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Category: Statistics

  • MIL-OSI Security: Hegseth Visits Guantanamo Bay, Engages With Troops

    Source: United States SOUTHERN COMMAND

    Defense Secretary Pete Hegseth traveled to Naval Station Guantanamo Bay, Cuba, yesterday, where he took time to speak to service members who are currently supporting the illegal alien holding operations being led by the Department of Homeland Security. 

    This wasn’t Hegseth’s first visit to Cuba, as then-Army 2nd Lt. Hegseth was deployed to Guantanamo Bay from 2004 to 2005 with the New Jersey National Guard. 

    “I was here 20 years ago … I’ve been where you are, for a year, [and] I relate to the dynamics — the push and pull — and the sway of an operation; I get it,” Hegseth told the service members. 

    “The message that I have from [President Donald J. Trump] … to you is, we have your back. We’re going to back you up on what you have to do on behalf of the country,” Hegseth said.  

    He added that — in addition to hot meals, the opportunity to exercise and the availability of hot showers — what he valued most when he was stationed there 20 years earlier was the support from his chain of command.  

    Stating that the president was elected with “a mandate to get 100% operational control of our southern border,” Hegseth said the holding operations at Guantanamo Bay play a significant role in that process. 

    “Part of that [process] is mass deportations of folks — wherever they came from — who came here illegally, and Guantanamo Bay is a big part of that,” he said.  

    In explaining the vast breadth of the U.S. border enforcement mission, Hegseth told the service members that the character of the overall mission starts with them. 

    “The way you operate and the way you execute sets the tone for how the entire U.S. government and the American people are represented, so thank you on behalf of a grateful nation,” he said. 

    Hegseth also addressed the negative sentiment surrounding the Guantanamo Bay holding mission. 

    “We know what’s real, we know you’re professionals, we know how you operate, and we’re going to have your back in the execution of this mission across the spectrum,” he added. 

    Hegseth told the troops that their efforts were recognized throughout the chain of command. 

    “When you send the data and the stats up, and you wonder where [they go], it lands on my desk every day. I see and understand and know what you are doing here,” Hegseth said. 

    “That’s how important it is to the president and to [DOD, DHS and U.S. Customs and Border Protection] as we ramp up and execute this mission,” he added. 

    Hegseth also said that the work being done at Guantanamo Bay is central to the current administration’s overall message concerning the border. 

    “From our view, [Guantanamo Bay holding operations are] central to what we’re doing and [to] the message we’re sending to the world — which is that our border is closed,” he said, adding that the current administration “means business,” and that the service members at Guantanamo Bay are at “the tip of the spear” to make that happen. 

    “[So], keep executing [and] keep driving on with the professionalism that I know you will display,” he said. 

    Hegseth announced that Guantanamo Bay would be used for illegal alien holding operations Jan. 29, 2025, following a presidential announcement earlier in the day.  

    According to the U.S. Southern Command, more than 150 Marines and soldiers were at Naval Station Guantanamo Bay supporting holding operations as of Feb. 3, 2025. 

    MIL Security OSI –

  • MIL-OSI Global: How stigma, fear and the UK welfare system harm women in informal self-employment

    Source: The Conversation – UK – By Sally Jones, Reader in Entrepreneurship and Gender Studies, Manchester Metropolitan University

    Jacob Lund/Shutterstock

    Self-employment is often championed as a route out of poverty for the unemployed and those on low incomes, offering independence, flexibility and financial autonomy. However, for informally self-employed women in the UK, the reality is very different to these kinds of entrepreneurial success stories.

    These women, working for themselves and “off the books”, can find they are trapped in a grey area – neither fully unemployed nor officially self-employed. And as such, they can struggle against a welfare system that both stigmatises and penalises their efforts to make a living.

    My recent research along with my co-researcher Sara Nadin, sheds light on these often overlooked women, who work informally while claiming state benefits. It shows the precarious and gendered nature of informal self-employment and the difficulties of transitioning into formal work.

    Informal self-employment is not an entrepreneurial aspiration but a necessity for the women in our study. Domestic responsibilities, a lack of formal qualifications and limited job opportunities can force these women into work that fits around their caregiving roles. From cleaning and childcare to sewing and catering, these women engage in work that remains invisible and unrecognised.

    Their earnings – often meagre and inconsistent – help cover basic necessities, yet they live in constant fear of exposure and “getting caught by the taxman”.

    The UK’s welfare system, with its strict and punitive conditions, places them in an impossible situation. If they declare their income, they risk losing benefits essential for survival. If they continue working informally, they face criminalisation and stigma as “benefits cheats”.

    Angela (not her real name) is an unregistered child minder. She told us she recognises the drawbacks for everyone involved. She said: “I think it’s a shame that people have to go to these lengths to be able to cope financially. There should be better laws regarding employment, pay and conditions, so people choose that option instead of doing it unregistered or make a living on benefits. It is not good for anyone, the person doing it is under stress of being caught and the government and the country lose out on money.”

    There is a paradox of visibility here too. On one hand, these women need to remain hidden to avoid welfare sanctions. On the other, they rely on word-of-mouth to attract business. This delicate balancing act forces them into an in-between space, where they can neither fully integrate into the formal economy nor retreat into unemployment.

    And this is no short-term situation. The women we interviewed had been informally self-employed for an extended period – one for more than ten years.

    While some women did say they wanted to formalise and grow their businesses, they felt the risks were too high. The unpredictability of their earnings, coupled with the loss of benefits, can make it financially unviable.

    As one woman put it: “I’d like to make a proper go of it, but it’s really scary. What if I can’t get enough clients?”

    A broken system

    Successive UK governments have promoted self-employment as a route out of poverty and worklessness, yet welfare policies often work against women trying to become financially independent. The introduction of Universal Credit has exacerbated the issue, imposing strict minimum-income thresholds that self-employed workers can struggle to meet. This primarily affects women, who are less able to work full-time and more likely to be found in low-paid sectors of self-employment.

    In fact, it has been argued that the UK’s Universal Credit welfare scheme actively limits claimants’ ability to get into formal self-employment. Instead of supporting entrepreneurship, the system has been found effectively to discourage it.

    Policy changes could help break this cycle. Introducing an “earnings disregard”, where informal workers can earn a set amount without affecting their benefits, would provide a crucial safety net. And supporting women transitioning from informal to formal self-employment – through grants, tax breaks and accessible business education – could empower them to grow their businesses formally and sustainably, without fear of financial ruin.

    Rather than criminalising those struggling to make ends meet, policymakers should recognise the valuable role these women play in their communities. Whether they’re caring for children, cleaning homes or helping busy families with their ironing, their services provide affordable options for other low-income families. This creates a grassroots support network for the formally employed that is overlooked and undervalued.

    For real change to happen, the conversation around informal self-employment must shift. Instead of treating this work as a problem to be eradicated, it should be acknowledged as part of the broader economic fabric – one that deserves protection and support.

    The women in this study are not merely informal workers. They are survivors navigating an unforgiving system. Their experiences challenge the simplistic notion that self-employment is a solution to poverty. Without changes to both welfare and self-employment policies, they will remain in the shadows – enterprising but invisible, offering valuable local services but criminalised.

    It’s time for a policy rethink that values and supports all workers, regardless of where they fall on the economic spectrum.

    Sally Jones does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. How stigma, fear and the UK welfare system harm women in informal self-employment – https://theconversation.com/how-stigma-fear-and-the-uk-welfare-system-harm-women-in-informal-self-employment-250125

    MIL OSI – Global Reports –

  • MIL-OSI Global: Man wants to search dump for lost hard drive with bitcoin fortune – here are his odds of finding it

    Source: The Conversation – UK – By Craig Anderson, Senior Lecturer in Statistics, University of Glasgow

    vchal/Shutterstock

    James Howells is considering buying a council dump in south Wales after his former partner accidentally threw away a hard drive containing his bitcoin wallet. Howells has already lost a high court case to allow him to search the tip for the hard drive, which he believes contains bitcoin worth £600 million.

    But would it even be possible to find it? Let’s do the maths.

    Howells, a Welsh IT engineer, was an early adopter of the cryptocurrency bitcoin in December 2008. By February 2009, he had started mining the coins on his laptop – a process which involves using your computer to carry out complex mathematical processes in exchange for the coins.

    At the time, he was one of just five people mining the currency, and he eventually accrued a fortune of around 8,000 bitcoin. Initially, these were basically worthless – the first real-world transaction involving the currency was in 2010, when a man in Florida bought two pizzas for 10,000 bitcoins.

    However, in the 15 years since, the value of the currency has grown dramatically, with a single bitcoin passing the US$100,000 mark in December 2024 – a value which would mean those two pizzas are now worth US$1 billion (£790 million).

    Doing the calculations

    No wonder Howells wants to find his hard drive. But what are the chances of finding a tiny 10cm hard drive in a site containing 1.4 billion kg of waste? Is it literally like finding a needle in a haystack?

    At first, this seems like a simple calculation. If we randomly select a single location within the landfill, the probability that the hard drive will be there is simply the size of the object divided by the total size of the landfill.

    A Google maps estimate of the area of the Docksway landfill site suggests it is roughly 500,000 square metres (or 5 billion square centimetres), which is approximately the size of 70 football pitches.

    Docksway landfill in Newport, Wales, in 2007.
    wikipedia, CC BY-SA

    However, we also have to account for the depth of the landfill, with years of rubbish piled on top of each other. Even a conservative estimate of 20 metres would give a total volume of 10 million cubic metres (or 10 trillion cubic centimetres). This is roughly 3,600 times the volume of the swimming pool used at last summer’s Paris Olympic Games.

    Howells says the bitcoin are on a 2.5-inch hard drive, which has a volume of around 70 cubic centimetres (7cm x 10cm x 1cm). Therefore, the odds of finding the bitcoin at a single randomly selected location are 70/10,000,000,000,000 = 0.000000000007 – approximately a one in 143 billion chance.

    This is over 3,000 times less likely than winning the jackpot on the UK’s National Lottery. However, with £600 million on the line, it seems unlikely anyone would just turn up and search one single location.

    So, the real question here is about time and money. If we know that the hard drive is located somewhere within the landfill site, how long would it take to find it, and how much would it cost?

    If we focus on time to begin with, this is really just an extension of our first calculation. Suppose it takes 1 second to search each 1,000 cubic centimetre section of the landfill (an incomplete estimate since my experience of hunting landfill for hard drives is limited), then it would take us 10 billion seconds (or 316 years) of continuous searching to cover the entire site. But of course, this could be significantly reduced by having an entire team searching at the same time.

    Is it financially worth it?

    Clearly, Howells does not have 316 years available to complete his search, but what if he was given the resources for one full year of non-stop searching? The odds of finding the hard drive in this year would be 1 in 316, and while the chances remain slim, this might start to sound tempting given the potential reward.

    That is where the aspect of cost comes in. How much would you be willing to pay in order to have a 1 in 316 chance of winning £600m? The answer lies in the statistical concept of “expected value”“, which is the expected long-term outcome of a scenario if you were able to repeat it over and over again.

    For example, suppose you were rolling a die, and you were told that you would be given £2 if you rolled a six but would have to pay £1 if you rolled any other value. You can work out the expected value of this game to see if it is worth playing. The odds of rolling a 6 are 1/6, and the odds of rolling any other value are 5/6. We can therefore compute the expected value as:

    E [winnings] = 1/6 * £2 + 5/6 * (-£1) = 2/6 – 5/6 = -3/6 = -£1/2

    In other words, you would expect to lose half of £1 (or 50p), on average, every time you played this game.

    In the case of our bitcoins, we can think about the expected value as being the amount of money you would expect to make on average if you searched the landfill for a whole year. We would expect that, on average, we would find the hard drive (and the £600 million) 1 time out of 316, and would fail to find it 315 times out of 316 and get absolutely nothing. Therefore, we can compute the expected value as:

    E [£ found] = 1/316 * £600m + 315/316 * 0 = £1,898,734

    This means that on average, by searching the site for a year, you would expect to find £1.9 million. So, if the searching costs were less than this amount, you would expect to make a profit on average, and it may be considered a worthwhile investment. However, if the search cost more than £1.9 million, you would expect to lose money on average, and it would not be considered worthwhile.

    These calculations can be easily adjusted to account for different lengths of search time, number of people searching, or indeed different sizes of landfill site or search area.

    If Howell ever gets access to the dump, it might be worth having a statistician on hand to help guide the search (and of course, I would be happy to offer my services for a small fee…).

    Craig Anderson does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Man wants to search dump for lost hard drive with bitcoin fortune – here are his odds of finding it – https://theconversation.com/man-wants-to-search-dump-for-lost-hard-drive-with-bitcoin-fortune-here-are-his-odds-of-finding-it-249889

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Saskatchewan Leads the Nation in Private Capital Investment Growth

    Source: Government of Canada regional news

    Released on February 27, 2025

    Province Ranks First for Growth in Private Capital Investment in 2024 

    Saskatchewan led all provinces in private capital investment growth in 2024, with an increase of 17.3 per cent over 2023. The province is also expected to lead the nation in overall capital investment growth in 2025.  

    “Attracting new investment and growing our existing businesses continues to be a key priority for our government and these numbers demonstrate our province is the best place to invest in Canada,” Trade and Export Development Minister Warren Kaeding said. “Our investment attraction strategy is our roadmap to achieving our Growth Plan target by building a competitive business environment, low tax and utility rates, a transparent and predictable regulatory environment, a strong suite of incentives and a network of nine international offices that connect Saskatchewan to the world.”

    Private capital investment in Saskatchewan increased last year by 17.3 per cent to $14.7 billion, ranking first among provinces. In 2025, private capital investment is expected to increase 10.1 per cent to $16.2 billion, ranking second among provinces. 

    Total capital investment in Saskatchewan last year increased by 16.9 per cent to $19.9 billion, ranking second among provinces. In 2025, total capital investment is expected to increase 10.8 per cent to $22.1 billion, ranking first among provinces.

    Today’s numbers build on additional key economic indicators for Saskatchewan. Statistics Canada’s latest GDP numbers indicate that Saskatchewan’s 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.77 billion, or 2.3 per cent from 2022. This places the province second in the nation for real GDP growth, and above the national average of 1.6 per cent.

    Capital investment refers to the expenditures on fixed assets intended to produce goods and services. Fixed assets include structures, machinery and equipment. This is an important economic indicator as it showcases businesses’ optimism about the current and future state of the economy, as well as the ability to earn a return on their investment.

    Last year, the Government of Saskatchewan unveiled its new Securing the Next Decade of Growth – Saskatchewan’s Investment Attraction Strategy. This strategy, combined with Saskatchewan’s trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada.  

    For more information visit: InvestSK.ca.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Economics: IMF Executive Board Concludes 2024 Article IV Consultation with India

    Source: International Monetary Fund

    February 27, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with India.

    Despite recent moderation, India’s economic growth has remained robust, with GDP growth of 6 percent y/y in the first half of 2024/25. Inflation has broadly declined within the tolerance band, though food price fluctuations have created some volatility. The financial sector has remained resilient, with non-performing loans at multi-year lows. Fiscal consolidation has continued, and the current account deficit has remained well contained, supported by strong growth in service exports.

    Real GDP is expected to grow at 6.5 percent in 2024/25 and 2025/26, supported by robust growth in private consumption on the back of sustained macroeconomic and financial stability. Headline inflation is expected to converge to target as food price shocks wane. The current account is expected to widen somewhat but remain moderate at -1.3 percent of GDP in 2025/26. Looking ahead, India’s financial sector health, strengthened corporate balance sheets, and strong foundation in digital public infrastructure underscore India’s potential for sustained medium-term growth and continued social welfare gains.

    Risks to the economic outlook are tilted to the downside. Deepening geoeconomic fragmentation could affect external demand, while deepening regional conflicts could result in oil price volatility, weighing on India’s fiscal position. Domestically, the recovery in private consumption and investment may be weaker than expected if real incomes do not recover sufficiently. Weather shocks could adversely impact agricultural output, lifting food prices and weighing on the recovery in rural consumption. On the upside, deeper implementation of structural reforms could boost private investment and employment, raising potential growth.

    Executive Board Assessment[2]

    Executive Directors commended the authorities’ prudent macroeconomic policies and reforms, which have contributed to making India’s economy resilient and once again the fastest growing major economy. Directors stressed that in the face of headwinds from geoeconomic fragmentation and slower domestic demand, continued appropriate policies remain essential to maintain macroeconomic stability. India’s strong economic performance provides an opportunity to advance critical and challenging structural reforms to realize India’s ambition of becoming an advanced economy by 2047.

    Directors commended the authorities’ commitment to fiscal prudence and welcomed the adoption of a debt target as the medium-term fiscal anchor, which has enhanced transparency and accountability. Given significant development and social needs, Directors recommended continued, well-calibrated fiscal consolidation over the medium term to rebuild buffers, ease debt service, and reduce debt. They suggested a greater focus on domestic revenue mobilization, which together with current expenditure rationalization, such as better targeting of subsidies, can create space for growth-enhancing expenditure on infrastructure and health. Notwithstanding fiscal disparities across states, Directors also broadly agreed that a more holistic fiscal framework that includes state and central government, as well as a more detailed fiscal deficit path with sufficient flexibility, could be used as an operational guide.

    Directors welcomed the Reserve Bank of India’s well-calibrated monetary policy with inflation remaining within the target band. They noted that opportunities could arise to gradually lower the policy rate further, and stressed that monetary policy should remain data-dependent and well communicated. Directors recommended greater exchange rate flexibility as the first line of defense in absorbing external shocks, with foreign exchange interventions limited to addressing disorderly market conditions. A few Directors also saw the need for foreign exchange interventions in other cases noting limitations in the current global financial safety net.

    Directors welcomed the 2024 Financial System Stability Assessment, which points to the overall resilience of India’s financial system, and encouraged the authorities to use the current favorable environment to further strengthen financial resilience. Noting pockets of vulnerability from the interconnectedness among nonbank financial institutions, banks, and markets, as well as from concentrated exposures to the power and infrastructure sectors, Directors recommended further aligning India’s framework of financial sector regulation, supervision, resolution, and safety net with international standards. A number of Directors also suggested greater flexibility in priority sector lending. Directors encouraged the authorities to further improve the AML/CFT framework.

    Directors emphasized that comprehensive structural reforms are crucial to create high-quality jobs, invigorate investment, and unleash higher potential growth. Efforts should focus on implementing labor market reforms, strengthening human capital, and supporting greater participation of women in the labor force. Boosting private investment and FDI is also vital and will require stable policy frameworks, greater ease of doing business, governance reforms, and increased trade integration which should include both tariff and nontariff reduction measures with all parties involved. In this context, Directors welcomed India’s recent tariff reductions, noting that these can enhance competitiveness and foster India’s role in global value chains. Directors commended India’s significant progress in emission intensity reduction and renewable energy deployment and agreed that a balanced climate policy framework, alongside greater access to concessional financing and technology, would be key to achieving net zero emissions by 2070. Directors also welcomed the ongoing capacity development provided to further upgrade the quality, availability, and timeliness of India’s macroeconomic and financial statistics.

    Table 1. India: Selected Social and Economic Indicators, 2020/21-2025/26 1/

    2020/21

    2021/22

    2022/23

    2023/24

    2024/25

    2025/26

    Est.

    Projections

    Growth (in percent)

       Real GDP (at market prices)

    -5.8

    9.7

    7.0

    8.2

    6.5

    6.5

    Prices (percent change, period average)

       Consumer prices – Combined

    6.2

    5.5

    6.7

    5.4

    4.8

    4.3

    Saving and investment (percent of GDP)

       Gross saving 2/

    29.8

    30.9

    31.0

    32.6

    32.7

    32.2

       Gross investment 2/

    28.9

    32.1

    33.0

    33.3

    33.6

    33.5

    Fiscal position (percent of GDP) 3/

      Central government overall balance

    -8.5

    -6.7

    -6.6

    -5.6

    -4.8

    -4.5

      General government overall balance

    -12.9

    -9.4

    -9.0

    -8.1

    -7.4

    -7.0

      General government debt 4/

    88.4

    83.5

    82.0

    82.7

    82.7

    81.4

      Cyclically adjusted balance (% of potential GDP)

    -7.6

    -7.7

    -8.4

    -8.2

    -7.4

    -7.1

      Cyclically adjusted primary balance (% of potential GDP)

    -2.5

    -2.6

    -3.3

    -2.8

    -2.0

    -1.6

    Money and credit (y/y percent change, end-period)

       Broad money

    12.2

    8.8

    9.0

    11.1

    10.0

    10.9

       Domestic Credit

    9.5

    9.0

    13.1

    12.0

    11.2

    11.9

    Financial indicators (percent, end-period)

      91-day treasury bill yield (end-period)

    3.3

    3.8

    6.7

    7.0

    …

    …

      10-year government bond yield (end-period)

    6.3

    6.9

    7.3

    7.1

    …

    …

      Stock market (y/y percent change, end-period)

    68.0

    18.3

    0.7

    24.9

    …

    …

    External trade (on balance of payments basis)

       Merchandise exports (in billions of U.S. dollars)

    296.3

    429.2

    456.1

    441.4

    443.3

    458.7

        (Annual percent change)

    -7.5

    44.8

    6.3

    -3.2

    0.4

    3.5

       Merchandise imports (in billions of U.S. dollars)

    398.5

    618.6

    721.4

    686.3

    728.8

    768.6

        (Annual percent change)

    -16.6

    55.3

    16.6

    -4.9

    6.2

    5.5

      Terms of trade (G&S, annual percent change)

    2.0

    -8.7

    -2.7

    3.2

    -1.3

    0.2

    Balance of payments (in billions of U.S. dollars)

      Current account balance

    24.0

    -38.7

    -67.0

    -26.0

    -34.7

    -53.8

       (In percent of GDP)

    0.9

    -1.2

    -2.0

    -0.7

    -0.9

    -1.3

     Foreign direct investment, net (“-” signifies inflow)

    -44.0

    -38.6

    -28.0

    -10.1

    1.9

    -6.4

     Portfolio investment, net (equity and debt, “-” = inflow)

    -36.1

    16.8

    5.2

    -44.1

    -4.6

    -20.4

     Overall balance (“+” signifies balance of payments surplus)

    87.3

    47.5

    -9.1

    63.7

    2.8

    25.0

    External indicators

       Gross reserves (in billions of U.S. dollars, end-period)

    577.0

    607.3

    578.4

    646.4

    649.2

    674.2

        (In months of next year’s imports (goods and services))

    9.0

    8.1

    8.0

    8.3

    7.9

    7.8

      External debt (in billions of U.S. dollars, end-period)

    573.7

    619.1

    624.1

    668.9

    726.5

    787.3

      External debt (percent of GDP, end-period)

    21.4

    19.5

    18.6

    18.7

    18.9

    18.6

       Of which: Short-term debt

    9.5

    8.5

    8.2

    8.1

    8.3

    8.1

      Ratio of gross reserves to short-term debt (end-period)

    2.3

    2.3

    2.1

    2.2

    2.0

    1.9

      Real effective exchange rate (annual avg. percent change)

    -0.8

    0.3

    -0.3

    0.3

    …

    …

    Memorandum item (in percent of GDP)

      Fiscal balance under authorities’ definition

    -9.2

    -6.7

    -6.5

    -5.6

    -4.8

    -4.4

    Sources: Data provided by the Indian authorities; Haver Analytics; CEIC Data Company Ltd; Bloomberg L.P.; World Bank, World Development Indicators; and IMF staff estimates and projections.                                                                                                 

    1/ Data are for April–March fiscal years.                                                                                                                         

    2/ Differs from official data, calculated with gross investment and current account. Gross investment includes errors and omissions.        

    3/ Divestment and license auction proceeds treated as below-the-line financing.                                                                                                  

    4/ Includes combined domestic liabilities of the center and the states, and external debt at year-end exchange rates.                                                                                                                                    

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    MIL OSI Economics –

  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with India

    Source: IMF – News in Russian

    February 27, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with India.

    Despite recent moderation, India’s economic growth has remained robust, with GDP growth of 6 percent y/y in the first half of 2024/25. Inflation has broadly declined within the tolerance band, though food price fluctuations have created some volatility. The financial sector has remained resilient, with non-performing loans at multi-year lows. Fiscal consolidation has continued, and the current account deficit has remained well contained, supported by strong growth in service exports.

    Real GDP is expected to grow at 6.5 percent in 2024/25 and 2025/26, supported by robust growth in private consumption on the back of sustained macroeconomic and financial stability. Headline inflation is expected to converge to target as food price shocks wane. The current account is expected to widen somewhat but remain moderate at -1.3 percent of GDP in 2025/26. Looking ahead, India’s financial sector health, strengthened corporate balance sheets, and strong foundation in digital public infrastructure underscore India’s potential for sustained medium-term growth and continued social welfare gains.

    Risks to the economic outlook are tilted to the downside. Deepening geoeconomic fragmentation could affect external demand, while deepening regional conflicts could result in oil price volatility, weighing on India’s fiscal position. Domestically, the recovery in private consumption and investment may be weaker than expected if real incomes do not recover sufficiently. Weather shocks could adversely impact agricultural output, lifting food prices and weighing on the recovery in rural consumption. On the upside, deeper implementation of structural reforms could boost private investment and employment, raising potential growth.

    Executive Board Assessment[2]

    Executive Directors commended the authorities’ prudent macroeconomic policies and reforms, which have contributed to making India’s economy resilient and once again the fastest growing major economy. Directors stressed that in the face of headwinds from geoeconomic fragmentation and slower domestic demand, continued appropriate policies remain essential to maintain macroeconomic stability. India’s strong economic performance provides an opportunity to advance critical and challenging structural reforms to realize India’s ambition of becoming an advanced economy by 2047.

    Directors commended the authorities’ commitment to fiscal prudence and welcomed the adoption of a debt target as the medium-term fiscal anchor, which has enhanced transparency and accountability. Given significant development and social needs, Directors recommended continued, well-calibrated fiscal consolidation over the medium term to rebuild buffers, ease debt service, and reduce debt. They suggested a greater focus on domestic revenue mobilization, which together with current expenditure rationalization, such as better targeting of subsidies, can create space for growth-enhancing expenditure on infrastructure and health. Notwithstanding fiscal disparities across states, Directors also broadly agreed that a more holistic fiscal framework that includes state and central government, as well as a more detailed fiscal deficit path with sufficient flexibility, could be used as an operational guide.

    Directors welcomed the Reserve Bank of India’s well-calibrated monetary policy with inflation remaining within the target band. They noted that opportunities could arise to gradually lower the policy rate further, and stressed that monetary policy should remain data-dependent and well communicated. Directors recommended greater exchange rate flexibility as the first line of defense in absorbing external shocks, with foreign exchange interventions limited to addressing disorderly market conditions. A few Directors also saw the need for foreign exchange interventions in other cases noting limitations in the current global financial safety net.

    Directors welcomed the 2024 Financial System Stability Assessment, which points to the overall resilience of India’s financial system, and encouraged the authorities to use the current favorable environment to further strengthen financial resilience. Noting pockets of vulnerability from the interconnectedness among nonbank financial institutions, banks, and markets, as well as from concentrated exposures to the power and infrastructure sectors, Directors recommended further aligning India’s framework of financial sector regulation, supervision, resolution, and safety net with international standards. A number of Directors also suggested greater flexibility in priority sector lending. Directors encouraged the authorities to further improve the AML/CFT framework.

    Directors emphasized that comprehensive structural reforms are crucial to create high-quality jobs, invigorate investment, and unleash higher potential growth. Efforts should focus on implementing labor market reforms, strengthening human capital, and supporting greater participation of women in the labor force. Boosting private investment and FDI is also vital and will require stable policy frameworks, greater ease of doing business, governance reforms, and increased trade integration which should include both tariff and nontariff reduction measures with all parties involved. In this context, Directors welcomed India’s recent tariff reductions, noting that these can enhance competitiveness and foster India’s role in global value chains. Directors commended India’s significant progress in emission intensity reduction and renewable energy deployment and agreed that a balanced climate policy framework, alongside greater access to concessional financing and technology, would be key to achieving net zero emissions by 2070. Directors also welcomed the ongoing capacity development provided to further upgrade the quality, availability, and timeliness of India’s macroeconomic and financial statistics.

    Table 1. India: Selected Social and Economic Indicators, 2020/21-2025/26 1/

    2020/21

    2021/22

    2022/23

    2023/24

    2024/25

    2025/26

    Est.

    Projections

    Growth (in percent)

       Real GDP (at market prices)

    -5.8

    9.7

    7.0

    8.2

    6.5

    6.5

    Prices (percent change, period average)

       Consumer prices – Combined

    6.2

    5.5

    6.7

    5.4

    4.8

    4.3

    Saving and investment (percent of GDP)

       Gross saving 2/

    29.8

    30.9

    31.0

    32.6

    32.7

    32.2

       Gross investment 2/

    28.9

    32.1

    33.0

    33.3

    33.6

    33.5

    Fiscal position (percent of GDP) 3/

      Central government overall balance

    -8.5

    -6.7

    -6.6

    -5.6

    -4.8

    -4.5

      General government overall balance

    -12.9

    -9.4

    -9.0

    -8.1

    -7.4

    -7.0

      General government debt 4/

    88.4

    83.5

    82.0

    82.7

    82.7

    81.4

      Cyclically adjusted balance (% of potential GDP)

    -7.6

    -7.7

    -8.4

    -8.2

    -7.4

    -7.1

      Cyclically adjusted primary balance (% of potential GDP)

    -2.5

    -2.6

    -3.3

    -2.8

    -2.0

    -1.6

    Money and credit (y/y percent change, end-period)

       Broad money

    12.2

    8.8

    9.0

    11.1

    10.0

    10.9

       Domestic Credit

    9.5

    9.0

    13.1

    12.0

    11.2

    11.9

    Financial indicators (percent, end-period)

      91-day treasury bill yield (end-period)

    3.3

    3.8

    6.7

    7.0

    …

    …

      10-year government bond yield (end-period)

    6.3

    6.9

    7.3

    7.1

    …

    …

      Stock market (y/y percent change, end-period)

    68.0

    18.3

    0.7

    24.9

    …

    …

    External trade (on balance of payments basis)

       Merchandise exports (in billions of U.S. dollars)

    296.3

    429.2

    456.1

    441.4

    443.3

    458.7

        (Annual percent change)

    -7.5

    44.8

    6.3

    -3.2

    0.4

    3.5

       Merchandise imports (in billions of U.S. dollars)

    398.5

    618.6

    721.4

    686.3

    728.8

    768.6

        (Annual percent change)

    -16.6

    55.3

    16.6

    -4.9

    6.2

    5.5

      Terms of trade (G&S, annual percent change)

    2.0

    -8.7

    -2.7

    3.2

    -1.3

    0.2

    Balance of payments (in billions of U.S. dollars)

      Current account balance

    24.0

    -38.7

    -67.0

    -26.0

    -34.7

    -53.8

       (In percent of GDP)

    0.9

    -1.2

    -2.0

    -0.7

    -0.9

    -1.3

     Foreign direct investment, net (“-” signifies inflow)

    -44.0

    -38.6

    -28.0

    -10.1

    1.9

    -6.4

     Portfolio investment, net (equity and debt, “-” = inflow)

    -36.1

    16.8

    5.2

    -44.1

    -4.6

    -20.4

     Overall balance (“+” signifies balance of payments surplus)

    87.3

    47.5

    -9.1

    63.7

    2.8

    25.0

    External indicators

       Gross reserves (in billions of U.S. dollars, end-period)

    577.0

    607.3

    578.4

    646.4

    649.2

    674.2

        (In months of next year’s imports (goods and services))

    9.0

    8.1

    8.0

    8.3

    7.9

    7.8

      External debt (in billions of U.S. dollars, end-period)

    573.7

    619.1

    624.1

    668.9

    726.5

    787.3

      External debt (percent of GDP, end-period)

    21.4

    19.5

    18.6

    18.7

    18.9

    18.6

       Of which: Short-term debt

    9.5

    8.5

    8.2

    8.1

    8.3

    8.1

      Ratio of gross reserves to short-term debt (end-period)

    2.3

    2.3

    2.1

    2.2

    2.0

    1.9

      Real effective exchange rate (annual avg. percent change)

    -0.8

    0.3

    -0.3

    0.3

    …

    …

    Memorandum item (in percent of GDP)

      Fiscal balance under authorities’ definition

    -9.2

    -6.7

    -6.5

    -5.6

    -4.8

    -4.4

    Sources: Data provided by the Indian authorities; Haver Analytics; CEIC Data Company Ltd; Bloomberg L.P.; World Bank, World Development Indicators; and IMF staff estimates and projections.                                                                                                 

    1/ Data are for April–March fiscal years.                                                                                                                         

    2/ Differs from official data, calculated with gross investment and current account. Gross investment includes errors and omissions.        

    3/ Divestment and license auction proceeds treated as below-the-line financing.                                                                                                  

    4/ Includes combined domestic liabilities of the center and the states, and external debt at year-end exchange rates.                                                                                                                                    

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    https://www.imf.org/en/News/Articles/2025/02/26/pr25045-india-imf-executive-board-concludes-2024-article-iv-consultation-with-india

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Gross Domestic Product, 4th Quarter and Year 2024 (Second Estimate)

    Source: US Bureau of Economic Analysis

    Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the fourth quarter of 2024 (October, November, and December), according to the second estimate released by the U.S. Bureau of Economic Analysis. In the third quarter, real GDP increased 3.1 percent.

    The increase in real GDP in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased. For more information, refer to the “Technical Notes” below.

    Real GDP was revised up by less than 0.1 percentage point from the advance estimate released last month, primarily reflecting upward revisions to government spending and exports that were partly offset by downward revisions to consumer spending and investment.

    Compared to the third quarter, the deceleration in real GDP in the fourth quarter primarily reflected downturns in investment and exports that were partly offset by an acceleration in consumer spending. Imports turned down.

    The price index for gross domestic purchases increased 2.3 percent in the fourth quarter, revised up 0.1 percentage point from the previous estimate. The personal consumption expenditures (PCE) price index increased 2.4 percent, revised up 0.1 percentage point. Excluding food and energy prices, the PCE price index increased 2.7 percent, revised up 0.2 percentage point.

    Real GDP and Related Measures
    (Percent change from Q3 to Q4)
      Advance Estimate Second Estimate
    Real GDP 2.3 2.3
    Current-dollar GDP 4.5 4.8
    Gross domestic purchases price index 2.2 2.3
    PCE price index 2.3 2.4
    PCE price index excluding food and energy 2.5 2.7

    GDP for 2024

    Real GDP increased 2.8 percent in 2024 (from the 2023 annual level to the 2024 annual level), the same as previously estimated. The increase in real GDP in 2024 reflected increases in consumer spending, investment, government spending, and exports. Imports increased.

    The price index for gross domestic purchases increased 2.4 percent in 2024, revised up 0.1 percentage point. The PCE price index increased 2.5 percent, the same as the previous estimate. Excluding food and energy prices, the PCE price index increased 2.8 percent, also the same as the previous estimate.

    Next release: March 27, 2025, at 8:30 a.m. EDT
    Gross Domestic Product (Third Estimate)
    Corporate Profits
    Gross Domestic Product by Industry
    4th Quarter and Year 2024

    For definitions, statistical conventions, updates to GDP, and more, visit “Additional Information.”

    Technical Notes

    Sources of revisions to real GDP in the second estimate

    Real GDP increased at an annual rate of 2.3 percent (0.6 percent at a quarterly rate1), an upward revision of less than 0.1 percentage point from the previous estimate, primarily reflecting upward revisions to government spending and exports that were partly offset by downward revisions to consumer spending and investment. Imports, which are a subtraction in the calculation of GDP, were revised down.

    • The revision to government spending primarily reflected an upward revision to federal government spending (notably, defense consumption expenditures), based on Bureau of Labor Statistics (BLS) employment data.
    • For both exports and imports, the revised estimates primarily reflected updated data from BEA’s International Transactions Accounts as well as new and revised Census Bureau trade in goods data for December. The revision to imports was led by a downward revision to other goods, reflecting a downward revision to the territorial adjustment.2
    • The downward revision to consumer spending reflected a downward revision to goods that was partly offset by an upward revision to services.
      • Within goods, the downward revision was led by other durable goods (notably, jewelry and watches), based on revised Census Bureau Monthly Retail Trade Survey (MRTS) data.
      • Within services, the upward revision was led by recreation services (led by video and audio streaming and rental), based primarily on financial reports for publicly traded companies, and food services, based on revised Census MRTS data.
    • The downward revision to investment reflected a downward revision to nonresidential fixed investment that was partly offset by an upward revision to private inventory investment.
      • Within nonresidential fixed investment, the leading contributor to the downward revision was intellectual property products (led by research and development), based on R&D expenses reported by publicly traded companies.
      • Within private inventory investment, the revision primarily reflected an upward revision to nonfarm inventories (led by merchant wholesale), based primarily on revised Census Bureau book value data.

    More information on the source data and BEA assumptions that underlie the fourth-quarter estimate is shown in the key source data and assumptions table.

    1. Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For more information, refer to the FAQ Why does BEA publish percent changes in quarterly series at annual rates?. 

    2. Consists of transactions between the United States and its territories, Puerto Rico, and the Northern Mariana Islands. The treatment of U.S. territories, Puerto Rico, and the Northern Mariana Islands in the National Income and Product Accounts (NIPAs) differs from that in the International Transactions Accounts (ITAs). In the NIPAs, U.S. territories are included in the rest of the world; in the ITAs, they are treated as part of the United States.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Over 326,000 children currently supported by Scottish Child Payment

    Source: Scottish Government

    £1 billion paid to help tackle child poverty

    New figures, show that as of 31 December 2024, the families of 326,080 children under 16 years of age were receiving vital support from Scottish Child Payment.  

    Over £1 billion has now been paid to parents and carers since the payment was introduced in February 2021.  

    Scottish Child Payment is unique to Scotland and provides financial support for families, helping with the costs of caring for a child. It is a weekly payment, currently worth £26.70, for every eligible child that a parent or carer looks after who’s under 16 years of age.    

    While visiting Craigour Park Primary school in Edinburgh, to talk to parents who receive Scottish Child Payment, Social Justice Secretary Shirley-Anne Somerville said:   

    “Eradicating child poverty is the Scottish Government’s top priority and a national mission.   

    “Our investment in Scottish Child Payment has seen over £1 billion worth of these payments issued by 31 December 2024; that is money directly in the pockets of those families who need it most. 

    “Modelling published in February 2024 also estimates that the Scottish Child Payment could keep 60,000 children out of relative poverty this year. 

    “Scottish Child Payment is actively improving the lives of hundreds of thousands of children in Scotland – helping their families to access essentials and experiences they might otherwise miss out on because they live on a low income. 

    “In the coming year it is forecast we’ll invest a further £471 million, ensuring that this support continues to reach even more families and children who need it.”

    Head Teacher of Craigour Park Primary, Sally Ketchin, said:  

    “We welcome payments like Scottish Child Payment and Best Start Grants. We can see the real difference this money makes to families in our community.” 

    Case study   

    Ashley Forbes lives in Glenrothes with her three children.  She said:      

    “The two-child cap came in for Tax Credits when I was pregnant with my third child. That meant I would be losing £60 a week when the baby was born so, obviously, that was quite a scary moment. It was huge.   

    “I wasn’t working and my partner at the time was only working part-time so money wasn’t great. It felt like £60 was so much to lose, you know, when you have a baby with milk and all that stuff to buy.      

    “And then when Scottish Child Payment came in, it was a huge relief. I have three kids and they grow so fast. It’s new shoes, new coats and new clothes all the time.   

    “My eldest two do swimming as well which is a really important skill that you need in life. We wouldn’t be able to do this stuff without Scottish Child Payment.     

    “I think Scottish Child Payment is great. We couldn’t do without it.”   

    MIL OSI United Kingdom –

  • MIL-OSI NGOs: UK: ‘Little or no regard’ shown to people fleeing conflict and persecution – immigration stats

    Source: Amnesty International –

    Thousands of people including Afghans, Iranians and Eritreans refused protection

    Responding to new Government statistics released today (27 February) showing a significant number of people refused asylum, Steve Valdez-Symonds, Amnesty International UK’s Refugee and Migrant Rights Director, said:

    “Today’s data show the Home Office is now deciding protection claims with over 40,000 decisions made in the last quarter of 2024.                                        

    “However, thousands of people, including Afghans, Iranians and Eritreans, are being refused asylum with the risk of creating a new backlog of people wrongly placed in limbo – albeit at the end of a badly functioning system rather than at the start of a system that wasn’t functioning at all.

    “As with the Border Security Bill – being considered by MPs this afternoon – this data starkly demonstrates the Government remains committed to an impossible and callous strategy of deterrence and penalty for refugees and victims of modern slavery who seek safety in the UK.

    “It is simply not enough to remove some of the last administration’s worst policies while keeping others that also violate international law obligations and show little or no regard to the realities of people made vulnerable to the cruel exploitation of smuggling gangs. The Government must immediately change course and address the needs and rights of people fleeing conflict and persecution.”

    View latest press releases

    MIL OSI NGO –

  • MIL-OSI NGOs: Northern Ireland: latest police figures show race hate crimes hit ‘all-time high’ during summer 2024

    Source: Amnesty International –

    New PSNI report shows 1,777 racist incidents and 1,150 racist crimes in the year to end of December 2024

    Level of race hate incidents hit new high during the summer period of June, July and August, peaking at 351 incidents in August

    Hate crimes now represent more than 1 in 50 of all crimes in Northern Ireland

    More than half of recorded race hate crimes were in Belfast

    ‘Years of complacency about the rise of racism here left bigoted thugs, including paramilitaries, emboldened to carry out an ever-greater number of attacks’ – Patrick Corrigan

    Amnesty International has expressed concern at the level of racist hate crime in Northern Ireland, as new figures published today show attacks hit an all-time high during summer 2024.

    The figures were published today in a report by the Police Service of Northern Ireland (PSNI) and the Northern Ireland Statistics and Research Agency (NISRA), which tracked recorded hate crimes and incidents for the twelve months to the end of December 2024.

    The report reveals that there were 1,777 racist incidents and 1,150 racist crimes recorded by the police during 2024. There were 454 more race incidents and 292 more race crimes recorded in 2024 than the previous year. 

    Six of the eight highest monthly levels of race incidents since records began in 2004 were recorded between May and October 2024.

    The summer period of June, July and August recorded a new highest monthly level of race incidents, peaking at 351 incidents in August, the highest since police records began in 2004.

    More than half (604) of recorded race hate crimes in 2024 were in Belfast. The second highest area for recorded race hate crimes during the year was Antrim and Newtownabbey (133).

    Racist crimes represented 1.3% of all recorded crime during 2024. Hate crimes now represent more than 1 in 50 (2.15%) of all crimes in Northern Ireland.

    Patrick Corrigan, Amnesty International’s Northern Ireland Director, said:

    “The last year has seen a devastating surge in hate crime in Northern Ireland, with thousands of victims left feeling afraid and unprotected, and race hate incidents hitting an all-time high during the summer.

    “Years of complacency about the rise of racism here left bigoted thugs, including paramilitaries, emboldened to carry out an ever-greater number of attacks, particularly during the far-right violence in the summer.  

    “That hate crime now represents more than one in fifty of all recorded crimes in Northern Ireland must be a wake-up call to both police and politicians.

    “Tackling racism and hate crime in Northern Ireland will require not just a more consistent response from the police but unambiguous political leadership and effective strategies from the Executive, something which has hitherto been lacking.”

    MIL OSI NGO –

  • MIL-OSI Asia-Pac: “Quarterly Report on General Household Survey” for October to December 2024 published

    Source: Hong Kong Government special administrative region

         The “Quarterly Report on General Household Survey” for October to December 2024 is now available for access and download.
     
         The report contains statistics on labour force, employment, unemployment and underemployment for the fourth quarter of 2024. It also contains detailed analyses of the characteristics of different categories of members of the labour force, including their age, sex, educational attainment, employment status, occupation, industry, hours worked per week and monthly employment earnings, etc. Information on duration of unemployment for the unemployed is also presented.
     
         Users can browse and download the report at the website of the Census and Statistics Department (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1050001&scode=200).
     
         The summary of broad survey findings published in the report is shown in Table 1 attached. Enquiries about the contents of the report can be directed to the General Household Survey Section (3), Census and Statistics Department (Tel: 2887 5508 or email: ghs@censtatd.gov.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: All-India House Price Index (HPI) for Q3:2024-25

    Source: Reserve Bank of India

    Today, the Reserve Bank released its quarterly house price index (HPI)1 (base: 2010-11=100) for Q3:2024-25, based on transaction-level data received from the registration authorities in ten major cities2. Time series data on all-India and city-wise HPIs are available at the Bank’s database on Indian economy (DBIE) portal (https://data.rbi.org.in/DBIE/#/dbie/home> Statistics > Real Sector > Prices & Wages).

    Highlights:

    • All-India HPI increased by 3.1 per cent (y-o-y) in Q3:2024-25 as compared with 4.3 per cent growth in the previous quarter and 3.8 per cent growth a year ago; annual HPI growth varied widely across the cities – ranging from a high growth of 8.1 per cent (Kolkata) to 0.1 per cent (Kanpur).

    • On a sequential (q-o-q) basis, all-India HPI increased by 0.4 per cent in Q3:2024-25; Mumbai, Bengaluru, Ahmedabad, Lucknow, Kolkata, Chennai, Jaipur and Kochi  recorded a sequential rise in house prices during the latest quarter.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2265

    MIL OSI Economics –

  • MIL-OSI Russia: For 70% of Russian creators, working in social media is their main occupation

    Translartion. Region: Russians Fedetion –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    New study “The Age of Creators” conducted Institute of Cultural Research HSE University confirms the growing trend of using domestic platforms by creators, emphasizing the importance of micro-influencers, short video formats and regional expansion.

    Russian platforms are catching up with their foreign counterparts in terms of opportunities provided to creators and are dynamically changing to meet the current needs of users — this is evidenced by the data from the study “The Age of Creators” conducted by the Institute for Cultural Studies of the Faculty of Humanities at the National Research University Higher School of Economics. Content authors are already choosing and noting domestic social media and platforms among the most promising platforms for work. According to experts, the main platforms for posting content are VKontakte, VK Video, VK Music and Telegram.

    Domestic platforms are constantly improving conditions for authors and expanding opportunities for content monetization. The result of these efforts is a growing share of creators for whom work in social media is an important source of income. For bloggers, the most common source of income is advertising contracts (40%), in second place are donations from the audience (34%), in third place is the creation and sale of their own products (merch, courses) (24%). According to experts, content monetization is becoming a key factor in success, and platforms are actively developing new tools to ensure it. Among them is VK AdBlogger, which provides businesses with ample opportunities for placing ads, collecting and analyzing statistics on their impressions, and optimizing promotion based on this data.

    Creative industries provide opportunities not only for those who have specialized education, but also for those who have independently mastered the necessary professional skills. Among bloggers, influencers and community administrators, only one in six says they have specialized education. In various groups of creators, 51% of surveyed designers, 49% of text specialists, 33% of sound specialists, 24% of video production specialists and 16% of bloggers and owners and administrators of communities or channels have specialized education.

    According to experts, creators who want to improve their skills often encounter barriers: lack of training programs in the required specialty, high cost of courses, irrelevance of training programs. Among the practice-oriented training programs, the experts interviewed named the programs of the Creative Laboratory Institute of Media HSE University, the University of Creative Industries Universal University and the open creative platform Prostor.

    Content creators working in social media feel a growing need for analytical and management skills from creators. According to the study, the top 5 skills in demand include creativity, digital and technical skills, a sense of trends, business thinking, and analytical skills. Creators develop the necessary competencies by working on projects in practice, learning independently, and interacting with each other in professional communities.

    Employers report a growing demand for creative professionals who effectively use the capabilities of artificial intelligence. Designers (65%) most often use AI capabilities in their professional activities, while bloggers, influencers (41%), and sound specialists (36%) use it less often. About a third of all representatives of creative industries plan to use AI in their work in the future.

    “The economy of creators is a phenomenon that has attracted the attention of foreign researchers around the world in recent years, but until now this phenomenon has not been described using Russian material,” notes Alexander Suvalko, Deputy Director of the Institute for Cultural Studies Faculty of Humanities HSE University. — In this sense, this study is cutting-edge for Russia. Today, it is difficult to assess the scale of this phenomenon due to the widespread prevalence of digital activity, but the survey and expert interviews indicate an increase in interest in creators and influencers from digital platforms and businesses.”

    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 Kingdom: UKHSA warns of potential second norovirus wave

    Source: United Kingdom – Executive Government & Departments

    News story

    UKHSA warns of potential second norovirus wave

    People who have already had the virus this winter could be at risk again, as new data shows shift in circulating strains.

    The latest UK Health Security Agency (UKHSA) data shows norovirus cases continue to rise across the country, with laboratory reports at the highest levels since reporting data this way began in 2014.

    Laboratory confirmed cases in the 2 weeks from 3 to 16 February 2025 were 29.4% higher than the previous fortnight and more than double the 5-season average (168.0%) for the same 2-week period. The impact is particularly severe in hospitals and care homes, with cases highest among people aged 65 and over. Cases usually start to decline around this time of year as the weather gets warmer, but it is too soon to conclude whether or not norovirus has peaked this season.

    The increased activity this season is associated with the recently emerged GII.17 genotype. However, the latest data shows that a different, but commonly seen genotype (GII.4) is now increasing. Prior to the emergence of GII.17, GII.4 is the genotype that most commonly detected and increased each winter. While the GII.17 genotype remains dominant, accounting for 59% of cases, its prevalence has dropped from 76% since November. Meanwhile, the GII.4 strain has sharply risen, now representing 29% of cases compared to just 10% three months ago.

    This means that people who have already had norovirus this season may catch it again, as having one genotype does not fully protect against the other. However, at present there is no indication that either GII.17 or GII.4 leads to more severe illness.

    Common symptoms of norovirus include:

    • nausea and vomiting
    • diarrhoea
    • high temperature
    • abdominal pain
    • aching limbs

    Some people, particularly young children, older adults and those with weakened immune systems are more likely to develop severe symptoms, which can cause dehydration. Anyone with these symptoms should drink plenty of fluids.

    Amy Douglas, Lead Epidemiologist at UKHSA, said:

    Norovirus levels are still exceptionally high and now with multiple genotypes spreading at the same time, people could end up getting infected more than once this season.

    We are seeing the biggest impacts in health and social care settings, such as hospitals and care homes. Symptoms of norovirus can be more severe in older adults, young children and those who are immunocompromised. If you have diarrhoea and vomiting, please do not visit hospitals and care homes or return to work, school or nursery until 48 hours after your symptoms have stopped. And don’t prepare food for others, as you can still pass on the virus during this time.

    Alcohol gels do not kill norovirus. Wash your hands with soapy warm water and clean surfaces with bleach-based products where possible to help stop infections from spreading.

    While it is likely the GII.17 genotype has driven up norovirus cases this season due to a lack of previous immunity, the higher numbers we are seeing may also reflect UKHSA’s improved testing capabilities and changing patterns of infection since the COVID-19 pandemic. Norovirus also spreads more easily in lower temperatures as people spend more time indoors and typically peaks during winter months.

    UKHSA experts estimate that reported cases represent only a small fraction of actual infections. For every case reported to national surveillance, approximately 288 cases occur in the community, suggesting around 3 million cases annually in the UK.

    Updates to this page

    Published 27 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: £230m DHL investment in Coventry to create hundreds of local jobs

    Source: United Kingdom – Executive Government & Departments

    Press release

    £230m DHL investment in Coventry to create hundreds of local jobs

    DHL Group has announced a £230 million e-commerce hub investment in Coventry creating up to 600 local jobs.

    • Major £230m investment in new state-of-the-art e-commerce hub in Coventry will create up to 600 local jobs.
    • New hub near Coventry Airport can handle up to 1 million parcels a day and is part of DHL e-Commerce’s wider £482m investment into the UK.
    • Minister Justin Madders will open the hub today, celebrating the latest in a series of job-boosting investments across the country.

    Logistics giant DHL has invested £230 million in a new state-of-the-art e-commerce hub in Coventry which will create up to 600 local jobs, in the latest in a series of job-boosting investments across the UK. 

    Today (27 February), Business Minister Justin Madders will formally open the new hub which covers 25,000 m² of space and can handle up to a million parcels a day, speeding up delivery times for UK consumers in a major win to the Coventry and wider West Midlands economy. 

    During his visit, the Minister will meet with DHL Group’s senior leadership, including CEO of DHL eCommerce Pablo Ciano, tour the new site to see the latest e-commerce technologies in action, and learn about how the new hub will benefit not only Coventry but the wider West Midlands.

    This announcement comes as the latest research shows the UK is expected to reach a turnover in e-commerce of £176 billion by 2029, leading all European economies. The latest figures from the Department for Business & Trade also show the West Midlands region landed 133 foreign direct investments in 2023/24, generating 7,581 new jobs.

    Securing investment is central to the Government’s mission to deliver economic growth which will create jobs, improve living standards, and make communities and families across the country better off as part of our Plan for Change.

    Since entering office, the Government has been focused on restoring economic stability – which is the foundation of growth – to give businesses the confidence to invest and expand in the UK, and today’s announcement from DHL is a major vote of confidence in the UK’s investment environment.  

    Business Minister Justin Madders said:

    The West Midlands is a powerhouse for investment, and this state-of-the-art hub in Coventry will not only create hundreds of local jobs but give a major boost to our logistics sector and speed up delivery times for consumers. 

    The UK is open for business, and DHL’s investment is the latest vote of confidence in the country which will deliver economic growth and raise living standards, showing our Plan for Change is working.

    Stuart Hill, CEO of DHL eCommerce UK said:

    As e-commerce continues to shape the way we live and work, this expansion will enable us to meet growing demand. The investment reflects our confidence in British business and our dedication to helping our customers thrive in the digital marketplace through innovation and best-in-class service delivery.

    By increasing our capacity with a state-of-the-art operation, we’re creating long-term jobs, growth opportunities for our customers and a blueprint for more sustainable logistics.

    DHL’s cutting-edge new site will help to grow UK e-commerce businesses and improve delivery to consumers across the UK, as well as improving export logistics for businesses in the region. The hub features secure bonded storage and customs capabilities to support international e-commerce, making it quicker and easier to dispatch parcels internationally.  

    The hub also provides EV charging points and 7,000m² of solar panels along with LED lighting. This minimises the site’s environmental impact and preserves the area’s natural biodiversity – supporting the government’s ambitions to make the UK a clean energy superpower. 

    Economic growth is the foundation of our Plan for Change, and DHL’s vote of confidence will play a vital role in not only unlocking further investment but turbocharging the UK’s logistics sector. 

    DHL’s announcement today is the latest in a series of recent investment wins for the UK, including: 

    • Creating nearly 38,000 jobs across the UK following our record-breaking International Investment Summit last October, with £63 billion worth of investment secured by companies such as Amazon Web Services, Iberdrola and Octopus Energy.
    • Car manufacturer Nissan, and the Japan Automatic Transmission Company (JATCO) securing a £50 million investment deal in partnership with the government to create a new manufacturing plant in Sunderland.
    • US company Knighthead’s £3 billion regeneration project in East Birmingham, creating 8,400 new jobs annually, paving the way for a new 60,000-seater stadium alongside a sports campus of training facilities, a new academy, and community pitches.
    • Rolls Royce investing £300m in the expansion of their Goodwood facility to meet the growing demand for bespoke upgrades.
    • JLR investing £500 million in its Halewood facility to enable the production of electric vehicles, alongside existing combustion and hybrid models.
    • Blackstone’s £10 billion investment to create the biggest AI data centre in Europe, creating 4000 jobs.
    • Eren Holding investing £1 billion in the redevelopment of Shotton Mill in North Wales, safeguarding 147 jobs and creating a further 220 jobs.
    • Heathrow Airport announcing a multibillion-pound investment programme to expand the airport, including new terminal buildings, aircraft stands, passenger infrastructure and work towards its third runway.

    Background:

    Updates to this page

    Published 27 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Scientific Regiment. Student Katya Petrova’s Memories of War and Study

    Translartion. Region: Russians Fedetion –

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

    When talking about contemporaries of the Great Patriotic War, the first to be remembered are the participants in the military operations, and they do not forget about home front workers, scientists and teachers, but stories about ordinary students are rare. They did not throw themselves under tanks, defending their native land, did not stand two shifts in a row at the machine, did not organize production and did not save lives in hospitals, but they also lived their war years and remembered them forever – they performed a small student feat, receiving an education in a difficult time for the country and using it for the benefit of the Motherland in the post-war years. Today we will tell you about such a person in the “Scientific Regiment” section.

    Ekaterina Valerianovna Petrova is a candidate of economic sciences, professor of the statistics department at the Moscow Institute of Economics and Management, and an Honorary Worker of Higher Professional Education of the Russian Federation. She was awarded the medal of the Order of Merit for the Fatherland, 2nd degree, the Order of Valiant Labor in the Great Patriotic War of 1941-1945, and other medals.

    Ekaterina Petrova entered the mechanical engineering department of the Moscow Engineering and Economics Institute named after Sergo Ordzhonikidze (now the State University of Management) in 1940. After completing her first year, the war began and she and her family had to evacuate to the Saratov region for two years, where she worked as an accountant on a state farm. In October 1943, the institute called Ekaterina back to Moscow, where she was able to live independently due to the fact that students were given work cards for food, orders for clothing and footwear, and a stipend was paid to all students, and not just excellent students or those with low incomes, as was the case before the war. In this way, the state invested in the future even in the most difficult years. Despite all the difficulties, the management of the Moscow Engineering and Economics Institute tried to provide comfortable living conditions in the dormitories, replenished the institute’s material resources whenever possible, arranged a normal life, and even organized festive evenings with the participation of artists.

    The dean of the mechanical engineering faculty at that time was Khadzhi-Murat Timurovich Aldakov, who at the beginning of the war was deputy head of the construction of defensive lines near Moscow.

    “At first, Hadji-Murat Timurovich gave the impression of being a withdrawn, somewhat gloomy person, so at first the students were afraid of him,” recalls Ekaterina Valerianovna. “However, having met him on business once or twice, everyone understood that he treated the students very kindly and fairly. I was able to see for myself that he was also an excellent teacher, since I completed my diploma project under his supervision.”

    According to Ekaterina Valerianovna, everyone studied with great enthusiasm and tried not to miss lectures. The shortage of textbooks also had an impact on attendance – often only one manual was given to three or four students, and for some subjects there were none at all, so they prepared for exams only from their own lecture notes. Accordingly, teachers approached teaching with full responsibility and explained the subject until the students fully understood it. For example, Professor of the Department of Organization and Planning of Production Eduard Adamovich Satel had a manner of conducting, as they would say now, interactive lectures – he asked students questions about how they would solve various problems of production processes.

    Ekaterina Petrova especially remembers the associate professor of the department of production organization and planning, Yuri Osipovich Lyubovich, who, thanks to his sensitive attitude towards students, goodwill and gentle humor, became a true friend of his students.

    “His imposing appearance, velvety voice and artistic abilities captivated the audience and worked genuine miracles. The students listened with admiration to every word when the material of deep scientific content was presented. And, what is most surprising, these wonderful lectures, thanks to the art of reading, could be easily recorded,” says Ekaterina Valerianovna.

    There were practically no vacations during the war years, instead students worked in the Moscow suburban subsidiary farm of the Moscow Institute of Power Engineering, in haymaking, in logging, at vegetable warehouses. No one even thought about being released from work, everyone worked for the needs of the country and the front.

    In May 1945, the maximum concentration of efforts of the entire state led to the Great Victory over Nazi Germany and its allies. Of course, the difficulties did not end there; a long period of restoration of the country lay ahead. Ekaterina Petrova graduated from MIEI in 1947, continued her education in graduate school, and since 1950 began teaching at her native university, which she never left, having trained thousands of specialists over many years.

    Yes, the years of the Great Patriotic War were much harder physically and morally than our days. However, the feelings that students of those years experienced, judging by the words of Ekaterina Valerianovna, were the same:

    “The student years, which coincided for my generation with the war years, were nevertheless the happiest: there was the joy of victories at the front, the joy of communicating with teachers and friends, the joy of youth and the expectation of all the best ahead.”

    Students of those years forged victory with knowledge and labor in the rear, bringing a bright future closer. Today, when our country is once again facing challenges, students of the State University of Management continue to study and develop, making their contribution to supporting the country and preserving the future. The stories of these generations are separated by time, but united by a common desire for knowledge and love for the Motherland.

    #Scientific regiment

    Subscribe to the TG channel “Our GUU” Date of publication: 02/27/2025

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

    MIL OSI Russia News –

  • MIL-OSI Security: Met publishes new Stop and Search Charter

    Source: United Kingdom London Metropolitan Police

    The Met has published a new Stop and Search Charter, shaping the future of how one of policing’s most effective but contentious tactics is used in London.

    The charter, which was co-produced with communities, is the product of a year and a half of engagement with more than 8,500 Londoners of all ages, ethnicities and backgrounds. It is the first time a set of formal commitments on how stop and search is carried out has been agreed to and published in this way.

    Over the past four years, 17,500 weapons were seized as a result of stop and search, including at least 3,500 in 2024. Polling shows that up to 68 per cent of Londoners, including young Londoners, support its use.

    But that support varies depending on who is asked. Many Black Londoners, for example, have told us that stop and search creates tensions between their communities and the police. However, people living in those same communities, which are often among those that suffer most from serious violence and drug-related crime, also tell us that they want us to do more to keep them safe.

    Commissioner Sir Mark Rowley said: “Stop and search is a critical policing tool. Done well, it stops those intent on causing death, injury and fear in our communities. It takes dangerous weapons and drugs off our streets and in doing so, it saves lives.

    “Done badly, it has the potential to burn through trust with those we are here to protect, undermining our founding principle of ‘policing by consent’ and damaging our efforts to keep the public safe.

    “The charter is not about doing less stop and search. It is about doing it better by improving the quality of encounters, informed by the views of the public it is intended to protect.

    “Many of our officers already use their powers in this area very well. They show empathy, they de-escalate and they understand the impact that being stopped and searched can have. They do all that while still recovering dangerous weapons and seizing drugs.

    “The charter commits us to supporting all our officers, through improved training, more supervision and better access to technology, so they can meet that high standard their colleagues are setting.

    “It also gives the community a greater role in the oversight of how, when and where stop and search is used which we hope will help to build trust in a policing tactic that, so often, has been at the root of mistrust.”

    The creation of a Stop and Search Charter was recommended by Baroness Casey in her 2023 review into the culture and standards of the Metropolitan Police.

    The extensive engagement that led to its publication included events held in all 32 London boroughs, three events at New Scotland Yard and open public online sessions.

    The themes that emerged from those engagement events were tested against a wider audience of 8,500 Londoners in a series of surveys.

    The final writing of the charter was led by 80 young people aged between 16 and 23 who were invited to New Scotland Yard to interpret feedback and bring the document together. The charter uses as much of their language and phrasing as possible, in particular where the ‘community expectation’ under each commitment is set out.

    Sir Mark added:“If we are to take the fight to those intent on causing serious violence, fear and intimidation across London then stop and search must form part of that effort. If we allow its contentious nature and the concerns associated with it to force us into doing less of it, then only the criminals win.

    “This charter is particularly powerful because it has been written with communities. We’re immensely grateful to all who stepped forward to work with us. We are committed to this change and to further rebuilding trust by continuing the conversations that have made it possible so far.”

    The charter includes the following commitments:

    A focus on the quality of stop and search encounters

    The MPS will commit to making sure that officers do Stop and Search with professionalism, showing basic forms of respect. Communication and tone are important and the MPS will make sure that officers understand what it feels like to be searched, build relationships with the community and make sure that other officers step in if not done correctly.

    Improved training for officers

    The MPS will commit to improving training so that officers better understand their local community, especially those with protected characteristics. It will train officers to improve communication so it is more professional and empathetic and make sure that officers are confident in de-escalation, humility and delivering GOWISELY*.

    *GOWISELY is a mnemonic used by officers which represents the minimum information to be given during a stop and search. It stands for Grounds for the search, Object/s being searched for, Warrant card to be shown (if the officer isn’t in uniform or if it is requested), Identity of the officer (eg name and shoulder number), Station the officer is based at, Entitlement to a record of the search, Legal power used for the search, making clear that You (the person who has been stopped) are detained for the purpose of a search.

    Improved supervision for officers

    The MPS will commit to a more robust supervision process and a generally more holistic and inclusive approach to Stop and Search. It will conduct regular and random reviews of Stop and Searches and ensure the consequences for poor Stop and Search are effective and allow for progression and change.

    Improved handling of complaints

    The MPS will commit to making sure the complaints process is clearly communicated and accessible to everyone. It will prevent internal bias by ensuring the community are involved with decision making in the complaints process and provide accessible statistics that clearly show how different people are affected.

    Better use of technology 

    The MPS will commit to improving its use of technology to make data and processes more accessible, make feedback easier and explore the possible use of artificial intelligence to identify trends.

    Enhanced independent governance and scrutiny 

    The MPS will commit to independent and consistent community involvement in governance and scrutiny.

    Community involvement in where, when and why stop and search is being used 

    The MPS will commit to working with local communities to regularly discuss when and where Stop and Search is being used. They must listen to the concerns of the community and explain why it is being used to reduce fear and show that it is being used fairly and without prejudice.

    Achieving a better public understanding of stop and search 

    The MPS will commit to educating all Londoners of all ages by way of different communication streams on their rights, the correct process, the reason behind each Stop and Search and raise awareness in general on the power.

    A copy of the charter document is attached to this press release.

    MIL Security OSI –

  • MIL-OSI Security: Met publishes new charter shaping the future of stop and search

    Source: United Kingdom London Metropolitan Police

    The Met has published a new Stop and Search Charter, shaping the future of how one of policing’s most effective but contentious tactics is used in London.

    The charter, which was co-produced with communities, is the product of a year and a half of engagement with more than 8,500 Londoners of all ages, ethnicities and backgrounds. It is the first time a set of formal commitments on how stop and search is carried out has been agreed to and published in this way.

    Over the past four years, 17,500 weapons were seized as a result of stop and search, including at least 3,500 in 2024. Polling shows that up to 68 per cent of Londoners, including young Londoners, support its use.

    But that support varies depending on who is asked. Many Black Londoners, for example, have told us that stop and search creates tensions between their communities and the police. However, people living in those same communities, which are often among those that suffer most from serious violence and drug-related crime, also tell us that they want us to do more to keep them safe.

    Commissioner Sir Mark Rowley said: “Stop and search is a critical policing tool. Done well, it stops those intent on causing death, injury and fear in our communities. It takes dangerous weapons and drugs off our streets and in doing so, it saves lives.

    “Done badly, it has the potential to burn through trust with those we are here to protect, undermining our founding principle of ‘policing by consent’ and damaging our efforts to keep the public safe.

    “The charter is not about doing less stop and search. It is about doing it better by improving the quality of encounters, informed by the views of the public it is intended to protect.

    “Many of our officers already use their powers in this area very well. They show empathy, they de-escalate and they understand the impact that being stopped and searched can have. They do all that while still recovering dangerous weapons and seizing drugs.

    “The charter commits us to supporting all our officers, through improved training, more supervision and better access to technology, so they can meet that high standard their colleagues are setting.

    “It also gives the community a greater role in the oversight of how, when and where stop and search is used which we hope will help to build trust in a policing tactic that, so often, has been at the root of mistrust.”

    The creation of a Stop and Search Charter was recommended by Baroness Casey in her 2023 review into the culture and standards of the Metropolitan Police.

    The extensive engagement that led to its publication included events held in all 32 London boroughs, three events at New Scotland Yard and open public online sessions.

    The themes that emerged from those engagement events were tested against a wider audience of 8,500 Londoners in a series of surveys.

    The final writing of the charter was led by 80 young people aged between 16 and 23 who were invited to New Scotland Yard to interpret feedback and bring the document together. The charter uses as much of their language and phrasing as possible, in particular where the ‘community expectation’ under each commitment is set out.

    Sir Mark added:“If we are to take the fight to those intent on causing serious violence, fear and intimidation across London then stop and search must form part of that effort. If we allow its contentious nature and the concerns associated with it to force us into doing less of it, then only the criminals win.

    “This charter is particularly powerful because it has been written with communities. We’re immensely grateful to all who stepped forward to work with us. We are committed to this change and to further rebuilding trust by continuing the conversations that have made it possible so far.”

    The charter includes the following commitments:

    A focus on the quality of stop and search encounters

    The MPS will commit to making sure that officers do Stop and Search with professionalism, showing basic forms of respect. Communication and tone are important and the MPS will make sure that officers understand what it feels like to be searched, build relationships with the community and make sure that other officers step in if not done correctly.

    Improved training for officers

    The MPS will commit to improving training so that officers better understand their local community, especially those with protected characteristics. It will train officers to improve communication so it is more professional and empathetic and make sure that officers are confident in de-escalation, humility and delivering GOWISELY*.

    *GOWISELY is a mnemonic used by officers which represents the minimum information to be given during a stop and search. It stands for Grounds for the search, Object/s being searched for, Warrant card to be shown (if the officer isn’t in uniform or if it is requested), Identity of the officer (eg name and shoulder number), Station the officer is based at, Entitlement to a record of the search, Legal power used for the search, making clear that You (the person who has been stopped) are detained for the purpose of a search.

    Improved supervision for officers

    The MPS will commit to a more robust supervision process and a generally more holistic and inclusive approach to Stop and Search. It will conduct regular and random reviews of Stop and Searches and ensure the consequences for poor Stop and Search are effective and allow for progression and change.

    Improved handling of complaints

    The MPS will commit to making sure the complaints process is clearly communicated and accessible to everyone. It will prevent internal bias by ensuring the community are involved with decision making in the complaints process and provide accessible statistics that clearly show how different people are affected.

    Better use of technology 

    The MPS will commit to improving its use of technology to make data and processes more accessible, make feedback easier and explore the possible use of artificial intelligence to identify trends.

    Enhanced independent governance and scrutiny 

    The MPS will commit to independent and consistent community involvement in governance and scrutiny.

    Community involvement in where, when and why stop and search is being used 

    The MPS will commit to working with local communities to regularly discuss when and where Stop and Search is being used. They must listen to the concerns of the community and explain why it is being used to reduce fear and show that it is being used fairly and without prejudice.

    Achieving a better public understanding of stop and search 

    The MPS will commit to educating all Londoners of all ages by way of different communication streams on their rights, the correct process, the reason behind each Stop and Search and raise awareness in general on the power.

    A copy of the charter document is attached to this press release.

    MIL Security OSI –

  • MIL-Evening Report: Revealed: the profound economic impact on women who experience domestic violence

    Source: The Conversation (Au and NZ) – By Anne Summers, Professor, UTS Business School, University of Technology Sydney

    Shutterstock

    The greatest achievements in women’s economic progress in recent decades are potentially being eroded by domestic violence. This is the key finding of a new research report being released today by the University of Technology Sydney’s Business School. The report provides data that enable us, for the first time, to quantify the economic impact of domestic violence on Australian women.

    The increase in women’s participation in employment and higher education in recent decades has been nothing short of dramatic. In 1966, about 37% of women were in the labour force, compared to 84% of men. By 2024 that figure had climbed to 63%, with almost 7 million women employed, 57.3% of them in full-time jobs.

    Yet our research shows a dramatic “employment gap” between women who have experienced domestic violence and those who have not.

    In 2021-22, the employment rate for women who had experienced partner violence or abuse (physical, sexual, emotional or economic) was 5.3% lower than the employment rates for women who had never experienced violence.

    The gap is larger for women who have experienced economic abuse, reaching 9.4% in 2021-22, according to customised data commissioned from the Australian Bureau of Statistics (ABS) especially for this report.

    The employment gap varies among sub-groups of women. For instance, the gap between women with disability who have recently experienced economic abuse by a partner and women with disability who have never experienced partner violence or abuse is 13.4%. For culturally and linguistically diverse women, the employment gap was 3.7%.

    We used the 2018-19 National Aboriginal and Torres Strait Islander Health Survey to try to calculate employment gaps for First Nations women. They certainly existed but, because of the small sample size, the results were not statistically significant. Further research is urgently needed.

    The 2021-22 Personal Safety Survey conducted by the ABS reported that 451,000 women have had a previous partner who had controlled or tried to control them from working or earning money. More than 30,000 women have experienced similar conduct from their current partner.

    In other words, many men are using forceful tactics to try to sabotage their partners’ employment. They resort to such tactics as hiding her car keys, letting down the car tyres, damaging her work clothes, even getting into her phone’s calendar to change her appointments, trying to make her appear unreliable as an employee.

    The ‘education gap’

    What is of perhaps even greater concern for the long-term employment prospects of women is the other key finding of our report: the existence of an “education gap” among young women at university. This is especially the case because the growth of women’s participation in higher education has been spectacular.

    In 1982, a mere 8% of women aged 25-34 held a bachelor degree or higher. By 2023, this had skyrocketed to 51.6% of women in this age range holding at least a bachelor degree, amounting to 990,000 women.

    The education gap is a new and truly shocking finding that young women who experience domestic violence fail to complete their university degrees. For young women, by the time they are 27, there is a nearly 15% gap in the rates of university degree attainment between victim-survivors and other women.

    Statistical analysis of data obtained from the Australian Longitudinal Study in Women’s Health, which surveys the same women over time, allows us to track the direct impact of domestic violence in the following years. We show that domestic violence causes a 5.2% decline in young women’s university degree attainment in the year following the first time they report experiencing violence. This rises to 9.7% three years after the violence is first reported.

    These findings on the impact of violence on university education in Australia have never previously been reported.

    Ripple effects of violence against women

    The implications of these findings are immensely significant for the progress of women’s employment.

    The lifelong consequences of failing to complete their degrees are significant, with individuals holding a bachelor’s degree in Australia earning 41% more annually than those with only Year 12 schooling. In addition, these young women are likely to have accrued an indexed HECS debt that could affect their credit rating throughout their lives. Their lower earnings also mean a concomitant decrease in retirement savings.

    These young women’s economic futures are severely compromised and it will be extremely difficult for them to ever recover those lost opportunities.

    Neither can we overlook the fact of, and possible connection between, the dramatic fall in men’s share of bachelor degrees. Women are now outperforming men at university. In 2023, a majority (57.2%) of bachelor students were women. Is this a source of resentment among men?

    The existence of domestic violence among students may be news to many people. Indeed, it is not something that has attracted much attention, including from universities, which have policies to provide paid leave and other supports for staff members who experience domestic violence but little for students.

    Yet it ought not to be surprising. We know that many students cohabit and so the possibility for violence exists. And we know from the Personal Safety Survey in 2016 that women aged 18-24 experience the highest rates of recent partner violence: 19.3% (compared to 11.5% for women aged 25 to 34 and 7.7% for women aged 35-44).

    Our findings point to the growing prevalence of men trying to exert economic control over their partners. Essential to this has been the use of surveillance, especially stalking of women, designed to intimidate and further control. In 2021-22 the Personal Safety Survey found 323,800 women reported a male intimate partner had “loitered or hung around outside their workplace, school or educational facility”. Often such stalking is accompanied by harassment using a phone or other device, which has been made easier by the advent of new technologies.

    In other words, the two gaps identified in this report represent the economic consequences of domestic violence, in addition to the physical harm women suffer when targeted by violent partners.

    The full report, by Anne Summers, with Thomas Shortridge and Kristen Sobeck (2025), will be available online on Friday, February 28.

    Anne Summers has received research funding from the Paul Ramsay Foundation and the federal Office for Women.

    – ref. Revealed: the profound economic impact on women who experience domestic violence – https://theconversation.com/revealed-the-profound-economic-impact-on-women-who-experience-domestic-violence-250278

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: New report slaps an official price tag on Australia’s precious natural assets

    Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

    Roadwarrior Photography/Shutterstock

    Climate regulation through carbon storage was worth A$43.2 billion to Australia in 2020-21, according to a report released today which seeks to put a monetary value on the benefits flowing from our natural assets.

    Australia’s first national ecosystem accounts were released by the Australian Bureau of Statistics today. Together, they reveal the key ways our environment contributes to Australia’s economic and social wellbeing in dollar terms.

    Ecosystems covered by the accounts include desert, grasslands, native forests, rivers, streams, coastal areas and oceans.

    The accounts provide a holistic view of Australia’s land, freshwater and marine environments. They intend to help policymakers look beyond GDP to a broader measurement of how ecosystems contribute to society and the economy.

    Valuing our ecosystems

    The accounts cover services provided by Australia’s ecosystems in 2020–21.

    Australian ecosystems stored more than 34.5 billion tonnes of carbon – the most valuable service by ecosystems examined in the accounts, according to the ABS.

    It brought a $43.2 billion benefit to Australia in the form of climate regulation. Plants and other organisms reduce greenhouse gases in the atmosphere by removing and storing them. This helps stabilise the climate, avoiding damage caused by climate change.

    Grasslands made the biggest contribution to carbon storage, followed by native forests and savannas.

    The accounts show grazed biomass, or grasslands, provide $40.4 billion in benefits, through the forage provided to cattle and sheep. The dollar figure represents what farmers would otherwise have spent on feeding their livestock.

    The accounts also examined the provision of surface water taken from ecosystems, and used for drinking, energy production, cooling, irrigation and manufacturing. This was valued at $1.4 billion.

    The provision of wild fish, sold to consumers to eat, was put at $39.2 million.

    The accounts also reveal how coral reefs, sandbanks, dunes and mangroves protect our coastlines against tides and storm surges.

    The ABS estimates mangroves protected 4,006 dwellings around Australian coastlines. This prevented more than $57 million worth of building damage.

    The accounts also track changes in Australia’s ecosystems.

    Some 281,000 hectares of mostly farmland were converted to urban and industrial uses between 2015–16 and 2020–21. And 169,000 hectares of “steppe” land – flat, unforested grassland – was converted to sown pastures and fields.

    Feral animal and weed species continue to spread. Meanwhile, the number of threatened native species is increasing.

    Why do we need ecosystem accounting?

    Think of a logged forest. The value of the timber produced counts towards Australia’s gross domestic product. But cutting trees down also produces a loss. For example, the forest is no longer there for the community to enjoy. And it no longer provides “services” such as filtering water and preventing soil erosion.

    There are many reasons to measure the value of those services. For example, governments might then be able to charge a logging company a licence fee which reflects the community value of the forest. A government may decide the forest is too valuable to allow logging at all, or the fee may just be set too high for any company to find it profitable to log it.

    To date, the value lost when trees are cut down, or other ecosystems are damaged, has not been included in the national accounts. The new environmental accounts seek to change this.

    Obviously, ecosystems are complex and difficult to measure. The ABS has been guided by an international framework developed by the United Nations.

    The ecosystem accounts are a collaboration between several federal agencies: the ABS, the Department of Climate Change, Energy, the Environment and Water, and the CSIRO.

    Boundless plains and golden soil, girt by sea

    The accounts distinguish between environmental “realms”.

    About half of Australia’s terrestrial (dry land) realm is desert. About a quarter is savanna and grassland. Intensively used land, such as pastures, is a smaller proportion.

    There are contrasts between the states. Western Australia has 158 million hectares of desert while Victoria, Tasmania and the Australian Capital Territory have none. Queensland, Western Australia and the Northern Territory host 97% of Australia’s mangroves.

    About half of Australia is the marine realm, covering 681 million hectares. Some 30% of this is the marine shelf and 70% deep sea. About 14 million hectares comprise coral reefs. The darker areas in the map below show where most fish are caught.

    The coastal realm comprises mangroves and saltmarsh. In 2021, mangroves covered an estimated 1.1 million hectares of Australia’s coastal areas.

    A small but important proportion of Australia is our freshwater realm, comprising rivers and streams. The accounts show between 2015–16 and 2020–21, 4% of natural environments along perennial rivers were converted to higher intensity land uses.

    Where to now?

    These accounts are just the first step in estimating the value of Australia’s natural assets.

    The ABS will update Australia’s ecosystem accounts annually. It describes the inaugural accounts as “experimental” and says the government agencies involved will run a consultation process to improve them.

    We can expect the accounts to become more useful over time as data accrues and trends can be identified.

    According to the ABS, policy uses for the accounts include managing healthy and resilient ecosystems, and integrating biodiversity into planning.

    Poet and playwright Oscar Wilde defined a cynic as someone who “knows the price of everything but the value of nothing”. In today’s society we often underrate things that do not have a dollar value attached.

    So this compilation of Australia’s ecosystems, and their value to us, is a welcome development. It should lead to more informed, holistic decisions about whether natural assets should be protected, or damaged for economic benefit.

    John Hawkins does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. New report slaps an official price tag on Australia’s precious natural assets – https://theconversation.com/new-report-slaps-an-official-price-tag-on-australias-precious-natural-assets-250623

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Tech and Security – New Zealand coming second in the region in the number of malware incidents, new analysis shows – NordVPN

    Source: NordVPN

    According to new research by the cybersecurity company NordVPN, over 83 million malware incidents have been recorded in 2024 in New Zealand, emphasizing the growing cybersecurity threats.

    Internet users should be extra careful when clicking links seemingly sent by Big Tech companies – there’s quite a big chance it might be a deliberately misspelled phishing link. Data shows that Google, Facebook, and Microsoft are the top three brands most likely to be impersonated for credential harvesting.

    “In fact, the majority of all phishing attacks use around 300 brand names for deception. The brands themselves are not at fault – such fakes hurt their reputation as well, forcing companies to actively hunt them down. However, high brand awareness can lull victims into a false sense of security and get them to lower their guard,” says Adrianus Warmenhoven, a cybersecurity advisor at NordVPN.

    According to the same research, last year there were almost 85,000 fake URLs that impersonate Google websites and services. With more than 6,000 fake URLs online, Facebook takes second place as the scammers’ favorite. Microsoft is in third place, with almost 5,000 fake URLs. Fake AT&T, Yahoo!, and Netflix links should be evaluated more carefully as well. In each of those cases there were around 4,000 fake URLs online.

    New Zealand experienced more than 83 million malware incidents in 2024 – the second number in Oceania, with Australia leading the region with more than 351 million incidents per year.

    An array of security threats

    Data analysed by NordVPN suggest you should also stay away from free video hosting sites (yes, that includes anime hosting websites) and a few other categories. Throughout 2024, NordVPN’s Threat Protection Pro feature blocked more than 1.5 billion malware infection attempts on video hosting sites. Other domain categories with the most malware are: entertainment (almost 1 billion malware blocked) and sports (124 million). Just a little behind are adult content sites (109 million malware blocked) and file sharing and storage websites (almost 74 million).

    “The above mentioned categories, free video hosting sites in particular, tend to contain a variety of  security and privacy threats. Not only malware, but intrusive ads and trackers as well. Over the past year, Threat Protection Pro blocked almost 7 billion ads and more than 119 billion trackers on video hosting sites alone. This accounts for 25% off all blocked trackers by Threat Protection Pro in 2024,” says Adrianus Warmenhoven.

    Know your enemy

    Web trackers are a broad category of privacy-invading tools that collect information on user activity. Trackers typically take the form of special scripts, browser cookies, or tracking pixels. Businesses use trackers to paint an accurate picture of you for targeted advertising – but if they suffer a data breach, the stored tracker data could end up falling into the hands of cybercriminals.

    Warmenhoven adds that websites often share or sell data collected by trackers to third parties. Those who want to protect their privacy can use several tools to become less trackable, such as tracker blockers, which prevent websites and advertisers from collecting data about your online activity.

    Malware refers to any kind of programming that was deliberately designed to harm you or your device. This includes malicious software like viruses, trojans, ransomware, and spyware. Malware can steal sensitive data, encrypt important files, or even take over the machine, putting the criminal in complete control.

    “It is important to know that malware must be actively brought onto your device, such as by downloading an infected file. One of the most common ways to get infected with malware is through phishing attacks. Scammers use deceptive misspellings of popular brands (such as spelling “Amazon” as “Arnazon”) to trick victims into clicking phishing links and downloading infected files. So you should always check the spelling before clicking,” notes Warmenhoven.

    Intrusive advertising refers to ads that actively interfere with your online experience. Intrusive ads aren’t content to just stay on the sidelines – they may distract you by popping up randomly while you’re scrolling, open additional browser tabs, hog bandwidth with lengthy videos, or even hijack the page you’re on. Even worse, some intrusive ads may try to infect your device or redirect you to malicious websites.

    Cybersecurity expert advice on how to protect yourself

    To protect yourself from common cybersecurity threats like malware, trackers, and intrusive ads, Adrianus Warmenhoven advises to take these precautions:

    Avoid a “free lunch.” Certain web domain categories are much more likely to host malware that could compromise your device than others. One of the most prominent categories is free video hosting sites.

    Be wary of unsolicited emails and messages. Phishing scams are one of the main methods used by criminals to steal personal and financial data. Emails promising too-good-to-be-true promotions, invitations, or gifts, are probably not true. Messages asking you to update your data or just click on a link may also be versions of phishing.

    Don’t get scared and check the links. Cybercriminals prey on confusion and ignorance. They try to scare people, hoping that victims will act on emotion. Don’t do that. Try not to click on links that try to scare you or promise you riches – check the spelling first.

    Verify downloads. Malware executables may be disguised as or hidden in legitimate files. Always verify the website you want to download from, and always use anti-malware tools like Threat Protection Pro to inspect the files you download.

    Limit data exposure. Information such as location, full name, and other personal details can be used by criminals for scams and cyberattacks. Adjust your privacy settings and avoid sharing sensitive data publicly, such as on social networks.

    Keep your devices updated. Outdated software is an easy target for cyberattacks. Make sure to keep your operating system, applications, and antivirus software up to date to fix vulnerabilities and ensure greater protection.

    Methodology: The statistics mentioned above were acquired by analyzing aggregated data gathered by NordVPN’s Threat Protection Pro service from January 1, 2024 to January 1, 2025. NordVPN is not endorsed by, maintained, sponsored by, affiliated, or in any way associated with the owners of the mentioned brands. Brands are indicated solely for the purpose of accurately reporting information related to brands that were most likely to be impersonated for spreading malware.

    ABOUT NORDVPN

    NordVPN is the world’s most advanced VPN service provider, used by millions of internet users worldwide. NordVPN provides double VPN encryption and Onion Over VPN and guarantees privacy with zero tracking. One of the key features of the product is Threat Protection , which blocks malicious websites, malware during downloads, trackers, and ads. The latest service by the Nord Security team is Saily — a new global eSIM. NordVPN is very user friendly, offers one of the best prices on the market, and has over 6,200 servers covering 111 countries worldwide. For more information: https://nordvpn.com.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: IHC – Disability survey data highlights inequities that could last generations

    Source: IHC

    New Government figures released today show further evidence of widespread disadvantage for people with intellectual disability.

    IHC New Zealand Director of Advocacy Tania Thomas says data from Stats NZ’s Household Disability Survey, collected following the 2023 Census, paints a concerning picture of the everyday challenges faced by disabled people.

    “This data underscores the systemic disadvantage faced by people with an intellectual disability,” says Tania. “Our own research shows what we already know – disabled people, particularly those with intellectual disabilities, are being left behind in nearly every measure of wellbeing.

    “More than half of disabled New Zealanders are struggling to find adequate housing, put food on the table and meet other basic needs, compared to a third of non-disabled people.

    “While these stats for disabled people are tough, we know it’s even tougher for people with intellectual disability.”

    IHC is set to release a new report in the coming months highlighting the significant hardship experienced by intellectually disabled people, using data from Stats NZ. The report will provide a stark look at the extreme hardship faced by people with an intellectual disability, reinforcing the urgent need for targeted policy responses.

    Tania says these reports aim to ensure policymakers, service providers and the public understand the realities facing some of New Zealand’s most marginalised citizens.

    “Without urgent action, these inequities will persist for generations.”

    In particular, IHC notes from today’s statistics:

    Financial Hardship: More than half (53 percent) of disabled New Zealanders report struggling to meet basic needs like food, housing, and clothing, compared with 33 percent of non-disabled people. Disabled children are also more likely to experience material hardship.
    Poor Health and Wellbeing: 39 percent of disabled adults rate their health as poor, compared with just 6 percent of non-disabled adults. Life satisfaction scores are significantly lower, and disabled adults are more likely to experience discrimination, loneliness, and limited social contact.
    Housing Inequality: Disabled people are more likely to live in poor-quality housing, with 29 percent saying their home is colder than they would like in winter and 25 percent reporting damp living conditions.
    Unmet Support Needs: 62 percent of disabled people report an unmet need for support in areas such as healthcare, education, work accommodations, and accessibility modifications at home.
    Barriers to Employment: 72 percent of unemployed disabled adults want to work, but face barriers such as inflexible workplaces, lack of accommodations, and difficulties accessing training and transport.

    MIL OSI New Zealand News –

  • MIL-OSI Banking: St. Kitts and Nevis: Staff Concluding Statement of the 2025 Article IV Mission

    Source: International Monetary Fund

    February 26, 2025

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

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

    Recent Developments and Outlook

    Growth is expected to pick up to 2 percent in 2025—from 1.5 percent in 2024—supported by tourism, with inflation remaining around 2 percent. In the medium term, growth is projected at 2.5 percent, and inflation is expected to remain stable. Progress has been made in the transition to renewable energy, as the geothermal project is nearing the drilling phase with funding secured.

    The current account deficit (CAD) further widened to 15 percent of GDP in 2024, from 12 percent in 2023. The CAD remains significantly larger than pre-pandemic levels, reflecting a decline in CBI inflows and widening fiscal deficits. It is expected to remain around 12 percent of GDP in the medium term. The external position in 2024 is assessed as weaker than implied by medium-term fundamentals and desirable policies.

    Staff projects fiscal deficits to remain large with public debt rising. The fiscal deficit in 2024 is estimated at 11 percent of GDP, driven by a sharp reduction in CBI revenue. Recent reforms to the program, reinforced by international agreements, suggest that CBI revenue will likely be structurally lower but more sustainable going forward. Hence, the fiscal deficit is projected to be 9 percent of GDP this year, also impacted by the increase in the wage bill and the temporary VAT reduction. Public debt is expected to rise to 61 percent of GDP in 2025. The overall risk of sovereign debt stress continues to be assessed as moderate. In the medium term, fiscal deficits are expected to decrease modestly due to the authorities’ efforts to control expenditures, while debt is projected to reach 68 percent of GDP in 2030.

    Bank credit growth accelerated while vulnerabilities remain. Bank credit grew rapidly at 11 percent (y/y) (particularly in mortgages and consumer loans) amid high non-performing loans (NPLs) and low buffers, while competition among banks increased. Overall, bank NPLs declined, profits rose, and capital somewhat improved. Meanwhile, lending by credit unions expanded swiftly by 12 percent (y/y), while their delinquency ratio increased to 10 percent.

    Near-term risks are tilted to the downside, but the potential for renewable energy provides upsides over the medium term. Substantial changes in CBI revenue constitute an important two-sided risk but a further decline in CBI revenue would pressure fiscal accounts. Downside risks include a slowdown in key source markets for tourism, commodity price volatility, as well as global financial instability impacting domestic banks. The country is also highly exposed to natural disasters (ND). On the other hand, the renewable energy projects could create an additional source of growth and fiscal revenue.

    Economic Policies

    Fiscal Policy

    The staff believes that the main priority is to implement a prompt and steady fiscal consolidation to keep public debt below the regional ceiling of 60 percent of GDP. While the authorities made efforts to contain the fiscal deficit in 2024, more active policies are necessary going forward. Fiscal consolidation will help create space to protect capital expenditure, strengthen resilience against NDs, and hedge against contingent liabilities.

    Under staff’s active policies scenario, the adjusted primary balance (excluding CBI and transfers to public banks) should be tightened by 2 percentage points of GDP by 2029 relative to the baseline. To this end, fiscal consolidation should be anchored by a set of fiscal rules and driven by tax reforms and reductions in current expenditures while protecting capital expenditure. The combined net impact of fiscal consolidation and structural reforms on growth and the external position is assessed to be positive in the medium term. In particular:

    • Statutory fiscal rules should include an adjusted primary balance floor and a primary current expenditure ceiling, as well as the regional debt ceiling—with escape clauses related to NDs. This would enhance the credibility of the fiscal path and help contain borrowing costs.
    • Tax reforms would boost tax revenue by 2.5 percentage points of GDP and are well within reach. The reforms would also help reduce reliance on the CBI and improve equity and growth. Recommended measures include harmonizing the VAT, supplemented by improved targeted social support; increasing excise rates on alcoholic beverages, tobacco, and fossil fuels; and updating property tax assessments. The Housing and Social Development Levy could become more progressive, and non-labor income, such as investment and rental income, could be taxed to improve equity. The temporary reduction in VAT for the first half of 2025, as well as other pandemic-era tax breaks, should be phased out. Negotiated tax concession packages for corporate income tax—which unfairly benefit profitable large international hospitality companies—should be lapsed, especially in light of the upcoming OECD Pillar II. The authorities’ efforts to improve tax collections, including property taxes and CIT, and to enhance tax administration are welcome, and should be further strengthened.
    • Current expenditure. The authorities’ efforts to streamline current expenditure are welcome and should go further to bring them closer to pre-pandemic levels. Limiting public wage increases and employment—the largest in the ECCU—would help foster private sector job creation. Transfers, including social spending, should be better targeted and more effective.
    • Accompanying structural reforms aimed at enhancing productivity, labor quality, and access to finance could generate significant growth gains.

    The planned establishment of a Sovereign Wealth Fund (SWF) is welcome. The SWF should absorb any upside in the projected CBI revenue, reduce the impact of volatile and uncertain CBI revenue on the budget, and help create fiscal buffers against NDs.

    Progress has been made in improving the CBI framework, but its transparency needs to be enhanced. The government has taken important steps to improve the governance of the program and strengthen the due diligence and application processes. To further improve transparency and accountability, comprehensive annual reports following external audits should be published regularly, including statistics on applications and financial accounts.

    The authorities’ efforts to publish the medium-term debt management strategy (MTDMS) are welcome. Heavy reliance on short-term borrowing—entailing large gross financing needs and additional fiscal risks—should continue to be reduced. The MTDMS—now under government review—should aim to lengthen debt maturity, reduce costs, and diversify the sources of funds. The authorities’ plan to resume the publication of the MTDMS—not published since 2018—is welcome. The government has recently reached three loan agreements with favorable terms with international partners. Additionally, the government could consider increasing engagement with multilateral development partners for concessional borrowing and tapping into the Regional Government Securities Market.

    The staff supports the authorities’ intention to reform the Social Security Fund (SSF). The authorities announced their intention to reform the SSF and have initiated extensive consultations with stakeholders. The proposed options are welcome and concrete measures should be identified. Furthermore, a more comprehensive approach is needed to ensure the fiscal sustainability of the SSF, including improvements in asset management.

    Financial Sector Policy

    Progress to strengthen the systemic bank and safeguard public deposits should continue. The bank has made progress toward reducing NPLs, restoring profitability of its lending business, and further de-risking its foreign investment portfolio. These efforts should continue. The government—as its majority shareholder—and the bank are encouraged to engage with external advisors to revitalize its business model. The planned establishment of the SWF presents an opportunity to transfer public sectors deposits and associated foreign investments from the bank to the SWF, except for the portion necessary for the government’s cash management.

    The Development Bank needs to be reformed. The bank is facing significant challenges due to high NPLs and weak profits. Although the bank does not take deposits, it has borrowed from the public and the banking sector and poses a contingent liability to the government. The government and the new management are actively working to address the bank’s accountability and financial performance. The external audit—not conducted since 2018—is ongoing to fully assess the bank’s financial condition and is expected to conclude in the coming months. The priority is to thoroughly analyze the bank’s financial situation, including its NPLs and loss-making loan programs, reassess its financial and social functions—potentially achievable through private lending and targeted social support—and chart the optimal path forward, firmly based on the bank’s viability and fiscal prudence. The legal framework around the bank should be revised to significantly strengthen its regulation and supervision.

    Financial soundness should be strengthened at private banks and credit unions. Banks should continue their efforts to reduce NPLs and to meet the prudential requirements for provisions and capital, based on their plans submitted to the ECCB. Banks’ efforts to improve financial education of their potential clients are welcome and should be potentially joined with public resources. This is especially important amid the rapid credit growth and the regional credit bureau becoming more operational. In addition, the regulation and oversight of credit unions by the Financial Services Regulatory Commission has room for improvement, particularly in the areas of lending standards, provisioning requirements, and supervisory actions. Efforts to enhance the effectiveness of the AML/CFT framework should continue.

    Structural Policy

    The medium-term growth prospects can be improved. Staff analysis indicates that potential growth has steadily declined from around 6 percent in the 1980s to 2.5 percent, mainly driven by slow productivity growth and a lower contribution from human capital. Staff assess that growth potential can be enhanced through structural reforms aimed at better resource allocation, particularly in the following areas.

    • The efficiency of government services can be enhanced. In this regard, recent progress with digitalization, streamlining tax administration, and implementing a single electronic window is welcome.
    • Credit access should be improved, especially for firms. All banks and credit unions are encouraged to participate in the recently created regional credit bureau to make it effective. While foreclosure processes appear to work efficiently, bankruptcy and insolvency regimes can be enhanced to incentivize out-of-court debt workouts, given the lengthy in-court processes.
    • Labor skills should be better aligned with private and public sector demands. Upskilling is essential for maintaining labor market competitiveness, especially with the recent two-tier increases in minimum wage in 2024 and July 2025, which position the minimum wage well above that of ECCU peers. There are shortages of qualified workers in both the private (tourism) and public (healthcare) sectors. Recent efforts aimed at improving access to education and vocational training can help, especially benefiting the unemployed, and these initiatives should be tailored to meet market demands.
    • Accelerating the energy transition is crucial to increasing competitiveness and growth resilience. The energy transition is expected to enhance energy security, reduce energy costs, and support economic diversification. It is essential to build strong expertise in project management. The investment, ownership, and taxation agreements related to large energy projects should be crafted carefully, considering their long-term economic and fiscal implications.

    To strengthen ND preparedness, the public investment framework and the multi-layered insurance framework should be further enhanced.

    • ND-resilient Infrastructure. Upgrading the power grid—as part of the geothermal project—will enhance resilience to NDs, support energy sustainability by introducing a one-grid that connects the two islands and facilitate the energy transition. Given the country’s challenges with water supply, the authorities’ plan for a renewable energy-powered desalination plant is a significant development.
    • Investment framework. Integrating a pipeline of projects funded by the overall public sector, including statutory bodies, into the Public Sector Investment Program (PSIP)) will help improve medium-term fiscal planning, anchor ND-resilient investment plans, and help unlock concessional financing. Strengthening capital expenditure forecasts would be important for the medium-term fiscal framework. Project execution should be improved considerably. In this regard, the authorities’ plan to formulate a medium-term PSIP strategy will provide a useful framework for comprehensive oversight of public investment and enable project progress tracking.
    • An enhanced multi-layered insurance framework. Staff analysis indicates additional fiscal buffers are essential to enhance an insurance framework against NDs, and government deposits should be preserved at their current level as the first self-insurance layer. This could be further supplemented by (i) expanding coverage through the Caribbean Catastrophe Risk Insurance Facility and (ii) issuing a state-contingent instrument, such as catastrophe bonds or lines of credit.

    The mission would like to thank the St. Kitts and Nevis authorities and all other counterparts for the constructive and candid policy dialogue and productive collaboration.

     

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Reah Sy

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

    MIL OSI Global Banks –

  • MIL-OSI Russia: St. Kitts and Nevis: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    February 26, 2025

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

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

    Recent Developments and Outlook

    Growth is expected to pick up to 2 percent in 2025—from 1.5 percent in 2024—supported by tourism, with inflation remaining around 2 percent. In the medium term, growth is projected at 2.5 percent, and inflation is expected to remain stable. Progress has been made in the transition to renewable energy, as the geothermal project is nearing the drilling phase with funding secured.

    The current account deficit (CAD) further widened to 15 percent of GDP in 2024, from 12 percent in 2023. The CAD remains significantly larger than pre-pandemic levels, reflecting a decline in CBI inflows and widening fiscal deficits. It is expected to remain around 12 percent of GDP in the medium term. The external position in 2024 is assessed as weaker than implied by medium-term fundamentals and desirable policies.

    Staff projects fiscal deficits to remain large with public debt rising. The fiscal deficit in 2024 is estimated at 11 percent of GDP, driven by a sharp reduction in CBI revenue. Recent reforms to the program, reinforced by international agreements, suggest that CBI revenue will likely be structurally lower but more sustainable going forward. Hence, the fiscal deficit is projected to be 9 percent of GDP this year, also impacted by the increase in the wage bill and the temporary VAT reduction. Public debt is expected to rise to 61 percent of GDP in 2025. The overall risk of sovereign debt stress continues to be assessed as moderate. In the medium term, fiscal deficits are expected to decrease modestly due to the authorities’ efforts to control expenditures, while debt is projected to reach 68 percent of GDP in 2030.

    Bank credit growth accelerated while vulnerabilities remain. Bank credit grew rapidly at 11 percent (y/y) (particularly in mortgages and consumer loans) amid high non-performing loans (NPLs) and low buffers, while competition among banks increased. Overall, bank NPLs declined, profits rose, and capital somewhat improved. Meanwhile, lending by credit unions expanded swiftly by 12 percent (y/y), while their delinquency ratio increased to 10 percent.

    Near-term risks are tilted to the downside, but the potential for renewable energy provides upsides over the medium term. Substantial changes in CBI revenue constitute an important two-sided risk but a further decline in CBI revenue would pressure fiscal accounts. Downside risks include a slowdown in key source markets for tourism, commodity price volatility, as well as global financial instability impacting domestic banks. The country is also highly exposed to natural disasters (ND). On the other hand, the renewable energy projects could create an additional source of growth and fiscal revenue.

    Economic Policies

    Fiscal Policy

    The staff believes that the main priority is to implement a prompt and steady fiscal consolidation to keep public debt below the regional ceiling of 60 percent of GDP. While the authorities made efforts to contain the fiscal deficit in 2024, more active policies are necessary going forward. Fiscal consolidation will help create space to protect capital expenditure, strengthen resilience against NDs, and hedge against contingent liabilities.

    Under staff’s active policies scenario, the adjusted primary balance (excluding CBI and transfers to public banks) should be tightened by 2 percentage points of GDP by 2029 relative to the baseline. To this end, fiscal consolidation should be anchored by a set of fiscal rules and driven by tax reforms and reductions in current expenditures while protecting capital expenditure. The combined net impact of fiscal consolidation and structural reforms on growth and the external position is assessed to be positive in the medium term. In particular:

    • Statutory fiscal rules should include an adjusted primary balance floor and a primary current expenditure ceiling, as well as the regional debt ceiling—with escape clauses related to NDs. This would enhance the credibility of the fiscal path and help contain borrowing costs.
    • Tax reforms would boost tax revenue by 2.5 percentage points of GDP and are well within reach. The reforms would also help reduce reliance on the CBI and improve equity and growth. Recommended measures include harmonizing the VAT, supplemented by improved targeted social support; increasing excise rates on alcoholic beverages, tobacco, and fossil fuels; and updating property tax assessments. The Housing and Social Development Levy could become more progressive, and non-labor income, such as investment and rental income, could be taxed to improve equity. The temporary reduction in VAT for the first half of 2025, as well as other pandemic-era tax breaks, should be phased out. Negotiated tax concession packages for corporate income tax—which unfairly benefit profitable large international hospitality companies—should be lapsed, especially in light of the upcoming OECD Pillar II. The authorities’ efforts to improve tax collections, including property taxes and CIT, and to enhance tax administration are welcome, and should be further strengthened.
    • Current expenditure. The authorities’ efforts to streamline current expenditure are welcome and should go further to bring them closer to pre-pandemic levels. Limiting public wage increases and employment—the largest in the ECCU—would help foster private sector job creation. Transfers, including social spending, should be better targeted and more effective.
    • Accompanying structural reforms aimed at enhancing productivity, labor quality, and access to finance could generate significant growth gains.

    The planned establishment of a Sovereign Wealth Fund (SWF) is welcome. The SWF should absorb any upside in the projected CBI revenue, reduce the impact of volatile and uncertain CBI revenue on the budget, and help create fiscal buffers against NDs.

    Progress has been made in improving the CBI framework, but its transparency needs to be enhanced. The government has taken important steps to improve the governance of the program and strengthen the due diligence and application processes. To further improve transparency and accountability, comprehensive annual reports following external audits should be published regularly, including statistics on applications and financial accounts.

    The authorities’ efforts to publish the medium-term debt management strategy (MTDMS) are welcome. Heavy reliance on short-term borrowing—entailing large gross financing needs and additional fiscal risks—should continue to be reduced. The MTDMS—now under government review—should aim to lengthen debt maturity, reduce costs, and diversify the sources of funds. The authorities’ plan to resume the publication of the MTDMS—not published since 2018—is welcome. The government has recently reached three loan agreements with favorable terms with international partners. Additionally, the government could consider increasing engagement with multilateral development partners for concessional borrowing and tapping into the Regional Government Securities Market.

    The staff supports the authorities’ intention to reform the Social Security Fund (SSF). The authorities announced their intention to reform the SSF and have initiated extensive consultations with stakeholders. The proposed options are welcome and concrete measures should be identified. Furthermore, a more comprehensive approach is needed to ensure the fiscal sustainability of the SSF, including improvements in asset management.

    Financial Sector Policy

    Progress to strengthen the systemic bank and safeguard public deposits should continue. The bank has made progress toward reducing NPLs, restoring profitability of its lending business, and further de-risking its foreign investment portfolio. These efforts should continue. The government—as its majority shareholder—and the bank are encouraged to engage with external advisors to revitalize its business model. The planned establishment of the SWF presents an opportunity to transfer public sectors deposits and associated foreign investments from the bank to the SWF, except for the portion necessary for the government’s cash management.

    The Development Bank needs to be reformed. The bank is facing significant challenges due to high NPLs and weak profits. Although the bank does not take deposits, it has borrowed from the public and the banking sector and poses a contingent liability to the government. The government and the new management are actively working to address the bank’s accountability and financial performance. The external audit—not conducted since 2018—is ongoing to fully assess the bank’s financial condition and is expected to conclude in the coming months. The priority is to thoroughly analyze the bank’s financial situation, including its NPLs and loss-making loan programs, reassess its financial and social functions—potentially achievable through private lending and targeted social support—and chart the optimal path forward, firmly based on the bank’s viability and fiscal prudence. The legal framework around the bank should be revised to significantly strengthen its regulation and supervision.

    Financial soundness should be strengthened at private banks and credit unions. Banks should continue their efforts to reduce NPLs and to meet the prudential requirements for provisions and capital, based on their plans submitted to the ECCB. Banks’ efforts to improve financial education of their potential clients are welcome and should be potentially joined with public resources. This is especially important amid the rapid credit growth and the regional credit bureau becoming more operational. In addition, the regulation and oversight of credit unions by the Financial Services Regulatory Commission has room for improvement, particularly in the areas of lending standards, provisioning requirements, and supervisory actions. Efforts to enhance the effectiveness of the AML/CFT framework should continue.

    Structural Policy

    The medium-term growth prospects can be improved. Staff analysis indicates that potential growth has steadily declined from around 6 percent in the 1980s to 2.5 percent, mainly driven by slow productivity growth and a lower contribution from human capital. Staff assess that growth potential can be enhanced through structural reforms aimed at better resource allocation, particularly in the following areas.

    • The efficiency of government services can be enhanced. In this regard, recent progress with digitalization, streamlining tax administration, and implementing a single electronic window is welcome.
    • Credit access should be improved, especially for firms. All banks and credit unions are encouraged to participate in the recently created regional credit bureau to make it effective. While foreclosure processes appear to work efficiently, bankruptcy and insolvency regimes can be enhanced to incentivize out-of-court debt workouts, given the lengthy in-court processes.
    • Labor skills should be better aligned with private and public sector demands. Upskilling is essential for maintaining labor market competitiveness, especially with the recent two-tier increases in minimum wage in 2024 and July 2025, which position the minimum wage well above that of ECCU peers. There are shortages of qualified workers in both the private (tourism) and public (healthcare) sectors. Recent efforts aimed at improving access to education and vocational training can help, especially benefiting the unemployed, and these initiatives should be tailored to meet market demands.
    • Accelerating the energy transition is crucial to increasing competitiveness and growth resilience. The energy transition is expected to enhance energy security, reduce energy costs, and support economic diversification. It is essential to build strong expertise in project management. The investment, ownership, and taxation agreements related to large energy projects should be crafted carefully, considering their long-term economic and fiscal implications.

    To strengthen ND preparedness, the public investment framework and the multi-layered insurance framework should be further enhanced.

    • ND-resilient Infrastructure. Upgrading the power grid—as part of the geothermal project—will enhance resilience to NDs, support energy sustainability by introducing a one-grid that connects the two islands and facilitate the energy transition. Given the country’s challenges with water supply, the authorities’ plan for a renewable energy-powered desalination plant is a significant development.
    • Investment framework. Integrating a pipeline of projects funded by the overall public sector, including statutory bodies, into the Public Sector Investment Program (PSIP)) will help improve medium-term fiscal planning, anchor ND-resilient investment plans, and help unlock concessional financing. Strengthening capital expenditure forecasts would be important for the medium-term fiscal framework. Project execution should be improved considerably. In this regard, the authorities’ plan to formulate a medium-term PSIP strategy will provide a useful framework for comprehensive oversight of public investment and enable project progress tracking.
    • An enhanced multi-layered insurance framework. Staff analysis indicates additional fiscal buffers are essential to enhance an insurance framework against NDs, and government deposits should be preserved at their current level as the first self-insurance layer. This could be further supplemented by (i) expanding coverage through the Caribbean Catastrophe Risk Insurance Facility and (ii) issuing a state-contingent instrument, such as catastrophe bonds or lines of credit.

    The mission would like to thank the St. Kitts and Nevis authorities and all other counterparts for the constructive and candid policy dialogue and productive collaboration.

     

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Reah Sy

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

    https://www.imf.org/en/News/Articles/2025/02/27/st-kitts-and-nevis-cs-of-the-2025-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Disabled people need more care and support – Stats NZ media and information release: Disability statistics: 2023

    Source: Statistics New Zealand

    Disabled people need more care and support – 27 February 2025 – Half a million disabled people living in New Zealand households need more care or support in at least one important area of daily life, according to figures released by Stats NZ today.

    The 2023 Household Disability Survey (HDS) found that 62 percent of disabled people (506,000) had at least one unmet need.

    “Unmet need refers to situations where a person doesn’t have something they need in the way of support, reasonable accommodations, medical care, home modifications, or equipment,” social and community spokesperson Nicolette Edgar said.

    ‘Reasonable accommodations’ are changes needed for disabled people to participate on an equal basis and to exercise their human rights.

    Files:

    MIL OSI New Zealand News –

  • MIL-Evening Report: Keith Rankin Chart Analysis – Germany’s stale (and still pale) political mainstream

    Analysis by Keith Rankin.

    Chart by Keith Rankin.

    The above chart traces the vote-share of Germany’s establishment political parties: the right-wing CDU/CSU and the now-centre-right SPD (essentially the Christian Democrats, just like National in New Zealand) and the Social Democrats (just like Labour). And it compares Germany with England to show a similar process there.

    An increasingly stale political centre has consolidated power in both Germany and the United Kingdom, despite record low vote-shares for these establishment parties. In Germany, the ‘major party’ combined vote has fallen to 45% (nearly as low as that in last year’s election in France, for the Centre and the traditional Right). In the United Kingdom, the establishment (Labour, Conservative) vote has fallen to 60%; though, given a much lower turnout in the United Kingdom than Germany, 60% there represents a similar level of support to that of the equivalent parties in Germany.

    With these outcomes being at-best borderline-democratic (JD Vance had a point about the shutting-out of alternative voices), neither country is scheduled to have another election until 2029. And the ‘left’ establishment parties – in office in both countries in March 2025 – are as right-wing as their centre-right predecessor governments of Merkel and Sunak.

    We note that, for Germany, elections before 1991 are for West Germany only. And, for the United Kingdom, my aim has been to focus on England, where Celtic nationalist parties have not played a role; thus until 1979, the British data is for the United Kingdom, whereas from 1983 the data is for England only. We also note that Germany shows few signs of promoting the literally colourful characters who play such an important part in contemporary British politics.

    The waxing and waning of the postwar German mainstream

    Postwar German politics began in 1949, with its new MMP voting system; proportional voting featuring two disqualification mechanisms, a five percent party-vote threshold, and the failure to gain a local electorate using the simple-plurality (FPP) criterion. (In Germany, in the 1950s, the latter disqualification rule was tightened; three electorate seats were required, rather than one.)

    The rise in the two-party vote from 1949 to 1972 represented the consolidation of the major-party system, essentially in line with the post-war German economic miracle. From 1949 to 1969, the government was CDU-led. The SPD led the government from 1969 to 1982 (though with fewer votes than the CDU/CSU). All subsequent governments have been CDU-led, except for the relatively short-lived administrations of Gerhard Schröder (c.2000) and Olaf Scholz.

    The fall in establishment-party vote-share reflects the rise of the Green Party in Germany, which itself reflects the waning of the economic miracle.

    The 1990s’ political stability reflects the reunification era, the political dominance of Helmut Kohl; and the fact that, due to reunification, German politics suspended its characteristic debt-phobia.

    The 2000s and 2010s represents the Angela Merkel era. The 2009 result reflects the Global Financial Crisis. The 2005 vote reflects the early Eurozone period, in which investment within the European Union was diverted into the development of the southern EU countries (and to Ireland). In particular, the 2000s saw the rise of The Left Party, which was shunned by the Establishment parties; this was the beginning of the German ‘firewall’, which meant that ‘grand coalitions’ were favoured over the inclusion of ‘outsider’ parties into government. In that time, the Green Party became a centrist party; inside rather than outside ‘the tent’.

    In 2014 the debt-phobic way Germany ‘resolved’ the Euro crisis was popular in Germany, though ‘austerity’ ushered in the deflationary bias that has characterised subsequent fiscal policy in the European Union. (The adverse effect of deflationary fiscal policy was the use of a zero-interest-rate monetary policy by the European Central Bank; so the adverse consequences of the austerity policies played out more slowly than they might have.)

    Since the initial ‘triumph’ of austerity in 2014, we have seen a substantial and ongoing decline in the vote for the establishment parties. However, these parties managed to consolidate power despite haemorrhaging votes. The new 2025 Government will be a substantially right-wing government made up of German-National (CDU 28.5%) and German-Labour (SPD 16.4%); this represents easily the worst vote ever for the ‘left’ SPD and easily the second-worst vote ever for the ‘winning’ CDU/CSU.

    And, in the United Kingdom, the vote for Labour in 2024 was easily the worst vote of any ‘winning’ party in any election since 1945 (and possible since the time of Walpole in the 1720s).

    Democracy anyone?

    Postscript UK

    In the UK, the highest percentage vote for a political party in the postwar era was 48.8% for Clement Attlee’s Labour Party, seeking a third term in office (in a very-early election which Attlee was tricked into calling). Labour was defeated, despite its record-high poll! Winston Churchill’s Conservatives got 48.0% of the vote; but, crucially, more seats. Attlee’s government was the least stale government in the United Kingdom’s post-war history; Attlee, in the UK, had a popularity and significance comparable to that of Michael Joseph Savage in New Zealand.

    *******

    Keith Rankin (keith at rankin dot nz), trained as an economic historian, is a retired lecturer in Economics and Statistics. He lives in Auckland, New Zealand.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Submissions: Disabled people need more care and support – Stats NZ media and information release: Disability statistics: 2023

    Source: Statistics New Zealand

    Disabled people need more care and support – 27 February 2025 – Half a million disabled people living in New Zealand households need more care or support in at least one important area of daily life, according to figures released by Stats NZ today.

    The 2023 Household Disability Survey (HDS) found that 62 percent of disabled people (506,000) had at least one unmet need.

    “Unmet need refers to situations where a person doesn’t have something they need in the way of support, reasonable accommodations, medical care, home modifications, or equipment,” social and community spokesperson Nicolette Edgar said.

    ‘Reasonable accommodations’ are changes needed for disabled people to participate on an equal basis and to exercise their human rights.

    Files:

    MIL OSI –

  • MIL-OSI New Zealand: 1 in 6 New Zealanders are disabled – Stats NZ media and information release: Disability statistics: 2023

    Source: Statistics New Zealand

    1 in 6 New Zealanders are disabled – 27 February 2025 – An estimated 17 percent of people living in New Zealand households were disabled in 2023, according to figures released by Stats NZ today.

    New data from the 2023 Household Disability Survey (HDS) found 10 percent of children (98,000) and 18 percent of adults (753,000) were disabled. In total, 851,000 people (17 percent) were disabled.

    The 2023 HDS used questions based on those developed by the Washington Group on Disability Statistics (WG). The WG’s work is supported by the United Nations Statistical Commission to improve statistics about disabled people. Shorter versions of the WG question sets are used in other social surveys in New Zealand. This is the first time the HDS has used questions based on those developed by the WG to identify disabled people, which means that results can’t be compared with those from previous disability surveys. For more information, see Household Disability Survey 2023 – findings, definitions, and design summary.

    Files:

    MIL OSI New Zealand News –

  • MIL-OSI: SEACOR Marine Announces Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 26, 2025 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter ended December 31, 2024.

    SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2024 were $69.8 million, operating income was $10.6 million, and direct vessel profit (“DVP”)(1) was $23.1 million. This compares to consolidated operating revenues of $73.1 million, operating income of $22.6 million, and DVP of $29.8 million in the fourth quarter of 2023, and consolidated operating revenues of $68.9 million, operating loss of $6.5 million, and DVP of $16.0 million in the third quarter of 2024.

    Notable fourth quarter items include:

    • 4.5% decrease in revenues from the fourth quarter of 2023 and a 1.3% increase from the third quarter of 2024.
    • Average day rates of $18,901, a 4.8% increase from the fourth quarter of 2023, and flat from the third quarter of 2024.
    • 72% utilization, an increase from 71% in the fourth quarter of 2023 and from 67% in the third quarter of 2024.
    • DVP margin of 33.1%, a decrease from 40.8% in the fourth quarter of 2023 and an increase from 23.2% in the third quarter of 2024, due in part to $3.5 million of drydocking and major repairs during the fourth quarter of 2024 compared to $1.7 million in the fourth quarter of 2023 and $8.3 million in the third quarter of 2024, all of which are expensed as incurred.
    • Refinancing of $328.7 million of principal indebtedness under multiple debt facilities, including $125.0 million previously due in 2026, into a single new credit facility due in the fourth quarter of 2029.
    • In connection with the refinancing, recognized a one-time loss of $31.9 million on debt extinguishment, of which $28.3 million was non-cash and primarily comprised of extinguishment of unamortized debt discounts.
    • Completed the sale of two anchor handling towing supply vessels (“AHTS”) for total proceeds of $22.5 million and a gain of $15.6 million, the proceeds of which will be used to partially fund the construction payments for two new PSVs.

    For the fourth quarter of 2024, net loss was $26.2 million ($0.94 loss per basic and diluted share). This compares to a net income for the fourth quarter of 2023 of $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share). Sequentially, the fourth quarter 2024 results compare to a net loss of $16.3 million ($0.59 loss per basic and diluted share) in the third quarter of 2024.

    Chief Executive Officer John Gellert commented:

    “The fourth quarter results reflect a substantial improvement in operating performance compared with the prior quarters of 2024. This performance improvement was due mostly to fewer out-of-service days for repairs and drydockings which translated into improved utilization across most segments. We also benefited from having all our premium liftboats available and employed most of the quarter and currently plan to commence the permanent repairs of one of our U.S. flag premium liftboats at the end of the third quarter of 2025, which should provide us the opportunity to maximize utilization on these liftboats as seasonal activity improves in the Gulf of America. During the quarter, we did see soft market conditions in the North Sea as well as customer delays in programmed activities in Mexico and the U.S.

    Looking at the rest of 2025, we continue to see a healthy level of inquiries across most of our international markets with the notable exception of the North Sea and Mexico, where regulatory or financial hurdles are subduing demand for oil and gas services. In the U.S., we see significant challenges for offshore wind in the near term, but the backlog of mandatory maintenance and decommissioning activity in the Gulf of America should ultimately lead to increased levels of activity on the shelf. Although we are not immune to the mid-cycle lull in offshore drilling activity worldwide, I remain optimistic that our fleet mix is well positioned to meet current demand expectations.

    As previously announced, during the fourth quarter we entered into a new senior secured term loan of up to $391.0 million with an affiliate of EnTrust Global, which significantly simplified our debt capital structure into a single credit facility maturing in 2029. Importantly, this new credit facility addressed $125.0 million of near-term maturities previously due in 2026 to The Carlyle Group, inclusive of $35.0 million of convertible debt, eliminating approximately 10% of dilution overhang on the Company’s common stock. It also provided us with up to $41.0 million of borrowing capacity to finance the construction of two new PSVs, which we ordered during the fourth quarter of 2024. We had to fully amortize all debt discounts and issuance costs on the refinanced debt, including the shipyard financing with affiliates of COSCO, generating a $31.9 million one-time loss, of which $28.3 million was non-cash, but, in my view, the benefits of the refinancing and its support for the Company’s order for two new PSVs far outweigh the one-time loss.

    I am particularly excited about this PSV order as we expand and complement our fleet of modern and fuel efficient PSVs. This is a continuation of our asset rotation strategy aimed at renewing our fleet with high-specification, environmentally efficient assets. The vessels are scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027, respectively. We will partly fund this new construction program with the $22.5 million of proceeds from the sale of our last remaining AHTS vessels, marking our exit from the AHTS asset class effective January 2025.”
    _______________

    (1) Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.
       

    SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

    Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
    For all other requests, contact InvestorRelations@seacormarine.com

     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except share data)
     
        Three Months Ended December 31,     Year ended December 31,  
        2024     2023     2024     2023  
    Operating Revenues   $ 69,808     $ 73,083     $ 271,361     $ 279,511  
    Costs and Expenses:                        
    Operating     46,726       43,269       197,252       159,650  
    Administrative and general     10,888       11,547       44,713       49,183  
    Lease expense     347       679       1,678       2,748  
    Depreciation and amortization     12,879       13,022       51,628       53,821  
          70,840       68,517       295,271       265,402  
    Gains on Asset Dispositions and Impairments, Net     11,624       18,057       13,481       21,409  
    Operating Income (Loss)     10,592       22,623       (10,429 )     35,518  
    Other Income (Expense):                        
    Interest income     372       222       1,768       1,444  
    Interest expense     (10,001 )     (10,444 )     (40,627 )     (37,504 )
    Loss on debt extinguishment     (31,923 )     —       (31,923 )     (2,004 )
    Derivative (losses) gains, net     (536 )     608       (908 )     608  
    Foreign currency gains (losses), net     1,308       (1,276 )     (1,049 )     (2,133 )
    Other, net     187       —       121       —  
          (40,593 )     (10,890 )     (72,618 )     (39,589 )
    (Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies     (30,001 )     11,733       (83,047 )     (4,071 )
    Income Tax (Benefit) Expense     (2,345 )     6,378       (2,615 )     8,799  
    (Loss) Income Before Equity in Earnings of 50% or Less Owned Companies     (27,656 )     5,355       (80,432 )     (12,870 )
    Equity in Earnings of 50% or Less Owned Companies     1,430       374       2,308       3,556  
    Net (Loss) Income   $ (26,226 )   $ 5,729     $ (78,124 )   $ (9,314 )
                             
    Net (Loss) Earnings Per Share:                        
    Basic   $ (0.94 )   $ 0.21     $ (2.82 )   $ (0.34 )
    Diluted   $ (0.94 )   $ 0.20     $ (2.82 )   $ (0.34 )
    Weighted Average Common Stock and Warrants Outstanding:                        
    Basic     27,773,200       27,182,496       27,655,289       27,082,391  
    Diluted     27,773,200       28,400,684       27,655,289       27,082,391  
                                     
               
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
     (in thousands, except statistics and per share data)
               
              Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    Time Charter Statistics:                                
    Average Rates Per Day   $ 18,901     $ 18,879     $ 19,141     $ 19,042     $ 18,031    
    Fleet Utilization     72 %     67 %     69 %     62 %     71 %  
    Fleet Available Days (2)     4,870       5,026       4,994       5,005       5,170    
    Operating Revenues:                                
    Time charter   $ 66,095     $ 63,313     $ 65,649     $ 59,263     $ 66,498    
    Bareboat charter     364       372       364       364       368    
    Other marine services     3,349       5,231       3,854       3,143       6,217    
          69,808       68,916       69,867       62,770       73,083    
    Costs and Expenses:                                
    Operating:                                
    Personnel     20,365       21,940       21,566       21,670       22,080    
    Repairs and maintenance     10,433       9,945       10,244       9,763       7,604    
    Drydocking     2,467       6,068       6,210       6,706       2,561    
    Insurance and loss reserves     2,473       2,584       3,099       1,738       2,944    
    Fuel, lubes and supplies     4,884       6,574       3,966       4,523       3,683    
    Other     6,104       5,796       4,435       3,699       4,397    
          46,726       52,907       49,520       48,099       43,269    
    Direct Vessel Profit (1)     23,082       16,009       20,347       14,671       29,814    
    Other Costs and Expenses:                                
    Lease expense     347       364       486       481       679    
    Administrative and general     10,888       11,019       10,889       11,917       11,547    
    Depreciation and amortization     12,879       12,928       12,939       12,882       13,022    
          24,114       24,311       24,314       25,280       25,248    
    Gains (Losses) on Asset Dispositions and Impairments, Net     11,624       1,821       37       (1 )     18,057    
    Operating Income (Loss)     10,592       (6,481 )     (3,930 )     (10,610 )     22,623    
    Other Income (Expense):                                
    Interest income     372       358       445       593       222    
    Interest expense     (10,001 )     (10,127 )     (10,190 )     (10,309 )     (10,444 )  
    Derivative (losses) gains, net     (536 )     67       104       (543 )     608    
    Loss on debt extinguishment     (31,923 )     —       —       —       —    
    Foreign currency gains (losses), net     1,308       (1,717 )     (560 )     (80 )     (1,276 )  
    Other, net     187       29       —       (95 )     —    
          (40,593 )     (11,390 )     (10,201 )     (10,434 )     (10,890 )  
    (Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies     (30,001 )     (17,871 )     (14,131 )     (21,044 )     11,733    
    Income Tax (Benefit) Expense     (2,345 )     (513 )     (682 )     925       6,378    
    (Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (27,656 )     (17,358 )     (13,449 )     (21,969 )     5,355    
    Equity in Earnings (Losses) of 50% or Less Owned Companies     1,430       1,012       966       (1,100 )     374    
    Net (Loss) Income   $ (26,226 )   $ (16,346 )   $ (12,483 )   $ (23,069 )   $ 5,729    
                                     
    Net (Loss) Earnings Per Share:                                
    Basic   $ (0.94 )   $ (0.59 )   $ (0.45 )   $ (0.84 )   $ 0.21    
    Diluted   $ (0.94 )   $ (0.59 )   $ (0.45 )   $ (0.84 )   $ 0.20    
    Weighted Average Common Stock and Warrants Outstanding:                                
    Basic     27,773       27,773       27,729       27,344       27,182    
    Diluted     27,773       27,773       27,729       27,344       28,401    
    Common Shares and Warrants Outstanding at Period End     28,950       28,950       28,941       28,906       28,489    

     _______________

    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
       
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    United States, primarily Gulf of America                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 26,116     $ 17,188     $ 22,356     $ 28,156     $ 22,584    
    Fleet utilization     45 %     42 %     37 %     27 %     50 %  
    Fleet available days     920       920       921       927       1,152    
    Out-of-service days for repairs, maintenance and drydockings     75       116       179       137       61    
    Out-of-service days for cold-stacked status (2)     184       175       127       182       254    
    Operating Revenues:                                
    Time charter   $ 10,744     $ 6,593     $ 7,697     $ 6,957     $ 12,929    
    Other marine services     1,114       1,188       480       1,026       5,346    
          11,858       7,781       8,177       7,983       18,275    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel     6,097       6,297       6,284       5,781       6,906    
    Repairs and maintenance     1,680       1,655       1,879       1,404       819    
    Drydocking     1,451       2,615       2,570       1,968       303    
    Insurance and loss reserves     854       799       943       396       1,297    
    Fuel, lubes and supplies     854       964       866       667       1,032    
    Other     229       225       226       (171 )     475    
          11,165       12,555       12,768       10,045       10,832    
    Direct Vessel Profit (Loss) (1)   $ 693     $ (4,774 )   $ (4,591 )   $ (2,062 )   $ 7,443    
    Other Costs and Expenses:                                
    Lease expense   $ 136     $ 140     $ 141     $ 138     $ 141    
    Depreciation and amortization     3,196       3,194       3,194       2,750       3,479    
                                     
    Africa and Europe                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 16,895     $ 18,875     $ 18,580     $ 15,197     $ 15,233    
    Fleet utilization     73 %     77 %     74 %     76 %     82 %  
    Fleet available days     1,856       1,990       1,969       1,775       1,748    
    Out-of-service days for repairs, maintenance and drydockings     180       203       203       238       124    
    Out-of-service days for cold-stacked status     —       58       91       91       92    
    Operating Revenues:                                
    Time charter   $ 22,999     $ 28,809     $ 27,047     $ 20,555     $ 21,791    
    Other marine services     1,027       3,048       1,028       169       189    
          24,026       31,857       28,075       20,724       21,980    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel     5,654       6,083       4,969       5,181       6,007    
    Repairs and maintenance     3,712       3,455       3,161       3,209       2,807    
    Drydocking     835       681       1,226       2,032       1,298    
    Insurance and loss reserves     577       599       819       334       416    
    Fuel, lubes and supplies     2,226       2,514       1,170       1,287       623    
    Other     3,748       3,975       2,801       2,199       2,267    
          16,752       17,307       14,146       14,242       13,418    
    Direct Vessel Profit (1)   $ 7,274     $ 14,550     $ 13,929     $ 6,482     $ 8,562    
    Other Costs and Expenses:                                
    Lease expense   $ 82     $ 75     $ 172     $ 178     $ 289    
    Depreciation and amortization     4,477       4,540       4,565       3,915       3,747    

     _______________

    (1) See full description of footnote above.
    (2) Includes one liftboat and one FSV cold-stacked in this region as of December 31, 2024.
       
           
    SEACOR MARINE HOLDINGS INC.
     UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
    (in thousands, except statistics)
           
        Three Months Ended  
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023  
    Middle East and Asia                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 17,337     $ 17,825     $ 17,083     $ 16,934     $ 17,590  
    Fleet utilization     88 %     71 %     82 %     71 %     69 %
    Fleet available days     1,266       1,288       1,296       1,365       1,461  
    Out-of-service days for repairs, maintenance and drydockings     30       229       168       224       360  
    Operating Revenues:                              
    Time charter   $ 19,385     $ 16,411     $ 18,073     $ 16,477     $ 17,729  
    Other marine services     635       375       619       350       539  
          20,020       16,786       18,692       16,827       18,268  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     5,470       5,769       6,930       5,963       5,522  
    Repairs and maintenance     3,574       3,318       3,443       2,712       2,590  
    Drydocking     (226 )     832       707       1,483       624  
    Insurance and loss reserves     804       927       798       618       1,022  
    Fuel, lubes and supplies     840       1,043       1,103       1,198       1,242  
    Other     1,305       1,131       989       1,000       1,133  
          11,767       13,020       13,970       12,974       12,133  
    Direct Vessel Profit (1)   $ 8,253     $ 3,766     $ 4,722     $ 3,853     $ 6,135  
    Other Costs and Expenses:                              
    Lease expense   $ 72     $ 73     $ 71     $ 85     $ 158  
    Depreciation and amortization     3,272       3,261       3,247       3,496       3,643  
                                   
    Latin America                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 21,390     $ 21,984     $ 22,437     $ 28,308     $ 20,745  
    Fleet utilization     73 %     63 %     71 %     58 %     84 %
    Fleet available days (2)     828       828       808       938       809  
    Out-of-service days for repairs, maintenance and drydockings     20       94       41       1       —  
    Operating Revenues:                              
    Time charter   $ 12,967     $ 11,500     $ 12,832     $ 15,274     $ 14,049  
    Bareboat charter     364       372       364       364       368  
    Other marine services     573       620       1,727       1,598       143  
          13,904       12,492       14,923       17,236       14,560  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     3,144       3,791       3,383       4,745       3,645  
    Repairs and maintenance     1,467       1,517       1,761       2,438       1,388  
    Drydocking     407       1,940       1,707       1,223       336  
    Insurance and loss reserves     238       259       539       390       209  
    Fuel, lubes and supplies     964       2,053       827       1,371       786  
    Other     822       465       419       671       522  
          7,042       10,025       8,636       10,838       6,886  
    Direct Vessel Profit (1)   $ 6,862     $ 2,467     $ 6,287     $ 6,398     $ 7,674  
    Other Costs and Expenses:                              
    Lease expense   $ 57     $ 76     $ 102     $ 80     $ 91  
    Depreciation and amortization     1,934       1,933       1,933       2,721       2,153  

     _______________

    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
       
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    AHTS                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 10,410     $ 10,316     $ 8,125     $ 8,538     $ 8,937    
    Fleet utilization     79 %     46 %     49 %     75 %     64 %  
    Fleet available days     178       334       364       364       368    
    Out-of-service days for repairs, maintenance and drydockings     28       87       29       —       41    
    Out-of-service days for cold-stacked status     —       58       91       91       92    
    Operating Revenues:                                
    Time charter   $ 1,465     $ 1,576     $ 1,459     $ 2,331     $ 2,102    
    Other marine services     —       13       219       —       6    
          1,465       1,589       1,678       2,331       2,108    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 595     $ 981     $ 1,045     $ 1,064     $ 944    
    Repairs and maintenance     128       239       465       220       612    
    Drydocking     5       436       280       68       58    
    Insurance and loss reserves     49       66       97       43       73    
    Fuel, lubes and supplies     25       90       69       616       375    
    Other     210       263       230       287       295    
          1,012       2,075       2,186       2,298       2,357    
    Other Costs and Expenses:                                
    Lease expense   $ 7     $ 4     $ 164     $ 171     $ 253    
    Depreciation and amortization     122       175       175       175       175    
                                     
    FSV                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 13,643     $ 13,102     $ 12,978     $ 11,834     $ 11,841    
    Fleet utilization     72 %     81 %     80 %     72 %     74 %  
    Fleet available days     2,024       2,024       2,002       2,002       2,105    
    Out-of-service days for repairs, maintenance and drydockings     118       96       128       216       337    
    Out-of-service days for cold-stacked status     92       83       36       91       92    
    Operating Revenues:                                
    Time charter   $ 19,992     $ 21,606     $ 20,698     $ 17,081     $ 18,502    
    Other marine services     416       1,012       516       126       163    
          20,408       22,618       21,214       17,207       18,665    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 5,078     $ 5,637     $ 5,829     $ 5,649     $ 5,320    
    Repairs and maintenance     4,480       4,378       4,572       3,093       2,691    
    Drydocking     426       448       457       1,869       1,710    
    Insurance and loss reserves     422       532       546       277       507    
    Fuel, lubes and supplies     1,586       1,962       993       1,051       1,441    
    Other     2,456       2,238       1,850       1,649       1,632    
          14,448       15,195       14,247       13,588       13,301    
    Other Costs and Expenses:                                
    Depreciation and amortization   $ 4,746     $ 4,744     $ 4,746     $ 4,744     $ 4,879    
                                               
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    PSV                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 17,912     $ 21,819     $ 20,952     $ 19,133     $ 19,778    
    Fleet utilization     72 %     58 %     66 %     53 %     77 %  
    Fleet available days (1)     1,932       1,932       1,900       1,911       1,902    
    Out-of-service days for repairs, maintenance and drydockings     117       349       291       307       109    
    Operating Revenues:                                
    Time charter   $ 24,865     $ 24,488     $ 26,390     $ 19,390     $ 29,140    
    Bareboat charter     364       372       364       364       368    
    Other marine services     1,561       2,855       2,266       416       595    
          26,790       27,715       29,020       20,170       30,103    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 8,999     $ 9,360     $ 8,979     $ 8,850     $ 9,017    
    Repairs and maintenance     4,101       3,798       3,151       4,393       3,520    
    Drydocking     1,046       2,629       2,616       3,386       472    
    Insurance and loss reserves     618       636       1,037       395       690    
    Fuel, lubes and supplies     2,379       3,594       1,575       1,889       1,027    
    Other     2,566       2,821       1,850       1,395       1,922    
          19,709       22,838       19,208       20,308       16,648    
    Other Costs and Expenses:                                
    Lease expense   $ —     $ (3 )   $ 3     $ —     $ —    
    Depreciation and amortization     4,122       4,117       4,128       4,073       4,073    

     _______________

    (1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
       
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    Liftboats                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 39,326     $ 36,423     $ 43,204     $ 53,506     $ 40,181    
    Fleet utilization     68 %     58 %     54 %     53 %     52 %  
    Fleet available days     736       736       728       728       795    
    Out-of-service days for repairs, maintenance and drydockings     41       109       143       78       60    
    Out-of-service days for cold-stacked status     92       92       91       91       162    
    Operating Revenues:                                
    Time charter   $ 19,773     $ 15,643     $ 17,102     $ 20,461     $ 16,754    
    Other marine services     1,177       1,142       666       1,772       4,666    
          20,950       16,785       17,768       22,233       21,420    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 5,678     $ 5,926     $ 6,842     $ 6,140     $ 5,316    
    Repairs and maintenance     1,722       1,531       2,054       2,035       769    
    Drydocking     990       2,555       2,857       1,383       321    
    Insurance and loss reserves     1,384       1,334       1,482       1,282       1,554    
    Fuel, lubes and supplies     894       928       1,329       967       838    
    Other     860       473       519       343       531    
          11,528       12,747       15,083       12,150       9,329    
    Other Costs and Expenses:                                
    Depreciation and amortization     3,866       3,866       3,865       3,866       3,867    
                                     
    Other Activity                                
    Operating Revenues:                                
    Other marine services   $ 195     $ 209     $ 187     $ 829     $ 787    
          195       209       187       829       787    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 15     $ 36     $ (1,129 )   $ (33 )   $ 1,483    
    Repairs and maintenance     2       (1 )     2       22       12    
    Insurance and loss reserves     —       16       (63 )     (259 )     120    
    Fuel, lubes and supplies     —       —       —       —       2    
    Other     12       1       (14 )     25       17    
          29       52       (1,204 )     (245 )     1,634    
    Other Costs and Expenses:                                
    Lease expense   $ 340     $ 363     $ 319     $ 310     $ 426    
    Depreciation and amortization     23       26       25       24       28    
                                               
     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)
     
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    ASSETS                                
    Current Assets:                                
    Cash and cash equivalents   $ 59,491     $ 35,601     $ 40,605     $ 59,593     $ 67,455    
    Restricted cash     16,649       2,263       2,255       2,566       16,676    
    Receivables:                                
    Trade, net of allowance for credit loss     69,888       76,497       70,770       58,272       63,728    
    Other     7,913       7,841       6,210       12,210       11,049    
    Tax receivable     1,601       983       983       983       983    
    Inventories     2,760       3,139       3,117       2,516       1,609    
    Prepaid expenses and other     4,406       4,840       5,659       3,425       2,686    
    Assets held for sale     10,943       —       500       500       500    
    Total current assets     173,651       131,164       130,099       140,065       164,686    
    Property and Equipment:                                
    Historical cost     900,414       921,445       921,443       919,139       918,823    
    Accumulated depreciation     (367,448 )     (362,604 )     (349,799 )     (337,001 )     (324,141 )  
          532,966       558,841       571,644       582,138       594,682    
    Construction in progress     11,904       11,935       11,518       13,410       10,362    
    Net property and equipment     544,870       570,776       583,162       595,548       605,044    
    Right-of-use asset – operating leases     3,436       3,575       3,683       3,988       4,291    
    Right-of-use asset – finance leases     36       19       28       29       37    
    Investments, at equity, and advances to 50% or less owned companies     3,541       2,046       2,641       3,122       4,125    
    Other assets     1,577       1,864       1,953       2,094       2,153    
    Total assets   $ 727,111     $ 709,444     $ 721,566     $ 744,846     $ 780,336    
    LIABILITIES AND EQUITY                                
    Current Liabilities:                                
    Current portion of operating lease liabilities   $ 606     $ 494     $ 861     $ 1,285     $ 1,591    
    Current portion of finance lease liabilities     17       17       26       33       35    
    Current portion of long-term debt     27,500       28,605       28,605       28,605       28,365    
    Accounts payable     29,236       22,744       17,790       23,453       27,562    
    Other current liabilities     27,683       28,808       23,795       21,067       19,533    
    Total current liabilities     85,042       80,668       71,077       74,443       77,086    
    Long-term operating lease liabilities     2,982       3,221       3,276       3,390       3,529    
    Long-term finance lease liabilities     20       4       5       —       6    
    Long-term debt     317,339       272,325       277,740       281,989       287,544    
    Deferred income taxes     22,037       26,802       30,083       33,873       35,718    
    Deferred gains and other liabilities     1,369       1,416       1,447       2,285       2,229    
    Total liabilities     428,789       384,436       383,628       395,980       406,112    
    Equity:                                
    SEACOR Marine Holdings Inc. stockholders’ equity:                                
    Common stock     287       287       286       286       280    
    Additional paid-in capital     479,283       477,661       476,020       474,433       472,692    
    Accumulated deficit     (180,600 )     (154,374 )     (138,028 )     (125,609 )     (102,425 )  
    Shares held in treasury     (8,110 )     (8,110 )     (8,110 )     (8,071 )     (4,221 )  
    Accumulated other comprehensive income, net of tax     7,141       9,223       7,449       7,506       7,577    
          298,001       324,687       337,617       348,545       373,903    
    Noncontrolling interests in subsidiaries     321       321       321       321       321    
    Total equity     298,322       325,008       337,938       348,866       374,224    
    Total liabilities and equity   $ 727,111     $ 709,444     $ 721,566     $ 744,846     $ 780,336    
     
               
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
               
              Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    Cash Flows from Operating Activities:                                
    Net (Loss) Income   $ (26,226 )   $ (16,346 )   $ (12,483 )   $ (23,069 )   $ 5,729    
    Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:                                
    Depreciation and amortization     12,879       12,928       12,939       12,882       13,022    
    Deferred financing costs amortization     254       298       297       295       279    
    Stock-based compensation expense     1,622       1,604       1,587       1,645       1,510    
    Debt discount amortization     1,799       2,061       1,993       1,926       1,862    
    Allowance for credit losses     59       101       39       3       266    
    (Gains) losses from equipment sales, retirements or impairments     (11,624 )     (1,821 )     (37 )     1       (18,057 )  
    Losses on debt extinguishment     28,252       —       —       —       —    
    Derivative losses (gains)     536       (67 )     (104 )     543       (608 )  
    Interest on finance lease     2       —       1       —       1    
    Settlements on derivative transactions, net     —       —       —       164       —    
    Currency (gains) losses     (1,308 )     1,717       560       80       1,276    
    Deferred income taxes     (4,766 )     (3,281 )     (3,790 )     (1,845 )     2,640    
    Equity (earnings) losses     (1,430 )     (1,012 )     (966 )     1,100       (374 )  
    Dividends received from equity investees     —       1,498       1,418       —       166    
    Changes in Operating Assets and Liabilities:                                
    Accounts receivables     5,448       (7,411 )     (6,928 )     4,291       (3,472 )  
    Other assets     1,338       1,032       (2,395 )     (1,290 )     733    
    Accounts payable and accrued liabilities     1,693       9,325       (4,378 )     (3,895 )     (6,456 )  
    Net cash provided by (used in) operating activities     8,528       626       (12,247 )     (7,169 )     (1,483 )  
    Cash Flows from Investing Activities:                                
    Purchases of property and equipment     (3,010 )     (210 )     (658 )     (3,416 )     (3,644 )  
    Proceeds from disposition of property and equipment     22,441       2,331       86       —       36,692    
    Net cash provided by (used in) investing activities     19,431       2,121       (572 )     (3,416 )     33,048    
    Cash Flows from Financing Activities:                                
    Payments on long-term debt     (2,479 )     (7,770 )     (6,533 )     (7,530 )     (6,173 )  
    Payments on debt extinguishment     (328,712 )     —       —       —       —    
    Payments on debt extinguishment cost     (3,671 )     —       —       —       —    
    Proceeds from issuance of long-term debt, net of debt discount and issue costs     345,192       —       —       —       87    
    Payments on finance leases     (13 )     (10 )     (9 )     (9 )     (9 )  
    Proceeds from issuance of common stock, net of issue costs     —       —       —       —       24    
    Proceeds from exercise of stock options and warrants     —       38       102       —       —    
    Tax withholdings on restricted stock vesting     —       —       (39 )     (3,850 )     —    
    Net cash provided by (used in) financing activities     10,317       (7,742 )     (6,479 )     (11,389 )     (6,071 )  
    Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents     —       (1 )     (1 )     2       1    
    Net Change in Cash, Restricted Cash and Cash Equivalents     38,276       (4,996 )     (19,299 )     (21,972 )     25,495    
    Cash, Restricted Cash and Cash Equivalents, Beginning of Period     37,864       42,860       62,159       84,131       58,636    
    Cash, Restricted Cash and Cash Equivalents, End of Period   $ 76,140     $ 37,864     $ 42,860     $ 62,159     $ 84,131    
     
     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED FLEET COUNTS
     
        Owned     Leased-in     Managed     Total  
    December 31, 2024                        
    AHTS     —       —       2       2  
    FSV     22       —       1       23  
    PSV     21       —       —       21  
    Liftboats     8       —       —       8  
          51       —       3       54  
    December 31, 2023                        
    AHTS     3       1       —       4  
    FSV     22       —       3       25  
    PSV     21       —       —       21  
    Liftboats     8       —       —       8  
          54       1       3       58  

    The MIL Network –

  • MIL-OSI USA: NASS Delays Trout Production Data Release

    Source: US National Agricultural Statistics Service News

    Issued February 26, 2025, by the Agricultural Statistics Board of the U.S. Department of Agriculture, National Agricultural Statistics Service. For more information, contact Travis Averill at (202) 692-0069 or Travis.Averill@usda.gov.

    Due to technical issues, USDA’s National Agricultural Statistics Service (NASS) is delaying today’s Trout Production report until 3 p.m. ET on Thursday, Feb. 27, 2025.

    MIL OSI USA News –