Category: Politics

  • MIL-OSI United Kingdom: CMA publishes interim report in logistics merger

    Source: United Kingdom – Executive Government & Departments

    CMA independent inquiry group’s initial assessment is that GXO’s purchase of Wincanton is likely to reduce competition in the supply of dedicated warehousing services to UK grocers.

    iStock

    The Competition and Markets Authority (CMA) independent inquiry group’s initial assessment is that GXO’s purchase of Wincanton is likely to reduce competition in the supply of dedicated warehousing services to grocery customers in the UK.  

    Logistics, including warehousing, is essential to the operation of supermarkets and many other businesses in the UK. Efficient logistics systems help to lower costs for both businesses and consumers and ensure that products are available in stores when needed.  

    GXO and Wincanton are currently two of the three suppliers of dedicated warehousing services used by grocers in the UK. The inquiry group considers that some alternatives would remain for supermarket customers following the transaction, in particular they could switch to the third supplier, DHL, and some could switch some of their activities to their own in-house warehouses. The inquiry group’s initial assessment, however, is that these remaining alternatives would not be sufficient to prevent fees rising and that the deal could raise costs for grocers that rely on dedicated warehousing services as part of their logistics.  

    Richard Feasey, Chair of the independent inquiry group, said:  

    Contract logistics services play a critical role in ensuring that supermarket shelves are fully stocked for customers in the UK every day of the year. Our initial view is that this merger could raise the costs of these services and reduce choice for supermarkets who rely on these services for moving goods across the country.  

    We want to ensure competition in this market is working as well as it can to manage costs for supermarkets and grocers, and ensure products continue to reach supermarket shelves efficiently.

    The CMA invites any interested parties to respond to these provisional findings by no later than 5pm on Wednesday 12 March 2025. 

    For more information, visit the GXO / Wincanton case page.

    Notes to Editors:

    1. GXO announced its deal to acquire Wincanton in February 2024. The deal was then completed in April 2024, although an interim enforcement order (IEO) is in place to prevent the 2 organisations integrating while the CMA conducts its merger review. 

    2. Contract logistics services (CLS) encompass a range of B2B and B2C supply chain-related services, which enable businesses to supply goods to customers and consumers. These services include transport and distribution, warehousing and additional value-added services. 

    3. The interim report contains the inquiry group’s provisional findings on whether the merger gives rise, or may be expected to give rise, to a substantial lessening of competition in any market in the UK. 

    4. The inquiry group also assessed other areas of CLS including the supply of transport services and shared warehousing. At this stage, the inquiry group has not found significant competition concerns in relation to those markets.  

    5. CLS to retail customers includes the provision of services to customers whose products are consumer-facing such as groceries or fashion and apparel. This includes products that are ordered online, products that sell quickly and have a short shelf life due to high consumer demand or perishability (known as Fast Moving Consumer Goods), and products that require temperature-controlled logistic services (including certain food and drink products). CLS to non-retail customers involves the provision of services to customers whose products and services are not consumer-facing, such as automotive, construction, energy and manufacturing businesses. 

    6. The inquiry group analysed evidence which showed that customers often prioritise reputation, reliability and track record when choosing CLS providers. Despite there being other alternatives in the CLS market, GXO and Wincanton (alongside DHL) are regarded as leading suppliers of mainstream CLS services, particularly for warehousing for grocery retail customers. The evidence shows that customers’ preference for suppliers with a track record creates a barrier to entry and expansion for smaller providers. 

    7. All media enquiries should be directed to the CMA press office by email on press@cma.gov.uk or by phone on 020 3738 6460.

    Updates to this page

    Published 19 February 2025

    MIL OSI United Kingdom

  • MIL-OSI Africa: CORRECTION – African Union Summit: African Development Bank President Highlights a Decade of Economic Transformational Impact

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

    ADDIS ABABA, Ethiopia, February 19, 2025/APO Group/ —

    • “It’s been my greatest honor to serve you and Africa”—Adesina tells African leaders
    • Governments across Africa pay tribute to Adesina’s exceptional leadership
    • UN Secretary General Guterres says global financial architecture hampering Africa’s development, calls for reforms

    African Development Bank Group (www.AfDB.org) President Dr. Akinwumi A. Adesina, delivered a compelling farewell address to Heads of State and Government at the 38th African Union Summit, highlighting a decade of remarkable achievements by the Bank in driving Africa’s economic transformation. Adesina’s participation at the august continental gathering in Addis Ababa ended on a high note as African leaders considered and endorsed four Bank-led initiatives including the drive to connect 300 million Africans to electricity by 2030, measuring Africa’s green wealth as part of its GDP, an innovative facility to provide Africa with a financial buffer and a roadmap for the continent to achieve inclusive growth and rapid sustainable development.

    Adesina, who is also the Chairman of the Group’s Boards of Directors, underscored the impact of the Bank’s High 5s Agenda—Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—which has impacted more than half a billion lives across the continent.

    “It has been an unprecedented partnership to advance the goal of the African Union towards achieving Agenda 2063: the Africa we want,” said Adesina who in February 2022, became the first president of the Bank Group to address the AU Summit.

    During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1st September 2025.

    The February 15–16 Summit saw the election of Djibouti’s Foreign Minister Mahmoud Ali Youssouf as Chairperson of the African Union Commission, taking over from Moussa Faki Mahamat. Algeria’s Ambassador, Salma Malika Haddadi, was elected the Commission’s Deputy Chairperson.

    Reflecting on his tenure at the helm of the African Development Bank, Dr. Adesina said the Bank has transformed 515 million lives, including 231 million women, over the past decade:

    • 127 million people gained access to better services in terms of health.
    • 61 million people gained access to clean water.
    • 33 million people benefited from improved sanitation.
    • 46 million people gained access to ICT services, and
    • 25 million people gained access to electricity.

    He cited the landmark Africa Energy Summit held in Tanzania in January, where 48 nations signed the Dar Es Salaam Declaration to adopt bold policies in support of an initiative by the World Bank and the African Development Bank to extend electricity access to 300 million Africans by 2030. That meeting, attended by 21 heads of state, secured $48 billion in commitments from the two institutions and an additional $7 billion from other development partners.

    The Addis Ababa Summit endorsed the Dar Es Salaam Energy Declaration, the Baku Declaration by African Heads of State on Measuring the Green Wealth of Africa. The Assembly also adopted the African Financing Stability Mechanism, a groundbreaking initiative mandated by the African Union Heads of State and Government. Co-led by the African Union Commission and the African Development Bank, it could generate, if immediately implemented, approximately USD 20 billion in debt servicing savings for African countries by 2035. The Assembly also adopted the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development in Africa report which outlines key actions required to enable Africa to achieve, and sustain an annual growth rate of at least 7% of GDP over the next five decades.

    On food security, Adesina cited the Bank’s Technologies for African Agricultural Transformation (TAAT), the Dakar 2 Food Summit that mobilized $72 billion in 2023, and the $1.5 billion Africa Emergency Food Production Facility that was launched in May 2022 to avert a major food and fertilizer crisis triggered by global conflicts.

    “The African Development Bank accelerated food production in Africa. Over 101 million people became food secure. We mobilized $72 billion to implement the food and agriculture delivery compacts across the continent,” he stressed. With the support of the Bank, Ethiopia has achieved self-sufficiency in wheat production within four years and is now a wheat-exporting nation.

    A Decade of Transformative Impact

    With a strong focus on job creation, the Bank has trained 1.7 million youth in digital skills and is rolling out Youth Entrepreneurship Investment Banks to drive youth-led economic growth. “Our goal is simple: create youth-based wealth across Africa,” Adesina reiterated.

    Additionally, the Affirmative Finance Action for Women in Africa (AFAWA) initiative has provided $2.5 billion in financing to over 24,000 women-owned businesses, said Adesina.

    Over the past decade, the African Development Bank has invested over $55 billion in infrastructure, making it the largest multilateral financier of African infrastructure.

    The Bank has also prioritized healthcare, committing $3 billion in quality healthcare infrastructure and another $3 billion for pharmaceutical development, including establishing the Africa Pharmaceutical Technology Foundation.

    Historic Financial Mobilization for Africa

    Under Adesina’s presidency, the Bank achieved its largest-ever capital increase, growing from $93 billion in 2015 to $318 billion currently. The most recent replenishment of the African Development Fund, the Bank Group’s concessional window, raised a record $8.9 billion for Africa’s 37 low-income countries, setting the stage for a target of $25 billion for its upcoming 17th replenishment.

    The Africa Investment Forum, a joint effort with eight other partner institutions, has also mobilized over $200 billion in investment commitments, reinforcing Africa as a leading investment destination.

    As he bade farewell, the outgoing Bank chief expressed gratitude to the African Heads of State, the African Union Commission, regional economic communities, and the people of Africa for their unwavering support.

    “As today will be my final attendance of the AU Summit as President of the African Development Bank, I would like to use this opportunity to immensely thank your Excellencies Heads of State and Government for your extraordinary support over the past ten years. I am very grateful for your always being there for the African Development Bank—your Bank. I am very grateful for your kindness, friendship, and partnership as we forged global alliances to advance the continent’s interest around the world,” he said.  

    The 2025 Summit under the theme, Justice for Africans and People of African Descent Through Reparations,” drew global political leaders and other dignitaries, including UN Secretary-General António Guterres, and the Prime Minister of Barbados, Mia Mottley.

    Guterres reiterated calls for reform of the international financial architecture, which is hampering the development of many African economies, beset by expensive debt repayments and high borrowing costs, which limits their capacity to invest in education, health and other essential needs.

    Prime Minister Mottley emphasized Africa’s strategic role in shaping global economic trends, particularly highlighting the continent’s control of 40% of the world’s minerals. She stressed the importance of addressing emerging challenges like artificial intelligence, urging African nations to take a proactive role in technological advancement rather than becoming “victims of technology.”

    She also underscored the urgency of removing artificial barriers between Africa and the Caribbean, calling for the elimination of transit visa requirements to boost trade and integration. Mottley echoed demands for reparatory justice, noting that both the Caribbean and Africa began their independence journey with “chronic deficits” in resources, fairness, and opportunity.

    Opening the Summit on Saturday, Ethiopian Prime Minister Dr. Abiy Ahmed urged continued unity among member countries in addressing the challenges.

    “In a world marked by rapid change and multiple challenges, we find ourselves at the crossroads of uncertainty and opportunity. This movement calls upon us to strengthen our collective resolve, embrace resilience and foster unity across Africa”, he said.

    MIL OSI Africa

  • MIL-OSI Video: Global solidarity needed more than ever – UN Chief | Security Council Briefing | United Nations

    Source: United Nations (Video News)

    Remarks to the Security Council by António Guterres, Secretary-General of the United Nations, on practicing multilateralism, reforming and improving global governance.

    Excellencies,

    I thank Minister Wang Yi and China for convening this important discussion.

    This year marks the 80th anniversary of the United Nations.

    Born out of the ashes of the Second World War, our organization was the result of a global commitment to “save succeeding generations from the scourge of war.”

    It also signaled a commitment to an entirely new level of international cooperation grounded in international law and our founding Charter.

    To help countries move past the horrors of conflict to forge sustainable peace.

    To tackle poverty, hunger and disease.

    To assist countries in climbing the development ladder.

    To provide humanitarian support in times of conflict and disaster.

    To embed justice and fairness through international law and respect for human rights.

    And to work through this Council to push for peace through dialogue, debate, diplomacy and consensus-building.

    Eight decades later, one can draw a direct line between the creation of the United Nations and the prevention of a third world war.

    Eight decades later, the United Nations remains the essential, one-of-a-kind meeting ground to advance peace, sustainable development and human rights.

    But eight decades is a long time.

    And because we believe in the singular value and purpose of the United Nations, we must always strive to improve the institution and the way we work.

    We have the hardware for international cooperation — but the software needs an update.

    An update in representation to reflect the realities of today.

    An update in support for developing countries to redress historical injustices.

    An update to ensure countries adhere to the purposes, principles and norms that ground multilateralism in justice and fairness.

    And an update to our peace operations.

    Excellencies,

    Global solidarity and solutions are needed more than ever.

    The climate crisis is raging, inequalities are growing, and poverty is on the rise.

    As this Council knows well, peace is getting pushed further out of reach — from the Occupied Palestinian Territory to Ukraine to Sudan to the Democratic Republic of the Congo and beyond.

    Terrorism and violent extremism remain persistent scourges.

    We see a dark spirit of impunity spreading.

    The prospect of nuclear war remains — outrageously — a clear and present danger.

    And the limitless promise of emerging technologies like Artificial Intelligence is matched by limitless peril to undermine and even replace human thought, human identity and human control.
    These global challenges cry out for multilateral solutions.

    The Pact for the Future you adopted in September is aimed at strengthening global governance for the 21st century and rebuilding trust — trust in multilateralism, trust in the United Nations, and trust in this Council.

    At its heart, the Pact for the Future is a pact for peace — peace in all its dimensions.

    It puts forward concrete solutions to strengthen the machinery of peace, drawing from proposals to the New Agenda for Peace that prioritize prevention, mediation and peacebuilding.

    The Pact seeks to advance coordination with regional organizations, and ensure the full participation of women, youth and marginalized groups in peace processes.

    And it calls for strengthening the Peacebuilding Commission to mobilize political and financial support for nationally owned peacebuilding and prevention strategies.

    The Pact also includes the first multilateral agreement on nuclear disarmament in more than a decade…

    New strategies to end the use of chemical and biological weapons…

    And revitalized efforts to prevent an arms race in outer space and advance discussions on lethal autonomous weapons.

    It also calls on Member States to live up to their commitments enshrined in the UN Charter, and the principles of respect for sovereignty, territorial integrity and the political independence of states.

    It reaffirms unwavering commitment to abide by international law and prioritize the peaceful settlement of disputes through dialogue.

    It recognizes the role of the United Nations in preventive diplomacy.

    It reinforces the need to uphold all human rights — civil, political, economic, social and cultural.

    It calls for the meaningful inclusion of women and youth in all peace processes.
    And it specifically calls on this Council to ensure that peace operations are guided by clear and sequenced mandates that are realistic and achievable — with viable exit strategies and transition plans.

    But the Pact does even more for peace.

    Full remarks: https://www.un.org/sg/en/content/sg/statement/2025-02-18/secretary-generals-remarks-the-security-council-the-maintenance-of-international-peace-and-security-practicing-multilateralism-reforming-and-improving-global-governance

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

    MIL OSI Video

  • MIL-OSI China: China issues 3-year action plan on optimizing consumer environment

    Source: China State Council Information Office

    Chinese authorities have unveiled a three-year action plan to improve the country’s consumer environment, as part of efforts to invigorate consumption.

    By 2027, key issues such as poor goods supply quality, market disorder and insufficient consumer rights protection will be addressed, according to the plan jointly issued by five government organs, including the State Administration for Market Regulation.

    Over the next three years, China will work to enhance the quality of goods and services, address the root causes of consumer disputes, and enhance the convenience, comfort and satisfaction of consumers, driving a significant improvement in the overall consumer environment nationwide.

    The plan also highlighted efforts to create new consumption scenarios, with a particular focus on areas such as digital consumption, green consumption and health consumption.

    In 2024, retail sales of consumer goods in China rose 3.5 percent year on year, underscoring the country’s robust consumption potential.

    MIL OSI China News

  • MIL-OSI: NNIT A/S: Notice convening the annual general meeting for NNIT A/S

    Source: GlobeNewswire (MIL-OSI)

    The Board of Directors gives notice of the annual general meeting for NNIT A/S, company registration (CVR) no. 21 09 31 06 (the “Company”), to be held Thursday, March 13, 2025, 2:00 pm (CET) at Novo Holdings A/S, Tuborg Havnevej 19, DK-2900 Hellerup.

    The general meeting will for shareholders be webcasted live on the Company’s investor portal. It is not possible to vote or ask questions via webcast.

    The notice for the annual general meeting, including Appendix A: Candidates for (re-)election to the Board of Directors, is attached.

    For more information, please contact:

    Investor Relations
    Carsten Ringius
    EVP & CFO
    Tel: +45 3077 8888
    carr@nnit.com 

    Media Relations
    Sofie Mand Steffens
    Senior Communications Consultant
    Tel: +45 3077 8337
    smst@nnit.com 

    ABOUT NNIT

    NNIT is a leading provider of IT solutions to life sciences internationally, and to the public and private sectors in Denmark.

    We focus on high complexity industries and thrive in environments where regulatory demands and complexity are high.

    We advise on and build sustainable digital solutions that work for the patients, citizens, employees, end users or customers.

    We strive to build unmatched excellence in the industries we serve, and we use our domain expertise to represent a business first approach – strongly supported by a selection of partner technologies, but always driven by business needs rather than technology.

    NNIT consists of group company NNIT A/S, subsidiaries in Region Europe, Asia and US and subsidiary SCALES in Region Denmark. Together, these companies employ more than 1,700 people in Europe, Asia and USA.

    Attachments

    The MIL Network

  • MIL-OSI United Kingdom: Sellafield security improvements praised by regulator

    Source: United Kingdom – Executive Government & Departments

    Improvements in physical security arrangements at Sellafield have been recognised by the UK’s nuclear regulator.

    The Office for Nuclear Regulation (ONR) has returned the Sellafield site to a routine regulatory regime for physical security after a period of enhanced oversight.

    Inspectors cited a sustained period of improved performance, highlighting the close working relationship between ONR inspectors and Sellafield Ltd in achieving this outcome.

    Physical security at Sellafield is delivered using a wide range of assets and capabilities and through an approach that includes defence in depth and armed response.  A number of physical security assets and capabilities have been improved as part of the return to routine regulatory attention.

    Regulatory attention levels are set by ONR and are assigned based on the regulator’s assessment of overall performance, considering a broad range of safety and security considerations and operational issues that a site is addressing.

    Gary Wilkinson, head of security and resilience at Sellafield Ltd, said:

    Following an action plan over many months, we have successfully met all the requirements set by ONR. 

    This is a significant achievement and has been a big team effort from across the company – thank you to everyone involved in this important achievement.

    Paul Dicks, ONR’s director of regulation for Sellafield, decommissioning fuel and waste, said:

    We have worked closely with Sellafield Ltd through our enabling approach to ensure that the required improvements are delivered.

    I’m satisfied that Sellafield Ltd has demonstrated significant and sustained security improvements which has allowed us to return them to routine regulatory attention.

    Sellafield Ltd currently remains in significantly enhanced attention for cyber security and collaborative work is ongoing to achieve the required improvements in this area.

    Updates to this page

    Published 19 February 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Four-year ban for director of Sussex nuisance cold-calls firm 

    Source: United Kingdom – Executive Government & Departments

    The company made almost a million unsolicited cold-calls, resulting in people complaining to the Information Commissioner’s Office

    • Callum Jones was the director of a company which harassed people with nuisance cold-calls in 2019 and 2020 
    • Colourcoat Ltd, based on the south coast, made almost a million calls trying to sell home improvements within an eight-month period 
    • Jones has now been disqualified as a company director following investigations by the Insolvency Service 

    The boss of a home improvement company which made more than 900,000 cold-calls has been banned as a director for four years. 

    Callum Jones was the sole director of Sussex-based Colourcoat Ltd, which specialised in roof cleaning, wall coating and insulation services. 

    Colourcoat made 969,273 unsolicited marketing calls which connected between August 2019 and April 2020, with almost half to people who had opted out of receiving such calls. 

    The company also used false names and made repeated calls which were described by some customers as being aggressive and abusive. 

    Colourcoat was fined £130,000 by the Information Commissioner’s Office (ICO) in 2021 but went into liquidation without paying the fine in full. 

    Jones, 39, of Oban Road, St Leonards-on-Sea, has now been disqualified as a company director following investigations by the Insolvency Service. 

    Victoria Edgar, Chief Investigator at the Insolvency Service, said: 

    Callum Jones allowed his company to plague households over an eight-month period, making hundreds of thousands of nuisance cold-calls. 

    Businesses employing such unscrupulous tactics can expect enforcement action to be taken against them and Jones’s director ban now means he cannot run or manage any company for the next four years.

    A total of 452,811 of the nuisance calls were made to people who had opted out of receiving such calls by registering with the Telephone Preference Service. 

    Colourcoat also used various fake company names including “Homes Advice Bureau”, “EcoSolve UK” and “Citizens Advice”. 

    Twenty-four complaints about the company were made to the Telephone Preference Service with a further 10 directly to the ICO. 

    Andy Curry, Director of Enforcement and Investigations at the ICO, said:  

    We welcome the decision to disqualify Callum Jones as the director of Colourcoat Ltd.  

    Nobody should be made to feel uncomfortable after simply answering the phone, and our investigation found that this company had no regard for the law, or the people they were illegally calling.  

    Our Financial Recovery Unit works closely with the Insolvency Service to bring companies and directors to account. By disrupting the non-compliant activities of directors such as Callum Jones, we can help ensure they can’t easily resurface under a different name and continue to cause further harm to people.

    The ICO issued an enforcement notice to Colourcoat in June 2021 for breaching regulations 21 and 24 of the Privacy and Electronic Communications Regulations 2003 relating to the use of calls for direct marketing purposes. 

    Colourcoat went into liquidation in June 2023, having only paid just more than £74,000 of its £130,000 fine. 

    The Secretary of State for Business and Trade accepted a disqualification undertaking from Jones, and his ban started on Monday 3 February. 

    The undertaking prevents him from being involved in the promotion, formation or management of a company, without the permission of the court.  

    Further information

    Updates to this page

    Published 19 February 2025

    MIL OSI United Kingdom

  • MIL-OSI United Nations: WFP and Republic of Korea boost food security and resilience for vulnerable families in Kenya

    Source: World Food Programme

    NAIROBI – The United Nations World Food Programme (WFP) has welcomed a contribution of US$5 million from the Republic of Korea’s Ministry of Foreign Affairs (MoFA) to improve food security and build resilience for vulnerable communities in Kenya’s arid and semi-arid regions.

    With below-normal rainfall forecasted for the upcoming March-May rainy season, strengthening early warning systems is critical to help communities and government anticipate and prepare for extreme weather events.  

    “The Republic of Korea’s commitment to supporting vulnerable families in Kenya is commendable,” said Lauren Landis, WFP’s Country Director in Kenya. “This contribution comes at a time when people in the arid and semi-arid regions face the risk of both droughts and floods, exacerbating food insecurity and increasing humanitarian needs. This project will equip communities with the tools and resources they need to prepare and build sustainable livelihoods.”

    The contribution will enable WFP to support more than 158,000 people like smallholder farmers, pastoralists, women, and youth, to restore degraded ecosystems, create economic opportunities, and strengthen early warning systems to provide accurate and timely forecasts in Baringo, Mandera, Samburu, Tana River and Turkana Counties. 

    “The Republic of Korea recognizes the urgent need to build resilience and food security in Kenya,” said Nam Sangkyoo, the Republic of Korea’s Deputy Ambassador to Kenya. “By partnering with WFP, we are empowering communities to break the cycle of crises and build a future where they can thrive.”

    The Republic of Korea is a longstanding supporter of WFP’s work in Kenya and this contribution is in addition to past investments like resilience projects supported by the Korea International Cooperation Agency (KOICA) and rice contributions for refugees from the Ministry of Agriculture, Food and Rural Affairs (MAFRA). 

    #                 #                   #

    The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

    Follow us on X @wfp_kenya, @wfp_africa, @wfp_media 

    MIL OSI United Nations News

  • MIL-OSI United Kingdom: Forensic Science Regulator 2024 conference: speech

    Source: United Kingdom – Executive Government & Departments

    The Forensic Science Regulator’s 2024 conference speech, including slides.

    Documents

    Forensic Science Regulator conference speech 2024

    Request an accessible format.
    If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email alternativeformats@homeoffice.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

    Details

    Speech by the Forensic Science Regulator to the delegates at the 2024 Forensic Science Regulator conference.

    We are aware this publication may have accessibility issues. We are reviewing it so that we can fix these.

    Read more about our accessible documents policy.

    Updates to this page

    Published 19 February 2025

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    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Forensic Science Regulator 2024 conference: summary and questions

    Source: United Kingdom – Executive Government & Departments

    Answers to questions raised by delegates at the 2024 Forensic Science Regulator conference.

    Documents

    Forensic Science Regulator conference summary and questions

    Request an accessible format.
    If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email alternativeformats@homeoffice.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

    Details

    Full responses to the 32 questions raised by delegates.

    We are aware this publication may have accessibility issues. We are reviewing it so that we can fix these.

    Read more about our accessible documents policy.

    Updates to this page

    Published 19 February 2025

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    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Regulator investigates charity over financial controls

    Source: United Kingdom – Executive Government & Departments

    The Charity Commission has opened a statutory inquiry to examine ongoing regulatory concerns regarding the trustees’ management and administration of Zlotchiv (charity register number 1181876).

    The charity, which is a charitable incorporated organisation, awards grants for the advancement of Jewish faith and education as well as for the relief of those in need.  

    Zlotchiv’s trustees have failed to meaningfully engage and cooperate with the Commission about regulatory concerns, which has resulted in the regulator escalating a compliance case to a statutory inquiry.  

    The Commission’s concerns are about irregularities in the charity’s financial management, including a series of bounced cheques from the charity’s bank account alongside payments, which appear to be related party payments, that were not disclosed by the charity in its annual returns.  

    Trustees are expected to act in the best interests of the charity and properly manage any conflicts of interest between the charity and other parties. They must also provide accurate information annually to the Commission, which in this case includes a trustees’ annual report, accounts and external scrutiny report.  

    The inquiry will examine if the trustees are complying with their legal duties in respect of the administration, governance and management of the charity, with particular regard to:  

    • the charity’s financial management, including the charity’s viability, the extent of any related party transactions and unauthorised trustee personal benefit  

    • the trustees’ compliance with the charity’s governing document 

    • the extent to which any failings or weaknesses identified in the administration of the charity are a result of misconduct and/or mismanagement by the trustees

    The scope of the inquiry may be extended if additional regulatory issues emerge during the Commission’s investigation. 

    ENDS 

    Notes to editors 

    1. The Charity Commission is the independent, non-ministerial government department that registers and regulates charities in England and Wales. Its ambition is to be an expert regulator that is fair, balanced, and independent so that charity can thrive. This ambition will help to create and sustain an environment where charities further build public trust and ultimately fulfil their essential role in enhancing lives and strengthening society. Find out more: About us – The Charity Commission – GOV.UK

    2. On 6 January 2025, the Charity Commission opened a statutory inquiry into the charity under section 46 of the Charities Act 2011 as a result of its regulatory concerns that there is or has been misconduct and/or mismanagement in the administration of the charity. 

    3. A statutory inquiry is a legal power enabling the Commission to formally investigate matters of regulatory concern within a charity and to use protective powers for the benefit of the charity and its beneficiaries, assets, or reputation. 

    4. An inquiry will investigate and establish the facts of the case so that the Commission can determine the extent of any misconduct and/or mismanagement; the extent of the risk to the charity, its work, property, beneficiaries, employees or volunteers; and decide what action is needed to resolve the concerns.

    Press office

    Email pressenquiries@charitycommission.gov.uk

    Out of hours press office contact number: 07785 748787

    Updates to this page

    Published 19 February 2025

    MIL OSI United Kingdom

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on CRSH (75.93%), TSLY (62.77%), YBIT (60.33%), YMAX (56.92%), YMAG (39.10%) and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, Feb. 19, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group A ETFs listed in the table below.

    ETF Ticker1 ETF Name Distribution Frequency Distribution per share Distribution Rate2,4 30-Day
    SEC Yield3
    ROC5 Ex-Date & Record Date Payment Date
    QDTY* YieldMax™ Nasdaq 100 0DTE Covered Call ETF Weekly
    SDTY YieldMax™ S&P 500 0DTE Covered Call ETF Weekly $0.2221 100.00% 2/20/25 2/21/25
    GPTY YieldMax™ AI & Tech Portfolio Option Income ETF Weekly $0.3258 100.00% 2/20/25 2/21/25
    LFGY YieldMax™ Crypto Industry
    & Tech Portfolio Option Income ETF
    Weekly $0.5739 58.86% 2/20/25 2/21/25
    YMAX YieldMax™ Universe
    Fund of Option Income ETFs
    Weekly $0.1852 56.92% 77.11% 72.51% 2/20/25 2/21/25
    YMAG YieldMax™ Magnificent 7
    Fund of Option Income ETFs
    Weekly $0.1369 39.10% 56.75% 39.02% 2/20/25 2/21/25
    TSLY YieldMax™ TSLA Option Income Strategy ETF Every 4 weeks $0.5793 62.77% 3.18% 93.03% 2/20/25 2/21/25
    CRSH YieldMax™ Short TSLA Option Income Strategy ETF Every 4 weeks $0.3810 75.93% 4.07% 12.68% 2/20/25 2/21/25
    GOOY YieldMax™ GOOGL Option Income Strategy ETF Every 4 weeks $0.3877 35.28% 3.33% 0.00% 2/20/25 2/21/25
    YBIT YieldMax™ Bitcoin Option Income Strategy ETF Every 4 weeks $0.5506 60.33% 1.36% 0.00% 2/20/25 2/21/25
    OARK YieldMax™ Innovation Option Income Strategy ETF Every 4 weeks $0.4269 50.34% 2.58% 93.84% 2/20/25 2/21/25
    XOMO YieldMax™ XOM Option Income Strategy ETF Every 4 weeks $0.2541 22.58% 3.58% 0.00% 2/20/25 2/21/25
    SNOY YieldMax™ SNOW Option Income Strategy ETF Every 4 weeks $0.9210 58.84% 2.58% 89.86% 2/20/25 2/21/25
    TSMY YieldMax™ TSM Option Income Strategy ETF Every 4 weeks $0.6019 42.89% 3.12% 47.33% 2/20/25 2/21/25
    FEAT YieldMax™ Dorsey Wright Featured 5 Income ETF Every 4 weeks $1.9096 53.80% 102.37% 0.00% 2/20/25 2/21/25
    FIVY YieldMax™ Dorsey Wright Hybrid 5 Income ETF Every 4 weeks $1.1203 31.12% 55.88% 0.00% 2/20/25 2/21/25
    Weekly Payers & Group B ETFs scheduled for next week: QDTY SDTY GPTY LFGY YMAX YMAG NVDY DIPS FBY GDXY BABO JPMO MRNY PLTY MARO


    Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling 
    (833) 378-0717.

    Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

    Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    *The inception date for QDTY is February 12, 2025.

    1All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio of 1.24% but the investment adviser has agreed to a 0.10% fee waiver through at least February 28, 2025.

    2The Distribution Rate shown is as of close on February 18, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3 The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended January 31, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    4 Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

    5ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Standardized Performance

    For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here. For QDTY, click here.

    Important Information

    This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

    Contact Gavin Filmore at gfilmore@tidalfg.com for more information.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network

  • MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to Somalia: Charles King

    Source: United Kingdom – Executive Government & Departments

    Mr Charles King has been appointed His Majesty’s Ambassador to the Federal Republic of Somalia.

    Charles King

    Mr Charles King has been appointed His Majesty’s Ambassador to the Federal Republic of Somalia in succession to Mr Michael Nithavrianakis MVO. Mr King will take up his appointment during May 2025.

    Curriculum Vitae      

    Full name: Charles Nicholas King

    Year Role
    2023 to 2024 FCDO, Joint Head of Israel/OPTs Gaza Taskforce
    2020 to 2023 FCDO, Head of Levant and North Africa Department and UK Special Representative for Syria
    2017 to 2020 Paris, Counsellor, Foreign Policy and Strategic Affairs
    2015 to 2016  FCO, Chief of Staff to Jonathan Powell, PM’s Special Representative for Libya
    2012 to 2015  Istanbul, Head of Syria Office
    2010 to 2012 FCO, Head of Afghanistan Reconciliation and Regional Team
    2009 to 2010 Baghdad, Deputy Head of Political Section
    2008 to 2009 Damascus, Second Secretary Political/Economic
    2007 to 2008 Cairo, Arabic language training
    2006 to 2007 FCO, Head of Africa/Middle East Consular Casework Team
    2004 to 2006 FCO, Deputy Head of EU Accessions Bill Team and Desk Officer for Romania and Bulgaria
    2004  Joined FCO

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

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

    Updates to this page

    Published 19 February 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Additional funding for Council’s digital inclusion programme.

    Source: City of Coventry

    Coventry City Council’s efforts to promote digital inclusion across the city have received a major funding boost.

    The Council’s digital inclusion programme, #CovConnects, has received £340,000 to support its ongoing work within in the city.

    The funding, which comes from the Government’s UK Shared Prosperity Fund and the West Midlands Combined Authority, will help the team secure 1250 Mi-Fi units which will be distributed through the programme’s #CovConnects Device Bank.

    Mi-fi units are small, portable devices which allow people to use 4g/5g units to connect to the internet. Each of the units comes with 2 years’ worth of unlimited data enabling residents to connect to the digital world. The mi-fi devices and sim cards have been provided thanks to the Council’s ongoing partnership with Vodafone.

    The Device Bank launched in July 2023 and has distributed over 3850 devices to organisations across the city. These devices are used by these groups to help support residents in their everyday lives allowing the most vulnerable in the city to complete everyday task such as online banking, filling our job applications and accessing vital NHS services.

    Cllr Richard Brown, Cabinet Member for Strategic Finance and Resources, said: “As an organisation, we’re committed to ensuring that as many residents as possible can access the digital world. This funding will help us do just that.

    “It will allow us to expand our efforts and get more of these devices into the hands of those who need it most. Having your own device, which you can use every day, is something that has the potential to completely transform your life. “

    Richard Parker, the Mayor of the West Midlands, said: “So much in life is reliant on us being online, whether that’s finding a job, booking a GP appointment, or managing finances. Too many people are still locked out of opportunities because they don’t have reliable internet or the right digital skills and this can be isolating. It’s why I want more people to have the digital access they need to get on in life. This scheme is a step towards breaking down those barriers, helping more people access the services, support, and training they need to build a better future.”

    The #CovConnects Device Bank is part funded by the UK Government through the UK Shared Prosperity Fund.

    To find out more about the device bank and applying for devices for your organisation, visit: #CovConnects Device Bank – Coventry City Council 

    The UK Shared Prosperity Fund aims to improve pride in place and increase life chances across the UK investing in communities and place, supporting local business, and people and skills. Please visit the UK Shared Prosperity Fund webpage for more information 

    Get in touch with us to find out more about the digital inclusion programme in Coventry, devices, data and skills provisions we can help with: covconnectsdigital@coventry.gov.uk 

    MIL OSI United Kingdom

  • MIL-OSI: Enlight Renewable Energy Reports Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted

    TEL AVIV, Israel, Feb. 19, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the fourth quarter and full year ending December 31, 2024. The Company’s earnings conference call and webcast will be held today at 8:00 AM ET. Registration links to both the call and the webcast can be found at the end of this earnings release.

    Financial Highlights

    Full year 2024

    • Revenues and income of $399m, up 53% year over year
    • Adjusted EBITDA1 of $289m, up 49% year over year
    • Net income of $67m, down 32% year over year
    • Cash flow from operations of $193, up 29% year over year

    3 months ending December 31, 2024

    • Revenues and income of $104m, up 35% year over year
    • Adjusted EBITDA1 of $65m, up 31% year over year
    • Net income of $8m, down 48% year over year
    • Cash flow from operations of $36m, up 49% year over year

    ________________________
    1 The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2

      For the twelve months ended   For the three months ended
     ($ millions) 31/12/2024 31/12/2023 % change 31/12/2024 31/12/2023 % change
    Revenue and Income 399 261 53% 104 77 35%
    Net Income 67 98 (32%) 8 16 (48%)
    Adjusted EBITDA 289 194 49% 65 50 31%
    Cash Flow from Operating Activities 193 150 29% 36 24 49%
    • In 2023 the net income contained substantial one-time items
    • A detailed analysis of financial results appears below

    2024 Guidance vs Actual Results

    • Reported revenues and income for 2024 was 15% higher than the Company’s original guidance at the midpoint.
    • Reported Adjusted EBITDA for 2024 was 18% higher than the Company’s original guidance at the midpoint.

    Revenues and Income and Adjusted EBITDA includes $21m of U.S. tax benefits

    “We are proud to conclude 2024 with outstanding financial results that surpassed both our targets and analysts’ forecasts,” said Gilad Yavetz, CEO of Enlight Renewable Energy.

    “Enlight continues to grow thanks to its diversified and innovative operations, spanning three continents and employing the three main technologies of the industry: solar, wind, and energy storage.

    “The year 2025 represents another leap forward for us, as a massive capacity of 4.7 FGW – with a total investment of $5.5bn – will be under various stages of construction. Together with the Company’s operating portfolio, this will secure approximately 90% of the Company’s ambitious growth plan: to reach operating capacity of 8.6 FGW by the end of 2027. This plan will bring Enlight to an annual revenue rate of over $1bn by 2028, tripling the business in just three years.

    “We expect that the average return on equity for the vast asset portfolio that will become operational by 2027 will exceed 15%. Our three-year growth plan is already reflected in our 2025 guidance: we project revenues and income in the range of $490-510 million and Adjusted EBITDA in the range of $360-380 million, a 25% increase.”

    Portfolio Review

    • Enlight’s total portfolio is comprised of 20 GW of generation capacity and 35.8 GWh storage (30.2 FGW2)
    • Of this, the Mature portfolio component (including operating projects, projects under construction or pre-construction) contains 6.1 GW generation capacity and 8.6 GWh of storage (8.6 FGW)
    • Within the Mature portfolio component, the operating component has 2.5 GW of generation capacity and 1.9 GWh of storage (3.0 FGW)

    The full composition of the portfolio appears in the following table:

    Component Status FGW2 Annual recurring revenues ($m)3
    Operating Commercial operation 3.0 ~5004
    Under Construction Under construction 1.8 ~175
    Pre-Construction 0-12 months to start of construction 3.8 ~385
    Total Mature Portfolio Mature 8.6 1,060~
    Advanced Development 13-24 months to start of construction 7
    Development 2+ years to start of construction 14.7
    Total Portfolio   30.2

    ________________________
    2 FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5
    3
    Does not include income from tax benefits for under construction and pre-construction projects.

    4 Based on the midpoint of 2025 guidance.

    • Operating component of the portfolio: 3 FGW
      • Start of commercial operations of 1.1 FGW in 2024, including projects Atrisco in the U.S., Pupin and Tapolca in Europe, the Israel Solar and Storage Cluster in MENA. These additions contribute approximately $100m to the annual revenue run rate.
    • Under Construction component of the portfolio: 1.8 FGW
      • Consists of three projects in the U.S. with a total capacity of 1.4 FGW; the Gecama Solar project in Spain with a capacity of 0.3 FGW; and a solar and storage cluster in Israel. 35% of the cluster is expected to reach operations in 2025, with the rest commissioning in 2026.
      • Projects under construction are expected to contribute $175m to the annual revenue run rate during their first full year of operation.
    • Pre-construction component of the portfolio: 3.8 FGW
      • Two mega projects in the U.S., Snowflake and CO Bar, with a combined capacity of 2.6 FGW will begin construction in 2025 and are expected to contribute $246m to revenues on an annualized basis.
      • Nardo, a stand alone storage project in Italy with a capacity of 0.25 FGW, is expected to begin construction in 2H25 and contribute $31m to revenues on an annualized basis.
    • Advanced Development component of the portfolio component: 7 FGW
      • 5.3 FGW in the U.S., with 100% of the capacity having passed completion of the System Impact Study, the most important study of the grid connection process, significantly de-risking the portfolio.
      • The U.S. portfolio includes several mega-projects and follow-ons to Mature projects, such as Cedar Island (1.4 FGW), Snowflake B (1.2 FGW), and Atrisco 2 (0.7 FGW).
      • These projects reflect the Company’s “Connect and Expand” strategy, leveraging existing grid infrastructure with the development of new ones, thereby reducing construction costs and project risks while improving project returns.
      • 0.7 FGW in Europe, focused on Italy, Spain, and Croatia.
      • 1 FGW in MENA, focused on solar and storage projects and stand alone storage facilities, including approximately 0.5 FGW that won availability tariffs as part of the Israel Electricity Authority’s first high voltage storage availability tariff tender.
    • Development component of the portfolio: 14.7 FGW
      • 10 FGW in the U.S. with broad geographic presence, including the PJM, WECC, SPP and MISO regions.
      • 2.7 FGW in Europe, focused on Italy, Spain, Croatia and entry into stand-alone storage operations in Poland.
      • 2 FGW in MENA, focused on solar combined storage projects and stand alone storage facilities.

    Projected COD Timeline for the Mature Portfolio5

    ________________________
    5 Additional projects currently classified in the Advanced Development portfolio are expected to reach commercial operation by 2027, however they are not included in this forecast

    Mature Portfolio Components Expected to Generate Annualized Revenues of Over $1bn6

    All the projects in the plan are expected to be completed by the end of 2027

    ________________________
    6 The projection is based on 2025 guidance, and only includes additional revenue growth from the sale of electricity from projects under construction and in pre-construction status.

    Financing Activities

    • Financial closings totaling $1.1bn in Europe and the US occurred during 2024, supporting the construction of projects with 470 MW and 2,100 MWh capacity.
    • Expansion of Series D bonds totaling $178m to finance the Company’s growth.
    • Sale of 44% of the Sunlight cluster for $50m cash at a valuation of $114m, generating a profit of up to $94m to be recognized in the first quarter of 2025. The cluster represents approximately 1% of the Company’s total portfolio.
    • As of the date of this report, the Company maintains $350m of revolving credit facilities, of which $70m have been drawn.

    2025 Guidance

    Construction and commissioning

    • Expected commissioning of 440 MW and 1.1 GWh of capacity, which is expected to add approximately $130m to annualized revenues and $105m annualized EBITDA, starting in 2026.
    • Starting construction on 1.8 GW and 3.9 GWh of capacity, which is expected to add over $300m in annualized revenues and over $250m in annualized EBITDA gradually through 2026-2027.

    Financial guidance

    • Total revenues and income7 are expected to range between $490m and $510m, a 25% increase (from the midpoint) from 2024 results. Of the projected revenues and income, 38% are expected to be denominated in ILS, 35% in EUR, and 27% in USD.
    • Adjusted EBITDA8 is expected to range between $360m and $380m, a 28% increase (from the midpoint) from 2024 results.
    • Approximately 90% of the electricity volumes expected to be generated in 2025 will be sold at fixed prices through PPAs or hedges.

    ________________________
    7 Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $60m-80m.
    8 EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.

    Financial Results Analysis

    Revenue & Income by Segment
    ($ thousands) For the twelve months ended   For the three months ended  
    Segment 31/12/2024 31/12/2023 Change % 31/12/2024 31/12/2023 Change %
    MENA 155,693 67,687 130% 34,086 20,738 64%
    Europe 197,143 177,471 11% 49,979 50,770 (2%)
    U.S. 36,608 7,712 375% 17,894 3,571 401%
    Other 9,351 8,270 13% 2,143 2,009 7%
    Total Revenue & Income 398,795 261,140 53% 104,102 77,088 35%
                 

    Revenues & Income

    In the fourth quarter of 2024, the Company’s total revenues and income increased to $104m, up from $77m last year, a growth rate of 35% year over year. This was composed of revenues from the sale of electricity, which rose 26% to $93m compared to $74m in the same period of 2023, as well as recognition of $11m in income from tax benefits, up 230% compared to $3m in 4Q23.

    The Company benefited from the revenue contribution of newly operational projects. Since the fourth quarter of 2023, 650 MW and 1,600 MWh of projects were connected to the grid and began selling electricity, including seven of the Israel Solar and Storage Cluster units in Israel, Atrisco in the U.S, Pupin in Serbia, and Tapolca in Hungary. The most important increases in revenue from the sale of electricity originated at the Israel Solar and Storage Cluster, which added $9m, followed by Atrisco, which added $6m in. In total, new projects contributed $18m to revenues from the sale of electricity

    Revenues and income were distributed between MENA, Europe, and the US, with 34% denominated in Israeli Shekel, 47% in Euros, and 18% denominated in US Dollars.

    Net Income

    In the fourth quarter, the Company’s net income amounted to $8m compared to $16m last year, a decrease of 48% year over year. In 4Q23 the Company recorded a $12m net profit stemming from the recalculation of earnout payments linked to the acquisition of Clenera. Adjusting for this figure, the net income in 4Q23 was $4m, implying year-on-year growth of 90%.

    Adjusted EBITDA9

    In the fourth quarter of 2024, the Company’s Adjusted EBITDA grew by 31% to $65m compared to $50m for the same period in 2023. The increase in Adjusted EBITDA was driven by the same factors that drove the increase in revenues and income, namely new projects and the recognition of higher amounts of tax benefits. This was offset by an additional $6m in higher operating expenses linked to new projects, while company overheads rose by $5m year-on-year.

    ________________________
    9 Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income

    Conference Call Information

    Enlight plans to hold its Fourth Quarter 2024 Conference Call and Webcast on Wednesday, February 19, 2025 at 8:00 a.m. ET to review its financial results and business outlook. Management will deliver prepared remarks followed by a question-and-answer session. Participants can join by dial-in or webcast:

    The press release with the financial results as well as the investor presentation materials will be accessible from the Company’s website prior to the conference call. Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website at https://enlightenergy.co.il/info/investors/.

    Supplemental Financial and Other Information

    We intend to announce material information to the public through the Enlight investor relations website at https://enlightenergy.co.il/info/investors, SEC filings, press releases, public conference calls, and public webcasts. We use these channels to communicate with our investors, customers, and the public about our company, our offerings, and other issues. As such, we encourage investors, the media, and others to follow the channels listed above, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page of our website.

    Non-IFRS Financial Measures

    This release presents Adjusted EBITDA, a financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided in the accompanying tables found at the end of this release.

    We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in Adjusted EBITDA. With respect to gains (losses) from asset disposals, as part of Enlight’s strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains or losses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the actual consideration less the book value of the assets sold. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.

    Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and to not rely on any single financial measure to evaluate our business.

    Special Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of Company projects, including anticipated timing of related approvals and project completion and anticipated production delays, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, electricity prices and windfall taxes, and Revenues and Income and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’s anticipated cash requirements and financing plans , are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.

    These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives or benefits for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.

    These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    About Enlight

    Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 9 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023.

    Company Contacts

    Yonah Weisz
    Director IR
    investors@enlightenergy.co.il

    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    +1 617 542 6180
    investors@enlightenergy.co.il

    Appendix 1 – Financial information

    Consolidated Statements of Income
           
        For the year ended at
    December 31
        2024   2023(*)
        USD in   USD in
        thousands   thousands
    Revenues   377,935   255,702
    Tax benefits   20,860   5,438
    Total revenues and income   398,795   261,140
             
    Cost of sales (**)   (80,696)   (52,794)
    Depreciation and amortization   (108,889)   (65,796)
    General and administrative expenses   (38,847)   (31,356)
    Development expenses   (11,601)   (6,347)
    Total operating expenses   (240,033)   (156,293)
    Gains from projects disposals   601   9,846
    Other income, net   16,172   43,450
    Operating profit   175,535   158,143
             
    Finance income   20,439   36,799
    Finance expenses   (107,844)   (68,143)
    Total finance expenses, net   (87,405)   (31,344)
             
    Profit before tax and equity loss   88,130   126,799
    Share of loss of equity accounted investees   (3,350)   (330)
    Profit before income taxes   84,780   126,469
    Taxes on income   (18,275)   (28,428)
    Profit for the year   66,505   98,041
             
    Profit for the year attributed to:        
    Owners of the Company   44,209   70,924
    Non-controlling interests   22,296   27,117
        66,505   98,041
    Earnings per ordinary share (in USD) with a par value of        
    NIS 0.1, attributable to owners of the parent Company:        
    Basic earnings per share   0.37   0.61
    Diluted earnings per share   0.36   0.57
    Weighted average of share capital used in the        
    calculation of earnings:        
    Basic per share   118,293,556   115,721,346
    Diluted per share   123,312,565   123,861,293
     

    (*) The Consolidated Statements of Income have been adjusted to present comparable information for the previous year. For additional details please see Appendix 8.

    (**) Excluding depreciation and amortization

    Consolidated Statements of Financial Position as of        
        December 31   December 31
        2024   2023
        USD in   USD in
        Thousands   Thousands
    Assets        
             
    Current assets        
    Cash and cash equivalents   387,427   403,805
    Deposits in banks     5,308
    Restricted cash   100,090   142,695
    Trade receivables   50,692   43,100
    Other receivables   99,651   60,691
    Current maturities of contract assets     8,070
    Other financial assets   975   976
    Assets of disposal groups classified as held for sale   81,661  
    Total current assets   720,496   664,645
             
    Non-current assets        
    Restricted cash   48,251   38,891
    Other long-term receivables   61,045   32,540
    Deferred costs in respect of projects   357,358   271,424
    Deferred borrowing costs   276   493
    Loans to investee entities   18,112   35,878
    Contract assets     91,346
    Fixed assets, net   3,699,192   2,947,369
    Intangible assets, net   291,442   287,961
    Deferred taxes assets   10,744   9,134
    Right-of-use asset, net   210,941   121,348
    Financial assets at fair value through profit or loss   69,216   53,466
    Other financial assets   59,812   79,426
    Total non-current assets   4,826,389   3,969,276
             
    Total assets   5,546,885   4,633,921
    Consolidated Statements of Financial Position as of (Cont.)         
        December 31   December 31
        2024   2023
        USD in   USD in
        Thousands   Thousands
    Liabilities and equity    
             
    Current liabilities      
    Credit and current maturities of loans from        
    banks and other financial institutions   212,246   324,666
    Trade payables 161,991   105,574
    Other payables 107,825   103,622
    Current maturities of debentures   44,962   26,233
    Current maturities of lease liability   10,240   8,113
    Financial liabilities through profit or loss     13,860
    Other financial liabilities   8,141   1,224
    Liabilities of disposal groups classified as held for sale   46,635  
    Total current liabilities   592,040   583,292
             
    Non-current liabilities    
    Debentures 433,994   293,751
    Other financial liabilities   107,865   62,020
    Convertible debentures   133,056   130,566
    Loans from banks and other financial institutions   1,996,137   1,702,925
    Loans from non-controlling interests   75,598   92,750
    Financial liabilities through profit or loss   25,844   34,524
    Deferred taxes liabilities   41,792   44,941
    Employee benefits 1,215   4,784
    Lease liability 211,941   119,484
    Deferred income related to tax equity   403,384   60,880
    Asset retirement obligation   83,085   68,047
    Total non-current liabilities   3,513,911   2,614,672
             
    Total liabilities 4,105,951   3,197,964
             
    Equity        
    Ordinary share capital   3,308   3,293
    Share premium 1,028,532   1,028,532
    Capital reserves 25,273   57,730
    Proceeds on account of convertible options   15,494   15,494
    Accumulated profit 107,919   63,710
    Equity attributable to shareholders of the Company   1,180,526   1,168,759
    Non-controlling interests   260,408   267,198
    Total equity 1,440,934   1,435,957
    Total liabilities and equity   5,546,885   4,633,921
    Consolidated Statements of Cash Flows    
         
      For the year ended at
    December 31
      2024 2023
      USD in USD in
      Thousands Thousands
         
    Cash flows for operating activities    
    Profit for the period 66,505 98,041
         
    Income and expenses not associated with cash flows:    
    Depreciation and amortization 108,889 65,796
    Finance expenses, net 83,560 28,805
    Share-based compensation 8,360 4,970
    Taxes on income 18,275 28,428
    Tax benefits (20,860) (5,438)
    Other income, net (4,963) (46,991)
    Company’s share in losses of investee partnerships 3,350 330
      196,611 75,900
         
    Changes in assets and liabilities items:    
    Change in other receivables 12,261 (3,241)
    Change in trade receivables (9,892) (2,841)
    Change in other payables 294 6,382
    Change in trade payables 746 15,474
      3,409 15,774
         
    Interest receipts 12,684 12,490
    Interest paid (74,891) (54,469)
    Income Tax paid (11,246) (12,236)
    Repayment of contract assets 14,120
         
    Net cash from operating activities 193,072 149,620
         
    Cash flows for investing activities    
    Sale (Acquisition) of consolidated entities, net 1,871 (6,975)
    Changes in restricted cash and bank deposits, net 29,959 (53,131)
    Purchase, development, and construction in respect of projects (899,257) (730,976)
    Loans provided and Investment in investees (26,444) (28,174)
    Payments on account of acquisition of consolidated entity (32,777) (5,728)
    Proceeds from sale (purchase) of financial assets measured at fair value     
    through profit or loss, net (14,719) 26,919
    Net cash used in investing activities (941,367) (798,065)
    Consolidated Statements of Cash Flows (Cont.)   
      For the year ended at
    December 31
      2024  2023 
      USD in USD in
      Thousands Thousands
         
    Cash flows from financing activities    
    Receipt of loans from banks and other financial institutions 939,627 623,927
    Repayment of loans from banks and other financial institutions (699,586) (203,499)
    Issuance of debentures 177,914 83,038
    Repayment of debentures (26,016) (14,735)
    Dividends and distributions by subsidiaries to non-controlling interests (25,534) (13,328)
    Proceeds from investments by tax-equity investors 410,845 198,758
    Repayment of tax equity investment (839) (82,721)
    Deferred borrowing costs (21,637) (1,984)
    Receipt of loans from non-controlling interests 274
    Repayment of loans from non-controlling interests (2,960) (1,485)
    Increase in holding rights of consolidated entity (169)
    Issuance of shares 266,451
    Exercise of share options 15 9
    Repayment of lease liability (5,852) (4,848)
    Proceeds from investment in entities by non-controlling interest 179 5,448
         
    Net cash from financing activities 745,987 855,305
         
    Increase (Decrease) in cash and cash equivalents (2,308) 206,860
         
    Balance of cash and cash equivalents at beginning of period 403,805 193,869
         
    Changes in cash of disposal groups classified as held for sale (5,753)
         
    Effect of exchange rate fluctuations on cash and cash equivalents (8,317) 3,076
         
    Cash and cash equivalents at end of period 387,427 403,805

    Information related to Segmental Reporting

      For the year ended December 31, 2024
      MENA(**)   Europe(**)   USA   Total reportable segments   Others   Total
      USD in thousands
    Revenues 155,693   197,143   15,748   368,584   9,351   377,935
    Tax benefits     20,860   20,860     20,860
    Total revenues and income 155,693   197,143   36,608   389,444   9,351   377,935
                           
    Segment adjusted EBITDA 123,724   165,385   33,539   322,648   4,141   326,789
       
    Reconciliations of unallocated amounts:  
    Headquarter costs (*) (37,774)
    Intersegment profit 100
    Depreciation and amortization and share-based compensation (117,249)
    Other incomes not attributed to segments 3,669
    Operating profit 175,535
    Finance income 20,439
    Finance expenses (107,844)
    Share in the losses of equity accounted investees (3,350)
    Profit before income taxes 84,780
     

    (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

    (**) Due to the Company’s organizational restructuring, the Chief Operation Decision Maker (CODM) now reviews the group’s results by segmenting them into four business units: MENA (Middle East and North Africa), Europe, the US, and Management and Construction. Consequently, the Central/Eastern Europe and Western Europe segments have been consolidated into the “Europe” segment, and the Israel segment has been incorporated into the MENA segment. The comparative figures for the year ended December 31, 2023, have been updated accordingly.

    Information related to Segmental Reporting

      For the year ended December 31, 2023
      MENA   Europe   USA   Total reportable segments   Others   Total
      USD in thousands
    Revenues 67,687   177,471   2,274   247,432   8,270   255,702
    Tax benefits     5,438   5,438     5,438
    Total revenues and income 67,687   177,471   7,712   252,870   8,270   261,140
                           
    Segment adjusted EBITDA 71,350   150,677   12,133   234,160   3,035   237,195
       
    Reconciliations of unallocated amounts:  
    Headquarter costs (*) (30,434)
    Intersegment profit 1,587
    Repayment of contract asset under concession arrangements (14,120)
    Depreciation and amortization and share-based compensation (70,766)
    Other incomes not attributed to segments 34,681
    Operating profit 158,143
    Finance income 36,799
    Finance expenses (68,143)
    Share in the losses of equity accounted investees (330)
    Profit before income taxes 126,469
     

    (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

    Appendix 2 – Reconciliations between Net Income to Adjusted EBITDA

    ($ thousands)   For the year ended   For the three months
        December 31   ended December 31
        2024   2023   2024   2023
    Net Income (loss)   66,505   98,041   8,372   16,202
    Depreciation and amortization   108,889   65,796   30,912   21,611
    Share based compensation   8,360   4,970   2,333   970
    Finance income   (20,439)   (36,799)   (2,140)   7,581
    Finance expenses   107,844   68,143   22,008   16,344
    Non-recurring other income (*)   (3,669)   (34,681)     (15,718)
    Share of losses of equity accounted investees   3,350   330   1,613   (137)
    Taxes on income   18,275   28,428   2,121   2,934
    Adjusted EBITDA   289,115   194,228   65,219   49,787
                     
    * For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net.
       

    The Company has changed its presentation of its Income Statement, which includes the presentation of specified items that have been previously included within other income (i.e. tax equity). The Company believes that such presentation provides a more relevant information and better reflects the measurement of its financial performance. The Company applied such change retrospectively.

    Appendix 3 – Debentures Covenants

    Debentures Covenants

    As of December 31, 2024, the Company was in compliance with all of its financial covenants under the indenture for the Series C-F Debentures, based on having achieved the following in its consolidated financial results:

    Minimum equity
    The company’s equity shall be maintained at no less than NIS 200 million so long as debentures E remain outstanding, no less than NIS 375 million so long as debentures F remain outstanding, and NIS 1,250 million so long as debentures C and D remain outstanding.

    As of December 31, 2024, the company’s equity amounted to NIS 5,255 million.

    Net financial debt to net CAP
    The ratio of standalone net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures E and F remain outstanding, and shall not exceed 65% for two consecutive financial periods so long as debentures C and D remain outstanding.

    As of December 31, 2024, the net financial debt to net CAP ratio, as defined above, stands at 37%.

    Net financial debt to EBITDA
    So long as debentures E and F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more than two consecutive financial periods.

    For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods.

    As of December 31, 2024, the net financial debt to EBITDA ratio, as defined above, stands at 9.

    Equity to balance sheet
    The standalone equity to total balance sheet ratio shall be maintained at no less than 20% and 25%, respectively, for two consecutive financial periods for as long as debentures E and F, and debentures C and D remain outstanding.

    As of December 31, 2024, the equity to balance sheet ratio, as defined above, stands at 55%.

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/16dfdaab-3b06-4494-a529-7e4b98cd6ad8

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a4d568ee-77b0-4eab-b7ef-c865a4a26d0e

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ae07b0d5-09c7-404f-a71d-70494b2b64ca

    The MIL Network

  • MIL-OSI Video: Beginning of the End of AIDS | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    Recent breakthroughs in long-acting medicines can revolutionize the HIV response, making possible an end to AIDS-related deaths and to new HIV infections.

    As science advances, how can we overcome barriers to access and scale these innovations to ensure a future free from AIDS?

    Speakers: Peter Sands, Winnie Byanyima, Helen E. Clark

    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=XR92x0mWJRA

    MIL OSI Video

  • MIL-OSI United Kingdom: Ukraine must have a central role in shaping its future: UK Statement to the OSCE

    Source: United Kingdom – Government Statements

    Politico-Military Counsellor Ankur Narayan says that the UK’s priority is to ensure Ukraine is in the strongest possible position for negotiations.

    Thank you, Mr Chair. The UK’s commitment to supporting Ukraine is unwavering. Our support is not only about providing military assistance, which remains crucial in ensuring Ukraine’s ability to defend itself, but also about standing by Ukraine as it seeks a just and lasting peace. As we take stock, it seems timely to reiterate the importance of the principles of the Helsinki Final Act.

    Principle I includes the phrase: ‘Sovereign equality, respect for the rights inherent in sovereignty, including the right to belong or not to belong to international organisations.’

    On 14 February the Prime Minister yet again reaffirmed the UK’s commitment to Ukraine’s irreversible path to NATO and has since called for ongoing support from Allies, as agreed at the Washington Summit last year. Ukraine’s aspiration to join NATO reflects its desire for security and recognition of shared values on democracy, rule of law, and human rights. The UK believes Ukraine’s NATO membership would strengthen the Alliance and contribute to European stability and security. NATO has shown its commitment to Ukraine’s security through military support, training, and intelligence-sharing, and remains determined to assist Ukraine in defending its sovereignty and territorial integrity.

    Principle III includes the phrase: ‘Inviolability of frontiers. States will refrain from any demand for, or act of, seizure and usurpation of part or all of the territory of any participating State.’

    Principle IV includes the phrase: ‘Territorial integrity of States. States will refrain from making each other’s territory the object of military occupation or other measures of force in contravention of international law. No such occupation or acquisition will be recognized as legal.’

    We all want to reach a durable peace as soon as possible, no one more so than Ukraine. Russia could end this war tomorrow, if Russia chose to respect Ukraine’s sovereignty and withdraw its troops.  A just and lasting peace is only possible if we continue to show strength and provide Ukraine with the support it needs to defend itself against continued Russian aggression.  The UK stands firmly with Ukraine in its struggle for freedom, sovereignty, and security.

    Principle V includes the phrase: ‘Peaceful settlement of disputes. States will use means such as negotiation, enquiry, mediation, conciliation, arbitration, judicial settlement, or other peaceful means of their choice, including any settlement procedure agreed to in advance of disputes to which they are parties.’

    We understand that peace cannot be achieved through force alone but through a comprehensive, diplomatic process that respects the rights and aspirations of the Ukrainian people. And we must be clear that peace cannot come at any cost. It is vital that Ukraine’s voice is at the heart of any talks. President Zelensky and the Ukrainian people have shown the most extraordinary resilience. This is why the UK continues to work closely with its allies to ensure Ukraine is in the strongest possible position for legitimate negotiation when the time comes.

    Peace comes through strength. This is the moment for us all to step up – and the PM has made clear that the UK will do so, because it is the right thing to do for the values we hold dear, and because it is fundamental to our own national security. Ukraine needs strong security guarantees, further lethal aid, and a sovereign future. The UK is ready to play a leading role in accelerating work on security guarantees for Ukraine. This includes further support for Ukraine’s military – where the UK has already committed £3 billion a year until at least 2030.

    In closing, it is critical to note that Ukraine is still fighting with immense courage. Our priority is to ensure Ukraine is in the strongest possible position for negotiations, and we believe Ukraine’s future is in NATO, as a member of a secure and stable Europe. The UK remains resolute in its belief that Ukraine must have a central role in shaping its future. This illegal war instigated by Russia can end only when Russia chooses to withdraw its forces and cease its unlawful aggression, allowing Ukraine to chart its own course free from external threats. At this crucial moment, we will not step back but step up our support to Ukraine. Thank you, Mr. Chair.

    Updates to this page

    Published 19 February 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Stoke-on-Trent and Staffordshire unveil new vision for better transport in the region

    Source: City of Stoke-on-Trent

    Published: Wednesday, 19th February 2025

    Stoke-on-Trent is set to give the green light to an ambitious vision of better transport across the city and wider county.

    The document – called the Joint Strategic Transport Statement – has been drawn up by senior leaders from Stoke-on-Trent City Council and Staffordshire County Council.

    It sets out a series of shared priorities that include:

    • Improving public transport – through greater rail capacity, a joined-up approach to growing bus use and regional integrated ticketing
    • Supporting zero-emission infrastructure – through measures including decarbonising bus and taxi fleets and increasing access to residential EV charging
    • Making the road network more efficient and safe – by maintaining and enhancing key road corridors, prioritising road safety through better design and enforcement and better management of traffic flows
    • Promoting active travel – by, for example, developing area cycle networks, improving active travel routes and delivering housing in locations that enable walking, wheeling and cycling
    • Investing in digital connectivity and modernisation – such as smart traffic management systems, better real-time travel information, and sharing data.

    Priority projects include a Bus Rapid Transport network across North Staffordshire, multi-modal upgrades of the A52 and A53 and a package of rail station improvements that includes Stoke-on-Trent and potential new stations at Meir and Etruria.

    Other projects include new mobility hubs for places without fixed bus services, a connected and segregated cycle network making use of the region’s extensive canal paths, an upgrade of junction 15 of the M6 and a bus-only link road at Newport Lane, which will help to open up job and economic opportunities at Etruria Valley.

    The statement also calls for “substantial” capacity and service improvements on the West Coast Main Line following the cancellation of the second phase of HS2. That would include more services stopping at Stoke-on-Trent and Staffordshire stations.

    And it makes the environmental as well as economic case for enhanced public transport – noting that 40 per cent of carbon from trips into, out of, and inside Staffordshire are from trips of under 10 miles.

    Councillor Finlay Gordon-McCusker, Stoke-on-Trent City Council’s cabinet member for transport, infrastructure and regeneration, said: “We’re already getting on with the job of improving transport in Stoke-on-Trent. Our Bus Service Improvement Plan has reduced fares and introduced new routes and technology to prioritise buses at key junctions – and our Transforming Cities Fund project is delivering major upgrades at Stoke-on-Trent Railway Station, which will make a real difference to passengers.

    “But we can’t afford build walls at our borders. The challenges we face – whether it’s fixing our roads, improving rail links, or making public transport a better option for more people – don’t stop at the city limits. If we want real progress, we need to work closely with our neighbours and push together for the investment we need.

    “That’s what this Joint Strategic Transport Statement is about. Devolution is a chance to take control of our own future, but it only works if we work together – and we will work together to get things done.

    “By strengthening our partnerships with Staffordshire County Council, transport operators and government, we can deliver a transport system that actually works for people – one that’s reliable, sustainable, and fit for the future. And when we do that, we don’t just improve transport, we unlock new jobs, attract investment and help Stoke-on-Trent and Staffordshire grow.”

    Staffordshire County Council’s cabinet member for strategic highways Mark Deaville said: “Our joint transport statement sets out a vision for Staffordshire and Stoke-on-Trent where we recognise that networks and operations span administrative borders.

    “Through close collaboration and by pooling our resources and knowledge, we can work effectively with central government and other key organisations, attracting the investment needed to improve transport corridors and both local and regional services.

    “We’re committed to creating an efficient and sustainable transport system for Staffordshire and Stoke-on-Trent. This will increase opportunities for our communities, boost economic growth and support carbon reduction, whilst optimising our central location and existing connectivity.”

    The Joint Strategic Transport Statement will be discussed at a Stoke-on-Trent City Council cabinet meeting on Tuesday 25 February.

    MIL OSI United Kingdom

  • MIL-OSI Russia: Alexander Novak met with the Special Representative for Climate Change of the President of Kenya, Chairman of the African Group of Negotiators Ali Daoud Mohamed

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Previous news Next news

    Alexander Novak met with the Special Representative for Climate Change of the President of Kenya, Chairman of the African Group of Negotiators Ali Daoud Mohamed

    Deputy Prime Minister of Russia Alexander Novak met with the Special Representative for Climate Change of the President of Kenya, Chairman of the African Group of Negotiators within the framework of the UN Framework Convention on Climate Change (UNFCCC) process Ali Daoud Mohamed.

    The parties discussed national efforts and international cooperation in implementing the goals of the Paris Agreement to limit global warming and climate change.

    The meeting also discussed cooperation in the carbon market, the need to take into account the contribution of forests to absorbing emissions, and the possibility of coordinating the efforts of Russia and African countries in matters of adaptation to climate change.

    Alexander Novak stressed the need to implement a smooth transition to a zero-emissions economy with equal access to modern technologies.

    “The transition to a low-carbon economy must be fair and take into account various national climate and natural conditions and development priorities. I believe that the transition to zero emissions will be gradual, using a wide range of technologies. Harmonious coexistence of both green and traditional energy, which can complement each other, is necessary. The transition from fossil fuels is not the only way to reduce emissions, but one of the possible ways. A ban on investment in projects related to the use of fossil fuels cannot be the basis for a fair transition,” said Alexander Novak.

    The Deputy Prime Minister noted the important role of the transition from coal to natural gas in the process of moving towards carbon neutrality. This allows for a significant reduction in greenhouse gas emissions and helps to overcome technological gaps.

    The meeting participants recognized that any unilateral barriers or artificial restrictions that hinder the achievement of climate goals are inappropriate, since global warming is one of the main challenges for future generations.

    Russia has emphasized its commitment to climate issues and intends to continue participating in the international dialogue on combating climate change regardless of the changing course of other countries. In total, Russia has already managed to reduce emissions by almost 70% compared to the 1990 level – this is an absolute record among all countries participating in the international climate agenda.

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

    MIL OSI Russia News

  • MIL-OSI New Zealand: Economy – OCR 3.75% – OCR reduced further as inflation abates – Reserve Bank of NZ

    Source: Reserve Bank of New Zealand

    19 February 2025 – Annual consumer price inflation remains near the midpoint of the Monetary Policy Committee’s 1 to 3 percent target band. Firms’ inflation expectations are at target and core inflation continues to fall towards the target midpoint. The economic outlook remains consistent with inflation remaining in the band over the medium term, giving the Committee confidence to continue lowering the OCR.

    Economic activity in New Zealand remains subdued. With spare productive capacity, domestic inflation pressures continue to ease. Price and wage setting behaviours are adapting to a low-inflation environment. The price of imports has fallen, also contributing to lower headline inflation.

    Economic growth is expected to recover during 2025. Lower interest rates will encourage spending, although elevated global economic uncertainty is expected to weigh on business investment decisions. Higher prices for some of our key commodities and a lower exchange rate will increase export revenues. Employment growth is expected to pick up in the second half of the year as the domestic economy recovers.

    Global economic growth is expected to remain subdued in the near term. Geopolitics, including uncertainty about trade barriers, is likely to weaken global growth. Global economic activity is also likely to remain fragile over the medium term given increasing geoeconomic fragmentation.

    Consumer price inflation in New Zealand is expected to be volatile in the near term, due to a lower exchange rate and higher petrol prices. The net effect of future changes in trade policy on inflation in New Zealand is currently unclear. Nevertheless, the Committee is well placed to maintain price stability over the medium term. Having consumer price inflation close to the middle of its target band puts the Committee in the best position to respond to future inflationary shocks.

    The Monetary Policy Committee today agreed to lower the Official Cash Rate by 50 basis points to 3.75 percent. If economic conditions continue to evolve as projected, the Committee has scope to lower the OCR further through 2025.

    Read the full statement and Record of meeting: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=06d3058d74&e=f3c68946f8

    MIL OSI New Zealand News

  • MIL-OSI Economics: Spam and phishing in 2024

    Source: Securelist – Kaspersky

    Headline: Spam and phishing in 2024

    The year in figures

    • 27% of all emails sent worldwide and 48.57% of all emails sent in the Russian web segment were spam
    • 18% of all spam emails were sent from Russia
    • Kaspersky Mail Anti-Virus blocked 125,521,794 malicious email attachments
    • Our Anti-Phishing system thwarted 893,216,170 attempts to follow phishing links
    • Chat Protection in Kaspersky mobile solutions prevented more than 60,000 redirects via phishing links from Telegram

    Phishing and scams in 2024

    Phishing for travelers

    In 2024, cybercriminals targeted travel enthusiasts using fake hotel and airline booking websites. In one simple scheme, a fraudulent site asked users to enter their login credentials to complete their booking — these credentials ended up in criminal hands. Sometimes, the fake login form appeared under multiple brand names at once (for example, both Booking and Airbnb).

    Another scheme involved a more sophisticated fake site, where users could even select the purpose of their trip (business or leisure). To complete the booking, the scammers requested bank card details, claiming that a certain sum would be temporarily blocked on the account to verify the card’s authenticity. Legitimate booking services regularly request payment details, so the victim may not suspect anything in this case. To rush users into entering their data carelessly, on the phishing page, the scammers displayed warnings about dwindling accommodation availability and an imminent payment deadline for the booking. If the victim entered their data, the funds were not frozen but went straight into the criminals’ pockets.

    Cyberthreats in the travel sector affected not only tourists but also employees of travel agencies. By gaining access to a corporate account, criminals could conduct financial transactions on behalf of employees and gain access to large customer databases.

    Fake accommodation sites often sent messages to property owners, telling them to log in to “manage their property.” This scheme targeted people renting out their homes through online booking platforms.

    Other scam pages featured surveys, offering respondents gifts or prize draws for participating. In this case, victims risked both their credentials and their money. Such fake giveaways are a classic scam tactic. They are often timed to coincide with a significant date for the travel industry or a specific company. For example, the screenshot below shows an offer to take part in a giveaway of airline tickets to celebrate Ryanair’s birthday.

    After completing the survey, users may be asked to share the offer with a certain number of contacts, and then pay a small fee to receive the expensive gift. Of course, these prizes are non-existent.

    Trapped in social networks

    To steal credentials for social media and messenger accounts, scammers used another classic technique: asking users to verify themselves. In one scheme, the victim was redirected to a website that completely replicated WhatsApp’s design. The user entered their phone number and login code, handing their credentials straight over to the cybercriminals.

    Beyond verification scams, fraudsters also lured victims with attractive offers. For example, in the screenshot below, the victim is promised free Instagram followers.

    Some cybercriminals also used the promise of adult content to lure victims into entering their credentials in a fake authorization form.

    Other scammers took advantage of Facebook and Instagram being owned by the same company. On a fraudulent page, they claimed to offer a service that allowed users to find Instagram profiles by entering their Facebook login and password.

    Some scams offered users a surprise “gift” — a free Telegram Premium subscription. To enable the messenger’s premium features, the victim only had to enter their phone number and a one-time code on a fraudulent website.

    Some fake social media and messenger pages were designed not to steal login credentials but to install malware on victims’ devices. Taking advantage of the popularity of Facebook Lite for Android, scammers offered users a “more advanced official version”, claiming it had extra features missing in the original app. However, instead of an upgraded app, users downloaded malware onto their devices.

    Similarly, installing a supposedly free Telegram client with an activated Premium subscription often led to downloading malware.

    Social media business services were increasingly used as a pretext for credential theft, as they play a key role in developing and promoting businesses and are directly linked to financial operations. Cybercriminals tricked Telegram channel owners into logging in to a phishing platform imitating the official Telegram Ads tool, thereby stealing their Telegram credentials. To make the scam more convincing, the attackers detailed how Telegram advertising works and promised millions of ad views per month.

    TikTok users have also been targeted. TikTok Shop allows sellers to list curated products—items featured in videos—for potential buyers to find and purchase. Scammers created fake TikTok Shop pages to steal seller credentials, potentially leading to both reputational and financial damage.

    In another case, fraudsters informed Facebook fan page owners of unusual activity in their accounts. Potential victims were prompted to check their profile by entering their login credentials into a phishing form.

    Cryptocurrency: don’t mistake scams for real deals

    One of last year’s most sensational stories was the cryptocurrency game Hamster Kombat. This clicker game, simulating the creation of a crypto exchange in a gamified format, quickly attracted a massive audience. Players eagerly awaited the moment when the in-game coins could be exchanged for real virtual currency. But while the official listing was delayed, the fraudulent schemes wasted no time.

    Fraudsters claimed to offer cash-out services for in-game coins by converting them into rubles. To withdraw money, criminals claimed, users just had to log in through a fake Telegram page.

    The growing anticipation for the new cryptocurrency’s market launch was frequently exploited by cybercriminals to steal seed phrases from crypto wallets. Scammers announced an early token sale, requiring users to log in through a fake page to participate. Of course, there was no mention of such promotions on official resources.

    The popularity of Hamster Kombat was also abused in scam schemes. For example, users were offered access to a crypto wallet supposedly containing a significant sum in virtual coins. To claim it, the unsuspecting victims had to share information about the “opportunity” with a certain number of contacts in messaging apps. Having made their potential victim an accomplice in spreading false information, the scammers demanded a small commission for the withdrawal and disappeared with the stolen money.

    A more elaborate scam also aimed to trick users into paying a “commission”, but with a slightly different approach. First, visitors to the page were asked to register to learn about some new activity related to Hamster Kombat.

    Once registered, they were suddenly informed of having won a large amount of the HMSTR cryptocurrency supposedly as part of an experiment conducted on the platform. Exploiting uncertainty around the token’s listing, scammers urged victims to bypass the official trading launch and exchange their in-game currency for Bitcoin immediately.

    To make it more convincing, the page displayed an exchange rate at which the “prize” would be converted.

    However, after clicking the “Exchange coins” button, users were prompted to pay a commission for the service.

    Everyone who paid this fee lost their money and received no Bitcoin.

    Phishing attacks also targeted TON wallet users. In this case, scammers lured victims with promises of bonuses, requiring them to link their crypto wallets on fraudulent websites.

    TON cryptocurrency was also used as bait in scam schemes. In a classic scenario, users were promised a quick way to earn digital currency. Fraudsters advertised a cloud mining service that allegedly generated high profits without any effort. After registering, unsuspecting users could monitor their “earnings” but had to pay a commission in cryptocurrency to withdraw funds.

    Another “profitable” crypto scam resembled a Ponzi scheme: victims were required to recruit at least five new participants into the program—without receiving any money, of course. The scam site mimicked an online earning platform.

    Visitors were instructed to install Telegram and use an unofficial bot to activate a crypto wallet where profits would supposedly be deposited.

    According to the instructions, users then had to buy Toncoin and register in the program through a referral link from another participant. The scam worked by enticing people to make a small investment in the hopes of making big profits—the victims used their own funds to purchase the cryptocurrency for registration. But as with any pyramid scheme, only those at the top profited, while everyone else was left with nothing but empty dreams.

    All or nothing: multipurpose phishing

    Victims of phishing frequently included bank clients and users of government service portals. In such schemes, users first received a notification that they needed to update their account credentials. Cybercriminals used various communication channels to contact their victims: email, text messages, and chats in messaging apps. The victims were then led to fake sites where they were asked to provide their personal data. First, they entered their personal login credentials on the organization’s website.

    Next, they were prompted to provide their email account credentials. The scammers also attempted to collect identity document details and other data, including the bank card PIN code.

    Additionally, these phishing forms requested answers to security questions commonly used for additional verification in banking transactions.

    This way, the cybercriminals gained full access to the victim’s account. Even the PIN code could be useful for the scammers in gaining access to the account. Security questions served as an extra safeguard for fraudsters in case the bank’s security service detected suspicious activity.

    False idols

    Phishing schemes also exploited the images of real people. For example, users browsing YouTube could stumble upon ad videos of celebrities announcing giveaways for their fans. Clicking the link in such a video led users to a page containing a post supposedly from the celebrity’s social media account, explaining how to claim the prize. However, when attempting to collect the “winnings”, visitors were asked to pay a small commission—insignificant compared to the value of the “gift.” Needless to say, those who paid the fee lost their money. The prize never existed, and the video was nothing more than a deepfake.

    Spam in 2024

    Scams

    Token giveaway scam

    Throughout the year, we frequently encountered emails announcing fake cryptocurrency airdrops, allegedly from teams of well-known crypto projects. The recipients, referred to as the platform’s “most valuable users,” were invited to participate in an “exclusive” event as a thank you for their loyalty and exceptional engagement.

    New users unfamiliar with cryptocurrency were lured in with a unique opportunity to take part in the token giveaway and win a large sum—all they had to do was register on the platform, which was, of course, fake.

    Scammers in 2024 closely monitored cryptocurrency market news. For example, in the spring, ahead of Notcoin’s upcoming listing, scam messages appeared featuring countdown timers, urging potential victims to participate in an airdrop allegedly arranged just for them.

    Scam emails also targeted users of the cryptocurrency game Hamster Kombat, popular among Russian-speakers. Players eagerly awaited the HMSTR token listing, which was repeatedly postponed—a delay that scammers were quick to exploit. In the fall of 2024, they began sending emails pretending to be from the Hamster Kombat team, promising generous cash prizes if victims clicked a link to a fake game site.

    Similar offers were distributed via a fraudulent website mimicking a major cryptocurrency exchange. In both cases, to claim the coveted tokens, victims had to link their cryptocurrency wallets.

    “Nigerian” scam

    In 2024, the Nigerian scam remained popular among spammers. Furthermore, fraudsters used both time-tested and trending themes to deceive victims. Cybercriminals employed various tricks and manipulations to engage with email recipients, with the ultimate goal of extracting money.

    Most often, users were lured into classic schemes: fraudsters posed as terminally ill wealthy individuals seeking a worthy heir, lottery winners eager to share their prize, or investors offering opportunities in a promising business. Sometimes, to evade suspicion, scammers “rescued” their victims from other fraudsters and offered to compensate them for any financial losses. For example, in the summer of 2024, we came across an interesting case where an alleged victim of crypto fraud suggested that fellow sufferers contact a group of noble hackers for help recovering lost cryptocurrency.

    Some scam offers were quite unexpected, as they didn’t promise vast riches, and, therefore, might not attract such a wide audience. In mid-to-late 2024, we saw scam emails claiming to be looking for new owners for pianos due to relocation or the previous owner’s passing.

    We also encountered even more creative scam narratives. For example, an email allegedly sent from a secret society of Illuminati promising to share their wealth, power and fame if the recipients agree to join their grand brotherhood.

    Other “Nigerian” scam emails capitalized on current news events. Thus, the most talked-about event of 2024, the US presidential election, significantly influenced the types of scams we saw. For example, one scam email claimed that the recipients were incredibly lucky to be eligible to receive millions of dollars from Donald Trump’s foundation.

    Scam in the Russian segment

    Last year, the Russian segment of the internet was not spared from mass scam mailings. We frequently encountered schemes mimicking investment projects of major banks, promising users easy earnings and bonuses. Fraudsters also sent out emails with promotional offers from home appliance and electronics stores. Customers were informed of huge discounts on sales that were supposedly about to end.

    The links in such emails led to fraudulent websites that looked identical to legitimate online stores but stood out with extremely low prices. After paying for their desired items, customers lost their money, as orders were never actually placed.

    Beyond electronics, scammers also offered other discounted products. In one such campaign, users received an email advertising a sneaker store selling popular models at affordable prices.

    Judging by the technical headers of the emails, both the sneaker store and electronics store promotions were sent by the same fraudsters.

    Additionally, we came across emails offering recipients to apply for debit or credit cards under favorable conditions. Unlike the electronics and shoe sale scams, these messages were legitimate referral programs from major banks, which enterprising spammers tried to monetize. Technically, such emails are not scams, as their links lead to real banking websites, and recipients do not face any risks. However, senders profit from registrations via the referral program. Nevertheless, we do not recommend clicking links from unknown senders, as seemingly harmless emails from a referral platform could be phishing or scam messages.

    Password-protected archives

    In 2024, there was an increase in emails distributing password-protected archives containing malicious content. Sometimes, these files were included not as attachments but via download links, which also required a password. Presumably, this was the attackers’ attempt to bypass email security filters. Typically, the archive password was mentioned in the email text, and sometimes in the attachment’s filename. Notably, fraudsters often disguised malicious archives or links as files with other extensions, such as PDF, XLS, or DOC.

    Since April 2024, we have been recording similar distributions of files with the double extension .PDF.RAR, targeting employees of Russian companies in the government, financial, manufacturing, and energy sectors.

    We assume that these messages were sent from compromised email accounts of the recipients’ business partners. Some emails contained real correspondence, to which attackers replied with an email containing the malware. All the emails we examined in this campaign were unique. The attackers likely crafted messages to closely mimic the style of the compromised business partner.

    Similar messages containing malicious files were also found in other languages. However, unlike campaigns targeting Russian-speaking users, these had more general themes—attachments were disguised as invoices, commercial offers, supply orders, tender schedules, court notices, and other documents.

    Pre-trial claims and lawsuits

    Last year, attackers frequently threatened legal action to convince victims to click dangerous links or open malicious attachments. These messages primarily targeted Russian companies but were also observed in other languages. Typically, fraudsters posed as business partners, demanding debt repayment; otherwise, they “would be forced to take the matter to arbitration court.” In one such campaign, pre-trial claims in attachments were .DOC files containing VBA scripts. These scripts established connections with command servers and downloaded, saved, and executed malicious files on the victim’s device. Kaspersky’s products detect this payload with the verdict HEUR:Trojan-Downloader.MSOffice.Sload.gen.

    In some cases, cybercriminals gave no reason for their legal threats but instead attempted to shock victims with an already “filed” lawsuit to pressure them into opening the attachment. Of course, it contained malware.

    Emails with malicious SVG files

    According to our observations, the past year saw a rise in the distribution of malicious SVG files. Disguised as harmless images, these files contained scripts that downloaded and installed additional malware on the victim’s device. (Our solutions detect these scripts as Trojan.Script.Agent.sy and Trojan.Script.Agent.qe.) The emails we encountered were written in Spanish and posed as fake legal case notifications and court summons. The text included a password for opening the attached file.

    Threats to businesses

    Fake deals

    A special category of emails that users complained about in 2024 was requests for quotation from suspicious senders. These emails were sent either from free email addresses or recently created domains. Attackers signed the emails with the names of large companies, included links to their websites, and sometimes even used official company logos. These emails followed a uniform template: the “buyers” briefly introduced themselves, expressed interest in the recipient’s products, and requested a catalog or price list. Interestingly, the fraudsters did not seem to care about the type of goods involved.

    If the recipient responded, events could unfold in two ways. In some cases, after receiving a reply to the initial seemingly legitimate request, the fraudsters sent malicious attachments or links in the next email.

    In another scenario, the “buyers” engaged in further correspondence with their “potential partner”—the victim—discussing details and insisting on their conditions, including post-payment and requiring the seller to cover customs duties. This meant that the supplier bore all the risks of delivery and could lose their goods without receiving any payment.

    Facebook

    In the spring of 2024, we discovered an interesting phishing email scheme that leveraged legitimate Facebook notifications. The service sent entirely legitimate emails to users mentioned in threatening posts. The attackers used compromised Facebook accounts, renamed to “24 Hours Left To Request Review. See Why,” and changed the profile picture to an icon featuring an orange exclamation mark.

    Then, the fraudsters created posts on these pages tagging the business accounts of potential victims. The tagged users received notifications from the alarmingly-named pages.

    These posts contained more details than the emails: victims were warned about an impending account ban due to a complaint from another user. To dispute the ban for violating service terms, the recipient of the “notification” was required to follow a phishing link from the post—leading to a fake site with Meta logos that requested Facebook login credentials.

    We also found phishing emails containing legitimate Facebook links in October 2024, but this time without using the platform’s infrastructure. These emails contained notifications of lawsuits for copyright infringement and the removal of unlawful posts from the recipient’s profile. The target was warned that their personal and business pages would be blocked within 24 hours, pressuring them to take hasty and careless action.

    However, they were immediately offered the chance to appeal by contacting the “Appeal Support Center.” The link in the email led to a phishing site disguised as Meta’s support service, where the victim was also asked to enter their profile password. To make the phishing link more convincing, a legitimate mechanism for redirecting users to external Facebook resources was used.

    At the end of 2024, we noticed an email campaign targeting companies promoting their business pages on Facebook. These emails mimicked official Meta for Business notifications and threatened to block the user’s account and business page for violating the platform’s rules and community policies.

    To dispute these accusations, the fraudsters urged the profile owners to click a link to contact “Facebook support” in a legitimate messenger. However, in reality, the victim was communicating with the owner of a fan page called “Content Moderation Center,” imitating an official support service employee. The scam could have been identified by the “Fan Page” label in the chat, though it was easy to miss.

    News agenda

    In 2024, scammers continued to exploit news agenda in spam campaigns.

    During the UEFA Euro 2024 football championship in Germany, emails began to appear offering merchandise with UEFA EURO 2024 logos.

    After Pavel Durov’s arrest in Paris, we noticed English-language messages calling for donations to supposedly fund his legal defense.

    In the fall of last year, a scam campaign began circulating, offering not-yet-released MacBook Pro M4 devices at low prices or even for free. The links in these emails led to fake websites imitating major marketplaces.

    Before Black Friday, we recorded a surge in spam offering exclusive discounts. The links in these messages lured victims to sites disguised as marketplaces, electronics stores, and financial institutions.

    B2B spam campaigns

    Online promotion services

    One of the most common categories of spam email in 2024, complained of frequently by our corporate clients, was commercial offers for online promotion. Users were offered services such as creating or redesigning websites, setting up SEO tools, and purchasing databases with potential client contacts and other information. Other advertised services included guest post placement with backlinks to the client’s site, writing positive reviews, removing negative reviews, and creating personalized email campaigns. While these messages are not malicious or fraudulent, they are mass-distributed and unsolicited, causing inconvenience to users. The popularity of this type of spam is likely driven by the development of digital marketing tools and the search for new clients for small- and medium-sized businesses amid growing online competition.

    Buying likes and followers on social media

    We also frequently encountered business offers for the online promotion of company accounts on social media. Spammers sell fake likes and followers. They often pose as employees of real social media marketing firms, claiming to be industry leaders. At the end of their emails, the spammers included a link to a marketing platform and payment options for their services. One such campaign, which we observed throughout the past year and is still active, stood out due to the variety of languages used in the emails and the diversity of domain names. With these tactics, the spammers aimed to reach a global audience.

    AI in B2B emails

    The growing popularity of neural networks has led companies to actively integrate AI into their business processes. We assume that clients of such organizations, in turn, are drawn to service offers that incorporate neural networks. As a natural consequence of this trend, AI-driven solutions began appearing in spam campaigns advertising online marketing services.

    Spammers emphasized using AI, particularly ChatGPT, to perform various business tasks. We identified the following themes in these emails:

    • Attracting website traffic
    • Creating advanced lead generation strategies
    • Developing unique approaches tailored to a brand’s identity
    • Producing and publishing content
    • Launching personalized multi-channel marketing campaigns
    • Creating custom videos for YouTube channels

    Other topics also appeared in spam emails, but they all shared the same goal—enhancing business processes and attracting potential clients.

    Another particularly popular category of spam related to neural networks was advertising online events. Last year, we encountered numerous examples of emails promoting webinars about the promising capabilities and practical applications of AI in business operations.

    Targeted phishing in 2024

    In 2024, two main trends were observed in targeted phishing:

    1. Notifications on behalf of a company’s HR department. Employees were asked to fill out or sign a document, such as a vacation schedule, accessible via a link in an email. Sometimes, instead of routine requests, attackers resorted to more extravagant tactics—such as inviting employees to check if they were on a list of staff to be dismissed.

    Phishing email from HR

    In all these cases, the common factor was that clicking the link led the employee to a phishing login page instead of the actual corporate portal. Most often, attackers targeted Microsoft accounts, though some phishing forms mimicked internal corporate resources.

    Fake login form

    1. Emails from a seller to a buyer, or vice versa. One common scheme involved a buyer or seller asking the victim to review an offer or respond to questions about product delivery and required specifications. These emails contained attached documents that actually concealed phishing links.

    Example of a phishing email from a seller

    When attempting to open the attachment, the user was redirected to a phishing page. As in the previous case, these fake forms harvested Microsoft credentials and corporate account logins.

    Fake password entry form

    Statistics: phishing

    The number of phishing attacks in 2024 increased compared to the previous year. Kaspersky solutions blocked 893,216,170 attempts to follow phishing links—26% more than in 2023.

    Number of Anti-Phishing triggerings, 2024 (download)

    Map of phishing attacks

    Users from Peru (19.06%) encountered phishing most often. Greece (18.21%) ranked second, followed by Vietnam (17.53%) and Madagascar (17.17%). They are closely followed by Ecuador (16.90%), Lesotho (16.87%) and Somalia (16.70%). The final places in the TOP 10 are occupied by Brunei (16.55%), Tunisia (16.51%) and Kenya (16.38%).

    Country/territory Share of attacked users*
    Peru 19.06
    Greece 18.21
    Vietnam 17.53
    Madagascar 17.17
    Ecuador 16.90
    Lesotho 16.87
    Somalia 16.70
    Brunei 16.55
    Tunisia 16.51
    Kenya 16.38

    * Share of users who encountered phishing out of the total number of Kaspersky users in the country/territory, 2024

    Top-level domains

    The most common domain zone hosting phishing sites remains the COM zone (29.78%)—its popularity has increased one and a half times compared to 2023. In second place is the XYZ domain (7.10%), which ranked fifth last year, followed by TOP (6.97%), which retained its position in the top ten. Next, with a slight margin from each other, are the ONLINE (4.25%) and SITE (3.87%) domain zones, where phishing sites were less actively hosted last year. The Russian RU domain (2.23%) and the global NET domain (2.02%) are in sixth and seventh place, respectively. Following them are CLICK (1.41%) and INFO (1.35%)—the year before, these zones were not frequently used. Closing the top ten is another national domain: UK, with a share of 1.33%.

    Most frequent top-level domains for phishing pages, 2024 (download)

    Organizations targeted by phishing attacks

    The rating of organizations targeted by phishers is based on the detections of the deterministic component in the Anti-Phishing system on user computers. The component detects all pages with phishing content that the user has tried to open by following a link in an email message or on the web, as long as links to these pages are present in the Kaspersky database.

    In 2024, the highest number of attempts to access phishing links blocked by Kaspersky solutions was associated with pages imitating various web services (15.75%), surpassing global internet portals (13.88%), which held the top position in 2023. The third and fourth positions in last year’s top ten also swapped places: banks moved ahead (12.86%), overtaking online stores at 11.52%. Attackers were also interested in social media (8.35%) and messengers (7.98%): attacks targeting them strengthened their positions in the ranking. For websites imitating delivery services, we observed a decline in phishing activity (6.55%), while the share of payment systems remained unchanged at 5.82%. Also included in the list of the most frequently targeted organizations were online games (5.31%) and blogs (3.75%).

    Distribution of organizations targeted by phishers, by category, 2024 (download)

    Statistics: spam

    Share of spam in email traffic

    In 2024, spam emails accounted for 47.27% of the total global email traffic, an increase of 1.27 p.p. compared to the previous year. The lowest spam levels were recorded in October and November, with average shares dropping to 45.33% and 45.20%, respectively. In December, we observed a seemingly slight upward trend in junk emails, resulting in the fourth quarter of the year being the calmest. Spam activity peaked in the summer, with the highest number of emails recorded in June (49.52%) and July (49.27%).

    Share of spam in global email traffic, 2024 (download)

    In the Russian internet segment, the average spam share exceeded the global figure, reaching 48.57%, which is 1.98 p.p. higher than in 2023. As in the rest of the world, spammers were least active at the end of the year: in the fourth quarter, 45.14% of emails were spam. However, unlike global trends, in Runet, we recorded four months during which the spam share exceeded half of all traffic: March (51.01%), June (51.53%), July (51.02%), and September (51.25%). These figures identified the third quarter as the most active, with a share of 50.46%. December was the calmest month, and interestingly, despite spam levels being generally high or the same in Russia, the number of spam emails in December was lower than the global figure: 44.56%.

    Share of spam in Runet email traffic, 2024 (download)

    Countries and territories where spam originated

    We continue to observe an increase in the share of spam sent from Russia—from 31.45% to 36.18%. The United States and mainland China, which held second and third place last year, swapped positions, with China’s share increasing by 6 p.p. (17.11%) and the US share decreasing by 3 p.p. (8.40%). Kazakhstan, which entered the top twenty for the first time last year, rose from eighth to fourth place (3.82%), pushing Japan (2.93%) down, and causing Germany, previously in fifth place, to drop one position with a share of 2.10%. India’s share slightly decreased, but the country moved up two positions from last year to seventh place. Conversely, the amount of spam sent from Hong Kong more than doubled (1.75%), allowing this territory to take eighth place in the top twenty. Next come Brazil (1.44%) and the Netherlands (1.25%), whose shares continued to decline.

    TOP 20 countries and territories where spam originated in 2024 (download)

    Malicious email attachments

    In 2024, Kaspersky solutions detected 125,521,794 attempts to open malicious email attachments, ten million fewer than the previous year. Interestingly, one of the peaks in email antivirus detections occurred in April—in contrast to 2023, when this month had the lowest malicious activity. In January and December, we observed a relative decrease in detections, while increases were noted in spring and autumn.

    Number of email antivirus detections, 2024 (download)

    The most common malicious email attachments were Agensla stealers (6.51%), which ranked second last year. Next were Badun Trojans (4.51%), which spread in archives disguised as electronic documents. The Makoob family moved from eighth to third place (3.96%), displacing the Noon spyware (3.62%), which collects browser passwords and keystrokes. The malicious Badur PDFs, the most common attachments in 2023, dropped to fifth place with a 3.48% share, followed by phishing HTML forms from the Hoax.HTML.Phish family (2.93%). Next in line were Strab spyware Trojans (2.85%), capable of tracking keystrokes, taking screenshots, and performing other typical spyware actions. Rounding out the top ten were SAgent VBS scripts (2.75%), which were not as actively used last year, the Taskun family (2.75%), which maintained its previous share, and PDF documents containing phishing links, Hoax.PDF.Phish (2.11%).

    TOP 10 malware families distributed as email attachments, 2024 (download)

    The list of the most widespread malware reflects trends similar to the distribution of families, with a few exceptions: the Hoax.HTML.Phish variant of malicious HTML forms dropped two positions (2.20%), and instead of a specific Strab Trojan sample, the top ten included the ISO image Trojan.Win32.ISO.gen, distributed via email (1.39%).

    TOP 10 malicious programs distributed as email attachments, 2024 (download)

    Countries and territories targeted by malicious mailings

    In 2024, users in Russia continued to face malicious email attachments more frequently than other countries, although the share of email antivirus detections in this country decreased compared to last year, to 11.37%. China ranked second (10.96%), re-entering the top twenty after several years. Next came Spain (8.32%), Mexico (5.73%), and Turkey (5.05%), which dropped one position each with a slight decline in malicious attachments. Switzerland (4.82%) took sixth place, appearing in the ranking for the first time. Following them were Vietnam (3.68%), whose share declined, and the UAE (3.24%), which strengthened its position in the ranking. Also among frequent targets of malicious spam were users from Malaysia (2.99%) and Italy (2.54%).

    TOP 20 countries and territories targeted by malicious mailings, 2024 (download)

    Conclusion

    Political and economic crises will continue to provide new pretexts for fraudulent schemes. In some cases presented in the 2024 report, we can observe the “greed” of cybercriminals: the use of two different company brands on the same page; a credible fake of a resource aimed not at stealing credentials but at stealing money; comprehensive questionnaires that can lead not only to loss of access to funds but also to identity theft. Such multi-layered threats may become a new trend in phishing and scam attacks.

    We continue to observe major news events being exploited in spam campaigns that promise easy earnings and discounted goods or services. The growing user interest in artificial intelligence tools is actively being leveraged by spammers to attract an audience, and this trend will undoubtedly continue.

    MIL OSI Economics

  • MIL-OSI United Kingdom: UK House Price Index for December 2024

    Source: United Kingdom – Government Statements

    The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.

    Tom Curtis/Shutterstock.com

    The December data shows:

    • on average, house prices have fallen by 0.1% since November 2024
    • there has been an annual price rise of 4.6% which makes the average property in the UK valued at £268,000

    England

    In England the December data shows, on average, house prices have not changed since November 2024. The annual price rise of 4.3% takes the average property value to £291,000.

    The regional data for England indicates that:

    • East of England experienced the most significant monthly increase with a movement of 0.6%
    • Yorkshire and the Humber saw the greatest monthly price fall, with a fall of -0.8%
    • the North East experienced the greatest annual price rise, up by 6.7%
    • London saw the lowest annual price growth, at 0%

    Price change by region for England

    Region Average price December 2024 Annual change % since December 2023 Monthly change % since November 2024
    East Midlands £242,000 5.3 0.5
    East of England £340,000 4.4 0.6
    London £549,000 0 -0.3
    North East £161,000 6.7 0.5
    North West £211,000 5.4 -0.4
    South East £384,000 4.4 0.6
    South West £306,000 3.8 -0.3
    West Midlands £244,000 4.2 -0.4
    Yorkshire and the Humber £204,000 5.9 -0.8

    Repossession sales by volume for England

    The lowest number of repossession sales in October 2024 was in East of England.

    The highest number of repossession sales in October  2024 was in the North East.

    Repossession sales October 2024
    East Midlands 6
    East of England 0
    London 11
    North East 13
    North West 21
    South East 8
    South West 2
    West Midlands 5
    Yorkshire and the Humber 11
    England 77

    Average price by property type for England

    Property type December 2024 December 2023 Difference %
    Detached £472,000 £451,000 4.7
    Semi-detached £286,000 £271,000 5.4
    Terraced £240,000 £229,000 4.6
    Flat/maisonette £225,000 £222,000 1.6
    All £291,000 £279,000 4.3

    Funding and buyer status for England

    Transaction type Average price December 2024 Annual price change % since December 2023 Monthly price change % since November 2024
    Cash £277,000 3.7 0
    Mortgage £296,000 4.5 0
    First-time buyer £244,000 4.5 -0.3
    Former owner occupier £352,000 1.8 -0.3

    Building status for England

    Building status* Average price October 2024 Annual price change % since October 2023 Monthly price change % since Setpember 2024
    New build £420,000 17.7 -1.4
    Existing resold property £285,000 1.8 -0.3

    *Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

    London

    London shows, on average, house prices decreased by 0.3% since November 2024. House prices have shown no annual change meaning the average price of a property is £549,000.

    Average price by property type for London

    Property type December 2024 December 2023 Difference %
    Detached £1,110,000 £1,113,000 -0.3
    Semi-detached £691,000 £681,000 1.6
    Terraced £617,000 £609,000 1.3
    Flat/maisonette £440,000 £445,000 -1.3
    All £549,000 £549,000 0

    Funding and buyer status for London

    Transaction type Average price December 2024 Annual price change % since December 2023 Monthly price change % since November 2024
    Cash £580,000 -2. -0.5
    Mortgage £543,000 0.8 -0.2
    First-time buyer £473,000 0.2 -0.4
    Former owner occupier £677,000 -0.4 -0.1

    Building status for London

    Building status* Average price October 2024 Annual price change % since October 2023 Monthly price change % since September 2024
    New build £566,000 13.4 -4.1
    Existing resold property £553,000 -0.9 -2.9

    *Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

    Wales

    Wales shows, on average, house prices fell by 0.5% since November 2024. An annual price increase of 3% takes the average property value to £208,000

    There were 4 repossession sales for Wales in October 2024.

    Average price by property type for Wales

    Property type December 2024 December 2023 Difference %
    Detached £325,000 £319,000 1.9
    Semi-detached £206,000 £199,000 3.6
    Terraced £166,000 £160,000 3.6
    Flat/maisonette £132,000 £129,000 2.3
    All £208,000 £202,000 3

    Funding and buyer status for Wales

    Transaction type Average price December 2024 Annual price change % since December 2023 Monthly price change % since November 2024
    Cash £207,000 2.3 -1
    Mortgage £209,000 3.4 -0.3
    First-time buyer £179,000 3.5 -0.6
    Former owner occupier £248,000 2.4 -0.4

    Building status for Wales

    Building status* Average price October 2024 Annual price change % since October 2023 Monthly price change % since September 2024
    New build £362,000 20.5 -0.4
    Existing resold property £206,000 2.4 0.6

    *Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

    UK house prices

    UK house prices rose by 4.6% in the year to December 2024, up from the revised estimate of 3.9% in the 12 months to November 2024. On a non-seasonally adjusted basis, average house prices in the UK decreased by 0.1% between November 2024 and December 2024, compared with a decease 0.8% from the same period 12 months ago (November and December 2023).

    The UK Property Transactions Statistics showed that in December 2024, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 96,000. This is 18.7% higher than a year ago (December 2023). Between November 2024 and December 24, UK transactions increased by 2.9% on a seasonally adjusted basis.

    House price monthly increase was highest in the East of England where prices increased by 0.6% in the year to December 2024. The highest annual growth was in the the North East, where prices increased by 6.7% in the year to December 2024.

    See the economic statement.

    The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.

    Access the full UK HPI

    Background

    1. We publish the UK House Price Index (HPI) on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. We will publish the January 2025 UK HPI at 9:30am on Wednesday 26 March 2025. See calendar of release dates.
    2. We have made some changes to improve the accuracy of the UK HPI. We are not publishing average price and percentage change for new builds and existing resold property as done previously because there are not currently enough new build transactions to provide a reliable result. This means that in this month’s UK HPI reports, new builds and existing resold property are reported in line with the sales volumes currently available.
    3. The UK HPI revision period has been extended to 13 months, following a review of the revision policy (see calculating the UK HPI section 4.4). This ensures the data used is more comprehensive.
    4. Sales volume data is available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions that require us to create a new register, such as new builds, are more complex and require more time to process. Read revisions to the UK HPI data.
    5. Revision tables are available for England and Wales within the downloadable data in CSV format. See about the UK HPI for more information.
    6. HM Land Registry, Registers of Scotland, Land & Property Services/Northern Ireland Statistics and Research Agency and the Valuation Office Agency supply data for the UK HPI.
    7. The Office for National Statistics (ONS) and Land & Property Services/Northern Ireland Statistics and Research Agency calculate the UK HPI. It applies a hedonic regression model that uses the various sources of data on property price, including HM Land Registry’s Price Paid Dataset, and attributes to produce estimates of the change in house prices each month. Find out more about the methodology used from the ONS and Northern Ireland Statistics & Research Agency.
    8. We take the UK Property Transaction statistics  from the HM Revenue and Customs (HMRC) monthly estimates of the number of residential and non-residential property transactions in the UK and its constituent countries. The number of property transactions in the UK is highly seasonal, with more activity in the summer months and less in the winter. This regular annual pattern can sometimes mask the underlying movements and trends in the data series. HMRC presents the UK aggregate transaction figures on a seasonally adjusted basis. We make adjustments for both the time of year and the construction of the calendar, including corrections for the position of Easter and the number of trading days in a particular month.
    9. UK HPI seasonally adjusted series are calculated at regional and national levels only. See data tables.
    10. The first estimate for new build average price (April 2016 report) was based on a small sample which can cause volatility. A three-month moving average has been applied to the latest estimate to remove some of this volatility.
    11. The UK HPI reflects the final transaction price for sales of residential property. Using the geometric mean, it covers purchases at market value for owner-occupation and buy-to-let, excluding those purchases not at market value (such as re-mortgages), where the ‘price’ represents a valuation.
    12. HM Land Registry provides information on residential property transactions for England and Wales, collected as part of the official registration process for properties that are sold for full market value.
    13. The HM Land Registry dataset contains the sale price of the property, the date when the sale was completed, full address details, the type of property (detached, semi-detached, terraced or flat), if it is a newly built property or an established residential building and a variable to indicate if the property has been purchased as a financed transaction (using a mortgage) or as a non-financed transaction (cash purchase).
    14. Repossession sales data is based on the number of transactions lodged with HM Land Registry by lenders exercising their power of sale.
    15. For England, we show repossession sales volume recorded by government office region. For Wales, we provide repossession sales volume for the number of repossession sales.
    16. Repossession sales data is available from April 2016 in CSV format. Find out more information about repossession sales.
    17. We publish CSV files of the raw and cleansed aggregated data every month for England, Scotland and Wales. We publish Northern Ireland data on a quarterly basis. They are available for free use and re-use under the Open Government Licence.
    18. HM Land Registry is a government department created in 1862. Its vision is: “A world-leading property market as part of a thriving economy and a sustainable future.”
    19. HM Land Registry’s purpose is: “We protect your land ownership and provide services and data that underpin an efficient and informed property market.”
    20. HM Land Registry safeguards land and property ownership valued at £8 trillion, enabling over £1 trillion worth of personal and commercial lending to be secured against property across England and Wales. The Land Register contains more than 26.5 million titles showing evidence of ownership for more than 89% of the land mass of England and Wales.
    21. For further information about HM Land Registry visit www.gov.uk/land-registry.
    22. Follow us on @HMLandRegistry, our blogLinkedIn and Facebook.

    Contact

    Press Office

    Trafalgar House
    1 Bedford Park
    Croydon
    CR0 2AQ

    Email HMLRPressOffice@landregistry.gov.uk

    Phone (Monday to Friday 8:30am to 5:30pm) 0300 006 3365

    Mobile (5:30pm to 8:30am weekdays, all weekend and public holidays) 07864 689 344

    Updates to this page

    Published 19 February 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: 01/2025: Publication of Business Rates Relief Information​

    Source: United Kingdom – Government Statements

    ​​Business rates information letters are issued by the Ministry of Housing, Communities and Local Government at regular intervals throughout the year.

    Applies to England

    Documents

    Details

    This letter confirms the business rates multipliers for 2025 to 2026 and includes local authority guidance for the Retail, Hospitality and Leisure Scheme for 2025 to 2026 and Film Studio Relief guidance.

    Updates to this page

    Published 19 February 2025

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    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: HK committed to Web3 ecosystem

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan

    It is my pleasure to be here at Consensus Hong Kong 2025. Let me begin by expressing my heartfelt gratitude to CoinDesk for choosing Hong Kong as the first Asian city for hosting this iconic conference. Your decision underscores Hong Kong’s growing prominence as a global hub for Web3 and crypto innovation. This event also reflects our commitment to building a thriving digital asset ecosystem.

    Vast potential of Web3 and AI

    Consensus 2025 is a congregation of Web3 talent from around the world, and its agenda reflects the most pressing topics and trends in the Web3 space today. From the convergence of AI and blockchain to the tokenisation of real-world assets (RWA), crypto and consumers, and DeFi 2.0 (decentralised finance), the discussions here are set to shape the future landscape of digital finance and the digital economy.

    One of the most exciting developments is, of course, the intersection of AI and blockchain, where decentralised AI can unlock many new applications and opportunities. For example, AI can assist blockchain platforms in performing more accurate credit assessments, improving smart contract audits, providing tailored investment advice, and more.

    Globally, the application of Web3 in finance is gaining traction. Blockchain innovations not just reduce transaction costs but also enhance market transparency, and the efficiency and accessibility of financial services. Indeed, we are seeing more institutional adoption where traditional banks, asset managers and brokers increasingly integrate digital assets into their offerings. The benefits are clear. The World Economic Forum, for example, estimates that financial institutions could free up some US$100 billion per year by leveraging distributed ledger technology for collateral management.

    Hong Kong, with its advanced financial infrastructure and robust regulatory environment, is at the forefront of this transformation. Hong Kong has already made history by issuing the world’s first tokenised government green bonds in 2023, followed by a groundbreaking multi-currency issuance in 2024.

    Beyond finance, Web3 plus AI innovations are inspiring a host of applications in the real economy. From streamlining supply chain management to enhancing game players’ experience; and from improving healthcare management to making agricultural and industrial production more intelligent, they are empowering and transforming business operations and public services.

    Rapid tech innovation does not come without challenges. Often, the progress of innovation outpaces regulatory response, creating gaps that can lead to substantial risks. The fallout from several crypto exchanges’ failures in recent years serves as vivid reminders that we must pay attention to market integrity, investor protection, money laundering and cybersecurity risks, as financial products and services continue to innovate and digitalise.

    On a positive note, the history of financial innovations shows that we learnt and adapted fast, and put in better guardrails and became more resilient. The key to success lies in maintaining an open, fair, balanced and forward-looking regulatory approach that is conducive to the sustainable and responsible development of financial innovation, including Web3.

    Hong Kong’s unparalleled advantages

    This is the path taken by Hong Kong. While some major jurisdictions have recently begun to embrace cryptocurrencies, which has undoubtedly fuelled a boom of the crypto market, Hong Kong stands out as a market with consistent, predictable, forward-looking policies, and a balanced regulatory framework. For innovators and companies committed to building the future of Web3, or financial institutions looking to bridge traditional and digital finance, Hong Kong is where you want to be.

    Our regime is premised on the “same activity, same risk, same regulation” principle, which ensures a level playing field for all market participants. In this regard, Hong Kong has already put in place a licensing regime for digital asset trading platforms. Our Securities & Futures Commission has already issued nine such licences, with more in the pipeline. We are also advancing on the regulation of stable coins, and have introduced the relevant piece of legislation.

    To facilitate further innovation, regulatory sandboxes have been set up by our regulators to allow innovators to test and refine their ideas, and to get early regulatory feedback. Besides, initiatives like the Hong Kong Monetary Authority’s Project Ensemble are accelerating the development of tokenisation ecosystems, covering RWAs like fixed income, investment funds, green finance and trade finance.

    Indeed, this pro-innovation and collaborative regulatory approach is a unique value proposition of Hong Kong to Web3 innovators and participants.

    AI is constantly evolving and increasingly applied to finance. Its convergence with blockchain will create more use cases, with both new opportunities to be captured, and challenges to be addressed. Hong Kong has set out a clear policy stance on the use of AI in financial services. The Government and financial regulators are working closely with the industry to monitor technology and market development and establish a transparent supervisory framework.

    Hong Kong’s commitment to Web3 extends beyond regulation. We are investing heavily in the related infrastructure and talent development. Our Cyberport and Science Park have become vibrant hubs for Web3 innovation and fintech, while our universities and partnerships with the industry are nurturing generations of blockchain experts. Through talent admission schemes, we are also attracting top-notch professionals from around the world, ensuring that Hong Kong remains at the cutting edge of technological advancement.

    Concluding remarks

    Ladies and gentlemen, while the tides of change may ebb and flow, the quest for innovation has never stopped. The digital asset market today may somewhat resemble the early days of all great transformative paradigms: as new frontiers emerge, there will always be champions of progress and cautious observers. What remains true is that the market ultimately rewards those who dare to innovate, and adapt and persevere.

    The tides of change are upon us, and Hong Kong is ready to ride the wave. As the Web3 ecosystem continues to evolve, Hong Kong will remain a stable, open and vibrant market for digital assets. I am confident that global companies and institutions will join force with us to lead its development.

    Once again, my heartfelt thanks to CoinDesk for hosting this event in Hong Kong. I wish you all a productive and inspiring event over the next two days. And do remember to take some time to enjoy Hong Kong, Asia’s world city. Thank you.

    Financial Secretary Paul Chan gave these remarks at Consensus Hong Kong 2025 on February 19.

    MIL OSI Asia Pacific News

  • MIL-OSI United Kingdom: 10-year study to shed light on youth vaping

    Source: United Kingdom – Executive Government & Departments

    Landmark study to investigate long-term health effects of vaping on young people’s health and wellbeing, alongside wider influences on adolescent health.

    Groundbreaking research will investigate the long-term health effects of vaping on children, supporting major plans to tackle youth vaping and create a smoke free generation.   

    The £62 million research project into adolescent health, funded by UK Research and Innovation (UKRI), will track 100,000 young people aged 8-18 years over a decade, collecting data on behaviour, biology and health records to understand what affects young people’s health and wellbeing, including the impact of vaping. 

    While vaping is less harmful than smoking and can be a useful tool to help adult smokers quit, youth vaping has skyrocketed in recent years, with a quarter of 11 to 15-year-olds having tried it. 

    The research coincides with the world-leading Tobacco and Vapes Bill which will clamp down on youth vaping by limiting flavours, packaging, and displays deliberately designed to appeal to children.

    The study is one of three sets of research being commissioned by the government, alongside the launch of England’s first ever public health marketing campaign to educate children on vaping harms. 

    The long-term health impacts of youth vaping are not fully known, and this comprehensive approach will provide the most detailed picture yet, giving health carers and policymakers the robust evidence they need to protect the next generation from the potential health risks.  

    Minister for Public Health and Prevention, Ashley Dalton, said:  

    We know that vaping can be a useful tool to quit smoking, but it’s crucial we have clear evidence on the long-term health harms, especially for young people.  

    This landmark series of studies, combined with our first nationwide youth vaping campaign, will help drive evidence-based, decisive action to protect our children’s future.  

    Through bold preventative measures, such as the Tobacco and Vapes Bill, this government will deliver on our Plan for Change to build healthier lives and save our broken NHS.

    Prof Lucy Chappell, NIHR CEO and Chief Scientific Adviser to DHSC said:

    With vaping on the rise among young people, it is crucial that we develop a solid evidence base to better understand its health impacts, and help ensure we protect and support the next generation. 

    By investing in important research such as this we give young people, parents, and policymakers the knowledge they need to make informed decisions and safeguard long-term health.

    Sarah Sleet, Chief Executive at Asthma + Lung UK, said: 

    The number of non-smokers, particularly young people, taking up vaping is extremely worrying. The long-term impact of vaping on the lungs isn’t yet known, so research into its effect on young people, is really important. 

     It is already known that vaping can cause inflammation in the airways, and people with asthma have told us that vapes can trigger their condition. Vaping could put developing lungs at risk, while exposure to nicotine – also contained in vapes – can damage developing brains. This is why young people should be stopped from taking up vaping in the first place. 

    The upcoming legislation, restricting vape flavours and packaging that appeal directly to young people, is an important step in tackling youth vaping along with a ban on cheap disposable vapes. Alongside this, arming young people with the facts about the dangers of vaping and how it affects their health with campaigns like Love Your Lungs, is absolutely vital.

    Funded through the National Institute of Health and Care Research (NIHR), the second set of groundbreaking research will see University College London (UCL) produce yearly updates capturing the latest vaping research from both the UK and international sources.  

    Separately, the London School of Hygiene and Tropical Medicine (LSHTM) will conduct the most comprehensive analysis of youth vaping studies to date, also funded by NIHR. 

    These landmark studies will ensure healthcare workers can be kept at the cutting edge of the latest evidence and insights.

    At the same time, the government is rolling out its first-ever nationwide campaign to inform young people about the hidden health dangers of vaping.  

    The campaign, Love Your Lungs, exposes the harms of vaping and nicotine addiction, highlighting that with their lungs and brains still developing, young people are more vulnerable to health risks.  

    Aimed at 13 – 18-year-olds, the campaign will roll out primarily on social media, using influencers to speak directly to its younger audience.    

    The Tobacco and Vapes Bill, which contains ambitious plans to protect children from vaping,  is currently making its way through Parliament. The Bill will also introduce a ban on the advertising and sponsorship of vapes and bolster enforcement to prevent underage and illicit sales.  

    From 1 June 2025, under separate environmental legislation, disposable vapes will be banned, reducing the availability and appeal of vapes to young people.  

    The Tobacco and Vapes Bill forms part of the government’s Plan for Change, focusing on the crucial role prevention can take in cutting waiting lists and making the NHS fit for future.

    Updates to this page

    Published 19 February 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Sellafield powers forward with more resilient electricity supply

    Source: United Kingdom – Executive Government & Departments

    An important project to ensure the Sellafield site has a more resilient electricity supply has taken a significant step forward.

    Three of the six new generator modules at Sellafield

    The Electrical Distribution Network Upgrade Project (EDNUP) aims to strengthen the site’s electrical distribution network by installing six new substations and bolstering its emergency power generation capability.

    The project is being delivered by the Infrastructure Strategic Alliance, an alliance between Sellafield Ltd, Morgan Sindall Infrastructure and Arup.

    After months of planning, six enormous boxes containing new generators, fuel tanks and roof assemblies were delivered to Sellafield in late 2024.

    Each generator and fuel tank has a combined weight of approximately 117 tonnes and required a specialist 750 tonne crane to lift them into place.

    Work is now underway to connect and test the generators to get them ready for operation.

    This is another step towards ensuring the site will always have the power it needs, even in the event of a national grid shortage. 

    Paul Wells, construction manager for Sellafield, said:

    We are a complex project with a huge footprint as we are routing, cabling and installing substations in different locations right across the site.

    A vital part of our success has been the collaborative way in which our Sellafield construction team, Morgan Sindall Infrastructure, Arup and our subcontractors have approached this project, enabling success and safe delivery, to a high standard at every milestone.

    Updates to this page

    Published 19 February 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Chancellor goes further and faster to drive growth by speeding up securities trades

    Source: United Kingdom – Executive Government & Departments

    Financial markets will be modernised to drive capital market competitiveness and deliver growth – the priority of the government’s Plan for Change.

    • Chancellor hosts senior representatives of investment banking and asset management sectors in No11 to hone Financial Services Growth and Competitiveness Strategy. 

    • Meeting comes as government goes further and faster to drive economic growth through the Plan for Change by speeding up settlement of securities trading, such as buying and selling shares. 

    • Change brings the UK in line with best-in-class international markets such as the US, strengthens capital markets competitiveness, and cut costs for investors. 

    • The government, the Financial Conduct Authority and the Bank of England support the industry recommendation to move to T+1 settlement in UK markets by 11 October 2027 and call on industry to engage with the recommendations and start their planning as soon as possible.

    In a meeting with the country’s top bankers, the Chancellor set out a plan to speed up settlement of securities trades which will make the UK’s capital markets more competitive to drive economic growth through the Plan for Change and put more money into people’s pockets. 

    The top brass from JP Morgan, Blackrock, Abrdn, Morgan Stanley, Goldman Sachs, Citi, Fidelity, and Schroders were welcomed into No11 Downing Street for breakfast this morning, as part of ongoing engagement with industry to hone the Financial Services Growth and Competitiveness Strategy – one of the eight key growth sectors identified in the Modern Industrial Strategy.

    Rachel Reeves spoke about the importance of going further and faster to drive growth and revealed that the Government had accepted all recommendations made by the Accelerated Settlement Technical Group – confirming that the UK will move to a ‘T+1’ standard for settling securities trades from 11 October 2027.

    The change means that a typical securities trade, such as buying and selling shares, would be settled the day after it is agreed – instead of the current two-day standard. Faster settlement will support economic growth by putting the UK at the forefront of modernised, highly efficient and automated capital markets, bringing the UK into line with key international markets such as the US and reducing costs for investors by limiting risks when making trades.

    Chancellor of the Exchequer, Rachel Reeves said: 

    I am determined to go further and faster to drive growth and put more money into people’s pockets through our Plan for Change. Speeding up the settlement of trades makes our financial markets more efficient and internationally competitive.

    Chief Executive Officer of the Financial Conduct Authority, Nikhil Rathi said: 

    We highlighted how the move to T+1 will make our markets more efficient and support growth in our recent letter to the Prime Minister. We will support industry as they move to T+1 and expect firms to engage and plan early.

    Governor of the Bank of England, Andrew Bailey said: 

    Shortening the UK securities settlement cycle to T+1 will bring important financial stability benefits from reduced counterparty credit risk in financial markets. It is important that firms and settlement infrastructures have robust plans for an orderly transition in October 2027. As part of this effort, the Bank looks forward to continuing dialogue with regulators in other markets which are pursuing similar changes.

    The government has accepted all the recommendations made by the Accelerated Settlement Technical Group, which has created a detailed implementation plan to ensure a smooth transition to T+1, and confirmed that it will bring forward legislation to implement the change, including setting the date to move to the new standard. 

    Terms of Reference have been published for the next phase of the project, which will continue to be led by the industry taskforce with Andrew Douglas as chair and HMT, the FCA and the Bank as observers. Industry chairs from the EU and Switzerland have also been invited to observe the UK industry taskforce to encourage alignment across Europe.

    The taskforce will oversee and manage implementation of the recommendations up until T+1 is successfully implemented, and for a short period afterwards to evaluate the short-term impacts.

    The government, the Financial Conduct Authority and the Bank of England support the industry recommendation to move to T+1 settlement in UK markets by 11 October 2027 and call on the industry to engage with the recommendations and start their planning as soon as possible.

    Notes to editors 

    Stakeholder commentary:

    Tiina Lee, Chief Executive Officer of Citi UK said:

    We welcome the move to a T+1 settlement cycle in UK markets and appreciate the hard work in achieving the alignment of timelines with the EU. Based on Citi’s experience with global investors, coordinated market reforms are critical to the growth and competitiveness of the UK. We look forward to working with other industry participants to ensure a smooth transition in October 2027.

    Conor Hillery, Deputy CEO & Head of Investment Banking in EMEA, JP Morgan, said:

    We welcome the Chancellor’s continued dialogue with UK financial services on its role in facilitating growth, which requires the right policy and regulatory framework. This move to a modern T+1 settlement cycle will contribute to keeping London as a competitive financial centre, so we support the government’s efforts to make it happen.

    Clare Woodman, Head of EMEA and CEO of Morgan Stanley said:

    We welcome the UK Government’s commitment to move to a T+1 settlement cycle in October 2027. The shift to a shorter settlement cycle will generate market efficiencies supporting the competitiveness of UK markets.

    Additional notes:

    • The Accelerated Settlement Taskforce recommended that the UK should move to T+1 by the end of 2027. The Technical Group was set up to recommend a detailed implementation plan, including determining the detailed technical and operational changes needed to move to T+1 as well as recommending a precise implementation date. 

    • The group’s recommendations are set out in The Accelerated Settlement Taskforce Technical Group report, published on 6 February. 

    • The government’s response to the report and Terms of Reference for the next stage of the project can be found on the Accelerated Settlement (T+1) GOV.UK page 

    • To support firms during the transition, the FCA has launched a webpage dedicated to the UK’s move to T+1 settlement, where firms can access further information, key messages and links to relevant materials.

    • The Bank will support the relevant financial market infrastructures (FMIs) it supervises during the transition to T+1. It will discuss with relevant FMIs their preparedness for T+1 settlement and will encourage them to take appropriate implementation action. 

    • The businesses in attendance at the meeting in No11 were: JP Morgan; Blackrock; Abrdn; Morgan Stanley; Goldman Sachs; City; Fidelity; Schroders. Pictures will be uploaded to HM Treasury’s Flickr.

    Updates to this page

    Published 19 February 2025

    MIL OSI United Kingdom

  • MIL-OSI Economics: Media release: North West Shelf extension delay another regulatory fail – Australian Energy Producers

    Source: Australian Petroleum Production & Exploration Association

    Headline: Media release: North West Shelf extension delay another regulatory fail – Australian Energy Producers

    The Federal Government’s decision to delay its assessment of the North West Shelf extension is a blow to Western Australia’s energy security and another example of how our national environmental laws are failing.

    Australian Energy Producers Chief Executive Samantha McCulloch said the North West Shelf project has been powering WA homes and industry for 40 years and will play a critical role in the state’s future energy security and economic prosperity.

    “After six years of environmental assessment and having secured state government approval, there is simply no justification for further regulatory delays,” Ms McCulloch said.

    “This is yet another example of the open-ended and uncertain approval processes that are driving away investment and damaging Australia’s reputation as a stable, predictable country to do business.

    “The extension of the North West Shelf project is needed to ensure reliable and affordable gas supply to Western Australians, with the Australian Energy Market Operator forecasting gas shortfalls in the State from 2030.”

    WA’s gas industry is a driving force behind the state’s economy, providing 54 per cent of WA’s primary energy and 60 per cent of the state’s electricity. The industry contributes $35 billion a year to the WA economy and supports more than 73,000 jobs in the state.

    Natural gas also provides more than half the energy used by WA’s mining and minerals processing sector and supports emissions reductions in WA and the region.

    A recent independent report by EnergyQuest found that without new gas investment, Western Australia would run out of gas for electricity from the early-2030s and its mining and industrial sectors would be left without gas from mid-2030s.

    “The Federal Government must provide certainty to the millions of WA households and businesses that depend on gas and rule out any further delays to this critical energy security project,” Ms McCulloch said.

    MIL OSI Economics

  • MIL-OSI: Sydbank’s Board Chairman not up for re-election

    Source: GlobeNewswire (MIL-OSI)

    Company Announcement No 05/2025

    Peberlyk 4
    6200 Aabenraa, Denmark
    Tel +45 74 37 37 37

    Sydbank A/S
    CVR No DK 12626509, Aabenraa
    Denmark
    sydbank.dk

    19 February 2025  

    Dear Sirs

    Sydbank’s Board Chairman not up for re-election

    After a decade on Sydbank’s Board of Directors, Chairman Lars Mikkelgaard-Jensen has decided to resign from the Board of Directors.

    Lars Mikkelgaard-Jensen is not up for re-election for the Board of Directors. Following the successful CEO succession in 2024 as well as the determination of the Bank’s new strategy, Lars Mikkelgaard-Jensen has decided that now is a good time to stop and he will resign in connection with the Annual General Meeting on 20 March 2025.

    The Board of Directors will elect its new Chairman at the subsequent Shareholders’ Committee meeting which will be held on the same day.

    Lars Mikkelgaard-Jensen has been a member of Sydbank’s Board of Directors since April 2015 and he was elected Chairman in September 2019.

    Yours sincerely
            
    Mark Luscombe        Jørn Adam Møller
    CEO        Deputy Group Chief Executive

    Additional information
    Lars Grubak Lohff, Press Manager Tel +45 20 31 54 65

    Attachment

    The MIL Network

  • MIL-OSI Russia: Professor of the State University of Management presented his three-volume monograph “Selected Works”

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    A round table on the topic of “Russia’s Migration Policy: Trends and Strategies” was held at the Central House of Scientists of the Russian Academy of Sciences. It was organized by the Scientific Council of the Department of Social Sciences of the Russian Academy of Sciences and the Institute of Demographic Research (IDR) of the Federal Research Center of the Russian Academy of Sciences.

    Vladimir Volokh, professor of the Department of Public Administration and Political Technologies of the State University of Management, member of the Council under the President of the Russian Federation for Interethnic Relations and the Public Council under the Ministry of Internal Affairs of Russia, and Doctor of Political Sciences, gave a plenary report on “Russia’s Migration Policy: Trends and Strategies”.

    The presentation included his monograph “Selected Works”, prepared for the author’s 80th anniversary. The three-volume work is the culmination of many years of research, containing valuable analytical materials devoted to various aspects of migration policy.

    The report examined the problems of migration processes in the context of integration processes and geopolitical turbulence, presented the results of empirical studies of migration at the national and regional levels, as well as strategic directions for the development of state migration policy in Russia.

    The presentation aroused keen interest among leading Russian scientists, experts, researchers, government officials and anyone interested in migration and its impact on society. Representatives of government and public organizations, the scientific community and higher education institutions took an active part in the fruitful discussion that followed.

    Head of the Department of Public Administration and Political Technologies of the State University of Management, Doctor of Historical Sciences, Professor Nikolai Omelchenko emphasized the importance of the presented work and the significant role of the faculty of the department in conducting scientific research, including on the problems of population migration.

    Famous scientists and practitioners in the field of public policy and migration relations formation shared their vision of the migration policy problem: V.Yu. Zorin, A.S. Brod, M.N. Khramova, T.N. Yudina, V.I. Mukomel, V.Yu. Ledeneva, E.A. Nazarova, T.N. Dmitrieva and others, noting the undoubted significance of the presented work. Migration issues today are directly related to ensuring Russia’s security, the country’s socio-economic life and are at the forefront of significant problems for the state.

    Subscribe to the TG channel “Our GUU” Date of publication: 02/19/2025

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

    MIL OSI Russia News