenoch MP, asks six questions and the leader of the second largest opposition party asks two. If another minister takes the place of the Prime Minister, opposition parties will usually nominate a shadow minister to ask the questions.

Want to find out more about what’s happening in the House of Commons this week? Follow the House of Commons on:

Twitter: https://www.twitter.com/HouseofCommons
Facebook: https://www.facebook.com/ukhouseofcommons
Instagram: https://www.instagram.com/ukhouseofcommons

https://www.youtube.com/watch?v=GNlwKJpbvl4

MIL OSI Video –

February 26, 2025
MIL-OSI Video: UK Prime Minister’s Questions with British Sign Language (BSL) – 26 February 2025

Source: United Kingdom UK Parliament (video statements)

Prime Minister’s Question Time, also referred to as PMQs, takes place every Wednesday the House of Commons sits. It gives MPs the chance to put questions to the Prime Minister, Sir Keir Starmer MP, or a nominated minister.

In most cases, the session starts with a routine ‘open question’ from an MP about the Prime Minister’s engagements. MPs can then ask supplementary questions on any subject, often one of current political significance.

The Leader of the Opposition, Kemi Badenoch MP, asks six questions and the leader of the second largest opposition party asks two. If another minister takes the place of the Prime Minister, opposition parties will usually nominate a shadow minister to ask the questions.

Want to find out more about what’s happening in the House of Commons this week? Follow the House of Commons on:

Twitter: https://www.twitter.com/HouseofCommons
Facebook: https://www.facebook.com/ukhouseofcommons
Instagram: https://www.instagram.com/ukhouseofcommons

https://www.youtube.com/watch?v=SSXMMhV40tI

MIL OSI Video –

February 26, 2025
MIL-OSI United Kingdom: Waverley report published
Source: United Kingdom – Executive Government & Departments

News story

Waverley report published

Contact made by a paddle steamer with Brodick pier, Isle of Arran, Scotland.
Today, we have published our accident investigation report into the heavy contact made by the paddle steamer Waverley with the eastern pier at Brodick, Isle of Arran, Scotland on 3 September 2020.

The report, available via this link, contains details of what happened and subsequent actions taken.

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Updates to this page

Published 26 February 2025
MIL OSI United Kingdom –
February 26, 2025
MIL-OSI Russia: North Macedonia: Staff Concluding Statement of the 2025 Article IV Mission
Source: IMF – News in Russian

February 26, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Growth is gaining momentum amid rising risks

Growth is gaining momentum. After picking up in early 2024, growth is expected at 3.3 percent in 2025, driven by stronger domestic demand as public investment projects (including the Corridor 8/10d road project) intensify and consumption is supported by government transfers and real wage growth. The impact of weak external demand seen in 2024 is expected to persist in 2025, driven by structural shifts in the European automotive sector. In the long term, high emigration, especially among the young segment of the population, is projected to lower potential growth, which Staff now estimate at 3.0 percent.

Inflation is rising again. In January, inflation reached 4.9 percent year-on-year, up from a low of 2.2 percent in August 2024. Core inflation has become the main driver and remains persistent, fueled by strong wage growth. Food inflation remains high despite administrative price controls and other interventions.

Domestic risks are elevated and the external outlook more uncertain. Weak public investment, stalled productivity reforms, emigration, and slowing activity of key trade partners threaten growth in the medium-term. Meanwhile, high real wage growth without productivity gains and increased fiscal transfers could further fuel inflation and erode competitiveness. Trade policy shifts and shocks to FDI may suppress exports and tighten financial conditions.

Adhering to the fiscal rules requires credible fiscal consolidation

IMF staff agree with the authorities’ goal of reducing the deficit this year, but are concerned revenue will underperform, rendering this goal out of reach. The 4 percent of GDP deficit envisaged in the 2025 budget will be exceeded if the authorities’ expected revenue gains (of 1½ percent of GDP) from reducing the shadow economy and increasing tax compliance fall short. We welcome the Public Revenue Office’s efforts to modernize tax collection and reduce informality, but these efforts will take time to deliver results. Staff recommends that in any planned supplementary budget, the authorities avoid increasing spending and focus on reducing tax expenditures and transfers (e.g., subsidies to agriculture). Ensuring the full and timely transfer of contributions to the second-pillar pension system is essential.

A credible fiscal strategy is needed to bring debt on a downward path. The budget deficit has exceeded the 3 percent of GDP ceiling in the fiscal rules, while public debt is on an upward trend and has surpassed 60 percent of GDP in 2024—14 percentage points above pre-pandemic levels. A credible fiscal strategy to restore compliance with fiscal rules is key, for preserving credibility to maintain access to international capital markets, for creating space for investment, and strengthening resilience against future shocks. The focus should be on:
- Controlling current spending:Staff recommend omitting further pension increases in September 2025 and returning to a rule-based pension system in 2026—indexing only to inflation—to support consolidation while protecting pensioners’ purchasing power. Staff advise limiting public wage growth to inflation in the near term. The Ministry of Finance should strengthen oversight to ensure public wage increases are consistent with achieving the fiscal rules. Over time, unifying the fragmented wage negotiating system will help prevent unexpected budget pressures.
- Mobilizing revenues. North Macedonia’s tax revenue potential is estimated at 22-24 percent of GDP. To realize these revenues, tax reforms should focus on reducing tax expenditures, limiting reduced rates and exemptions, improving tax compliance, and gradually increasing property tax. The government’s accelerated digitalization efforts will enhance revenue mobilization.
Beyond consolidation, structural fiscal reforms are needed to strengthen fiscal governance and improve spending efficiency, with some progress underway. Key ongoing measures include implementing the Public Investment Management decree and manual, adopting the PPP law, and conducting spending reviews to optimize budget allocation. Managing fiscal risks, especially from SOEs and major projects like the Corridor 8/10d road, is crucial. The inclusion of a fiscal risk assessment in the Medium Term Fiscal Strategy marks an achievement for the ministry. The state-owned electricity generator, ESM, requires investments in technology and efficiency improvements to lower production costs and expand production, while gradually reducing its role in the subsidized, regulated market. The operationalization of the Fiscal Council is a positive step and it is encouraged to strengthen its independent assessments.

Monetary and financial sector policies to maintain stability and mitigate risks

Policy rates should remain on hold and liquidity tools warrant further tightening until inflation steadily declines. Robust reserves accumulation in 2024 has fostered stability in the foreign exchange market. Given the renewed acceleration in both headline and core inflation, the National Bank (NBRNM) should remain on hold until there is clear evidence of sustained disinflation. Staff support the changes in reserve requirements implemented by the NBRNM and advise further tightening to absorb excess liquidity. The NBRNM should remain vigilant to inflationary risks from domestic factors, including wage and pension increases, as well as heightened external risks from trade uncertainties. If these risks materialize, the NBRNM should be prepared to tighten further to prevent inflation from becoming entrenched. The NBRNM has effectively managed recent challenges, including the energy cost shock. Its resilience stems from operational and financial autonomy, which underpin its independence and credibility—both essential for maintaining price and exchange rate stability and must be safeguarded.

The financial system remains resilient, but macro prudential settings may need to be tightened in response to brisk credit growth. Overall, the banking sector is well-capitalized, highly liquid, and profitable, with low system-wide non-performing loans. NBRNM’s active macroprudential and microprudential measures have strengthened resilience. Strong balance sheets and increased deposits have fueled an acceleration in lending activity towards the end of 2024. The implemented loan-to-value and debt service-to-income ratios will continue to help safeguard financial stability by reducing pressures in the real estate market and preventing higher levels of indebtedness. Staff support the NBRNM’s gradual tightening of the countercyclical capital buffer and additional capital requirements to ensure banks maintain adequate loss-absorbing and recapitalization capacity, in line with EU regulations. Should lending and real estate prices continue growing briskly, further tightening of macroprudential instruments may be warranted.

Structural reforms to boost productivity and offset costs of emigration

IMF staff support the authorities’ objectives of boosting productivity, raising living standards, and reducing informality. Over the past decade, growth in North Macedonia has lagged regional peers and convergence with the EU has stalled. High emigration has led to a declining population that threatens to be a drag on potential growth. Accelerating structural reforms is key to achieving the authorities’ objectives, offsetting the costs of emigration, and supporting the country on its path to EU accession. The priorities are well known:
- Improving the business environment. Reducing informality through streamlined business registrations and expanded digital public services is a priority. The predictability of the legal and regulatory environment can be improved by limiting the use of expedited procedures in Parliament, increasing stakeholder consultation, and applying the regulatory requirements more consistently. Simplifying and digitalizing work permits would help businesses address skill and labor shortages more efficiently. Avoiding ad-hoc adjustments to the minimum wage will help contain inflation, preserve competitiveness and provide a more predictable policy environment for business.
- Strengthening the labor market. Improving labor market outcomes can stimulate private investment, increase labor participation, and reduce emigration. Raising educational quality and job matching between firms and workers through vocational training will help address labor shortages. Expanding affordable childcare in municipalities, and gradually raising the retirement age of women to match men can help to offset workforce losses from high emigration.
- Increasing public infrastructure investment. The quality of public infrastructure in North Macedonia lags peers. The major infrastructure projects Corridor 8/10d and the Kicevo-Ohrid highways are over budget and behind schedule. Staff urge the authorities to complete the started projects and realize their investments. Capital expenditures should be safeguarded in the budget and public investment management should be strengthened to prioritize high-impact projects.
- Strengthening the rule of law and anti-corruption efforts. Improving judicial independence and impartiality would strengthen contract enforcement and help reduce informality. The fight against corruption remains weak, particularly in prosecuting high-profile cases. Aligning the Criminal Code with international standards and enhancing resources for key anti-corruption institutions are crucial. The upcoming new national anti-corruption strategy is an opportunity to accelerate reforms through stronger accountability and coordination.
- Enhancing governance.Improving public resource efficiency, accountability, and transparency requires expanding digital public services, reassessing state aid schemes, strengthening procurement systems, and improving SOE management.
The IMF team thanks the authorities of North Macedonia and other counterparts for their productive collaboration and constructive policy dialogue.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Eva Graf

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/02/26/cs-northmacedonia-2025

MIL OSI
MIL OSI Russia News –
February 26, 2025
MIL-OSI Asia-Pac: Govt forecasts $67b deficit

Source: Hong Kong Information Services

Financial Secretary Paul Chan revealed in today’s Budget that total government revenue for 2025-26 is projected to be $659.4 billion, while total government expenditure will be $822.3 billion.

Taking into account bond issuance of about $150 billion and repayments of about $54.1 billion, a deficit of $67 billion is expected.

The fiscal reserve will decrease to $580.3 billion.

Public finances

Expounding on the Government’s fiscal position in his Budget speech, Mr Chan said government revenue and government expenditure are broadly reflected in the Operating Account and the Capital Account.

Revenue in the Operating Account mainly comes from tax revenue, investment income, and government fees and charges. Meanwhile, expenditure is largely attributable to the Government’s daily expenses.

The Capital Account’s revenue is mainly land-related, while its expenditure largely involves infrastructure works projects and land acquisition.

The finance chief stressed that the Operating Account should be managed on the basis of keeping expenditure within the limits of revenues, with the target of achieving a surplus.

“As for the Capital Account, expenditure on infrastructure works is our investment for the future. For instance, the Northern Metropolis development, which will bring economic and social benefits upon completion, has to be taken forward to meet the needs for social and economic development.

“However, as revenue is susceptible to economic cycles, there may be a shortfall between revenue and expenditure. Under such circumstances, we can utilise the surplus in the Operating Account or our fiscal reserves as support, or make flexible use of market resources, including various forms of public private partnership and bond issuance.”

Revised estimates for 2024-25

The Financial Secretary reported that the 2024-25 revised estimate of total government revenue is $559.6 billion, lower than the original estimate by 11.6%.

Revenues from profits tax and salaries tax remained stable at $177.7 billion and $88 billion respectively, with these figures comparable to the original estimates.

Mr Chan emphasised that the incomes from profits tax and salaries tax demonstrate the strong resilience of Hong Kong’s economy.

However, as the asset market is under pressure, government revenues from land premiums and stamp duties have declined. Revenue from land premiums is $13.5 billion, substantially lower than the original estimate by $19.5 billion. Revenue from stamp duties of $58 billion is lower than the original estimate by $13 billion.

The revised estimate of total government expenditure for 2024-25 is $754.8 billion, lower than the original estimate by $22.1 billion. Of this, recurrent expenditure is $562.5 billion, lower than the original estimate by $17.7 billion.

Taking into account the issuance of government bonds of $130 billion and repayments of $22.1 billion, the finance chief expects that there will be a consolidated deficit of $87.2 billion for 2024-25.

Fiscal reserves are expected to be $647.3 billion by 31 March.

Estimates for 2025-26

Looking ahead to 2025-26, the Financial Secretary outlined that the Government will continue to allocate resources towards consolidating momentum on economic growth, promoting the accelerated development of the information and technology industries, and enhancing public services.

“We will also increase capital works expenditure to cater for the Northern Metropolis and other public works projects relating to the economy and people’s livelihood, so as to support the sustained economic development of Hong Kong.”

In his Budget speech, Mr Chan announced that total government expenditure for 2025-26 will grow by 8.9% to $822.3 billion, with its ratio to nominal gross domestic product projected to be 24.4%.

Recurrent expenditure for 2025-26 will rise 4.5% to $588.1 billion.

“Of this, substantial resources will still be allocated to livelihood-related policy areas including healthcare, social welfare and education, involving a total of $348.6 billion, representing about 60% of recurrent expenditure.”

Non-recurrent expenditure will decrease by 3.4% to $36.1 billion.

He also announced that total government revenue for 2025-26 is estimated to be $659.4 billion, while revenue from earnings and profits tax are estimated to be $301.2 billion, an increase of 8.4% over the revised estimate for 2024-25.

Revenue from land premiums is estimated to be $21 billion, a 55.3% jump over the revised estimate for 2024-25. Revenue from stamp duties is estimated to be $67.6 billion, a 16.5% increase over the revised estimate for 2024-25. In addition, the Government will bring back about $62 billion from six endowment funds established outside the government accounts.

Looking ahead, Mr Chan said: “We forecast that the Operating Account will largely achieve balance in 2025-26, and return to a surplus starting from 2026-27.”

The Capital Account is estimated to record a deficit in the Medium Range Forecast period due to the Northern Metropolis’ accelerated development and other public works projects, he added.

“Nevertheless, the level of deficit will decline year on year from 2026-27 onwards.”

MIL OSI Asia Pacific News –

February 26, 2025
MIL-OSI: MEXC Invests $20 Million in USDe to Drive Stablecoin Adoption, Launches $1,000,000 Reward Event

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Feb. 26, 2025 (GLOBE NEWSWIRE) — MEXC, the world’s leading cryptocurrency trading platform, has invested $20 million in USDe, Ethena’s synthetic dollar, as part of its commitment to expanding stablecoin adoption and fostering innovation within the crypto ecosystem. Meanwhile, MEXC Ventures, the investment arm of the global cryptocurrency exchange MEXC, has made a strategic investment of $16 million in Ethena. The acquired USDe will support stablecoin-related initiatives, including a campaign featuring a $1,000,000 reward pool.

Stablecoins are a cornerstone of the crypto market, providing liquidity and stability for traders and investors. USDe, issued by Ethereum-based DeFi platform Ethena, is designed to overcome the limitations of centralized stablecoins. Ethena is not just creating a new digital asset—it is building a robust ecosystem around USDe, which includes Ethereal, a spot trading platform, and Derive, an on-chain options protocol. These developments enhance the utility of USDe and contribute to a more dynamic DeFi landscape.

To accelerate stablecoin adoption, MEXC’s $20 million investment in USDe is accompanied by several user-focused incentives. These include zero-fee trading pairs and high-APR staking events, allowing users to earn $1,000,000 worth of rewards while participating in the growing stablecoin market. These benefits and events will be accessible through MEXC’s centralized exchange, making it easier for users to explore and trade USDe.

“Stablecoins play a pivotal role in the development of the broader cryptocurrency market, and MEXC is committed to supporting their expansion,” said Tracy Jin, COO of MEXC. “As digital asset adoption increases, stablecoins will attract greater investment, creating new opportunities for users. We recognize Ethena and USDe as key players in this evolving landscape, and we are excited to contribute to their success by providing users with more stable and efficient financial solutions.”

MEXC is dedicated to investing in crypto-native projects that thrive in decentralized ecosystems. Assets like USDe, which enable reward-bearing instruments such as sUSDe, are inherently designed for DeFi and reduce the reliance on centralized stablecoin issuers. Looking ahead, MEXC aims to further enhance stablecoin accessibility by allowing users more opportunities to hold USDe and earn passive rewards directly on centralized exchanges.

About MEXC

Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 32 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

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Lucia Hu
PR Manager
lucia.hu@mexc.com

Disclaimer: This content is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8b2ee400-d6ec-465a-8f53-1c28be74b24f

The MIL Network –

February 26, 2025
MIL-Evening Report: Jewish Council slams Australian universities’ ‘dangerous, politicised’ antisemitism definition

Asia Pacific Report

An independent Jewish body has condemned the move by Australia’s 39 universities to endorse a “dangerous and politicised” definition of antisemitism which threatens academic freedom.

The Jewish Council of Australia, a diverse coalition of Jewish academics, lawyers, writers and teachers, said in a statement that the move would have a “chilling effect” on legitimate criticism of Israel, and risked institutionalising anti-Palestinian racism.

The council also criticised the fact that the universities had done so “without meaningful consultation” with Palestinian groups or diverse Jewish groups which were critical of Israel.

The definition was developed by the Group of Eight (Go8) universities and adopted by Universities Australia.

“By categorising Palestinian political expression as inherently antisemitic, it will be unworkable and unenforceable, and stifle critical political debate, which is at the heart of any democratic society,” the Jewish Council of Australia said.

“The definition dangerously conflates Jewish identities with support for the state of Israel and the political ideology of Zionism.”

The council statement said that it highlighted two key concerns:

Mischaracterisation of criticism of Israel
The definition states: “Criticism of Israel can be antisemitic when it is grounded in harmful tropes, stereotypes or assumptions and when it calls for the elimination of the State of Israel or all Jews or when it holds Jewish individuals or communities responsible for Israel’s actions.”

The definition’s inclusion of “calls for the elimination of the State of Israel” would mean, for instance, that calls for a single binational democratic state, where Palestinians and Israelis had equal rights, could be labelled antisemitic.

Moreover, the wording around “harmful tropes” was dangerously vague, failing to distinguish between tropes about Jewish people, which were antisemitic, and criticism of the state of Israel, which was not, the statement said.

Misrepresentation of Zionism as core to Jewish identity
The definition states that for most Jewish people “Zionism is a core part of their Jewish identity”.

The council said it was deeply concerned that by adopting this definition, universities would be taking and promoting a view that a national political ideology was a core part of Judaism.

“This is not only inaccurate, but is also dangerous,” said the statement.

“Zionism is a political ideology of Jewish nationalism, not an intrinsic part of Jewish identity.

“There is a long history of Jewish opposition to Zionism, from the beginning of its emergence in the late-19th century, to the present day. Many, if not the majority, of people who hold Zionist views today are not Jewish.”

In contrast to Zionism and the state of Israel, said the council, Jewish identities traced back more than 3000 years and spanned different cultures and traditions.

Jewish identities were a rightly protected category under all racial discrimination laws, whereas political ideologies such as Zionism and support for Israel were not, the council said.

Growing numbers of dissenting Jews
“While many Jewish people identify as Zionist, many do not. There are a growing number of Jewish people worldwide, including in Australia, who disagree with the actions of the state of Israel and do not support Zionism.

“Australian polling in this area is not definitive, but some polls suggest that 30 percent of Australian Jews do not identify as Zionists.

“A recent Canadian poll found half of Canadian Jews do not identify as Zionist. In the United States, more and more Jewish people are turning away from Zionist beliefs and support for the state of Israel.”

Sarah Schwartz, a human rights lawyer and the Jewish Council of Australia’s executive officer, said: “It degrades the very real fight against antisemitism for it to be weaponised to silence legitimate criticism of the Israeli state and Palestinian political expressions.

“It also risks fomenting division between communities and institutionalising anti-Palestinian racism.”

MIL OSI Analysis – EveningReport.nz –

February 26, 2025

Category: Politics

How can we encourage people to think before they share?

The major impact of reputation effects

A question of efficiency

Change of British High Commissioner to Namibia: Neil Bradley

Curriculum vitae

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Updates to this page

Rural areas could produce more energy than we need

Technologies that suit the land

Boosting clean energy production can be a win-win

Addressing local concerns and fostering acceptance

Engaging local communities to find solutions

Supporting the UK aviation sector

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Twelve people recognised by His Majesty’s Lord-Lieutenant of Dyfed

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Court and tribunal fees: updates from April 2025

Civil Proceedings Fees Order 2008

Magistrates’ Court Fees Order 2008

Family Proceedings Fees Order 2008

Upper Tribunal (Lands Chamber) Fees Order 2009

Upper Tribunal (Immigration and Asylum Chamber) (Judicial Review) (England and Wales) Fees Order 2011

Non-Contentious Probate Fees Order 2004

First-tier Tribunal (Property Chamber) Fees Order 2013

First-tier Tribunal (Gambling) Fees Order 2010

Court of Protection Fees Order 2007

Gender Recognition (Application Fees) Order 2006

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Cllr Gavin White, Manchester City Council’s executive member for housing and development, said:

Trials for contactless ticketing in the North and Midlands takes another step closer

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UKIFS seeks exceptional talent to shape the future of fusion

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More than £100 million in Indian investment creating UK jobs

Business and Trade Secretary Jonathan Reynolds said:

Notes to editors

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UK firms rake in ‘tens of millions’ in exports to India

Business and Trade Secretary Jonathan Reynolds said:

Notes to editors:

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IMF Communications Department

MEDIA RELATIONS

Waverley report published

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IMF Communications Department

MEDIA RELATIONS