NewzIntel.com

Category: Taxation

  • MIL-OSI USA: Rep. Simpson Cosponsors Bill to Repeal Death Tax on Family-Owned Farms and Ranches

    Source: US State of Idaho

    WASHINGTON—Idaho Congressman Mike Simpson cosponsored the Death Tax Repeal Act. This bill would permanently repeal the unfair death tax, providing relief to family-owned businesses, farms, and ranches from being hit by the hefty tax that occurs on the transfer of property or other assets from a deceased family member. 
    This legislation is led by Rep. Feenstra (R-IA) with support from more than 170 cosponsors in the House of Representatives. This legislation is also supported by over 230 organizations.   
    “The punishing and burdensome death tax has crushed Idaho family farms, ranches, and small businesses for too long,” said Rep. Simpson, an original cosponsor. “Repealing the death tax will assist farmers, ranchers, small business owners, and grandparents who have worked their whole lives to pass something on from generation to generation. I am proud to cosponsor this critical bill to support Idaho’s multi-generational farms and small businesses, grow the economy, and protect Idahoans from devastating tax hikes.”
    “The death tax is an egregious double tax that unfairly targets American family farms and small businesses and directly threatens long-held farming traditions in rural Iowa and across the country. It is ridiculous that the federal government sends grieving families a massive tax bill when a loved one passes away,” said Rep. Feenstra. “I introduced the Death Tax Repeal Act to put an end to this double taxation, help our farmers and small business owners pass their businesses onto the next generation, and ensure that we can keep our family traditions alive across America. By permanently repealing the death tax, my bill will offer financial relief when it’s most needed and ensure that our families, farmers, and small businesses can keep more of their hard-earned money — just as it should be.”
    U.S. Senate Majority Leader John Thune (R-SD) has introduced companion legislation in the U.S. Senate.
    The full text of the legislation is available here.

    MIL OSI USA News –

  • MIL-OSI Security: Former Executive Director Is Sentenced For Stealing Thousands of Dollars From Gastonia Non-Profit

    Source: Office of United States Attorneys

    CHARLOTTE, N.C. – Stephanie L. Roberts, 55, of Gastonia, N.C., was sentenced today to 18 months in prison for stealing thousands of dollars from a non-profit corporation for cancer patients, announced Lawrence J. Cameron, Acting U.S. Attorney for the Western District of North Carolina. In addition to the prison term imposed, Roberts was ordered to serve two years under court supervision, and to pay $157,722.69 in restitution to the non-profit victim and $62,612 to the Internal Revenue Service.

    Acting U.S. Attorney Cameron is joined by Donald “Trey” Eakins, Special Agent in Charge of the Internal Revenue Service, Criminal Investigation, Charlotte Field Office (IRS-CI), Jason Krizmanich, Acting Inspector in Charge of the Atlanta Division of the U.S. Postal Inspection Service (USPIS), which oversees Charlotte, and Chief Trent Conard of the Gastonia Police Department in making today’s announcement.

    According to court documents and court proceedings, Roberts was the executive director of Cancer Services of Gaston County, a non-profit corporation that provides support and resources for cancer patients. Beginning no later than January 8, 2016, through January 21, 2022, Roberts embezzled more than $136,000 from the non-profit corporation. Roberts also admitted that she failed to pay more than $200,000 withheld from the paychecks of the non-profit corporation’s employees for federal income, Medicare, and Social Security taxes to the IRS. In addition to the embezzlement scheme, Roberts made and subscribed, under penalty of perjury, U.S. Income Tax Returns that falsely stated the amount of tax withheld from her wages, and falsely claimed that amount was paid to the IRS.

    On March 22, 2024, Roberts pleaded guilty to theft in connection with health care; failure to truthfully account for and pay over trust fund taxes; and making and subscribing a false tax return. Roberts will be ordered to report to the Federal Bureau of Prisons upon designation of a federal facility.

    In making today’s announcement, Acting U.S. Attorney Cameron commended IRS-CI, USPIS, and the Gastonia Police Department for their investigation of the case.

    Assistant U.S. Attorney Michael E. Savage of the U.S. Attorney’s Office in Charlotte prosecuted the case.

     

    MIL Security OSI –

  • MIL-OSI Europe: Other events – EU Tax Symposium 2025 – Programme and Speakers – 18-03-2025 – Subcommittee on Tax Matters

    Source: European Parliament

    On 18 March 2025, the European Parliament and the European Commission will co-host the third edition of the EU Tax Symposium in the Hemicycle of the European Parliament in Brussels, with the participation of National Parliaments.

    This year, the event will take place under the theme: Strengthening competitiveness and fairness to build prosperity.

    The full programme with speakers is now available.

    To register please use the following link.

    You can find more information on the EU Tax Symposium website.

    #TaxMix2050This year, the event will take place under the theme: Strengthening competitiveness and fairness to build prosperity.

    The full programme with speakers is now available.

    To register please use the following link.

    You can find more information on the EU Tax Symposium website.

    #TaxMix2050

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Tax measures proposed in 2025-26 Budget

    Source: Hong Kong Government special administrative region

    Tax measures proposed in 2025-26 Budget
    Tax measures proposed in 2025-26 Budget
    ***************************************

         In the Budget delivered on February 26, the Financial Secretary proposed the following tax measures:(1) Providing a one-off reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2024/25 by 100 per cent, subject to a ceiling of $1,500 per case.      This measure will benefit 2.14 million taxpayers liable to salaries tax and tax under personal assessment and 165 400 businesses. The government revenue will be reduced by $3.1 billion.     The proposed reduction will reduce the amount of tax payable by taxpayers for the year of assessment 2024/25. Taxpayers should still file their profits tax returns and tax returns for individuals for the year of assessment 2024/25 as usual. The government will introduce the Inland Revenue (Amendment) (Tax Concessions) Bill 2025 into the Legislative Council. Upon enactment of the relevant legislation, the Inland Revenue Department will effect the reduction in the final assessment.     The proposed tax reduction will only be applicable to the final tax for the year of assessment 2024/25, but not to the provisional tax of the same year. Therefore, taxpayers are required to pay the provisional tax on time as stipulated in the demand notes that have been issued to them. The provisional tax paid will be applied in payment of the final tax for the year of assessment 2024/25 and provisional tax for the year of assessment 2025/26. The excess balance, if any, will be refunded.     The proposed tax reduction is not applicable to property tax. Nevertheless, individuals with rental income, if eligible for personal assessment, may enjoy such a reduction under personal assessment.     A taxpayer who is separately chargeable to salaries tax and profits tax can enjoy tax reduction under each of the tax types. A taxpayer having business profits or rental income may elect for personal assessment in their tax returns for the year of assessment 2024/25. The reduction will then be calculated based on the tax payable under personal assessment. It may be different from the amount of tax reduction a taxpayer would have got had he / she not elected for personal assessment. The exact amount will be assessed case by case.(2) Raising the maximum value of properties chargeable to a stamp duty of $100 from $3 million to $4 million.      The new value bands will be applicable to any conveyance on sale or agreement for sale of residential or non-residential property transaction executed on or after February 26, 2025. The Government will introduce the Stamp Duty (Amendment) Bill 2025 (the Bill) into the Legislative Council to take forward the proposal. To benefit buyers of properties from the measure as soon as possible, the Chief Executive has made the Public Revenue Protection (Stamp Duty) Order 2025 under the Public Revenue Protection Ordinance (Cap. 120) to give force and effect of law to the Bill before its enactment.      Details of the above proposed tax measures and examples of tax calculations are available on the website of the Inland Revenue Department (www.ird.gov.hk) and can be obtained through the fax hotline 2598 6001.

     
    Ends/Thursday, February 27, 2025Issued at HKT 0:10

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Raising the maximum value of properties chargeable to the $100 stamp duty to $4 million

    Source: Hong Kong Government special administrative region

    Raising the maximum value of properties chargeable to the $100 stamp duty to $4 million
    Raising the maximum value of properties chargeable to the $100 stamp duty to $4 million
    ***************************************************************************************

         The Government has published in the Gazette today (February 26) the Public Revenue Protection (Stamp Duty) Order 2025 (the Order) made by the Chief Executive to give force and effect of law to the Stamp Duty (Amendment) Bill 2025 (the Bill) before the Bill becomes law. The Bill, which will be published in the Gazette on February 28, implements the adjustment to the value bands of the Ad Valorem Stamp Duty (AVD) proposed in the 2025-26 Budget. The Order and the Bill will be introduced into the Legislative Council on March 19.     The 2025-26 Budget announced that the maximum value of properties chargeable to $100 stamp duty would be raised from $3 million to $4 million with immediate effect from February 26, 2025, with a view to easing the burden of buyers of residential and non-residential properties at lower values.     An instrument for the sale and purchase or transfer of a residential or non-residential property is subject to AVD based on the sales price or value of consideration, whichever is higher. The lowest AVD rate is $100, which applied to a property with a sales price or value of consideration of $3 million or below. After the adjustment, the AVD payable for a property with a sales price or value of consideration up to $4 million will be $100. Taking into account marginal relief, it is estimated that about 15 per cent of property transactions will benefit from the adjustment. The government revenue will be reduced by about $400 million per year. The adjusted value bands are at Annex. The new value bands apply to instruments executed on or after February 26, 2025.

     
    Ends/Wednesday, February 26, 2025Issued at HKT 23:20

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Mahakumbh 2025: A Spectacle of Faith, Unity, and Tradition

    Source: Government of India

    Ministry of Information & Broadcasting

    Mahakumbh 2025: A Spectacle of Faith, Unity, and Tradition

    As the sacred waters settle, the echoes of devotion and grandeur leave an everlasting imprint on history

    Posted On: 26 FEB 2025 7:22PM by PIB Delhi

    Introduction

    In a world marked by the hustle of modernity, few events hold the power to bring millions together in pursuit of something greater than themselves. The Maha Kumbh Mela, currently being held from 13 January 2025 to 26 February 2025, is a sacred pilgrimage that is celebrated four times over a course of 12 years. Kumbh Mela, the world’s largest peaceful gathering, draws millions of pilgrims who bathe in sacred rivers seeking to purify themselves from sins and attain spiritual liberation. The Maha Kumbh Mela is deeply embedded in Hindu mythology and represents one of the most significant gatherings of faith in the world. This sacred event rotates between four locations in India-Haridwar, Ujjain, Nashik, and Prayagraj– each situated by a holy river, from the Ganges to the Shipra, the Godavari, and the confluence of the Ganges, Yamuna, and the mythical Sarasvati in Prayagraj. The expected turnout of 45 crore devotees in 45 days was exceeded within a month, reaching 66 crores+ by the concluding day.

    Attractions of Kumbh Mela 2025

    • Triveni Sangam: The sacred confluence of the Ganga, Yamuna, and Saraswati, offering a deeply spiritual experience.
    • Ancient Temples: Hanuman Mandir, Alopi Devi Mandir, and Mankameshwar Temple, showcasing the city’s religious heritage.
    • Historical Landmarks: Ashoka Pillar, University of Allahabad, and Swaraj Bhawan, reflecting India’s rich history and colonial-era architecture.
    • Cultural Vibrance: Bustling streets, markets, local art, and cuisine providing a glimpse into the city’s life.
    • Kalagram: Kalagram, set up by the Ministry of Culture in Sector-7 of the Maha Kumbh district, is a vibrant cultural village showcasing India’s rich heritage. Designed around the themes of Craft, Cuisines, and Culture, it offered an immersive experience through performances, exhibitions, and interactive zones.
    • Akhara Camps: Spiritual hubs where sadhus and seekers engaged in meditation, discussions, and philosophical exchanges.
    • Immersive Digital Experiences: Inspired by Kumbh 2019, ten stalls facilitating the pilgrims with this experience were specially set up at prime locations in the Kumbh Mela to show videos of major events such as Peshwai, auspicious bathing days, Ganga aarti, etc.
    • Drone Show: A Grand Drone show was organised by the Uttar Pradesh Tourism Department featuring hundreds of drones creating vibrant shapes in the sky. Devotees were mesmerized by the divine depiction of the Samudra Manthan (churning of the ocean) and Gods drinking from the Amrit Kalash.
    • Cultural events at the Ganga Pandal: It saw renowned artists from across the country mesmerize devotees with grand presentations of music, dance, and art from 7th – 10th February. The main highlights of the event included performances by famous artists like Odissi dancer Dona Ganguly on 7th; renowned singer Kavita Krishnamurti and Dr. L. Subramaniam on 8th; Suresh Wadkar and Sonal Mansingh on 9th; and, on 10th, celebrated singer Hariharan. In addition, prominent artists from various Indian classical dance and music traditions made the evening musical and grand.
    • International Bird Festival: Held from February 16-18, 2025, showcasing over 200 migratory and local birds, including endangered species.

    Key Rituals and Practices

    • Shahi Snan: The most significant ritual, where millions bathe at Triveni Sangam to cleanse sins and attain Moksha. Special dates like Paush Purnima and Makar Sankranti witness grand processions of saints and Akharas, marking the official start of the Maha Kumbh.
    • Ganga Aarti: A visually stunning ritual where priests offer glowing lamps to the sacred river, evoking devotion.
    • Kalpavas: A month-long period of spiritual discipline where devotees renounce comforts, engage in meditation, and participate in Vedic rituals like Yajnas and Homas.
    • Prayers & Offerings: Dev Pujan honors deities, while rituals like Shraadh (ancestral offerings) and Veeni Daan (offering hair to the Ganges) symbolize surrender and purification. Acts of charity, such as Gau Daan (cow donation) and Vastra Daan (clothing donation), hold great merit.
    • Deep Daan: Thousands of lamps are floated on the river, creating a celestial glow that symbolizes devotion and divine blessings.
    • Prayagraj Panchkoshi Parikrama: A sacred journey around Prayagraj’s holy sites, reviving an ancient tradition and offering spiritual fulfillment.

     

    History and Major Bathing Dates

     

    The origins of the Kumbh Mela are rooted in Hindu mythology. According to the Samudra Manthan (churning of the ocean) story in the ancient Hindu scriptures, the gods (Devas) and demons (Asuras) fought over the Amrit (nectar of immortality). During this celestial battle, drops of the nectar fell at four locations—Prayagraj, Haridwar, Ujjain, and Nashik—where the Kumbh Mela is now held, with the Maha Kumbh occurring once every 144 years at Prayagraj.  Historically, the Maha Kumbh Mela has been referenced since ancient times, with records dating back to the Maurya and Gupta periods. It received royal patronage from various dynasties, including the Mughals, and was documented by colonial administrators like James Prinsep. Over centuries, it evolved into a global spiritual and cultural phenomenon. Recognized by UNESCO as an intangible cultural heritage, the Kumbh Mela symbolizes India’s enduring traditions, fostering unity, spirituality, and cultural exchange among millions worldwide.

    The timing of each Kumbh Mela is determined by the astrological positions of the Sun, Moon, and Jupiter, believed to signal an auspicious period for spiritual cleansing and self-enlightenment. The festival embodies a confluence of faith, culture, and tradition, attracting ascetics, seekers, and devotees alike. The event’s grandeur is marked by Shahi Snans (bathing rituals), spiritual discourses, and vibrant cultural processions that reflect India’s deep spiritual heritage.

     

    Major bathing dates are:

    Date

    Bathing Occasion

    Significance

    Number of Devotees taking a dip

    (Approx.)

    January 13, 2025

    Paush Purnima

    It serves as an unofficial inauguration of the Maha Kumbh Mela, signifying the commencement of this grand event. Additionally, Paush Purnima marks the initiation of Kalpvasa, a period of intense spiritual practice and devotion observed by pilgrims during the Maha Kumbh Mela.

    1.5 crore

    January 14, 2025

    Makar Sankranti

    (First Shahi Snan)

    Makar Sankranti signifies the sun’s transition to its next astronomical position in accordance with the Hindu calendar. This auspicious day marks the initiation of charitable donations at the Maha Kumbh Mela. Pilgrims traditionally make contributions based on their own volition and generosity.

    3.5 crore

    January 29, 2025

    Mauni Amavasya

    (Second Shahi Snan)

    Mauni Amavasya is a day steeped in significance, as it is believed that the celestial alignments are most propitious for the sacred act of bathing in the holy river. It commemorates a profound event when Rishabh Dev, revered as one of the first sages, broke his protracted vow of silence and immersed himself in the purifying waters of the Sangam. As a result, Mauni Amavasya draws the largest congregation of pilgrims to the Kumbh Mela, making it a momentous day of spiritual devotion and purification.

    5 crore

    February 3, 2025

    Basant Panchami

    (Third Shahi Snan)

    Basant Panchami symbolizes the transition of seasons and celebrates the arrival of the Goddess of Knowledge, Saraswati, in Hindu mythology.

    2.33 crore

    February 12, 2025

    Maghi Purnima

    Maghi Purnima is renowned for its connection with the veneration of Guru Brahaspati and the belief that the Hindu deity Gandharva descends from the heavens to the sacred Sangam.

    2 crore

    February 26, 2025

    Maha Shivratri

    Maha Shivaratri holds deep symbolism as it marks the final holy bath of the Kalpvasis, and it is intrinsically connected to Lord Shankar.

    1.3 crore

     

    Key Infrastructure Development

     

    • Temporary City Setup: Maha Kumbh Nagar had been transformed into a temporary city with thousands of tents and shelters, including super deluxe accommodations like the IRCTC’s “Maha Kumbh Gram” luxury tent city which offers deluxe tents and villas with modern amenities.
    • Roads and Bridges:
    • Renovation of 92 roads and beautification of 17 major roads
    • Construction of 30 pontoon bridges using 3,308 pontoons.
    • Signage for Navigation: A total of 800 multi-language signages (Hindi, English, and regional languages) were installed to guide visitors.
    • Public Utilities: Over 2,69,000 checkered plates had been laid for pathways. Mobile toilets and robust waste management systems ensured hygiene.

     

    Medical Facilities at Maha Kumbh

     

    The Maha Kumbh 2025 witnessed an extensive medical setup to ensure the well-being of millions of devotees. With over 2,000 medical personnel deployed across the Mela area, the Uttar Pradesh government implemented high-tech healthcare services in every sector. From minor treatments to major surgeries, all medical needs were addressed efficiently.

     

    Key Medical Arrangements:

    • Central Hospital at Parade Ground:
      • 100-bed capacity
      • OPD, ICU, and emergency care
      • Conducted over 10,000 treatments and multiple successful deliveries
    • Additional Hospitals:
      • 23 hospitals with a total capacity of 360 beds
      • Two sub-central hospitals (25 beds each)
      • Eight sector hospitals (20 beds each)
      • Two infectious disease hospitals (20 beds each)
    • Medical Services Expansion During Amrit Snan & Magh Purnima:
      • 133 ambulances deployed, including seven river ambulances and one air ambulance
      • Medical Observation Rooms at key railway stations for emergencies
      • First aid posts with trained staff at multiple locations
    • SRN Hospital and Other City Hospitals on High Alert:
      • 250 beds reserved at SRN Hospital
      • Blood bank stocked with 200 units
      • Swaroop Rani Nehru Hospital prepared with:
        • 40-bed trauma center
        • 50-bed surgical ICU
        • 50-bed medicine ward
        • 10-bed cardiology ward and ICU
    • Medical Teams and Emergency Readiness:
      • 300 specialist doctors deployed at the Super Specialty Hospital
      • Expert doctors from AIIMS Delhi and BHU remained on high alert
      • 150 AYUSH medical personnel provided alternative treatments
    • Advanced Facilities and AI Integration:
      • ECG services and Central Pathology Lab conducting 100+ tests daily
      • 50+ free diagnostic tests available for pilgrims
      • AI-driven translation technology enabled doctors to communicate in 22 regional and 19 international languages
    • Affordable Medicines through Jan Aushadhi Kendras:
    • Five Jan Aushadhi Kendras set up in Mahakumbh Nagar, including one in Kalagram
    • Established under Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP)
    • Provided affordable and quality medicines to pilgrims throughout the Mela
    • Part of a nationwide network of 15,000+ Jan Aushadhi centers, with 62 centers in Prayagraj
    • Contributed to the national target of ₹2,000 crore in medicine sales, with ₹1,500 crore already achieved.

     

    The entire medical infrastructure was continuously monitored by senior officials to ensure smooth operations, cleanliness, and quick emergency responses. These arrangements played a crucial role in managing the healthcare needs of millions at the Maha Kumbh 2025.

     

    AYUSH at Maha Kumbh

     

    The Ayush OPDs, clinics, stalls, and wellness sessions emerged as major attractions for devotees and visitors at Maha Kumbh 2025, Prayagraj. The Ministry of Ayush, in collaboration with the National Ayush Mission, Uttar Pradesh, provided free healthcare services to both domestic and international pilgrims. With a strong focus on traditional healing systems, Ayush services received widespread participation, reinforcing the global trust in Ayurveda, Homeopathy, and Naturopathy.

     

    Key Highlights of Ayush Services:

    1. Extensive Healthcare Support: Over 1.21 lakh devotees availed Ayush services during the festival.
    2. Dedicated Ayush OPDs: A team of 80 doctors across 20 OPDs provided 24×7 medical services, addressing both common and chronic conditions.
    3. International Participation: Foreign devotees also accessed Ayush OPD consultations and wellness therapies.
    4. Yoga Therapy Sessions: Daily therapeutic yoga sessions were conducted from 8:00 AM to 9:00 AM at designated camps in the Sangam area and Sector-8, led by experts from the Morarji Desai National Institute of Yoga (MDNIY), New Delhi.
    5. Integrated Healthcare: Over 7 lakh pilgrims received medical care, including:
      • 4.5 lakh treated at 23 allopathic hospitals
      • 3.71 lakh pathology tests conducted
      • 3,800 minor and 12 major surgeries successfully performed
    6. Specialist Involvement: Experts from AIIMS Delhi, IMS BHU, and international specialists from Canada, Germany, and Russia contributed to providing world-class healthcare.
    7. Traditional Treatments: 20 AYUSH hospitals offered treatments in Ayurveda, Homeopathy, and Naturopathy to over 2.18 lakh pilgrims.
    8. Holistic Wellness: Services such as Panchakarma, yoga therapy, and health awareness campaigns were well-received, enhancing the overall well-being of attendees.

     

    Security Measures

    Security at Maha Kumbh 2025 had been strengthened through a seven-tier system with AI-powered surveillance, a vast deployment of personnel, and emergency response mechanisms. Over 50,000 security personnel, including paramilitary forces, 14,000 home guards, and 2,750 AI-based CCTV cameras, had been deployed. Enhanced measures included drone and underwater surveillance, cyber security, and river safety. Fire safety infrastructure had been expanded with specialized vehicles and firefighting stations. Lost and Found centers used digital registration and social media updates to reunite missing persons with their families.

     

    Key Security Measures

    1. Surveillance and Law Enforcement
    • AI & Drone Monitoring: 2,750 AI-powered cameras, drones, anti-drones, and tethered drones for real-time tracking.
    • Underwater Drones: First-time deployment for 24/7 river surveillance, operating up to 100 meters deep.
    • Checkpoints & Intelligence Squads: Screening at multiple entry points, hotel and vendor inspections, and patrols.
    • Seven-Tier Security System: Layered protection from the outer perimeter to the inner sanctum.

     

    1. Fire Safety Measures
    • ₹131.48 crore allocated for fire safety, ensuring the deployment of:
      • 351 firefighting vehicles.
      • 50+ fire stations and 20 fire posts.
      • Four Articulating Water Towers (AWT) equipped with thermal cameras, reaching 35 meters in height.
      • Over 2,000 trained fire personnel.
      • Fire safety equipment installed in all tent settlements.

     

    1. Emergency & Disaster Response
    • Multi-Disaster Response Vehicles: Equipped with lifting bags (10-20 tonnes), rescue tools, and victim location cameras.
    • Remote-Controlled Life Buoys: Deployed for immediate water rescue operations.
    • Incident Response System (IRS): Ensures swift emergency handling through a coordinated command structure.

     

    1. Enhanced River Security
    • 3,800 Water Police personnel deployed, including 2,500 currently on duty and 1,300 additional personnel before the event.
    • 11 FRP Speed Motor Boats and four Anaconda motorboats with built-in changing rooms for patrol.
    • Three Water Police Stations & Two Floating Rescue Stations operating 24/7.
    • Four Water Ambulances equipped with medical facilities stationed along the river.
    • Deep-Water Barricading: An 8-km stretch secured to prevent accidents.
    • Equipment Deployment: 100 diving kits, 440 lifebuoys, and over 3,000 life jackets.

     

    1. Overall Deployment & Infrastructure
    • Security Forces: 10,000+ police personnel, NDRF, SDRF, CAPF, PAC, and bomb disposal squads.
    • Prayagraj Police Infrastructure:
      • 57 permanent police stations.
      • 13 temporary police stations.
      • 23 security checkpoints.
      • 8 zones, 18 security sectors.
    • 700+ boats with police and disaster response personnel stationed along the rivers.
    • Mock Drills & Inspections: Conducted by police and ATS teams for security preparedness.

     

    1. CRPF’s Role in Maha Kumbh 2025
    • 24/7 Security: Personnel deployed at ghats, Mela grounds, and key routes.
    • Use of Modern Technology: Vigilant monitoring to handle emergencies effectively.
    • Guidance & Assistance: Helping devotees navigate massive crowds with a polite approach.
    • Disaster Management: Rapid response team on high alert for crises.
    • Humanitarian Efforts: Assisting in reuniting lost children and elderly with their families.

     

    Cyber Security at Maha Kumbh

    More than 65 crore devotees have visited the Maha Kumbh Nagar. To ensure that such a large number of devotees are well-informed, the Uttar Pradesh government had decided to utilize every platform, including print, digital, and social media. Cyber experts have been actively monitoring online threats and investigating gangs exploiting platforms such as AI, Facebook, X, and Instagram. A mobile cyber team was also deployed for large-scale public awareness campaigns.

    Special cyber security arrangements were initiated to safeguard devotees from across the globe:

    • Deployment of 56 dedicated cyber warriors and experts for cyber patrolling.
    • Establishment of a Maha Kumbh cyber police station to counter cyber threats like fraudulent websites, social media scams, and fake links.
    • 40 Variable Messaging Displays (VMDs) installed in both the fair area and the commissionerates for raising awareness about cyber threats.
    • Formation of a dedicated helpline number, 1920, and promotion of verified government websites.

     

    Ease of Making Payments at Maha Kumbh

    • Seamless Digital Banking Services: Ensuring convenience, safety, and security for millions of devotees and pilgrims.
    • Service Infrastructure: Service counters, mobile banking units, and customer assistance kiosks at five key locations.
    • Daak Sevaks: Trusted Daak Sevaks offering doorstep banking services for cash withdrawals via Aadhaar-linked accounts through AePS (Aadhaar ATM).
    • ‘Banking at Call’ facility: Pilgrims can dial 7458025511 to access banking services anywhere within Maha Kumbh.
    • Empowering Digital Transactions: Enabling local vendors and businesses to accept digital payments through DakPay QR Cards, fostering a cashless ecosystem.
    • Awareness Campaigns: Educating pilgrims and vendors through trained professionals, Daak Sevaks, hoardings, and digital demonstrations and assisting with account openings, transactions, and queries.
    • Memorabilia Offer: Free printed photographs for visitors as a keepsake.

    Railway Transportation at Maha Kumbh

    Maha Kumbh 2025, necessitated extensive preparations by Indian Railways to ensure seamless transportation, safety, and infrastructure readiness. Indian Railways has undertaken massive operational, infrastructural, and security measures to handle the unprecedented influx of devotees at Prayagraj and adjoining regions.

    1. Operational Measures To manage the surge in passengers, Indian Railways has implemented the following measures:

    • Special Train Services: Over 1,000 special trains are being introduced on high-demand routes to Prayagraj from various parts of India.
    • Increased Train Frequencies: Regular trains operating on critical routes have been augmented to handle additional passengers.
    • Reservation System Enhancements: Tatkal and special booking counters have been set up to facilitate smooth ticketing.
    • Dedicated Help Desks: Information booths and inquiry counters have been increased at major railway stations to assist pilgrims.

    2. Security and Crowd Management Given the large congregation, security measures have been significantly bolstered:

    • Deployment of RPF and GRP Personnel: More than 10,000 personnel from the Railway Protection Force (RPF) and Government Railway Police (GRP) have been deployed at key stations.
    • CCTV Surveillance: High-resolution CCTV cameras have been installed across railway stations and inside trains for real-time monitoring.
    • Drone Surveillance: Drones are being used for crowd monitoring and quick response to emergencies.
    • AI-Based Crowd Management Systems: Advanced AI-based predictive modeling is being used to monitor crowd density and prevent stampedes.

     

    3. Infrastructure Development To accommodate the increased footfall, major infrastructural upgrades have been carried out:

    • Expansion of Platforms: Stations in Prayagraj and nearby regions have undergone expansion to handle additional trains.
    • New Foot Over Bridges (FOBs): Additional FOBs have been constructed to ease passenger movement.
    • Enhanced Lighting and Signage: Railway stations have been equipped with improved lighting and digital signboards for better navigation.
    • Escalators and Lifts: Stations have been upgraded with escalators and lifts for the convenience of elderly and differently-abled passengers.

    4. Passenger Amenities and Digital Initiatives To ensure a comfortable experience for devotees, Indian Railways has introduced several passenger-friendly initiatives:

    • Additional Waiting Rooms and Rest Areas: Temporary waiting halls with adequate seating, clean drinking water, and sanitation facilities have been established.
    • Food and Water Distribution: Special food counters and kiosks have been set up to provide hygienic meals and drinking water.
    • Digital Ticketing and Mobile App Services: The Indian Railways app has been upgraded with real-time train tracking, ticket booking, and emergency services information.
    • Public Announcement Systems: High-quality PA systems have been installed for timely announcements regarding train arrivals and departures.

     

    5. Disaster Preparedness and Emergency Response To mitigate risks and handle emergencies effectively, Indian Railways has implemented:

    • Quick Response Teams (QRTs): Deployed at key stations to handle medical emergencies and crowd control.
    • Onboard Medical Facilities: Special medical coaches have been added to long-distance trains.
    • Fire Safety Measures: Fire extinguishers and emergency exits have been reviewed and upgraded in railway coaches and stations.
    • Coordination with Local Authorities: Continuous coordination with local police, healthcare units, and disaster management teams to handle contingencies.

    Bus Transportation at Maha Kumbh

    The Uttar Pradesh government had deployed 1200 additional buses on 12 February 2025, supplementing the 3050 already allocated for Maha Kumbh 2025. Special shuttle services had also been arranged to enhance intra-city transportation.

    • Buses were available every 10 minutes at four temporary bus stations.
    • 750 shuttle buses were operating every 2 minutes for intra-city connectivity.
    • Measures taken to prevent overcrowding and ensure smooth pilgrim movement.

    Air Transportation for Maha Kumbh

    Prayagraj Airport underwent significant modernization to support the large influx of devotees during the Maha Kumbh Mahotsav from January 13 to February 26, 2025. Expansion efforts improved connectivity, capacity, and passenger services, ensuring a seamless travel experience. To ensure seamless travel for tourists attending the Maha Kumbh, the Ministry of Tourism had partnered with Alliance Air to enhance air connectivity to Prayagraj from multiple cities across India.

    1. Flight Operations & Connectivity
    • 81 new flights were introduced in January 2025 to accommodate pilgrims.
    • The total number of flights increased to 132, providing around 80,000 monthly seats.
    • Direct connectivity expanded from 8 cities in December 2024 to 17 cities, while connecting flights reached 26 cities, including Srinagar and Visakhapatnam.
    • The Union Civil Aviation Minister directed airlines to regulate airfares, especially for peak days like the Shahi Snan (January 29, February 3) and other major bathing days (February 4, 12, and 26).

     

    1. Passenger and Flight Traffic
    • The airport witnessed 30,172 passengers and operated 226 flights within a week.
    • For the first time, over 5,000 passengers traveled through the airport in a single day.
    • Night flights were introduced, providing 24/7 connectivity—a historic first in the airport’s 106-year history.

     

    1. Infrastructure Expansion
    • The terminal area expanded from 6,700 sq. m. to 25,500 sq. m.
    • The old terminal was reconfigured to accommodate 1,080 peak-hour passengers, while a new terminal handled 1,620 passengers.
    • Parking capacity increased from 200 to 600 vehicles.
    • Check-in counters rose from 8 to 42, and baggage scanning machines (XBIS-HB) increased from 4 to 10.
    • Aircraft parking bays grew from 4 to 15, while conveyor belts increased from 2 to 5.
    • Taxi tracks and airport gates were expanded from 4 to 11.

     

    1. Enhanced Passenger Experience
    • Boarding bridges increased from 2 to 6 for smoother passenger movement.
    • New lounges, a childcare room, and additional F&B counters were introduced.
    • The UDAN Yatri Café was established for affordable food options.
    • Meet-and-greet services were launched for differently-abled passengers.
    • Prepaid taxi counters and city bus services were introduced in collaboration with the UP Government.

     

    1. Safety & Medical Facilities
    • Security infrastructure was strengthened with additional aerobridges and door-framed metal detectors.
    • Ambulances and air ambulance services were deployed to handle medical emergencies.
    • Arriving pilgrims were given a floral welcome, enhancing their spiritual journey.

    Ensuring Food Availability and Safety

    The Union Government and Uttar Pradesh government have taken multiple measures to provide affordable food and ensure food safety at Maha Kumbh 2025. Subsidized rations, free meals, and stringent food safety protocols are in place to cater to millions of devotees.

     

    1. Subsidized Ration Distribution by NAFED
    • Quality ration at affordable prices distributed across Prayagraj.
    • Over 1000 metric tons of rations provided.
    • 20 mobile vans ensure delivery across Maha Kumbh.
    • Orders via WhatsApp/call on 72757 81810 for doorstep delivery.
    • Subsidized items:
      • Wheat flour & rice (10 kg packets).
      • Moong, masoor, and chana dal (1 kg packets).

     

    1. Free Meal Distribution & Cooking Gas Arrangements
    • 20,000 people served free meals daily.
    • 25,000 new ration cards issued for Maha Kumbh.
    • 35,000+ gas cylinders refilled and 3,500 new connections issued.
    • 5,000 gas cylinders refilled daily to support food preparation.

     

    1. Food Safety Measures by FSSAI & UP Government
    • 5 zones & 25 sectors monitored for food hygiene.
    • 56 Food Safety Officers (FSOs) deployed across the fair.
    • 10 Mobile Food Testing Labs (Food Safety on Wheels) conducting on-the-spot food safety tests.
    • Hotels, dhabas & stalls regularly inspected for hygiene compliance.
    • Public health lab in Varanasi testing food samples from Maha Kumbh.

     

    1. Awareness & Public Engagement
    • FSSAI’s interactive pavilion educating visitors on food safety.
    • Nukkad Natak performances & live quizzes promoting hygiene awareness.
    • Adulteration checks & training sessions for vendors and food businesses.

    Cleanliness and Sanitation

    The Swachh Maha Kumbh Abhiyan has set a benchmark for environmental stewardship, ensuring a cleaner and more sustainable pilgrimage experience.

     

    1. Sanitation Infrastructure
    • 10,200 sanitation workers and 1,800 Ganga Sevadut deployed for cleanliness.
    1. Waste Management Initiatives
    • 22,000 sanitation workers ensuring litter-free fairgrounds.
    • Water treatment initiatives to maintain clean river water for bathing.
    • Strict plastic ban and use of biodegradable cutlery.
    • Thousands of bio-toilets and automated garbage disposal units installed.

     

    1. Major Bathing Days and Cleanliness Efforts
    • Basant Panchami (Feb 14, 2025):
      • 2.33 crore devotees took a dip in the Triveni Sangam.
      • 15,000 sanitation workers and 2,500 Ganga Seva Doots deployed.
      • Special cleaning of akhada paths and ghats.
      • Quick Response Teams (QRTs) ensured swift waste removal.
    • Magh Purnima (Feb 24, 2025):
      • Over 2 crore devotees participated.
      • Overnight cleaning drive restored ghats and fairgrounds.
      • Special cleaning vehicles and cesspool operations maintained sanitation.

     

    1. Sanitation and Waste Disposal System
    • 12,000 FRP toilets with septic tanks.
    • 16,100 prefabricated steel toilets with soak pits.
    • 20,000 community urinals installed.
    • 20,000 trash bins and 37.75 lakh liner bags for waste collection.
    • Special sanitation teams clearing waste post-major rituals.

     

    1. Miyawaki Forests: A Green Initiative
    • 119,700 saplings of 63 species planted in 2023-24 across 34,200 sqm.
    • Buswar dumping yard transformed into a green zone with 27,000 saplings.
    • Species planted: Mango, neem, peepal, tamarind, tulsi, gulmohar, and medicinal plants.

     

    1. Public Participation and Awareness
    • Swachhata Rath Yatra promoting cleanliness.
    • Street plays, musical performances, and public address systems spreading awareness.
    • Waste disposal initiatives: Segregation at source and organized garbage collection.

     

    1. River Cleaning with Trash Skimmer Machines
    • Two machines remove 10-15 tons of waste daily from Ganga and Yamuna.
    • Machine capacity: 13 cubic meters, covering a 4 km stretch of the river.
    • Waste disposal at Naini plant, plastic sent for recycling, and organic waste composted.

     

    1. Welfare of Sanitation Workers
    • Sanitation colonies with housing and amenities.
    • Primary schools for workers’ children under Vidya Kumbh initiative.
    • Proper food, accommodation, and timely wages ensured.

    Water Supply

    A large-scale arrangement for clean and pure drinking water has been made for millions of pilgrims coming from across the country and abroad at the Maha Kumbh:

    • 233 Water ATMs installed across the Mela area, operational 24/7.
    • RO (Reverse Osmosis) purified water provided to pilgrims.
    • Over 40 lakh pilgrims benefited from these Water ATMs between January 21 and February 1, 2025.
    • Initially, water was available at ₹1 per liter via coins or UPI payments, but now it is completely free.
    • Each ATM is equipped with sensor-based monitoring to detect faults.
    • SIM-based technology ensures connectivity with the administration’s central network.
    • Each ATM dispenses 12,000 to 15,000 liters of RO water daily.
    • On-site operators ensure smooth functioning and quick resolution of technical issues.
    • Pilgrims must refill bottles instead of using plastic, reducing waste.
    • Water supply arrangements focus on cleanliness and sustainability.
    • Technical teams monitor ATMs to ensure uninterrupted service.

     

    International Bird Festival

    This festival blended science, nature, and culture, inspiring conservation efforts and sustainable development.

    • Date & Venue: February 16-18, 2025, in Prayagraj.
    • Bird Species: Over 200 migratory and local birds, including endangered species.
    • Objective: Promote environmental conservation and biodiversity awareness.

     

    Festival Highlights

    • Bird Watching & Awareness
      • Rare birds like Indian Skimmer, Flamingo, and Siberian Crane.
      • Thousands of migratory birds from Siberia, Mongolia, Afghanistan, and other regions.
      • Eco-tourism plan for devotees, featuring expert-led bird walks and nature walks.
    • Competitions & Activities
      • Photography, painting, slogan writing, debates, and quizzes.
      • Prizes worth ₹21 lakhs (₹10,000 to ₹5 lakhs).
    • Expert Insights
      • Ornithologists, environmentalists, and conservation experts in technical sessions.
      • Discussions on bird migration, habitat protection, climate change impact.
    • Cultural & Educational Programs
      • Street plays, art exhibitions, and cultural performances on biodiversity.
      • Student participation in conservation activities for hands-on learning.

    List of Notable Personalities at Maha Kumbh

     

    Various well-known personalities visited Prayagraj to take a dip in the holy Triveni Sangam. These include:

    • Hon. President of India Smt. Droupadi Murmu
    • Prime Minister Shri Narendra Modi
    • Home Minister Shri Amit Shah
    • Defense Minister Shri Rajnath Singh
    • Governor of Uttar Pradesh Smt. Anandiben Patel
    • UP Chief Minister Yogi Adityanath & Cabinet Ministers
    • Chief Ministers:
      • Rajasthan – Shri Bhajan Lal Sharma
      • Haryana – Shri Nayab Singh Saini
      • Manipur – Shri N. Biren Singh
      • Gujarat – Shri Bhupendra Patel
    • Union Ministers:
      • Shri Gajendra Singh Shekhawat
      • Shri Arjun Ram Meghwal
      • Shri Shripad Naik
    • Members of Parliament:
      • Dr. Sudhanshu Trivedi
      • Shri Anurag Thakur
      • Smt. Sudha Murthy
      • Shri Ravi Kishan
    • Sports & Entertainment Personalities
    • Olympic Medalist Saina Nehwal
    • Cricketer Suresh Raina
    • International Wrestler Khali
    • Renowned Poet Kumar Vishwas
    • Choreographer Remo D’Souza
    • Bollywood Actress Katrina Kaif
    • Bollywood Actress Raveena Tandon

    Kalagram

    Kalagram, set up by the Ministry of Culture in Sector-7 of the Maha Kumbh district, is a vibrant cultural village showcasing India’s rich heritage. Designed around the themes of Craft, Cuisines, and Culture, it offers an immersive experience through performances, exhibitions, and interactive zones. The space brings together traditional arts, folk performances, digital storytelling, and culinary delights, making it a must-visit for devotees and tourists. The exhibition featured performances by nearly 15,000 artists from different parts of the country.

     

    Key Highlights of Kalagram

    • Grand Entrance: 635 ft wide, 54 ft high façade depicting 12 Jyotirlingas and Lord Shiva consuming Halahal.
    • Massive Stage: 104 ft wide and 72 ft deep, themed on Char Dham.
    • Performances: 14,632 artists perform daily on multiple stages.
    • Anubhuti Mandapam: 360° immersive experience narrating the descent of Ganga.
    • Aviral Shashwat Kumbh: Digital exhibition by ASI, NAI, and IGNCA on Kumbh’s history.
    • Food Zone: Offers satvik cuisine from different regions and Prayagraj’s local delicacies.
    • Sanskriti Aangans: Handicrafts and handlooms by 98 artisans from seven Zonal Cultural Centres.

    International Tourism at Maha Kumbh

    The Maha Kumbh 2025 in Prayagraj emerged as a global phenomenon, attracting foreign tourists, travel writers, and spiritual seekers from various countries. The Uttar Pradesh government and the Ministry of Tourism implemented extensive initiatives to facilitate international participation, promote cultural exchange, and position the event on the world tourism map.

     

    1. International Participation and Tourism Initiatives
    • A group of British travel writers visited the Maha Kumbh on February 25–26, 2025, exploring religious, historical, and cultural sites in Prayagraj.
    • Special plans were executed to provide accommodation, guided tours, digital information centers, and cultural programs for foreign visitors.
    • The delegation also visited Prayagraj Fort, Anand Bhawan, Akshayavat, Alfred Park, and the Sangam area, along with trips to Ayodhya, Varanasi, and Lucknow.

     

    1. Foreign Tourists and Cultural Engagement
    • Pilgrims and tourists from South Korea, Japan, Spain, Russia, the United States, and other nations participated in the festival.
    • Many engaged with local guides at the Sangam Ghat to understand the spiritual and cultural significance of the event.
    • A visitor from Spain described the experience as a “once-in-a-lifetime opportunity.”
    • Foreign devotees actively participated in the rituals and ceremonies, with many international sadhus and sanyasis taking the holy dip.

     

    1. Maha Kumbh as a Global Cultural Brand
    • The event was promoted as part of the “Brand UP” vision, highlighting Uttar Pradesh’s potential for tourism and investment.
    • The Uttar Pradesh government engaged with global tourism and hospitality stakeholders at international fairs to foster sustainable tourism and investment opportunities.
    • The strategic engagement aimed to enhance India’s reputation as a land of spirituality and innovation.

     

    1. Promotion at International Tourism Fairs
    • Maha Kumbh 2025 was showcased at FITUR in Madrid, Spain (January 24–28, 2025) and ITB Berlin, Germany (March 4–6, 2025).
    • Special 40-square-meter pavilions were set up to display Uttar Pradesh’s cultural heritage and attract global tourists.
    • VVIP lounges facilitated B2B and B2C interactions, ensuring international collaborations.
    • Promotional materials in multiple languages helped reach a diverse global audience.

     

    1. Digital Maha Kumbh and Global Engagement
    • The event’s official website saw 33 lakh visitors from 183 countries in the first week of January.
    • Visitors from 6,206 cities worldwide accessed the platform, with India, the United States, Britain, Canada, and Germany leading the traffic.
    • The technical team managing the site reported a surge in global traffic, with millions of daily users exploring content on Maha Kumbh’s history and spiritual significance.
    • The digital initiative ensured seamless access to information, enabling visitors to focus on the spiritual aspects of the festival without logistical challenges.

     

    1. Incredible India Pavilion and Tourist Services
    • On January 12, 2025, the Ministry of Tourism set up the Incredible India Pavilion, a 5,000 sq. ft. immersive space at Maha Kumbh.
    • The pavilion facilitated foreign tourists, scholars, researchers, journalists, photographers, and the Indian diaspora.
    • The Dekho Apna Desh People’s Choice Poll allowed visitors to vote for their favorite tourism destinations in India.
    • A dedicated toll-free Tourist Infoline (1800111363 or 1363) was launched, operating in 10 international languages and Indian regional languages like Tamil, Telugu, Kannada, Bengali, Assamese, and Marathi.

     

    1. Luxury Accommodation and Travel Packages
    • The Ministry of Tourism collaborated with UPSTDC, IRCTC, and ITDC to provide curated tour packages and luxury accommodations.
    • ITDC set up 80 luxury accommodations at Tent City, Prayagraj, while IRCTC introduced luxury tents for the convenience of international tourists.
    • A digital brochure detailing the tour packages was widely circulated through Indian Missions and India Tourism Offices to reach a broader audience.

     

    Through these extensive efforts, Maha Kumbh 2025 successfully established itself as a global spiritual and cultural event, reinforcing Uttar Pradesh’s identity as a premier destination for religious tourism and international investment.

    Key Exhibitions at Maha Kumbh

    The Maha Kumbh Mela 2025 featured a vast array of exhibitions designed to showcase India’s rich cultural, artistic, and spiritual heritage. These exhibitions provided visitors and pilgrims with a unique opportunity to engage with the traditions, crafts, and historical narratives of India.

     

    1. Kumbh Gram (Sector 7) Exhibitions

    A specially curated space in Sector 7 of Kumbh Gram hosted several exhibitions reflecting the diverse aspects of India’s heritage, handicrafts, tourism, and disaster preparedness. These included:

    • Khadi Gramodyog Exhibition: Displaying the significance of khadi and village industries, promoting indigenous craftsmanship and self-reliance.
    • One District One Product (ODOP) Pavilion: Showcasing district-specific products from Uttar Pradesh, supporting local artisans and businesses.
    • Uttar Pradesh Darshan Mandapam: A visual journey through the major cultural and religious sites of Uttar Pradesh.
    • Incredible India Kala Gram: Featuring a vast collection of artistic works that celebrated India’s folk and traditional art forms.
    • Chhattisgarh Exhibition: Presenting the unique cultural and traditional aspects of Chhattisgarh, including tribal art and crafts.
    • Uttar Pradesh Tourism Exhibition: Highlighting major tourist destinations within Uttar Pradesh, encouraging travel and exploration.
    • North Central Zone Cultural Centre (NCZCC) Pavilion: Dedicated to promoting the region’s diverse cultural performances, arts, and heritage.
    • National Disaster Management Authority (NDMA) Exhibition: Educating visitors on disaster preparedness, resilience, and emergency response mechanisms.

    2. ‘Bhagwat’ Exhibition at Allahabad Museum

    Union Minister Gajendra Singh Shekhawat inaugurated the ‘Bhagwat’ exhibition at the Allahabad Museum, an initiative that showcased a remarkable collection of miniature paintings inspired by the Bhagwat. The exhibition presented intricate depictions of significant events from the Bhagwat, offering visitors a deep insight into India’s spiritual and artistic traditions.

    3. ‘Aviral Shashvat Kumbh’ Exhibition

    This exhibition provided a historical perspective on the Kumbh Mela, tracing its origins and evolution over centuries. Featuring artifacts, digital displays, and informational posters, ‘Aviral Shashvat Kumbh’ aimed to educate visitors on the enduring legacy of this grand festival and its role in India’s spiritual landscape.

    The exhibitions at Maha Kumbh 2025 not only enhanced the spiritual experience of pilgrims but also served as a window into India’s rich cultural heritage. Through a blend of traditional artistry, historical retrospectives, and interactive showcases, these exhibitions played a crucial role in making Maha Kumbh 2025 an enriching and memorable event for millions of attendees.

    Telecom at Maha Kumbh: BSNL

    Under the Atmanirbhar Bharat initiative, Bharat Sanchar Nigam Limited (BSNL) played a crucial role in strengthening the communication infrastructure at the Maha Kumbh 2025, ensuring reliable connectivity for millions of pilgrims, administrative officials, security forces, and volunteers. A dedicated customer service center was set up in the Mela area, where visitors received on-site assistance, complaint resolution, and uninterrupted communication services.

    Pilgrims from different parts of the country were provided with free SIM cards from their respective circles. If any pilgrim lost or damaged their SIM card, they did not need to return to their home state, as BSNL had arranged for SIM cards from all circles across the country to be available in the Mela area. This service was provided free of charge, allowing devotees to stay connected with their families throughout the event.

    BSNL established a camp office at Lal Road, Sector-2, from where all communication services were managed. There was a significant increase in demand for fiber connections, leased line connections, and mobile recharges during the Kumbh, and BSNL ensured the availability of SIM cards from different states, benefiting both pilgrims and security personnel.

    To guarantee uninterrupted communication, BSNL activated a total of 90 BTS towers in the Mela area:

    • 30 BTS towers operating on the 700 MHz 4G band
    • 30 BTS towers on the 2100 MHz band
    • 30 BTS towers with 2G-enabled connectivity

     

    Additionally, BSNL provided several advanced communication services, including:

    • Internet leased lines
    • Wi-Fi hotspots
    • High-speed internet (FTTH)
    • Webcasting
    • SD-WAN services
    • Bulk SMS services
    • M2M SIMs
    • Satellite phone services

     

    Through these initiatives, BSNL ensured seamless communication throughout the Mahakumbh 2025, supporting both the public and the administrative machinery in managing the grand event efficiently.

    Akharas at Maha Kumbh

    In Maha Kumbh 2025, the Akharas played a significant role, representing various traditions and sects of Sanatan Dharma. The word ‘Akhara’ originates from ‘Akhand,’ meaning indivisible. These religious institutions have existed since the 6th century during the time of Adi Guru Shankaracharya and have been the custodians of spiritual practices and rituals at the Kumbh Mela.

     

    A total of 13 Akharas participated in this Maha Kumbh, including the Kinnar Akhara, Dashnam Sannyasini Akhara, and Mahila Akhara, symbolizing gender equality and a progressive outlook. The grand processions and sacred rituals of the Akharas were among the main attractions of the event, inspiring millions of devotees toward spiritual growth, discipline, and unity.

    These institutions not only preserved the spiritual and cultural values of Sanatan Dharma but also embraced modern sensibilities by promoting inclusivity and equality. The presence of the Akharas at Maha Kumbh fostered unity across caste, religion, and cultural diversity, making the event a symbol of spiritual and cultural enrichment.

    Green Maha Kumbh: A National-Level Environmental Discussion

    The Green Maha Kumbh was held on January 31, 2025, as a significant platform to promote environmental awareness alongside cultural and spiritual traditions. The event brought together over 1,000 environmental and water conservation experts from across the country. It was organized as part of the Gyan Maha Kumbh – 2081 series by Shiksha Sanskriti Utthan Nyas.

    The discussions at the Green Maha Kumbh focused on:

    • Issues related to nature, the environment, water, and cleanliness.
    • Maintaining the balance of the five elements of nature.
    • Sharing best practices in environmental conservation and cleanliness.
    • Strategies to engage devotees in sustainability efforts during Maha Kumbh.

     

    Experts from various fields shared their insights and experiences on tackling environmental challenges and implementing eco-friendly solutions. Additionally, the discussions explored ways to raise awareness among visitors about environmental protection, promoting initiatives that ensured a cleaner and greener Maha Kumbh. The event reinforced the vision of an environmentally responsible Maha Kumbh, setting a precedent for sustainable practices in future religious gatherings.

    Netra Kumbh

     

    Maha Kumbh 2025 witnessed several record-breaking initiatives, with a significant focus on healthcare and social welfare. One of the most remarkable efforts was the Netra Kumbh, a massive eye care initiative aimed at combating vision impairment. Spanning 10 acres in Sector 5 near Nagvasuki, the event set new benchmarks in eye testing and spectacle distribution, striving to secure a place in the Guinness Book of World Records.

    • Record-Breaking Eye Tests & Spectacles: Over 5 lakh people underwent eye tests, and 3 lakh spectacles were distributed.
    • Daily OPD & Facilities: The Netra Kumbh had 11 hangars, offering 10,000 consultations daily with specialists and optometrists.
    • Previous Achievement: The earlier Netra Kumbh secured a place in the Limca Book of Records.
    • Aim for Guinness World Record: The 2025 event sought to surpass previous achievements and enter the Guinness Book of World Records.
    • Eye Donation Camp: Encouraged donations to help reduce blindness, addressing corneal issues affecting over 15 million people in India.

     

    BHASHINI in Maha Kumbh

    At Maha Kumbh 2025, the Ministry of Electronics and Information Technology (MeitY) successfully leveraged BHASHINI, a revolutionary initiative under the Digital India program, to overcome language barriers and enhance communication. By offering multilingual access in 11 Indian languages, BHASHINI transformed information dissemination, navigation, emergency response, and governance, ensuring a seamless experience for millions of pilgrims. Additionally, the Kumbh Sah’AI’yak chatbot, powered by AI, provided real-time assistance, making Maha Kumbh 2025 more accessible and technologically advanced than ever before.

    BHASHINI’s Role in Maha Kumbh 2025:

    1. Real-Time Information Dissemination: Announcements, event schedules, and safety guidelines were translated into 11 Indian languages, enabling pilgrims to stay informed regardless of their native language.
    2. Simplified Navigation: BHASHINI’s speech-to-text, text-to-speech tools, and multilingual chatbot, integrated with mobile applications and kiosks, assisted devotees in finding their way.
    3. Accessible Emergency Services: The CONVERSE feature helped pilgrims communicate with the 112-emergency helpline in their native languages, in collaboration with the UP Police.
    4. E-Governance Support: Authorities used BHASHINI to effectively communicate regulations, guidelines, and public service announcements to a diverse audience.
    5. Lost and Found Assistance: BHASHINI’s Digital Lost & Found Solution enabled visitors to register lost or found items using voice inputs, with real-time translations simplifying the process.

     

    Kumbh Sah’AI’yak Chatbot:

    • Launched by Prime Minister Narendra Modi, this AI-powered, multilingual, voice-enabled chatbot played a crucial role in assisting pilgrims.
    • Powered by advanced AI technologies like Llama LLM, it provided real-time navigation and event-related information.
    • BHASHINI’s language translation enabled the chatbot to function in Hindi, English, and nine other Indian languages, ensuring inclusivity and accessibility.

     

    Akashvani’s Kumbhvani

     

    In a significant initiative to keep devotees and pilgrims informed, Akashvani’s Kumbhvani News Bulletins were broadcasted live through the public address system in Mahakumbh Nagar in Prayagraj, Uttar Pradesh. The first Kumbhvani News Bulletin was aired on public address system today i.e. 18.01.2025 at 8:30 am. The Kumbhvani news bulletins were broadcasted three times a day, at 8:30-8:40 am, 2:30-2:40 pm, and 8:30-8:40 pm, providing updates on various activities related to the Mahakumbh Mela. Additionally, devotees could also tune in to Kumbhvani news bulletins on 103.5 MHz frequency in Prayagraj.

     

    References

    https://pib.gov.in/EventDetail.aspx?ID=1197&reg=3&lang=1

    https://www.instagram.com/airnewsalerts/p/DE3txwqIpRQ/

    Click here to see PDF:

    Santosh Kumar | Sarla Meena | Rishita Aggarwal

    (Release ID: 2106476)

    MIL OSI Asia Pacific News –

  • MIL-OSI: LIS Technologies Inc. Appoints Preeminent Researcher Neil Campbell, Ph.D., as its Chairman of the Advisory Board for Laser Innovation and Modeling

    Source: GlobeNewswire (MIL-OSI)

    Oak Ridge, Tennessee, Feb. 26, 2025 (GLOBE NEWSWIRE) — LIS Technologies Inc. (“LIST” or “the Company”), a proprietary developer of advanced laser technology and the only USA-origin and patented laser uranium enrichment company, today announced that it has appointed Neil Campbell, Ph.D., as its Chairman of the Advisory Board for Laser Innovation and Modeling.

    “I am delighted to join LIS Technologies at this pivotal moment for the U.S. nuclear energy industry,” said Dr. Neil Campbell, Chairman of the Advisory Board for Laser Innovation and Modeling of LIS Technologies Inc. “The Company’s strong technical and leadership teams provide a solid foundation, and I look forward to contributing my own expertise to help ensure timely advancement to the next phase of development and, ultimately, demonstration.”

    Neil Campbell, Ph.D. possesses extensive expertise in laser technology, optics, pulse power, and fluid dynamics. He has been engaged extensively in laser development, spectrally from the ultraviolet through to the longwave infrared across chemical, gas and solid-state lasers -these being discharge, photolytically, relativistic electron beam, flashlamp, optically pumped molecular and diode laser excited. His work has been primarily within the research and development arena, for national and university laboratories, industry and defense, and including organizations such as the Atomic Energy Corporation of South Africa, the Council for Scientific and Industrial Research of South Africa, Grintek Avitronics, ARMSCOR, Applied Research Associates, and the University of New Mexico. Dr. Campbell also dedicates substantial time to mentoring master’s and doctoral students.

    Figure 1 – LIS Technologies Inc. Appoints Dr. Neil Campbell as its Chairman of the Advisory Board for Laser Innovation and Modeling.

    For several decades, Dr. Campbell’s efforts have been directed at alternate pump solutions for selected molecular lasers, with the goal of enabling a disruptive change in specific systems’ capability and performance envelopes. The goal has been to access much needed practical operational domain gains and performance parameters not currently viable via existing laser approaches. He holds eight patents, of which a subset focused on molecular lasers have been the subject of a successful, multi-year Department of Defense–funded research and development program. This laser technology holds promise for medical, energy, and extreme light science applications.

    “Neil’s addition is an important milestone for the Company, bringing on board a seasoned leader to advance our technology to the next phase,” said Jay Yu, Executive Chairman and President of LIS Technologies Inc. “The demand for our proprietary CRISLA technology has never been greater in the United States, as the government moves to strengthen its domestic capabilities and reclaim a leadership role in the nuclear energy sector. With Neil on board, LIST is positioned to capitalize on this growing momentum, and I’m confident his leadership will be invaluable as we continue to advance this vital technology to market.”

    Dr. Campbell is the most recent addition to the Company’s Laser Tiger Team and he will play a crucial role in the advancement of the Company’s proprietary technology following its recent selection as one of six companies to participate in the Low-Enriched Uranium (LEU) Enrichment Acquisition Program, worth up to $3.4 billion overall, with contracts lasting for up to 10 years. LIST’s Condensation Repression Isotope Selective Laser Activation (CRISLA) technology is the world’s only proven US-origin and patented advanced laser enrichment solution. Optimized for Low-Enriched Uranium (LEU), which is crucial for the continued operation of the United States’ current fleet of 94 nuclear reactors, and High-Assay Low-Enriched Uranium (HALEU), which is required to power the next generation of advanced nuclear reactors, CRISLA overcomes many of the complexities and limitations of traditional 16µm CO2 lasers, featuring a streamlined design due to its lower absorption and shorter wavelength at 5.3µm.

    With high throughput, high duty cycle and reduced complexity compared to competing technologies, the Company projects highly competitive capital and operational costs. Demonstrated in the 1980s and 90s, this technology is protected by a patent from the United States Patent and Trademark Office (USPTO).

    “It is a pleasure to welcome Dr. Campbell to the team,” said Christo Liebenberg, CEO of LIS Technologies Inc. “I have known Neil as a brilliant Laser Scientist dating back to our MLIS days at the Atomic Energy Corporation of South Africa in the 80’s and 90’s. His laser expertise will be immensely valuable as we move toward scaling our current infrared lasers that will be used in test loop demonstrations of our CRISLA technology. I also look forward to seeing how Neil will leverage his modeling skills to strengthen our future laser engineering efforts, and collaborate with him to position LIS Technologies at the forefront of this innovative and burgeoning industry.”

    About LIS Technologies Inc.

    LIS Technologies Inc. (LIST) is a USA based, proprietary developer of a patented advanced laser technology, making use of infrared lasers to selectively excite the molecules of desired isotopes to separate them from other isotopes. The Laser Isotope Separation Technology (L.I.S.T) has a huge range of applications, including being the only USA-origin (and patented) laser uranium enrichment company, and several major advantages over traditional methods such as gas diffusion, centrifuges, and prior art laser enrichment. The LIST proprietary laser-based process is more energy-efficient and has the potential to be deployed with highly competitive capital and operational costs. L.I.S.T is optimized for LEU (Low Enriched Uranium) for existing civilian nuclear power plants, High-Assay LEU (HALEU) for the next generation of Small Modular Reactors (SMR) and Microreactors, the production of stable isotopes for medical and scientific research, and applications in quantum computing manufacturing for semiconductor technologies. The Company employs a world class nuclear technical team working alongside leading nuclear entrepreneurs and industry professionals, possessing strong relationships with government and private nuclear industries.

    In 2024, LIS Technologies Inc. was selected as one of six domestic companies to participate in the Low-Enriched Uranium (LEU) Enrichment Acquisition Program. This initiative allocates up to $3.4 billion overall, with contracts lasting for up to 10 years. Each awardee is slated to receive a minimum contract of $2 million.

    For more information please visit: LaserIsTech.com

    For further information, please contact:
    Email: info@laseristech.com
    Telephone: 800-388-5492
    Follow us on X Platform
    Follow us on LinkedIn

    Forward Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For LIS Technologies Inc., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive laser enrichment technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and other risks and uncertainties discussed in this and our other filings with the SEC. Only after successful completion of our Phase 2 Pilot Plant demonstration will LIS Technologies be able to make realistic economic predictions for a Commercial Facility. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network –

  • MIL-OSI USA: Chairman Aguilar: Republicans vote to take away health care from more than 10 million Californians to pay for tax cuts for billionaire

    Source: US House of Representatives – Democratic Caucus

    The following text contains opinion that is not, or not necessarily, that of MIL-OSI –

    February 26, 2025

    WASHINGTON, D.C. — Today, House Democratic Caucus Chair Pete Aguilar spoke on the House floor ahead of House passage of the Republican Budget, which will cut $880 billion from Medicaid to help pay for tax giveaways for billionaires and corporations. 

    CHAIRMAN AGUILAR: I rise in opposition to this Republican Budget. House Democrats came to Congress ready to work with our Republican colleagues to lower the cost of eggs, take on price gouging, expand the Child Tax Credit, build more housing—and put the pocketbooks of working families first.

    This is what the American people told us was their top priority and these are the issues that drive our Caucus. Instead, Madam Chair, they have turned their attention to the only policy priority that they really care about: ensuring billionaires pay less. 

    My constituents can’t afford eggs at the local grocery store while my Republican colleagues are fighting amongst themselves about who to hand out tax breaks to—corporations or individuals. Tesla pays zero dollars in federal taxes while teachers and firefighters in San Bernardino are paying more than their fair share. Here is the reality, Madam Chair, my Republican colleagues are going to take away health care from more than 10 million Californians to pay for tax cuts for billionaires. 

    This is not going to make the cost of eggs cheaper or housing less expensive. But it is going to put children and seniors who need health care at risk. House Democrats believe that the people who work for a living ought to get a little breathing room and the wealthy and well-connected shouldn’t get special treatment. The Republican Budget is not good for the economy, it’s not good for the country and it’s a betrayal of the middle class. I urge a NO vote.

    Watch Chairman Aguilar’s speech here.

    ###

    Previous Article

    MIL OSI USA News –

  • MIL-OSI: WENDEL: 2024 Full-Year Results: a very active year, a dual model in place, strong value creation & a growing return to shareholders

    Source: GlobeNewswire (MIL-OSI)

          

    2024 Full-Year Results: a very active year, a dual model in place, strong value creation & a growing return to shareholders

    Fully diluted1 Net Asset Value per share of €185.7,
    representing a +16.9% year-over-year value creation, adjusted for the dividend paid

    Dividend boosted at €4.7 per share, up +17.5% year-over-year

    Strong portfolio rotation: more than €2 billion of capital reallocation

    Significant expansion of the Asset Management platform in Europe and US, and development of our dual business model towards more recurring cash flows and growth

    Fully diluted Net Asset Value2as of December 31, 2024: €185.7 per share, up +14.4%

    • Value creation of +16.9%3 over 2024, adjusted for the €4 dividend paid in May 2024 reflecting:
      • The increase in Bureau Veritas’ share price (+28.3% YoY) on the back of the quality of its LEAP | 28 strategic plan
      • The changes in the valuation of unlisted assets, on a like-for-like basis, in line with their respective operating performances and multiples, and active management of private principal investments to create long term value through repositioning and accretive bolt-ons (Stahl, Scalian, and CPI).
      • The strong growth of IK Partners’ FRE to €69.9 million, above estimates (€60 million). IK Partners’ AuM up +24% in 2024, totaling €13.8 billion, with €3.4 billion raised.

    Delivering strong and recurring returns to shareholders, in line with the strategic roadmap published in 2023

    • Ordinary dividend of €4.70 per share for 2024, up +17.5% compared to 2023, to be proposed at the Annual Shareholders’ Meeting on May 15, 2025, representing slightly above 2.5%4 of NAV and a 4.8%5 yield vs share price as of February 21, 2025. This dividend level takes into account the first partial integration of Asset management activities into Wendel in 2024, which will be mechanically higher in 2025.
    • €100 million share buyback launched in October 2023 completed in July 2024. €92.5 million share bought back in 2024.

    Very active investment activity & capital allocation

    • Principal Investments:
      • €2.3 billion proceeds and value crystallization
      • €0.7 billion invested including €0.6 billion in Globeducate
    • Asset Management:
      • €0.4 billion invested for the acquisition of 51% of IK Partners
      • $1.13 billion will be invested in equity to acquire 75% of Monroe Capital, as announced on October 22, 2024 (closing expected in the first quarter of 2025)

    Strong financial structure and committed to remain Investment Grade

    • Debt maturity of 3.6 years with an average cost of 2.4%
    • LTV ratio at 7.2%6 as of December 31, 2024, and 22.9%7 on a pro forma basis taking into account future investment commitments in IK Partners funds and the acquisition of Monroe Capital.
    • Pro forma total liquidity of €1.28 billion as of December 31, 2024, including €0.4 billion in cash and €875 million in committed credit facility (fully undrawn)

    Reappointment of Wendel’s Executive Board

    • On February 26, 2025, Wendel’s Supervisory Board decided to reappoint the members of the Executive Board.   Laurent Mignon has been reappointed Chairman of the Executive Board and David Darmon, Member of the Executive Board, Deputy CEO, for a period of four years ending to April 6, 2029

    Net income, Group share at €293.9 million, showing a strong increase

    • The net income from operations rose from €711 million to €753.7 million, up 6%.
    • Net income, group share, at €293.9 million in 2024, compared with €142.4 in 2023, due to the disposal of Constantia Flexibles in 2024.
    Laurent Mignon, Wendel Group CEO, commented:

    “2024 was a very active year for Wendel and its portfolio companies. Fully diluted net asset value growth, adjusted for the €4 dividend paid in 2024, was 16.9%, driven in particular by the good share price and operational performance of Bureau Veritas and the strong growth of our new third-party asset management business.

    We continued to execute our strategic plan, as detailed in 2023, with determination, rigour and financial discipline.

    In 2024, we further improved our cash flow generation and value creation profile, notably with the announced acquisition of Monroe Capital, which will give us critical mass to develop our third-party asset management platform. We also focused on premium assets in our principal investments activites, highlighted by the acquisition of Globeducate in October 2024.

    These value-creating and recurring cash flow generating transformations now enable us to propose a dividend that is 17.5% higher than last year, reaching 4.70 euros for the financial year 2024.Our transition to a dual model is now well grounded, with top partners in asset management such as IK Partners in private equity and Monroe Capital in private credit, bringing third-party assets under management to more than 33 billion euros.The priorities of Wendel’s teams are to create value on existing assets, to successfully build the private asset management platform around IK Partners and Monroe Capital, and to maintain a solid financial structure.

    I would like to thank the members of the Supervisory Board for their renewed full support, as well as the Wendel teams who are skillfully accompanying our value-creating transformation.

    In 2025, Wendel’s teams will pursue the roadmap defined two years ago, supporting our principal investments companies in their value creation process, building the third-party asset management platform through the successful integration of Monroe Capital, the continued development of IK Partners as well as the implementation of commercial synergies between the two entities, and continuing to have an agile management of our balance sheet to seize the right opportunities, while maintaining a solid financial structure. We are confident that the development of this dual model will continue to create more value and more recurring returns for our shareholders.”

    Wendel’s net asset value as of December 31, 2024: €185.7 per share on a fully diluted basis

    Wendel’s Net Asset Value (NAV) as of December 31, 2024, was prepared by Wendel to the best of its knowledge and on the basis of market data available at this date and in compliance with its methodology.

    Fully diluted Net Asset Value was €185.7 per share as of December 31, 2024 (see detail in the table below), as compared to €162.3 on December 31, 2023, representing an increase of +14.4% since the start of the year and + 16.9% restated from the dividend paid in 2024. Compared to the last 20-day average share price as of December 31, the discount to the December 31, 2024, fully diluted NAV per share was -49.6%.

    Bureau Veritas contributed very positively to Net Asset Value, as end of December 2024, its 20-day average share price was up strongly YTD (+32.5%). IHS Towers (-28.0%) and Tarkett (+15.4%) share price impacts were negligible given the weight of Bureau Veritas in NAV. Total value creation per share of listed assets was therefore +€25.9 on a fully diluted basis over the course of 2024.

    Unlisted asset contribution to NAV was negative over the course of the year with a total change per share of -€4.9 reflecting selective assets’ operational performances offsetting the good performance from CPI.

    Asset management activities were consolidated and accounted in the NAV for the first time at the end of June following the acquisition of IK Partners. There is no sponsor money included in the NAV yet, as no capital has been called. IK Partners’ valuation is up by €6.0 per share, driven by strong performance and positive market multiples evolution.

    Cash operating costs, Net Financing Results and Other items impacted NAV by -€1.0, as Wendel benefits from a positive carry. The impact of year-to-date share buyback activity would be +€1.4 per share as of December 31, 2024.

    Total Net Asset Value creation per share amounted to €27.4 in 2024.

    Fully diluted NAV per share of €185.7 as of December 31, 2024

    (in millions of euros)     12/31/2024 12/31/2023
    Listed investments Number of shares Share price (1) 3,793 3,867
    Bureau Veritas 120.3m/160.8m €29.5/€22.2 3,544 3,575
    IHS 63.0m/63.0m $3.2/$4.4 192 251
    Tarkett   €10.5/€9.1 57 40
    Investment in unlisted assets (2) 3,612 4,360
    Asset Management Activities (3) 616 –
    Other assets and liabilities of Wendel and holding companies (4) 174 6
    Net cash position & financial assets (5) 2,407 1,286
    Gross asset value     10,603 9,518
    Wendel bond debt     -2,401 -2,401
    IK Partners transaction deferred payment -131 –
    Net Asset Value     8,071 7,118
    Of which net debt     -124 -1,115
    Number of shares     44,461,997 44,430,554
    Net Asset Value per share €181.5 €160.2
    Wendel’s 20 days share price average   €93.5 €79.9
    Premium (discount) on NAV -48.5% -50.1%
    Number of shares – fully diluted 42,466,569 43,302,016
    Fully diluted Net Asset Value, per share €185.7 €162.3
    Premium (discount) on fully diluted NAV -49.6% -50.7%

    (1)   Last 20 trading days average as of December 31, 2024, and December 31, 2023.
    (2)   Investments in unlisted companies (Globeducate, Stahl, Crisis Prevention Institute, ACAMS, Scalian and Wendel Growth as of December 31, 2024. As of Dec 31,2023 also included Constantia Flexibles and excluded Globeducate). Aggregates retained for the calculation exclude the impact of IFRS16.
    (3)   IK Partners’ activity, no sponsor money at this stage.
    (4)   Of which 1,995,428 treasury shares as of December 31, 2024, and 1,128,538 treasury shares as of December 31, 2023
    (5)   Cash position and financial assets of Wendel & holdings.

    Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.
    If co-investment and managements LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 246 of the 2023 Registration Document.

    Wendel’s Principal Investments’ portfolio rotation

    In 2024, Wendel has realized a total of €2.3 billion in disposals for its own account and has invested c.€0.7 billion, reflecting the acceleration of the diversification of its investment portfolio, in line with the strategy announced a few months ago:

    • Wendel announced on January 4, 2024, that it had completed the sale of Constantia Flexibles, generating total net proceeds9 for Wendel of €1,121 million for its shares, i.e. a valuation over 10% higher than the latest NAV on record before the announcement of the transaction (as at March 31, 2023).
    • Wendel announced on April 5, 2024, that it had successfully completed the sale of 40.5 million shares in Bureau Veritas, representing c.9% of the Company’s share capital, for total proceeds of approximately €1.1 billion. The transaction was carried out at a price of €27.127, or a discount of 3% from the previous day’s share price.
    • Wendel Growth realized its investment in Preligens, a leader in artificial intelligence (AI) for aerospace and defence, generating net proceeds to Wendel of c.€14.6 million, translating into a gross IRR of 28%10. In addition, Wendel Growth announced on June 11, 2024, the acquisition of a minority stake in YesWeHack through an equity investment of €14.5 million.
    • Wendel reinvested €43.7m in Scalian upon the acquisition of Mannarino on June 21, 2024. This Canadian company is a leading engineering services specialist for advanced technology R&D for the aviation sector, primarily in North America, with recognized expertise in safety-critical embedded software and systems.
    • On October 16, 2024, Wendel completed the acquisition of c.50% of Globeducate, one of the world’s leading bilingual K-12 education groups, from Providence Equity Partners. Wendel invested €607 million of equity, at an Enterprise Value of c.€2 billion11, to join Providence, and both firms will now own c.50% of the group.

    Wendel’s Asset Management platform evolution

    Acquisition of Monroe Capital dramatically expands Wendel’s Asset Management platform and rebalances its business model towards more recurring cash flows and growth

    Wendel announced on October 22, 2024 that it had entered into a definitive partnership agreement including the acquisition of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”) for $1.13 billion, and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, and will invest in GP commitment for up to $200 million.

    For Wendel, the acquisition of a controlling stake in Monroe Capital, a private credit market leader focused on the U.S. lower middle market that has established an outstanding track record, would represent a significant and transformational advancement of the strategy it announced in March 2023 to develop its third-party asset management platform to complement its longstanding Principal Investment business.

    With IK Partners and Monroe Capital, Wendel’s third party asset management platform will reach more than €33 billion in AUM12, and should generate, on a full year basis, c.€ 455 million revenues, c.€160 million pre-tax FRE (c.€100 million in pre-tax FRE (Wendel share) in 2025. Wendel’s objective is to reach €150 million (Wendel share) in pre-tax FRE in 2027.

    Third Party Asset Management value creation and performance

    2024 performance

    Over 2024, IK Partners had particularly strong activity, generating a total of €163.3 million in revenue, up 31% YoY, and a strong growth of FRE to €69.9 million. Total Assets under Management (€13.8 billion, of which €3 billion of Dry Powder13) grew by 24% since the beginning of the year, and FPAuM14 (€10.1 billion) by 33%. Over the period, €3.4 billion of new funds were raised (IK X, IK PF III, IK SC IV and IK CV I) and 11 exits have been announced, for over €1.6 billion.

    Sponsor money invested by Wendel

    Wendel committed €500 million in IK Partners funds, of which €300 million in IK X. These commitments have not yet been called as of December 31, 2024.

    Principal Investment companies’ value creation and performance

    Figures post IFRS 16 unless otherwise specified.

    Listed Assets: 36% of Gross Asset Value

    Bureau Veritas’ LEAP | 28 strategy delivers outstanding results in 2024; Confident 2025 outlook

    (full consolidation)

    Revenue in 2024 amounted to €6,240.9 million, a 6.4% increase year-on-year. The organic increase was 10.2% (including 9.6% in the fourth quarter) benefiting from robust underlying trends across businesses and geographies.

    Adjusted operating profit increased by 7.1% to €996.2 million. This represents an adjusted operating margin of 16.0% up 11bps on a reported basis and up 38 bps at constant currency.

    Bureau Veritas posted a record free cash flow of €843.3 million (+27.9% year-on year). As of December 31, 2024, adjusted net financial debt was €1,226.3 million, i.e. 1.06x EBITDA, compared with 0.92x at December 31, 2023.

    In line with LEAP I 28 plan focused portfolio strategy and through active portfolio management, in 2024 Bureau Veritas completed: i) the acquisition of 10 bolt-on companies for a total annualized revenue of c. €180 million; ii) the divestment of its Food testing business and of a technical supervision business on construction projects in China (c. € 165 million in annualized combined revenue). Bureau Veritas ended the year with its inclusion in the CAC 40, the benchmark index of the Paris stock exchange. This achievement underscores the Group’s consistent operational success and marks a significant milestone in Bureau Veritas’ remarkable journey.

    2025 outlook

    Building on a strong 2024 momentum, a robust opportunities pipeline, a solid backlog, and a strong underlying market growth, and in line with LEAP | 28 financial ambitions, Bureau Veritas expects to deliver for the full year 2025:

    • Mid-to-high single-digit organic revenue growth;
    • Improvement in adjusted operating margin at constant exchange rates;
    • Strong cash flow, with a cash conversion15 above 90%.

    For further details: group.bureauveritas.com

    IHS Towers – IHS Towers will report its FY 2024 results in March 2025

    Tarkett reported its annual results on February 20, 2025

    For more information: https://www.tarkett-group.com/en/investors/

    Unlisted Assets: 34% of Gross Asset Value

    (in millions) Sales EBITDA Net debt
      2023 2024 2023 including IFRS 16 2024     including IFRS 16 Δ End of December including IFRS 16
    Stahl €913.5 €930.2 €204.0 €206.9 +1.4% €383.8
    CPI $138.4 $150.1 $68.6 $74.0 +7.8% $378.2
    ACAMS $102.9 $102.1 $24.6 $25.1 +2.0% $165.0
    Scalian €539.9 €533.4 €63.9 €59.8 -6,3% €345.6
    Globeducate(1) na €352.2 na €84.2 na na

    (1)   Globeducate acquisition was completed on October 16th, 2024. Globeducate fiscal year ends in August, and figures shown are last twelve months at the end of August 2024. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures for the year ending in August-24.

    Stahl – Total sales up +1.8% in 2024 despite market challenges in the automotive and luxury goods end-markets. Strong EBITDA margin of 22.2%. In 2024, Stahl completed its transformation into a pure-play specialty coatings formulator for flexible materials.

    (Full consolidation) 

    Stahl, the world leader in specialty coatings for flexible materials, posted total sales of €930.2 million in the full year of 2024, representing a total increase of +1.8% versus 2023.

    Organically, sales were slightly down -1.1%, in a context of tougher markets in automotive and luxury goods, while FX contributed -1.5%. Acquisitions contributed positively (+4.4%) to total sales variation.

    Full Year 2024 EBITDA16 amounted to €206.9 million (+1.4% vs. 2023), translating into a strong EBITDA margin of 22.2%, thanks to a disciplined margin and fixed costs management, as well as a good diversification across geographies and segments.

    Net debt as of December 31st, 2024, was €383.8 million17, versus €329 million at the end of 2023 and leverage stood at 1.7x18.

    On November 18, 2024, Stahl announced the sale of its Wet-end leather chemicals division, that marks an important step in the Group’s strategic journey. The proposed sale completes Stahl’s transformation into a pure-play specialty coatings formulator for flexible materials. The transaction is subject to customary closing conditions and is expected to close in H1 2025.

    Pro forma for the sale of the Wet-end leather chemicals business and the acquisition of Weilburger Graphics GmbH, 2024 sales would amount to c.€ 759 million, EBITDA to c.€180 million (i.e., a 23.7% margin) and leverage would stand at an estimated 1.6x. These transactions strengthen Stahl’s growth profile, with the company now better positioned for faster growth, and have an accretive impact on its EBITDA margin.

    Crisis Prevention Institute reports +8.5% revenue and +7.8% EBITDA growth

    (Full consolidation)

    CPI recorded 2024 revenues of $150.1 million, up +8.5% compared to 2023, or +8.4% organically (FX impact was +0.1%), resulting from strong growth in the consumption of training materials, signifying active training of broader staff throughout the Company’s primary customers in educational, healthcare and human services settings. In addition, the Company benefitted from continued growth in its Enterprise segment, a core strategic focus targeting large health systems.

    Full Year 2024 EBITDA was $74.0 million19, reflecting a margin of 49.3%. EBITDA was up +7.8% vs. last year while margins are stable (49.6% in 2023), despite investments to scale in International markets.

    As of December 31, 2024, net debt totaled $378.2 million20, or 4.6x EBITDA as defined in CPI’s credit agreement, following the c. $100 million dividend payment to Wendel in April of 2024. Given current leverage, CPI repriced its Term Loan and received a 50bps interest rate stepdown, or a c. $1.4 million annual savings.

    On January 21st, 2025, CPI announced the acquisition of Verge, a Norwegian leader in behaviour intervention and training. This acquisition extends CPI’s presence in the Nordics, and enhances CPI’s ability to support professionals worldwide, leveraging Verge’s innovative techniques to address challenging behaviours, aggression and violence.

    ACAMS – Total sales stable and improved 24.6% margin amid strong transformation momentum

    (full consolidation)

    ACAMS, the global leader in training and certifications for anti-money laundering and financial crime prevention professionals, generated 2024 revenue of $102.1 million, down 0.8% vs. 2023. The results for 2024 reflected continued growth and market expansion in North America and Europe, largely offset by soft sales in the Asia-Pacific region and from exhibition spend at certain conferences early in the year, slower sales to non-banking customers at consultancies and governments.

    EBITDA21 in 2024 was $25.1 million, up 2% vs. 2023, and reflecting a margin of 24.6%, up 70 bps year-over -year.

    As of December 31, 2024, net debt totaled $165.0 million22, slightly up from $155.8 million at the end of 2023, which represents 6.7x EBITDA leverage as defined in ACAMS’ credit agreement, with ample room relative to the 9.5x covenant level.

    This past year has been pivotal in the Company’s transformation, with the addition of CEO Neil Sternthal who joined from Thomson Reuters in early 2024 and subsequently made several additions to the senior leadership team, and shifted focus to core growth with large enterprise customers, product and market expansion including the introduction of its Certified Anti-Fraud Specialist certification (CAFS), and key investments in the technology platform. These critical investments are all geared toward advancing the impact of the Company’s mission of combating financial crime, accelerating its strategy and further developing its position as a technology-enabled provider of trusted information, data and analytics for the anti-financial crime (AFC) community.

    Management expects the significant changes will, over time, create a more robust platform for the global AFC community and a more scalable, consistent business model with accelerated growth for ACAMS.

    ACAMS anticipates modest growth in 2025 as the recent changes take hold with improved growth toward the end of the year and into 2026.

    Scalian – Slight decrease of total sales of -1.2% in 2024, in the context of continued market growth slowdown. EBITDA margin rate at 11.2%, down c. 60 bps, mainly due to lower utilization rate and the marked slowdown in certain sectors (automotive in Germany and civil aeronautics). Acquisition of Dulin in January 2024 and Mannarino in June 2024.

    (Full consolidation since July 2023.)  

    Scalian, a European leader in digital transformation, project management and operational performance consulting, reported total sales of €533.4 million as of December 31, 2024, a -1.2% decrease vs. 2023. The slowdown is spread across several sectors, particularly automotive in Europe and Aeronautics (supply chain disruptions). Sales are down -4.0% organically and benefited from a positive scope effect of +2.8%.

    Scalian generated an EBITDA23 of €59.8 million in 2024. The EBITDA margin rate stood at 11.2%, down c. 60 bps vs. 2023, mainly explained by lower utilization rate, partially offset by strict SG&A control.

    As of December 31, 2024, net debt24 stood at €345.6 million (leverage of 6.46x25 EBITDA).

    In 2024, Scalian announced the acquisition of Dulin Technology in January, a Spanish-based consulting firm specializing in cybersecurity for the financial sector, and Manarinno in June, a Canadian-based company that is a leading engineering services specialist with a unique know-how in advanced technology R&D for the aviation sector.

    Globeducate – Total sales up +10%26over LTM as of August 2024 Year-end. Strong EBITDA margin at 23.9%27in line with expectations.

    (Accounted for by the equity method. Globeducate acquisition was completed on October 16th, 2024. Globeducate fiscal year ends in August, and figures shown below are last twelve months at the end of August 2024 and first 3 months of the Globeducate year (September – November). Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures for the year ending in August-24).

    Globeducate, one of the world’s leading bilingual K-12 education groups, posted total sales of €352.2 million1 for the full year ending in August 2024, representing a total increase of +10% year on year.

    EBITDA2 for the year ending in August amounted to €84.2 million, translating into a strong EBITDA margin of 23.9%, in line with expectations. This solid financial performance was fueled by a combination of organic and external growth.

    Over the first quarter of Globeducate’s fiscal year (September – November), Globeducate completed 3 acquisitions: Olympion School in Cyprus, and Ecole des Petits and Battersea in the UK.

    Net debt as of November 30th, 2024, was €490 million28 and leverage3 stood at 6.2x.

    Consolidated Accounts

    On February 26, 2025, Wendel’s Supervisory Board met under the chairmanship of Nicolas ver Hulst and reviewed Wendel’s consolidated financial statements, as approved by the Executive Board on February 21, 2025. The audit procedures by the statutory auditors on the consolidated financial statements are underway. The audit report would be released mid-March 2025. 

    Wendel Group’s consolidated net sales29 totaled €8,063.5 million, up +13.1% overall and up +8.4% organically. FX contribution is -3.9% and scope effect is +8.6%.

    The overall contribution of Group portfolio companies to net income from operations, Group share amounted to €274.1 million, down -24.3% year on year impacted by the disposal of Constantia and the sale of 25% of the stake in Bureau Veritas. Net income from operation, Group share, was €232.7 million, down -5.8%.

    Financial expenses, operating expenses and taxes at Wendel SE level totaled €63.0 million (of which €22.4 million non-cash), down -45.4% from the €115.3 million (of which €25.3 million non-cash) reported in 2023. Operating expenses are slightly down and financial expenses are positive with a positive carry of cash generating €35.6 million. 2024 is impacted by a goodwill depreciation of €188.2 million, mainly related to Scalian and the Stahl’s wet-end division, which is in the process of being sold.

    Net income Group share €293.9 million strongly up vs.€142.4 million in 2023, reflecting a €418.6 million capital gain group share from the disposal of Constantia Flexibles in H1 2024.  

    ESG achievements

    Non-financial ratings: Wendel improves its CSA rating from S&P, confirms its inclusion in the DJSI World and Europe.

    For the sixth year in a row, Wendel has been included in the Dow Jones Best-in-Class (previously Dow Jones Sustainability Indices) World and Europe indices, making it one of the top 10% of companies in terms of sustainability in the Diversified Financials category. With a score of 76/100 in its category, Wendel is well above the average for its sector (26/100). This rating places Wendel in the top 1% of its sector “FBN Diversified Financial Services and Capital Markets”

    Through the review of the Corporate Sustainability Assessment questionnaire, S&P Global assesses the ESG (Environment, Social, Governance) performance of listed companies in different industries since 1999. The top 10% of companies with the best performance in terms of sustainability, according to criteria defined for each industry, are included in the Dow Jones Best-in-Class Indices (previously Dow Jones Sustainability Indices).

    New ESG roadmap 2024-2027

    In 2024, Wendel defined a new ESG roadmap, approved by the Supervisory Board and the Executive Board, notably to take into account the Group’s recent strategic developments, including the new third-party asset management activity (IK Partners and Monroe Capital acquisitions).
    This roadmap includes five priorities: Governance & Business Ethics, Reliability of extra-financial information, Health & Safety, Climate change & adaptation, Parity.

    These five priorities will apply to all Wendel’ investment activities, encompassing both principal investment and third-party asset management. The detailed policies and action plans of the roadmap will be presented in the sustainability report included in the Group’s 2024 Universal Registration Document.

    Renewal of the Executive Board of Wendel

    On 26 February 2025, the Supervisory Board of Wendel decided to renew the appointments of Laurent Mignon and David Darmon as Chairman of the Executive Board of Wendel and Member of the Executive Board and Group Deputy CEO of Wendel, respectively, for a period of four years until 6 April 2029, with effect from 7 April 2025.

    Renewal of the appointments of members of the Supervisory Board

    At the General Meeting of 15 May 2025, it will be proposed to the shareholders that Nicolas ver Hulst, Priscilla de Moustier, Bénédicte Coste and François de Mitry be reappointed as members of the Supervisory Board for a further four-year term. If the renewal of their mandate is approved, Nicolas Ver Hulst will remain chairman of the Supervisory Board, Priscilla de Moustier and Bénédicte Coste will continue their roles on the Governance and Sustainable Development Committee, and François de Mitry will continue his role on the Audit, Risk and Compliance Committee.

    Agenda

    Thursday, April 24, 2025

    Q1 2025 Trading update – Publication of NAV as of March 31, 2025 (post-market release)

    Thursday, May 15, 2025

    Annual General Meeting

    Wednesday, July 30, 2025

    H1 2025 results – Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financial statements (post-market release)

    Thursday, October 23, 2025

    Q3 2025 Trading update – Publication of NAV as of September 30, 2025 (post-market release)

    Wednesday, December 10, 2025

    2025 Investor Day.

    About Wendel

    Wendel is one of Europe’s leading listed investment firms. Regarding its principal investment strategy, the Group invests in companies which are leaders in their field, such as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. In 2023, Wendel initiated a strategic shift into third-party asset management of private assets, alongside its historical principal investment activities. In May 2024, Wendel completed the acquisition of a 51% stake in IK Partners, a major step in the deployment of its strategic expansion in third-party private asset management and also announced in October 2024 the acquisition of 75% of Monroe Capital. Pro forma of Monroe Capital, Wendel manages more than 33 billion euros on behalf of third-party investors, and c.7.4 billion euros invested in its principal investments activity.

    Wendel is listed on Eurolist by Euronext Paris.

    Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2 since January 25, 2019

    Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.

    For more information: wendelgroup.com

    Follow us on LinkedIn @Wendel 

    Appendix 1: 2024 Consolidated sales and results

    2024 consolidated net sales

    (in millions of euros) 2023 2024 Δ Organic Δ
    Bureau Veritas 5,867.8 6,240.9 +6.4% +10.2%
    Stahl(1) 913.5 930.2 +1.8% -1.1%
    Scalian(2) 126.8 533.4 n.a. n.a.
    CPI 128.0 138.8 +8.4% +8.4%
    ACAMS(3) 91.6 93.7 +2.4% -0.6%
    IK Partners(4) n.a. 126.5 n.a. n.a.
    Consolidated sales 7,127.6 8,063.5 +13.1% +8.4%

    (1) Acquisition of ICP Industrial Solutions Group (ISG) since March 2023 (sales’ contribution of €89.7M vs €89.1M in 2023) and acquisition of Weilburger since September 2024 (sales’ contribution of €18.2M).                                                                        

    (2) Scalian, which had a different reporting date to Wendel (refer to 2023 consolidated financial statements – Note 2 – 1.” Changes in scope of consolidation in 2023″), realigns its closing date with Wendel group. Consequently, 2024 sale’s contribution correponds to 12 months’ sales between January 1st 2024 and December 31st 2024. Last year’s contribution corresponds to 3 months’ sales between July 1st 2023 and September 30 2023.

    (3) The sales include a PPA restatement for an impact of -€0.6M (vs -€3.4M as of 12M 2023). Excluding this restatement,the sales amount to €94.2M vs. €95.2M as of 12M 2023. The total growth of +2.4% include a PPA effect of +3,3%.                                         

    (4) Contribution of eight months of sales        

    2024 net sales of equity-accounted companies

    (in millions of euros) 2023 2024 Δ Organic Δ
    Tarkett (5) 3,363.1 3,331.9 -0.9% -0.4%
    Sales (Equity method) (6) 3,363.1 3,331.9 -0.9% -0.4%

    (5)Selling price adjustments in the CIS countries are historically intended to offset currency movements and are therefore excluded from the 
    “organic growth” indicator

    (6) Due to the recent acquisition date of the Globeducate group, its contribution is not yet included in Group sales.

    2024 consolidated results

    (in millions of euros) 2023 2024
    Contribution from asset management – 42.3
    Consolidated subsidiaries 826.3 774.4
    Financing, operating expenses and taxes -115.3 -63.0
    Net income from operations(1) 711.0 753.7
    Net income from operations, Group share 246.9 232.7
    Non-recurring income/loss -60.4 532.3
    Impact of goodwill allocation -120.4 -107.9
    Impairment 0.7 -188.2
    Total net income(2) 530.9 989.9
    Net income, Group share 142.4 293.9

    (1) Net income before goodwill allocation entries and non-recurring items.

    (2) -€85.2M of change in fair value for IHS recognized through OCI and €784M of capital gain on the Bureau Veritas bloc accounted for through equity.

    2024 net income from operations

    (in millions of euros) 2023 2024 Change
    Total contribution from asset management: IK Partners n/a 42.3 n/a
    Bureau Veritas 594.0 643.3 +8.3%
    Stahl 90.3 100.2 +11.0%
    Constantia Flexibles 115.2 – n/a
    CPI 20.7 22.2 +7.2%
    ACAMS 0.0 -0.7 n/a
    Scalian -2,8 -6.2 n/a
    Tarkett (equity accounted) 8.8 15.6 +76.2%
    Total contribution from Group companies 826.3 774.4 -6.3%
    of which Group share 362.1 274.1 -24.3%
    Operating expenses net of management fees -72.5 -72.2 -0.4%
    Taxes -1.5 -4.0 +169.8%
    Financial expenses -15,9 35.6 n/a
    Non-cash operating expenses -25.3 -22.4 -11.4%
    Net income from operations 711.0 753.7 +6.0%
    of which Group share 246.9 232.7 -5.8%

    Appendix 2: Fully diluted Net Asset Value bridge over 2024

    Appendix 3: Conversion from accounting presentation to economic presentation

    Please refer to table 7.1 of the consolidated statements.

    Appendix 4: Glossary

    • AUM (Assets under Management): Corresponding – for a given fund – to total investors’ commitment (during the fund’s investment period) or total invested amount (post investment period)
    • FRE (Fee-Related Earnings) : Earnings generated by recurring fee revenues (mainly management fees). It excludes earnings generated by more volatile performance-related revenues.
    • GP (General Partner): Entity in charge of the overall management, administration and investment of the funds. The GP is paid by management fees charged on assets under management (AuM)

    1 Fully-diluted NAV per share assumes all treasury shares are cancelled and a complementary liability is booked to account for all LTIP related securities in the money as of the valuation date.

    2 Fully diluted of share buybacks and treasury shares.

    3 Including the €4.0 per share dividend paid in 2024.

    4 Dividend payout calculated on the basis of fully-diluted NAV at the end of December 2024.

    5 Based on Wendel’s share price of €97.15 as of February 21, 2025.

    6 Including sponsor money commitment in IK (€-500m).

    7 Including sponsor money commitment in IK (€500m) and proforma of IK Partners transaction deferred payment (€-131m), Monroe Capital 100% acquisition (including estimated earnout and put on 25% of residual capital, i.e €-1.6bn) and GP commitments in Monroe Capital ($-200m for 2025).

    8 €2.4bn of cash as of December 31, 2024, restated from sponsor money commitment in IK (€-500m), IK Partners transaction deferred payment (€-131m), Monroe Capital 100% acquisition (including estimated earnout and put on 25% of residual capital, i.e €1.6bn) and GP commitments in Monroe Capital’s new strategies (c. $-200m for 2025).

    9 Net proceeds after ticking fees, financial debt, dilution to the benefit of the Company’s minority investors, transaction costs and other debt-like adjustments.
    10 Gross IRR of 28%. Net IRR of 26%.
    11 EV including IFRS 16 impacts. Excluding IFRS 16, EV stands at c.€1.86 billion.
    12 As of end of December 2024

    13 Commitments not yet invested

    14 Fee Paying AuM

    15 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit

    16 EBITDA including IFRS 16 impacts, EBITDA excluding IFRS 16 stands at €201.0m.

    17 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was €364.4m.

    18 Leverage as per credit documentation definition.

    19 Recurring EBITDA post IFRS 16. Recurring EBITDA pre IFRS 16 was $72.8m

    20 Post IFRS 16 impact. Net debt pre IFRS 16 impact was $375.2m.

    21 EBITDA including IFRS 16. EBITDA excluding IFRS16 stands at $24.0m

    22 Including IFRS 16 impacts. Net debt excluding the impact of IFRS 16 was $164.2m.

    23 EBITDA including IFRS 16 impact. Excluding IFRS 16, EBITDA stands at €50.9 m. Mannarino taken into account for 6 months.

    24 Net debt including IFRS 16 impact. Excluding IFRS 16, net debt stands at €314.9 m.

    25 As per credit documentation (pre IFRS 16)

    26 Excluding Indian activities. Indian estimated revenue stands at €25 m.

    27 EBITDA including IFRS 16 impacts and excluding Indian activities. Indian estimated EBITDA stands at €9.8 m.

    28 As per credit documentation definition.

    29 Consolidated sales will be published only for Full Year and Interim results. For Q1 & Q3, sales by companies/activities will continue to be commented on an individual basis

    Attachment

    The MIL Network –

  • MIL-OSI: Haffner Energy successfully commissioned its hydrogen-from-biomass production unit in Marolles, France – a breakthrough for the hydrogen industry

    Source: GlobeNewswire (MIL-OSI)

    Vitry-le-François, France – February 26, 2025, 6:00 PM (CEST)

    • Commissioning of the world’s first plant producing hydrogen from solid biomass at the Marolles site (Champagne region, France).
    • Unique thermochemical process that significantly reduces green hydrogen costs.
    • “Super green”1 hydrogen available for commercial use beginning the second half of 2025.

    Haffner Energy (ISIN: FR0014007ND6 – Ticker: ALHAF) announces the commencement of hydrogen2 production utilizing its proprietary solid biomass thermolysis technology at its Marolles hydrogen production, testing, and training center, as was announced in the 12/17/2024 press release. This unique technology enables the production of renewable hydrogen at a substantially lower cost compared to conventional methods, while offering an unparalleled carbon footprint.

    “Achieving the continuous production of competitive green hydrogen is a decisive step. Currently, the industry faces significant delays due to the excessive cost of decarbonized hydrogen. We are confident that our solution will accelerate the adoption of renewable hydrogen and enhance the sector’s competitiveness. I want to congratulate the Haffner Energy team and our partners for this remarkable achievement, ushering the company into a new era,” stated Philippe Haffner, Co-founder and CEO of Haffner Energy.

    A Flexible and Economically Advantageous Production Model

    The site’s production capacity will be 15 kg of hydrogen per hour (kg/h), with an initial phase temporarily limited to 11 kg/h due to the existing PSA (Pressure Swing Adsorption) purification equipment. This equipment will be replaced in the coming months by a PSA designed to reach a 15 kg/h capacity. The unit already produces hydrogen at 8 bar pressure, ready for commercial distribution starting in the second half of 2025 to serve transportation and industrial markets.

    Anticipated since late 2024, this commissioning required the site to be connected to the medium-voltage electrical grid, which was completed earlier this year, followed by the on-site presence of commissioning engineers focused on the main equipment suppliers for hydrogen purification.

    The biomass thermolysis unit, operational since June 2024, exceeds the capacity required to produce 15 kg/h of hydrogen. The new PSA, already received by Haffner Energy, will be complemented by a compressor reaching 35 bar pressure, supplying an H14 distribution station provided by HRS.

    Marolles is designed to operate 8,000 hours per year. As part of this site’s operations, 120 metric tons of mobility-grade hydrogen per year (15 kg/hour) will be produced, contributing to the decarbonization of mobility and industry. This is equivalent to 12 million kilometers traveled with hydrogen vehicles. Approximately 2,400 metric tons of CO₂ per year will be avoided or captured through hydrogen and biocarbon (char or biochar) combined.

    A memorandum of understanding for the offtake has been signed for the supply of 90 tonnes of hydrogen per year, mainly for mobility applications, which is designed to ensure a commercial outlet within the next few months.

    Hydrogen Production from Residual Solid Biomass: A Game Changer

    The scaling up of Haffner Energy’s proprietary biomass thermolysis technology is poised to disrupt the global and French renewable hydrogen markets, facilitating accelerated commercial and industrial development. This technology offers several key advantages:

    • Economically Competitive Solution: Already capable of competing with gray hydrogen for installations of 20 MW and above – a feat far from achievable by alternative technologies.
    • Economic Model Based on Low-Cost Biomass Energy: Hydrogen from biomass thermolysis is significantly cheaper to produce than hydrogen from the electrolysis of water thanks to low primary energy costs (<30€/MWh and often even <20€/MWh, compared with >70€/MWh for decarbonized electricity) and optimal energy efficiency (generally >70%).
    • Independence from the Electrical Grid: Unlike electrolysis, thermolysis is minimally dependent on electricity availability and cost, ensuring stable and predictable production.
    • Negative Carbon Footprint: This technology sequesters biogenic carbon through biochar co-production, achieving a negative carbon footprint when considering the full LCA.3
    • Flexible Sourcing: This biomass-agnostic technology is able to utilize various residual biomasses, in particular from agriculture, ensuring greater autonomy and resilience against feedstock market fluctuations while significantly expanding available resources.

    Towards Commercial and Industrial Expansion

    The commissioning of the Marolles unit marks a strategic milestone for Haffner Energy. This success accelerates commercial discussions with several partners interested in this disruptive technology and, as announced in previous communications, will enable the Company’s project pipeline to be converted into firm orders, thereby generating revenue. In particular, the effective commissioning of the site is a catalyst for finalizing the signing of two major contracts.

    The continuous operation of hydrogen and renewable gas production equipment on site will also enable Haffner Energy’s team to conduct tests using specific biomasses for each potential client, including non-conventional biomasses such as organic sludge, manure, and algae, thereby confirming the compatibility of Haffner Energy’s technology.

    Furthermore, Haffner Energy is now positioned to leverage a previously untapped technological solution that converts hydrogen into electricity at an extremely competitive cost, highly valuable during peak consumption periods.

    Despite a global context that remains unfavorable to the development of the hydrogen market, particularly in Europe and in France—where the national hydrogen strategy has yet to be announced—Haffner Energy’s position in this high-potential market is now strengthened.

    Additional resources

    Next events 

    • Annual results 2024-2025                         June 18, 2025
    • Annual Shareholders Meeting                  September 10, 2025

    About Haffner Energy

    Haffner Energy is a French company providing solutions for competitive clean fuels production. With a 32- year experience converting biomass into renewable energies, it has developed innovative proprietary biomass thermolysis and gasification technologies to produce renewable gas, hydrogen and methanol, as well as Sustainable Aviation Fuel (SAF). The company also contributes to regenerating the planet through the co-production of biogenic CO2 and biocarbon (or char/biochar). Haffner Energy is listed on Euronext Growth (ISIN code : FR0014007ND6 – Ticker : ALHAF).

    Investor Relations

    investisseurs@haffner-energy.com

    Media Relations

    Laure BOURDON
    laure.bourdon@haffner-energy.com
    +33 (0) 7 87 96 35 15

    Glossary:

    * Biocarbon is a carbon-rich solid material. Biocarbon contains biogenic carbon absorbed from the atmosphere by plants via photosynthesis. This characteristic makes it a major carbon sink when used as a soil amendment, either applied directly or incorporated into fertilizers (known as biochar), or incorporated into building materials (known as char). Biocarbon is also a very dense source of renewable energy (31 MJ/kg) that can be gasified on site to increase the production of biofuels such as bio-SAF or the production of renewable hydrogen, but can also be shipped and gasified at another site, notably for the production of e-fuels.

    1 In accordance with the order of July 1, 2024 specifying the greenhouse gas emission threshold and the methodology for qualifying hydrogen as renewable or low-carbon.

    2 Samples were taken today by an independent laboratory to validate the mobility quality of this hydrogen.

    3 In accordance with the life cycle assessment study carried out by the LCA consultancy EVEA at the end of 2021.

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: Ambitious budget set to empower communities and support the most vulnerable

    Source: Scotland – City of Perth

    Despite the costs of providing essential services continuing to rise, flexibility from a three-year Council Tax strategy and additional funding from the Scottish Government meant that Councillors were able to agree a budget for each of the next three years which prioritises services for the most vulnerable, avoids further public sector job cuts, and invests in community empowerment and business growth. All with a lower Council Tax increase than originally proposed.

    The agreed Council Tax increase for 2025/26 is 9.5%. This follows a freeze in the current year. For people living in a Band D property, this represents a £2.56 weekly increase, or £11.11 more a month. Provisional increases have also been agreed of 9.5% for 2026/27 and 6% for 2027/28.

    Key investments agreed:

    • Protecting vital services for residents in the greatest need – the budget prioritises vulnerable residents, with almost £7 million to maintain health and social care services, plus £1 million over two years to support innovation and provide new models of delivering care in our communities. 
    • Protecting frontline jobs – no further job cuts are required as part of the budget decisions made today, with over £2 million being put back into Education and Learning to reverse proposed reductions in teacher numbers and £400,000 to prevent further cuts to teams supporting vulnerable children and families. Council officers are continuing to deliver on phase 2 of the leadership savings agreed last year.
    • Empowering communities – the budget includes £1 million to support community resilience, £1 million for Culture Perth and Kinross services, and almost £150,000 in community sports.

    Council Leader, Councillor Grant Laing, said: “Community groups are an essential part of delivering on local ambitions, and I’m proud that this budget creates more opportunities than ever before to put them at the heart of local decision-making. From additional funding for Bloom groups and Community Councils, to investing in community resilience and community sports, there’s lots we have been able to do.

    “We’ve also listened to the community members who have campaigned in support of their rural libraries, and allocated money over two years to allow Culture Perth and Kinross to maintain current premises and opening hours. But, this funding is contingent upon the energy and commitment shown by those supporters now being directed towards working with CPK to plan and implement sustainable futures for those libraries.”

    Additional key investments include:

    • Economic growth – £9 million over four years in the Commercial Property Investment Programme to make more units available for new and growing businesses, particularly in rural Perth and Kinross.
    • Environmental initiatives – £200,000 to provide practical support to Bloom and biodiversity groups to accelerate the delivery of the biodiversity aims of our Grow Wild approach to greenspaces. And, another £200,000 to deliver a new round of the Green Living Fund for community projects.
    • Public transport – almost £170,000 to extend the offer for free bus travel on the first Saturday of every month for another year, adding extra free travel for Clean Air Day in June and for an additional free Saturday in December in the peak Christmas shopping season. Plus, almost £70,000 for rural bus services and community transport initiatives.
    • Tackling poverty – adding £2 million to target anti-poverty initiatives, including continuing school holiday food and fun activities, and investing in efforts to tackle poverty in rural areas.

    Councillor Laing added: “One of our key priorities is to tackle poverty head-on. We are investing in job creation and growth schemes, such as apprenticeships and rural employability programs, to provide more opportunities for our residents. Additionally, we are adding £2 million to our anti-poverty funding and allocating £600,000 to the Financial Insecurity Fund and Scottish Welfare Fund. This will ensure that we can support those facing financial challenges and help them access the discounts and benefits they are entitled to.

    “Our Welfare Rights Team does a fantastic job in helping maximise income for households in financial need. By investing further in this team, we can support even more households and ensure that everyone in our community has the resources they need to thrive.
    “With this ambitious budget, we are not only addressing immediate needs but also laying the foundations for a resilient and thriving community. Together, we are building a brighter future for Perth and Kinross.”

    MIL OSI United Kingdom –

  • MIL-OSI Security: New Jersey Man Pleads Guilty To Filing A False Tax Return; Avoided Paying More Than $1 Million In Taxes

    Source: Office of United States Attorneys

    NEWARK, N.J. – A New Jersey man admitted to filing a false tax return and causing more than $200,000 in tax losses for tax year 2018, Acting United States Attorney Vikas Khanna announced.

    Francis Esposito, 66, of Red Bank, New Jersey, pleaded guilty before United States District Court Judge Georgette Castner in Trenton federal court today to an Information charging him with one count of filing a false tax return.

    According to documents filed in this case and statements made in court:

    Esposito was the sole or majority owner of numerous entities. For tax years 2015 through 2018, Esposito derived certain income through these entities that he failed to report on his Form 1040.

    For tax year 2018, Esposito had approximately $719,272 of unreported income, which resulted in a tax loss of approximately $216,635. For tax year 2017, Esposito had approximately $940,978 of unreported income, which resulted in a tax loss of approximately $383,806. For tax year 2016, Esposito had approximately $746,886 of unreported income, which resulted in a tax loss of approximately $304,640. For tax year 2015, Esposito had approximately $589,929 of unreported income, which resulted in a tax loss of approximately $244,291. In total, Esposito’s unreported income resulted in a tax loss of approximately $1,149,372.

    The filing a false tax return charge has a maximum term of three years, and a maximum fine of $250,000 or twice the gain or loss resulting from the offense.

    Acting United States Attorney Khanna credited special agents of the Internal Revenue Service – Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan in Newark.  

    The government is represented by Assistant U.S. Attorneys Vinay Limbachia and Andrew Kogan of the Cybercrime Unit in Newark.
     

    MIL Security OSI –

  • MIL-OSI: Bank of Åland Plc: Notice to convene the Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    Bank of Åland Plc
    Notice to convene general meeting
    February 26, 2025, 17.15 EET.

    Notice to convene the Annual General Meeting

    Notice is hereby given to the shareholders of the Bank of Åland Plc (Ålandsbanken Abp) of the Annual General Meeting (AGM) to be held at 3.00 p.m. Finnish time (15.00 EET) on Tuesday, March 25, 2025 at the Alandica Kultur & Kongress auditorium, Strandgatan 33, Mariehamn, Åland, Finland.

    The reception of persons who have registered to participate in the Meeting and the distribution of voting tickets will commence at 2.00 p.m. on the above date.

    A. Matters on the agenda of the Annual General Meeting

    The following matters will be dealt with at the Meeting:

    1. Opening of the Meeting

    2. Calling the Meeting to order
    3. Election of persons to check the minutes and to supervise the counting of votes

    4. Verification of the legality of the Meeting

    5. Verification of attendance at the Meeting and adoption of the voting list

    6. Presentation of the financial statements, the Report of the Directors and the Auditors’ Report for 2024

    Managing Director’s review.

    7. Adoption of the financial statements

    8. Decision on allocation of the profit shown in the balance sheet and dividend distribution

    The Board of Directors proposes that a dividend of EUR 2.40 per share plus an extra dividend of EUR 0.35 per share shall be paid for the financial year January 1 – December 31, 2024, that the record date for dividend payment shall be Thursday, March 27, 2025 and that the payment date shall be Thursday, April 3, 2025.

    9. Decision on granting discharge from liability to the members of the Board of Directors and the Managing Director for the financial year January 1 – December 31, 2024

    10. Presentation and adoption of the compensation report

    11. Decision on the number of members on the Board of Directors

    It is proposed that the number of Board members shall be set at seven.

    12. Decision on fees for the members of the Board

    The Board of Directors proposes an unchanged annual fee for its Chairman (EUR 37,000), the Deputy Chairman (EUR 31,500) and each other Board member (EUR 29,000). The Board also proposes an unchanged fee per meeting attended for the Chairman (EUR 1,000) and for each other Board member (EUR 750).

    It shall be noted that the fee per meeting for Board members’ attendance at meetings of the committees appointed by the Board is EUR 750 per Board member and EUR 1,000 for the committee Chairman. In addition, it shall be noted that compensation for travel and accommodation expenses as well as daily subsistence allowances are paid in compliance with the instructions of tax authorities and the Bank’s travel guidelines.

    13. Election of Board members

    The Nomination Committee proposes the re-election of Board members Anders Å Karlsson, Nils Lampi, Mirel Leino-Haltia, Malin Lombardi, Christoffer Taxell, Ulrika Valassi and Anders Wiklöf for a term of office that will run until the closing of the next AGM.

    14. Decision on the auditors’ fees

    In accordance with the recommendation of the Audit Committee, the Board of Directors proposes that the auditors’ fees be paid as invoiced.

    15. Decision on the number of auditors

    The Board of Directors proposes that the number of auditors shall be unchanged, that is, one auditor.

    16. Election of auditors

    In accordance with the recommendation of the Audit Committee, the Board of Directors proposes the re-election of the authorised accounting firm of KPMG Oy Ab, with Henry Maarala (KHT) as auditor in charge, for a term of office that will run until the closing of the next AGM.

    17. Decision on the sustainability auditors’ fees

    In accordance with the recommendation of the Audit Committee, the Board of Directors proposes that the sustainability auditors’ fees be paid as invoiced.

    18. Election of sustainability auditors

    In accordance with the recommendation of the Audit Committee, the Board of Directors proposes the election of the authorised accounting firm of KPMG Oy Ab, with Henry Maarala (KHT) as auditor in charge, for a term of office that will run until the closing of the next AGM. KPMG Oy Ab has informed the Bank that certified sustainability auditor Henry Maarala will be the sustainability auditor in charge.

    19. Closing of the Meeting

    B. General Meeting documents

    The above-mentioned proposals by the Board of Directors, this notice convening the Annual General Meeting (AGM) and other documents that shall be available as provided by the Finnish Companies Act are found on the website of the Bank of Åland Plc, www.alandsbanken.fi in Swedish.

    The Board’s proposals and the accounting documents will also be available at the Company’s Head Office and at the AGM. Copies of these documents and of this notice convening the AGM will be sent to shareholders upon request.

    C. Instruction for participants in the Annual General Meeting

    1. Shareholders listed in the Company’s shareholder register

    Shareholders who were listed on March 13, 2025 (the record date for the AGM) in the Company’s shareholder register, which is maintained by Euroclear Finland Ab, are entitled to participate in the Meeting. A shareholder whose shares are registered in his or her Finnish personal book-entry securities account is listed in the Company’s shareholder register.

    Shareholders wishing to participate in the AGM must register no later than 12 noon on Thursday, March 20, 2025.

    They may register for the AGM:

    a) via the internet at the address www.alandsbanken.fi/bolagsstamma

    b) by telephone at +358 18 29 011;

    c) by letter addressed to Bank of Åland Plc, PB 3, AX-22101 Mariehamn, Åland, Finland.

    When registering, please state the shareholder’s name, personal identity code or business ID number and the name of any assistant or authorised representative and the representative’s personal identity code. These personal data will be used only for purposes attributable to the AGM and for processing of registrations related to this.

    If needed, the shareholder and his/her authorised representative must be able to prove their identity and/or authorisation at the Meeting venue.

    2. Holders of nominee-registered shares

    A holder of nominee-registered shares is entitled to participate in the AGM on the basis of the shares he or she would be entitled to be listed on March 13, 2025 (the record date for the AGM) in the Shareholder Register maintained by Euroclear Finland Ab. Participation also requires that on the basis of these shares, no later than 10.00 a.m. on March 20, 2025 the shareholder has been listed in the temporary shareholder register maintained by Euroclear Finland Ab. In the case of nominee-registered shares, this shall be counted as registration for the AGM. Changes in the shareholding after the record date for the AGM shall not affect the right to participate in the AGM or the shareholder’s number of votes.

    Registration shall be carried out by the asset manager’s account administrator no later than the above-mentioned deadline. A holder of nominee-registered shares is urged to request instructions well in advance from his or her asset manager regarding entry into the temporary shareholder register, issuance of powers of attorney and registration for the AGM. The asset manager’s account managing institution shall register the holder of nominee-registered shares who wishes to participate in the AGM in the Company’s temporary shareholder register no later than the above-mentioned deadline.

    3. Authorised representatives and powers of attorney

    Shareholders may participate in the AGM and exercise their rights at the Meeting through authorised representatives. A shareholder’s authorised representative must show a dated power of attorney or otherwise prove in a reliable manner that he or she is authorised to represent the shareholder.

    If a shareholder is represented at the Meeting by more than one authorised representatives, who represent a shareholder with shares in different book-entry securities accounts, at the time of registration the shareholder must state on the basis of which shares each authorised representative is representing the shareholder.

    Any original powers of attorney should be sent to the Bank of Åland Plc, PB 3, AX-22101 Mariehamn, Åland, Finland and be in the possession of the Company before the expiration of the registration period. Please label the envelope “Annual General Meeting” or “AGM”. Alternatively, a copy of the power of attorney may be sent by e-mail to bolagsstamma@alandsbanken.fi, in which case the original power of attorney shall be shown at the AGM.

    4. Other instructions and information

    Shareholders who attend the Meeting are entitled to ask questions concerning matters being dealt with at the Meeting, pursuant to Chapter 5, Section 25 of the Finnish Companies Act.

    On the date of this Notice convening the Annual General Meeting, the number of shares in the Bank of Åland Plc totals 6,476,138 Series A shares, which represent 129,522,760 votes, and 8,890,781 Series B shares, which represent 8,890,781 votes, or 15,366,919 shares and 138,413,541 votes in all. Each Series A share has 20 votes at the Meeting and each Series B share has one vote, but subject to the limitation on voting rights stipulated in the Articles of Association, Section 7.

    Mariehamn, February 25, 2025

    Board of Directors

    The MIL Network –

  • MIL-OSI: BlueCat appoints Peter Brennan as Chief Revenue Officer

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — BlueCat Networks, a leading provider of Intelligent Network Operations solutions that help organizations modernize, optimize, and secure their network infrastructure, announced Peter Brennan as its new Chief Revenue Officer (CRO).

    Brennan, who joined the company in January, is responsible for driving revenue growth and providing leadership for field teams, including sales, technical, channel, and alliances. Previously, he was the CEO for Scality, Inc., a leader in software-defined storage and data management, and the worldwide CRO for Scality, Grp.

    “BlueCat delivers important network infrastructure solutions to some of the biggest companies in the world,” said Brennan. “Our recent acquisition of LiveAction enhanced BlueCat’s industry-recognized offerings with industry leading network intelligence capabilities and I’m excited to show our prospects and customers how our technology can help them achieve their biggest goals.”

    Earlier in his career, Brennan achieved record growth over two decades in executive roles at Hewlett Packard Enterprise and VMware. “His decades of experience with infrastructure software companies, sales execution, and ability to transform go to market organizations is aligned with our mission to greatly accelerate growth and expand our reach,” said BlueCat CEO Stephen Devito. “We deliver products and services that help our customers spend less time managing the network and more time helping their businesses grow, and Peter is key to amplifying that story.”

    In October, BlueCat announced it was acquiring LiveAction, Inc., a global provider of network observability and intelligence solutions. Adding LiveAction’s industry-leading network performance monitoring, packet capture, and forensics offerings has strengthened BlueCat’s mission-critical DNS, DHCP, and IP address management (together known as DDI) and network infrastructure management solutions. Audax Private Equity is a strategic growth investor in BlueCat Networks.

    About BlueCat

    BlueCat’s Intelligent Network Operations (NetOps) provide the analytics and intelligence needed to enable, optimize, and secure the network to achieve business goals. With an Intelligent NetOps suite, organizations can more easily change and modernize the network as business requirements demand. BlueCat’s growing portfolio includes unified core network services, security and compliance, network observability and intelligence. These solutions can be deployed in hybrid or multicloud environments, in the data center, at remote or branch locations, and via SD-WAN. BlueCat’s DDI management platform was recognized as a market leader and outperformer in GigaOm’s 2024 Radar report. The company is headquartered in Toronto and New York and has additional offices in the United States, France, Germany, Iceland, Japan, Singapore, Serbia, and the United Kingdom. Learn more at bluecat.com.

    About Audax Private Equity

    Based in Boston and San Francisco, Audax Private Equity is a leading capital partner for middle and lower middle market companies that seeks to facilitate transformational growth. With approximately $19 billion of assets under management, over 250 employees, and 100-plus investment professionals, the firm has invested in more than 170 platforms and 1,250 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax helps portfolio companies execute organic and inorganic growth initiatives that fuel revenue expansion, optimize operations, and significantly increase equity value. For more information, visit audaxprivateequity.com or follow us on LinkedIn.

    The MIL Network –

  • MIL-OSI: Signature Systems, Inc. Announces Slate Of New Features For Casino POS

    Source: GlobeNewswire (MIL-OSI)

    WARMINSTER, Pa., Feb. 26, 2025 (GLOBE NEWSWIRE) — Signature Systems, Inc. (SSI), the award-winning hospitality technology provider known for their point-of-sale,PDQ POS, is proud to announce the release of “The Multi-Revenue Center Update.” This new software revision, numbered 3.5.383, gives operators of facilities that contain multiple food & beverage operations the ability to place orders and accept payment for any of those operations wirelessly. Guests can place, pay for and receive orders for any restaurant on premises without the need to leave their seat.

    With the new Multi-Revenue Center Update, staff can easily select any of their locations with one tap and take orders from a wireless POS tablet. Patrons at slot machines, tables, sportsbooks or at other locations can place orders for their favorite food and beverage items and have it delivered to them without taking their eyes off of the game.

    Contained in this update is the new virtual table functionality, which allows staff to easily create or transfer tabs for guests who are not at a pre-programmed location, like a set table or bar seat. This functionality also grants the ability to easily track customers who move locations, like from a table to a bar, or from a bar to a sportsbook without needing to close out and create a new tab.

    “The gaming industry is modernizing, using data and technology to enhance guest’s experiences, increasing retention,” said John White, EVP/CIO of Signature Systems Inc. “We’re modernizing along with them and, with this software update, casinos can take another big step forward. Multiple revenue centers from any POS removes a pre-existing limit to guest enjoyment and helps operators use hardware more efficiently.”

    Included in the software update is also the much-anticipated SMS Waitlist feature. Which allows for hosts and other staff to quickly add guests to a waitlist and be notified via SMS text message when their table is ready. This new functionality removes the need for special notification devices to hand to guests on the waitlist or additional software subscriptions.

    “When designing software for these environments, it’s crucial to consider the experiences of both guests and staff,” Said Justin Andrews, Lead Software Engineer at Signature Systems, Inc. “By improving operational efficiency and the speed of interaction, we can increase revenue and boost customer satisfaction.”

    About Signature Systems (SSI)

    With deep roots in food and beverage, Signature Systems, Inc. (SSI), is a 35-year tenured technology solutions provider whose signature product is PDQ POS, a top rated, all-concept point of sale management system. SSI differentiates itself from all others by virtue of its all-in-one, custom solution sets; all-in-house, domestic teams (including development, live 24x7x365 support, and data/cyber security); and all-in-accountability for prompt, accurate issue resolution.

    Products & services include natively integrated enterprise reporting w/mobile app, natively integrated Delivery Toolkit mobile app, natively integrated custom online ordering, 3rd party delivery fulfillment,

    an array of guest empowerment solutions including self-serve kiosks with multiple tenders, full PCI DSS compliance, comprehensive menu management, value-added integrations, expert project management, onsite training and education, and much more. Learn more at PDQpos.com and

    SSIpos.com, for all casino/hospitality-based restaurants, bars, and retail.

    SSI is the proud winner of the 2022 Innovation Award from Gaming & Leisure©.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0ec5b944-1695-4254-9a84-d09811651780

    The MIL Network –

  • MIL-OSI: Rightworks cloud and security platform chosen for AICPA’s Member Discount Program

    Source: GlobeNewswire (MIL-OSI)

    NASHUA, N.H., Feb. 26, 2025 (GLOBE NEWSWIRE) — Rightworks, the only intelligent cloud service provider of solutions purpose-built for accounting firms and professionals, today announced it has been selected to join AICPA’s Member Discount Program. The collaboration provides AICPA members with exclusive discounts on Rightworks WISP and Total Security solutions, empowering firms and small businesses to stay ahead of security threats and achieve mandatory industry compliance throughout the year.

    “Rightworks has a decades-long track record of delivering comprehensive and easy-to-use solutions built specifically for the accounting profession and their clients,” said Michael Cerami, EVP of CPA.com, the business and technology subsidiary of the AICPA. “We look forward to connecting AICPA members with solutions that offer a strong and layered security approach.”

    The newest addition makes Rightworks the only intelligent cloud service provider of solutions purpose-built for accounting firms and professionals in the AICPA Member Discount Program. More than 400,000 AICPA members now get a 15% discount on Rightworks comprehensive security solutions, which include:

    Rightworks WISP

    • A custom security strategy: Strengthen internal processes with a tailored Written Information Security Plan (WISP)
    • Expert assistance: Rightworks security professionals will build a comprehensive WISP, saving billable hours so your firm can focus on serving clients
    • Regulatory compliance: WISPs are mandated by the IRS and the FTC Safeguards Rule and are required to renew a Preparer Tax Identification Number (PTIN) each year
    • Eliminate security gaps: Create a clear roadmap for strengthening your firm’s security posture

    Rightworks Total Security

    • Stronger protection: Includes device security, automatic backups, a VPN and a password manager
    • Staff training: Equips teams with security awareness training to mitigate risks from phishing and cyberattacks
    • A comprehensive solution: Addresses firms’ security and compliance challenges in one offering

    “Maintaining a robust security strategy and ensuring compliance with industry standards are among the top challenges for firms every year,” said Joel Hughes, CEO of Rightworks. “We are proud to join AICPA’s discount program to help empower the members of the world’s largest association representing CPAs with solutions that offer protection against reputational and financial damage.”

    The AICPA Member Discount Program provides savings on products and services its members use every day, such as travel, technology, office supplies, shipping and more.

    Click here for more information on AICPA member discounts.

    Connect with Rightworks
    Visit our newsroom; read our blog; and follow us on LinkedIn, Facebook and Instagram.

    About Rightworks
    Rightworks enables accounting firms and businesses to significantly simplify operations and expand their value to clients via our award-winning intelligent cloud and learning resources. This is possible with Rightworks OneSpace, the only secure cloud environment purpose-built for the accounting and tax profession, and Rightworks Academy, the premier community for firm optimization, growth and professional development. The Academy offers access to thought leadership, events, peer communities and extensive learning resources. Founded in 2002, we’ve grown to serve over 10,000 accounting firms in the US—from single practitioners to Top 10 firms. For more information, please visit rightworks.com or follow us on LinkedIn, Facebook and Instagram.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a3d94458-39e1-42e1-bf61-7f7515be063b

    The MIL Network –

  • MIL-OSI: Šiaulių Bankas Group Results for the Year 2024

    Source: GlobeNewswire (MIL-OSI)

    • Financial targets. Šiaulių Bankas Group demonstrated strong performance and successfully achieved all its financial targets for 2024, delivering on its guidance
    • Profit. Šiaulių Bankas Group earned a record net profit of €78.8 million
    • Loan portfolio. The loan portfolio grew by 17% year-on-year to over €3.4 billion
    • Deposits. The deposit portfolio grew by 12% over the year to almost €3.6 billion at the end of 2024
    • Fee & commission income. Net fee and commission income grew by 44% year-on-year to over €29 million
    • Dividends. Šiaulių Bankas Group intends to propose a distribution of 50% of its 2024 net profit, or €0.061 dividend per share
    • Share buybacks. Will allocate up to 5% of the 2024 net profit for own share buybacks
    • Rebranding. A rebranding of Šiaulių Bankas will be proposed for the upcoming shareholders’ meeting

    “In 2024, we have successfully integrated INVL’s retail business into Šiaulių Bankas Group, updated our long-term vision and strategy, and initiated a business transformation that we believe will bring greater value to our customers, shareholders, and society.

    While launching strategic projects such as the replacement of the core banking platform and rebranding preparation, we maintained high profitability and service quality, effectively managing risk and costs.

    The successful implementation of our first international bond issuances and the updated dividend policy demonstrate our commitment to efficient capital utilization and delivering high returns to shareholders during the transformation period,” says Vytautas Sinius, CEO of Šiaulių Bankas.

    Šiaulių Bankas Group earned an unaudited net profit of €78.8 million in 2024 which is 5% more than in 2023. Operating profit before allowance for impairment losses and income tax amounted to €107.3 million, a 3% decrease compared to operating profit of €111.0 million in 2023.

    Net interest income grew by 2% year-on-year to €160.2 million, while net fee and commission income grew by 44% to over €29 million. The latter increased 11% in the last quarter of 2024 alone, compared to Q3 2024.

    All loan book segments grew during the year, with the total loan portfolio increasing by 17% (€503 million) to €3.43 billion. New credit agreements worth €1.5 billion were signed during the year, 14% more than in 2023 (€1.3 billion).

    The quality of the loan portfolio remains strong, with provisions of €11.3 million made in 2024, €4 million less than in 2023. The Cost of Risk (CoR) of the loan portfolio for year 2024 was 0.35% (0.54% for the 2023).

    The deposit portfolio grew by 12% since the beginning of the year (€383 million) and exceeded €3.5 billion at the end of the year. The amount of term deposits grew by 22% (€348 million) to over €1.9 billion during the year and their share in the total deposit portfolio increased by 5 percentage points to 54%.

    The bank’s capital structure was enhanced by an additional issue of Tier 1 (AT1) bonds of €50 million in the fourth quarter. All issuances made in 2024 have significantly strengthened and diversified the capital base, which allows for continued rapid growth while ensuring high returns for investors.

    The Bank’s Management Board, taking into the account the updated dividend policy, the bank’s strong performance in 2024, its robust capital position, and the favourable outlook for the operating environment, has decided to propose a dividend of 50% of the 2024 net profit (€0.061 per share) for approval at the Bank’s Annual General Meeting.

    Šiaulių Bankas has repurchased own shares worth €10.2 million and is planning to continue with buyback programmes, in line with the existing the European Central Bank’s (ECB’s) authorisation granted on 15th August 2024. The bank will also propose to allocate up to 5% of its 2024 net profit for the share buybacks for the capital reduction purpose, and to grant shares as part of the deferred variable remuneration for the employees of the Šiaulių Bankas Group.

    The group’s cost/income ratio (C/I) was 49.0%1 (41.2%1 in 2023) and the return on equity (RoE) was 14.0% (15.5% in 2023) at the end of the year. The capital and liquidity position remained strong and prudential ratios are being met by a wide margin. The capital adequacy ratio (CAR) stood at 22.8%2 and the liquidity coverage ratio (LCR) at 232%2.

    Income Statement (€’m) FY2024 FY2023 % ∆
           
    Net Interest Income 160.2 156.9 2%
    Net Fee & Commission Income 29.1 20.3 44%
    Other Income 34.4 19.3 78%
    Total Revenue 223.7 196.5 14%
           
    Salaries and Related Expenses (49.5) (36.2) 37%
    Other Operating Expenses (66.9) (49.3) 36%
    Total Operating Expenses (116.4) (85.5) 36%
           
    Operating Profit 107.3 111.0 (3%)
    Allowance for Impairment Losses (10.9) (15.2) (28%)
    Income Tax Expense (17.7) (20.4) (13%)
           
    Net Profit 78.8 75.4 5%
           
    Balance Sheet Metrics (€’m) Dec 2024 Dec 2023 % ∆
           
    Loans 3 435 2 932 17%
    Total Assets 4 923 4 808 2%
    Deposits 3 561 3 178 12%
    Equity 585 543 8%
           
    Assets under Management3 1,977 1,556 27%
    Assets under Custody 1,936 1,943 0%
           
    Key Ratios FY2024 FY2023 ∆
           
    Net Interest Margin (NIM) 3.3% 4.2% -93bps
    Cost-to-Income ratio (C/I)1 49.0% 41.2% +779bps
    Return on Equity (RoE) 14.0% 15.5% -146bps
    Cost of Risk (CoR) 0.3% 0.5% -19bps
    Capital Adequacy Ratio (CAR)2 22.8% 22.4% +36bps
             

    Overview of Business Segments

    Corporate Client Segment

    Šiaulių Bankas has significantly increased the volume of corporate financing over the year – in 12 months new corporate financing agreements worth of €960 million were signed in 2024, 29% increase compared to previous year. In the 2024 the portfolio has grown by 20% (€308 million) to over €1.8 billion. Growth has been well-diversified across several strategic sectors, including manufacturing, retail, and renewable energy. A favourable business environment has encouraged investment and created additional opportunities for expansion.

    Šiaulių Bankas continued its commitments to promote sustainability and signed amendments to the Pre-financing and Contingent loan agreements with the European Investment Bank (EIB) concluded in 2016 to increase the Bank’s investment up to €255 million from €195 million – to finance the modernization programme of multi-apartment buildings in Lithuania.

    Private Client Segment

    In 2024, Šiaulių Bankas has successfully implemented key strategic initiatives that strengthened its market position and ensured sustainable growth. The successful integration of INVL retail business was a major accomplishment, which enabled the bank to expand its service offering and provide customers with even more opportunities. The implementation of new core banking platform is on track, promising a greater efficiency and an improves customer experience.

    To strengthen its image and further meet the expectations of its customers, Šiaulių Bankas has also started preparations for the rebranding. A rebranding of Šiaulių Bankas will be proposed for the upcoming shareholders’ meeting.

    The volume of new mortgage contracts in 2024 increased by 21% year-on-year to €213 million. In 2024 the mortgage portfolio has grown by 17% (€136 million) reaching €0.9 billion. The volume of new consumer loan contracts increased by 5% year-on-year to €232 million. Since the beginning of 2024, the consumer loan portfolio has grown by 19% (€57 million) to over €0.35 billion.

    Investment Client Segment

    The bank has remained active in the local corporate bond market, originating €42 million in corporate bonds across 10 issuances for its clients in Q4 2024. Total corporate bond issuance for the year reached €227 million. According to Nasdaq Baltics, Šiaulių Bankas is leading security issuer in Lithuania and the Baltic States and maintains the largest share of securities trading on the Lithuanian stock exchange.

    Šiaulių Bankas demonstrated strong performance in asset management business in 2024. Client assets under management (AuM) reached €1.46 billion and grew by €277 million year-on-year. Growth was driven by new client investment flows and investment performance. In 2024, Šiaulių Bankas asset management company, earned €164.4 million for Tier II pension fund clients and €19.8 million for Tier III clients. In total, the profit generated for clients during the year was €184.2 million.

    SB Alternative Investment Fund III, providing new investment opportunities for Lithuanian retail investors, has enjoyed a successful launch, attracting over €6 million in 2024. Distribution of units of the investment fund is ongoing.

    The Life Insurance segment also showed steady growth, Risk Under Management (RUM) reaching EUR 1.7 billion in the fourth quarter, EUR 174 million more than a year ago.

    1after eliminating the impact of the client portfolio of SB Draudimas
    2preliminary data
    3includes Asset Management and Modernisation Funds AuM

    Šiaulių Bankas invites shareholders, investors, analysts and all interested parties to a webinar presentation of the financial results and highlights for the 2024. The webinar will start on 27 February 2025 at 8.30 am (EET). The webinar will be held in English. Please register here. Please find attached the information that will be presented at the webinar.

    If you would like to receive Šiaulių Bankas’ news for investors directly to your inbox, subscribe to our newsletter.

    Additional information:
    Tomas Varenbergas
    Head of Investment Management Division
    tomas.varenbergas@sb.lt

    Attachments

    The MIL Network –

  • MIL-OSI United Kingdom: New Council Tax Reduction Scheme more equitable to support those in need

    Source: City of Salford

    Salford City Council’s Council proposals to make significant changes to its Council Tax Reduction (CTR) scheme are now approved and come into effect on 1 April 2025.

    Council Tax Reduction (CTR) is the way that councils help households on low incomes to pay their council tax bill. Residents were consulted on the proposals for the new scheme which will play a vital role in alleviating financial pressures for vulnerable households.

    The new, fairer and more flexible income-banded scheme in place for 2025/26 only assesses on income available to pay general bills. It uses Universal Credit notifications from the Department for Work and Pensions as the main way to determine household eligibility for CTR. 

    This change reduces the burden on the claimant, minimising the risk of them missing out on support and aligns with the move of most benefits to Universal Credit.

    Lead Member for Finance, Support Services and Regeneration, Jack Youd, said: “We’re proud to have created a more equitable scheme which targets support to those in need, in line with our priority to tackle poverty and inequality. 

    “Our new scheme uses the Universal Credit breakdown to identify those with the lowest income available for general expenses and bills so the assessment of eligibility is fair across all claims and household types. 

    “Providing different income bands for different household make-ups recognises differences in expense levels as well as capacities and limitations for earning and accessing more income. This creates more stability in the amount of support a household will receive.

    “By simplifying the eligibility and assessment criteria and enabling the claim to be driven by the Universal Credit claim, we can provide more certainty to recipients. 

    It also helps us get on the front foot with early intervention and prevention of debt in line with the council’s anti-poverty strategy.”

    Visit www.salford.gov.uk/counciltaxreduction for more information about the new scheme.

    Share this

    Date published
    Wednesday 26 February 2025

    Press and media enquiries

    MIL OSI United Kingdom –

  • MIL-OSI Security: Morgantown Physician Sentenced for Tax Fraud

    Source: Office of United States Attorneys

    CLARKSBURG, WEST VIRGINIA – David M. Anderson, age 64, of Morgantown, West Virginia, was sentenced to six months in federal prison for filing false tax returns.

    According to court documents and statements made in court, Anderson, a physician, filed false tax returns that understated his taxable income and made false claims to lessen his tax burden, causing a loss to the IRS of $143,599 over a four-year period.

    Anderson will serve three years of supervised release following his prison sentence.

    Assistant U.S. Attorney Eleanor Hurney prosecuted the case on behalf of the government.

    The Internal Revenue Service Criminal Investigation investigated.

    Chief U.S. District Judge Thomas S. Kleeh presided.

    MIL Security OSI –

  • MIL-OSI: Diamond Equity Research Initiates Coverage on ConnectM Technology Solutions, Inc. (NASDAQ: CNTM)

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, Feb. 26, 2025 (GLOBE NEWSWIRE) — Diamond Equity Research, a leading equity research firm with a focus on small capitalization public companies has initiated coverage of ConnectM Technology Solutions, Inc. (NASDAQ: CNTM). The in-depth 32-page initiation report includes detailed information on the ConnectM Technology Solutions’ business model, services, industry overview, financials, valuation, management profile, and risks.

    The full research report is available below.

    ConnectM Technologies Inc. Initiation Report

    Highlights from the report include:            

                                      
    •    Diversified Innovative AI-Powered Platform Driving Scalable and Recurring Revenue Streams: At the core of ConnectM’s strategy lies its proprietary Energy Intelligence Network (EIN), which integrates AI-powered heat pumps, EV solutions, and distributed energy systems. The platform enables efficient cross-selling across diverse verticals, thereby enhancing customer lifetime value and lowering acquisition costs. This results in predictable, high-margin revenue streams derived from product sales, software subscriptions, and managed services agreements.

    •    Pioneering Leadership in the $2 Trillion Electrification Transformation: ConnectM is strategically positioned at the forefront of the global shift from fossil fuels to renewable energy, tapping into a $2 trillion electrification market. Its early mover advantage is strengthened by a robust 10-patent IP portfolio and over 120,000 connected assets that drive powerful network effects and data intelligence. This pioneering stance not only differentiates ConnectM but also establishes a solid foundation for sustainable long-term growth.

    •    Robust, Vertically Integrated Business Model Fueling Consistent High Growth: ConnectM has achieved 20 consecutive quarters of revenue growth, with a current run rate projected at $26 million and break-even cash flow expected by 2025. Its vertically integrated approach, encompassing product design, AI technology, and owned service networks, minimizes dependence on third-party providers. Moreover, a shared revenue model with service partners further amplifies potential profitability while mitigating operational risks.

    •    Strategic Acquisitions Accelerating Synergistic Market Expansion: The company has strategically augmented its market presence through targeted acquisitions, including MHz Invensys, projected to contribute $15 million in revenue by 2027. Additional acquisitions, such as DeliveryCircle and Green Energy Gains, have significantly strengthened its foothold in last-mile logistics and building electrification. This well-defined M&A pipeline is potentially set to unlock further synergistic growth opportunities across the smart energy solutions landscape.

    •    Solid Financial Foundations Supported by Strong Institutional Backing: ConnectM benefits from robust institutional support, with shareholders as of recent filings including Cowen, Geode Capital, Polar Asset, and Jane Street, while insiders hold a significant 33% stake. The company’s de-leveraged balance sheet, achieved by a recent conversion of $13.7 million in debt to equity, reinforces its financial resilience. Furthermore, the secured $25 million in strategic financing positions ConnectM for continued expansion and technological innovation.

    •    Capturing Exponential Growth Prospects Amid Robust Market Tailwinds: The electrification of buildings, transportation, and distributed energy systems is still in its early stages, offering substantial exponential growth potential. AI-powered heat pumps, a key component of the EIN, represent an opportunity comparable to the EV market but with superior potential margins of 30–40% and lower competition. These favorable market tailwinds are expected to drive sustained demand and accelerate ConnectM’s expansion trajectory.

    •    Valuation: ConnectM is targeting the $2 trillion energy transition with its AI-powered Energy Intelligence Network (EIN), optimizing electrification, distributed energy networks, and smart mobility. Its platform-driven strategy positions it for accelerated growth, operational efficiency, and sustained profitability. We have assessed ConnectM’s valuation using a blended approach, incorporating discounted cash flow (DCF) and comparable company analyses. Under our DCF approach, we assumed a 12.5% discount rate and a terminal growth rate of 1.5% to estimate the present value of projected free cash flows. For the comparable company analysis, we utilized the EV/Revenue multiple of similar renewable energy products and technology companies to establish a market-based valuation benchmark. By integrating both these approaches, we have arrived at a valuation of $3.25 per share contingent on successful execution by the company.

    About ConnectM Technology Solutions, Inc.  

    ConnectM Technology Solutions, Inc. is a vertically integrated holding company based in Marlborough, MA that provides digital platforms and services for electrification and decarbonization across the U.S., offering solutions for solar energy, HVAC, EV integration, and smart energy management.  

    About Diamond Equity Research

    Diamond Equity Research is a leading equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.

    For more information, visit https://www.diamondequityresearch.com. 

    Disclosures:

    Diamond Equity Research LLC is being compensated by ConnectM Technology Solutions, Inc. for producing research materials regarding ConnectM Technology Solutions, Inc. and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 02/26/25 the issuer had paid us $17,500 (as part of $35,000 annual contract payable in three upfront installment payments for the first year of coverage), which commenced on 01/30/25 with the second and third installment of $8,750 due in the following two three-months period. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually does not exceed $5,000. The issuer has not paid us for non-research related services as of 02/26/2025. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. Investors need to be aware of the high degree of risk in small capitalization equities including the complete loss of their investment. Investors can find various risk factors in the initiation report and in the respective financial filings for ConnectM Technology Solutions, Inc. Please review initiation report attached for full disclosure page.  

    Attachment

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Company delivers ~10% EPS growth in 2024

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

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

    Financial performance highlights for the full-year:

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

    Financial performance highlights for the fourth quarter of 2024:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Full-year 2025:

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

    First quarter 2025:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    Slater noted the following significant business updates:

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

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

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

    About DT Midstream

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

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

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

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

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

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

    Forward-looking Statements

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

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

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

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

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

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

    The MIL Network –

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

    Source: Hong Kong Government special administrative region

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

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

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

    NNNN

    MIL OSI Asia Pacific News –

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

    Source: Hong Kong Government special administrative region

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

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Budget Speech by the Financial Secretary (11)

    Source: Hong Kong Government special administrative region

    Reinforcing Fiscal Consolidation Programme229. To uphold the principles of fiscal prudence, I recommend reinforcing the fiscal consolidation programme as put forward in last year’s Budget. The key is managing expenditure growth, making good use of the Government’s fiscal resources, and identifying new revenue resources. Our principles are:(a) to focus on strictly controlling government expenditure, supplemented by increasing revenue. Regardless of increasing revenue or cutting expenditure, the impact to the general public should be minimised. In particular, the Government will lead by example to demonstrate our commitment in cutting expenditure, whilst ensuring the delivery of high-standard public services. The Government will also continue to press ahead with infrastructure works projects in the NM and those related to the economy and people’s livelihood;(b) to maintain the competitiveness of Hong Kong’s simple and low tax regime, and to avoid considerable increase in tax rates or introducing new taxes; and(c) to uphold the “user pays” and the “affordable users pay” principles as far as practicable whilst increasing revenue. Strictly Containing the Growth of Government ExpenditureOperating Expenditure230. We will step up efforts to contain government operating expenditure. I have instructed all bureaux and departments to further review their resource allocation and work priorities, and provide public services in a more cost effective manner through consolidating internal resources, streamlining procedures and leveraging technology. 231. On the premise of maintaining efficient public services, we will implement the following measures:(a) stepping up the Productivity Enhancement Programme. On the premise that CSSA, Social Security Allowance and statutory expenditure will not be affected, the rate of reduction of recurrent government expenditure will be increased from the original one per cent to two per cent in 2025-26. This arrangement will be extended for two more years to 2027-28. Taking into account the one per cent cut in 2024-25, the cumulative rate of reduction will be seven per cent in total. Using 2023-24 recurrent expenditure as the basis, it will deliver a saving in recurrent government expenditure of around $3.9 billion, $11.7 billion, $19.5 billion and $27.3 billion in the respective financial years; (b) in view of the reduction in expenditure and enhancement in manpower utilisation, the civil service establishment will be reduced by two per cent each in 2026-27 and 2027-28. By 1 April 2027, about 10 000 posts are expected to be deleted within this term of Government; and(c) the Government will provide funding of $68.1 billion to the University Grants Committee (UGC)-funded universities in the coming three years. This funding has reflected a two per cent reduction target each year, which is in line with the magnitude of government’s recurrent expenditure cut. I must stress that this funding level is still higher than the $63.2 billion in the last triennium.232. In last year’s Budget, I have requested the relevant bureaux to review the operation of two transport subsidy schemes that incur relatively high expenditure with a rapid growth rate, namely the Government Public Transport Fare Concession Scheme for the Elderly and Eligible Persons with Disabilities (i.e. the $2 Scheme) and the Public Transport Fare Subsidy Scheme (PTFSS). In order to enable the continued operation of the schemes in a financially sustainable manner, we propose the following adjustments after review:(a) the $2 Scheme: On the basis that the targeted beneficiaries remain unchanged, the Government will change the concessionary fare to “$2 flat rate cum 80 per cent discount”, which means that beneficiaries will continue to pay $2 for trips with fare below or equal to $10. For trips with fare above $10, the beneficiaries will have to pay the amount of full fare after 80 per cent discount. Furthermore, the number of concessionary trips will also be limited to 240 per month. This fine-tuned proposal preserves our policy intent while striking a balance between enhancing the sustainability of the scheme and minimising the impacts to the beneficiaries; and  (b) PTFSS: From June 2025 onwards, the threshold of monthly public transport expenses incurred for receiving the subsidy under the Scheme will be raised from $400 to $500. The Government will continue to provide a subsidy amounting to one-third of the expenses in excess of $500, and the prevailing subsidy cap at $400 per month will remain unchanged.233. The relevant policy bureaux will announce the details later. Upon implementation of the refined arrangements, the Government is expected to save $6.2 billion in the coming five years.234. To assist bureaux and departments in reducing expenditure and ensure the proper use of public money, I have requested:(a) the Audit Commission to organise workshops for the senior management of Government departments and public bodies. Through sharing experience and case studies on its value for money audits, the Commission seeks to foster the management’s understanding and adoption of principles and best practices in fiscal prudence and optimal use of public money;(b) the Financial Services and the Treasury Bureau to review and enhance the Government’s procurement regime. We expect that the new arrangements will be introduced in mid-2025, so as to facilitate departments to procure quality goods and services at a reasonable price through an open and fair framework; and(c) the relevant bureaux to review the expenditures on social welfare, healthcare and education. The recurrent expenditure on each of these three areas amounts to more than $100 billion in this financial year. The Government should, having regard to demographic changes in Hong Kong, optimise resources and review the sustainability of the use of resources.235. In addition, the Government puts forward that for 2025-26, the executive authorities, the legislature, the judiciary and members of the District Councils take a pay freeze. This includes the Chief Executive and politically appointed officials; the Non-official Members of the Executive Council; members of the civil service; the President, all Members and Secretariat of the LegCo; Chief Justice of the Court of Final Appeal, judges of the courts at all levels and other members of the Judiciary; and members of the District Councils.Capital Works Expenditure236. Overall construction costs have risen in recent years. The Government will strive to enhance control on cost effectiveness when pressing ahead with infrastructure works projects. I have requested the Project Strategy and Governance Office (PSGO) under Development Bureau (DEVB) to support various departments in enhancing governance of public works projects on all fronts. PSGO scrutinises project cost estimates upon inception of a project, and optimises project design in accordance with the principle of “fitness-for-purpose and no frills”. PSGO also formulates cost-effective proposals in co-ordination with the relevant policy bureaux and works departments in order to reduce construction costs. Since its establishment, PSGO has reviewed over 540 public works projects, achieving savings in construction costs by over 15 per cent. 237. Meanwhile, PSGO is co-ordinating the relevant work on reducing construction costs. This includes formulating policies for the procurement of construction materials and products, such as MiC modules and steel reinforcement, through direct procurement by relevant works departments and centralised procurement by a single department. PSGO will also study the use of new materials and innovative construction technologies by drawing reference from the Mainland and overseas practices and experience. All these efforts aim to help departments reduce project costs, enhance cost-effectiveness and ensure timely completion of public works projects.238. Furthermore, the Government is reviewing the scale and mode of delivery of district cooling systems in new development areas, such as Hung Shui Kiu/Ha Tsuen and San Tin Technopole, to tie in with the development of the area with greater cost-effectiveness. The preliminary estimate of savings in terms of works expenditure is at least $40 billion. The Environment and Ecology Bureau will report the review results in the second quarter this year.Consolidating and Optimising the Use of Government Financial Resources239. Bureaux and departments set up funds outside the Government’s accounts for specific purposes from time to time in the light of their policy needs. Currently, there are a total of 42 such funds with an aggregate balance of nearly $180 billion. Some of these funds only use investment returns to meet their expenditure (i.e. seed capital funds). With different monitoring frameworks and investment strategies, these seed capital funds lock up an enormous amount of public financial resources.240. To enable the Government to make more flexible and effective use of these resources, we have reviewed the financial arrangements of these seed capital funds. We propose bringing back first six funds with relatively large unspent balance, totalling about $62 billion, to the Government’s accounts in 2025-26, after setting aside resources to meet the necessary expenditure of these funds for the next five years so that it will not affect their sustainable operation. This will provide a more comprehensive picture of the Government’s fiscal position and enable better use of its financial resources. We will also require the relevant bureaux to examine the financial arrangements of other seed capital funds.241. We have reviewed the utilisation of the Anti-epidemic Fund. Taking into account the expenditure requirements, the Fund has a remaining balance of about $15 billion, which will be brought back to the Government’s accounts next month. This sum has been reflected in the revised estimate for 2024-25.Enhancing Public Service Efficiency242. The Government has all along endeavoured to deliver more efficient public services to citizens through leveraging technology, streamlining processes and driving the digital transformation of public services.243. We are striving to realise “single portal for online government services”, with a view to providing a one-stop shop for citizens to obtain information, apply for services and settle bills. Since the launch of the “iAM Smart” mobile application, the number of registered users has exceeded 3.2 million. “iAM Smart” connects about 500 services of the Government as well as public and private organisations and provides nearly 600 electronic government forms.244. The DPO is planning to progressively implement a “Digital Corporate Identity” Platform before the end of next year. This will enable Hong Kong enterprises to undergo corporate identity authentication and digital signature process in a secure and convenient manner when using electronic government services or conducting online business transactions. This measure will facilitate digital transformation of enterprises, and help enhance government departments’ efficiency in processing online applications.245. The Transport Department will roll out a number of electronic licensing services, including electronic driving licences, progressively from the middle of this year to early next year. The Department will continue to launch various electronic permits and integrated, user-friendly online services. It also plans to introduce a bill into LegCo on electronic driving licence in the first half of this year to provide the option of displaying driving licences through dedicated applications on smartphones.246. The Housing Bureau has selected 10 public rental housing estates as the pilot sites for smart estate management to adopt more technologies, such as Internet of Things sensors, robots, etc, in daily estate management. It will also launch a centralised estate management platform this year to enhance management efficiency and service quality.247. DEVB is driving digitalisation of public works in full swing, and applying AI technology for big data analysis to reduce the risk of project delay and cost overrun. DEVB is also driving the wider application of highly-effective construction robots in projects with functions including automated processes, remote control, AI, etc, to support construction personnel in various fields to enhance work efficiency, cost-effectiveness, site safety and works quality. 248. The Civil Service College will enhance the content on technology application in civil service leadership training, equipping departmental leaders to optimise their information technology systems, better utilise big data and AI, and arrange appropriate training for their staff.Increasing Revenue249. For some time in the past, some government fees and charges have not been adjusted in accordance with the established mechanisms. As a result, these fees and charges are not pegged to their costs and fail to reflect the “user pays” principle. I am going to introduce the following measures:(a) the rate of air passenger departure tax will be increased from $120 to $200 per passenger starting from the third quarter of 2025-26. It is anticipated that government revenue will increase by about $1.6 billion per year. The impact on air passengers is expected to be minimal;(b) an application fee of $600 will be charged under various talent and capital investor admission schemes with immediate effect. The visa fees, to be charged based on the duration of limit of stay, will be raised to $600 or $1,300. It is estimated that government revenue will increase by about $620 million per annum;(c) the Government has cancelled the tolls of some major tunnels and strategic routes three years ago and the tolls of some Government tunnels have not been adjusted for over 30 years. Considering the fact that the Government has invested heavily in building these infrastructure, the Transport and Logistics Bureau will review the tolls of relevant government tunnels and trunk roads to embody the “user pays” principle. The Government will also review the annual licence fee for electric private cars, parking meter charges, as well as the fixed penalties for traffic offences for better traffic management. Based on preliminary estimation, the relevant adjustments could generate about $2 billion additional revenue per annum;(d) we will explore introducing a boundary facilities fee on private cars departing via land boundary control points. Coaches, goods vehicles, etc, will not be affected. Taking a fee of $200 per private car as an example, the measure will bring in revenue of about $1 billion per annum; and(e) in January 2025, we submitted a bill to LegCo on the implementation of the global minimum tax proposal drawn up by the Organisation for Economic Co-operation and Development to address base erosion and profit shifting. We aim to apply the global minimum tax rate of 15 per cent on large multinational enterprise groups with an annual consolidated group revenue of at least EUR750 million and impose the Hong Kong minimum top up tax. Subject to the passage of the bill, the proposal will bring in tax revenue of about $15 billion for the Government annually starting from 2027-28.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Budget Speech by the Financial Secretary (10)

    Source: Hong Kong Government special administrative region

    Public Finance

    210. The Government has been adhering to the principle of keeping the expenditure within the limits of revenues as enshrined under Article 107 of the Basic Law and strives to achieve fiscal balance over a period of time to ensure the resilience and sustainability of our public finances.

    211. Let me elaborate on the Government’s current fiscal position.

    212. Government revenue and expenditure are broadly presented in two major accounts, namely the Operating Account and the Capital Account. The revenue of the Operating Account mainly comes from various types of tax revenue, investment income, government fees and charges, and so on, while its expenditure is largely attributed to the Government’s daily expenses. As for the Capital Account, its revenue is mainly land-related, while its expenditure largely involves infrastructure works projects and land acquisition.

    213. In view of the different composition and nature of the Operating Account and the Capital Account, we have to manage them separately with different fiscal targets and methods. The Operating Account should be managed on the basis of keeping expenditure within the limits of revenues with the target of achieving a surplus.

    214. As for the Capital Account, expenditure on infrastructure works is our investment for the future. For instance, the NM development, which will bring economic and social benefits upon completion, has to be taken forward to meet the needs for social and economic development. However, as revenue is susceptible to economic cycles, there may be a shortfall between revenue and expenditure. Under such circumstances, we can utilise the surplus in the Operating Account or our fiscal reserves as support, or make flexible use of market resources, including various forms of public private partnership and bond issuance.

    215. We forecast that the Operating Account will largely achieve balance in 2025-26 and return to a surplus starting from 2026-27. The Capital Account is estimated to record a deficit in the Medium Range Forecast (MRF) period due to the accelerated development of the NM and other public works projects relating to the economy and people’s livelihood. Nevertheless, the level of deficit will decline year on year from 2026-27 onwards.
     
    Revised Estimates for 2024-25

    216. The 2024-25 revised estimate on total government revenue is $559.6 billion, lower than the original estimate by 11.6 per cent.

    217. Among them, revenues from profits tax and salaries tax remain stable at $177.7 billion and $88 billion respectively, comparable to the original estimates, demonstrating the strong resilience of Hong Kong economy.

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

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

    220. Taking into account the issuance of government bonds of $130 billion and repayments of $22.1 billion, it is expected that there will be a consolidated deficit of $87.2 billion for 2024-25. Fiscal reserves are expected to be $647.3 billion by March 31, 2025.
     
    Estimates for 2025-26

    221. Looking ahead to 2025-26, the Government will continue to provide resources for consolidating momentum on economic growth, promoting the accelerated development of I&T industries, and enhancing public services. We will also increase capital works expenditure to cater for the NM and other public works projects relating to the economy and people’s livelihood, so as to support the sustained economic development of Hong Kong.

    222. The major policy initiatives announced in the 2024 Policy Address involve operating expenditure of $8.1 billion and capital expenditure of $14.1 billion. The financial implications of such initiatives have been reflected in the estimates for 2025-26.

    223. Total government expenditure for 2025-26 will increase by 8.9 per cent to $822.3 billion, with its ratio to nominal GDP projected to be 24.4 per cent.

    224. Recurrent expenditure for 2025-26 will increase by 4.5 per cent to $588.1 billion. Of this, substantial resources will still be allocated to livelihood related policy areas including healthcare, social welfare and education, involving a total of $348.6 billion, representing about 60 per cent of recurrent expenditure. Non recurrent expenditure will decrease by 3.4 per cent to $36.1 billion.

    225. Total government revenue for 2025-26 is estimated to be $659.4 billion, while earnings and profits tax are estimated to be $301.2 billion, increasing by 8.4 per cent over the revised estimate for 2024-25. On the basis of the Land Sale Programme and the land supply target of 2025-26, revenue from land premium is estimated to be $21 billion, increasing by 55.3 per cent over the revised estimate for 2024-25. Having regard to the recent trading conditions of the stock market, revenue from stamp duties is estimated to be $67.6 billion, increasing by 16.5 per cent over the revised estimate for 2024-25. Besides, we will bring back about $62 billion from six endowment funds established outside the government accounts.

    226. Taking into account the bond issuance of about $150 billion and repayments of about $54.1 billion in 2025-26, a deficit of $67 billion is expected for the year, and the fiscal reserve will decrease to $580.3 billion.
     
    Support Measures

    227. Having regard to the pressure faced by some industries and the people, and the Government’s fiscal situation, we will introduce the following measures:

    (a) provide rates concession for domestic properties for the first quarter of 2025/26, subject to a ceiling of $500 for each rateable property. This measure will involve 3.12 million domestic properties and reduce government revenue by $1.5 billion;

    (b) provide rates concession for non-domestic properties for the first quarter of 2025/26, subject to a ceiling of $500 for each rateable property. This measure will involve 430 000 non-domestic properties and reduce government revenue by $200 million.

    (c) reduce salaries tax and tax under personal assessment for the year of assessment 2024/25 by 100 per cent, subject to a ceiling of $1,500. The reduction will be reflected in the final tax payable for the year of assessment 2024/25. This measure will benefit 2.14 million taxpayers and reduce government revenue by $2.9 billion;

    (d) reduce profits tax for the year of assessment 2024/25 by 100 per cent, subject to a ceiling of $1,500. The reduction will be reflected in the final tax payable for the year of assessment 2024/25. This measure will benefit   165 400 businesses and reduce government revenue by $200 million; and

    (e) provide an allowance to eligible social security recipients, equal to one half of a month of the standard rate Comprehensive Social Security Assistance (CSSA) payments, Old Age Allowance, Old Age Living Allowance or Disability Allowance, while similar arrangements will also apply to recipients of the Working Family Allowance, altogether involving an additional expenditure of about $3.1 billion.

    228. To ease the burden on buyers of residential and non-residential properties at lower values, I announce that the maximum value of properties chargeable to a stamp duty of $100 will be raised from $3 million to $4 million with immediate effect. This measure is expected to benefit about 15 per cent of property transactions and reduce government revenue by about $400 million annually.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Budget Speech by the Financial Secretary (9)

    Source: Hong Kong Government special administrative region

    Accelerating Green DevelopmentGreen Industries171. Development of green industries is a major international trend and key to addressing global climate change. The combination of green finance and green technology will accelerate the build-up of multi-faceted industry clusters, thereby creating huge business opportunities and financing needs, and making contribution to green transformation and development.Green Finance172. We launched the Sustainable Finance Action Agenda last year, setting out goals for the banking industry to achieve net zero. We also launched the Roadmap on Sustainability Disclosure in Hong Kong. It provides a well defined pathway for large publicly accountable entities to adopt the International Financial Reporting Standards – Sustainability Disclosure Standards no later than 2028. This will make Hong Kong one of the first jurisdictions to align its local requirements with the Standards.173. To continuously support local green-finance talent training, we will extend the Pilot Green and Sustainable Finance Capacity Building Support Scheme to 2028. Over 5 700 applications have been approved under the Scheme.Green Technology174. The HKSTPC will develop the InnoCentre in Kowloon Tong into a leading green technology hub – “GreenTech Hub”, bringing together more than 200 green technology companies. The HKSTPC will invite financial and business institutions, universities, institutions supporting business, etc, to become partners of the admitted companies and provide support such as talent training, testing and application scenarios, and business matching.Green Shipping175. The Government will provide tax exemption for green methanol used for bunkering. Meanwhile, the Government will implement the Action Plan on Green Maritime Fuel Bunkering to develop Hong Kong into a green maritime fuel bunkering centre.Green Aviation176. To provide support for the decarbonisation of the international and local aviation industry, we are promoting the application of Sustainable Aviation Fuel (SAF) at the HKIA. The AA completed a relevant study last year. We will announce an SAF consumption target this year.Green CityWaste Reduction and Recycling177. To enhance waste reduction at source, the Government will allocate an additional funding of $180 million for increasing the number of residential food waste smart recycling bins and food waste collection facilities across the city, as well as expanding the recycling network and increasing waste recovery.Waste to Energy178. I·PARK1, Hong Kong’s first waste-to-energy facility for treating municipal solid waste, is expected to commence operation this year. Moreover, we have invited the open tender for I·PARK2, the second large-scale facility with an expected treatment capacity of 6 000 tonnes per day. It is a major step towards “zero landfill”.Charging Network for Electric Vehicles179. There are more than 100 000 electric vehicles in Hong Kong, about eight times of that five years ago. The Government will launch a $300 million subsidy scheme in the middle of the year. It is expected that the scheme will provide impetus for the industry to install 3 000 fast chargers across Hong Kong by 2030 to be used by 160 000 additional electric vehicles.Green Transformation of Public Buses and Taxis180. The Government has announced the Green Transformation Roadmap of Public Buses and Taxis and earmarked $470 million under the New Energy Transport Fund to subsidise franchised bus operators in purchasing about 600 electric buses. Also, $135 million were earmarked to subsidise the taxi trade in purchasing 3 000 electric taxis. In addition, the Funding Scheme to Trial of Hydrogen Fuel Cell Heavy Vehicles is now open for application.Smart and Green Mass Transit Systems181. Last year, the Government invited expressions of interest for the smart and green mass transit system projects in Kai Tak, East Kowloon and Hung Shui Kiu/Ha Tsuen and Yuen Long South NDAs. The Government will continue to take forward the projects with an innovative mindset, and strive to invite tenders for the Kai Tak project this year and the East Kowloon and Hung Shui Kiu/Ha Tsuen and Yuen Long South NDAs projects next year respectively. Sustainable Development of Agriculture and Fisheries Industries182. We will continue to take forward the Blueprint for the Sustainable Development of Agriculture and Fisheries to assist the upgrading and transformation of the agriculture and fisheries industries. The Government has reserved a site in Sheung Shui for the agriculture sector to set up the first multi-storey, modernised and environment-friendly livestock farm. For the fisheries sector, the first batch of marine fish-culture licences at Wong Chuk Kok Hoi and Mirs Bay will be issued in the middle of the year the earliest. We are also proactively working to establish a brand building and certification system for leisure fisheries and farming, as well as local agricultural and fisheries produce. Land and Housing SupplyLand Supply183. We need a sufficient supply of land to create the capacity for supporting the development of new industries, injecting new impetus into our economy, and providing a better living and leisure environment for our people.184. The Government will closely monitor market situation and development, and roll out sites in a paced and orderly manner. Having learned from past experience that land shortage would constrain Hong Kong’s development, we must persist with our work on planning and land creation. The pace of rolling out sites to the market can be adjusted in the light of actual circumstances.  185. The commercial property market has been facing considerable challenges in the past few years. In view of the high vacancy rates of offices in recent years and the relatively ample supply in the next few years, the Government will not roll out any commercial site for sale in the coming year to allow the market to absorb the existing supply. We will also consider rezoning some of the commercial sites into residential use and allowing greater flexibility of land use. To tie in with the relevant work, we will also extend the deadline for completing in-situ land exchange for commercial sites in the town centre of HSK/HT NDA. 186. The Land Sale List of the coming year comprises eight residential sites. There will also be railway property development projects, projects undertaken by the Urban Renewal Authority (URA) as well as private development and redevelopment projects. Taken together, the potential land supply for the whole year is expected to have a capacity for providing about 13 700 units, similar to the projected annual demand for private housing as announced in the Long Term Housing Strategy.  The sale arrangements will be announced on a quarterly basis having regard to market situation and relevant circumstances.187. We will prepare land for the production of about 80 000 private housing units in the coming five years. About 65 per cent of the land comes from the NM and the Tung Chung New Town Extension. The above projection has yet to take into account the supply from development projects undertaken by the URA and other private development projects.Housing Supply188. On public housing supply, the Government has identified sufficient land for meeting the supply target of 308 000 public housing units over the next 10 years. Coupled with Light Public Housing, the total public housing supply in the coming five years will reach 190 000 units, which is about 80 per cent higher than that of the first five year period since the current term Government took office.189. On private housing supply, it is estimated that the completion of private residential units will be on average over 17 000 units annually in the coming five years, representing a decrease of about eight per cent over the annual average of the past five years. The potential supply of first hand private residential units for the next three to four years will be around 107 000 units. Infrastructure DevelopmentTransport Infrastructure190. The Government will strive to commence the detailed planning and design of the South Island Line (West) project this year. The construction works of the remaining sections of Route 6, namely the Central Kowloon Route and Trunk Road T2 and Cha Kwo Ling Tunnel, are entering the final stage. The Central Kowloon Route project is expected to be completed by the end of this year while Route 6 will be fully commissioned next year.Professional Development of Construction Industry191. I have set aside $15 million for the work of the Centre of Excellence for Major Project Leaders over the next two years to enhance the professionalism, innovation capabilities and cost-effectiveness management of the construction industry. The Centre will organise summits and various events to promote exchanges and co-operation transcending geographical and sectoral boundaries.192. To attract more young people to join the construction industry, we and the Construction Industry Council (CIC) will jointly allocate funding totalling about $95 million to continue the provision of on-the-job training subsidies to trainees enrolling in part-time construction-related degree programmes over the next two academic years. It is anticipated to benefit about 1 000 trainees.193. The CIC will allocate around $150 million to subsidise the construction industry to provide on the job training for about 2 500 graduates of degree programmes in engineering, architecture, surveying, planning and landscape architecture. This will assist more young people in obtaining professional qualifications. A Caring and Inclusive CommunitySupport for Youth194. The Government has just raised the upper age limit for participants of the Youth Employment and Training Programme to 29 and introduced workplace attachment opportunities in the GBA to help young people enhance their employability. The estimated expenditure for the Programme next year is around $100 million.195. In the coming year, we plan to offer around 4 000 short term internship placements in bureaux and departments and public organisations for tertiary students. Students who aspire to pursue a career in public service may take the opportunity to broaden their horizons and better plan for their future career development.196. The Hong Kong Housing Authority has launched the “Well Being ??? Start Up” Programme on a pilot basis, offering rent-free shop premises in its shopping centres for young people to trial their business plans. The Programme has received ardent support from different sectors of the community. The Authority will expand the programme and appeal to private landlords for support.Caring for the Elderly197. The Government will, in the next financial year, increase the number of vouchers under the Residential Care Service Voucher Scheme for the Elderly by 1 000 to 6 000 in total and increase the number of vouchers under the Community Care Service Voucher Scheme for the Elderly by 1 000 to 12 000 in total, involving an annual expenditure of about $1,710 million and $900 million respectively.198. The Working Group on Promoting Silver Economy will implement measures in five areas, namely boosting “silver consumption”, developing “silver industry”, promoting “quality assurance of silver products”, enhancing “silver financial and security arrangements”, and unleashing “silver productivity”. Relevant policy bureaux are taking forward their work.199. The HKMA will collaborate with the Hong Kong Association of Banks to formulate industry guidelines this year, with a view to encouraging banks to offer elderly-friendly electronic banking services.Support for Working Families200. As at the end of last year, about 50 000 households were receiving allowance under the Working Family Allowance Scheme, involving around 170 000 persons, inclusive of some 70 000 children. In 2025-26, the estimated expenditure for the Scheme is about $2.1 billion. The Government has increased the rates of the household and child allowances under the Scheme by 15 per cent across the board with effect from April last year.Child Protection201. The Mandatory Reporting of Child Abuse Ordinance will come into effect next January, creating a wider protection web for children. The Government will provide an additional annual provision of $186 million to increase emergency places for residential child care and strengthen professional support for child abuse victims and their families.Support for Persons with Disabilities202. The Government will set up 14 Integrated Community Rehabilitation Centres across the territory in phases to provide persons with disabilities who require medium to high level care with flexible and integrated community support services through a case management approach. Besides, 1 280 additional day community rehabilitation and home care service places will be provided for persons with disabilities, involving about $160 million additional annual expenditure.203. Starting from the third quarter of this year, the Government will regularise the Pilot Project on Enhancing Vocational Rehabilitation Services to provide training to persons with disabilities according to their personal interest and abilities to enhance their employment opportunities. The annual expenditure involved is about $100 million and it is expected to benefit about 10 000 people.Women’s Development204. The Government is committed to women’s development and launched the Women Empowerment Fund in June 2023 with an annual funding of $20 million. To date, the Fund has provided funding support to women’s groups and non governmental organisations for launching over 240 projects, empowering women to excel. This year, a two year pilot mentorship programme will be launched, pairing female university students with women leader mentors to promote women’s workplace development.District Services and Community Care Teams205. Last year, the Chief Executive announced that the Government would regularise the establishment of District Services and Community Care Teams and increase their funding by 50 per cent in the next term of service. Since the launch of the Community Care Teams, they have paid visits to about 390 000 households and provided around 43 000 times of support services. The Government will further enhance the provision of caring services.Enhancement of Public Healthcare System206. To develop primary healthcare, the Government will upgrade the District Health Centre Expresses in Central and Western District, Eastern District and Yau Tsim Mong District into District Health Centres this year, with a view to strengthening the community healthcare system.207. The Government is progressively implementing and completing the 16 works projects, which entail a total of about $190 billion, under the First Hospital Development Plan. Taking into account the latest demographic structure, planning and development situation in Hong Kong, we will review the distribution, scale and priority of projects under the Second Hospital Development Plan, and will make the announcement in due course.208. Furthermore, the Government and the HA are reviewing the structure and levels of subsidisation for public healthcare, with a view to strengthening the financial sustainability of public healthcare services and providing better support for patients with serious or critical conditions as well as those with financial difficulties. The outcome of the review will be announced this year.Combatting Illegal Betting209. In recent years, quite some members of the public have expressed concerns about the problem of illegal basketball betting in Hong Kong. According to the latest assessment of the Hong Kong Jockey Club (HKJC), the turnover of illegal basketball betting reached $70 billion to $90 billion last year. To combat illegal betting activities in an effective manner, the Government will explore regulating basketball betting activities and invite HKJC to submit a proposal.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Budget Speech by the Financial Secretary (6)

    Source: Hong Kong Government special administrative region

    International Trade Centre105. As an international trade centre, Hong Kong capitalises on unique advantages and reinforces connectivity, and serves as a bridge linking the Mainland and global markets. It provides high-standard professional services for international trade, helping our country promote the new development pattern of “dual circulation”.Multinational Supply Chain Management Centre106. HKTDC and InvestHK jointly encourage Mainland enterprises to establish a foothold in Hong Kong and set up international or regional headquarters for managing offshore trading and supply chain, thereby assisting these enterprises in going global and planning supply chains and industry chains. HKTDC will provide them with one-stop professional consulting services to help them establish market connections and understand laws and regulations in overseas markets.107. Hong Kong serves as an important regional trade financing centre. The outstanding trade finance by banks has reached $380 billion, about 40 per cent of which provide financing for merchandise trade outside Hong Kong. The Trade Financing Liquidity Facility recently introduced by HKMA and PBoC also provides greater flexibility for RMB trade financing. In addition, the Hong Kong Export Credit Insurance Corporation will provide credit insurance for export services relating to multinational supply chain to render more comprehensive support to enterprises seeking to go global.108. The Government will make reference to the Model Law on Electronic Transferable Records advocated by the United Nations Commission on International Trade Law and consider legislative amendments to facilitate digitalisation of trade documents. We will submit the relevant legislative proposal to LegCo next year.Network Expansion109. To expand our trade network and attract more inward investment and enterprises from the Global South markets to Hong Kong, the Government is following up actively with the governments of Malaysia and Saudi Arabia on the establishment of Economic and Trade Offices in these two countries. In addition, InvestHK has established consultant offices in Cairo, Egypt and Izmir, Türkiye. HKTDC has also set up a consultant office in Cambodia.110. We are exploring the signing of investment agreements with Saudi Arabia, Bangladesh, Egypt and Peru, and conducting negotiations with 17 countries on Comprehensive Avoidance of Double Taxation Agreements.Strengthen Co-operation with Belt and Road Countries111. Hong Kong will continue to utilise our role as a functional platform for the Belt and Road (B&R) Initiative. We, together with business and professional services sectors, will continue to further cultivate the ASEAN and Middle East markets, and explore opportunities in Central Asia, South Asia and North Africa. HKTDC will strengthen B&R project matching, particularly on green development and I&T.112. The B&R Summit is a flagship platform for Hong Kong to participate in and contribute to the B&R Initiative. The 10th Summit will be organised in September and we will encourage different sectors to hold events around the Summit period for enhancing synergies.Supporting Local Enterprises113. To support the development of local enterprises and help them go global, we will inject $1.5 billion in total into the Dedicated Fund on Branding, Upgrading and Domestic Sales and the Export Marketing and Trade and Industrial Organisation Support Fund, and streamline application arrangements. CEDB will announce details later.114. The Government has been providing loan guarantees to businesses through the SME Financing Guarantee Scheme. As at the end of last year, a total of over $288 billion of loans has been approved under the Scheme, benefitting nearly 65 000 small and medium enterprises (SMEs). To meet the financing needs of SMEs during transformation, we relaunched the principal moratorium arrangement in November last year for one year, allowing enterprises to apply for principal moratorium for up to 12 months.115. In addition, many banks have joined the Taskforce on SME Lending jointly established by HKMA and the Hong Kong Association of Banks, committing to making flexible arrangements as far as practicable to ease the cash flow burden on SMEs. The funds dedicated for SME financing in the participating banks’ loan portfolios have recently been increased to over $390 billion. 116. To further assist local SMEs in tapping into the Mainland market and increasing sales from electronic commerce (e-commerce) markets, HKTDC will launch the “E-Commerce Express” in collaboration with large-scale e-commerce platforms to provide Hong Kong enterprises with one-to-one consultation services and thematic seminars. HKTDC will also enhance its mentorship scheme together with the Trade and Industry Department. By doing so, local enterprises will better leverage e-commerce and online shopping platforms in the Mainland to boost sales. In addition, HKTDC will organise the second edition of the Hong Kong Shopping Festival.International Maritime Centre117. Hong Kong is a leading international maritime centre. The Government will continue to embrace changes and adopt an innovative spirit to create a stronger impetus for the development of the industry.Establish Hong Kong Maritime and Port Development Board118. The Government will establish the Hong Kong Maritime and Port Development Board this year to strengthen relevant research, promotion and manpower training to facilitate the sustainable development of the international maritime centre.High Value Added Maritime Services119. In the past few years, the Government has introduced a series of tax measures conducive to the development of the maritime industry. In light of changes of international tax rules, we are enhancing these measures, including introduction of tax deduction on ship acquisition cost for ship lessors under an operating lease. To drive the development of maritime services, we also propose to provide half-rate tax concession to eligible commodity traders. We will introduce a bill into LegCo in the first half of next year.Modern Logistics Development120. The Government endeavours to identify and release suitable logistics sites. The first of such logistics sites in the vicinity of the Kwai Tsing Container Terminals has just been disposed of by public tender. Meanwhile, the Government initiated a study on the development model for logistics sites in the NM in order to develop modern logistics clusters. Findings of the study are expected to be announced this year.Smart Port121. To develop smart port, the Government has set aside $215 million to install the port community system, with a view to enhancing the flow of data among stakeholders in the maritime, port and logistics industries. We will seek funding approval from LegCo this year.International Aviation Hub122. The Hong Kong International Airport (HKIA) connects to nearly 200 global destinations. Daily passenger throughput and number of aircraft movements have largely returned to pre pandemic level. Air cargo throughput has topped the global ranking for multiple years. The HKIA Three-Runway System was commissioned at the end of last year, while the related passenger facilities will commence operation by phases from the end of this year.Airport City123. The Airport Authority Hong Kong (AA) has just promulgated a development plan for expanding the Airport City. With the aviation industry as its focal point, the Airport Island as well as the land and waters in its vicinity will be utilised for the development of a new highlight project encompassing high end commercial, art, tourism and leisure activities.Facilitate C919’s Entry to International Aviation Market124. In January this year, our country’s home developed aircraft C919 was officially deployed for scheduled flights between Hong Kong and Shanghai. The inaugural flight outside of the Mainland signified a major breakthrough for home developed aircrafts to go global. Hong Kong will help C919 enter the global market. The Hong Kong International Aviation Academy will expand its training programmes to cover C919 aircraft related aspects.Aircraft Parts Processing and Trading Centre125. Under the co-ordination of InvestHK, the AA has signed a Memorandum of Understanding with a leading overseas professional aeronautic services company to explore the possibility of providing professional services such as aircraft dismantling, parts recycling and related training in Hong Kong, thereby developing Hong Kong into the first aircraft parts processing and trading centre in Asia.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Budget Speech by the Financial Secretary (2)

    Source: Hong Kong Government special administrative region

    Strengthening Foundation to Accelerate Development

    28. Hong Kong’s economy has recorded moderate growth for two consecutive years. The Government has been active in promoting innovation and technology (I&T) development, while striving to attract more enterprises, capital and investment institutions through diversified business promotion activities. Recently, Hong Kong has made continuous improvement in a number of economic segments. The Government’s efforts to build a vibrant economy and compete for enterprises and talents have yielded considerable results:

    (a) Buoyant Stock Market: The sentiment and trading performance of the local stock market improved last year. Since the beginning of this year, trading has been even more active, with average daily turnover exceeding $200 billion recently, up by more than 50 per cent over last year’s average. Total market capitalisation reached $40 trillion;

    (b) Vibrant Initial Public Offering (IPO) Activities: Enterprises are increasingly confident about Hong Kong’s financing prospects. Funds raised from new listings in Hong Kong amounted to $88 billion last year, a year-on-year increase of nearly 90 per cent and ranking fourth globally. Over 100 new IPO applications are being processed by the Hong Kong Exchanges and Clearing Limited (HKEX);

    (c) Excellence in Wealth Management: Hong Kong is Asia’s largest hedge fund centre and the second largest centre for private equity management after the Mainland. There are more than 470 open ended fund companies in Hong Kong, double that of a year ago, and over 1 050 registered limited partnership funds, a year on year increase of about 40 per cent. Hong Kong is expected to become the world’s largest cross boundary wealth management centre by 2028; and

    (d) Attract Enterprises, Capital and Talents on All Fronts

    Attract enterprises: Since its establishment, the Office for Attracting Strategic Enterprises (OASES) has attracted 66 strategic enterprises, 80 per cent of which have established or planned to establish their global or regional headquarters in Hong Kong. Many are I&T enterprises with a market valuation of over $10 billion and engaging in cutting-edge technologies. In addition, Invest Hong Kong (InvestHK) successfully attracted over 500 Mainland and overseas enterprises to set up or expand their businesses in Hong Kong last year, representing an increase of over 40 per cent. These enterprises are expected to bring in direct investment of over $67.7 billion.

    Attract capital: As at the end of last year, total deposits in Hong Kong amounted to more than $17 trillion, a year on year increase of seven per cent. On attracting capital from emerging markets, two exchange-traded funds tracking Hong Kong stocks were listed on the Saudi Exchange last year, with asset size exceeding $13 billion.

    Trawl for talents: As at the end of last year, various talent admission schemes have received a total of over 430 000 applications and approved more than 270 000, bringing some 180 000 talents to Hong Kong.

    29. We are proactively introducing additional measures to attract more enterprises or organisations to establish their presence in Hong Kong, bringing more mega-events and visitors to the city:

    (a) OASES will announce a new batch of more than 10 strategic enterprises next month. Together with those previously announced, they will invest a total of about $50 billion in Hong Kong and create more than 20 000 jobs over the next few years;

    (b) we strive to attract enterprises from the Mainland and around the world to set up headquarters or corporate divisions in Hong Kong. We have submitted a bill to the Legislative Council (LegCo) for the introduction of a company re domiciliation mechanism to provide facilitation for companies domiciled overseas to re domicile in Hong Kong;

    (c) the headquarters of the International Organization for Mediation (IOMed) will open by the end of this year at the earliest. As the first international inter governmental organisation to set up its headquarters in Hong Kong, IOMed is also the first of its kind in the world that specialises in resolving international disputes by means of mediation. It is conducive to affirming the positioning of Hong Kong as the capital for international mediation;

    (d) Kai Tak Sports Park, set to open officially in three days, provides a world class venue for hosting international mega events, taking forward the development of culture, sports and tourism as an industry in Hong Kong. It is also one of the event venues of the National Games; and

    (e) the World Tourism Cities Federation (WTCF)’s 2025 WTCF Fragrant Hills Tourism Summit will be held in Hong Kong for the first time in April. The Summit is expected to attract representatives from some 40 countries and regions.

    30. A full range of mega events that will boost economic growth and attract more visitors to Hong Kong will be held this year. I will elaborate on the details in the relevant sections.
     
    Upholding Principles and Innovation, and Cultivating New Quality Productive Forces

    31. Hong Kong is facing a rather complicated international environment amid changes unseen in a century around the world. The rise of protectionism and unilateralism has resulted in a fragmented global political and economic landscape. The future is trending towards co-operation among economies sharing mutual interests and formation of different regional segments.

    32. The vigorous development of AI is reshaping the medium- to long-term global economic landscape. In particular, its development is no longer confined to a single technology domain, but penetrating into each and every industry in the form of AI+. As the global value chain undergoes profound restructuring, product design and manufacturing are moving towards further intelligentisation and digitalisation. This wave of technological reform not only revolutionises traditional production, business and consumption models, but also redefines the core competitiveness of various economies, industries and enterprises.

    33. Hong Kong finds itself at a critical juncture of its development in the face of the changing global landscape and technological transformation. The Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC Central Committee) has affirmed the positioning of scientific and technological innovation as a core area of development and stressed the importance of accelerating the realisation of self-reliance on high standard technology. This points out a clear direction for Hong Kong to leverage its strength as an international platform for stepping up the development of the AI industry.

    34. The Third Plenary Session of the 20th CPC Central Committee has stated that the country has to deepen reform comprehensively, advance high standard opening-up and speed up the formation of a new development landscape. We must also cultivate new quality productive forces tailored to local circumstances and promote high quality development. To achieve this, we have to stay bold in reform, dare to break new ground and innovate continuously, and unleash the innovative and economic potential through institutional reform. Through technological innovation, we can catalyse new modes and new impetus to accelerate the nurturing of new industries and to transform and upgrade traditional industries. At the same time, we must nurture and attract talent by better means to promote the integrated development of education, technology and talent, which in turn provides staunch support for reform and innovation.

    35. We have to leverage the advantages under “one country, two systems” to better integrate into the national development and participate in the joint development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) in a proactive manner. We have to reinforce our connectivity with both the Mainland and the world, while leveraging synergies with overseas markets, especially those emerging in the Global South. It is by doing so that we fulfil our roles as “super connector” and “super value-adder”.
     
    Innovation and Technology

    Artificial Intelligence

    36. AI is at the core of developing new quality productive forces. We will leverage the edge of “one country, two systems” and our internationalised characteristic to develop Hong Kong into an international exchange and co-operation hub for the AI industry. Through frontier research and real-world application, we will endeavour to develop AI as a core industry and empower traditional industries in their upgrading and transformation.

    AI as a Core Industry

    AI Supercomputing Centre

    37. We have been proactively enhancing the strategy and planning on AI development. The first-phase facility of Cyberport’s AI Supercomputing Centre has just commenced operation, and the computing power will be ramped up gradually to 3 000 petaFLOPS this year. This is equivalent to the processing capacity of nearly 10 billion images in an hour.

    Hong Kong Microelectronics Research and Development Institute

    38. Hong Kong Microelectronics Research and Development Institute, established last September, spearheads collaboration among universities, research and development (R&D) centres and the industry on the R&D of third generation semiconductor core technology. The Institute leverages the GBA’s well developed manufacturing industry chain and enormous market, and promotes the “1 to N” transformation of R&D outcomes and industry development. Two pilot lines will be set up at the Microelectronics Centre in Yuen Long this year and start operating next year.

    Hong Kong AI Research and Development Institute

    39. To spearhead and support Hong Kong’s innovative R&D as well as industrial application of AI, I have set aside $1 billion for the establishment of the Hong Kong AI Research and Development Institute. The Digital Policy Office (DPO) will formulate the establishment arrangements of the institute and its specific goals, focusing on facilitating upstream R&D, midstream and downstream transformation of R&D outcomes and expanding application scenarios.

    AI Subsidy Scheme

    40. Since its launch in October last year, the AI Subsidy Scheme has approved five projects led by local universities, research institutions, etc, to accelerate local R&D work relating to big language models, new materials, large synthetic biology models, etc.

    Fostering International Exchanges and Collaboration

    41. To bring together top talents in the industry to study the development and application of AI, the Hong Kong Investment Corporation Limited (HKIC) will be hosting the first International Young Scientist Forum on Artificial Intelligence to promote research of AI technology and its development as an industry, including Open Source technology, in particular the design and application of the open source chip architecture RISC V.

    Financial and Tax Support

    42. To further assist specialist technology and biotechnology companies, especially those listed in the Mainland, in raising funds and expanding business, the HKEX is actively taking forward the establishment of a dedicated “technology enterprises channel” (TECH) to facilitate the relevant companies in preparing for listing applications. The Securities and Futures Commission (SFC) will also support to enable a smoother application process.

    43. Intellectual property (IP) is an important foundation for the development of emerging industries. In addition to obtaining IP rights through local research and development, enterprises will also purchase related rights to use IP. In this connection, we will review the relevant tax deduction arrangements for various expenditures, including the lump sum licensing fees for acquiring the rights to use IP, and related expenses incurred on purchase of IP or the rights to use IP from associates, so as to accelerate the development of IP-intensive industries and promote the development of IP trading in Hong Kong.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: REPORT on the verification of credentials – A10-0016/2025

    Source: European Parliament

    PROPOSAL FOR A EUROPEAN PARLIAMENT DECISION

    on the verification of credentials

    (2024/2100(REG))

    The European Parliament,

    – having regard to Articles 10(1), 14(2) and 14(3) of the Treaty on European Union,

    – having regard to the Act concerning the election of the members of the European Parliament by direct universal suffrage of 20 September 1976[1],

    – having regard to its Decision 2005/684/EC, Euratom of 28 September 2005 adopting the Statute for Members of the European Parliament[2], in particular Articles 2(1) and 3(1) thereof,

    – having regard to Council Directive 93/109/EC of 6 December 1993 laying down detailed arrangements for the exercise of the right to vote and stand as a candidate in elections to the European Parliament for citizens of the Union residing in a Member State of which they are not nationals[3],

    – having regard to European Council Decision (EU) 2023/2061 of 22 September 2023 establishing the composition of the European Parliament[4],

    – having regard to the judgments of the Court of Justice of the European Union of 7 July 2005[5], 30 April 2009[6], 19 December 2019[7] and 26 September 2024[8],

    – having regard to Rules 3, 4 and 11 of, and Annex I to, its Rules of Procedure,

    – having regard to the official notifications from the competent authorities of the Member States of the results of the election to the European Parliament,

    – having regard to the report of the Committee on Legal Affairs (A10-0016/2025),

    A. whereas, pursuant to Article 12 of the Act of 20 September 1976, Parliament is obliged to verify the credentials of Members of the European Parliament and for this purpose it must take note of the results declared officially by the Member States and rule on any disputes that may arise out of the provisions of the 1976 Act other than those arising out of the national provisions to which that 1976 Act refers;

    B. whereas Article 7(1) and (2) of the Act of 20 September 1976 sets out the offices that are incompatible with the office of Member of the European Parliament;

    C. whereas all Member States have notified Parliament of the names of elected Members pursuant to Rule 3(1) of the Rules of Procedure;

    D. whereas some Member States were late in forwarding, and others have not yet forwarded at all, the lists of any substitutes, together with their ranking in accordance with the results of the vote, as required under Rule 3(3) of the Rules of Procedure;

    E. whereas objections to the election of some Members of the European Parliament may be considered in Member States in accordance with national legislation and these procedures could result in the annulment of the election of the Members concerned; whereas no disputes arose before Parliament pursuant to the provisions of the Act of 20 September 1976;

    F. whereas, according to Article 3 of European Council Decision (EU) 2023/2061 of 22 September 2023, the number of representatives in the European Parliament allocated to Spain is currently 61, while the notification from the Spanish competent authorities only contains 60 names; whereas, in accordance with Articles 8 and 12 of the Act of 20 September 1976, as interpreted by the Court of Justice of the European Union[9], Parliament takes note of the list of Members elected in Spain in the elections held on 9 June 2024, communicated to it by the Junta Electoral Central; whereas the Junta Electoral Central has not notified Parliament of the name of one of the Members elected in Spain;

    G. whereas, in accordance with Rule 3(2) of and Annex I to the Rules of Procedure, Members are required to declare in writing that they do not hold any office incompatible with that of Member of the European Parliament, as well as providing written declarations of private interests and of assets, failing any of which the validity of the mandate of the Member concerned may not be confirmed;

    1. Declares valid, subject to any decisions by the competent authorities of Member States in which the election results have been disputed, the mandate of the Members of the European Parliament listed in Annex I to this decision whose election has been notified by the competent national authorities and who have made the written declarations required on the basis of Article 7(1) and (2) of the Act of 20 September 1976 and of Rule 3 of, and Annex I to the Rules of Procedure;

    2. Repeats its request to the authorities of the Member States to inform it of the names of substitutes, together with their ranking in accordance with the results of the vote;

    3. Calls on the competent authorities of the Member States to complete without delay the examination of the possible disputes referred to them and to notify Parliament of the result;

    4. Instructs its President to forward this decision to the competent national authorities and the parliaments of the Member States.

     

     

    ANNEX I: List of Members of the European Parliament whose mandate is declared valid

     

    (16 July 2024)

     

    Belgium (22 Members)

     

     

     

    ANNEMANS Gerolf

    ARIMONT Pascal

    BEKE Wouter

    BONTE Barbara

    BOTENGA Marc

    BRICMONT Saskia

    CASSART Benoit

    CEULEMANS Estelle

    CHASTEL Olivier

    DI RUPO Elio

    KANKO Assita

    KENNES Rudi

    MATTHIEU Sara

    SOMMEN Liesbet

    TOBBACK Bruno

    VAN BREMPT Kathleen

    VANDENDRIESSCHE Tom

    VAN DIJCK Kris

    VAN OVERTVELDT Johan

    VAUTMANS Hilde

    VEROUGSTRAETE Yvan

    WILMÈS Sophie

     

    (16 July 2024)

     

    Bulgaria (17 Members)

     

     

     

    KABILOV Taner

    KANEV Radan

    KOVATCHEV Andrey

    KYUCHYUK Ilhan

    LAYKOVA Rada

    LAZAROV Ilia

    MAYDELL Eva

    MINCHEV Nikola

    NOVAKOV Andrey

    PENKOVA Tsvetelina

    PETROV Hristo

    RADEV Emil

    STOYANOV Stanislav

    VALCHEV Ivaylo

    VIGENIN Kristian

    VOLGIN Petar

    YONCHEVA Elena

    (16 July 2024)

     

    Czech Republic (21 Members)

     

     

     

    BARTŮŠEK Nikola

    BŽOCH Jaroslav

    DAVID Ivan

    DOSTÁL Ondřej

    DOSTALOVA Klara

    FARSKÝ Jan

    GREGOROVÁ Markéta

    KNOTEK Ondřej

    KOLÁŘ Ondřej

    KONEČNÁ Kateřina

    KOVAŘÍK Ondřej

    KRUTÍLEK Ondřej

    KUBÍN Tomáš (*)

    NAGYOVÁ Jana

    NERUDOVÁ Danuše

    NIEDERMAYER Luděk

    POKORNÁ JERMANOVÁ Jaroslava

    TUREK Filip

    VONDRA Alexandr

    VRECIONOVÁ Veronika

    ZDECHOVSKÝ Tomáš

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (*) Mandate valid with effect from 1 August 2024, i.e. the date indicated in the notification by the competent national authority of the election of Mr Tomáš KUBÍN to replace Mr Martin HLAVÁČEK.

    (16 July 2024)

     

    Denmark (15 Members)

     

     

     

    BOSSE Stine

    CHRISTENSEN Asger

    CLAUSEN Per

    DAHL Henrik

    FRIIS Sigrid

    FUGLSANG Niels

    HANSEN Niels Flemming

    LØKKEGAARD Morten

    NORDQVIST Rasmus

    PETER-HANSEN Kira Marie

    SCHALDEMOSE Christel

    SØVNDAL Villy

    STORM Kristoffer

    VIND Marianne

    VISTISEN Anders

    (16 July 2024)

     

    Germany (96 Members)

     

     

     

    ANDERSON Christine

    ANDRESEN Rasmus

    ARNDT Anja

    AUST René

    BARLEY Katarina

    BAUSEMER Arno

    BENTELE Hildegard

    BERG Sibylle

    BERGER Stefan

    BISCHOFF Gabriele

    BLOSS Michael

    BOESELAGER Damian

    BOẞDORF Irmhild

    BUCHHEIT Markus

    BULLMANN Udo

    BURKHARDT Delara

    BYSTRON Petr

    CASPARY Daniel

    CAVAZZINI Anna

    COSTANZO Vivien

    CREMER Tobias

    DE MASI Fabio

    DEMIREL Özlem

    DOLESCHAL Christian

    DROESE Siegbert Frank

    DÜPONT Lena

    ECKE Matthias

    EHLER Christian

    EROGLU Engin

    EVERDING Sebastian

    FERBER Markus

    FIRMENICH Ruth

    FREUND Daniel

    FROELICH Tomasz

    GAHLER Michael

    GEESE Alexandra

    GEIER  Jens

    GEISEL Thomas

    GEUKING Niels

    GIESEKE Jens

    GLÜCK Andreas

    HAHN Svenja

    HÄUSLING Martin

    HERBST Niclas

    HOHLMEIER Monika

    JONGEN Marc

    JUNGBLUTH Alexander

    KHAN Mary

    KÖHLER Stefan

    KÖRNER Moritz

    KRAH Maximilian

    LAGODINSKY Sergey

    LANGE Bernd

    LANGENSIEPEN Katrin

    LIESE Peter

    LINS Norbert

    MARQUARDT Erik

    MCALLISTER David

    MEHNERT Alexandra

    MERTENS Verena

    NEUHOFF Hans

    NEUMANN Hannah

    NIEBLER Angelika

    NOICHL Maria

    OETJEN Jan-Christoph

    PAULUS Jutta

    PÜRNER Friedrich

    RACKETE Carola

    RADTKE Dennis

    REINTKE Terry

    REPASI René

    REPP Sabrina

    RIEHL Nela

    RIPA Manuela

    SCHENK Oliver

    SCHIRDEWAN Martin

    SCHNEIDER Christine

    SCHWAB Andreas

    SEEKATZ Ralf

    SELL Alexander

    SIEPER Lukas

    SIMON Sven

    SINGER Christine

    SIPPEL Birgit

    SONNEBORN Martin

    STRACK-ZIMMERMANN Marie-Agnes

    STREIT Joachim

    TEGETHOFF Kai

    VERHEYEN Sabine

    VON DER SCHULENBURG Michael

    VOSS Axel

    WALSMANN Marion

    WARNKE Jan-Peter

    WEBER Manfred

    WECHSLER Andrea

    WÖLKEN Tiemo

    (16 July 2024)

     

    Estonia (7 Members)

     

     

     

    KALJURAND Marina

    MADISON Jaak

    MIKSER Sven

    PAET Urmas

    RATAS Jüri

    TERRAS Riho

    TOOM  Jana

    (16 July 2024)

     

    Ireland (14 Members)

     

     

     

    ANDREWS Barry

    BOYLAN Lynn

    CARBERRY Nina

    COWEN Barry

    DOHERTY Regina

    FLANAGAN Luke Ming

    FUNCHION Kathleen

    KELLEHER Billy

    KELLY Seán

    MCNAMARA Michael

    MULLOOLY Ciaran

    NÍ MHURCHÚ Cynthia

    Ó RÍORDÁIN Aodhán

    WALSH Maria

    (16 July 2024)

     

    Greece (21 Members)

     

     

     

    AFTIAS Georgios

    ALEXANDRAKI Galato

    ANADIOTIS Nikolaos

    ARNAOUTOGLOU Sakis

    ARVANITIS Konstantinos

    BELERIS Fredis

    FARANTOURIS Nikolas

    FRAGKOS Emmanouil

    KEFALOGIANNIS Emmanouil

    KOUNTOURA Elena

    LATINOPOULOU Afroditi

    MANIATIS Yannis

    MEIMARAKIS Vangelis

    MELETI Eleonora

    NIKOLAOU-ALAVANOS Lefteris

    PAPADAKIS Kostas

    PAPANDREOU Nikos

    PAPPAS Nikos

    TSIODRAS Dimitris

    VOZEMBERG-VRIONIDI Elissavet

    ZACHARIA Maria

    (16 July 2024)

     

    Spain (60 Members)

     

     

     

    ABADÍA JOVER Maravillas

    AGIRREGOITIA MARTÍNEZ Oihane

    ARIAS ECHEVERRÍA Pablo

    ASENS LLODRÀ Jaume

    BALLARÍN CEREZA Laura

    BARRENA ARZA Pernando

    BENJUMEA BENJUMEA Isabel

    BORRÁS PABÓN Mireia

    BUXADÉ VILLALBA Jorge

    CEPEDA José

    CRESPO DÍAZ Carmen

    DE LA HOZ QUINTANO Raúl

    DE LA PISA CARRIÓN Margarita

    DEL CASTILLO VERA Pilar

    ESTARÀS FERRAGUT Rosa

    EZCURRA ALMANSA Alma

    FERNÁNDEZ Jonás

    GALÁN Estrella

    GÁLVEZ Lina

    GARCÍA PÉREZ Iratxe

    GIMÉNEZ LARRAZ Borja

    GIRAUTA VIDAL Juan Carlos

    GÓMEZ LÓPEZ Sandra

    GONZÁLEZ CASARES Nicolás

    GONZÁLEZ PONS Esteban

    HERRANZ GARCÍA Esther

    HOMS GINEL Alicia

    JALLOUL MURO Hana

    JUNCO GARCÍA Nora

    LÓPEZ Javi

    LÓPEZ AGUILAR Juan Fernando

    LÓPEZ-ISTÚRIZ WHITE Antonio

    LUENA César

    MAESTRE Cristina

    MARTÍN FRÍAS Jorge

    MARZÀ IBÁÑEZ Vicent

    MATO Gabriel

    MENDIA Idoia

    MILLÁN MON Francisco José

    MIRANDA PAZ Ana

    MONTERO Irene

    MONTSERRAT Dolors

    MORENO SÁNCHEZ Javier

    NAVARRETE ROJAS Fernando

    NEVADO DEL CAMPO Elena

    PAJÍN Leire

    PASCUAL DE LA PARTE Nicolás

    PÉREZ Alvise

    RIBA I GINER Diana

    ROS SEMPERE Marcos

    SÁNCHEZ AMOR Nacho

    SANCHO MURILLO Elena

    SERRA SÁNCHEZ Isabel

    SERRANO SIERRA Rosa

    SOLIER Diego

    SOLÍS PÉREZ Susana

    TERTSCH Hermann

    VÁZQUEZ LÁZARA Adrián

    ZARZALEJOS Javier

    ZOIDO ÁLVAREZ Juan Ignacio

    (16 July 2024)

     

    France (81 Members)

     

     

     

    ALLIONE Grégory

    ANDROUËT Mathilde

    AUBRY Manon

    BARDELLA Jordan

    BAY Christophe (*)

    BAY Nicolas

    BELLAMY François-Xavier

    BOYER Gilles

    BRASIER-CLAIN Marie-Luce

    CAMARA Mélissa

    CANFIN Pascal

    CARÊME Damien

    CASTILLO Laurent

    CHAIBI Leila

    CLERGEAU Christophe

    CORMAND David

    DAUCHY Marie

    DELOGE Valérie

    DEVAUX Valérie

    DISDIER Mélanie

    DUSSAUSAYE Gaëtan (**)

    FARRENG Laurence

    FITA Claire

    FOURREAU Emma

    FRIGOUT Anne-Sophie

    FURET Angéline

    GARRAUD Jean-Paul

    GERMAIN Jean-Marc

    GLUCKSMANN Raphaël

    GOMART Christophe

    GOZI Sandro

    GRISET Catherine

    GRUDLER Christophe

    GUETTA Bernard

    HASSAN Rima

    HAYER Valérie

    IMART Céline

    JAMET France

    JORON Virginie

    JOUVET Pierre

    KALFON François

    KELLER Fabienne

    KNAFO Sarah

    LALUCQ Aurore

    LAURENT Murielle

    LE CALLENNEC Isabelle

    LEGGERI Fabrice

    LEONARDELLI Julien

    LOISEAU Nathalie

    MARÉCHAL Marion

    MARIANI Thierry

    MEBAREK Nora

    MESURE Marina

    MORANO Nadine

    NIKOLIC Aleksandar

    OLIVIER Philippe

    OMARJEE Younous

    PELLERIN-CARLIN Thomas

    PELTIER Guillaume

    PENNELLE Gilles

    PIERA Pascale

    PIMPIE Pierre

    RAFOWICZ Emma

    RECHAGNEUX Julie

    RIDEL Chloé

    ROUGÉ André

    SAEIDI Arash

    SANCHEZ Julien

    SARGIACOMO Eric

    SATOURI Mounir

    SBAI Majdouline

    SMITH Anthony

    SOREL Malika

    THIONNET Pierre-Romain

    TOLASSY Rody

    TOUSSAINT Marie

    TROCHU Laurence

    VALET Matthieu

    VARAUT Alexandre

    VEDRENNE Marie-Pierre

    WERBROUCK Séverine (***)

    YON-COURTIN Stéphanie

     

     

     

    (*) Mandate valid with effect from 27 September 2024, i.e. the date indicated in the notification by the competent national authority of the election of Mr Christophe BAY to replace Mr Gaëtan DUSSAUSAYE.

    (**) Mr Gaëtan DUSSAUSAYE’s mandate ended on 25 September 2024.

    (***) Mandate valid with effect from 27 September 2024, i.e. the date indicated in the notification by the competent national authority of the election of Ms Séverine WERBROUCK to replace Ms Sylvie JOSSERAND.

    (16 July 2024)

     

    Croatia (12 Members)

     

     

     

    BARTULICA  Stephen Nikola

    BORZAN Biljana

    BOSANAC Gordan

    BRNJAC Nikolina

    GLAVAK Sunčana

    JERKOVIĆ Romana

    PICULA Tonino

    RESSLER Karlo

    SOKOL Tomislav

    STIER Davor Ivo

    VEŠLIGAJ Marko (*)

    ZOVKO Željana

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (*) Mandate valid with effect from 5 September 2024, i.e. the date of the notification by the competent national authority of the election of Mr Marko VEŠLIGAJ to replace Mr Predrag Fred MATIĆ.

    (16 July 2024)

     

    Italy (76 Members)

     

     

     

    ANNUNZIATA Lucia

    ANTOCI Giuseppe

    BENIFEI Brando

    BERLATO Sergio

    BONACCINI Stefano

    BORCHIA Paolo

    CAVEDAGNA Stefano

    CECCARDI Susanna

    CHINNICI Caterina

    CICCIOLI Carlo

    CIRIANI Alessandro

    CISINT Anna Maria

    CORRADO Annalisa

    CROSETTO Giovanni

    DE MEO Salvatore

    DECARO Antonio

    DELLA VALLE Danilo

    DONAZZAN Elena

    DORFMANN Herbert

    FALCONE Marco

    FIDANZA Carlo

    FIOCCHI Pietro

    FURORE Mario

    GAMBINO Alberico

    GEMMA Chiara

    GORI Giorgio

    GUALMINI Elisabetta

    GUARDA Cristina

    INSELVINI Paolo

    LAURETI Camilla

    LUCANO Mimmo

    LUPO Giuseppe

    MAGONI Lara

    MANTOVANI Mario

    MARAN Pierfrancesco

    MARINO Ignazio Roberto

    MARTUSCIELLO Fulvio

    MILAZZO Giuseppe

    MORACE Carolina

    MORATTI Letizia

    MORETTI Alessandra

    NARDELLA Dario

    NESCI Denis

    ORLANDO Leoluca

    PALMISANO Valentina

    PATRICIELLO Aldo

    PEDULLA’ Gaetano

    PICARO Michele

    PICIERNO Pina

    POLATO Daniele

    PRINCI Giusi

    PROCACCINI Nicola

    RAZZA Ruggero

    RICCI Matteo

    RUOTOLO Sandro

    SALINI Massimiliano

    SALIS Ilaria

    SARDONE Silvia

    SBERNA Antonella

    SCUDERI Benedetta

    SQUARTA Marco

    STANCANELLI Raffaele

    STRADA Cecilia

    TAMBURRANO Dario

    TARQUINIO Marco

    TINAGLI Irene

    TOPO Raffaele

    TORSELLI Francesco

    TOSI Flavio

    TOVAGLIERI Isabella

    TRIDICO Pasquale

    VANNACCI Roberto

    VENTOLA Francesco

    VIVALDINI Mariateresa

    ZAN Alessandro

    ZINGARETTI Nicola

    (16 July 2024)

     

    Cyprus (6 Members)

     

     

     

    FOURLAS Loucas

    GEADI Geadis

    GEORGIOU Giorgos

    HADJIPANTELA Michalis

    MAVRIDES Costas

    PANAYIOTOU Fidias

     

    (16 July 2024)

     

    Latvia (9 Members)

     

     

     

    IJABS Ivars

    KALNIETE Sandra

    KOLS Rihards

    KRIŠTOPANS Vilis

    POZŅAKS Reinis

    STAĶIS Mārtiņš

    UŠAKOVS Nils

    VAIDERE Inese

    ZĪLE Roberts

    (16 July 2024)

     

    Lithuania (11 Members)

     

     

     

    ANDRIUKAITIS Vytenis Povilas

    AUŠTREVIČIUS Petras

    BLINKEVIČIŪTĖ Vilija

    GRAŽULIS Petras

    JUKNEVIČIENĖ Rasa

    KUBILIUS Andrius (*)

    SAUDARGAS Paulius

    SINKEVIČIUS Virginijus 

    TOMASZEWSKI Waldemar

    VERYGA Aurelijus

    ŽALIMAS Dainius

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (*) Mr Andrius KUBILIUS’ mandate ended on 30 November 2024.

    (16 July 2024)

     

    Luxembourg (6 Members)

     

     

     

    ANGEL Marc

    GOERENS Charles

    HANSEN Christophe (*)

    KARTHEISER Fernand

    KEMP Martine (**)

    METZ Tilly

    WISELER-LIMA Isabel

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (*) Mr Christophe HANSEN’s mandate ended on 30 November 2024.

    (**) Mandate valid with effect from 3 December 2024, the date indicated in the notification by the competent national authority of the election of Ms Martine KEMP to replace Mr Christophe HANSEN.

    (16 July 2024)

     

    Hungary (21 Members)

     

     

     

    BORVENDÉG Zsuzsanna

    DÁVID Dóra

    DEUTSCH Tamás

    DOBREV Klára

    DÖMÖTÖR Csaba (*)

    FERENC Viktória

    GÁL Kinga

    GERZSENYI Gabriella

    GYŐRFFY Balázs (**)

    GYŐRI Enikő

    GYÜRK András

    HÖLVÉNYI György

    KOLLÁR Kinga

    KULJA András Tivadar

    LAKOS Eszter

    LÁSZLÓ András

    MAGYAR Péter

    MOLNÁR Csaba

    SCHALLER-BAROSS Ernő

    SZEKERES Pál

    TARR Zoltán

    VICSEK Annamária

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (*) Mandate valid with effect from 22 September 2024, i.e. the date indicated in the notification by the competent national authority of the election of Mr Csaba DÖMÖTÖR to replace Mr Balázs GYŐRFFY.

    (**) Mr Balázs GYŐRFFY’s mandate ended on 1 September 2024.

    (16 July 2024)

     

    Malta (6 Members)

     

     

     

    AGIUS Peter

    AGIUS SALIBA Alex

    ATTARD Daniel

    BAJADA Thomas

    CASA David

    METSOLA Roberta

    (16 July 2024)

     

    Netherlands (31 Members)

     

     

     

    AZMANI Malik

    BALJEU Jeannette

    BERENDSEN Tom

    BLOM Rachel

    CHAHIM Mohammed

    DIEPEVEEN Ton

    EHLERS Marieke

    EICKHOUT Bas

    GARCÍA HERMIDA-VAN DER WALLE Raquel

    GERBRANDY Gerben-Jan

    GOTINK Dirk

    GROOTHUIS Bart

    HAZEKAMP Anja

    KRUIS Sebastian

    LENAERS Jeroen

    MAIJ Marit

    REUTEN Thijs

    RUISSEN Bert-Jan

    SMIT Sander

    STÖTELER Sebastiaan

    STRIK Tineke

    STROLENBERG Anna

    TER LAAK Ingeborg

    VAN BRUG Anouk

    VAN DEN BERG Brigitte

    VAN LANSCHOT Reinier

    VAN LEEUWEN Jessika

    VAN SPARRENTAK Kim

    VIEIRA Catarina

    WOLTERS Lara

    ZIJLSTRA Auke

     

     

     

     

    (16 July 2024)

     

    Austria (20 Members)

     

     

     

    BERNHUBER Alexander

    BRANDSTÄTTER Helmut

    DIERINGER Elisabeth

    GROSSMANN Elisabeth

    HAIDER Roman

    HAUSER Gerald

    HEIDE Hannes

    KIRCHER Sophia

    LOPATKA Reinhold

    MANDL Lukas

    MAYER Georg

    REGNER Evelyn

    SCHIEDER Andreas

    SCHILLING Lena

    SIDL Günther

    STEGER Petra

    STÜRGKH Anna

    VILIMSKY Harald

    WAITZ Thomas

    WINZIG Angelika

    (16 July 2024)

     

    Poland (53 Members)

     

     

     

    ADAMOWICZ Magdalena

    ARŁUKOWICZ Bartosz

    BIEDROŃ Robert

    BIELAN Adam

    BOCHEŃSKI Tobiasz

    BRAUN Grzegorz

    BREJZA Krzysztof

    BRUDZIŃSKI Joachim Stanisław

    BRYŁKA Anna

    BUCZEK Tomasz

    BUDA Waldemar

    BUDKA Borys

    BUŁA Andrzej

    DWORCZYK Michał

    GASIUK-PIHOWICZ Kamila

    GOSIEWSKA Małgorzata

    GRONKIEWICZ-WALTZ Hanna (*)

    HALICKI Andrzej

    HETMAN Krzysztof

    JAKI Patryk

    JARUBAS Adam

    JOŃSKI Dariusz

    KAMIŃSKI Mariusz

    KIERWIŃSKI Marcin (**)

    KOBOSKO Michał

    KOHUT Łukasz

    KOPACZ Ewa

    LEWANDOWSKI Janusz

    ŁUKACIJEWSKA Elżbieta Katarzyna

    MALĄG Marlena

    MARCZUŁAJTIS-WALCZAK Jagna

    MULARCZYK Arkadiusz

    MÜLLER Piotr

    NYKIEL Mirosława

    OBAJTEK Daniel

    OZDOBA Jacek

    PROTAS Jacek

    RZOŃCA Bogdan

    SCHEURING-WIELGUS Joanna

    SIENKIEWICZ Bartłomiej

    ŚMISZEK Krzysztof

    SYPNIEWSKI Marcin

    SZCZERBA Michał

    SZYDŁO Beata

    TARCZYŃSKI Dominik

    TYSZKA Stanisław

    WĄSIK Maciej

    WAWRYKIEWICZ Michał

    WCISŁO Marta

    WIŚNIEWSKA Jadwiga

    ZAJĄCZKOWSKA-HERNIK Ewa

    ZALEWSKA Anna

    ZDROJEWSKI Bogdan Andrzej

    ZŁOTOWSKI Kosma

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (*) Mandate valid with effect from 10 October 2024, i.e. the date indicated in the notification by the competent national authority of the election of Ms Hanna GRONKIEWICZ-WALTZ to replace Mr Marcin KIERWIŃSKI.

    (**) Mr Marcin KIERWIŃSKI’s mandate ended on 25 September 2024.

     

    (16 July 2024)

     

    Portugal (21 Members)

     

     

     

    ASSIS Francisco

    BUGALHO Sebastião

    COTRIM DE FIGUEIREDO João

    CUNHA Paulo

    DO NASCIMENTO CABRAL Paulo

    GOMES Isilda

    GONÇALVES Bruno

    GONÇALVES Sérgio

    HUMBERTO Sérgio

    MARTINS Catarina

    MENDES Ana Catarina

    MOREIRA DE SÁ Tiago

    OLIVEIRA João

    PEDRO Ana Miguel

    PEREIRA Lídia

    RODRIGUES André

    SOUSA SILVA Hélder

    TÂNGER CORRÊA António

    TAVARES Carla

    TEMIDO Marta

    VASCONCELOS Ana

    (16 July 2024)

     

    Romania (33 Members)

     

     

     

    AXINIA Adrian-George

    BARNA Dan

    BENEA Adrian-Dragoş

    BOGDAN Ioan-Rareş

    BUDA Daniel

    CÂRCIU Gheorghe

    DÎNCU Vasile

    FALCĂ Gheorghe

    FIREA Gabriela

    GRAPINI Maria

    HAVA Mircea-Gheorghe

    IOVANOVICI ȘOȘOACĂ Diana

    LAZARUS Luis-Vicențiu

    MANDA Claudiu

    MÎNZATU Roxana (*)

    MOTREANU  Dan-Ştefan

    MUREŞAN Siegfried

    MUŞOIU Ştefan

    NEGRESCU Victor

    NICA Dan

    PIPEREA Gheorghe

    POPESCU Virgil-Daniel

    ŞTEFĂNUȚĂ Nicolae

    STURDZA Șerban-Dimitrie

    TÂRZIU Claudiu-Richard

    TEODORESCU Georgiana

    TERHEŞ Cristian

    TOMAC Eugen

    TUDOSE Mihai

    VĂLEAN Adina

    VASILE-VOICULESCU Vlad

    VINCZE Loránt

    WINKLER Iuliu

     

     

     

     

     

     

     

     

     

    (*) Ms Roxana MÎNZATU’s mandate ended on 30 November 2024.

    (16 July 2024)

     

    Slovenia (9 Members)

     

     

     

    GRIMS Branko

    JOVEVA Irena

    NEMEC Matjaž

    PREBILIČ Vladimir

    ŠAREC Marjan

    TOMAŠIČ Zala

    TOMC Romana

    TONIN Matej

    ZVER Milan

     

     

     

    (16 July 2024)

     

    Slovakia (15 Members)

     

     

     

    BEŇOVÁ Monika

    BLAHA Ľuboš

    CIFROVÁ OSTRIHOŇOVÁ Veronika

    HOJSÍK Martin

    KALIŇÁK Erik

    KARVAŠOVÁ Ľubica

    LAŠŠÁKOVÁ Judita

    LEXMANN Miriam

    MAZUREK Milan

    ÓDOR Ľudovít

    ONDRUŠ Branislav

    ROTH NEVEĎALOVÁ Katarína

    UHRÍK Milan

    WIEZIK Michal

    YAR Lucia

    (16 July 2024)

     

    Finland (15 Members)

     

     

     

    AALTOLA Mika

    ANDERSSON Li

    GUZENINA Maria

    HEINÄLUOMA Eero

    HENRIKSSON Anna-Maja

    KATAINEN Elsi

    KULMUNI Katri

    KYLLÖNEN Merja

    NIINISTÖ Ville

    OHISALO Maria

    SALLA Aura

    SARAMO Jussi

    TOVERI Pekka

    TYNKKYNEN Sebastian

    VIRKKUNEN Henna (*)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (*) Ms Henna VIRKKUNEN’s mandate ended on 30 November 2024.

    (16 July 2024)

     

    Sweden (21 Members)

     

     

     

    AL-SAHLANI Abir

    DANIELSSON Johan

    DIBRANI Adnan

    ERIKSSON Sofie

    ERIXON Dick

    FRITZON Heléne

    GEDIN Hanna

    HOLMGREN Pär

    INCIR Evin

    KARLSBRO Karin

    KOKALARI Arba

    KUHNKE Alice

    LÖVIN Isabella

    POLFJÄRD Jessica

    SJÖSTEDT Jonas

    TEODORESCU MÅWE Alice

    TIMGREN Beatrice

    TOBÉ Tomas

    WARBORN Jörgen

    WEIMERS Charlie

    WIESNER Emma

     

    NOTIFICATIONS BY THE MEMBER STATES

     

    BE

    11.07.2024

    BG

    21.06.2024

    CZ

    24.06.2024

    DK

    25.06.2024

    DE

    09.07.2024; 10.07.2024

    EE

    19.06.2024

    IE

    18.06.2024

    GR

    17.06.2024

    ES

    01.07.2024; 03.07.2024

    FR

    05.07.2024; 18.06.2024; 04.10.2024

    HR

    21.06.2024; 09.07.2024; 05.09.2024

    IT

    03.07.2024

    CY

    11.06.2024

    LV

    20.06.2024; 11.07.2024

    LT

    17.06.2024

    LU

    25.06.2024

    HU

    20.06.2024; 19.09.2024

    MT

    10.06.2024; 11.06.2024

    NL

    03.07.2024

    AU

    26.06.2024

    PL

    11.06.2024

    PT

    28.06.2024

    RO

    10.07.2024

    SL

    08.07.2024

    SK

    11.06.2024

    FI

    13.06.2024

    SV

    17.06.2024

     

     

     

     

     

    MIL OSI Europe News –