NewzIntel.com

Category: Politics

  • MIL-OSI: Music Licensing, Inc. Receives Official Federal Recognition of Its Wholly Owned Subsidiary, Pro Music Rights, as a Performing Rights Organization in the United States Federal Register

    Source: GlobeNewswire (MIL-OSI)

    Naples, FL, Feb. 10, 2025 (GLOBE NEWSWIRE) — Music Licensing, Inc. (OTC: SONG) (OTC: SONGD), a leader in the music rights and intellectual property sector, is pleased to announce that its wholly owned subsidiary, Pro Music Rights (PMR), has been officially recognized in the Federal Register of the United States of America as a Performing Rights Organization (PRO). This landmark recognition reinforces Pro Music Rights’ position as a key player in the U.S. music licensing ecosystem, joining the ranks of other established PROs responsible for ensuring that music creators receive fair compensation for the public performance of their works.

    This official acknowledgment represents a pivotal achievement for Music Licensing, Inc. (OTC: SONG) (OTC: SONGD) and its shareholders, as it validates Pro Music Rights’ authority in managing performance rights and licensing agreements on behalf of its extensive repertoire of musical works. Pro Music Rights already represents an estimated 7.4% market share in the U.S., covering over 2.5 million works from renowned artists.

    A Milestone for the Future of Music Licensing

    The inclusion of Pro Music Rights in the Federal Register signifies more than just formal recognition—it cements the company’s status as a regulatory-compliant, trusted, and transparent music rights administrator. This milestone provides greater legitimacy, stability, and enhanced leverage in negotiations with major technology and media companies that rely on legally licensed music for their platforms.

    Jake P. Noch, CEO of Music Licensing, Inc. (OTC: SONG) (OTC: SONGD), commented on this development:
    “This recognition in the Federal Register underscores our commitment to protecting artists’ rights and ensuring fair compensation for their creative works. It strengthens our ability to negotiate with industry giants such as Apple Inc., Amazon, Google, and Spotify, enabling us to secure more favorable licensing terms that benefit both rights holders and shareholders.”

    Strategic Advantages and Business Growth

    This recognition presents multiple strategic benefits for Pro Music Rights and Music Licensing, Inc. (OTC: SONG) (OTC: SONGD), including:

        •    Strengthened Licensing Authority – As an officially recognized PRO, PMR can enhance its negotiating power with major music streaming platforms, broadcasters, and digital service providers.
        •    Greater Transparency & Industry Confidence – Federal recognition increases trust and credibility among rights holders, licensees, and regulatory bodies.
        •    Expansion Opportunities – PMR is now better positioned to expand its reach, enter into new licensing agreements, and provide competitive solutions in the evolving digital music landscape.
        •    Enhanced Revenue Potential – With this recognition, PMR anticipates a significant increase in licensing revenue as it actively enforces its rights with major industry players.

    Looking Ahead: Licensing Deals with Global Corporations

    With this newfound recognition, Music Licensing, Inc. (OTC: SONG) (OTC: SONGD) will actively seek to leverage this status in future licensing discussions with some of the world’s largest technology and entertainment companies. The company aims to establish long-term agreements with Apple Music, Amazon Music, Google’s YouTube, Spotify, and other streaming services, ensuring that PMR’s extensive music catalog is fairly monetized.

    “As we move forward, we are excited about the immense opportunities this recognition brings,” added Jake P. Noch. “We are committed to delivering value to our rights holders, shareholders, and the broader music industry by ensuring that music creators receive their rightful earnings in an efficient, transparent, and legally sound manner.”

    About Music Licensing, Inc. (OTC: SONG) (OTC: SONGD) (ProMusicRights.com)

    Music Licensing, Inc. (OTC: SONG), also known as Pro Music Rights, is a diversified holding company and the fifth public performance rights organization (PRO) established in the United States. It is recognized under the federal registry of the United States government. The company licenses music to some of the most prominent platforms and businesses, including TikTok, iHeartMedia, Triller, Napster, 7Digital, Vevo, and many others.

    Pro Music Rights holds an estimated 7.4% market share in the United States, representing a catalog of more than 2.5 million works by notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBagg Yo, Larry June, Trae Pound, Sauce Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Trauma Tone, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Chingy, Lil Gnar, 3OhBlack, Curren$y, Fall Out Boy, Money Man, Dej Loaf, Lil Uzi Vert, and many others, including works generated by artificial intelligence (AI).

    Additionally, Music Licensing, Inc. (OTC: SONG) holds royalty interests in Listerine “Mouthwash” Antiseptic and a vast portfolio of musical works by globally renowned artists, including The Weeknd, Justin Bieber, Kanye West, Elton John, Mike Posner, blackbear, Lil Nas X, Lil Yachty, DaBaby, Stunna 4 Vegas, Miley Cyrus, Lil Wayne, XXXTentacion, BlueFace, The Game, Jeremih, Ty Dolla $ign, Eric Bellinger, Ne-Yo, MoneyBagg Yo, Halsey, Desiigner, DaniLeigh, Rihanna, and many others.

    Forward-Looking Statements:

    This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Music Licensing, Inc. & Pro Music Rights, Inc. to accomplish its stated plan of business. Music Licensing, Inc. & Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc., Music Licensing, Inc., or any other person.

    Non-Legal Advice Disclosure:

    This press release does not constitute legal advice, and readers are advised to seek legal counsel for any legal matters or questions related to the content herein.

    Non-Investment Advice Disclosure:

    This communication is intended solely for informational purposes and does not in any way imply or constitute a recommendation or solicitation for the purchase or sale of any securities, commodities, bonds, options, derivatives, or any other investment products. Any decisions related to investments should be made after thorough research and consultation with a qualified financial advisor or professional. We assume no liability for any actions taken or not taken based on the information provided in this communication

    Contact: investors@ProMusicRights.com

    SOURCE: Music Licensing, Inc.

    The MIL Network –

  • MIL-OSI: Nasdaq, Inc. Announces Cash Tender Offers for Up to $200 Million Outstanding Debt Securities

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) (“Nasdaq” or the “Company”) today announced its offers to purchase for cash up to an aggregate principal amount of $200,000,000 (the “Aggregate Notes Cap”) of its outstanding Notes, comprised of (i) up to $40,000,000 aggregate principal amount (the “2028 Notes Cap”) of the Company’s 5.350% Senior Notes due 2028 (the “2028 Notes”), (ii) up to $50,000,000 aggregate principal amount (the “2034 Notes Cap”) of the Company’s 5.550% Senior Notes due 2034 (the “2034 Notes”) and (iii) up to $110,000,000 aggregate principal amount (the “2052 Notes Cap”) of the Company’s 3.950% Senior Notes due 2052 (the “2052 Notes”). The 2028 Notes, the 2034 Notes and the 2052 Notes are referred to collectively herein as the “Notes,” such offers to purchase are referred to collectively herein as the “Tender Offers” and each a “Tender Offer,” and the 2028 Notes Cap, the 2034 Notes Cap and the 2052 Notes Cap are referred to collectively herein as the “Series Notes Caps” and each a “Series Notes Cap.”

      Title of
    Security    		 Security Identifiers Principal Amount Outstanding Series Notes Cap Early Tender
    Premium    (1)(2)    		 U.S. Treasury
    Reference Security    (3)    		 Fixed Spread
    (basis points)
    2028 Tender Offer 5.350% Senior Notes due 2028 CUSIP:
    63111X AH4
    ISIN:
    US63111XAH44    		 $921,360,000 $40,000,000 $30.00 4.250% UST due January 15, 2028 45 bps
    2034 Tender Offer 5.550% Senior Notes due 2034 CUSIP:
    63111X AJ0
    ISIN:
    US63111XAJ00    		 $1,187,583,000 $50,000,000 $30.00 4.250% UST due November 15, 2034 73 bps
    2052 Tender Offer 3.950% Senior Notes due 2052 CUSIP:
    631103 AM0
    ISIN:
    US631103AM02    		 $549,105,000 $110,000,000 $30.00 4.500% UST due November 15, 2054 82 bps

    (1)   Per $1,000 principal amount of Notes validly tendered on or prior to the Early Tender Date (as defined below) and accepted for purchase by the Company.
    (2)   Does not include Accrued Interest (as defined below), which will also be payable as described below.
    (3)   The applicable page on Bloomberg from which the dealer manager will quote the bid side price of the U.S. Treasury Security is FIT1.

    The Tender Offers are being made upon the terms and subject to conditions described in the Offer to Purchase, dated February 10, 2025 (as it may be amended or supplemented from time to time, the “Offer to Purchase”), which sets forth a detailed description of the Tender Offers. The Company reserves the right, but is under no obligation, to increase or decrease any or all of the Series Notes Caps and/or the Aggregate Notes Cap in its sole discretion at any time without extending or reinstating withdrawal rights, subject to compliance with applicable law.

    The Tender Offers for the Notes will expire at 5:00 p.m., New York City time, on March 11, 2025, or any other date and time to which the Company extends the applicable Tender Offer (such date and time, as it may be extended with respect to a Tender Offer, the “Expiration Date”), unless earlier terminated. Holders of Notes must validly tender and not validly withdraw their Notes prior to or at 5:00 p.m., New York City time, on February 24, 2025 (such date and time, as it may be extended with respect to a Tender Offer, the “Early Tender Date”), and the holder’s Notes must be accepted for purchase, to be eligible to receive the applicable Total Consideration (as defined below). If a holder validly tenders Notes after the applicable Early Tender Date but prior to or at the applicable Expiration Date, and the holder’s Notes are accepted for purchase, the holder will only be eligible to receive the applicable Tender Offer Consideration (as defined below).

    Subject to the Aggregate Notes Cap, the Series Notes Caps and proration, if applicable, the total consideration for each $1,000 principal amount of the Notes validly tendered (and not validly withdrawn) prior to the Early Tender Date and accepted for purchase pursuant to each Tender Offer will be calculated in the manner described in the Offer to Purchase by reference to the applicable Fixed Spread for such Notes specified in the table above plus the applicable yield based on the bid-side price of the applicable U.S. Treasury Reference Security specified in the table above at 10:00 a.m., New York City time, on February 25, 2025 (excluding Accrued Interest with respect to each series of Notes, the “Total Consideration”). The Total Consideration includes an applicable early tender premium per $1,000 principal amount of Notes accepted for purchase as set forth in the table above (with respect to each series of Notes, the “Early Tender Premium”). Notes validly tendered after the Early Tender Date but prior to the Expiration Date and accepted for purchase will receive the Total Consideration minus the Early Tender Premium (with respect to each series of Notes, the “Tender Offer Consideration”).

    In addition to the consideration described above, all holders of Notes accepted for purchase in the Tender Offers will receive accrued and unpaid interest on such Notes from the last interest payment date with respect to such Notes to, but not including, the applicable settlement date (“Accrued Interest”).

    The Company intends to fund the purchase of validly tendered and accepted Notes with available cash on hand and other sources of liquidity. The purpose of the Tender Offers is to purchase a portion of the Notes, subject to the Aggregate Notes Cap and the Series Notes Caps, in order to reduce the Company’s total outstanding public debt.

    The Tender Offers will expire on the applicable Expiration Date. Except as set forth below, payment for the Notes that are validly tendered prior to or at the Expiration Date and that are accepted for purchase will be made on a date promptly following the Expiration Date, which is currently anticipated to be March 14, 2025, the third business day after the Expiration Date. The Company reserves the right, in its sole discretion, to make payment for Notes that are validly tendered prior to or at the Early Tender Date and that are accepted for purchase on an earlier settlement date, which, if applicable, is currently anticipated to be February 27, 2025, provided that the conditions to the satisfaction of the applicable Tender Offer are satisfied. The Company is not obligated to conduct any early settlement or have any early settlement occur on any particular date.

    Tendered Notes may be withdrawn prior to or at, but not after, 5:00 p.m., New York City time, on February 24, 2025.

    The Tender Offers are subject to the satisfaction or waiver of certain conditions which are specified in the Offer to Purchase. The Tender Offers are not conditioned on any minimum principal amount of Notes being tendered.

    Information Relating to the Tender Offers

    The Offer to Purchase is being distributed to holders beginning today. J.P. Morgan Securities LLC is serving as dealer manager in connection with the Tender Offers. Investors with questions regarding the terms and conditions of the Tender Offers may contact the dealer manager as follows:

    J.P. Morgan Securities LLC
    383 Madison Avenue
    New York, New York 10179
    United States
    Attention: Liability Management Group
    U.S. Toll-Free: (866) 834-4666
    Collect: (212) 834-7489

    D.F. King & Co., Inc. is the Tender and Information Agent for the Tender Offers. Any questions regarding procedures for tendering Notes or request for copies of the Offer to Purchase should be directed to D.F. King & Co., Inc. by any of the following means: by telephone at (866) 342-4881 (toll-free) or (212) 269-5550 (collect) or by email at nasdaq@dfking.com.

    This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders with respect to, the Notes. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Tender Offers are being made solely pursuant to the Offer to Purchase made available to holders of the Notes. None of the Company or its affiliates, their respective boards of directors, the dealer manager, the tender and information agent or the trustee with respect to any series of Notes is making any recommendation as to whether or not holders should tender or refrain from tendering all or any portion of their Notes in response to the Tender Offers. Holders are urged to evaluate carefully all information in the Offer to Purchase, consult their own investment and tax advisors and make their own decisions whether to tender Notes in the Tender Offers, and, if so, the principal amount of Notes to tender.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence.

    Cautionary Note Regarding Forward Looking Statements

    This press release contains forward-looking information that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. When used in this communication, words such as “enables,” “intends,” “will,” and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Forward-looking statements in this press release include, among other things, statements about the proposed Tender Offers and the expected source of funds. Risks and uncertainties include, among other things, risks related to the ability of Nasdaq to consummate the Tender Offers on the terms and timing described herein, or at all, Nasdaq’s ability to implement its strategic vision, initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s reports filed on Forms 10-K, 10-Q and 8-K and in other filings Nasdaq makes with the SEC from time to time and available at www.sec.gov. These documents are also available under the Investor Relations section of the Company’s website at http://ir.nasdaq.com. The forward-looking statements included in this communication are made only as of the date hereof. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law.

    Media Relations Contacts:

    Nick Jannuzzi
    +1.973.760.1741
    Nicholas.Jannuzzi@Nasdaq.com

    Nick Eghtessad
    +1.929.996.8894
    Nick.Eghtessad@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    NDAQF

    The MIL Network –

  • MIL-Evening Report: Ōtautahi man says family in Gaza will never leave despite US proposal

    Yasser Abdulaal, who has lived in Ōtautahi Christchurch for five years, said his two sisters had lost their homes in the 15-month-long war.

    “Toxic wasteland” . . . Palestinians take shelter in tents set up amid heavily damaged buildings in Jabalia in the northern Gaza Strip. Image: Al Jazeera screenshot APR

    Abdulaal said they and their husbands — all teachers — could have left at the start of the bombing but refused to abandon their land — and they would not be leaving now.

    “After the ceasefire and with Trump’s statements, they are definitely not going to leave Gaza, regardless of what he says and what [the US] does. It’s their land.”

    He said New Zealand should recognise Palestine as a state and sanction Israel in accordance with international law.

    It should also call for more funding for international aid to Gaza, he added.

    ‘Two-state solution’
    “New Zealand voted for a two-state solution and we have been asking the government to enforce that. Many countries during the genocide already recognise Palestine as a state but our government sees it as ‘not the right time’.

    “I think it is the right time, and New Zealand should recognise Palestine immediately.”

    Abdulaal said he reached a moment during the war where he could not bring himself to call his sisters.

    “I didn’t know what to say, remotely, from New Zealand.

    “It’s a really hard time for everyone, they’ve been in tents for more than eight months, both [my sisters’] houses have gone, they are completely rubble.

    “They are still in tents despite the ceasefire because they have no other place to go to.”

    But he has talked to the pair since the ceasefire began.

    Israeli tanks in area
    “One of my sisters can’t even go and see her house as there is still Israeli tanks in that area [the Philadelphia corridor]. But we know from footage — as she says — the height of my house now is half a metre, it was two levels but now it’s half a metre.

    “It’s mixed emotions. The killing and bloodshed has stopped, but I have lost 55 [relatives] in the airstrikes, most of them women and children.

    “They haven’t even had a proper funeral . . .  it’s really hard, people are just trying to get food for their kids, those basic human rights for people which they don’t have.

    “They are happy with the ceasefire, and we hope it will be a permanent ceasefire, but we have also lost lots of people . . .  [the rest] have lost their houses, their jobs, everything.

    “When I close my eyes and I think about losing 55 people, and that’s just the ones we know about. It’s horrific, I can’t believe it . . .  they’re all relatives: cousins, uncles, extended family.”

    Trump’s proposal was a “dangerous statement and outrageous”, Abdulaal said, likening it to “a reward to Netanyahu and the Israeli government who have been bombing everything in Gaza, killing everyone, committing genocide”.

    “[President Trump] says he wants to drive the people out of Gaza, meaning he wants to ethnically cleanse the people from Gaza, which is another war crime,” said Abdulaal.

    “This is our land and we are rooted to this land and we’ll never leave it.”

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

    Article by AsiaPacificReport.nz

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: A Stronger Engine for Middle East and North Africa’s Growth

    Source: IMF – News in Russian

    The Managing Director’s Keynote Speech at the Ninth Arab Fiscal Forum, Dubai, UAE

    February 10, 2025

    Assalamu alaikum, your excellencies. I would like to thank Minister Al Hussaini for the United Arab Emirates’ continued warm hospitality in hosting this important annual event, as well as his excellent leadership of the World Bank’s Development Committee.

    It is a privilege to address you at the ninth Arab Fiscal Forum. Over the years, the IMF and Arab countries have always had a strong and productive partnership. Today, this partnership is more vital than ever as the world and this region undergo significant economic, technological, and geopolitical shifts—a point that I will reflect on later.

    In my remarks, I will explore how Arab countries can leverage fiscal policy to transform their economies for the future, and harness technology and investment opportunities for the benefit of their people.

    Global outlook and transformations

    Let me start with an overview of the global and regional economic outlook.

    Global growth is projected to hold at 3.3 percent this year and the next, and then to slow over the next five years, to just above 3 percent. This is well below the historical average.

    For the Middle East and North Africa, we expect growth to rebound to about 3.6 percent in 2025, driven by a recovery in oil production and an easing of regional conflicts. However, as with the global economy, our medium-term outlook still sees growth weaker than before the pandemic.

    Policymakers have generally succeeded in taming inflation, but not everywhere, with inflation picking up again in some countries. This could lead to a divergence in interest rates across countries and higher borrowing costs for emerging market and developing economies.

    On the fiscal side, the legacy of the multiple shocks from the last years leaves public finances under significant strain in many countries. Global public debt is projected to hit 100 percent of global GDP by 2030. Many countries in this region face similar pressures, with debt levels exceeding 70 percent of GDP. This poses the risk of them becoming trapped in a low-growth, high-debt scenario.

    Governments have the difficult task of containing high debt levels in the face of rising spending needs. This region faces the pressing need to create jobs, enhance social safety nets, build resilience to more frequent natural disasters, and support economic diversification. The demands of national security and post-conflict reconstruction are also substantial.

    This is all happening at a time of significant global transformations, which are creating a more uncertain and challenging environment for policymaking. We know, for instance, that trade is no longer the engine of growth that is used to be—unlike the decades of the 1990s and 2000s when global trade grew much faster than global GDP, the two are now growing at roughly the same rate. Governments around the world are shifting policy priorities: the new US administration has been clear that it intends to take action in the areas of trade, tax and spending, deregulation, and technology/digital assets. And the technology revolution—especially AI—is upon us and is set to transform the way we live and work, perhaps as early as the next five years.

    These rapid transformations mean the recipes of the past may no longer provide the path to prosperity. Economies will need to be agile, adaptable and resilient—these will be the ingredients for future success.

    How can the MENA region find these ingredients for success and avoid a low-growth, high-debt scenario?

    Building adaptable and more resilient economies

    First, focus on structural changes that increase economic resilience, agility, and long-term growth potential. Too often, countries use fiscal stimulus to boost short-term domestic demand. While this “sugar rush” provides temporary growth, it often fuels inflation and financial turbulence. Instead of merely stepping on the gas, we need a stronger engine.

    Productivity growth is essential for stronger growth and driving up economic performance. Our research in the Arab region shows how to do it: accelerate digitalization, reduce the state’s footprint in the economy, foster trade diversification, and encourage the free flow of capital to dynamic firms.

    Countries in the region that are more digitalized have substantially higher productivity than less-digitalization ones. Some countries are among the most developed in the world in this area. Digital innovation, with AI technologies, is expected to raise UAE’s GDP significantly by 2030. More R&D spending will further enhance productivity.

    Reducing the state’s footprint in the economy and strengthening governance can yield significant benefits. For example, Saudi Arabia’s regulatory improvements have fostered private sector investment, especially in the non-oil economy. The UAE’s National Agenda for Entrepreneurship has supported a vibrant startup community, and Morocco’s New Model of Development aims to spur markets by improving public sector governance.

    Encouraging employment is also a key ingredient for stronger growth. With a growing working-age population, the region has to make the most of its demographic advantage. Creating more private jobs, for women and youth in particular, can lead to more vibrant and inclusive economies. This requires more-flexible labor markets, and investment in education and vocational training. We have recently seen impressive developments in this regard in Oman, Qatar, and Bahrain.

    A second priority is economic diversification. Today’s transformations provide an excellent opportunity to stimulate and reallocate resources toward new economic sectors and services. This could become a robust new growth engine, particularly for oil-exporting countries. Many countries are already investing in new technologies, such as batteries for electric cars; in improving connectivity and in green supply chains, for example.

    Third, in a world where patterns of cooperation are shifting, countries need to look for opportunities to cooperate in new ways. In many cases, this means deepening regional cooperation. The GCC is an excellent example of the benefits of regional integration—one that I can imagine can be emulated elsewhere.

    Building fiscal buffers and institutions  

    Let me turn to the fiscal side.

    Prudent fiscal stance is essential for macroeconomic stability — a prerequisite for a vibrant private sector and economic growth. An overarching priority today is to decisively use fiscal policy to build fiscal buffers, which is essentially the capacity to spend when needed – for example, to respond to shocks, manage and mitigate risks, and meet pressing development and climate-related needs.

    Many countries will need to pursue fiscal consolidation. It is crucial to carefully calibrate the size, pace, and composition of fiscal adjustments, to avoid unduly hampering growth. Tailoring budgetary reforms to each country’s circumstances, with a helping hand for those who lose out, is vital to ensure public support.

    In this context, increasing tax revenues remains a priority. Our research finds significant potential in strengthening domestic tax systems. This requires expanding tax bases, especially as economies diversify. For example, as new sectors grow, including through digitalization, they can become an important source of tax revenues. In addition, digitalization and AI can help modernize tax administrations.

    Domestic taxes will remain the primary source of funding government spending. However, private domestic and external financing will be needed to support the spending needs in the region. Addressing the impact of more frequent natural disasters will potentially require a cumulative $1 trillion in investment by 2030. The financial sector must play a larger role, while governments can enable an investment-friendly environment.

    Several countries in the region require special attention, either to resolve ongoing conflicts or to advance post-conflict reconstruction. I pray that peace and stability can be delivered in Sudan and Yemen. I hope that the ceasefire in Gaza, along with political changes in Syria and Lebanon, can mark new beginnings. The international community’s reconstruction efforts provide a unique opportunity to rebuild better and lay the foundations for stronger growth.

    Let me conclude

    In a world of rapid transformations, it is critical for countries to become more agile, adaptable, and resilient. They need to look for new engines of growth, which will also help avoid a low-growth, high-debt trap.

    The private sector has to be in the lead in transforming economies in the region through entrepreneurship, job creation, and innovation.

    The role of governments is to foster the right environment for this private sector-led growth: by strengthening governance, modernizing public institutions, reducing bureaucracy, encouraging youth and female employment, and improving access to capital. And by designing and communicating policies that put people first and increase social support.

    The IMF remains fully committed to supporting the Middle East and North Africa. Since early 2020, we have approved about $33 billion in financing for the region, most recently in 2024 to help mitigate the impact of conflict. We have also recently reformed our surcharge policy, resulting in important savings for some countries. We have also expanded our capacity development and strengthened our regional presence with resident representative offices, technical assistance centers, and the new regional office in Riyadh.

    We are now stepping up our efforts to support the private sector, with the creation of a new IMF Advisory Council on Entrepreneurship and Growth. I can assure you, this region will be represented on it. And we look forward to the upcoming Al-Ula conference with emerging market economies, to discuss key issues affecting your economies. Jobs, innovation, and productivity—combined with a sound fiscal approach—will mean better prospects for citizens in this region and ultimately more peace and stability.

    Let’s get to work, or as you say, “linabda al-âmal”—let’s start the work together!

    I wish you all many insightful discussions and meaningful outcomes today.

    Shukran!

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER:

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

    https://www.imf.org/en/News/Articles/2025/02/10/sp-021025-md-keynote-speech-ninth-arab-fiscal-forum

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: ACMD appoints new members

    Source: United Kingdom – Executive Government & Departments

    Four more experts have been appointed members to the Advisory Council on the Misuse of Drugs.

    Following the announcement of 10 leading experts joining the ACMD’s Advisory Council in January, 4 more appointments have been made today.

    • Professor Karen Ersche
    • Professor Sunjeev Kamboj
    • Doctor Lorna Nisbet
    • Jon Privett

    The 4 will be joining the ACMD which provides advice and makes recommendations to the government on the harms caused by drugs.

    Professor Ersche is Professor of Addiction Neuroscience at the Department of Psychiatry at the University of Cambridge, whilst Professor Kamboj is Professor of Translational Clinical Psychology at the Research Department of Clinical, Educational and Health Psychology at University College London.

    Doctor Nisbet is Senior Lecturer (teaching and research) at the Leverhulme Research Centre for Forensic Science, at the School of Science and Engineering, University of Dundee.

    Jon Privett will bring his extensive knowledge as an expert witness in drug trafficking with the Metropolitan Police to the ACMD.

    The appointments have been made in accordance with the Governance Code on Public Appointments.

    Updates to this page

    Published 10 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Senior IT service manager vacancy at MAIB

    Source: United Kingdom – Executive Government & Departments

    We have an exciting opportunity to join the technical department at MAIB, Southampton on a 6-month contract.

    The MAIB is looking for a senior IT service manager on a 6-month temporary contract.

    Applicants must have active SC clearance to apply.

    This is a hybrid role, requiring 3 days per week working in the MAIB office.

    For further information about the post and how to apply, go to: Senior IT Service Manager – Southampton, United Kingdom of Great Britain and Northern Ireland – 2436 – AMS PSR

    Closing date: Thursday 13th February 2025.

    Updates to this page

    Published 10 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Embaixada do Reino Unido abre ed. 2025 do Embaixadora Por um Dia

    Source: United Kingdom – Executive Government & Departments

    Mulheres de 18 a 25 anos, com histórico de engajamento social e interesse em política, poderão concorrer a uma experiência imersiva na diplomacia britânica.

    A Embaixada do Reino Unido no Brasil se prepara para lançar a edição 2025 do concurso cultural “Embaixadora Por um Dia”, uma iniciativa que celebra o Dia Internacional da Mulher e incentiva a participação feminina na política e nas relações internacionais.

    O concurso busca identificar jovens líderes mulheres (cis e trans) pretas, pardas ou indígenas, com idade entre 18 e 25 anos, que tenham interesse em diplomacia e engajamento político. A vencedora terá a oportunidade de vivenciar de perto a rotina diplomática, participando de reuniões, eventos e experiências imersivas na Embaixada do Reino Unido e em Brasília.

    Como participar

    As inscrições serão abertas em 10 de fevereiro de 2025. Para concorrer, as candidatas deverão produzir um vídeo de até 90 segundos, respondendo à pergunta:

    “Como o engajamento político pode transformar sua comunidade e o mundo?”

    Os vídeos deverão ser publicados no Instagram, com a hashtag #AmbassadorForADayUK, mencionando os perfis @UKinBrazil e @embaixadorabritanica. O perfil da participante deve estar público durante o período de avaliação.

    Quem pode participar?

    O concurso é destinado a mulheres que atendam aos seguintes critérios:

    • Idade entre 18 e 25 anos;
    • Pretas, pardas ou indígenas;
    • Ensino médio cursado em escola pública e/ou renda familiar de até três salários mínimos;
    • Interesse por política e relações internacionais;
    • Experiência em projetos sociais;
    • Passaporte válido e disponibilidade para viajar em março de 2025.

    O que a vencedora ganha?

    • Uma viagem surpresa de cinco dias para participar de reuniões diplomáticas;
    • Um dia na Embaixada do Reino Unido, acompanhando a Embaixadora britânica no Brasil;
    • Oportunidade de compartilhar ideias com líderes políticos;
    • Tour por Brasília/DF;
    • Custos de hospedagem, alimentação e deslocamento cobertos.

    Critérios de seleção

    A escolha da vencedora será baseada em criatividade, história de vida e engajamento com questões políticas e sociais. A seleção é subjetiva e busca reconhecer jovens que demonstrem potencial para promover mudanças positivas em suas comunidades.

    Para mais informações entre em contato com:

    Embaixada do Reino Unido no Brasil

    Mariana Luz – Gerente de Imprensa

    Mariana.luz@fcdo.gov.uk

    (61) 98187-8240

    Updates to this page

    Published 10 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Isle of Wight Council launches 2025 National Apprenticeship Week 10 February 2025 Today (10th February) marks the start of this year’s Apprenticeship Week.

    Source: Aisle of Wight

    Today (Monday 10th February) marks the start of this year’s Apprenticeship Week and the Isle of Wight Council celebrated by raising the apprenticeship flag outside County Hall alongside council staff and apprentices.

    Since the introduction of the apprenticeship levy in 2017, more than 500 council and maintained school staff have embarked on their apprenticeship journeys. These individuals have benefited from over 70 different apprenticeship programmes, showcasing the diverse opportunities available. In 2024 alone, the Isle of Wight Council invested over half a million pounds in apprenticeship programmes, all funded by the apprenticeship levy.

    This brings the total investment to over £2.25 million, emphasising a commitment to developing the island’s workforce and fostering professional growth. Councillor Jonathan Bacon, cabinet member for Children’s Services, Education and Corporate Functions, said: “We are incredibly proud to be able to provide islanders with professional opportunities like apprenticeships through the Apprenticeship Levy.”

    “Apprenticeships give people a chance to build on their skills, knowledge and confidence in their career journey, no matter the stage of their life or circumstances.”

    “Anyone over the age of 16 can do an apprenticeship, and I’d encourage everyone to make use of the resources provided during this year’s National Apprenticeship Week to find the one that suits you best.”

    Stay tuned to the Isle of Wight Council’s social media channels where we’ll be highlighting apprenticeship stories, sharing resources to get you started on your own apprenticeship journey and celebrate the achievements of current apprentices on the island.

    For more information on National Apprenticeship Week: https://nationalapprenticeshipweek.co.uk/

    To explore apprenticeship opportunities at the Isle of Wight Council: https://www.iow.gov.uk/council-and-councillors/jobs-and-careers/apprenticeships/

    MIL OSI United Kingdom –

  • MIL-OSI: Stardust Power Announces Exclusive Licensing Agreement for Lithium Brine Concentration Technology from KMX Technologies

    Source: GlobeNewswire (MIL-OSI)

    • Following the October 8, 2024 announcement, Stardust Power finalizes exclusive licensing agreement with KMX Technologies to enhance lithium production efficiency and sustainability.

    GREENWICH, Conn., Feb. 10, 2025 (GLOBE NEWSWIRE) — Stardust Power Inc. (NASDAQ: SDST) (“Stardust Power” or the “Company”), an American developer of battery-grade lithium products, today announced the execution of an exclusive licensing agreement with KMX Technologies, Inc. (“KMX”), a leader in advanced lithium brine concentration technology. This agreement grants Stardust Power the exclusive rights to utilize KMX’s innovative vacuum membrane distillation (“VMD”) technology for lithium extraction and concentration across the United States, Canada, and select international markets.

    The exclusive license grants Stardust Power the full rights to use and operate KMX VMD units within the designated territory and field of use for lithium. This agreement will support Stardust Power’s continued commitment to build out the North American lithium supply chain and onshoring of critical minerals in the rapidly growing North America lithium market.

    “This exclusive licensing agreement with KMX Technologies is a pivotal step forward in advancing Stardust Power’s sustainability and operational efficiency goals,” said Roshan Pujari, CEO and Founder of Stardust Power. “KMX’s VMD technology offers a unique opportunity to reduce both energy consumption and water use across our supply chain, particularly by concentrating lithium feedstocks for efficient logistics. By incorporating this technology, we aim to significantly lower operating costs while strengthening the U.S. critical mineral supply chain and enhancing national security, all while doing so in an environmentally responsible manner.” KMX’s technology is ideal for Stardust Power’s innovative hub and spoke refinery model. By reducing the volume of the brine feedstock, less volume needs to be transported. The large central refinery is designed to repulp feedstock and blend as needed.

    KMX’s VMD technology is capable of concentrating lithium from brine sources with minimal losses, thereby enhancing the economic viability of lithium projects. Additionally, the technology produces high-quality water as a byproduct, which can be used to minimize reliance on local freshwater resources in the lithium extraction process, a key factor in increasing water sustainability for the industry.

    Zachary Sadow, CEO of KMX Technologies, added, “We are excited to partner with Stardust Power, a visionary company dedicated to driving sustainability and innovation within the lithium sector. This agreement represents a shared commitment to improving the efficiency and environmental footprint of the lithium supply chain.”

    With the execution of this agreement, Stardust Power is positioned to deploy KMX’s VMD technology throughout Stardust Power’s network design and supply chain in order to optimize delivery of feedstocks to its lithium refinery under development in Muskogee, Oklahoma, with up to 50,000 metric tons per annum production capacity upon completion. The Company plans to integrate this advanced technology to further enhance the environmental and economic performance of its lithium production processes.

    About Stardust Power Inc.
    Stardust Power is a developer of battery-grade lithium products designed to bolster America’s energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium refinery in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The Company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol “SDST.”

    For more information, visit www.stardust-power.com

    About KMX Technologies, Inc.
    KMX Technologies is solving the most critical environmental and energy challenges of the 21st century. Through its proprietary membrane distillation technology, the company sustainably sources critical minerals necessary for next generation supply chains and infrastructure, is advancing wastewater treatment, and is accelerating energy storage with its direct lithium recovery enhancement processes.

    Stardust Power Contacts

    For Investors:
    Johanna Gonzalez
    investor.relations@stardust-power.com

    For Media:
    Michael Thompson
    media@stardust-power.com

    Cautionary Note Regarding Forward-Looking Statements
    Certain statements in this press release constitute “forward-looking statements.” Such forward-looking statements are often identified by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “forecasted,” “projected,” “potential,” “seem,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or otherwise indicate statements that are not of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability of Stardust Power to realize the anticipated benefits of KMX’s technology; the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; obtaining the necessary permits and governmental approvals to develop the site; risks related to the uncertainty of the projected financial information with respect to Stardust Power; risks related to the price of Stardust Power’s securities, including volatility resulting from changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power’s business and changes in the combined capital structure; and risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities. The foregoing list of factors is not exhaustive.

    Stockholders and prospective investors should carefully consider the foregoing factors, and the other risks and uncertainties described in documents filed by Stardust Power from time to time with the SEC.

    Stockholders and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which only speak as of the date made, are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of Stardust Power. Stardust Power expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations of Stardust Power with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    The MIL Network –

  • MIL-OSI United Kingdom: Growing Orkney’s renewables potential

    Source: Scottish Government

    Investment in significant offshore wind project.

    Ambitious plans to create a major new renewables hub in Orkney have been accelerated with a £5 million grant to help take the project to the next stage.

    The funding will further the development of a new harbour facility for the assembly of offshore wind turbines at Scapa Flow – the largest natural harbour in the northern hemisphere.

    The Scapa Deep Water Quay will help to attract inward investment to the area, creating a new, cutting edge hub for offshore wind – supporting the expansion of windfarms off the coast of Scotland and Europe.

    The grant comes from Highlands and Islands Enterprise and is part of the Scottish Government’s wider strategic investment of up to £500 million over five years to develop the offshore wind supply chain.

    Announcing the new funding whilst in Orkney, First Minister John Swinney said:

    “Accelerating Scotland’s offshore wind capabilities is crucial as we prioritise maximising Scotland’s vast potential in renewable energy. Not only are we striving to take our place at the forefront of the global green energy revolution, investments like this help us guarantee a just transition for our existing skilled workforce, maintaining their vital role in Scotland’s energy landscape.

    “This landmark project will help attract private investment in the area, creating new highly paid jobs and unlocking enormous economic opportunities for the Orkney Islands and Scotland as a whole. This is another example of how, together with local government and our partners, we are delivering on our collective priorities of growing the economy and protecting the planet.”

    Director of Strategic Projects at HIE David Oxley said:

    “Scotland has been at the forefront of renewable energy development and Orkney has been at the heart of this for the past 20 years. The proposed Scapa Deep Water Quay is set to help advance the industry to the next level It will help attract inward investment, create jobs and drive economic growth in Orkney, the Highlands and Islands and across Scotland, as well as contributing to the country’s net zero ambitions.

    “This funding for the PCSA will ensure the council has access to all the information it needs to make an informed decision and bring the project to the next stage.”

    Leader of Orkney Islands Council Councillor Heather Woodbridge said:

    “This funding award from HIE, demonstrates the Scottish Government’s understanding of the importance of the energy sector, not only here in Orkney but to Scotland as a whole.  Securing the funding unlocks the potential for Orkney – alongside the wider industry – to further explore and develop a vision for our role in the continued growth of renewable energy, and is reflective of the good work, prominence, and reputation of our islands in this.

    “Development of facilities in Scapa Flow could deliver considerable economic benefits to the area – especially as we look to counterbalance any potential downturn in the oil industry. Enhancing our marine capabilities and strengthening our capacity to support future industrial and commercial activities is key to this.”

    MIL OSI United Kingdom –

  • MIL-OSI China: China deplores US-Japan statement that interferes in China’s domestic affairs

    Source: China State Council Information Office

    China deplores and strongly opposes the latest joint statement made by the United States and Japan concerning China, as the statement is brazen interference in China’s domestic affairs, foreign ministry spokesperson Guo Jiakun said Monday.

    The joint statement released last week expressed support for Taiwan’s so-called meaningful participation in international organizations, and reaffirmed that Article V of the U.S.-Japan Treaty of Mutual Cooperation and Security applies to the Diaoyu Dao, an inherent part of China’s territory.

    In response, Guo told a daily news briefing that the China-related content of the joint statement blatantly interferes in China’s internal affairs, smears China and plays up regional tensions.

    China has lodged solemn representations with Japan, Guo said.

    Noting that the Taiwan question is purely China’s internal affairs and central to its core interests, he said the country will not tolerate any external interference.

    The governments of the United States and Japan have made solemn commitments to China on the Taiwan question. Furthermore, Japan should be more cautious in words and actions because it bears the grave historical responsibility for invading and colonizing Taiwan, Guo added.

    He said if those countries really care about peace and stability across the Taiwan Strait, they should abide by the one-China principle and unequivocally oppose “Taiwan independence.”

    The Taiwan region’s participation in the activities of international organizations must and can only be handled in line with the one-China principle, and Taiwan does not have any ground, reason or right to join international organizations whose membership is confined to sovereign states, he said.

    The Diaoyu Dao and its affiliated islands have always been part of China’s territory, and it is legitimate and lawful for China to conduct activities in relevant waters, Guo said.

    “We urge the United States and Japan to abide by the one-China principle and their own commitments, immediately stop interfering in China’s internal affairs, refrain from sending any wrong signal to the ‘Taiwan independence’ forces, earnestly respect China’s territorial sovereignty and maritime rights and interests, stop manipulating China-related issues, and take concrete actions to play a constructive role in promoting regional peace and development,” he said.

    MIL OSI China News –

  • MIL-OSI United Kingdom: UK-India defence agreements boost ‘Atmanirbhar Bharat’ ambition

    Source: United Kingdom – Government Statements

    The UK-India strategic partnership has taken another major step forward with the formal launch of Defence Partnership – India (DP-I) and the signing of several defence agreements at Aero India 2025.

    Announcing DP-I, UK Defence Minister Lord Vernon Coaker opened the UK-India Defence Partnership Pavilion, establishing a dedicated programme office within the UK’s Ministry of Defence that will serve as a one-stop shop for strengthening bilateral defence collaboration between the two countries.

    The UK and India have today agreed to expand their collaboration on next-generation weapons with Thales and Bharat Dynamics Limited (BDL). Thales and BDL have signed a contract that will deliver Laser Beam Riding MANPADs (LBRM), with an initial supply of High Velocity Missiles (STARStreak) and launchers to be delivered this year. This contract represents an important next step for UK-Indian defence co-operation in the critical area of air defence.

    Lord Vernon Coaker, UK Defence Minister, said:

    It was a pleasure to visit India and continue to grow our already strong defence relationship. Our Defence Partnership and the UK-India Defence Partnership Pavilion will help strengthen our cooperation further, supporting economic growth in both our countries and India’s Atmanirbhar ambition.

    This event showcases our collaboration in next generation capability, and the massive potential the UK and India can unlock by working together.

    Following the signing of this initial LBRM contract, both Thales and BDL will further collaborate to produce Lightweight Multirole Missiles (LMM). This develops and expands the partnership between Indian and British industry, laying the foundation for BDL and Indian industry to form an integral part of Thales’ global supply chain. It will address mutual security concerns, create jobs in both countries and enable interoperability by both armies.

    Lindy Cameron, British High Commissioner to India, said:

    India is taking significant steps in its journey to become Atmanirbhar in its defence capabilities. The UK is really looking forward to working with India as a partner of choice in supporting this ambition: collaborating on defence technologies lies at the heart of this. These are landmark agreements that support our economic growth and joint security.

    In a separate development, MBDA UK and BDL have been working together on the installation of a first of its kind Advanced Short-Range Air to Air Missile (ASRAAM) assembly and test facility in Hyderabad, arming current fleet of India’s fighter jets as well as exporting to the world.

    On the maritime front, the UK and India have signed a Statement of Intent to design and develop an Integrated Full Electric Propulsion (IFEP) system for India’s next generation Landing Platform Dock (LPD) fleet. As next steps, GE Vernova and BHEL are working to develop India’s first maritime Land Based Testing Facility to deliver LPD in the water by 2030.

    The strengthening of UK-India partnership will directly support India’s ‘Atmanirbhar Bharat’ ambition and deliver the UK Government’s growth agenda and Plan for Change.

    Further information

    • Free-to-use high resolution images of the UK delegation at Aero India will be uploaded online: www.flickr.com/photos/ukinindia.

    • The British companies at Aero India 2025 are Rolls Royce, BAE Systems, MBDA UK, Thales UK, GE Vernova, Leonardo, Strongfield Technologies, ASL, SEKO Logistics, Jaguar Engineering Centre of Excellence, Aviation Defence Supplies Ltd and Ricardo.

    • Following the signing of the LBRM contract both Thales UK and BDL will further collaborate to co-produce Lightweight Multirole Missiles with BDL forming an integral part of the Thales supply chain, increasing manufacturing capacity for global export.

    • UK Defence invested £69 million to secure Thales UK supply chain for key components used in the manufacture of missiles in 2024.

    • The landmark maritime electric propulsion capability transfer will ensure self-reliance in the power and propulsion of the Indian Navy’s next generation fleets.

    Media

    David Russell, Communications Counsellor and Spokesperson,
    British High Commission, Chanakyapuri,
    New Delhi 110021. Tel: 24192100

    Media queries: BHCMediaDelhi@fcdo.gov.uk

    Follow us on Twitter, Facebook, Instagram, Flickr, Youtube and LinkedIn

    Updates to this page

    Published 10 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Dmitry Grigorenko: The first regional services “life situations” have been launched

    Translartion. Region: Russians Fedetion –

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

    Regional services “life situations” have been launched in Russia for the first time. 85 services “life situations” have been launched on the unified portal of state services and regional portals for the provision of services, which include services provided by the subjects of the Russian Federation. With the help of the services “life situations” the time for receiving state services is reduced, as well as the number of visits to departments and documents that need to be provided.

    Life situations services combine services that are needed by people and businesses in certain circumstances, provided comprehensively and in one place.

    At the federal level, the “life situations” services are being implemented since 2023. 34 federal “life situations” services have already been launched. In particular, these are services for large families, replacement and restoration of documents, moving to another region, opening a business.

    To date, more than 1.5 million people have used the federal “life situations” services.

    Within the framework of one regional service, “life situation” has decreased on average:

    – the time to receive services is almost 2 times shorter – up to 25 days;

    – the number of documents that need to be submitted to departments is doubled – up to 4 units;

    – the number of in-person visits to departments has increased fourfold, to one.

    “Citizens are faced with the need to receive government services that are provided both at the federal and regional levels. It is important that a person receives a comfortable service regardless of whether these services are federal or regional. For this purpose, we have launched the “life situations” services, including those that combine regional services. The practice of using the most successful of them will be extended to other regions. That is, some of the “life situations” created in a specific region will become federal,” commented Deputy Prime Minister – Chief of the Government Staff Dmitry Grigorenko.

    For example, in the Republic of Buryatia, the service “life situation” helps in arranging care for an elderly relative at home and in providing the relative with assistance from a social worker. A person interacts with all departments in the “one-stop shop” mode on the page of the service “life situation”.

    The service “life situation” in the Yaroslavl region allows you to learn about the procedure for filing an application to receive the title “Veteran of Labor”. The service informs about the rights arising in connection with the assignment of the status “Veteran of Labor”, about the possibility of receiving regional social support measures, about the conditions for their appointment and provision.

    The service “life situation” in the Ryazan region helps to undergo a medical examination and preventive examination. Thanks to the service, you can sign up for a medical examination, fill out the documents required to visit the clinic, and get information on preparing for diagnostic tests. The results of the tests are sent to the citizen’s personal account on the public services portal.

    The “life situations” services launched in other regions allow one to solve a wide range of social issues, such as entering college or technical school, receiving regional support measures for the birth of children, and others.

    By the end of 2025, another 340 regional “life situations” services are planned to be launched. Thus, it is planned that by the end of 2025, 425 regional “life situations” services will be available.

    Work on the formation and launch of the “life situations” services is being carried out within the framework of the implementation of the federal project “State for People”.

    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 United Nations: EU supports early action as climate extremes compound hunger in the Greater Horn of Africa

    Source: World Food Programme

    NAIROBI – The Danish Refugee Council (DRC), United Nations Food and Agriculture Organisation (FAO), International Federation of the Red Cross and Red Crescent Societies (IFRC), IGAD Climate Prediction and Applications Centre (ICPAC), and the World Food Programme (WFP) have welcomed a contribution of EUR4 million from the Directorate-General for European Civil Protection and Humanitarian Aid Operations (DG ECHO) to launch a joint project to protect vulnerable communities in the Greater Horn of Africa from the devastating impacts of climate extremes, conflict, and displacement.

    “Increasingly frequent and intense climate extremes such as droughts and floods are compounding existing drivers of hunger such as conflict, displacement and economic instability. As livestock and crops perish, livelihoods are lost, and hunger deepens. Early action saves lives, builds people’s resilience to face future crises, and eases the strain on limited humanitarian resources,” said Rukia Yacoub, WFP’s Deputy Regional Director for Eastern Africa. 

    ‘Scaling Coordinated Multi-Hazard and Conflict-Sensitive Anticipatory Action in the Greater Horn of Africa’ will support 450,000 vulnerable people in Ethiopia and Somalia for two years by reducing the impacts of forecasted shocks before they become crises through capacity strengthening of weather agencies to provide timely, accurate forecasts, enabling better community and government response.

    “The IGAD region faces escalating risks from droughts, floods, cyclones, and conflicts, worsening humanitarian crises that threaten lives and livelihoods. This project proposes a holistic, regional, and harmonized approach to strengthen early warning systems for anticipatory action, enhance cross-border coordination, and facilitate risk-informed decision-making to ensure timely, life-saving early actions. With the March-May forecast indicating below-normal rainfall for the upcoming season, urgent preparedness is essential. Furthermore, this funding will directly support the implementation of the IGAD Regional Roadmap for Anticipatory Action, aiding member states in anticipating and undertaking early actions, improving coordination, and building resilience against climate shocks,” said Dr. Workneh Gebeyehu, IGAD’s Executive Secretary.

    The 2024-2026 project includes an additional EUR2.7 million joint contribution from the five implementing partners (DRC, FAO, IFRC, IGAD and WFP).

    “By supporting this new programme, the European Union intends to enhance our delivery of Anticipatory Action ahead of disasters which are predictable in the region and promote the resilience of communities across the region,” said Ségolène de Beco, the head of the European Union’s regional humanitarian aid office in Nairobi.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: IOM Deeply Alarmed by Mass Graves Found in Libya, Urges Action

    Source: International Organization for Migration (IOM)

    Tripoli, 10 February 2025 – The International Organization for Migration (IOM) has expressed shock and concern at the discovery of two mass graves in Libya containing the bodies of dozens of migrants, some with gunshot wounds.

    Nineteen bodies were discovered in Jakharrah (around 400 km south of Benghazi), while at least 30 more were found in a mass grave in the Alkufra desert in the southeast. It is believed the second grave may contain as many as 70 bodies.

    The circumstance of their death and nationalities remains unknown. Their graves were both discovered following a police raid, during which hundreds of migrants were rescued from traffickers. Security forces continue operations to capture those responsible.

    “The loss of these lives is yet another tragic reminder of the dangers faced by migrants embarking on perilous journeys,” said Nicoletta Giordano, IOM Libya Chief of Mission. “Far too many migrants along these journeys endure severe exploitation, violence and abuse, underscoring the need to prioritize human rights and protect those at risk.”

    IOM acknowledges the efforts of the Libyan authorities in investigating these deaths and urges them, along with UN partner agencies, to ensure a dignified recovery, identification, and transfer of the remains of the deceased migrants, while notifying and assisting their families.

    Last March the bodies of 65 migrants were found in a mass grave in the southwest of the country.

    According to IOM’s Missing Migrants Project, out of the 965 recorded deaths and disappearances in Libya in 2024, more than 22 per cent occurred on land routes. This highlights the often-overlooked risks migrants face on land routes, where fatalities frequently go underreported. Strengthening data collection, search and rescue efforts, and migrant protection mechanisms along these routes is crucial to preventing further loss of life.

    IOM in Libya continues to provide humanitarian assistance to vulnerable migrants and works to strengthen the capacity of relevant authorities to conduct life-saving search and rescue operations in the desert and at sea. This includes training in human rights obligations and ensuring that border management is in accordance with international law, with a protection-focused approach to assist those most at risk.

    IOM urges all governments and authorities along the route to strengthen regional collaboration to safeguard and protect migrants, irrespective of their status, throughout all stages of their journeys.

     

    For more information, please contact:

    In Libya: Giacomo Terenzi, gterenzi@iom.int

    In Cairo: Joe Lowry, jlowry@iom.int

    In Geneva: Kennedy Okoth kokoth@iom.int

    MIL OSI United Nations News –

  • MIL-OSI USA: Irradiator Removal Saves Millions of Dollars While Making Campuses Safer

    Source: US State of Connecticut

    In a milestone move intended to increase campus safety and lower operational costs, safety officials at UConn Storrs and UConn Health recently coordinated the removal of four cesium-sourced irradiators used for research and medical purposes.

    The disposal operation – a costly, highly-choreographed effort at each site that involved cranes, giant disposal casks, flatbed trucks, and campus and state police escorts – was made possible through the Cesium Irradiator Replacement Project (CIRP), a voluntary initiative of the U.S. Department of Energy (DOE) offering financial incentives to medical and research institutions willing to replace cesium-137 irradiators with new x-ray-based devices. Run by DOE’s National Nuclear Security Administration (NNSA), Office of Radiological Security (ORS), the program covers 100% of the cost of disposing cesium-137 based irradiators and reimburses up to 50% of the purchase price of new equipment.

    Kevin Higgins, the radiation safety officer at UConn Health, estimates it would have cost roughly $580,000 each – a total of $1.74 million – had UCH attempted to dispose its three irradiators on its own. Another $450,000 to $500,000 in savings was realized, he says, thanks to CIRP covering half the cost of two new X-ray irradiators that replaced the two cesium-based devices used by researchers and the blood bank at UCH. A third cesium irradiator no longer in use, was removed but not replaced.

    At Storrs CIRP helped offset roughly $882,000 in costs associated with the removal and replacement of its single cesium-sourced irradiator, a 1969-era model housed in the Pharmacy Biology Building and used for genetics and cell research, says Amy Courchesne, the radiation safety officer at UConn Storrs. The program also reimbursed the cost of add-ons for the new X-ray irradiator, which included specialized accessories, and $16,000 for modifications to the room it occupies, and a service contract.

    “If we decided not to go with CIRP, the University would have had to cover those costs,” she says.

    The primary goal of CIRP is to reduce the security risks associated with the institutional use of cesium-137 and cobalt-60 sourced irradiators. The irradiators are safely shielded to protect users from exposure but contain highly radioactive isotopes with a long half-life that could pose a significant health risk if dismantled from their protective shielding or released into the environment.

    While radioactive source irradiators have benefits, such as scientific research and the irradiation of blood, they would pose a grave risk to communities should they be lost or stolen. In the wrong hands, even a small amount of high-activity radioactive material could be used in an act of radiological terrorism.

    Contributed photo.

    UConn is among the hundreds of academic, medical, and other institutions to participate in CIRP since its inception in 2014. In course of 10 years, the program has facilitated the replacement of 67% of the radio-isotopic irradiators in the United States, according to Evan Thompson, a foreign affairs specialist with NNSA.

    As of Sept. 5, 2024, some 235 cesium-137-sourced blood irradiators have been replaced through the program and 82% of self-shielded cesium-137-based blood irradiators in the U.S. have been replaced, removed, or are slated for removal by contract or pledge.

    Replacing the irradiators at both sites required a great deal of planning, teamwork, and coordination. At UCH, the new research irradiator was installed prior to the cesium irradiator being removed. For the blood bank, an entirely new location for blood irradiation was constructed.

    On removal day, UConn, state, and local police were onsite to secure the site and manage traffic flow. The irradiators were then disassembled to access the shielded containers housing the radioactive sources. The containers, which weigh several thousand pounds, were then moved under police escort to a loading dock, lifted from there to a loading dock and placed on the ground. A crane then hoisted them up and into a specially designed shipping cask securely fastened to the flatbed tractor-trailer. As a last step, the cask was pressure tested to ensure proper assembly and escorted offsite by state and local police.

    The advantages of participating in the program go well beyond the cost savings associated with removal and replacement, notes Courchesne. The bureaucratic and regulatory aspects of operating the cesium-sourced irradiators were significant.

    “Due to security, FBI background checks were required for unescorted access,” she says. “After 9/11, the Nuclear Regulatory Commission put additional security orders into effect, including 24/7 monitoring, fail-safe monitoring with backup power, contingency planning and more.”

    The stricter rules prohibited the university from publicly disclosing that it owned a cesium-sourced irradiator, which limited use of the device to researchers within the university. Individuals interested in using the irradiator for research had to contact Courchesne and take an exam to ensure they had the capability to safely use it, then be escorted by radiation safety personnel when they used it.

    Under CIRP, the cradle-to-grave custodianship of the cesium-sourced devices shifts from the owning institution to the federal government, freeing UConn and UCH from that responsibility and any associated costs.

    At Storrs, the removal was facilitated by UConn’s Office of Vice President for Research (OVPR). Jeremy Blasbaugh, director of UConn’s Center of Open Research Resources (COR²E), will oversee the installation and the new X-ray irradiator at that site and its future use by researchers.

    “As the radiation safety officer, I’m excited that researchers will be able to use the replacement X-ray irradiator,” says Courchesne. “We can share about it and promote collaboration. We don’t have the liability and regulatory restrictions around the device anymore.”

    MIL OSI USA News –

  • MIL-Evening Report: Trump’s USAID freeze ‘undermines relationships in Pacific’, says editor

    RNZ Pacific

    Marshall Islands Journal editor Giff Johnson says US President Donald Trump’s decision on aid “is an opening for anybody else who wants to fill the gap” in the Pacific.

    Trump froze all USAID for 90 days on his first day in office and is now looking to significantly reduce the size of the multi-billion dollar agency.

    The Pacific is the world’s most aid dependent region, and Terence Wood from the Australian National University Development Policy Centre told RNZ Pacific this move would hit hard.

    “The US is the Pacific’s largest aid donor and what is happening there is completely unprecedented . . .  there’s also a cruel irony that Elon Musk is the world’s wealthiest man and right now he seems to be calling the shots with decisions that are literally going to be life or death for the world’s poorest people . . .  it’s hard to wrap one’s head around,” he said.

    Marshall Islands Journal owner and editor Giff Johnson on the USAID crisis. Video: RNZ Pacific

    Wood was concerned about how the dismantling of USAID would impact the Pacific.

    “It’s not a good time to be in the world’s most aid dependent region . . .  indeed Sāmoa PM Fiame Naomi Mata’afa has already expressed concern about what might happen to funding for organisations like the World Health Organisation . . .  so everyone is watching this with considerable alarm”.

    ‘It’s hard to believe that Trump has changed his sense’
     Editor Johnson said said in an interview with RNZ Pacific last week that Trump’s shutdown of USAID was at odds with the increased engagement in the Pacific.

    He said the move did not line up with the President’s rhetoric on China, and the fact the new US compact agreements were instigated by his administration the last time he was in power.

    “So it’s hard to believe that Trump has changed his sense and I mean, he’s putting tariffs in on China, right? . . .  So that’s still very much in play,” Johnson said.

    “It’s just like amazing to me that that they’re willing to undermine relationships in the Pacific that they claim to be a very important region for them.

    “And you know, this is, I mean, certainly it’s an opening for anybody else who wants to fill the gap, I suppose, until Washington decides what it is doing.”

    USAID shutdown bug thing for Pacific
    Meanwhile, in the Cook Islands, the vice-chairperson of the Pacific energy regulators Alliance said Trump’s shutdown of USAID was a big deal for the region.

    Dean Yarrall said his organisation was planning a multi-day training course on best practices in electricity regulation, funded by the US, which had now been called off.

    He said the cancelling of the training course caught his organisation off guard.

    “We’re seeing a lot of competition between parties, the Chinese are looking to increase the influence Australia as well and the US through USAID are big supporters of the Pacific so seeing USA sort of drop away, I think that will be a big thing,” Yarrall said.

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

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Northumbrian manufacturer wins data-centre work with UKEF backing

    Source: United Kingdom – Executive Government & Departments

    Salem Tube is moving into the rapidly-growing sector thanks in part to support from the government’s export credit agency.

    • Based in Prudhoe, County Durham, Salem Tube has traded for over 30 years and makes industrial tubing.

    • It has traditionally served the energy sector but is taking on more and more orders from developers of data-centres.

    • Data-centres have high energy requirements and cannot function without cooling equipment provided by Salem Tube.

    A manufacturer from Northumberland is taking on new business with data-centre developers after securing the support of UK Export Finance (UKEF) and Santander UK.

    Salem Tube has traded since 1992 and supplies tubes for heat-transfer and heat-exchange – something essential to industrial cooling systems. It exports to over 40 countries a year, typically in the energy sector.

    As the market for AI and cloud data storage grows rapidly, Salem has been taking on more and more contracts in this area.

    Salem has now agreed a financing package worth £3.5 million which is provided by Santander UK and backed by the government through UKEF. This gives the business the capital which it needs to take on larger data-centre contracts and establish itself as a supplier to this emerging sector.

    UKEF offers its General Export Facility (GEF) scheme through all the major UK banks and a range of non-bank lenders. This allows exporters to access working capital facilities up to around £25 million.

    Pat Kendell, Senior Export Finance Manager (North East England), UKEF:

    Salem Tube is a perfect example of how businesses in the north are adapting and thriving in emerging sectors. This deal shows how government backing can help established manufacturers to seize new opportunities in the industries of the future. By supporting Salem Tube’s move into the data-centre market, UKEF is helping to safeguard jobs and boost exports in the North-East.

    Mark Ling, Head of Trade & Supplier Finance, Santander UK:

    We are delighted to provide further support for Salem Tube’s growth. Our partnership and collaboration with both Salem Tube and UKEF demonstrates our commitment to the international growth of businesses in the UK.

    This also helps Salem to complete its rebound from COVID-19 and grow larger than ever. It secured a range of overseas contracts in the USA and Middle East last year and is now considering taking on more employees.

    This is the latest phase of Salem’s partnership with UKEF, which has supported the business for over 5 years and previously helped it win new contracts in Africa.

    Contact

    Media enquiries:

    Updates to this page

    Published 10 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Vacancy for IT Manager at MAIB, Southampton

    Source: United Kingdom – Executive Government & Departments

    We have an exciting opportunity to join the technical department at MAIB.

    Your responsibilities will include but not be limited to:

    • Service owner and system administrator of the branch’s local network, MADNet and its associated peripherals:

      • Network administrator
      • Network architect
      • Cybersecurity lead
      • First-line IT support
      • System administrator for Microsoft applications and licensing
      • Branch case management system
      • Building and issuing of staff laptops using Microsoft Intune
      • Set-up and problem-solving
      • Managing IT contractors
    • IT procurement lead
    • DfT IT Focal Point

    Applicants will have a robust technical background and strong leadership abilities, along with a deep understanding of network architecture and cybersecurity. Proven experience in managing and optimizing a range of IT systems and infrastructure is also desirable.

    This critical role requires candidates with a proven relevant technical background, combined with excellent communication, leadership, and people skills. You will have extensive experience of:

    • Windows-based PCs and server operating systems
    • Group Policy, Active Directory
    • Antivirus configuration and management
    • Firewall configuration and management
    • Managing network infrastructure, including UPS, switches and router configuration
    • VPN configuration and management
    • Cyber Security
    • Microsoft applications including Intune, O365 including Admin Centre, Teams, SharePoint, Power BI, Dynamics and Azure

    Applicants must have A level/BTEC National Level 3 equivalent or higher qualification, in an information technology subject, or certification from reputable IT companies such as Microsoft, Cisco, Dell, HP, Juniper, etc.

    For further information about the post and how to apply, go to Civil Service Jobs: IT Manager, Ref: 389736

    Closing date: Thursday 27th February 2025.

    Updates to this page

    Published 10 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: With No Competing Offers, Beacon Roofing’s Board Stalls and Misleads

    Source: GlobeNewswire (MIL-OSI)

    Beacon Insiders Recently Sold Shares Well Below Offer Price, Undermining Beacon’s Case Against QXO
    QXO Calls on Beacon Roofing to Let Shareholders Decide on QXO’s $124.25 All-Cash Offer

    GREENWICH, Conn., Feb. 10, 2025 (GLOBE NEWSWIRE) —  QXO, Inc. (NYSE: QXO) today released a letter to Beacon Roofing Supply, Inc. shareholders regarding its $124.25 per share all-cash offer, addressing misrepresentations in Beacon’s recent 14D-9 filing.

    Dear Beacon Shareholders,

    We seek to set the record straight on some of the numerous misleading statements in Beacon’s recent communications.

    1.   QXO’s Offer to Acquire Beacon Roofing Supply is Highly Compelling and at a Significant Premium to Beacon’s Unaffected Share Price

    In evaluating QXO’s offer, Beacon conveniently ignores that its share price reflects our acquisition interest following the Wall Street Journal’s November 18, 2024 report. That day, Beacon’s stock rose 9.9%, compared to a 0.4% increase in the S&P 500. Yet, Beacon compares QXO’s offer to share price metrics as of January 14, 2025—a misleading approach that distorts expectations of Beacon’s standalone value.

    A more appropriate analysis shows that QXO’s offer represents:

    • A 37% premium to Beacon’s 90-day unaffected VWAP of $91.02 per share as of November 15, 2024;
    • A 26% premium to Beacon’s unaffected spot price of $98.75 per share as of November 15, 2024; and
    • A higher price than Beacon’s stock has ever traded.

    Indeed, Beacon acknowledges that November 15, 2024 is a significant date, referencing stock performance “from January 2, 2020 to November 15, 2024 (the last trading day before rumors surfaced).”

    Moreover, since November 15, 2024, Beacon’s Building Products Proxy Peers have lost 10.5% in value1, making QXO’s offer even more compelling:

    • A 41% premium to an implied spot share price of $88.42; and
    • A 52% premium to the peer-adjusted 90-day VWAP of $81.502.    

    2.   Data Indicates that Beacon Will Miss its Margin Targets. The Board’s Claim of Strong Performance is Flawed

    Beacon’s Board touts cherry-picked historical performance, painting a misleading picture of its track record. Consensus analysts’ estimates indicate that Beacon will miss all margin targets under its “Ambition 2025” plan. Further, Beacon’s revenue growth largely stems from extraordinary inflation and inorganic growth between 2022 and 2024. From 2019 through LTM September 2024, Beacon’s 7.7% revenue CAGR is the lowest of its peer group and well below the peer median of 12.1%3.

    Despite setting unambitious “Ambition 2025” targets, consensus analysts’ estimates indicate that Beacon will:

    • Miss its 2025 Gross Margin target by 130 basis points;
    • Miss its 2025 EBITDA Margin target by 114 basis points; and
    • Deliver EBITDA margins 20bps lower in 2025 than when the “Ambition 2025” plan was introduced4.

    Furthermore, Beacon’s claims of superior stock performance are easily debunked. Over the past five years, Beacon’s total shareholder return has trailed its Building Products Proxy Peers by 86% and trailed those peers by 140% since CEO Julian Francis took over as CEO in August 20195.

    3.   QXO’s Offer Represents a 3.0x Premium to Beacon’s Historical Multiple

    Beacon’s lackluster operational performance and relative share price underperformance are reflected in its enterprise value to next-twelve-months EBITDA multiple, which has remained rangebound at an average of 8.1x over the past three years. Meanwhile, its valuation gap relative to its Building Products Proxy Peers widened by 1.3x6 over the same period.

    Since Beacon has not closed the valuation multiple gap despite implementing “Ambition 2025,” reporting supposedly strong results and stock markets nearing all-time highs, we urge shareholders to decide if the current management and Board are the right team to create value for shareholders. QXO’s proposal provides a 3.0x premium to Beacon’s average historical next-twelve-months EBITDA multiple7, providing substantial immediate cash-certain value to shareholders.

    4.   If Beacon is Truly Confident in its Future, it Should Release its Projections Today

    Beacon’s upcoming financial projections for its March Investor Day warrant skepticism. Management itself acknowledged in its filings that its upcoming 2028 targets are “ambitious,” implying they may not be realistic. Beacon has already fallen short of some “Ambition 2025” goals. Adding to the skepticism, its decision to announce the Investor Day came only days after QXO disclosed its plan to go directly to shareholders.

    Further, these newly constructed projections will not be revealed for another month—more than three months after Beacon’s Board first rejected QXO‘s offer. Why the delay? What is Beacon formulating in the interim? If the company had strong, credible projections, there would be no reason for such a drawn-out disclosure process.

    5.   Actions Speak Louder than Words: Beacon Insiders Recently Sold Shares at Prices Far Below QXO’s Offer

    Since early 2024, Beacon’s Chairman and CEO have sold a significant percentage of their shares at prices well below QXO’s $124.25 per share offer:

    • Chairman Stuart Randle sold 20.9% of his shares at $94.808;
    • CEO Julian Francis sold 9.8% of his shares at $97.919;
    • CD&R, arguably the most sophisticated financial sponsor in the distribution space, exited its position in Beacon at $83.16 per share.

    If Beacon’s future is so bright under current management, why are insiders selling shares sharply below QXO’s offer price?

    Additionally, Beacon’s Board and management collectively own only 1.3% of outstanding10 shares, signaling a lack of alignment with shareholder interests and demonstrating their lack of confidence in Beacon’s standalone prospects.

    6.   Beacon’s Own Filings Suggest that No Actionable Competing Offer Exists

    Beacon’s recent filings indicate no viable third-party alternative to QXO’s premium offer. Beacon’s 14D-9 filing has not disclosed any competing offers, or even a single NDA being signed.

    Interestingly, on December 2, 2024, representatives of J.P. Morgan explicitly informed representatives of Morgan Stanley that they had been authorized to approach other potential suitors for Beacon. QXO’s letter to Beacon sent on the following day stated this clearly, yet Beacon made no effort to dispute this until two months later, on February 6, 2025.

    QXO’s offer is clear, compelling and in shareholders’ best interest. It is time for Beacon’s Board to stop obstructing shareholders and let them decide their own financial future.

    QXO’s tender offer for all of Beacon’s outstanding common stock will be effective until 12:00 midnight (New York City time) at the end of February 24, 2025, and QXO is prepared to complete the acquisition shortly after the tender expires, subject to the terms of the offer. The transaction is not subject to any financing conditions or due diligence conditions, and QXO expects that the waiting periods under the Hart-Scott-Rodino Act and the Canadian Competition Act will have expired or been waived by the time the tender offer expires.

    Advisors

    Morgan Stanley & Co. LLC is acting as lead financial advisor to QXO, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel.

    About QXO

    QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors. The company provides consulting and professional services, including specialized programming, training and technical support, and develops proprietary software. As a value-added reseller of business application software, QXO offers solutions for accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications. QXO plans to become a tech-forward leader in the $800 billion building products distribution industry. The company is targeting tens of billions of dollars of annual revenue in the next decade through accretive acquisitions and organic growth. Visit QXO.com for more information.

    Forward-Looking Statements

    This communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets, goals, regulatory approval timing and nominating directors are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Such factors include but are not limited to: the ultimate outcome of any possible transaction between QXO, Inc. (“QXO”) and Beacon Roofing Supply, Inc. (“Beacon”), including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any definitive agreement will be materially different from those proposed; uncertainties as to whether Beacon will cooperate with QXO regarding the proposed transaction; the ultimate result should QXO commence a proxy contest for election of directors to Beacon’s board of directors; QXO’s ability to consummate the proposed transaction with Beacon; the conditions to the completion of the proposed transaction, including the receipt of any required shareholder approvals and any required regulatory approvals; QXO’s ability to finance the proposed transaction; the substantial indebtedness QXO expects to incur in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; QXO’s ability to retain certain key employees; and general economic conditions that are less favorable than expected. QXO cautions that forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not assume any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

    Important Additional Information and Where to Find It

    This communication is for informational purposes only and does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Beacon securities. QXO and Queen MergerCo, Inc. (the “Purchaser”) filed a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission (the “SEC”) on January 27, 2025, and Beacon filed a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC on February 6, 2025. Investors and security holders are urged to carefully read the Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time) and the Solicitation/Recommendation Statement, as these materials contain important information that investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials are filed with the SEC, and investors and security holders may obtain a free copy of these materials and other documents filed by QXO and Beacon with the SEC at the website maintained by the SEC at www.sec.gov. In addition, the Tender Offer Statement and other documents that QXO and the Purchaser file with the SEC will be made available to all investors and security holders of Beacon free of charge from the information agent for the tender offer: Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, NY 10022, toll-free telephone: +1 (888) 750-5834.

    QXO and the other participants intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 annual meeting of stockholders of Beacon. QXO strongly advises all stockholders of Beacon to read the preliminary proxy statement, any amendments or supplements to such proxy statement, and other proxy materials filed by QXO with the SEC as they become available because they will contain important information. Such proxy materials will be available at no charge on the SEC’s website at www.sec.gov and at QXO’s website at investors.qxo.com. In addition, the participants in this proxy solicitation will provide copies of the proxy statement, and other relevant documents, without charge, when available, upon request. Requests for copies should be directed to the participants’ proxy solicitor.

    Certain Information Concerning the Participants

    The participants in the proxy solicitation are anticipated to be QXO, Brad Jacobs, Ihsan Essaid, Matt Fassler, Mark Manduca and the individuals nominated by QXO (the “QXO Nominees”). QXO expects to determine and announce the QXO Nominees prior to the nomination deadline for the 2025 annual meeting of stockholders of Beacon. As of the date of this communication, other than 100 shares of common stock of Beacon beneficially owned by QXO, none of the participants who have been identified has any direct or indirect interest, by security holdings or otherwise, in Beacon.

    Media Contacts
    Joe Checkler
    joe.checkler@qxo.com
    203-609-9650

    Steve Lipin / Lauren Odell
    Gladstone Place Partners
    212-230-5930

    Investor Contacts
    Mark Manduca
    mark.manduca@qxo.com
    203-321-3889

    Scott Winter / Jonathan Salzberger
    Innisfree M&A Incorporated
    212-750-5833

    1 Market data as of February 7, 2025. Average of building products subset of the peer list presented in Beacon’s April 2024 Proxy Statement; includes: Builders FirstSource, Boise Cascade, GMS, Pool Corp, SiteOne, WATSCO, Wesco (“Building Products Proxy Peers”)
    2 Based on Beacon’s unaffected share price as of November 15, 2024 and the average share price performance since November 15, 2024 for the Building Products Proxy Peers
    3 Reported revenues for Beacon and Building Products Proxy Peers
    4 Based on median 2025E Wall Street research estimates, sourced from Capital IQ as of February 7, 2025
    5 Market data as of November 15, 2024. Total shareholder return reflects stock price performance adjusted for cash dividends paid, stock splits, rights offerings and spin-offs during the period
    6 As per Capital IQ as of November 15, 2024
    7 As of November 15, 2024; next-twelve-months EBITDA calculated using calendarized annual broker EBITDA estimates for Beacon
    8 As per Mr. Randle’s Form 4 filed with the SEC on May 28, 2024. According to Mr. Randle’s Form 4, this sale was not made pursuant to a Rule 10b5-1 plan or to pay any exercise price or tax liability incident to the receipt, exercise or vesting of equity awards.
    9 As per Mr. Francis’s Form 4 filed with the SEC on May 22, 2024. According to Mr. Francis’s Form 4, this sale was not made pursuant to a Rule 10b5-1 plan or to pay any exercise price or tax liability incident to the receipt, exercise or vesting of equity awards.
    10 As per Schedule 14D-9 filed with the SEC on February 6, 2025

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5854092c-16b2-41c5-918c-3c0e68bd5705

    The MIL Network –

  • MIL-OSI: Pando Launches Pi – AI Teams for Logistics, Enabling Autonomous Freight Procurement, Planning, and Payments for Global Brands

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, Feb. 10, 2025 (GLOBE NEWSWIRE) — Pando, the leading Logistics AI company, today announced the launch of its AI Teams for Logistics, a groundbreaking suite of AI Agents designed to automate freight procurement, dispatch planning, and freight audit and payment processes for global brands. Purpose-built to transform logistics operations, its new ‘Logistics Services as Software’ model enables manufacturers, distributors, and retailers to replace manual, error-prone tasks with intelligent automation to unlock unprecedented efficiency and cost savings by replacing the need for hiring additional staff or more software with AI agents. Pi redefines both logistics and talent strategies, accelerating the shift toward a world where Human Intelligence and Artificial Intelligence work together to drive complex business processes. Pando’s AI Agents act as a team of smart analysts, empowering logistics managers to delegate important yet repetitive decisions to these agents, who execute them with unmatched accuracy.

    Pando’s CEO Nitin Jayakrishnan and global technology executive, public and private company board director Suja Chandra will showcase Pando’s AI Teams through a live demonstration at Manifest 2025 in Las Vegas from February 10-12 at booth #1408, giving industry leaders an exclusive look at how AI is reshaping global transportation management.

    Automating Routine Decisions with AI Teams

    For decades, logistics teams have been weighed down by time-consuming processes —coordinating with carriers, negotiating rates, verifying invoices, tracking shipment delays, and ensuring contract compliance and service delivery. These tasks, while critical, are cumbersome, and distract teams from focusing on strategic initiatives that drive top and bottom line for the brands they serve. Teams can now break this cycle by hiring AI Teams that can automate routine tasks such as invoice audits, payments processing, carrier collaboration, and freight spend analysis and reporting.

    Pando’s AI Teams are already deployed at some of the world’s largest brands. Seamlessly integrated with business systems, third-party tools, and market data Pando creates an enterprise-specific supply chain knowledge graph. This dynamic, real-time representation of the logistics network continuously trains enterprise-specific Logistics Language Models® (LLMs) that not only understand multi-modal global logistics but precisely understand the context of individual businesses and their networks. This allows Pando’s AI Teams to execute repetitive tasks and decisions in freight and transportation management with high precision.

    “At Accuride, on-time delivery to our global commercial vehicle customers is paramount. This in turn demands seamless collaboration with our global suppliers in Asia,” said Skotti Fietsam, SVP Global Supply Chain. “Pando’s AI agents have transformed our supplier collaboration in this context of inbound logistics. What once took days of painstaking manual review of booking reports and packing lists from suppliers now happens in minutes. Pi, Pando’s AI agent, automatically extracts critical data from supplier emails, generating shipment records ready for review. This frees our team from tedious tasks, allowing us to focus on strategic priorities and ensure we meet our customers’ demands. Pando is a true game-changer with its cutting-edge AI capabilities, dramatically boosting our team productivity and ensure we maintain our competitive edge.”

    From Automation to Intelligence: AI Teams That Execute Complex Logistics Decisions

    With more data and continuous learning, AI Teams take on increasingly complex and high-value logistics decisions. For example, Pando’s AI Teams now procure freight across multiple modes and geographies, ensuring optimal pricing and carrier selection for both spot and long-term contracts autonomously. It determines the best modal mix, optimizes carrier allocations, bundles lanes, negotiates rates, and finalizes contracts, all while ensuring alignment with broader service level expectations. AI Teams can also audit, validate invoices, execute claims processes, and pay freight invoices across all modes, services, and currencies, identifying discrepancies and even resolving disputes by collaborating directly with carriers to resolve invoice disputes.

    The Future of Logistics: AI Teams Partnering with Human Teams

    Pando represents a fundamental shift in how logistics teams operate. Moving beyond simple automation, it creates a model where human intelligence and artificial intelligence collaborate seamlessly. Instead of spending their time on routine decisions, logistics professionals can now focus on strategy, innovation, and higher-value problem-solving, supported by AI Agents that execute with precision and reliability.

    “Logistics teams are burdened with too many ‘keep-the-lights-on’ tasks—chasing carriers, negotiating spot rates, validating invoices—leaving little room for strategic initiatives. With Pando, we are bringing the power of AI to logistics decision-making, freeing teams to focus on what truly matters. This isn’t about automation for automation’s sake; it’s about super-powering logistics to be true revenue partners to the business,” said Nitin Jayakrishnan, CEO of Pando.

    Experience Pi at Manifest 2025

    As AI continues to reshape global supply chains, AI is set to become an indispensable tool for logistics teams worldwide, accelerating the industry’s shift toward autonomous operations.

    Pando will be showcasing Pi at Manifest 2025 in Las Vegas (Booth #1408, February 10-12), where attendees can experience firsthand how AI Teams can drive efficiency, accuracy, and autonomy in logistics management.

    About Pando

    Pando is a global leader in AI-powered logistics technology, helping manufacturers, distributors, and retailers automate the procure-to-pay lifecycle of freight to build agility, control freight spend, and reduce carbon footprint. Trusted by Fortune 500 enterprises with global customers across North America, Europe and Asia Pacific regions, Pando is pioneering the future of autonomous logistics with cutting-edge AI.

    Pando is recognized by Gartner for its transportation management capabilities, by World Economic Forum (WEF) as a Technology Pioneer, by G2 as a Market Leader in Freight Management, and named one of the fastest-growing technology companies by Deloitte. For more information, visit www.pando.ai.

    Media Contact
    Courtney Meints
    Skyya PR for Pando
    +1 651-329-9098
    pando@skyya.com

    The MIL Network –

  • MIL-OSI: Churchill Resources Confirms Ni-Co Potential of Large Tonnage Seahorse Lake Intrusive at Florence Lake

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 10, 2025 (GLOBE NEWSWIRE) — Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to provide an update on its 2024 fieldwork results at the Florence Lake nickel project located in Labrador. Highlights include:

    Seahorse Lake Intrusive

    • CRI 2024 sampling confirms Ni-Co potential and ~7.5km strike length to the variably exposed Seahorse Intrusion with consistent historical surface grab samples grading 0.2-0.4% nickel and Company 2024 results confirm historical and new exposures with grades or 0.2-0.32% Ni and 100-756ppm Cobalt. The high cobalt value is much improved over the best historical result of 361ppm Co.
    • 13 of 27 CRI samples at Seahorse returned high-interest aluminum undepleted komatiite geochemical signatures, suggesting more primitive, potentially Ni-enriched units may also be present in the volcanic assemblage. This is a very encouraging early sign for Seahorse.
    • The lone short historical drillhole, TSH96-04, into the eastern margin of the intrusive, also returned nickel values in the 0.2-0.3% range with 0.01%Co from selected short samples between 30-100m downhole. The entire core is available for sampling to the end of hole at 102m.

    Baikie Belt

    • The northern licenses’ Baikie Sub-belt high-grade targets have been sampled with prioritization based on prospective komatiite geochemistry/VTEM conductors/high nickel-in-soil sampling highlighting numerous areas for detailed follow-up.

    Paul Sobie, CEO, commented:

    “Our 2024 fieldwork has confirmed that the Seahorse Lake Ultramafic Intrusive spans some 7.5km x 1km as suggested by its magnetic signature, and found it to outcrop over several impressively large areas. Historical grab sampling by Falconbridge returned pervasive surface nickel assays in the 0.2 to 0.4%Ni range, consistent with similar ultramafic intrusions being evaluated in Ontario, Quebec, BC, and Alaska.  

    Our 2024 sampling confirmed Seahorse’s Ni-Co potential per Table 1 and Figure 1, including a grab sample grading 756ppm Co (0.076%). We plan to cut long channel samples through these large outcrop exposures during fieldwork in 2025 to define nickel content over significant strike lengths and widths, as an important part of our first full “boots on the ground” season based out of the Florence Lake camp.

    On our northern licenses covering the high-grade target Baikie Sub-belt ~5km northwest of Seahorse, we’ve now sampled most of the 43 priority targets identified from VTEM survey and follow-up soil sampling, allowing for prioritization for detailed prospecting, geology and geophysical surveys this summer.

    Florence Lake lies ~70km west of the deep-water port of Postville, an all-weather road proposed along the Labrador coast would pass within 15km, and nearby waterfalls offer hydro-electric power potential, all greatly enhancing project economics.”

    Figure 1 – Seahorse Lake Total Magnetic Intensity with 2024 and Falconbridge Surface Sampling

    Figure 2 – Outcropping serpentinized peridotite southern Seahorse Lake Intrusion (note helicopter in distance for scale)

    Figure 3 – Outcropping serpentinized peridotite central Seahorse Lake Intrusion

    Table 1 – 2024 Lithogeochemical Sample Selected Analytical Results

    Baikie Belt High-Grade Targets

    The Baikie-Sub-belt volcanic package is highly encouraging for nickel discoveries throughout the volcanic stratigraphy, rather than just the Baikie Showing horizon, the primary target of Falconbridge, where a small deposit was delineated. CRI is continuing to sample the ultramafic lavas in the area of priority targets, following the recognition of numerous Al2O3-undepleted ultramafic volcanic areas (i.e., more primitive lavas, associated with nickel mineralization), as stacked targets located throughout the upper Eastern Volcanic areas of the greenstone belt, and importantly also within the more basal Western Volcanics. Kambalda-style nickel sulphide deposits occur primarily in the basal portions of ultramafic volcanic sequences.

    Figure 4 following shows the location of 2024 lithogeochemical samples detailed in Table 1, as well as the location of all other CRI surface samples collected since 2021. As well Dr. Derek Wilton has sampled numerous historical drill holes, and NL Government Geological Survey geologists have sampled the rest of the historical drillholes, which data will be available in the near-term to further our compilations of geochemical data and follow-up plans. CRI is in close contact with the Geological Survey team, who are actively assessing the Baikie and Seahorse Lake areas through mapping, lithogeochemistry and age-dating of surface and core samples and who completed their first field season in the Florence Lake area in 2024. The Geological Survey is planning to be active again this summer on our property and the collaboration will be extremely helpful to Churchill.

    2024 soil sampling was modest in sample numbers and targeted to assess VTEM conductors lower in the stratigraphy in the Western Volcanics per Figure 5. Moderate nickel anomalies were generated in several areas for follow-up this summer.

    The technical and scientific information in this news release has been reviewed and approved by Dr. Derek H.C Wilton, P.Geo., FGC, who is a “qualified person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Wilton is an honourary research professor of Economic Geology at Memorial University and is independent of the Company for the purposes of NI 43-101.

    The lithogeochemical samples reported here were whole rock pieces, collected from outcrop and historical drill core by Dr. Wilton during fieldwork in September/October 2024. These samples were sealed in labelled plastic bags in the field. All sample bags were photographed and transported to Thunder Bay, ON, by secure courier. The samples were analysed by ALS Geochemistry Ltd. in Thunder Bay using ME-ICP06 whole rock and ME-MS61L analytical protocols. Samples with over limit Ni contents were re-assayed using OG-46 Aqua-Regia overlimit method. Quality control results, including the laboratory’s own control samples, were evaluated immediately.1

    The soil samples were placed in labelled, sealed kraft paper bags and delivered to Eastern Analytical of Springdale, NL, an ISO/IEC 17025 certified facility. The samples were analysed using ICP 34 (inductively coupled plasma) analytical protocols. Samples with over limit Ni contents were re-assayed using Eastern’s Ore Grade Assay (multi acid digestion) overlimit method. Quality control results, including the laboratory’s control samples, were evaluated immediately.

    Figure 4 – CRI Lithogeochemical Samples 2021-2024 in Baikie Sub-belt

    Figure 5 – CRI Soil Samples 2022-2024 in Baikie Sub-belt on detailed CRI magnetics

    About Churchill Resources Inc.

    Churchill Resources Inc. is a Canadian exploration company focused on high grade, magmatic nickel sulphides in Canada, principally at its prospective Taylor Brook and Florence Lake properties in Newfoundland & Labrador. The Churchill management team, board and its advisors have decades of combined management experience in mineral exploration and in the establishment of successful publicly listed mining companies, both in Canada and around the world. Churchill’s Taylor Brook and Florence Lake projects have the potential to benefit from the province’s large and diversified minerals industry, which includes world class nickel mines and processing facilities, and a well-developed mineral exploration sector with locally based drilling and geological expertise.

    Further Information

    For further information regarding Churchill, please contact:

    Churchill Resources Inc.
    Paul Sobie, Chief Executive Officer
    Tel.   +1 416.365.0930 (o)
        +1 647.988.0930 (m)
    Email   psobie@churchillresources.com
         
    Alec Rowlands, Corporate Consultant
    Tel.   +1 416.721.4732 (m)
    Email   arowlands@churchillresources.com
         

    Cautionary Note Regarding Forward Looking Information

    This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “proposed”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, the Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the Company’s properties; future growth potential of the Company, including whether any proposed exploration programs at any of the Company’s properties will be successful; exploration results; and future exploration plans and costs and financing availability.

    These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the expected benefits to the Company relating to the exploration conducted and proposed to be conducted at the Company’s properties; failure to identify any mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Company’s properties; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; and those factors described in the most recently filed management’s discussion and analysis of the Company. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

    Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

    1 The Company reminds investors that surface rock samples are select samples and may not be representative of all mineralization on the Florence Lake property.

    Photos accompanying this announcement are available at: 

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a4a7348e-6b56-4bb1-8fed-cb6009e554be

    https://www.globenewswire.com/NewsRoom/AttachmentNg/63543e74-a8d5-455e-a5b4-539e2bc771fd

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1640a47f-264a-4f11-962f-d3cb179b030c

    https://www.globenewswire.com/NewsRoom/AttachmentNg/584d7791-09ee-45bc-ab69-c6a7e7332132

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d275b392-66dd-4a1a-937a-2488d04f4555

    https://www.globenewswire.com/NewsRoom/AttachmentNg/4ad8cf7b-9b04-44ed-871c-34ec8a2d094b

    The MIL Network –

  • MIL-OSI: Tower Semiconductor Reports 2024 Fourth Quarter and Full Year Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MIGDAL HAEMEK, Israel, Feb. 10, 2025 (GLOBE NEWSWIRE) — Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM) reports today its results for the fourth quarter of 2024 and for the year ended December 31, 2024.

    Fourth Quarter of 2024 Results Overview
    Revenues for the fourth quarter of 2024 were $387 million as compared to $371 million for the third quarter of 2024 and $352 million for the fourth quarter of 2023, representing 5% quarter over quarter growth and 10% year over year growth. The Company met its expressed target of sequential quarter over quarter revenue growth within 2024, resulting in 18% growth fourth quarter over first quarter.

    Gross profit for the fourth quarter of 2024 was $87 million, compared to $84 million for the fourth quarter of 2023. During the fourth quarter of 2024, the Company took on for the first time its portion of incremental costs of the greenfield Agrate facility.

    Operating profit for the fourth quarter of 2024 was $46 million as compared to $45 million for the fourth quarter of 2023.

    Net profit for the fourth quarter of 2024 was $55 million, reflecting $0.49 basic and diluted earnings per share. Net profit for the fourth quarter of 2023 was $54 million, or $0.49 basic and $0.48 diluted earnings per share.

    Cash flow generated from operating activities in the fourth quarter of 2024 was $101 million and investments in property and equipment, net were $93 million.

    Full year 2024 Results Overview
    Revenues for the full year of 2024 were $1.44 billion, gross profit was $339 million, operating profit was $191 million. Net profit for the full year of 2024 was $208 million, or $1.87 basic and $1.85 diluted earnings per share. For the full year of 2023, revenues were $1.42 billion, gross profit was $354 million, operating profit was $547 million and included $314 million, net, from the Intel merger contract termination and $33 million of restructuring income, net, from the previously disclosed reorganization and restructure of our Japan operations during 2022. Net profit for the full year of 2023 was $518 million, or $4.70 basic and $4.66 diluted earnings per share and included $290 million, net, due to the merger contract termination payment by Intel and $11 million restructuring income, net.

    Cash flow generated from operating activities for the year ended December 31, 2024, was $449 million. Investments in property and equipment, net for the year ended December 31, 2024, were $432 million and debt payments, net totaled $32 million.

    6” Fab Consolidation Update
    During the fourth quarter of 2024, the lower margin legacy of 150mm flows were discontinued in Fab1, with last Fab outs occurring in January 2025. The forward-looking strategic flows have been transferred into the Fab2 200mm factory. This strategic integration enables the Company to streamline its production processes, enhancing overall efficiency.

    Business Outlook
    Tower Semiconductor guides revenues for the first quarter of 2025 to be $358 million, with an upward or downward range of 5%. First quarter mid-range guidance reflects about 10% year-over-year growth.

    Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, stated:
    “With the close of 2024, we are pleased with our progress, in having brought to market highly differentiated end application advancing platforms, hence strengthening our position for sustainable growth. Our 2025 revenue target is year-over-year growth, with sequential quarter-over-quarter revenue growth, and an acceleration in the second half of the year. This momentum is fueled by increasing production shipments as our previously announced capacity investments progress through the final stages of customer qualifications.”

    Ellwanger further added: “Our commitment to customer partnered innovation and streamlined execution continues to drive our ability to meet the growing and evolving needs of our customers in a quickly changing business environment, whilst expanding our available market size and share. We look forward to the year ahead with confidence and enthusiasm.”

    Teleconference and Webcast
    Tower Semiconductor will host an investor conference call today, Monday, February 10, 2025, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the Company’s financial results for the fourth quarter and full year of 2024 and its business outlook.

    The call will be webcast and available through the Investor Relations section of Tower Semiconductor’s website at ir.towersemi.com. The pre-registration form required for dial-in participation is accessible here. Upon completing the registration, participants will receive the dial-in details, a unique PIN, and a confirmation email with all necessary information. To access the webcast, click here. The teleconference will be available for replay for 90 days.

    Non-GAAP Financial Measures
    The Company presents its financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial information included in the tables below includes unaudited condensed financial data. Some of the financial information, which may be used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, which we may describe as adjusted financial measures and/or reconciled financial measures, are non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission (the “SEC”) as they apply to our Company. These adjusted financial measures are calculated excluding the following: (i) amortization of acquired intangible assets as included in our costs and expenses, (ii) compensation expenses in respect of equity grants to directors, officers, and employees as included in our costs and expenses, (iii) merger contract termination fees received from Intel, net of associated cost and taxes following the previously announced Intel contract termination as included in net profit in 2023 and (iv) restructuring income, net, which includes income, net of cost and taxes associated with the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, which occurred during 2022, as included in net profit. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures used and/or presented in this release, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, as well as may be included and calculated in the tables herein, the term Earnings Before Interest Taxes, Depreciation and Amortization which we define as EBITDA consists of operating profit in accordance with GAAP, excluding (i) depreciation expenses, which include depreciation recorded in cost of revenues and in operating cost and expenses lines (e.g., research and development related equipment and/or fixed other assets depreciation), (ii) stock-based compensation expense, (iii) amortization of acquired intangible assets, (iv) merger contract termination fees received from Intel, net of associated cost following the previously announced Intel contract termination, as included in operating profit and (v) restructuring income, net in relation to the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, as included in operating profit. EBITDA is reconciled in the tables below and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company from GAAP operating profit. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, are not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash, as may be used and/or presented in this release and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is comprised of cash, cash equivalents, short-term deposits, and marketable securities less debt amounts as presented in the balance sheets included herein. The term Net Cash is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Free Cash Flow, as used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is calculated to be net cash provided by operating activities (in the amounts of $101 million, $125 million and $126 million for the three months periods ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively and in the amounts of $449 million and $677 million for the years ended December 31, 2024 and December 31, 2023, respectively (less cash used for investments in property and equipment, net (in the amounts of $93 million, $128 million and $136 million for the three months periods ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively and in the amounts of $432 million and $432 million for the years ended December 31, 2024 and December 31, 2023, respectively). The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing, and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP.

    About Tower Semiconductor
    Tower Semiconductor Ltd. (NASDAQ/TASE: TSEM), the leading foundry of high-value analog semiconductor solutions, provides technology, development, and process platforms for its customers in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor focuses on creating a positive and sustainable impact on the world through long-term partnerships and its advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, displays, integrated power management (BCD and 700V), photonics, and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle as well as process transfer services including development, transfer, and optimization, to IDMs and fabless companies. To provide multi-fab sourcing and extended capacity for its customers, Tower Semiconductor owns one operating facility in Israel (200mm), two in the U.S. (200mm), two in Japan (200mm and 300mm) which it owns through its 51% holdings in TPSCo, shares a 300mm facility in Agrate, Italy with STMicroelectronics as well as has access to a 300mm capacity corridor in Intel’s New Mexico factory. For more information, please visit: www.towersemi.com.

    CONTACT:
    Liat Avraham | Investor Relations | +972-4-6506154 | liatavra@towersemi.com

    Forward-Looking Statements
    This release, as well as other statements and reports filed, stated and published in relation to this quarter’s results, includes certain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, projections and statements with respect to our future business, financial performance and activities. The use of words such as “projects”, “expects”, “may”, “targets”, “plans”, “intends”, “committed to”, “tracking”, or words of similar import, identifies a statement as “forward-looking.” Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements, which describe information known to us only as of the date of this release. Factors that could cause actual results to differ materially from those projected or implied by such forward-looking statements include, without limitation, risks and uncertainties associated with: (i) demand in our customers’ end markets, (ii) reliance on acquisitions and/or gaining additional capacity for growth, (iii) difficulties in achieving acceptable operational metrics and indices in the future as a result of operational, technological or process-related problems, (iv) identifying and negotiating with third-party buyers for the sale of any excess and/or unused equipment, inventory and/or other assets, (v) maintaining current key customers and attracting new key customers, (vi) over demand for our foundry services resulting in high utilization and its effect on cycle time, yield and on schedule delivery, as well as customers potentially being placed on allocation, which may cause customers to transfer their business to other vendors, (vii) financial results that may fluctuate from quarter to quarter, making it difficult to forecast future performance, (viii) our debt and other liabilities that may impact our financial position and operations, (ix) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (x) fluctuations in cash flow, (xi) our ability to satisfy the covenants stipulated in our agreements with our debt holders, (xii) pending litigation, (xiii) meeting the conditions set in approval certificates and other regulations under which we received grants and/or royalties and/or any type of funding from the Israeli, US and/or Japan governmental agencies, (xiv) receipt of orders that are lower than the customer purchase commitments and/or failure to receive customer orders currently expected, (xv) possible incurrence of additional indebtedness, (xvi) the effects of global recession, unfavorable economic conditions and/or credit crisis, (xvii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xviii) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we create inventory before receipt of customer orders, (xix) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xx) financing capacity acquisition related transactions, strategic and/or other growth or M&A opportunities, including funding Agrate fab’s significant 300mm capacity investments and acquisition or funding of equipment and other fixed assets associated with the capacity corridor transaction with Intel as announced in September 2023, in addition to other capacity and capability expansion plans, and the possible unavailability of such financing and/or the availability of such financing on unfavorable terms, (xxi) operating our facilities at sufficient utilization rates necessary to generate and maintain positive and sustainable gross, operating and net profit, (xxii) the purchase of equipment and/or raw material (including purchases beyond our needs), the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiii) product returns and defective products, (xxiv) our ability to maintain and develop our technology processes and services to keep pace with new technology, including artificial intelligence, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxv) competing effectively, (xxvi) the use of outsourced foundry services by both fabless semiconductor companies and integrated device manufacturers, (xxvii) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxviii) the Fab 3 landlord’s alleged claims that the noise abatement efforts made thus far are not adequate under the terms of the amended lease that caused him to request a judicial declaration that there was a material non-curable breach of the lease and that he would be entitled to terminate the lease, as well the ability to extend such lease or acquire the real estate and obtain the required local state and/or approvals required to be able to continue operations beyond the current lease term, (xxix) retention of key employees and recruitment and retention of skilled qualified personnel, (xxx) exposure to inflation, currency rates (mainly the Israeli Shekel, the Japanese Yen and the Euro) and interest rate fluctuations and risks associated with doing business locally and internationally, as well as fluctuations in the market price of our traded securities, (xxxi) meeting regulatory requirements worldwide, including export, environmental and governmental regulations, as well as risks related to international operations, (xxxii) potential engagement for fab establishment, joint venture and/or capital lease transactions for capacity enhancement in advanced technologies, including risks and uncertainties associated with the Agrate fab and the capacity corridor transaction with Intel as announced in September 2023, such as their qualification schedule, technology, equipment and process qualification, facility operational ramp-up, customer engagements, cost structure, required investments and other terms, which may require additional funding to cover their significant capacity investment needs and other payments, the availability of which funding cannot be assured on favorable terms, if at all, (xxxiii) potential liabilities, cost and other impacts that may be incurred or occur due to reorganization and consolidation of fabrication facilities, including the impact of cessation of operations of our facilities, including with regard to our 6 inch facility, (xxxiv) potential security, cyber and privacy breaches, (xxxv) workforce that is not unionized which may become unionized, and/or workforce that is unionized and may take action such as strikes that may create increased cost and operational risks, (xxxvi) the issuance of ordinary shares as a result of exercise and/or vesting of any of our employee equity, as well as any sale of shares by any of our shareholders, or any market expectation thereof, as well as the issuance of additional employee stock options and/or restricted stock units, or any market expectation thereof, which may depress the market value of the Company and the price of the Company’s ordinary shares and in addition may impair our ability to raise future capital, and (xxxvii) climate change, business interruptions due to floods, fires, pandemics, earthquakes and other natural disasters, the security situation in Israel, global trade “war” and the current war in Israel, including the potential inability to continue uninterrupted operations of the Israeli fab, impact on global supply chain to and from the Israeli fab, power interruptions, chemicals or other leaks or damages as a result of the war, absence of workforce due to military service as well as risk that certain countries will restrict doing business with Israeli companies, including imposing restrictions if hostilities in Israel or political instability in the region continue or exacerbate, and other events beyond our control. With respect to the current war in Israel, if instability in neighboring states occurs, Israel could be subject to additional political, economic, and military confines, and our Israeli facility’s operations could be materially adversely affected. Any current or future hostilities involving Israel or the interruption or curtailment of trade between Israel and its present trading partners, or a significant downturn in the economic or financial condition of Israel, could have a material adverse effect on our business, financial condition and results of operations.

    A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this release or which may otherwise affect our business is included under the heading “Risk Factors” in the Company’s most recent filings on Forms 20-F and 6-K, as were filed with the SEC and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.

    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)  
    (dollars in thousands)  
      December 31,   December 31,  
      2024   2023  
    ASSETS        
    CURRENT ASSETS        
    Cash and cash equivalents $ 271,894   $ 260,664  
    Short-term deposits 946,351   790,823  
    Marketable securities —   184,960  
    Trade accounts receivable 211,932   154,067  
    Inventories 268,295   282,688  
    Other current assets 61,817   35,956  
    Total current assets 1,760,289   1,709,158  
    PROPERTY AND EQUIPMENT, NET 1,286,622   1,155,929  
    GOODWILL AND OTHER INTANGIBLE ASSETS, NET 10,196   12,115  
    OTHER LONG-TERM ASSETS 23,378   41,315  
    TOTAL ASSETS $ 3,080,485   $ 2,918,517  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    CURRENT LIABILITIES        
    Short-term debt $ 48,376   $ 58,952  
    Trade accounts payable 130,624   139,128  
    Deferred revenue and customers’ advances 21,655   18,418  
    Other current liabilities 84,409   60,340  
    Total current liabilities 285,064   276,838  
    LONG-TERM DEBT 132,437   172,611  
    LONG-TERM CUSTOMERS’ ADVANCES 7,690   25,710  
    OTHER LONG-TERM LIABILITIES 15,114   16,319  
    TOTAL LIABILITIES 440,305   491,478  
    TOTAL SHAREHOLDERS’ EQUITY 2,640,180   2,427,039  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,080,485   $ 2,918,517  
             
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)  
    (dollars and share count in thousands, except per share data)  
      Three months ended  
      December 31,   September 30,   December 31,  
      2024   2024   2023  
    REVENUES $ 387,191   $ 370,512   $ 351,711  
    COST OF REVENUES 300,338   277,451   267,294  
    GROSS PROFIT 86,853   93,061   84,417  
    OPERATING COSTS AND EXPENSES:            
    Research and development 20,622   19,867   20,849  
    Marketing, general and administrative 19,812   17,432   18,401  
      40,434   37,299   39,250  
                 
    OPERATING PROFIT 46,419   55,762   45,167  
    FINANCING AND OTHER INCOME, NET 8,315   6,104   16,682  
    PROFIT BEFORE INCOME TAX 54,734   61,866   61,849  
    INCOME TAX EXPENSE, NET (2,149)   (7,026)   (10,130)  
    NET PROFIT 52,585   54,840   51,719  
    Net loss (profit) attributable to non-controlling interest 2,553   (193)   2,128  
    NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 55,138   $ 54,647   $ 53,847  
    BASIC EARNINGS PER SHARE $ 0.49   $ 0.49   $ 0.49  
    Weighted average number of shares 111,493   111,237   110,796  
    DILUTED EARNINGS PER SHARE $ 0.49   $ 0.49   $ 0.48  
    Weighted average number of shares 112,967   112,474   111,308  
    RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
    GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 55,138   $ 54,647   $ 53,847  
    Stock based compensation 10,684   8,611   6,662  
    Amortization of acquired intangible assets 574   448   442  
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 66,396   $ 63,706   $ 60,951  
    ADJUSTED EARNINGS PER SHARE:            
    Basic $ 0.60   $ 0.57   $ 0.55  
    Diluted $ 0.59   $ 0.57   $ 0.55  
                 
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)  
    (dollars and share count in thousands, except per share data)  
      Year ended  
      December 31,  
      2024   2023  
    REVENUES $ 1,436,122   $ 1,422,680  
    COST OF REVENUES 1,096,680   1,069,161  
    GROSS PROFIT 339,442   353,519  
    OPERATING COSTS AND EXPENSES:        
    Research and development 79,434   79,808  
    Marketing, general and administrative 74,964   72,454  
    Restructuring income, net * (6,270)   (32,506)  
    Merger-contract termination fee, net ** —   (313,501)  
      148,128   (193,745)  
             
    OPERATING PROFIT 191,314   547,264  
    FINANCING AND OTHER INCOME, NET 26,113   37,578  
    PROFIT BEFORE INCOME TAX 217,427   584,842  
    INCOME TAX EXPENSE, NET (10,205)   (65,312)  
    NET PROFIT 207,222   519,530  
    Net loss (profit) attributable to non-controlling interest 642   (1,036)  
    NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 207,864   $ 518,494  
    BASIC EARNINGS PER SHARE $ 1.87   $ 4.70  
    Weighted average number of shares 111,153   110,289  
    DILUTED EARNINGS PER SHARE $ 1.85   $ 4.66  
    Weighted average number of shares 112,343   111,216  
    * Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022.  
    ** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost.  
             
    RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
    GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 207,864   $ 518,494  
    Stock based compensation 33,837   27,931  
    Amortization of acquired intangible assets 1,918   1,923  
    Restructuring income, net *** (2,634)   (11,224)  
    Merger-contract termination fee, net **** —   (289,988)  
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 240,985   $ 247,136  
    ADJUSTED EARNINGS PER SHARE:        
    Basic $ 2.17   $ 2.24  
    Diluted $ 2.15   $ 2.22  
    *** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of tax.
    **** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost and tax.
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)  
    (dollars in thousands)  
      Three months ended  
      December 31,   September 30,   December 31,  
      2024   2024   2023  
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD $ 270,979   $ 265,313   $ 314,816  
    Net cash provided by operating activities 100,816   124,743   126,098  
    Investments in property and equipment, net (93,396)   (127,624)   (136,426)  
    Debt received (repaid), net 2,795   (16,402)   (8,950)  
    Effect of Japanese Yen exchange rate change over cash balance (4,972)   5,537   2,101  
    Proceeds from (investment in) deposits, marketable securities and other assets, net (4,328)   19,412   (36,975)  
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 271,894   $ 270,979   $ 260,664  
      Year ended      
      December 31,   December 31,      
      2024   2023      
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD $ 260,664   $ 340,759      
    Net cash provided by operating activities 448,682   676,561 *    
    Investments in property and equipment, net (431,653)   (432,184)      
    Debt repaid, net (32,455)   (32,346)      
    Proceeds from investment in subsidiary —   1,932      
    Effect of Japanese Yen exchange rate change over cash balance (4,758)   (5,395)      
    Proceeds from (investment in) deposits, marketable securities and other assets, net 31,414   (288,663)      
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 271,894   $ 260,664      
    * Merger-contract termination fee received from Intel during 2023, net of associated cost, in the amount of $313,501  
    was included within the net cash provided by operating activities for the year ended December 31, 2023.  
     TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)  
    (dollars in thousands)  
      Year ended  
      December 31,   December 31,  
      2024   2023  
    CASH FLOWS – OPERATING ACTIVITIES        
    Net profit for the period $ 207,222   $ 519,530  
    Adjustments to reconcile net profit for the period        
    to net cash provided by operating activities:        
    Income and expense items not involving cash flows:        
    Depreciation and amortization * 266,279   258,021  
    Effect of exchange rate differences and fair value adjustment 133   (1,632)  
    Other expense (income), net 24,721   (7,047)  
    Changes in assets and liabilities:        
    Trade accounts receivable (60,169)   (3,160)  
    Other current assets (33,992)   (9,541)  
    Inventories 4,778   8,682  
    Trade accounts payable 35,784   (8,254)  
    Deferred revenue and customers’ advances (14,783)   (35,676)  
    Other current liabilities 22,021   (70,163)  
    Other long-term liabilities (3,312)   25,801  
    Net cash provided by operating activities 448,682   676,561 **
    CASH FLOWS – INVESTING ACTIVITIES        
    Investments in property and equipment, net (431,653)   (432,184)  
    Proceeds from (investments in) deposits, marketable securities and other assets, net 31,414   (288,663)  
    Net cash used in investing activities (400,239)   (720,847)  
    CASH FLOWS – FINANCING ACTIVITIES        
    Debt repaid, net (32,455)   (32,346)  
    Proceeds from investment in subsidiary —   1,932  
    Net cash used in financing activities (32,455)   (30,414)  
    EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE (4,758)   (5,395)  
             
    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 11,230   (80,095)  
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD 260,664   340,759  
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 271,894   $ 260,664  
    * Includes amortization of acquired intangible assets and stock based compensation in the amounts of $35,755  
    and $29,854 for the years ended December 31, 2024, and December 31, 2023, respectively.      
    ** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost, in the amount
    of $313,501 was included within the net cash provided by operating activities for the year ended December 31, 2023.
             

    The MIL Network –

  • MIL-OSI United Kingdom: Media Release – By Election – 10.02.25 Monday 10 February 2025

    Source: Channel Islands – States of Alderney

    Media Release

    Date: 10th February 2025

    By Election

    The upcoming By Election for the two vacant seats on the States of Alderney will be held on March 8th at the Island Hall. Nominations to stand in the By Election are open from 9am on the 14th February and close at 4pm on the 21st February. If you are not on the electoral roll but wish to vote in the By Election, you have until 13th February to hand in your registration form.

    Further information on how to vote, how to register on the electoral roll and how to stand in the By Election can be found at our election’s website www.alderneyelections.gg Ends Media Contact: Publications.Alderney@gov.gg

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Space Norway orders THOR 8 telecom satellite from Thales Alenia Space

    Source: Thales Group

    Headline: Space Norway orders THOR 8 telecom satellite from Thales Alenia Space

    Cannes, February 10th, 2025 – Space Norway, Northern Europe’s leading satellite operator, and Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), today announced they have signed a contract for the supply of a new communications satellite, THOR 8.

    THOR 8 © Thales Alenia Space/Briot

    From its orbital slot at 1° west, the THOR 8 communications satellite will meet the growing demand for connectivity and ensure continuity of Space Norway’s broadcasting service over a geographic coverage area from the Nordics to Central and Eastern Europe. THOR 8 will provide top-tier satellite connectivity for broadcasters and high-speed internet access for fixed and mobile infrastructure (maritime, terrestrial and aeronautical services) in Europe, the Middle East and Africa. With a launch mass of 4 metric tons, the satellite will be built on Thales Alenia Space’s Spacebus 4000B2 platform and will operate in the Ka and Ku frequency bands.

    As prime contractor, Thales Alenia Space is responsible for the design, manufacture, testing and delivery of the satellite. THOR 8 will be launched in 2027 and will have an in-orbit service life of over 15 years.

    Morten Tengs, CEO of Space Norway & Hervé Derrey, CEO of Thales Alenia Space © Thales Alenia Space/Briot

    “I would like to thank Space Norway for its continued trust in Thales Alenia Space,” said Hervé Derrey, CEO of Thales Alenia Space. “THOR 8 is our second satellite built for Space Norway, after THOR 6, which was launched in 2009. This new contract further underscores the success of our robust and proven Spacebus 4000 product line, which has represented a total of 41 satellite programs, including 15 based on Spacebus 4000B2 product.”

    Morten Tengs, CEO of Space Norway, stated: “The deployment of the THOR 8 satellite is a significant milestone in our mission to deliver advanced and reliable connectivity solutions. This strategic addition will enhance our capabilities, providing critical services to safeguard the interests of both national and international governments while meeting the demands of our commercial partners. We extend our gratitude to Thales Alenia Space for their long-standing partnership and commitment towards this transformational project.”

    About THALES ALENIA SPACE

    Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources, and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023 and has around 8,600 employees in 8 countries, with 16 sites in Europe.

    MIL OSI Economics –

  • MIL-OSI Economics: Thales at the AI Action Summit: Trusted AI can change society

    Source: Thales Group

    Headline: Thales at the AI Action Summit: Trusted AI can change society

    At a time when much is expected of AI and its contribution to the security and sovereignty of nations, Thales offers a hybrid, explainable, cybersafe and frugal AI, which is already incorporated into more than 100 of its products. This technology is already delivering significant advances in the protection of infrastructure, optimisation of energy consumption and defence systems.

    “Thales is a key player in the field of trusted AI: our experts have developed a hybrid AI, which offers transparency, cybersecurity, energy efficiency and an ethical approach — unlike many AI systems that rely exclusively on large amounts of data and are particularly energy-intensive. Thales offers an augmented intelligence, which is capable of changing society,” said Patrice Caine, Chairman and CEO of Thales.

    Patrice Caine, Chairman and CEO of Thales, will take part in the dialogue between heads of state and government and business leaders at two roundtable sessions on AI and national security and on Europe’s AI champions.

    • On Tuesday 11th February, experts from cortAIx, Thales’s AI accelerator, will conduct exclusive demonstrations of the practical impacts of AI in 15 critical fields for official French and international delegations at the Thales Digital Factory. These AI-enabled solutions are designed to boost the performance of the most advanced systems and help humans make better decisions in crisis situations and high-stakes environments where data security and sovereignty are critical.

    These solutions are already available and show how AI can reduce the environmental footprint of air traffic, protect airports and major events, protect maritime traffic and infrastructure, and, in the defence sector, increase the effectiveness of operational assets/resources and accelerate the OODA loop (observe, orient, decide, act).

    Other events

    • On Tuesday 11th February, Thales’s Friendly Hackers team will take part in the Cyber Crisis Management Exercise organised by ANSSI, France’s national agency for information system security, at the Cyber Campus in Paris.
    • On Tuesday11th February, Thales will take part in two events:
      • Empowering AI Ecosystems through Strategic Autonomy: Lessons from Finland and France at Finnish Embassy in Paris.
      • Building Trust: Anticipating and Managing AI Risks, organised by the HEC Hub Digital and Axys in Paris.
    • On Monday 10th February, Thales will take part in Military Talks, organised by the French Ministry of the Armed Forces and the Ministerial Agency for Defence AI (AMIAD), dedicated to AI for defence applications.
    • As part of the Confiance.ai consortium, Thales is contributing to actions to expand the programme’s role internationally.
    • On Sunday 8th February, Thales took part in the AI Luminate conference: Evolving AI Safety for Economic Growth in Uncertain Times, ML Commons, AI Verify, LNE and Prism, in Paris.
    • On Thursday 6th February, Thales took part in the Presentation of AI Deliverables for Major French Groups, organised by French Tech Grand Paris and Wavestone in Paris.
    • On Friday 24th January, Thales took part in the French-German AI Industry Executives Dialogue, organised by the French Embassy in Berlin. This event resulted in a Call for Action, which will be presented at the AI Action Summit.
    • On Tuesday 21st January, ahead of the AI Action Summit, Thales organised a visit to its cortAIx research laboratory in Palaiseau with a presentation of its latest innovations for institutional stakeholders.

    Thales and AI

    Thales is a major player in trusted, cybersafe, transparent, explainable and ethical AI for armed forces, aircraft manufacturers and critical infrastructure providers. The Group files more patents than any other company in Europe in the field of AI for critical systems. It employs more than 600 engineers and 100 doctoral candidates specialising in AI. It is rganised within cortAIx, the Group’s accelerator for AI R&D and the integration of AI into sensors (sonars, radars, optronics, etc.) and complex systems. Over 100 of Thales’s products and services already incorporate AI components for defence, aerospace, cybersecurity and digital identity. Trusted, secure, sovereign AI from Thales is designed to ensure more efficient data analysis and decision support and speeds up the detection, identification and classification of objects and scenes of interest while taking account of the specific constraints of critical environments such as cybersecurity, embeddability and frugality.

    Thales is an active member of the AI ecosystem. It has strategic partnerships with academic research institutes and with other industry players, in particular as part of the Confiance.ai programme, and has put in place an ambitious charter on the ethical development and use of AI technologies.

    • In 2023, Thales’s Friendly Hackers Unit demonstrated its credentials at the CAID challenge (Conference on Artificial Intelligence for Defence) organised by the French defence procurement agency (DGA), which involved finding AI training data even when it had been deleted from the system to preserve confidentiality.
    • For the French defence procurement agency’s 2024 challenge, the Group’s Friendly Hackers Unit invented a new model to detect AI-generated deepfake images.

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialising in three business domains: Defence & Security, Aerospace and Cyber & Digital.

    It develops products and solutions that help make the world safer, greener and more inclusive.

    The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.Thales has 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.

    LEARN MORE

    Ahead of France’s AI Action Summit, Thales unveils its latest innovations in trusted AI for critical systems | Thales Group

    Without proper cybersecurity protections, AI is a gamble we cannot afford (The Engineer)

    Developing AI systems we can all trust | Thales Group

    Thales speeds up its development of AI for defence | Thales Group

    Thales Group

    Consult related resources and documents in the Media Library

    Thales ​

    MIL OSI Economics –

  • MIL-OSI NGOs: Global/France: AI Action Summit must meaningfully center binding and enforceable regulation to curb AI-driven harms  

    Source: Amnesty International –

    Ahead of the AI Action Summit, which begins on February 10, Amnesty International’s Director of the technology and human rights programme, Damini Satija, said: 

    “With global leaders and tech executives gathering to attend the Artificial Intelligence (AI) Action Summit in Paris, the French government must not miss a crucial opportunity to make meaningful progress towards achieving human rights respecting AI regulation globally. Governments at the summit must not be swayed by corporate interests at the expense of those experiencing the sharpest human rights impacts of AI systems today.  

    “While France undertook a significant task in hosting the summit, the participation of civil society and human rights activists in the main summit agenda is wholly inadequate. The allocation of resources necessary to ensure a collaborative dialogue with representatives from the global majority, impacted communities, and human rights activists has not been prioritized.  

    “Lack of support by the summit organizers for human right advocates and community representatives in need of visas to enter France, exemplifies a lack of true commitment to engage in an equal dialogue with civil society particularly from Global Majority countries.  

    “If states are serious about an open, multi-stakeholder and inclusive approach around development, deployment and regulation of AI technologies, they must elevate and centre voices and priorities of impacted communities. 

    We are now living in a world that feels increasingly terrifying. The omnipresence of predictive algorithms, coupled with rising global backlash against civil liberties risks giving a carte blanche to tech companies, to operate without rules or guidelines. 

    Damini Satija, Programme Director, Amnesty Tech

    “State actors must also not be swayed by false ‘innovation vs regulation dichotomy’ parroted by tech companies and their executives to stifle human rights centric regulatory efforts. Governments must not ignore underlying systemic human rights issues heightened due to automation of our lives and roll-out of AI technologies. 

    “We are now living in a world that feels increasingly terrifying. The omnipresence of predictive algorithms, coupled with rising global backlash against civil liberties risks giving a carte blanche to tech companies, to operate without rules or guidelines. 

    “While governments present these announcements as ‘efficiency solutions’, they increasingly go hand in hand with austerity policies and the deployment of data-intensive AI technologies. Additionally, these systems also amplify pre-existing discrimination in society, ultimately leading to exclusion, inequalities, and the entrenchment of corporate power. 

    “There is ample evidence, along with investigations by civil society and journalists, exposing the grave consequences of AI technologies operating unchecked. From lethal autonomous weapons systems to facial recognition used for mass surveillance, and risk-scoring algorithms being used in the context of migration and the public sector for welfare distribution, it has become abundantly clear that the deployment and use of such technologies are incompatible with our rights and disregard human dignity.   

    “We must also acknowledge that the harms perpetuated by AI technologies have far-reaching consequences beyond the technologies themselves. The exploitative supply chains that fuel them, relying on inhumane labor practices and causing serious environmental damage, have created a disproportionate impact on people, particularly in the Global Majority. Given such devastating lasting effects of AI technologies, it is essential the impact of technologies is not just tackled within state boundaries, but also beyond. 

    “All AI regulation must also be free of loopholes and exemptions which risk violation of human rights. All public and private actors, including law enforcement, border management and national security bodies, must adhere to human rights standards throughout the whole lifecycle of AI technologies, including during research, development and testing phases of AI technologies.   

    “More importantly, people and communities impacted by AI must be empowered to seek redress and remedy. As prerequisite to effective remedy, impacted people should be guaranteed the right to information and explanation of AI-supported decision-making, including about the use and functioning of AI in the system.” 

    Damini Satija will be attending the AI Action Summit in Paris throughout its duration from 10 February to 11 February. She will be available for interviews on range of tech issues including: 

    a) Artificial Intelligence and algorithmic accountability 

    b) Artificial Intelligence regulation 

    c) Big Tech and policy 

    d) Spyware and surveillance 

    e) Children and Young people’s digital rights 

    Information for journalists: 

    Damini Satija is a technology, human rights and public policy expert. She is the Director of Amnesty Tech, the global human rights movement’s technology and human right’s programme which she originally joined to set up the Algorithmic Accountability Lab (an interdisciplinary unit investigating the impact of Artificial Intelligence technologies on human rights). Amnesty Tech works across a range of areas, most notably spyware and cyberattacks, surveillance, state use of AI and automation, big tech and social media accountability and children and young people’s rights in digital environments. Prior to her time at Amnesty International, Damini worked in a number of tech policy roles. She was most recently Senior Policy Advisor in the Center for Date Ethics & Innovation, the UK government’s independent expert body on data and AI policy and the UK’s policy expert at the Council of Europe’s committee on Artificial Intelligence and Human Rights.  

    For more information or to arrange an interview please contact Amnesty International’s press office: [email protected] 

    MIL OSI NGO –

  • MIL-OSI United Kingdom: Ministerial appointments: 10 February 2025

    Source: United Kingdom – Executive Government & Departments

    The King has been pleased to approve the following appointments.

    The King has been pleased to approve the following appointments:

    • Ashley Dalton MP as a Parliamentary Under-Secretary of State in the Department of Health and Social Care. 

    • The Rt Hon. Douglas Alexander MP jointly as a Minister of State in the Cabinet Office, in addition to his role as Minister of State in the Department for Business and Trade.

    • Lord Moraes OBE as a Lord in Waiting (Government Whip).

    • Lord Wilson of Sedgefield as a Lord in Waiting (Government Whip).

     Andrew Gwynne MP has left the government.

    Updates to this page

    Published 10 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: Ministerial appointments: 10 February 2025

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    The King has been pleased to approve the following appointments.

    The King has been pleased to approve the following appointments:

    • Ashley Dalton MP as a Parliamentary Under-Secretary of State in the Department of Health and Social Care. 

    • The Rt Hon. Douglas Alexander MP jointly as a Minister of State in the Cabinet Office, in addition to his role as Minister of State in the Department for Business and Trade.

    • Lord Moraes OBE as a Lord in Waiting (Government Whip).

    • Lord Wilson of Sedgefield as a Lord in Waiting (Government Whip).

     Andrew Gwynne MP has left the government.

    Updates to this page

    Published 10 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: India’s Coal Boom

    Source: Government of India

    India’s Coal Boom

    Policies, Production, and Investments

    Posted On: 10 FEB 2025 3:49PM by PIB Delhi

     Introduction

    With the fifth-largest geological coal reserves globally and as the second-largest consumer, coal continues to be an indispensable energy source, contributing to 55% of the national energy mix. Over the past decade, thermal power, predominantly fueled by coal, has consistently accounted for more than 74% of our total power generation. Despite commendable strides in promoting renewable energy sources, the sheer growth in electricity demand necessitates a continued reliance on thermal power, with projections indicating its share to be 55% by 2030 and 27% by 2047. It is anticipated through comprehensive studies that coal demand in 2030 will likely reach 1462 MT and 1755 MT by 2047.

     

    Growth of the Coal Sector in December 2024

     

    As per the Index of Eight Core Industries (ICI), the coal sector registered the highest growth of 5.3% in December 2024, reaching 215.1 points compared to 204.3 points in December 2023. During April-December 2024, the coal industry index increased to 177.6 points from 167.2 points in the previous year, marking a 6.2% growth—the highest among all core industries.

    The Combined Index of Eight Core Industries showed an overall growth of 4.0% in December 2024 compared to the previous year. The index for April-December 2024 increased by 4.2% over the same period in FY 2023-24, emphasizing coal’s significant contribution to industrial expansion. Additionally, the coal sector accounts for about 50% of freight revenue for Indian Railways and provides direct employment to nearly 4.78 lakh individuals.

    India’s coal production has reached an all-time high of 997.82 million tonnes (MT) in FY 2023-24, marking a significant rise from 609.18 MT in FY 2014-15, with a Compound Annual Growth Rate (CAGR) of 5.64% over the past decade. In FY 2023-24 alone, production has surged by 11.71% compared to the previous year. Coal India Limited (CIL) remains the dominant producer, while SCCL and Others/Captive sources have also shown consistent growth, particularly in the last three years.

     

    State Governments also benefit significantly from coal revenues, with royalty, District Mineral Foundation (DMF) contributions, and State GST collections amounting to ₹31,281.7 crore in the fiscal year 2023-24.

     

    Dispatch of Coal

     

    The cumulative coal dispatch April 2024 to January 2025 has risen to 843.75 MT, marking 5.73% increase from 798.02 MT recorded during the corresponding period of the previous year. Mine opening permissions were granted for three new mines—Bhaskarpara, Utkal E, and Rajhara North (Central and Eastern). The Ministry of Coal remains committed to augmenting domestic production, reducing import dependence, and ensuring energy security for India.

     

    Indian Coal Sector Achieves Significant Import Reduction in FY 2023-24

     

    The Indian coal sector significantly reduced its import dependency in FY 2023-24, with only 110 MT classified as non-substitutable imports, by increasing domestic coal production. Between April and November 2024, coal imports declined by 5.35%, saving approximately $3.91 billion (₹30,007.26 crore). Notably, coal imports for domestic power plant blending fell by 23.56%. Supply from CIL and SCCL, along with captive sources, rose from 734 MT (2018-19) to 1149 MT (2023-24), while demand reached 1273 MT. Additionally, private sector coal production increased from 58 MT to 184 MT, further strengthening India’s energy self-sufficiency.

     

                    

    This decrease in imports and increase in domestic supply is enabled by various efforts of the government. The Ministry’s ‘Mission Coking Coal’ launched in 2022, aims to increase domestic coking coal production to 140 MT by FY 2029-30, thereby reducing dependency on imports in the steel sector. Other key strategies such as promoting commercial mining, expediting production from allocated blocks, and enhancing regional exploration (2525 sq. km by 2024) also play a crucial role. The introduction of the National Coal Mine Safety Report Portal and the Mine Closure Portal ensures responsible and transparent mining practices. The Ministry is considering the establishment of a Coal Trading Exchange to create a competitive and transparent market, further modernizing the sector.

     

    As of January 2025, the Ministry of Coal has allotted 184 mines, with 65 blocks receiving Mine Opening Permissions. Total production from these blocks has reached 136.59 MT, registering a 34.20% year-on-year increase. This is expected to exceed 170 MT target in FY 2024-25.

     

    Financial Incentive Scheme for Coal Gasification

     

    The Cabinet approved the scheme for promotion of Coal/Lignite Gasification Projects of Government PSUs and Private Sector, in January 2024. With a financial outlay of ₹8,500 crore, the scheme will provide Financial Assistance for coal gasification projects under three categories and aims to accelerate coal gasification, reduce carbon emissions, enhance energy security, and promote sustainable development.

     

    The scheme encourages both private companies and government PSUs to undertake coal gasification projects. For Category I, three applicants, Namely Bharat Coal Gasification and Chemicals Limited, CIL – GAIL Consortium and Coal India Limited were selected to be given Financial Incentives. New Era Cleantech Solution Private Limited was selected under Category III to be provided with Financial Incentive. The Request for Proposals (RFP) for Category-II was issued on May 15, 2024, and technical bids were opened on January 10, 2025. The selected applicants for financial incentives under Category-II are Jindal Steel and Power Limited, New Era Cleantech Solution Pvt. Ltd. and Greta Energy Limited.

     

    This initiative is a crucial part of India’s target to achieve 100 million tonnes of coal gasification by 2030, reflecting a shift towards advanced coal utilization technologies.

     

    Strengthening Coal Supply Chains

     

    To ensure uninterrupted coal supply, robust institutional mechanisms have been put in place, including an Inter-Ministerial Committee and coordination meetings with Railways and power sector stakeholders. As a result, coal stock at Thermal Power Plants now stands at 49 MT—sufficient for nearly 21 days, even amidst logistical restrictions during the Maha Kumbh period.

     

    To further enhance supply efficiency, the Ministry has launched the First Mile Connectivity (FMC) initiative, commissioning 39 projects with a total capacity of 386 MTPA. Additionally, the Rail-Sea-Rail (RSR) mode has successfully doubled coal movement from 28 MT in FY 2022 to 54 MT in FY 2024.

     

    Vesting Orders for Commercial Coal Mines

     

    A landmark policy reform came with the introduction of commercial coal mine auctions in 2020, encouraging private sector participation and modern technological adoption. The Ministry of Coal has recently issued vesting orders for seven coal mines under commercial coal mine auctions. The Coal Mine Development and Production Agreements (CMDPA) for these mines were signed on December 5, 2024.

    With the vesting of these mines, a total of 107 coal mines have been auctioned under commercial coal mine auctions, with a cumulative PRC of approximately 246.60 MTPA, generating estimated annual revenue of ₹34,000 crore and employment for about 3,33,000 people.

     

    Chintan Shivir 2.0: Deliberations on Energy Transition and Safety

     

    The Ministry of Coal organized Chintan Shivir 2.0 on January 7, 2025, focusing on coal sector reforms, energy transition, and safety measures. The forum underscored the importance of aligning coal mining with global sustainability goals and prioritizing worker safety. The discussions held emphasized on:

    • Enhancing production while integrating cleaner technologies
    • Reducing carbon emissions through coal gasification
    • Adoption of best practices for sustainability
    • Strengthening safety standards in mining operations

     

     

    The coal sector is embracing sustainability with large-scale afforestation efforts, with over 54.06 lakh saplings planted across 2,372 hectares in 2024. Under the ‘Ek Ped Maa Ke Naam’ campaign, over 1 million saplings were planted at 332 locations in 11 states. Additionally, 4,695 hectares of land have been identified for Accredited Compensatory Afforestation, and a total of 18,513 LKL of treated mine water has been provided to over 18.63 lakh people across 1,055 villages over the past five years.

     

    Workforce in the Coal Industry

     

    The total workforce in major coal companies under the Ministry of Coal is:

     

    • Coal India Limited (CIL): 3,30,318 employees
    • Singareni Collieries Company Limited (SCCL): 40,893 employees
    • NLC India Limited (NLCIL): 20,811 employees

     

    Mining operations follow stringent safety regulations under the Mines Act, 1952, including risk assessment, safety training, and medical screenings. Extensive healthcare services are provided to workers, with regular health check-ups to prevent occupational diseases.

     

    Central Sector Schemes of the Ministry of Coal

     

    The Ministry of Coal administers three key schemes:

     

    1. Exploration of Coal and Lignite – Identifies and categorizes coal/lignite resources, generating geological reports for auction/allocation. Promising areas undergo detailed exploration to upgrade resources to the ‘Proved’ category.
    2. Research & Development (R&D) – Overseen by the Standing Scientific Research Committee (SSRC), focusing on planning, budgeting, and implementing research projects for sector advancements.
    3. Conservation, Safety & Infrastructure Development – Under the Conservation and Development Act (CCDA), funds are provided for sand stowing, protective works, transport infrastructure, and mining safety improvements.

     

    The table below highlights the budget allocation and expenditure for Central Sector Schemes in the coal sector for 2023-24, with a total outlay of ₹843.5 crores and an expenditure of ₹299.09 crores.

     

     

    Conclusion

     

    The coal sector’s remarkable growth highlights its ability to meet the increasing demand from the energy and manufacturing industries. With initiatives like coal gasification, the sector is advancing toward India’s goal of achieving 100 MT of coal gasification by 2030, promoting cleaner and more efficient energy use.

     

    The Ministry of Coal remains steadfast in its commitment to boosting domestic coal production, reducing import dependency, and ensuring national energy security. As a key driver of economic progress, the sector continues to play a crucial role in the realization of Viksit Bharat, contributing to a self-reliant and developed India.

     

    References

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2009196

    https://pib.gov.in/PressReleasePage.aspx?PRID=2099183

    https://coal.gov.in/sites/default/files/2021-01/productiondata_tenyear.pdf

    https://coaldashboard.cmpdi.co.in/dashboard.php#

    https://pib.gov.in/PressReleasePage.aspx?PRID=2099549

    https://pib.gov.in/PressReleasePage.aspx?PRID=2099889

    https://pib.gov.in/PressReleasePage.aspx?PRID=2099037

    https://coal.gov.in/sites/default/files/2024-09/05-09-2024qurt.pdf

    https://coal.nic.in/en/central-sector-schemes

    https://pib.gov.in/PressReleasePage.aspx?PRID=2100763

    Click here to download PDF

    ****

    Santosh Kumar | Sarla Meena | Anchal Patiyal

    (Release ID: 2101314) Visitor Counter : 55

    MIL OSI Asia Pacific News –